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Archive for the ‘Insurance’ Category

Health Insurance 101 Explained

02 Jul



We all understand the importance of health insurance; however, as the types of health insurance continue to increase it is becoming more and more difficult to select the type of coverage that is best for you and your family. To help you find out which type of policy might benefit you the most, let’s take a look at the most common types of policies.

There is usually a lot of hype regarding HMOs so let’s look at that one first. A HMO is a health maintenance organization plan that works with a specified group of doctors and hospitals within the network. A primary healthcare physician is selected and you must obtain referrals for care that cannot be provided by that physician. The benefits of this type of plan are lower office visit costs and prescription drug co-pays. In addition, there will typically be either no or limited deductible costs for hospital stays. Depending on your coverage, there may also be no pre-existing condition cause limitations. It is also important to understand that your choice of doctors and hospitals will be limited with a HMO and you won’t be able to have out of network services covered.

A PPO or Preferred Provider Organization works similar to a HMO; however, the major difference is that you are not required to select a primary care physician. In addition to the benefit of being free to choose your own physician without worrying about a referral you also gain the benefit of limited or no deductible costs for hospital stays as well as a possible larger selection of physicians that might be available with a HMO. Out of network services may also be covered; however, for a higher charge than in network services.

A POS, or Point of Service, is also similar to a HMO in that you select a primary care physician. The difference is that you are free to choose out of network treatment if you’re willing to pay a higher out of pocket cost.
Another option is what is known as a traditional coverage policy. This type of policy will have a higher monthly premium as well as deductibles. In addition, you will generally be required to pay for services out of your own pocket up front and then submit claim reimbursement forms.

You may also wish to consider various types of disability plans, which cover a percentage of your income in the event that you experience an illness or accident that prevents you from working for a period of time. A short term disability plan will provide benefits from the first day of an accident or the eighth day of an illness up to 26 weeks. Generally, this type of plan will cover 66% of your weekly income.

Long term disability will begin after short term coverage has expired and will provide coverage for a variable term, depending on the policy you select. Some policies are limited to providing coverage up to two years while others will cover you up to the age of 65.

 
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Where to Find an Affordable Massachusetts Health Insurance Plan

03 Jun



In this day and age of skyrocketing medical costs, health insurance is something you can’t afford to be without. Here’s how to find an affordable Massachusetts health insurance plan.

Exploring Your Options

Most people get health insurance through their employers. However, if you’re unemployed or your company doesn’t offer health insurance, there are still ways for you to get coverage:

* If you left a job that offered health insurance, look into COBRA coverage. COBRA lets you remain covered under your former employer’s health insurance plan for a few months at your own cost.

* Look into the state health insurance programs. These programs provide health insurance for Massachusetts residents who can’t afford private insurance. You can learn more Massachusetts’s state health insurance programs by visiting the Massachusetts Division of Insurance website.

* Group insurance from an organization. Employer health insurance plans cost less because you get a lower group rate. Buying health insurance through an organization such as your college alumni group or a professional group can get you the same type of discount.

If you don’t qualify for these options, you can still buy an affordable individual health insurance plan. Many types of individual plans are available: comprehensive coverage, major medical coverage, emergency coverage, short-term coverage, PPOs, HMOs, and more.

Finding Cheap Massachusetts Health Insurance

If you decide that an individual health insurance plan is your best option, then you need to start searching for an affordable policy. An insurance comparison website is the best place to start. On such a website, you complete a form with information about yourself and your health insurance needs. You then get fast quotes from multiple A-rated health insurance companies.

The best websites also let you talk with insurance professionals so you can ask questions and make sure you get the best health insurance plan for your needs and your budget (see link below).

 
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Ohio Car Insurance Regulations and Laws

03 Jun



Car insurance is necessary for everyone that owns a vehicle on Ohio. Ohio’s car insurance regulations can be divided in three sections. The first section defines the injury cost to the drivers. The second section deals with the coverage of passengers involved in the car accidents. The third section provides coverage for damaged properties in the collision.

The easiest way to meet the Ohio requirements is to have car liability insurance. Most people choose to fulfill the requirement by buying auto liability insurance. If you don’t want to own car liability insurance, you must choose from alternative self insure options. Individuals that choose to self insure must demonstrate that they have financial responsibility. According to the Ohio state law, financial responsibility means that the driver must be able to fund the costs of damages involves in the car accidents. The driver must show they have enough funds to meet the minimum obligations set by the Ohio state law.

The auto liability insurance includes bodily injury liability, and property damage liability. Bodily injury liability has state requirements of $12,500/$25000. Most people purchase the bodily injury liability for $100,000.

Property damage liability is an insurance that pays the damage done to the property of the other party. The properties can be any property including house, lamppost, and etc. The property damage liability offers coverage for the legal defense costs in the event that the other party file a lawsuit against you. Everyone in Ohio needs property damage liability coverage to protect themselves from accident that results in the damage of someone’s property. Ohio residents that have a filing on commercial auto insurance policy must purchase the Property Damage Liability Insurance. The state requirements for the property damage liability are $7500. Common coverage scale for the property damage liability is $100,000.

For people who prefer self insure option, they can get a $30,000 bond from the insurance company. Alternatively, you can obtain the Ohio Bureau of Motor Vehicles (BMV) certificate of financial responsibility. On the certificate, there is a statement that states the individual is equipped with a enough funds that meets the minimum obligations. Alternatively, it can also state that the individual has a bond that worth $30,000 at the Ohio state treasury.

Besides auto liability insurance, Ohio does not have other requirements about car insurance coverage. There is exception to leased vehicles. If your vehicle is leased, it must be covered by the comprehensive and collision insurance. Other forms of auto insurance in Ohio include uninsured motorist bodily injury, medical payments, collision and comprehensive.

Uninsured motorist bodily injury insurance offers protection for medical costs of physical injuries arise from a collision with an under insured individual. It offers coverage of $100,000 to $300,000 per person.

When shopping for car insurance in Ohio, make sure you perform shopping comparison between different companies. In order to perform shopping comparison, you must obtain the estimate quote from the car insurance companies. You can obtain an estimate quote by completing an online survey on the insurance company site. Once you have obtained the quote, you can make a call to the sales representative and ask them more details about the health insurance plan.

 
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Missouri Health Insurance and Medical Coverage

13 May



Consumers who need health insurance quotes and coverage in Missouri have numerous options available to them. There are several well known carriers offering affordable coverage in MO including Aetna, Anthem, American Community, Assurant and United Health Care. Individual and family units can choose from high deductible, catastrophic plans as well as low deductible, comprehensive plans.

Self-employed individuals, small business owners, those losing COBRA, and the unemployed usually seek health insurance in the individual market. Consumers can purchase short term insurance that provide coverage for up to six months – ideal for those who are certain they will soon be eligible for benefits with an employer. And consumers can enroll in permanent plans that cover maternity, prescriptions and hospitalization if group coverage is not available to them.

Benefits, Coinsurance, and Deductible Options

Most carriers offer plans with a wide range of benefits, deductibles, coinsurance, and co-pay options. Typically, consumers can select from deductible amounts ranging from $500 to $10,000. Insurance carriers also offer several coinsurance options including, but not limited to 20%, 50%, 75%, and 100%. (In most plans, the consumer is responsible for the coinsurance percentage up to $10,000.) Lifetime maximum benefits will range from 3 million to 8 million per individual with most policies.

Additionally, all plans in Missouri will have a large network of doctors and hospitals for the insured to choose from. Before purchasing a policy however, it is important to confirm the availability of health care provider in the insured’s area. Additionally, some carriers offer plans with no networks at all. These plans are more expensive, but the insured can choose from any doctor or hospital they wish.

Health Saving Accounts

Recently, legislation was passed approving tax-favored savings accounts that can be coupled with a high deductible health insurance policy. Health Savings Accounts (or HSA’s as they are also known) are now a viable alternative to traditional insurance plans. They allow consumers to self-insure for small claims through a tax deferred savings account, but also offer peace of mind that the insurance policy will pay benefits once the deductible has been met.

They are gaining in popularity due to their tax advantages and flexibility. Money deposited in an HSA grows tax-deferred and can be withdrawn tax-free for qualified medical expenses. Common expenses could include meeting a deductible or coinsurance amount as well as paying for prescriptions, vision, and/or dental care. Unused funds remain in the account year after year for future medical expenses. The funds always belong to the insured even if the insurance needs to be cancelled.

In summary, those in need of Missouri health insurance quotes will have several options from well rated carries. Plans can be tailored to fit most budgets and nearly all plans are portable should the insured need to move out of state. The agents of Hyers and Associates look forward to helping clients in MO who would like to compare policies today.

 
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The Origins of Health Insurance

22 Apr



Health insurance has been around for five centuries, but it is only recently that it has evolved into its current form. The story of health insurance has now come to a major crossroads.

The story of health insurance might be said to have begun five centuries ago when Hugh the Elder Chamberlen first proposed the concept. It was not until the late 19th century, however, that the current form of insurance first began to develop. The first Insurance Company to offer a contract form of health insurance policy was the Franklin Health Assurance Company of Massachusetts which was founded in 1850. They provided coverage for railroad and steamboat accidents.

This early form of insurance was more on the model of disability insurance. The idea was protection against loss of income and the expenses associated with accidents. Many of the early companies followed this idea offering plans that would protect policy holders from the impact of a serious accident, but not really concerning themselves with routine medical care. By 1866, there were some 60 different organizations providing this type of service in the United States.

It was in 1890, that the idea of “sickness” coverage was first introduced and by 1911, Insurance policies were beginning to take on the more familiar form that included payments for routine, preventive, and emergency medical expenses. In the years leading up to World War II, the programs that would become the Blue Cross organizations first began. This was the golden age of health insurance. Employees were covered by policies that virtually removed all concern about meeting the costs of health care.

However, in recent years, the explosive increase in health care costs has wrought major changes in the health insurance industry. The insurance companies were forced to combat the costs increase by restructuring their policies and increasing premiums. Such things as exclusions and co-payments were introduced in order to try to hold premium costs down. Several innovative insurance plans were introduced and were known as Health Maintenance Organizations (HMO).

There was a time in the history of health insurance when the difference between free government health care and the low cost insurance policy were very minor. Since the health care industry was not regulated, health costs began to soar forcing insurance companies to struggle to provide their services and retain profitability. The industry appears to be at a major crossroads now as it still struggles to cope with the crisis in health care costs. Today, almost 47 million Americans are without any health insurance at all.

 
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Health Insurance is Important

05 Mar



The importance of health insurance cannot be stressed enough. There are probably very few families who do not have it in some form or other.

You might just have a hospital plan or a day to day plan, but most people will have provided for this unpredictable instance in their lives. Illness and accidents come without any warning and if there is no insurance in place the expenses could be astronomical.

A medical scheme that has day to day covering as well the hospitalization and expenses that are associated with it is the best one to have. Obviously the premiums will be much higher in a month, but should something unforeseen happen it will be worth the expense. This particular scheme has a certain amount allotted to each consumer per year for all the day to day expenses for visits to physicians and dentists. This amount of money is referred to as the savings account.

It can be spent on prescribed medicines or whatever the consumer requires. Once this allotted amount has been used it will not be replenished until the first day of the following year. Any further expenses there might be after the amount has been depleted will have to be paid for by the consumer. On the other hand if the consumer did not use the allotted amount in the specified period the balance will be carried over to the following year. So this is a advantage for consumers who do not often require medical cared.

The other side of the policy is the hospital plan which also has a certain limit. This however, is very much higher than the day to day side and it allows for the consumer to be hospitalized and all expensive medical procedures will be paid for. Operations, x-rays and tests as well as prescribed medicines will all be covered while the patient is hospitalized. This is an excellent plan as all aspects of medical care are covered. Obviously there are limits on the amounts that may be spent.

There are schemes for consumers who are frequently out of town. Normally a medical scheme only operates in the town or city where you live. Should a consumer be frequently out of town for various reasons he would be able to visit a doctor wherever he happened to be. The consumer pays the bill and then refers it to the insurance company for reimbursement.

 
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Health Insurance Rates Are Going Up

01 Feb



You won’t like the answer to that particular question, but the facts are the facts. Health insurance rates are going up because of us. That’s right, we are the authors of our own misfortune if you will. Very simply we do not look after ourselves and by doing that, we send the price of health care rates sky high.

We drink, we smoke, we’re aging (OK we can’t do anything about that) and we don’t work out. Our obesity rate as a nation is abominable. The health care costs of treating alcoholics, smokers and obese patients are phenomenal.

It’s not just that we don’t take care of ourselves either. The other factors that drive up the cost of health insurance rates are medical inflation and medical errors. Now you might be thinking medical errors must cost a bundle. Actually, they are declining – a good thing by any standards.

The biggest area of problems is medical inflation. Just try to find out what a surgery will cost you, and good luck on that. Let’s say for instance you needed an appendectomy. You want to know what that will cost. No hospital or doctors office will give you that figure because they have no idea what they will bill you for until they bill you.

Surgery has almost become an a la carte menu where the doctor (and hospital) picks and chooses what you will get billed for. From the cost of dispensing pills to the cost of the pill itself and from the cost of the extra pillow you wanted to the extra dressing required for your incision. You get billed for each item. No wonder bills are so high and they can’t tell you what it costs.

However, having said that, it’s interesting that doctor’s offices are able to tell the biggest insurance companies paying the freight how much it costs to stay in hospital per day and what a certain surgery costs. See what’s happening here? The doctor gets paid a rate by the insurance company and then bills you extra for other things. Nasty, but it works.

If you want lower health care rates, start taking care of yourself. Don’t smoke, don’t drink to excess and get moving and work out. The healthier you are, the less expensive your health care costs tend to be.

 
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Health Insurance Plans for Students

22 Jan



Health care insurance is a necessity today. Most educational institutions in the United States require students to be covered for healthcare. Surveys reveal that nearly thirty percent of students in the US do not have healthcare insurance, and ask their parents for financial help when in need. These students are most likely to drop their studies for financial reasons, as they have to work to pay off their dues of healthcare expenses.

Many students find it difficult to meet the costs of healthcare insurance, because it does not come cheap. However, it is advantageous for a student to have this medical insurance.

Although there are many plans offering student health insurance, they can be categorized into three basic types: parent’s health care plan, college health insurance plan, and the commercial health insurance plan. Each of the mentioned plans has their own advantages and disadvantages.

Under the parent’s health care plan, a college student may not be covered, after a certain age. If that is the case, extra coverage called COBRA needs to be obtained, which is not necessarily cheaper than purchasing a different plan altogether. Moreover, it may be a pre-requisite that the student should have at least ‘x’ number of college credit hours to qualify for the coverage.

The college plan can offer coverage through HMO (Health Maintenance Organization), or PPO (Preferred Provider Organization). These are group plans and generally cheaper than commercial health plans. However, the coverage offered may be limited. Other options would have to be explored for coverage that is more comprehensive. The college plan is preferable when there is an ‘on campus’ hospital. Most of the college plans cover all accident or health care expenses, subject to the condition that the student continues to be registered with the college for a particular duration.

Many companies sell commercial health insurance. The terms may differ widely, hence, it would be essential to purchase a plan that offer facilities that one finds suitable. The best way would be to make a list of the features that are important, and then get the details for different plans from various companies, and compare them to decide which plan is the best one.

Under the commercial health plan, there is the temporary student health insurance, which is meant for students staying away from home. It can be availed for periods of thirty days, to six or twelve months. According to the temporary plan, the student can find a doctor or hospital of his choice by taking an Indemnity Plan. Alternatively, he or she may take the Managed Care Plan, which allows a choice of doctors and hospitals that are in the plan’s network. The Managed Care Plan has lower premiums than the Indemnity Plan.

Most states in the US have legal stipulations, which require compulsory health care insurance for foreign students, and set a minimum amount that should be available for emergency evacuation, medical treatment and repatriation of remains, if required. International student medical insurance costs approximately six to seven hundred dollars per annum.

In view of emergencies requiring medical attention, it is essential for students to be covered under health care insurance. It is a precondition for registration in most educational institutions in the US. Many states have laws that make it compulsory for foreign students to be covered by the health care insurance.

 
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Health Insurance For Low Income Americans

31 Dec



As many as 47 million Americans have no health insurance, and in any given two year period about a third of Americans will go without health insurance at some point. For low income Americans, the prospect of spending some of their hard earned cash on insurance just doesn’t seem possible-it is difficult enough making ends meet. When these people end up sick or injured, however, the costs are even more intense, and millions have gone bankrupt under these circumstances.

Yet between government programs and low cost insurers, getting at least basic coverage is in fact possible for low income families. Here’s what you should know.

First, there is the main federal health insurance program for low income individuals and families-Medicaid. Medicaid is financed in part by each of the fifty states, and each state runs its own Medicaid program. As a result, eligibility differs from state to state-in most places you must be below the poverty line to receive these benefits. Pregnant women, people with HIV/AIDS and people with disabilities may be eligible at higher income levels. The poverty line in the US is $10,830 a year for an individual and $22,050 for a family of four.

Another government program available to low income families is the State Children’s Health Insurance Program (or SCHIP). Like Medicaid (and as its name would suggest), SCHIP is administered on the state level, and so eligibility differs from place to place. In general, you must be over the poverty line (otherwise ineligible for Medicaid), but have a family income less than 200% of the poverty line. The program will cover your children, and if you are pregnant it will provide prenatal care.

Some insurers also offer low cost health insurance, typically with restricted coverage. This is to say that dental and eye care are likely not covered, and your benefits may max out at only a few thousand dollars. When researching low cost insurance options, beware that you aren’t paying more in premiums every year than you would be receiving in coverage. Most often these programs simply cover emergency or catastrophic costs, while doing little to cover checkups or routine medical care.

Health insurance exists to provide you with peace of mind. When your income makes getting such coverage difficult, the government and some insurers may be able to help. Do your research and you can find a plan that works for you today!

 
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