Archive for the ‘Healh Insurance’ Category
Monday, December 17th, 2007 |
Do you know that skyrocketing health care costs have been draining the federal government and employer’s exchequers over the last couple of years? The health care costs account for 15.5 percent of U.S GDP and is the most expensive benefit paid by employers, seriously affecting their competitiveness in the global market. Health care spending is projected to top $1.9 trillion in 2005, about twice the amount being spent on education. According to the Employment Policy Foundation, employers have spent $331 billion last year for health insurance, a 50 percent increase since 1998. All of these never-improving alarming statistics did result in designing the Consumer Driven Health Plan (CDHP), making the insured person an active member in controlling the costs, rather than being passive and relying on the managed benefit program. The idea was pioneered by Definity Health in Minnesota in the year 2000 and has seen a rapid adoption by the employers/employees over the years due to its inherent cure-for-all strategy.
CDHP is all about transferring the reins of health-care costs to the participating individual, thereby making him an active and informed decision maker for his/her heath-care needs. Consumer-directed health plans (CDHPs) are typically a combination of a high-deductible medical insurance plan coupled with an employer sponsored reimbursement account (HRA) or a health care savings (HSA) plan that consumers access to pay for eligible medical care expenses. Unutilized funds may be carried over for health care expenses for future years, encouraging the participants to use the accumulated asset in a wise manner. The plans would also include coverage for any preventive care services such as annual health-checkups, immunizations and childcare. The money from the savings plan can also be used for tax-free reimbursement of post-retirement insurance premiums. In the HRA version of the plan, the employer sets aside a pre-defined set of dollars for usage by the employee. The HRA plan is not transferable between employers. When the amount is exhausted, there is some out-of-pocket expenditure incurred by the participant. Employers are now able to control the health-care costs, and the member is encouraged to wisely utilize the money using the annual rollover feature to save for possible major future expenses.
The HSA based plan, involves contribution to a savings account on a pre-tax basis, by the employer and/or employee and is portable as the participant changes employer / plan. The member also has the flexibility to select the investment options for the savings account. In either of the plans, the participant has to pay the pre-defined level of annual deductible and the remaining expenses are reimbursed by the plan on a co-payment basis, subject to a maximum level of out-of-pocket payment. The member’s incentive of maintaining the assets in the account encourages proper scrutiny of health-care related bills, costs and/or evaluation of the necessity of visits to the doctor. Inherent to the design of the plan, the participant is rewarded through increased savings by judiciously controlling his/her medical expenses.
HSA is a comparatively newer development in the insurance industry, resulting in a usual time lag of adoption by the employers. As per a recent survey conducted by America’s Health Insurance Plans, 79 percent of the HSA adoptions were by individuals. Even though the number of employers offering HRAs outnumber those that offer HSAs, but in the long-run it is estimated that the latter will take over due to its simplicity and popularity among the consumers as they have more control on the accumulated medical dollars.
Another recent survey of employers conducted by Mercer Human Resource Consulting, reveals a preference of HSAs being offered by as compared to the other plan by the year 2006. According to Charles Koser, Infinisource Vice President of Business Development, 40 percent of businesses with less than 10 employees do not offer health insurance based on a recent study done by the National Federation of Independent Businesses [ NFIB ]. He further states that, HSA is a very affordable option for these employers and probably proves the point when the study also reveals that 32 percent of HSA adopters were uninsured.
Proper Communication is probably the key factor in ensuring adoption of CDHPs in an organization. According to Sara Taylor, national leader for annual enrollment at Hewitt Associates “Employers aren’t going to see much enrollment in consumer-driven health plans, if it’s only one option out of 15 plans….Having a choice between a consumer-driven plan and a traditional health plan is a better way to drive employee enrollment to HSAs and HRAs”. Also, the initiatives must stress on building a healthier and health-care-cost-conscious workforce with cheaper access to preventive care with a CDHP. Over the next couple of years, we are probably going to see more adoptions of CDHPs by the major corporations, giving the employees direct control of the medical dollars and controlling the investment opportunities for the accumulated assets. A recent survey was conducted by Aon Consulting and International Society of Certified Employee Benefit Specialists (ISCEBS), in January and February of this year. The survey of 208 benefit managers revealed that 22 percent of the businesses offered a CDHP to their employees. To indicate that CDHP has gained significant popularity in recent years, the survey also mentions that 74 percent of the corporations offering a CDHP started doing so in 2004 and 2005, with over half that group having started in January this year.
As per a Forrester Research study, about $88 billion of insurance-premium dollars are estimated from adoption of CDHP model by 2007. With a gradual adoption of CDHP model among the employees - an organization of about 10,000 employees, incurring about $8,000 per employee annually – can save up to $10 million over a period of four years.
At the same time, consumer needs to make sure they at least get a PPO style negotiated price through their health insurance carriers before they meet their deductibles – otherwise savings of the affordable health insurance may go way. More and more doctors and hospitals are getting it in writing from the patients that they will be paying usual and customary charges instead of lower PPO negotiated prices. This trend itself can make Consumer Driven Health and Medical Insurance unattractive.
To sum it up, CDHP seems to be offering a reliable antidote for the raging health-care costs in corporate America and create a new pool of cost-conscious consumers.
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Posted in Healh Insurance, Insurance, Tips | 2 Comments »
Sunday, December 16th, 2007 |
Your affordable health insurance policy is an agreement between you and your insurance company. The policy lists a package of medical benefits such as tests, drugs and treatment services. The insurance company agrees to cover the cost of certain benefits listed in your policy. These are called “covered services.”
Your health insurance policy also lists the kinds of services that are not covered by your insurance company. You have to pay for any uncovered medical care health insurance that you receive. Keep in mind that in case of health insurance a medical necessity is not the same as a medical benefit. A medical necessity is something that your doctor has decided is necessary. A medical benefit is something that your insurance plan has agreed to cover. In some cases, your doctor might decide that you need medical care that is not covered by your insurance policy.
Insurance companies determine what tests, drugs and services they will cover. These choices are based on their understanding of the kinds of medical care that most patients need. Your insurance company’s choices may mean that the test, drug or service you need isn’t covered by your policy.
Your doctor will try to be familiar with your insurance coverage so he or she can provide you with covered care. However, there are so many different insurance plans that it’s not possible for your doctor to know the specific details of each plan. By understanding your insurance coverage, you can help your doctor recommend medical care that is covered in your plan.
Take the time to read your insurance policy. If you still have questions about your coverage, call your insurance company and ask a representative to explain it. Remember that your insurance company, not your doctor, makes decisions about what will be paid for and what will not.
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Saturday, December 15th, 2007 |
Health Insurance: a sense of dissatisfaction
The three C’s, customization, consumerization and customer-satisfaction, seem to be at the core of the business mantra for every service provider. The health insurance provider industry is no exception to this rule. With an increasing concern among the tax payers of US regarding the number of people uninsured in the country, there is a burgeoning market for the providers. Even though, this seems to be a buyer’s market, there seems to be a lot of dissatisfaction among the people with the red tape and bureaucracy involved in claims processing, exclusions and limitations. Based on a survey conducted a couple of years ago, only 1 in 4 Americans said, they are “very satisfied” with their medical coverage. In general, the consent was that the people were dissatisfied with the bureaucracy of the provider, rather than the health plan itself.
Taking a closer look at the Indemnity Plans
Let us now try to take a microscopic view of the intricacies of the two major types of affordable health insurance : Indemnity vis-a-vis the Managed Care. The Indemnity is the traditional fee-for-service plan allowing more flexibility in terms of choosing your physicians and health care providers in lieu of an annual deductible amount. This is also referred to as the typical private or individual health insurance plan, tailored to the person’s situation. Exclusions are defined when you buy your policy for your particular scenario. Due to the personalization nature of the policy and the subsequent risk exposure to the insurer, this comes with a higher price tag.
Exploring the intricacies of a Managed Care Plan
A Managed Care plan will typically restrict the individual to visiting in-network set of physicians, hospitals and health care providers. This encompasses the Group Health Insurance plan, usually extended as part of an employer benefit. A single policy is designed for a big group of individuals belonging to different age groups and with varied medical conditions. Due to the economies of scale, in terms of risk distribution, these plans have lower premiums and out-of-pocket expenses than the private health insurance plan.
There are three variations of the Managed Care plans: PPO (Preferred Provider Organization), HMO (Health Maintenance Organization) and POS (Point-of-Service). The in-line exclusions of these plans are a major concern, which are probably not always evident to the policy holder till the unforeseen happens. The provisions in the policy are decided between the insurer and the policy owner (typically your employer). Due to the restrictions imposed to visit doctors registered with the plan, you may come across a situation where you do not have a doctor to treat your specific illness. Simple surgeries and diagnostic tests can add up to thousands of dollars in medical expenditures due to the exclusions. In the long run, the lower premiums may not actually save your money due to these occasional exclusions/limitations. Thus, it always becomes an annoyance for the consumer to choose a well-rounded managed care plan that covers all or most of the medical diseases and/or illnesses. The bureaucracy and red tape involved in these policies to obtain authorizations and referrals even for the slightest of variations, for cost control measures always lead to a lot of dissatisfaction. Typically, you are also required to go through a primary care physician (PCP) for any of your treatment needs and may not be able to get your treatment done with the doctor of your choice to avoid excessive costs to the insurer.
Private Health Insurance gives you the freedom of choice!
Comparing the two major variations, private health insurance seems to be the option to get the peace of mind for your healthcare needs. With the rising discontent among policy holders, this seems to be a more economically viable option for the long run depending on your health conditions. It is all about the “freedom of choice” and the flexibility to guarantee you the best medical care. The exclusions are defined at the onset of the contract based on your specific requirements and if you can afford the extra dollars, you actually get the perfect “sleep-at-night” coverage! Unlike group coverage, the provisions are negotiated by the policy holder and depending on the financial ability the policy can be designed as comprehensive as possible. In addition to the customized health care, the next most important advantage is the flexibility to choose your own doctor or specialist and the hospital of your choice. Private health insurance is a surging business in the United States because of the freedom that policy holders have in choosing what they want and how they want to be insured. You can secure yourself against any financial devastation for any and every imaginable health condition.
Consider your priorities for a secured health insurance, make an informed decision!
In order for a person to have a secured life, the right health insurance will give the shield for any medical emergency. The comparative analysis is very much subjective and varies from one individual to another. Considering the issues highlighted in this article, here are some other pointers to keep in mind in choosing the side between a managed care vis-a-vis affordable private health insurance plan.
Consider the quality of care with the doctors in your policy. In times of distress, mental peace is probably the most important thing you are looking for and with a private health insurance plan; you can easily switch physicians, if you are not satisfied with the service. With the restrictions imposed in a managed care policy, you should give it a second thought by considering the list of in-network doctors and health care providers. Consider the lifetime payout on the policy, which is the maximum reimbursement offered by the policy for your whole life.
Lower premiums are not the end of the world, it is a decision you need to make for your life, so you actually maybe better off paying the higher premiums of a private health insurance plan as opposed to rapid depletion of a managed care lifetime payout. Consider the delicate balance between the paying out too much on your out-of-pocket expenses vis-à-vis the risk of your exposure to a serious illness.
If you feel, you are more prone to getting infected, you might be better off taking up the more expensive individual health insurance option to save you money in the long-term. Provisions for emergency care, is another major factor to be considered in choosing your health insurance. Typically, some of the managed care plans have been occasionally criticized due to the requirement of primary care physician’s approval for an emergency care. You must definitely put your step down on this one, as emergency care is something you do not want to jeopardize due to higher premiums on the policy. Last but not the least, are the pre-requisites defined in the policy before you are eligible for getting medical attention.
Keep in mind; if you are not feeling well, you deserve the right to visit your doctor, do not let the limitations in your affordable health insurance policy scare you away from getting your treatment. Occasionally, people have compared buying a private health insurance policy to buying a Rolls Royce, but wouldn’t you rather enjoy the tranquility of a peaceful ride rather than traversing the rough terrains with the restrictions put in by the managed care policies? It is a rhetorical question!
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Friday, December 14th, 2007 |
A dilemma on cost effective self employed health insurance solutions, has put the American health insurance consumers who are self employed at odds with health insurance coverage over the last few health years. Demand for affordable Self employed health insurance policies is constantly on the rise and health insurance consumers are wondering what to do about health and self employed health insurance rising at such a high self employed rate. Health insurance in general has been rising and health insurance consumers with health need to know about health insurance.
Self employed health insurance can be frustrating for health insurance consumers mainly because of health and self employed health insurance price. With this health insurance article we’ll outline some self employed health insurance facts you can do to lower your health insurance costs. First, look at the self employed health insurance deductible. With health insurance the higher the self employed health insurance deductible, the more the health insurance consumer will save. Instead of a $600 self employed health insurance deductible check on a $1100 health insurance deductible. Next, self employed health insurance co pays with health. Instead of a $12 health insurance co pay try a $15 self employed health insurance co pay.
Next with health, check the self employed health insurance company out carefully. Health insurance companies should be checked out when getting a self employed health insurance plan. Ask the health insurance company questions and grill them on health and self employed health insurance customer service issues to ensure your health employees are getting a good health insurance plan.
We’ve solved the self employed health insurance industry problem by providing cheap health insurance plans for your self employed business. Free Health insurance quotes can be delivered via email by the click of a mouse. Shopping health insurance has never been easier for health insurance consumers than right here. If you are still not happy, please read this article Self Employed Health Insurance - What does that mean?
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Friday, December 14th, 2007 |
Health Insurance
There are a number of different types of the health insurance, quite a few of which we will be discussing below.
- Short term health insurance:
Short term affordable health insurance refers to an insurance policy that offers temporary coverage, usually lasting from one to six months. Moreover, there are some insurance companies that permit the client to renew his/her insurance policy once annually. This does not, however, apply to a period of more than one year. It would be also be noteworthy to here consider that short term health insurance is especially suitable for those who are jobless or part time workers. This policy coverage is normally a comparable or similar plan and typically includes charges for various hospital services, diagnostic tests and prescription drugs. It does not, however, cover maternity costs since the course of pregnancy does not fall under the category of a short term condition.
- Catastrophic health insurance:
The aim of this insurance policy is primarily to pay major hospital and medical expenses; it is essential to keep in mind that it does not cover routine visits to doctors. It covers treatment in an intensive care unit (ICU) for 10 days and is especially suitable for young adults who are self employed or do not have coverage through their employer.
- Traditional health Insurance:
This policy involves the payment of a certain amount of money for your health. The insurance company subsequently pays majority of the bills. Preventive care services like yearly check-ups and pelvic exams, however, are not covered within this policy. The points of service of this plan are:This plan is a little one.
· This plan includes arrangements for lower fees with a network of hospitals. It gives policyholders a financial incentive to say within the net work. Policyholder gets to choose a doctor form the plan’s network various health maintenance organization.
Life Insurance.
Turning to life insurance, it would be primarily relevant to acknowledge that this is a policy that pays beneficiaries a specified amount upon the event of the death of the insured individual. It provides cash to your family upon the death of the insured person. And while there are many kinds of the life insurance policies, the most famous kinds are whole life insurance and term life insurance.
Whole life insurance is life time protection as far as the client continues to pay premiums; the policy becomes invalid in the case of the client not paying at the decided time. And due to the fact that it protects the insured person for his/her whole life if he/she pays premium, this is also known as traditional or permanent life policy. In this policy you get life insurance as well as savings. If the company is doing well, moreover, the premiums are paid back to the insured person with the inclusion of a bonus.
Term life insurance, on the other hand, provides protection only for a particular period of time. However, it can be renewed when your term is over. Although term life insurance is basically a low-cost form of life insurance it is certainly not a form of life time insurance. Term life insurance only for a certain period of time, and if the policyholder dies during the term of insurance he/she receives the death benefit. In the case of the insured person dying after the policy expires, however, no benefit is paid. This type of the life insurance is best when coverage is only needed for a term or certain period of time. The insured person will be offered an insurance premium [monthly or annually] for the amount of life insurance. It would be worthy of observation to here consider that there are number of factors that companies find crucial to consider before signing up a client for a particular insurance policy. This falls under what can be termed as the risk profile of an individual, and while different firms include different factors, the most commonly included are details of such factors as:age
gender
weight
personal and family health histories
habit (smoking/drinking )
marital status
Thanks to Life Insurance Agents Kolkata
Posted in Healh Insurance, Life Insurance | 1 Comment »
Friday, November 2nd, 2007 |
If you think that you have to pay for health insurance quotes you are way off. The bottom line is that if somebody wants money for a quote you can tell them no with confidence. There are many ways that you can get free health insurance quotes. And if you can get what you want for free, what is the point in spending unnecessary money?
One of the best ways to get free health insurance quotes is by calling an agent that deals with the industry in your area. They will be able to take down all of your information, and then supply you with all of the free health insurance quotes that you could possibly need. Remember, there are two different types of agents. There are agents that work with several different companies as well as some that only work with one. Make sure that you are dealing with the right type of agent for your situation.
If you want to avoid speaking with an agent on the phone your next best option is to get a free health insurance quote by going online. Almost every health insurance company has an online rate quote service. In order to take advantage of this all you have to do is fill out a short application, and then wait to receive your rate quote. In addition, there are also several third party service providers that you can rely on. These providers are set up with several companies, and with one application you can get several different quotes from several different companies.
Overall, obtaining free health insurance quotes is the only way to go. If you think that you ever have to pay for an insurance quote you are wrong. The only time that you will be asked for money for a quote is if you are being scammed. The easiest way to avoid this is to say no anytime you are asked for money in exchange for a health insurance quote.
[Via 2insure4less]
Posted in Free Insurance Quotes, Healh Insurance | 1 Comment »
Thursday, November 1st, 2007 |
A recent news article explained that approximately one in five working Californians has health insurance. If that statistic is true, there are many California residents that lack health coverage. If your employer does not offer a health plan, there are affordable alternatives at your fingertips. Securing health insurance is a few mouse-clicks away.
What are some things you should consider when you’re looking for health insurance?
Remember that insurance is all about risk. You will automatically pay less for health insurance if you are healthy and take care of yourself because you are less of a risk to the insurance company. In other words, exercise, eat healthy and stop smoking. Most insurance companies will automatically give non-smokers a non-smoking discount.
Keep in mind that you will have to pay portions of some health and medical services out-of-pocket. Most health insurance plans require a deductible or copayment of some kind. You might have to pay $15 to visit your general practitioner for the sniffles or $40 for a trip to the emergency room. Your deductible is the amount of medical costs you pay out-of-pocket before your health insurance company starts paying. So, if your deductible is $625 per year, you will have to pay for your first $625 in medical/health bills – before your coverage begins.
What items and coverages should you keep an eye out for when you’re shopping for your health insurance policy?
1. outpatient surgery
2. inpatient hospital services
3. prescription drugs
4. mental health care
5. office visits
6. physical therapy
7. medical testing
8. rehabilitation care
In the end, your health insurance goal should be to protect yourself financially in the event of serious catastrophes. The best way to secure cheap health insurance is to live a healthy lifestyle. Another way to save money each month is to pay large deductibles and pay minimal fees out-of-pocket.
Other questions to ask your health insurance provider…
- How much will you have to pay for your monthly premium?
- How much will you have to pay out-of-pocket before your insurance coverage begins?
- Are the health facilities and medical providers you use in the insurance company’s network?
- Does the plan cover any pre-existing medical conditions?
- Does the plan include maternity costs?
- Is it easy to change primary care providers if you want to?
Governor Schwarzenegger might be proposing a universal health insurance plan for California, but affordable health insurance can be a mouse click away if consumers know where to look and what questions to ask.
[Via HTQ]
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Wednesday, October 3rd, 2007 |
Finding the California health insurance plan that is right for you is not always the easiest thing to do. The reason for this is that each California health insurance plan has tons of details that you will need to take into consideration. These details are not always hard to deal with, but nonetheless you will still have to make decisions based on them. With that being said, the more knowledge you have of California health insurance plans the better off you will be in the long run. To learn about the details that go along with California health insurance plans you will want to look into all of the available resources.
If you have any questions about California health insurance plans you will want to call a company direct in order to get them answered. Anytime that you have specific questions it is much easier to get in touch with somebody on the phone than to find the answers on your own. When speaking with an agent or representative make sure that you get all of your questions answered before you hang up. This way you will be able to move forward with choosing the best California health insurance plan.
From there, you will want to become familiar with all of the details of California health insurance plans. This includes everything from how much money you will have to pay each month to the coverage to the reputation of the company. All in all there are plenty of details that you will want to look into. The more that you know about these details the easier it will be to make a final decision.
Overall, there are many California health insurance plans that you can buy. But before you jump the gun and make a purchase you will want to learn about all the finer details. By doing this you will ensure yourself of never running into any problems as far as choosing the best plan is concerned.
[Via 2insure4less]
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Wednesday, September 5th, 2007 |
Buying affordable California health insurance is more than possible. Even though there are people who will tell you that affordable California health insurance is a thing of the past, this is not necessarily the truth. Yes, health insurance premiums are on the rise, but this does not mean that you have to break the bank in order to get a policy that suits your needs. The fact of the matter is that if you search for affordable California health insurance you will find what you want in the end. The reason that so many people cannot find affordable California health insurance is because they do not look in the right places.
If you are going to be searching for affordable California health insurance let the internet work to your advantage. When you do this you will have a good chance of finding a policy that fits your budget. The great thing about shopping for affordable California health insurance on the internet is that you should be able to get in touch with a number of different companies. And when you get quotes from more than one company you will begin to notice that it is much easier to find affordable California health insurance.
With all of that in mind, you may still run into problems when searching for affordable California health insurance. If this happens to you, get in touch with some providers on the phone. This way you will be able to ask them what they have to offer, and also tell them what you can afford. Chances are that if you work one on one with the provider that you should be able to find an affordable California health insurance policy.
Overall, affordable California health insurance may or may not be hard to find. You must remember that the word “affordable’ means something different to everybody. If you want to find affordable California health insurance your best bet is to start online and then use the phone as well. This will result in several quotes that meet your budget.
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