Archive for the ‘Health Insurance’ Category

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Practical Ways to Save on your Health Insurance Expenses

Friday, February 5th, 2010

Many Americans, given the skyrocketing cost of health insurance, are now seeing higher deductibles and more out-of-pocket expenses. It is because of this that we all must do what we can to save on our health insurance.

The following tips can guide you when looking for practical ways to save on your health insurance expenses:

  • Read and re-read your health insurance’s policies regarding pre-approvals. Many times, individuals do not go through the proper channels and seek pre-approvals from their insurance companies, only to find out that a very expensive procedure or treatment is not covered under their health insurance policy. Although not all health insurance policies include pre-approvals, those that do typically include very specific language on getting preapprovals for procedures ahead of time.

  • Carefully read any and all correspondence that comes from your health insurance company. This includes bills, explanation of benefits and itemized deductions for hospital stays and doctor’s visits. It is not uncommon to find mistakes when it comes to billing, so you may very well find mistakes that otherwise could have cost you big. If you don’t understand something, immediately contact your health insurer and ask for an explanation or clarification.

  • Carefully read your Explanation of Benefits from your health insurance company and compare them with your statements. Pay close attention to the amount that your insurance company pays and the amount for which you are responsible. More importantly, if your health insurance has been denied, ask for an explanation from your health insurance company. Many times, individuals simply pay their health insurance bills without asking questions. These oversights can end up costing you hundreds - perhaps thousands - of dollars in out-of-pocket expenses!

  • Don’t be afraid to ask for discounts on your doctor’s visits and prescription medications. Many times, your doctor may offer you discounts on services, particularly if you have high deductibles. If your doctor prescribes a medication, ask for any free samples, and always ask if the medication your doctor prescribes is available in generic form.

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The Best way to Save on Healthcare: Stay Healthy!

Wednesday, February 3rd, 2010

Because many Americans like you are forking out hundreds - sometimes thousands - of dollars in out-of-pocket expenses every year for health insurance, it only makes sense that you must do what you can to stay healthy and avoid health insurance claims.

Although we can’t anticipate our futures, and we can’t always prevent every illness or injury, there are a number of things we can do to keep our bodies healthy so that we decrease the likelihood of requiring extensive medical care.

How to Stay Healthy and Save!

  • Get appropriate checkups and related tests as recommended by your doctor - The first step in staying healthy is to get regular checkups as recommended by your doctor. Regular checkups can spot health problems in their earliest stages, thereby allowing your doctor to effectively treat you.

  • Eat a well-balanced diet - A well-balanced diet can do more than trim your waistline. It can keep your blood pressure in check, it can lower your cholesterol and it can prevent diabetes. Ask your doctor about a healthy diet to follow.

  • Aim to get at least 30 minutes of exercise a day - You don’t need to hit the gym and lift heavy weights to benefit from exercise. A brisk walk around the neighborhood, three or four days a week, is a great way to work your muscles and your heart and clear your mind. It is also a great way to keep extra weight off your waistline.

  • Visit the emergency room only when necessary - Emergency room fees are typically much more than a visit to your doctor, yet so many people head to the emergency room to receive care that their physician can provide. Emergency room visits have their place when you are suffering from a serious illness or injury; otherwise, contact your doctor and discuss which care option is best for you.

  • Practice good hygiene and get important immunizations - Simply washing your hands and getting an annual flu vaccine can prevent a wide variety of illnesses. Make it a point to always wash your hands before each meal, and upon returning home from an outing.

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How to Shop for Health Insurance when you have a Pre-Existing Health Condition

Thursday, January 21st, 2010

Many Americans deal with a number of diseases and maladies at any give time throughout their lives. These diseases, often termed “pre-existing” health conditions through health insurance companies, can often mean not being able to receive health insurance if you lose your current health insurance.

However, having a pre-existing health condition does not always mean not being able to be insured if you lose your existing health insurance coverage. You do have options; it’s just a matter of knowing your rights and your options:

  • If you lose your health insurance with one company, but then find another job with group health insurance coverage, you cannot be denied coverage for your pre-existing health condition. However, if group health insurance coverage isn’t available through your employer, you may consider being a group by yourself for health insurance purposes. This “group of one” policy is only available in about 12 states throughout the country, so check to see if this type of policy is available through your state.

  • Check to see if your state offers a “risk high pool” health insurance - a type of health insurance for individuals with pre-existing medical conditions. This type of health insurance is available in about 30 states, so look into whether this option is available in your state.

  • If you lose your job, consider continuing your health insurance through COBRA. COBRA allows you to continue with your health insurance coverage, but you must pay for it yourself. Although this is an expensive option, many individuals with pre-existing health conditions find it invaluable if they lose their health insurance coverage due to a lay off.

  • Don’t wait too long to apply for new health insurance, as most states require health insurance companies to accept you if you lose your employer health insurance and apply for new insurance within 60 days of being laid off.

  • Inquire about professional organization health insurance. If your new employer does not offer group health insurance, you may be able to get group health insurance through a professional organization that relates to your profession. Again, this will vary from state to state and profession to profession, so it is up to you to do the research necessary to find professional organization group health insurance.

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When to Consider Extra Medical Insurance with your Travel Insurance Policy

Wednesday, December 30th, 2009

The next time you set sail on a luxury cruise, consider what you would do in case of a medical emergency. In particular, consider if your medical insurance will cover your expenses.

Will your medical insurance cover the cost of medical evacuation, emergency treatment and a hospital stay? Well, in the case of cruises and other overseas trips, don’t bet on it.

In fact, as soon as you exit a U.S. port, you are more than likely considered to in overseas waters, which means that your U.S. medical insurance won’t get you very far.

Planning Ahead

Take a recent example of an older couple (in their mid 70s) who were traveling abroad when the husband became seriously sick with a perforated colon.  After the initial emergency room visit, the couple decided to arrange for a medical evacuation from their cruise ship to a United States hospital. The total cost of their out-of-pocket expenses was just $300. However, if they didn’t think ahead and purchase comprehensive travel insurance they could have wound up paying a medical bill of over $20,000.

A good, comprehensive travel insurance policy should include medical services and hospitalization, particularly when traveling abroad. These additional medical services are designed to reimburse any expenses that your standard medical insurance does not. Comprehensive travel insurance is also designed to cover the cost of your trip or part of your trip if you are not able to enjoy it due to an illness or injury.

If you plan to travel abroad and you don’t need full travel insurance, you may also secure a stand-alone policy that covers medical care and medical evacuation. It is important to realize that standard travel insurance policies do not cover the cost of medical evacuation, so consider adding this practical policy onto your travel insurance policy.

Before departing on your next overseas holiday, remember the following:

  • Contact your health insurer and ask about their coverage while traveling abroad.  Once you have this information you can then determine how much coverage and which type of coverage you will need.
  • Check travel insurance websites and compare policy prices and coverage. There are also several websites that allow you to compare a variety of travel insurance policies, side by side, according to prices and benefits.
  • Once you have purchased travel insurance, keep all information related to your policy, as well as important phone number of the company, close at hand while traveling.

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Health Insurance Lingo Explained

Thursday, December 17th, 2009

When searching for health insurance you must have a good understanding of health insurance lingo. After all, you can’t be sure you are getting the best insurance and the most adequate health insurance coverage for both you and your family if you don’t understand the policy.

There is no reason why you should be confused when you read your health insurance policy. Make it a point to understand commonly used terms in the health insurance field and if you don’t understand something, contact your health insurer for an explanation.

So, what are you waiting for? Pull out that health insurance handbook and start learning about your policy!

Common Health Insurance Terms to Know

  • Deductible - A deductible is the amount of money that you must pay out of pocket before your health insurer begins to pay out benefits. Deductibles are usually calculated on an annual basis, meaning that your satisfied deductible amount starts at $0 every year. Some services, however, in your health insurance policy are covered without the need to meet the deductible, such as annual checkups and doctor visits. Pay close attention to your deductible details if you have a family, as often times each member of the family must meet their own deductible before the insurer begins paying for benefits.

  • Co-Payments/Co-Insurance - Co-payments, often referred to as co-insurance, are amounts that must be paid for receiving care or prescription benefits. There are typically different co-payments for emergency room visits, doctors’ visits and prescriptions, so take the time to educate yourself about your co-payments so that you can be prepared to pay at the time of your next doctor or emergency room visit.

  • Lifetime Maximum - Many consumers are simply unaware of their policy’s lifetime maximum; however, it is important to understand that a lifetime maximum is the maximum amount of money you can spend on healthcare during your lifetime; exceed that amount and you are not covered.

  • Pre-Existing Conditions - If you are switching health insurers and you have an existing medical condition, be aware that many health insurance companies will not cover your “pre-existing medical condition.” Some plans cover pre-existing medical conditions; some plans cover them after a certain grace period has elapsed; and some simply don’t cover them at all. Make it a point to thoroughly understand pre-existing medical conditions before switching health insurance.

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COBRA Insurance: Common Questions Answered

Wednesday, December 16th, 2009

If you lost your job you may have been offered COBRA insurance. Although many people have heard of this type of insurance, not many people really understand what it is and what it does.

What is COBRA?

COBRA, which stands for the Consolidation Omnibus Budget Reconciliation Act of 1985, is essentially a law that allows individuals who lose their health insurance from their employer to continue receiving benefits for up to 18 months.

Who is eligible to receive COBRA?

Generally, individuals are entitled to receive COBRA if they are laid off, if their work hours are reduced, if they quit, or if they are terminated. COBRA insurance must remain available to the employee and his/her spouse and dependents.

However, to keep your group health insurance coverage under COBRA you must pay a monthly insurance premium that doesn’t include the discount your employer offered you. In other words, expect to pay a hefty monthly premium if you accept COBRA health insurance coverage.

When is COBRA the right choice?

COBRA health insurance may be incredibly helpful, however, to individuals with pre-existing medical conditions that may have difficulty getting adequate coverage under another health insurer. Most individuals with pre-existing medical conditions may find it extremely difficult to find a health insurer that will cover them; and if they do, they will likely pay sky-high premiums.

An individual may also accept COBRA health insurance coverage if their new employer does not offer health insurance or does not offer adequate health insurance.

Are there any other options besides COBRA?

If you don’t have any pre-existing medical conditions you may want to instead search for private health insurance coverage, as it is often much less than COBRA insurance coverage. There are many companies that offer private health insurance, including the major insurers like Blue Cross/Blue Shield.

A great way to search for private health insurance is to simply look on the Web. Often times, health insurance companies have easy-to-navigate websites that provide consumers with quotes on health insurance. In fact, searching for private health insurance using the Web is usually the best way to find quality health insurance at a reasonable cost.

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Understanding your Health Insurance Policy

Thursday, December 10th, 2009

Do you know what your health insurance policy is all about? Sure, you have the card and you pay the deductibles and premiums, but do you really understand all of the fine print that goes along with a health insurance policy?

If not, then it may pay to educate yourself a bit more on your health insurance so that you have a clear understanding of your coverage and your rights. After all, not figuring out the nuances of your health insurance policy until you land in the hospital or emergency room for the first time is probably not the best idea.

Ask yourself the following questions about your health insurance coverage and if you don’t know the answers, make it a point to learn more:

  • What is my annual deductible and does each member of my family have to pay a separate deductible? Most plans have a per-person annual deductible, but many plans may only require that you pay a two-person maximum deductible each year. This may come in incredibly handy if each member of your family requires extensive medical treatment over the course of the calendar year.

  • What is my co-insurance amount? Once you have met your annual deductible, many insurance companies will pay a certain percentage of your medical bills, leaving you to pay the remainder. However, most insurance companies have a stop-loss number, which is an amount that you are only responsible for paying up to. Anything over the stop-loss amount is covered 100 percent by your health insurance company, eliminating the need for you to pay a co-insurance amount.

  • What is my lifetime maximum benefit amount? Many individuals are unaware that most health insurance companies have a maximum lifetime benefit amount, which includes benefit caps per illness. For example, your lifetime maximum benefit amount may be $4 million, but your maximum benefit amount may be just $100,000 per illness.

  • What are my doctor co-pays and am I limited to a certain number of co-pays each year? Some insurance companies limit individuals to just a handful of doctor co-pays each year, so it pays to educate yourself on this part of your policy.

  • What are my prescription benefits? What are the co-pays? Must I meet a certain drug deductible before I begin receiving prescription drug benefits?

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Group or Individual Health Insurance: which is best for you?

Tuesday, December 8th, 2009

Many companies, amidst skyrocketing health insurance costs, are passing the costs onto their employees. Because of this, many employees are faced with the sad fact that they may not be able to afford their group health insurance anymore.

Skyrocketing Premiums for Group Health Insurance

Open enrollment is a great time to review your group health insurance through your company and consider whether it makes sense to keep paying the steep premiums that go along with it. Amazingly, it may benefit you to consider individual health insurance. Many times, individual health insurance can offer individuals lower monthly premiums and various options regarding coverage and deductibles.

If you are one of the millions of Americans who have seen an increase in their group health insurance rates and an overall decline in their coverage, then you’re not alone. This year, in particular, has seen health insurance rates go through the roof for group health insurance, in the form of higher premiums, higher co-pays and higher deductibles.

Is Group Health Insurance Working for you?

You may want to consider the overall coverage of your group health insurance, and then take that information and explore individual health insurance premiums and coverage. Many times, individuals enjoy the freedom and flexibility that individual health insurance coverage offers. In particular, they enjoy the freedom to raise and lower deductibles based on their budget, and raise and lower co-pays and other out-of-pocket expenses based on their needs and their family’s needs.

An important point to remember, however, is that once you choose to drop your group health insurance coverage you won’t be eligible to re-enroll until the next open enrollment period, so make sure that you have made the right decision for both you and your family.

Begin your Search on the Internet

You can begin your search for individual health insurance coverage on the Internet, as many large health insurers, such as Blue Cross/Blue Shield, offer individual health insurance coverage. Many times, you can explore the coverage, premiums and out-of-pocket costs by simply checking out the website.

Remember: your health insurance decisions are up to you, and that may mean that your group health insurance just isn’t working for you anymore!

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Understanding your Employer Health Insurance

Tuesday, December 1st, 2009

If you are fortunate enough to have employer health insurance, then congratulations are in order! With your employer health insurance, however, often comes confusion and questions. While each employer will offer different plans and different policies, the following information can help you to better understand your employer-based health insurance policy:

  • Most employer health insurance plans include managed care plans, including health maintenance organizations (HMOs) or preferred provider organizations (PPOs). It is important to understand that a HMO plan will only cover those doctors within the plan’s network, while a PPO will pay a portion of your costs if you choose to see a doctor outside of the network.

  • Your health insurance may vary in cost depending on the services they offer and your out-of-pocket expenses. Deductibles, co-pays and prescription costs may also vary according to the plan you choose.

  • Some employers may expect you to pay a certain portion of your monthly health insurance premium, and may require a larger payment from you if you choose a more expensive healthcare plan. Likewise, a less expensive plan may result in lower out-of-pocket expenses.

  • Before choosing a healthcare plan, make sure it caters to your specific needs. For example, if you have many prescriptions you will want to likely search for a plan that offers low co-payment prescriptions costs.

  • Compare your health insurance benefits with those of your spouse to determine which plan provides better coverage at a better price. Remember to compare such factors as doctor’s visit co-pays, monthly premiums and prescription medications.

  • Read the plan carefully and ask your company’s human resources manager for answers with any of your questions. Many times, insurance representatives will visit companies during open enrollment to answer any questions regarding their health insurance plans.

  • Don’t forget to pay close attention to any cap on benefits. For example, does your plan have a yearly or lifetime cap on health insurance benefits?

  • Check to see if your family doctor is included in your health insurance plan. Many times, being able to keep the same doctor makes a big difference.

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