Posts Tagged ‘health insurance coverage’

What is Supplemental Health Insurance and Do You Need it?

Tuesday, May 11th, 2010

Who could miss it? That wacky duck running around on the TV, getting into all kinds of chaos and screaming “AFLAC!” It’s cute, but effective advertising. What’s more, AFLAC offers a state-of-the art insurance policy that is difficult to pass up. AFLAC is not alone in their offerings though. Many insurance companies offer supplemental insurance policies. What is a supplemental policy, however, and how do you know if you really need it?

Supplemental Insurance in Brief

Supplemental insurance policies vary in the amount of benefits from policy to policy and company to company. However, the one thing they have in common is that they all pay a cash benefit to the insured should the become unable to work for a period of time. Popular types include accidental death and dismemberment policies, specific disease policies (cancer insurance, for example), accident health insurance and hospital indemnity plans (should you be confined to a hospital for a period of time).

The cash benefits will often be paid out to pay certain medical costs as well as some of your living expenses. There are minimums and maximums and some waiting periods, so it is good to become very familiar with the terms of your particular policies before you ever have a need to put it to use.

Are You a Good Candidate for Supplemental Insurance?

To determine your needs for supplemental health insurance, you need to consider your income, regular current health insurance coverage, and what you can afford to carry as far as insurance. You also need to consider your own savings as well as other things such as health insurance savings accounts or annuities, etc. that might be there to help you in a time of need.

Other things to consider? Well, if you have always been in reasonably good health, you might not need supplemental insurance, however, if you have risk factors or health concerns, it might not be a bad idea to go ahead and get yourself signed up for a policy. Health and the future cannot be predicted, therefore, why not prepare for what may come? Consider your options carefully and only choose what you can afford and think you might eventually use.

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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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Will Your Health Insurance Cover the Costs of Private Home Care?

Friday, October 23rd, 2009

Injured, ill, or recovering from a debilitating surgery or sickness?  If you’re unable to maintain your regular daily activities and / or you’ve been forced to recover with a sustained period of bed-rest, then you may be eligible to receive private home care!  Covered by select health insurance companies, individuals can receive incredible benefits from at home care; best of all, if your health insurance covers this form of treatment, then you can recover without risking your financial savings.

What is Private Home Care?

Private home care essentially serves to allow patients to recover in the privacy of their own home, as opposed to recovering in a hospital.  Ideal candidates for private home care are often individuals with issues / health concerns such as:

  • Post-surgical patients
  • Individuals undergoing various cancer treatments
  • Debilitating injuries that restrict physical movement (ie: amputation, broken limbs, etc)
  • Elderly individuals in need of specific care and support

With private home care, certified health specialists, registered nurses, or other approved health experts can travel to your home for designated meetings or “appointments” each day / week.

Private Home Care and Health Insurance Coverage

While each health insurance company has its own policies and restrictions regarding private home care, individuals with long term health insurance may often be able to reap coverage benefits for such services.  Oftentimes, long term health insurance policies offer to cover around $150 to $200 per day for at home health care services; however, if you or a loved one does not have long term health coverage, then Medicare may still offer options for support.  Medicare will generally serve to help individuals over the age of 65 receive approximately 8 hours of private health care each day (24 hours each week in total) for a 60 day duration of time.

If you’re hoping to hire at home care for you or a loved one, begin by evaluating the current withstanding policy to find out what coverage options are available.  Also, contact various at-home health care providers to compare prices.  To help alleviate the financial burden, some at-home care service experts may allow individuals with minimal insurance (or no insurance) coverage to purchase bulk-care packages at an additional discount!

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Divorced and Uninsured? Take Immediate Steps to Protect Your Health and Well Being

Friday, October 9th, 2009

If you are currently going through a divorce or planning a separation, don’t neglect your own health and well being by ignoring responsible health insurance measures.  Specifically, if you and your spouse do not have children, then you may very likely wind up without health insurance coverage if you do not pro-actively find out how the divorce will impact your insurance benefits.

Uninsured Spouses of Divorce

If your soon-to-be ex-spouse was the primary health insurance carrier during your marriage, you have an array of options to protect yourself from the potential devastation associated with a loss of insurance.  Comparatively, as millions of Americans are currently un-insured, some individuals going through a divorce struggle to cope when neither the husband nor wife held health insurance coverage.  Whether or not your spouse was insured or uninsured is typically irrelevant; as individuals separating from their husband or wife can choose common pathways to protect their well being with temporary or reduced-cost health insurance plans.

The Steps to Health Insurance Protection Amidst a Divorce

  • Step 1 - If you are employed, ask your human resources representative if health insurance policies are offered through your employer.  If so, find out how and when you can receive coverage.

  • Step 2 - If you are not employed, or if your employer does not offer health care benefits, then find out if you can continue health insurance coverage through COBRA.  COBRA is considered to be a relatively affordable health insurance option for qualified individuals.  Generally, COBRA is a potential option for individuals whose ex-spouse formerly acted as the primary carrier of health insurance for their husband / wife.
  • Step 3 - If you are not eligible for COBRA insurance, investigate affordable emergency health insurance plans.  Emergency insurance plans, also commonly referred to as short-term health insurance policies, protect individuals from experiencing a lapse in coverage.  As a result, if an accident tor serious health emergency arises after one’s previous health coverage has been ceased, the emergency insurance will protect an individual from serious harm and loss.  Specifically, if you are employed and your employer can provide you with coverage, then emergency plans can protect you during the time your ex-spouse’s coverage ends until your new  (employer provided) coverage begins.

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Who Really Benefits From Health Insurance Reform?

Tuesday, September 29th, 2009

As US Senate leaders have been debating and discussing the proposed changes to the country’s health insurance system, a new health care bill may soon finally be signed into legislation.  While many Americans are eagerly awaiting health care insurance reform, others are worried that the changes in policy will lead to a loss in their own current insurance coverage and protection.  To find out who benefits-the insured or the uninsured-take a look at the latest health insurance reform reports.

United States Health Insurance Reform

The Un-Insured

Without a doubt, the millions of individuals across the country who are living without health insurance coverage will be the most likely to gain the greatest benefits from health insurance reform.  According to reports, individuals who are un-insured will be provided with insurance options and changes such as:

  • Access to more affordable insurance policies for workers without employer provided coverage.
    • Lower cost packages for individuals below the age of 26, as individuals 25 and younger are less likely to carry insurance. Packages for Americans 26 and younger will be cheaper with fewer coverage benefits
  • Options to purchase health insurance from state-run exchange programs
  • With state-run plans, individuals can opt for customized insurance packages, some of which will even offer minimal coverage levels at reduced costs (for reduced benefits)
  • Tax credits provided to the lowest income earners to help struggling families purchase their own insurance coverage (from a private provider or from the state)
    • For example, as Senate reports reveal, a family of 4 below an annual income of $22,000 would be protected from paying more than 2 percent of its annual income towards insurance premium costs / insurance related costs
    • The protection on insurance cost limits for families increases exponentially, depending on a family’s size and annual earnings; however, the Senate declares that a family of 4 with an income of a maximum of $88,000 annually would be protected from spending no more than 12 percent of their income on health insurance related costs

The Insured

While individuals without health insurance will certainly be able to gain protection and advantages from the proposed health reform plans, many individuals who currently carry insurance policies are worried about how these plans will impact their own tax costs, insurance rates, and coverage details.  Generally, experts assert that individuals with insurance can rest assured, as the proposed changes to the health insurance system should not force serious changes to those who are currently insured.  Specifically, reports reveal:

  • Individuals with insurance will be able to, in the majority of cases, simply keep their current plans (especially if coverage is already provided by one’s employer)
  • Insured individuals may become more protected, as reform is striving to protect workers from being dropped by insurance companies when a policy holder becomes ill or needs high-cost treatments / medical care
  • Insurance companies would be restricted in determining individual health histories to factor an insurance policy’s costs (ie: a history of diabetes could not significantly boost an individual’s health insurance costs)

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Find Out How to Extend Your Health Insurance Coverage for Your Older Children

Thursday, August 27th, 2009

In the past, most health insurance providers ceased coverage for policy holders’ children once the offspring was no longer a full time student and / or reached the age of 23. Fortunately, as a rising number of Americans are living without health insurance coverage, many providers are offering extended benefits for policy holders with children over the age of 25.

Extended Health Insurance Coverage

While each state and health insurance provider will have its own specific restrictions regarding the extension of coverage for a policy holder’s children, many older children may be able to gain access to incredibly valuable extension opportunities. Generally, as long as a policy holder’s offspring is registered and enrolled as a full time student, then they can take advantage of their parents’ health care insurance until the age of 23-and potentially longer. Recently, 11 states approved extended coverage for dependents of policy holders up to 25 years old. Remarkably, some states have even permitted coverage for offspring up to the age of 30.

Generally, as most parents may have access to more extensive health insurance plans than younger individuals, taking advantage of extended health insurance for one’s child can ensure that every family member is thoroughly protected from routine and unexpected health care needs. As health insurance plans can be costly when purchased by students and / or younger individuals, providing dependents with pre-existing coverage can save money while offering greater insurance coverage features.

Common Restrictions for Extended Dependent Coverage

While many policy holders may be able to provide their children with greater health coverage perks, parents should be aware of the following common restrictions:

  • Once a child reaches the age of 18 and / or no longer declares him / herself as a “dependent,” then he / she may not be eligible for extended coverage
  • If a child is not enrolled in school as a registered full time student, he / she may not be eligible for health insurance extensions
  • If a child is a full time student but is married, then he / she may not be eligible for extended health insurance coverage
  • If a child is a full time student but has his / her own dependents, then he / she may not be eligible for extended coverage

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Finding the Best Health Insurance Coverage for Expectant Mothers

Tuesday, August 18th, 2009

If you are currently pregnant or planning to become pregnant in the near future, then you’ll undoubtedly want to seek out the most optimal health insurance plan for the benefits of you and your newborn.  If you are not provided with health insurance by your employer, then it may be in your best interest to shop around to find the most affordable and reliable health insurance policy as soon as possible, as the costs for pre-natal and post-delivery care can build rapidly!  To find out which health insurance provider is the most ideal choice for you and your baby, seek out providers while asking the following core focus questions:

Questions for Expectant Mothers in Search of Health Insurance

  • Maternity Care - Find out if the insurance provider covers maternity treatment / facilities. Fortunately, if you are employed by a company that fosters full time positions for 15 or more employees, then you are federally entitled to a plan that covers any pregnancy / maternity medical costs.

  • Authorizations - Ask the provider if you are required to have pre-authorized approval prior to medical visits and / or treatments. Adding to this, verify if you need to notify your insurance company before delivering your child, as some providers will charge insurance holders with extra fees and penalties of services are rendered without pre-approval.

  • Network Care - Are you required to visit doctors and hospitals that are in a set list of pre-approved “network providers,” or are you able to choose your doctor / facility of choice? If your provider has specific in-network policies, opting for any treatments outside of the pre-approved list can result in immense out of pocket charges and costs, as network plans generally only cover for services within their pre-approved lists.

  • Prenatal Care - Identify which prenatal tests, treatments, and exams are covered, as some providers will not cover certain types of prenatal exams.

  • Delivery - Will your insurance provider compensate for hospital delivery, at-home delivery (with a nurse or midwife), and / or emergency delivery services? Adding to these questions, will your provider cover the costs for a post-delivery hospital stay, as well as any costs related to extended medical stay due to complications?

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