Posts Tagged ‘health insurance’

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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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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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What to do When you Lose your Health Insurance

Wednesday, November 25th, 2009

Unfortunately, the reality of losing health insurance is an all too common situation in today’s economy. If your position has been eliminated or if the company is going under, your job isn’t the only thing you may face losing.

Employer-based health insurance benefits are a very important aspect of many individuals’ employments, and living without them, even for a short period of time, can be devastating for most families. From expensive prescription medications to emergency care and doctors’ visits, employer-based health insurance is not a luxury, it is a necessity.

However, if you find yourself on the verge of losing your employer-based health insurance, there are a number of options you may have:

  • COBRA - Larger companies of more than 20 employees, under a federal law, are required to offer you an extension on your health insurance of 18 months while you look for other employment. Called COBRA (Consolidated Omnibus Budget Recognition Act), this health insurance extension must be enrolled in no longer than 60 days after you lose your health insurance. Although you will enjoy the same benefits that you did under your employer health insurance plan, the costs will be significantly higher.

  • You spouse’s health insurance - For many individuals, it just makes sense to sign up for their spouse’s health insurance when they lose their coverage. Luckily, most large companies will bypass the annual enrollment time period to allow you to sign up for your spouse’s health insurance if you lose your coverage.

  • Private health insurance - For many individuals, purchasing private health insurance is often less expensive than purchasing COBRA, so you may want to consider contacting a reputable insurer and ask them for their private health insurance costs.

  • Free or lost-cost programs - If money is an issue, you may want to consider some of the free or lost-cost health insurance options. You can check with your state’s Department of Health regarding free health insurance for your children; you can also check with your state’s insurance department or consumer services department to see if your state offers lost-cost health insurance.

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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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Extending Health Insurance Benefits for Children During a Divorce

Monday, October 5th, 2009

There’s no doubt about it - enduring the many challenges and changes of a divorce can be incredibly stressful, painful, and exhausting.  One of the most potentially confusing elements of a divorce can be how to split up health insurance benefits with out sacrificing coverage and cost.  As many divorcing couples often fear for their own health and wellbeing, as well as their children’s health protection, ensuring that your health insurance is consistently reliable is absolutely imperative.

Divorce, Children, and Health Insurance

Separating From a Primary Policy Holder

While divorce and separations can cause a great deal of pain and tension between a husband and wife, experts recommend that any bitterness or anger be set aside when it comes to determining the division of health benefits.  As children should undoubtedly be provided with adequate and reliable health insurance protection, a spouse who has been the primary policy holder may benefit from simply continuing coverage benefits to their soon to be ex-spouse.  While insurance policy regulations will certainly vary, some companies permit a primary policy holder to offer coverage and benefits for an ex-spouse for a limited or permanent range of time.  This option generally allows children to continue to benefit from health insurance without any interruptions and significant alterations to a policy.

Divorce Between Two Primary Policy Holders

If both spouses are primary health insurance policy holders through their individual employers, then a separating couple must specifically clarify which parent will be the primary provider upon the finality of the divorce.  If both parents hold their own primary policies, then one parent must be agreed to act as the “primary” insurer, while the other parent must act as the “secondary” insurer.  As the primary carrier, a parent will cover most of the major costs and expenses of caring for their child’s or children’s health.  As the secondary carrier, a parent will typically help cover any additional costs that are not specifically covered by the primary carrier.

If you and your soon-to-be ex-spouse are debating over which parent should claim each role, then a husband and wife can contact their insurance provider for more details and potential support.  Commonly, insurance companies employ a “birthday rule,” wherein the parent with the earlier calendar birthday in a year will act as the primary carrier of insurance.

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Does Your Health Insurance Cover You for H1N1 Tests and Treatments?

Tuesday, September 22nd, 2009

As Americans are rushing to prepare for the potential spread of the H1N1 virus, many individuals are questioning whether or not their health insurance will cover any related costs associated with the illness.  To be sure you’re protected, find out the H1N1 symptoms, signs you may need treatment, and details about general health insurance coverage.

Preventing H1N1

While the only way to become infected with the H1N1 virus involves coming into contact with another person carrying the disease, experts are seeking to help the public prepare for potentially wide spread outbreaks in the coming months.  If you work in close proximity to others, such as in schools or in other congested areas, experts recommend obtaining the H1N1 vaccine as soon as possible.  Many state employees (specifically teachers) may be able to take advantage of free inoculations, as teachers and students are  generally more at risk for shared / communicable infections.  If you are not eligible for a free vaccine, contact your insurance company to find out how much the injection will cost.

Seeking Medical Attention

Yet, regardless of whether or not your vaccinated, if in the coming weeks or months you feel ill, you should know when to seek medical attention.  According to medical experts, the H1N1 virus presents itself with symptoms apparently similar to the standard flu.  Symptoms commonly include:

  • Fever
  • Cough
  • Sore throat
  • Chills / body aches
  • Headaches
  • Fatigue
  • Nausea / upset stomach / vomiting
  • Diarrhea

If these symptoms appear, however, it does not automatically mean that you are inflicted with the H1N1 virus.  The only medically valid way to determine if you have the H1N1 is by seeking out a complete lab test conducted by an expert.  To find out if your insurance company covers the costs of H1N1 testing, contact your insurance company to ask the following questions:

  • Does the company cover all or a portion of lab tests? (If only a portion, then what percentage?)
  • What is the co-pay for a visit with lab tests?
  • Am I restricted to visit specific medical offices within a network?
  • Am I restricted to visit specific offices for blood / lab work?

Treating the H1N1 Virus

Upon undergoing a lab test for the virus, if your results turn to be positive, then you’ll need to seek medical treatment for the illness.  Generally, medications such as Tamiflu or Relenza can help to reduce and alleviate symptoms; however, individuals should contact their health insurance company to find answers to the following treatment-related inquiries:

  • Does the company cover the cost of prescription medications?
  • Is there a higher cost for generic vs. name brand prescriptions?
  • What are the co-pays for prescriptions?

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Insurance News: Are Health Insurance Companies Ignoring the Younger Generations?

Wednesday, August 12th, 2009

As health insurance has become an increasingly heated social and political topic, investigators are finding that some health insurance providers may actually be ignoring younger generations.

While no one enjoys receiving stacks of advertisements and promotional mailers in their daily deliveries, there is a definite decline in marketing for younger generations!. This may save on one’s mail load, however, this gradual decline may prevent some in-need families from gaining access to pertinent provider packages, discounts, and offers. As health insurance companies have statistically targeted more towards baby boomers than towards the younger X and Y Generations, experts warn the Gen X and Y-ers to become more proactive in seeking health coverage.

An Analysis of the Generations

To examine the marketing histories of most health insurance companies, major analysts have compared the baby boomer generation to individuals from the X and Y generations. Known as the younger generations, Generation Y is a label that typically classifies a range from the 1980s to the 1990s, while Generation X usually refers to the years ranging from the 1960s to the 1970s. As the older and most populous generation, the baby boomers were born in the close years following WWII. By analyzing these various age / generational groups, studies prove that individuals from Generation X were reportedly sent 15 percent less health insurance marketing / mailing offers in June of 2009 (when compared with the baby boomer generation).

Adding to this, Generation Y is estimated to receive 25 percent fewer marketing / mailing offers than their own parents’ generation! Yet, amazingly, as all generations need and require health insurance coverage, experts argue that each generation should be catered and marketed to equally.

Health Care for Gen X and Y

In examining the decline in health insurance marketing over the span of aging populations, experts argue that Generation X is a generally under-served and in-need market. As Gen X is classified as a target group that is typically caring for younger children and aging parents. In fact, a survey shows that 72 percent of Generation X is saving for their child’s future education, while 53 percent of the Gen X group is even anticipating to care for their parent(s) and / or relative(s) in the future. As such, having access and information on beneficial health coverage plans is imperative.

Yet, Gen X is not alone, as Generation Y is also experiencing an overall decline in marketing and offers. Ultimately, to avoid the common pit-falls of misinformation and lack of access, experts argue that Gen X and Y populations should actively seek out information to best meet their family’s current and future needs. As the Gen X and Y populations are growing to be the new target market for expansive health insurance packages, an independent evaluation of programs can allow families to more thoroughly prepare for imperative health-related demands in the future.

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Saving on Health Insurance with an HSA

Thursday, July 30th, 2009

As health insurance costs can often overwhelm individuals and their families, an incredible amount of money can be saved with a simple HSA! An HSA, Health Savings Account, is a specialized account that is used only to pay for medical costs (both future and present costs). Find out details about the many HSA advantages, and evaluate the specific requirements to find out if you can save money with an HSA.

Saving Money with an HSA

While an HSA may only sound like a simple savings account, users of these accounts gain incredible financial benefits! With an HSA, an individual is able to set aside tax-free or tax-reduced funds from their income. As money is deposited, tax-free, into the HSA, the money earns interest. When individuals need to pay for co-pays, prescriptions, or other medical costs, the HSA makes paying for such expenses far more convenient and cost-effective. In fact, some individuals are even able to save around 20-30 percent on their annual health / medical expenses with the advantages of an HSA!

HSA Requirement Checklist

In order to legally utilize an HSA, individuals must meet specific criteria. Some of the regulations include:

  • Individuals with a High Deductible Health Plan (HDHP)
  • Individuals not covered by an HDHP, another form of health insurance, not enrolled in Medicare, and cannot be claimed as a dependent on anyone’s tax return form

Additionally, if individuals do not meet the above criteria, some still may be able to contribute to an HSA. If an individual is experiencing any of the following issues or circumstances, he or she may be able to contribute to an HSA:

  • Coping with a specific physical setback (disease, illness, accident, etc)
  • Employee Assistance Programs / disease management program
  • Individuals eligible for VA benefits
  • Additional circumstances

As additional circumstances can also allow individuals to contribute to an HSA, individuals can meet with their employer, human resource coordinator, or health insurance provider to find out more details about HSA approval.

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The Latest National Health Care News: Will You Need Insurance in the Future?

Wednesday, July 29th, 2009

As millions of Americans are currently living without health insurance, one of President Obama’s key goals is to implement a national health care policy and coverage plan. While Mr. Obama’s goals are certainly aimed at helping all individuals and families, many are concerned that the intended policy will actually cost some Americans more money and less coverage benefits. To find out how the national health care plans may impact you, evaluate the most recent updates and reports from the President and his office members.

How Will the Health Care System Change?

While many Americans are worried about the possible changes to their current health insurance plans, the President has proclaimed that his health care policies are not intended to punish individuals; moreover, Obama wants to restructure the currently flawed health industry. In fact, Obama has argued that change in the health care industry is morally imperative for the proper functioning of the country, as the current system is leaving millions of individuals and families in debt, with poor care, or with little to no care at all.

To change the system, President Obama desires to achieve the following goals:

  • Expand health care coverage for all Americans
  • Improve health care quality
  • Lower health care costs for all Americans
  • Allow Americans to have individual choice in their health insurance providers and policies
  • Promote scientific and technical advancements for medical research
  • Improve the American access to preventative health care

How Will the Health Care Changes Impact Me?

If you are currently one of the millions of Americans without health care, then President Obama’s intended plans may offer an incredible amount of relief. If you are, on the other hand, an American who does currently have health insurance, the President asserts that your plan will not change unless you want it to. In other words, Americans who currently hold health insurance policies will gain more power over their individual plans, as the new health care standards should enable Americans to pick and choose which provider they see as the most beneficial. Currently, individuals are generally forced to adopt the health care insurance providers that are chosen by their employers; yet, with a new reform, each health care member can decide which provider is best for his or her own needs. So don’t cancel any policies yet-The health care reforms are still only in the early stages of development, as it may be several months to years before Americans see or experience dramatic health care coverage insurance changes at the national level.

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