Posts Tagged ‘health insurance’

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Where to Turn for Health Insurance when COBRA is not an Option

Wednesday, June 9th, 2010

If you lose your job, do you know where to turn for health insurance?

Larger companies must offer their employees COBRA benefits if they are terminated, yet many employees don’t even consider this an option because of the expense that comes along with this type of insurance.

In short, consider purchasing COBRA to extend your healthcare benefits if you can afford it. COBRA is still the best plan of action for most individuals who are terminated from their position and lose their healthcare.

However, if COBRA simply isn’t an option, you may still have other options available to you:

  • Purchase an individual insurance plan - If you are in good health, you may be able to find a quality health insurance plan for less than COBRA; however, expect your coverage to be more limited than COBRA coverage. If you have pre-existing conditions, you may have more difficulty getting an individual health insurance plan. However, don’t assume that you are ineligible for an individual insurance plan; instead, check out your options. The health care reform law, in fact, prohibits health insurance companies from rejecting you based upon pre-existing conditions.

  • Consider group coverage - You may be eligible for group coverage if you go into business for yourself. All states require health insurance companies to provide group coverage for business with two or more employees, so it isn’t out of the question to receive group coverage, even if you have only one other employee. In addition, insurance companies cannot deny you because you or your employees have pre-existing conditions.

  • Check state insurance programs for your kids - If you are unable to keep your health insurance coverage, you can at least make sure your kids are covered. Every state has some kind of children’s health insurance program. Information about all of these programs can be found at www.insurekidsnow.gov. These types of programs are available to all children, although prices may vary depending on your income level.

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Health Insurance: What to Look for in an Ideal Policy

Friday, May 28th, 2010

Health insurance is a vital part of anyone’s  insurance portfolio. A good policy should contain some standard basics and additional perks. These are what make certain health insurance policies ideal; better than the other guys. Unfortunately, many plans today fall short of being ideal. Some even fall short of being remotely useful. Health insurance is an investment in your health and your life. You will want to get the most out of the policy you purchase. Here is what to look for:

The Basics

The basic anatomy of an ideal health insurance policy should include the following:

International Coverage

Injuries and illness can occur anytime, anywhere. If you’re ever out of the country, you certainly do not want to put your health and life at risk because you don’t have the medical coverage.

Affordable Annual Deductible

Whatever your policy maxes out at for out-of-pocket expenses, be sure it is an amount you can afford. Having an out-of-pocket deductible that you can not pay is comparable to not having insurance at all, as the insurance company won’t cover everything, and might not cover anything until the deductible is met.

Maximum Coverage

Find yourself a policy with no set limits. You really do not want one where the coverage can be exhausted. You never know what life will bring you way, and you want to be well-prepared, even for the worst possible scenario. If you can not find a limitless policy, try obtaining one that allows $1 Million per claim or $2 Million per lifetime, which is still more than you will probably need. It’s better to be safe than sorry.

No Referral Required

Why should you and your family have to see one doctor just to beg for a referral for treatment from a specialist because your primary care physician is not equipped to handle what ails you? You should be able to pick up the telephone and make an appointment without a lot of extra hassle. Health issues are hassle enough!

Coverages

A good health insurance policy will cover physician expenses, hospital expenses, surgical expenses and major medical, a high maximum benefit for those unexpected medical problems. These should also include very little out-of-pocket costs, comparatively speaking.

Perks

Depending on where you are in life and what you might be planning in the future, there are some additional perks that make a health insurance policy ideal. Not all policies will include everything, and of course, you won’t want a perk you won’t be using. Still, it’s great to have the option.

Preventative Care

Prevention is better than a cure, so you will certainly want a policy that allows for regular check-ups and screenings.

Mental Health

If you have a need for psychiatric care or therapy or there is a history of such things within your family or your spouse’s family, this is a good policy provision to have… you know, just in case.

Prescriptions

With the exception of certain generics, Rx drugs can cost an arm and both legs. The average American certainly can not afford this. Since not every medication on the market has a cheap generic version and some doctors do prefer to prescribe name brands, save you money and your health by ensuring your plan covers prescriptions.

Maternity Coverage

Planning to start a family? Maternity coverage is a smart move. It costs a lot of money to have a baby, let alone to raise one. You don’t want to get started on the wrong foot with a newborn and a ton of sky-high medical bills too.

Vision & Dental

Your eyes and your teeth are two parts of your body that you really want to take care of. Unfortunately, these are often ignored or taken care of only when the person has the cash or credit to pay for service. Vision and dental coverage can eliminate the procrastination and help you to get the regular check-ups you need.

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Health Insurance for College Students

Tuesday, May 25th, 2010

For those who are planning for a higher education, parents and students need to be aware that many colleges and universities now require students to have a health insurance plan in order to attend that school. If a school does not require it, you will often find that some majors and programs do, especially for those looking to study for a career in the medical field or working with children. High-risk programs that require some field study will also often require some kind of medical coverage. Some family insurance plans do have a provision for full-time college students attending accredited schools. This means the family can continue to carry insurance on the student until they are 18, 19, and sometimes up to 21 years old. However, at some point, the student is going to need their own coverage while they are still in school.

Schools

Some college and universities offer coverage themselves. Typically, students will e required to either purchase a policy from the school’s plan or provide proof that they are covered under an existing insurance plan. To be eligible for insurance from the school, a student must be attending part- or full-time and enrolled in a degree program. Students can also get coverage for their spouse and children with such policies.

Individual Coverage

For students who can not get coverage directly through their school, it is important to look for an affordable individual health plan. Students can often find these plans with discounts for college students.

Many student plans can also cover maternity expenses, psychiatric expenses and other medical expenses for an added cost. Medical insurance is a good thing for a college student. With the rampant frequency of illness and being on a campus with hundreds or thousands of other students, it is important to know you’re covered just in case. Paying for your own insurance is a great lesson in self-sufficiency as well.

Whether a school requires insurance coverage or not, a student should have it. It will help to save their health and will give their parents a little less worry.

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Health Insurance and Medical Bills: Cutting Costs

Monday, May 17th, 2010

The cost of medical bills and health insurance can often be expensive. Your health is definitely a concern, so you do not want to forgo medical care or coverage. If you’re feeling the pinch when it comes to medical expenses versus your budget, there are some things you can do to lessen the financial burden.

Prevention

Prevention will cost much less than a cure, in the long run. While some medical conditions might ultimately be unavoidable, you can help yourself and your wallet by living a healthy lifestyle. Eat right, Exercise. Get plenty of sleep. Watch your stress level. Follow your doctors orders on any existing conditions. Try to cut out any bad habits that are not helping your health. These methods will go a long way in improving and maintaining your health, lessening the amount of money spent to treat your medical issues.

Freebies

If a local clinic, hospital, etc. is offering free screenings for conditions that might be of some concern for you, take advantage of this. Screenings are a preventative measure that can offer peace of mind or catch conditions early on. You will save money on your medical expenses in the long run, as well as the money associated with the screenings you would have had to pay for in one way or another.

Spouse or Partner Plans

You and your spouse or partner should look at your individual plans together and consider getting rid of one plan and teaming  up on the other. Joint plans often come at a lower overall price than having an individual plan and one of your plans might be better than the other.

Generics

Even if your insurance offers Rx coverage, you might consider going generic. For whatever the insurance company does not cover, you can often get it at many major retailers for just a few bucks. For what they do cove,r you are going to save a lot of money in co-pays by not going with name brand medications. Not all medications come in a generic form, so be sure to thoroughly discuss your options with your doctor.

Additional ways to save on your medical costs

Always check all bills to ensure that they are accurate. Billing errors occur and you will want to catch these right away. Never hesitate to ask about or point out a mistake! Choose the proper insurance plan. Make sure your plan covers all of your needs: preventative check ups, prescriptions, emergencies, etc. and offers affordable individual and family coverage, depending on your situation, as well as reasonable deductibles and co-pays. Read your plan thoroughly and get any and all questions answered. You need to be in the know about how your plan works or you could wind up paying out-of-pocket for services you did not know were not covered.

Try these tricks, and you should find that in due time, your medical and health insurance costs are reduced  and your burden is somewhat eased.

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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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Prescription Drug Coverage and Health Insurance

Tuesday, May 4th, 2010

One of the most important aspects of health insurance is one that is often overlooked or not quite packaged to the satisfaction of the consumer. It is often difficult to find prescription coverage that meets all of your needs, even if the healthcare coverage is excellent. Most health insurance operates on a co-pay plan for prescriptions, but some still require you to meet a deductible requirement before they will pay, even for the medications you need. Still, it is important to have prescription drug coverage in your plan. Otherwise, with the mounting price of pharmaceutical drugs, you could wind up paying a ton of money out of pocket, or worse, not taking your prescriptions at all.

Considerations

First, you need to find out if the plan covers name brands as well as generics or if it is either or. Find out what your financial obligation is. If the price is still too high, you have options. You could get a discount RX card to help off-set the fees. Ask your doctor for generics. Often, you can find generics that are easily affordable out-of-pocket. Stores like Wal-Mart, Walgreens, Kroger, K-mart and others now have generic prescriptions for less than $5 a pop.

As always, shop around and see who offers the best coverage. Of course, you need to ensure that what you are already taking will be covered and watch 9out for those plans that require those who are on injectibles to pay a high deductible before coverage kicks in. Some plans have forced diabetics to pay up to $1,200 out of pocket before covering their insulin!

Costs

Without an RX plan, you could wind up with a hurting pocketbook and suffering health. Do not let that happen! Paying for health insurance with an RX plan can save you a ton of money and keep you taking the medications you need. Out-of-pocket, come prescriptions could wind up costing you hundreds to a thousand or so per month. With a prescription plan set up on a co-pay basis, you will wind up paying between $10-$50 a month. If you still can not afford your prescriptions, talk to your doctor. Either find a drug that works for you and costs less or look into other options. There is no reason why anyone should not be able to obtain the medications they need. It is just a matter of asking for help when you feel hopeless and helpless on the matter.

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More Insurance Myths Debunked

Thursday, April 15th, 2010

Many myths arise about insurance. They come from the false beliefs of consumers and from the over eager selling tactics of the insurance salesman whose just trying to make a buck. If you get caught up in these myths, you might wind up paying out a lot more money than you need to. Here are several myths to watch out for and the truth within revealed.

Myth: Be prepared for every possible event.

No. Frankly, no one can predict ever possibly occurrence in life, therefore, no one can be prepared for everything. When it comes to insurance, if you actually have the cash flow to pay for certain repairs and effects of disaster, by all means, do it. You’ll save some money, as the claims on your insurance will eventually have you paying more in premiums. Also, only buy the coverage you now you absolutely need. For instance, don’t pay for earthquake insurance if you live nowhere near a fault line, in a town with no instances of earthquakes. It does not make sense to pay for coverage you know you will never use.

Myth: I use my car for my job, but am not self-employed. My auto-insurance will take care of things.

Probably not. If you are using your car for business purposes of any kind, you might want to look into extending that policy to cover the business use of your vehicle, just to be on the safe side.

Myth: Why does it matter if people have health insurance or not. It’s a personal choice, and it does not affect me if others don’t have health insurance.

Yes, it is a personal choice, but when those without health insurance run to the ER or doctor and can not pay their bill or more and more begin to rely on state paid medical coverage, whose tax dollars do you think the government is putting to work? It isn’t the government’s own money that is paying these expenses. It’s that of the hard-working, everyday tax-payer, so yes, the issue does affect you.

Myth: Why buy disability insurance? If I need it, Social Security and SSI have it covered.

Try telling that to someone who has fought for their right to benefits for years on end, knowing they need it, but being denied and fought against left and right by the government. These folks are liable to laugh at you and tell you that you have nary a clue as to what you are talking about. Few people win the first and second time around with the SSA. If you want to prepare for this eventuality, get a policy that offers disability insurance. It will at least help smooth the financial edges while you fight the government for your rights to the benefits you deserve.

Hopefully these tips will help you to become a well-informed and savvy insurance consumer. Plenty more insurance myths are out there, and they will be debunked one way or another.

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Attention Alcohol Consumers: Imbibing Could Have an Impact on Life Insurance Rates

Friday, April 2nd, 2010

It’s pretty much a given that if you’re more than a social drinker, someone who maybe likes to party and drink a little more than you should, that it could have an impact on your health and your health insurance. Did you know that excessive drinking could also impact your life insurances rates?

To life insurance companies, and in all reality, there is a huge difference between those who occasionally enjoy a glass of wine or beer and those who tip the bottle back until the last drop and go back for more. No offense is meant by this statement. Excessive drinking is a serious problem that is admittedly difficult to overcome. It’s simply important that you know if you have this problem, your life insurance company will want to know, will find out and it could adversely impact the premiums you pay every month.

Why Drinking Impacts the Price

Heavy drinking impacts your life expectancy. In 2008, the CDC announced that a lifestyle of heavy drinking is now considered the third leading cause of death in the U.S. chronic alcohol abuse can lead to serious medical conditions including physical conditions such as cardiovascular disease, cirrhosis of the liver, stroke, gastrointestinal problems and many other physical ailments. it could also negatively impact you mental and emotional health as well.

When you apply for a life insurance policy, they will want to know your drinking habits. Frankly, you might as well be honest. It can’t be hidden. Should they not find out about it beforehand, if you death is found to be due to anything related to alcohol consumption, the insurance claim could be disputed or altogether denied.

On the life insurance application, admitting to more than 2 drinks per day will not get you a preferred rate. 3 or 4 will even bar you from a standard rate, therefore you will wind up paying much more than you probably want to.

Don’t Try to Hide It.

Excessive alcohol use is likely to be noted in your medical records, even if only suspected. Most doctors do not simply suspect this without good reason. Your insurance company will look at this, your application and will also consider other factors. If you have an alcohol related condition at the time of application, if you have been in treatment or are currently in treatment and if you have any DUIs or other alcohol related violations and how long it has been since you last had one. All of these factors could impact your rates.

If you tried to hide your alcohol use, tough luck. Even if you were not honest on your application, the insurance company can still find out from your medical records and background check. Either way, you will wind up with a higher rate, a “rated” policy (which carries an additional premium) or an outright denial.

Insuring Your Life in Spite of Alcohol Problems

The truth is, it can be very difficult to obtain life insurance if you are a heavy drinker. You are very high risk. The insurance company knows you are a liability and statistically, your death is likely to be sooner rather than later. Therefore, you are looking at paying a higher price or being completely denied. If the company finds out you lied about your alcohol consumption after the policy is in effect, they could cancel it. If you can get yourself into a program and sober up  you have a better chance of obtaining life insurance. It still won’t be easy. Some life insurance companies might postpone a decision to insure you for up to 2 years after treatment to ensure sobriety and possibly improved health.

It really boils down to this fact; if life insurance is a concern for you, and you want to prepare yourself and your family for the inevitable, excessive drinking could get in the way. You might not have the option for life insurance and if you do, you’re going to pay more. Your best bet is to put the glass or bottle down and walk away, even if it means rehab and regular support, regaining your health and the option to protect the future of your family.

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Health Savings Cards vs. Insurance

Thursday, April 1st, 2010

“Your entire family is covered for just $69.95 per month!” When you first see or hear these ads, they sound terrific. You’re thinking “Wow! That’s cheap for medical coverage!” as soon as you start to feel excited and are considering signing up, you either read the small print or hear the voice that ends the commercial, telling you that what you have just heard about is, in fact, not an insurance plan. This is overly concerning.

These ads that most of us see and hear pretty often are for health savings cards. No, they are not medical insurance. Yes, they offer what seems like a great deal, but what is the difference? Can a savings card plan really save you money? Are you better off with a health insurance plan?

Savings Cards

Many people make the mistake of thinking that medical savings cards are the cheap alternative to health insurance. These plans are designed to save you and your family money on your out of pocket medical expenses. Some plans are exceptionally enticing, as they offer you discounts not only on visits to your doctor, but also on prescriptions, dental, and vision exams as well. That all sounds wonderful? Right? Of course, you will have to find participating providers for each of your medical needs, and you will be 100% responsible for all costs beyond the savings

You’ll definitely save some money out of your own pocket, at least on each visit. On average, you’ll pay $15-$25 less on a doctor’s visit. On medications, you could save as much as 60%. Other products and services will come with substantial savings too. At least it seems that way when it’s all laid out before you. You think you’ve gotten a good deal, but have you really?

Insurance

With health insurance plans, it may cost you a little bit more per month, and you will typically need to choose a network provider. However, you are fully covered on almost everything your plan offers, although some procedures might require you to pay as much as one-half or a certain percentage of the cost, depending on your particular plan’s terms. Other than that, the only out-of-pocket costs you will incur are co-pays for your medications, procedures and doctor’s visits, which are minimal, even compared with health savings card plans.

What to Choose

It all depends on you. If you can afford to pay some extra expense out of pocket, then a health savings card might work for you. However, this is really a better idea for a fairly healthy person who needs very little medical care throughout the year. That is, if you were to choose this option alone. For a family or someone with a lot of medical needs, insurance is the better option. However, you can get in on the best of both worlds if you are willing to shell out the money for both your medical insurance pan and a healthcare savings card plan. If you can find a card with participating providers that correspond with your medical insurance providers, you can use the card to save on your out-of-pocket expenses beyond what the insurance pays. That’s what these cards are really designed for, and that’s where the “good deal” comes into play.

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Health Insurance: Long-Term Care

Monday, March 29th, 2010

If you anticipate the inevitable need for long-term care for an elderly or ill loved one or want to plan for this possibility in your own future, you might want to consider the benefits of long-term care insurance.

Many people fail to plan for this or don not think it is a necessity. They are operating on the “won’t happen to me” frame of mind. While it is true that some people may never put their long-term care plan to use, it’s never a waste of money or time to prepare for an eventual what-if.

Why Think About Long-Term Care in the Here and Now?

If and when the time comes where you or a loved one need the kind of long-term care that can only be offered by in-home care attendants, assisted living or skilled nursing facility, you will want to be prepared. If you are caught off guard by a crisis, it’s far too late to purchase the coverage right when you need it.

The government won’t pony up the money for it and Medicare only offers temporary and limited coverage. Medicaid (this may be called something different depending on where you may live) only kicks in once you have lost everything, including what little dignity you may have had left, and the coverage offered is still pretty limited. Unless you have the wealth to maintain the long-term care or adequate insurance, you might very well find yourself unable to afford the care you or your loved one need.

A large percentage of both men and women will find themselves spending at least some time inside a nursing home or other long-term care facility during their lifetimes. Those who are single will definitely want to have coverage for this care, as well as those who are married or have children to rely on. Long-term care facilities are not cheap. One could easily exhaust every asset they have (if they are not wealthy) in a short period of time. It’s also unfair to expect that your children, who most likely have families and lives of their own, will take over the expense of your care. Unless they happen to be wealthy themselves, chances are they can’t possibly afford it either, although they might wish they could.

Long-Term in the Long Run

While you might be swallowing a bit of an expense now for your long-term care insurance, comparatively speaking, you will be grateful for all the costs your not out when it comes to the need for long-term care. As Americans, it’s something to appreciate. We have the option for great long-term care if and when we need it and the help to pay for it, as long as we plan ahead.

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