Health Insurance Update

The term health insurance is generally used to describe a form of insurance that pays for medical expenses. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.

Health insurance works by estimating the overall risk of healthcare expenses and developing a routine finance structure (such as a monthly premium or annual tax) that will ensure that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization, most often either a government agency or a private or not-for-profit entity operating a health plan.

Choose the plan that best fits your individual needs.

Individual Medical Coverage

This is primary medical insurance coverage that is designed for people who don’t have this type of coverage through their employer or another group.

Learn More.

Medicare Part D Coverage

Medicare Part D is prescription drug coverage available to those enrolled/eligible for Medicare Part A and/or Part B.

Learn More.

Medicare Supplement Insurance

This is designed for the senior citizen who participates in Medicare, yet desires additional coverage to help with many of the expenses that Medicare does not pay.

Learn More.

Supplemental Medical Insurance

This is Ideal for supplementing your primary health insurance coverage. It provides you with a pre-determined benefit amount for those extra, unbudgeted expenses that arise.

Unless you tell us otherwise or benefits are assigned according to state law, the benefit is paid directly to you.

You decide how the money is spent.

Benefits may be paid for necessary:

• Hospitalization
• Accidental Injury
• Outpatient Surgery
• Extended Care
• Intensive Care

*Supplemental Medical is the marketing name for our Hospital Income, Hospital Indemnity and Hospital Confinement Indemnity policy series 97024

Check Out State Farm for more info

by: Christine Zafra

Fourth is to research on the insurance company you are planning to invest your money with. You wouldn’t want to pick a company that has bad credentials and bad comments from previous policyholders. We’re talking about your life insurance here, not anyone else’s. Check credible sources like independent monitoring bodies. Fifth is to talk to an agent from the day you bought the policy to the day until the end. With this, the agent can actually serve as a guide for you, changing your policy from time to time depending on your needs. Lastly, you have to study. Yes, studying insurance terminologies can make you wiser when it comes to choosing the insurance company/type that’s going to determine your and your family’s fate.

Photo taken from http://www.insuremeblog.com

by: Christine Zafra

If you’re a first time buyer of a life insurance policy, I suppose you don’t know anything about insurance terms or how the insurance works. Nevertheless, don’t be shy. You’re here for the first time anyway. Here are some of the guidelines you need to know before you acquire a life insurance.

First, you should take note if you need it or not. Life insurance can be beneficial if you have dependents lined after you. Second, you have to know the right amount of coverage your family needs in case you die (it’s ok if you leave more than what your family needs, but what if its insufficient?). There are various available online calculators for this, but you can do it manually by multiplying your annual salary by 8. Third is to determine the type of insurance you need.
• Term life insurance lasts for only a certain period of time.
• Whole life insurance’s coverage begins from the day you bought the premium until the day your last breath.
• Universal life insurance is almost the same as whole life, however, with this insurance policy, you have the freedom to increase or decrease your coverage.
• Variable life insurance has all these perks PLUS a lot more.

Photo taken from http://24sis.com

I’ve had a serious health condition that appears to be stabilized. Can I buy individual health coverage?
Depending on what your condition is and when it was diagnosed and treated, you can probably buy health coverage. However, the insurer may do one of three things:

• provide full protection but with a higher premium, as might be the case with a chronic disease, such as diabetes;
• modify the benefits to increase the deductible;
• exclude the specific medical problem from coverage, if it is a clearly defined condition, as long as the insurer abides by state and federal laws on exclusions.

One of my medical bills was turned down by the insurance company (or health plan). Is there anything I can do?
Ask the insurance company why the claim was rejected. If the answer is that the service isn’t covered under your policy, and you’re sure that it is covered, check to see that the provider entered the correct diagnosis or procedure code on the insurance claim form. Also check that your deductible was correctly calculated.

I’m planning to keep working after age 65. Will I be covered by Medicare or by my company’s health insurance?

If you work for a company with 20 or more employees, your employer must offer you (through age 69) the same health insurance coverage offered to younger employees. After you reach age 65, you may choose between Medicare and your company’s plan as your primary insurer. If you elect to remain in the company plan, it will pay first for all benefits covered under the plan before Medicare is billed. In most instances, it is to your advantage to accept continued employer coverage.

But be sure to enroll in Medicare Part A, which covers hospitalization and can supplement your group coverage at no additional cost to you. You can save on Medicare premiums by not enrolling in Medicare Part B until you finally retire. Bear in mind, though, that delayed enrollment is more expensive and entails a waiting period for coverage.

Source

What is the first thing to know about buying health coverage?

Your aim is to assure yourself as well as your family against the most serious and financially disastrous deficiencies that can result from an illness or accident. If you are offered health benefits at work, carefully review the plans’ literature to make sure the one you select fits your needs. If you purchase individual coverage, buy a policy that will cover major expenses and pay them to the highest maximum level. Save money on premiums, if necessary, by taking large deductibles and paying smaller costs out-of-pocket.

Is it possible to buy a single health insurance policy that will most likely provide all the benefits I might need?

No. Although you can select a plan or buy a policy that should cover most medical, hospital, surgical, and pharmaceutical bills, no single policy covers everything. Moreover, you may want to consider additional single-purpose policies like long-term care or disability income insurance. If you are over 65, you may want a Medicare supplement policy to fill in the gaps in Medicare coverage.

Source

If there is a single group of people whom we talk about disability insurance with, it would be the physicians. This is so primarily because physicians are involved in highly skilled personal service that can not be passed on to anyone else, it must be done only by a doctor. Hence, if the doctor won’t be able to perform his duties because of illness or injury, the flow of cash stops. Secondly, physicians are very much aware that the human body can get hurt or fall ill. We are aware of this as well but it is not imprinted in our consciousness as it is for physicians. In effect, this poses an even greater pursuit for the physicians to get disability insurance during their residency.
There are three ways that a physician acquires disability insurance. One is from a local agent whom he knows or is referred to. Another one is through association group plans, and last is from a credible online disability insurance site like protectyourincome.com. Relying on the first is somewhat of a risk based on two factors: the proficiency of the local agent and his/her access to the leading companies. The second may lead to insufficient coverage. The final option allows private study of the subject on your own, keeps confidential your affairs and gives you access to leading companies as well as advice from professionals who are very learned of disability insurance.

(Further reading: http://protectyourincome.com/disabilityinsurance/physician.asp)

The Massachusetts Health Care Reform Act requires all residents 18 years old above to be enrolled in some form of health insurance. This law is extremely beneficial for most college students because several young adult health insurance plans provide coverage for those 19 to 26 years of age. These plans include reasonable terms like co-pays and are accompanied by affordable premiums.

The new health insurance law attempts to provide universal health insurance in the State. The danger however lies in the implementation where some people may end up with health insurance coverage they do not intend to use or worse cannot afford to pay for. The goal is to have a tool to help save lives and prevent financial burden for everyone.

by mheo soriano

Having a health insurance gives you assurance and peace of mind

When you choose the right Private Health Insurance you feel more assured that whenever your family receives sudden casualties or illness they family will have access to high quality medical services without a huge financial weight.

The Earlier the better: Now Is the best time to join

It is better if you join at an early age because you can end up paying more for health insurance over your lifetime. When you join after you turn 30 most companies dish a 2% surcharge per year up to a maximum surcharge of 70%.