Health Insurance Blog

Use A Broker For Your Individual Health Insurance Quote

Wed, 25 Oct 2006 22:49:23 -0800

When in the market for health insurance, it's a good idea to receive several (typically no less than three) individual health insurance quotes. Also referred to as personal or private health insurance, individual health insurance is issued for those who are not eligible for a group policy through their employer or other organization. When reviewing your health insurance quotes, you should see two important issues addressed: The details of the policy, including but not limited to any co-pays, deductibles, and exclusions; and the cost of the policy. The premium should be spelled out for monthly, quarterly, or annual fees, as a discount is often granted for those willing and able to pay for longer periods of time. With the widespread use and acceptance of the Internet for conducting business, the best place to obtain your individual health insurance quotes is from an online insurance broker. Indeed, using the typically free services of an online health insurance broker is fast becoming the most popular method of securing health insurance. The process is fast and convenient, with several reputable online brokers from which to choose. One of the best things about using an online health insurance broker is how quickly you can be looking at several quotes. By simply entering your zip code and some personal information (typically safely guarded), you can be looking at multiple quotes in mere moments. If you’re like most people, you will probably have some questions after reviewing your health insurance quotes. Any reputable online health insurance broker will have toll free phone support available for their clients. Nevertheless, whether you use an online or local insurance broker, don’t hesitate to contact him or her to answer any questions you may have. Unquestionably, the time to do this is before signing any contract. Keep in mind that a good broker should have no problem with you asking any number of questions; and if they do, it may be time to find another broker. Collecting several individual health insurance quotes is a vital step in the process of obtaining health insurance, and should never be skipped. With all the free resources available on the Internet, you can now easily accomplish this step efficiently from the comfort and privacy of your own home. When reviewing multiple health insurance quotes and compare various plans side by side, you will become a much better educated consumer. Only by being informed will you be able to make a confidant health insurance choice for you and your family.

How To Save Some Money On Health Insurance

Wed, 25 Oct 2006 22:28:39 -0800

American consumers understand that one of the biggest costs of maintaining our high standard of living is ensuring that everyone has access to adequate healthcare. Unlike most of Europe and Canada, there is no national health insurance plan in place. For better or for worse, residents must find and negotiate for their own insurance apart from the help of a government agency. Your premium is determined by several factors including the number of people to be insured, health history, where you live, age, and more. Fortunately, there is a way that you can save hundreds perhaps thousands of dollars annually when shopping for health insurance. Read on and we’ll look at some ways to save. Your Plan – The more coverage you seek, the more money you will pay. However, unless you are okay with a bare bones plan, then finding coverage that pays for most hospital stays, surgery, doctor’s visits and the like you will probably pay have to pay the full price for your insurance. Deductibles – The higher the deductible, the lower your premium. If you choose a $1000 deductible, then you’ll pay a higher premium. Deductibles of $2500 or $5000 result in progressively lower premiums. Keep in mind that if you have a $40,000 hospital bill that you will be required to pay for the deductible amount. CoPays – Ah, doctor visits! No plan will let you walk into a doctor’s office and walk out without contributing some money for the visit. Most doctors charge $125 to $250 per visit, more for specialists, but you’ll be expected to pay $10, $25, even $50 as your part of the payment, none as a copay. In and Out of Network – Insurance companies line up physicians to join their “network” of service providers. Doctors who join are expected to adhere to certain rate structures and follow recommended insurance company guidelines. If you see a network doctor you’ll pay a smaller copay, if you see an out of network doctor you’ll pay more. In some cases you’ll still need an insurance company’s approval before you can see an out of network doctor. You can also save money for health insurance by joining a plan through an association that allows members to group together for insurance such as a local chamber of commerce or civic organization. Health insurance isn’t likely to ever be something we can afford with ease. By shopping around and comparing quotes you can save money and stay ahead of the game.

Quick Facts About Small Group Health Insurance

Wed, 25 Oct 2006 22:27:04 -0800

This past September (2006), America’s Health Insurance Plans (AHIP) Center for Policy and Research published a survey about the state of small group health insurance in the U.S. as of January 2006. The study was very comprehensive with many interesting results. Of the many findings, this article will touch on five that are most likely to shed some light on this subject for those in the small group health insurance market. First, of the 650,000 small groups surveyed, it was found that for small group plans, premiums decreased as group size increased. On average, companies with between 26 and 50 employees paid about 13% less for single coverage than companies with 10 or fewer employees. For those familiar with health insurance in general, this disparity probably does not come as a surprise. As group size increases, underwriters are able to spread risk more effectively. So, unfortunately, if you are looking for small group health insurance with say 10 employees, be prepared to pay more per employee than if you had say 30 employees. Second, the amount of cost sharing by the employee typically is higher with small group health insurance plans. The average deductible for small groups (50 or fewer employees) was $849 while a survey by The Kaiser Family Foundation and Health Research and Educational Trust showed an average deductible of $469 for mostly medium size companies (up to 199 employees), a nearly 45% difference. This disparity is most likely related to the higher cost for small group health insurance. Couple this with the fact that small firms may not have the resources of their larger counterparts, and you can more clearly understand this higher level of cost sharing for small group employee plans. Third, among the companies surveyed with small group coverage, PPO plans enjoyed the most popularity. Fifty-seven per cent of employees with small group coverage chose a PPO plan, followed by HMO coverage with 39%. It’s interesting to note that the oldest type of health insurance, indemnity health insurance, was barely a blip in the survey with less than 0.5%. The recent popularity of PPO’s is reflective of the changes in the health insurance market, changes brought on mostly by spiraling costs. Indeed, PPO’s allow for the cost savings of an HMO, with the freedom to go out of your network if necessary and still have coverage, albeit at a reduced rate. Fourth, just over 10% of small group employees had a choice of two or more insurance plans. This number seemed low until it was viewed in light of the popularity of PPO plans. That is, one PPO plan is more likely to offer coverage that addresses the needs of a larger number of individuals. More significantly, perhaps, is the fact that more than 80% of the small groups surveyed had 10 or fewer employees. With such small groups to begin with, it would be very difficult to offer affordable group health insurance to any subset of such groups. Fifth and last, is an issue that is mentioned in the survey results but was not a finding of the survey. That is, while small group health insurance is mostly regulated by the states, it is federal law that requires small group health insurance be offered as “guaranteed issue”. This means that small businesses cannot be denied coverage due the health problems of its employees or dependents. However, even though the health status of a company’s employees and dependents cannot be used to deny coverage, it can be used to determine rates. This varies by state, but will typically result in higher premiums. The small group health insurance market can be a frustrating place for many. By gaining a greater understanding of the current state of this market, one can approach the subject in a more realistic manner. For those in the small group health insurance market, there are many factors to consider that can affect cost. These include, but are not limited to, the size of your small group, the state in which the company is located, and the level of benefits offered to employees.

Preferred Provider Organization (PPO) Health Insurance Available In China Now

Tue, 17 Oct 2006 19:46:26 -0800

It is great to know a foreign insurer is breaking the ice of PPO health insurance in the China market. Now that I will be able to buy health insurance coverage myself even if I choose to retire. P.S. The United Family network is one of the best expatriate hospital chains in China.

How To Deduct Health Insurance Premiums

Sat, 14 Oct 2006 20:07:19 -0800

MSN Money's Jeff Schnepper explains how you can get your health insurance premium deducted.

Coke's Enviga: Burning Calories By Drinking?

Fri, 13 Oct 2006 12:15:49 -0800

Nice try Coke! But if any overweight people wants to solely relying on tis type of drinks to return to normal weight, it might be too cost prohibitive.

Why You Should Buy Health Insurance

Tue, 10 Oct 2006 04:57:27 -0800

For those who are self employed or have a job with no health benefits buying health insurance is a good idea. If you have health insurance you can cover yourself and your family. In case you don't have it, you take a risk. You really need to get health insurance in case you suffer from chronic health conditions and you need regular health care. If you are one of those healthy people who don't suffer from anything, you are lucky but yet you need to buy health insurance because it covers accidents and anything else that might happen to you. Imagine something happens and you have no health insurance, then you will have to pay huge bills for medical care. You can easily avoid all that by choosing one of the many reasonably priced plans available to people with different health needs. If you hop online you will see how easy it is to buy health insurance. All it takes is to visit this website- ehealthinsurance.com and check the sampling of quotes from different health insurance carriers based on gender, age and smoking history. You can get quotes for individuals, couples, families and even small groups. After that you will get all the insurers' offers displayed with estimated monthly premiums listed. You can also compare the benefits the reputable insurers offer. In case you consider yourself a healthy person, it is best for you to get the plans with the higher deductibles and co-pays which have a lower monthly premium. If you suffer from a chronic illness like asthma, then I would suggest you went for a plan with a lower deductible. This is what you should consider carefully before you decide to buy health insurance. If you want to ensure yourself and your family then you've got only one option and this is to buy health insurance. If you are not exactly sure what to do and you are a bit confused, then why not do a little research first. Check the site of the Agency for Health Care policy and Research at www.ahcpr.gov and find the answers. When you've already chosen the best policy for you, then you should complete a health history questionnaire. You will have to pay a small application fee and provide the health information which is required. Once you do this you will have to wait so that your application is reviewed and then you can have your actual premium determined. Applying for and buying health insurance online is not a difficult process, so give it a try. If you have any questions, there is customer support staff available. Don't hesitate any more, just do it, buy health insurance.

What If Your Health Insurance Won't Cover Your Medical Care

Thu, 05 Oct 2006 07:29:32 -0800

If you have looked at the various health insurance plans, you would have noticed that there is no health insurance plan that will cover every kind of medical treatment you will need during your lifetime. Regardless of how good your health insurance is, you may someday need to be treated for a health condition that is not covered by your health insurance policy. Elective treatments like cosmetic surgery and liposuction are typically not covered by health insurance plans but there are other health conditions and medical procedures that may not be covered. If you ever need to undergo a treatment or procedure that your insurance policy does not cover but the treatment or procedure is not specifically mentioned in the “excluded treatments” section, inquire with your insurance company. Request a written explanation that states their reasons for not covering the treatment or procedure that you need to have. Show this letter to your doctor. Most of the time, a treatment or procedure simply needs to be re-stated and then presented to the insurance company, have it approved and get your treatment or procedure covered. However, you could land in a situation where the treatment or procedure cannot be re-phrased, or the treatment has already been given to you and now the company denies you the coverage. The fact is, you do not have much options left. You might need to spend your own money for the treatment or procedure. If your health insurance company denies your claim for coverage, you can make an appeal. Insurance companies have procedures for appealing a claim so you would need to follow the procedure of your insurance company. Insurance companies would generally reject an appeal based on technicality rather than use their resources to investigate the claim. Thus, if you decide to go with this route, make sure you follow all the steps. Check with your policy handbook as the proces to appeal would be in there. It is also good if you seek advice from your doctor before filing an appeal. If, after going through all the process and following the steps for appealing a claim, you still lose, don't give up. The other options you can follow and which can save you from bearing the entire expense are: 1. Negotiate with your doctor for lower payment or if he can approve a payment plan. 2. Is your doctor a member of a medical discount program? Check with your doctor because many doctors do join such networks and groups. 3. If you have not started treatment or undergone a procedure yet, do a little research and find another doctor who can give you the same but at a lower cost. 4. Check if you are eligible for free treatment at a public hospital or clinic based on your income level, veteran status or some other socio-economic reason. Be persistent and you will surely find a treatment or procedure, the price of which is affordable for you.

Quick Facts About Dental Insurance

Thu, 05 Oct 2006 06:55:14 -0800

The expensive dental treatment gave birth to the must-have dental insurance to overcome the expenditure on dental treatment. Previously only big companies insured its employees for dental problems but now many small companies provide facility of dental insurance to its employees. This leads to increase in productivity and less sick time as the employees are healthier. What’s more, all this for the cost of only ten percent of the total medical coverage? You can select the most suitable option from the different options for dental insurance plans available to you. Some of the most expensive plans for dental insurance include direct reimbursement plans. In these direct reimbursement plans the company pays directly for the treatment of its employees from the money reserved for this purpose. The reimbursement to the employees is done by a simple formula to calculate the reimbursement money by calculating the deductibles and complexity of co-payments. Although these direct reimbursement plans may not be affordable by smaller companies but the ADA strongly recommends this plan. The most cheap plan for dental care is the “Managed care plans” that is similar to those medical HMO. Regular co-payments are used to pay for the treatment but the main clause is that there is a specified pool of dentists from where the employees can get their treatment from. This plan is most suitable plan for small businesses. In “Managed care plans” the amount of co-payment varies with the procedures adopted. While advanced procedures will have to bear higher co-payments, the co-payment is not required in case of preventive procedures.

Quick Facts About Health Insurance Plan for Individuals

Thu, 05 Oct 2006 06:55:14 -0800

An individual health insurance plan, as the name implies, covers only one person. If you are not married or do not have any other person to worry about, an individual health insurance plan is the best option for you. However, there are several varieties of individual health insurance plans. Choose the individual health insurance plan according to your spending power and coverage you want. An Indemnity Plan is a type of individual health insurance plan that gives you the freedom to choose any medical care provider. This plan will also cover the services that you avail of. However, this coverage will largely depend on the deductible you have paid and how much you are ready to pay out-of-pocket. It's a trade-off: your monthly premium will be expensive but you get to choose your doctor or medical institution to provide you the medical care you need. HMOs, which are the most popular individual managed plans, do not offer you the freedom that an indemnity plan offers. If you go with an HMO, you can only choose a medical care provider from their network or list. You can go to a specialist only if you have a referral. If you only require check ups and sometimes antibiotics, you should opt for this plan. You can pay extra and avail of dental and prescription drug coverage under both kinds of plans specified above.

Quick Facts About Health Insurance for Family

Thu, 05 Oct 2006 06:55:14 -0800

Family health insurance plans are for families. Compared to individual health insurance policies, family health insurance plans cost higher. If you have a large family, your family health insurance cost will be higher too. Other factors can determine the costs of your monthly premium include: gender mix in your family, lifestyle and habits (e.g., smoking, drinking, etc). Indemnity plans exist for families and offer the same freedom as for individuals. These are better because you are dealing with many people whose needs and medical needs may vary. Managed care plans for families also exist. They have features very similar to managed health care plans for individuals. The cost will be higher but definitely less than the family indemnity plans.

Your Weight And Your Health Insurance Rate

Thu, 05 Oct 2006 06:55:14 -0800

Insurers are following this progress with a beady eye. Many applications for insurance now include a ‘weigh on the day’ clause that specifies customer weight on the same day the form is filled in. They will no longer accept the last known weight, because it’s simply too tempting to subtract a pound or two for the desert you promise not to eat tomorrow! Heavier customers may be given a higher rate, or even refused certain policies. One of the UK’s main insurers gave us this example. Consider a fit, healthy man of 40, weighing about 12 stone at 5ft 10ins. He wishes to find a life insurance policy lasting 20 years for £100,000 worth of cover. All well and good. But if you supersize our Mr. Average to 18 stone, even if he is still in excellent health, his premium will rise by more than 50%. If he was asked to undergo a medical prior to taking up the policy, and one or two health issues were raised, this would be quite common for someone in his circumstances. Sadly, it would be equally common for his premium to rise yet again, or for the policy to be refused. Our poor client would most probably be denied critical illness cover altogether. Problems such as raised cholesterol or high blood pressure, while not exclusively related to a high weight, most certainly go hand in hand with a high premium or in this case, almost certain refusal. For women over 16 stone, the insurance situation is not much better. They face an increase of 33% on the cost for someone of “normal” weight. Once more, ill health or significantly higher weight further increase the cost of a policy, or even the ability to get cover at all. So neither gender has it easy when it comes to insurance for heavier clients. The insurance companies naturally feel a need to increase their costs in line with their risks, but for those at risk of suffering from health problems life insurance becomes even more important.

What Is Travel Health Insurance?

Thu, 05 Oct 2006 06:55:14 -0800

Travel health insurance is a type of insurance which provides health insurance coverage during traveling, usually in a foreign country. In this the insured pays an amount called the premium to the travel insurance company for the coverage. The coverage usually provides coverage for medical costs incurred during travel and in some cases also covers medical evacuation. Travel health insurance usually comes bundled up with trip interruption/cancellation insurance, travel accident insurance, baggage loss, emergency evacuation and medical expenses coverage. The usual premium is about 200$ annually. However the premium depends a lot on your age, cost of trip (for single trip insurance coverage), the distance of trip, the nation to which the trip is being made, any preexisting health conditions etc. Some travel health insurance plans also cover accidental deaths and flight accidental death. The plans that cover the medical costs on your trip include medical expenses, dental expenses, cost of treatment and cost of medicines. These covers come attached with lot of conditions like if you take medicines from unconventional medical sources like acupuncturists or ayurvedic treatment, the costs will not be reimbursed. However if you are already covered by a health insurance, it is prudent to check whether it covers outside the United States or whether it provides only for emergencies. Medical Evacuation: travel health insurance provides for medical evacuation to nearest qualified medical health facility. Here the catch is nearest medical health facility and not to the US. So if you are traveling in an underdeveloped country, you may be forced to take medical treatment at a facility decided by the insurance company and is not decided by you. The treatment in the US is one of the best and other countries including Europe have a higher surgical mortality rate. Repatriation of mortal remains. In case of death the travel health insurance company will bear the cost of returning the mortal remains of the insured. There are other conditions like co-insurance, deductibles, exclusion, benefit period, pre-existing conditions etc which have to be carefully studied before buying a travel health insurance policy.

How To Find Affordable Family Health Insurance

Thu, 05 Oct 2006 06:55:14 -0800

Having a health insurance policy is important for everyone, but it is especially important if you have the health of family members to think about as well as your own. It is one thing to put off thinking about purchasing a health insurance plan for yourself; it is quite another to put of thinking about purchasing a health insurance plan for your children. Health care can be expensive, so when you are looking for a health insurance plan for your family, you are going to want to look for plans that are both affordable, and offer the health coverage you need. For example, if you or your child has a pre-existing health condition, it may be a bit more difficult to find a health insurance company that will offer you a health insurance plan; however, it’s not impossible. Make sure you find a health insurance plan that will cover your pre-existing condition; then, choose one that will be within your budget, as well. Many people are able to obtain affordable family health insurance through their employers. These are called group health insurance plans. Group health insurance plans are often much less expensive than individual health insurance plans, and many times you can forgo a medical examination; however, as with any health insurance plan, you want to make sure any pre-existing condition that you or your child may have will be covered under the plan. If you have to resort to purchasing an individual health insurance plan, don’t panic. As long as you search for reputable, financially solid health insurance companies that will offer only the exact coverage you need in a price range you can manage, you will be able to find an affordable family health insurance plan. Sure, an individual health insurance plan is going to be more expensive than a group health insurance plan, but if you do a thorough search, you can find one you can afford.

Family Health Insurance Plan: Pros And Cons Of Cash Plans

Thu, 05 Oct 2006 06:55:14 -0800

One of the most affordable ways to get a family health insurance plan is to look into a “cash plan.” The way a cash plan works is that the insured person (family) will make monthly payments to the cash plan insurer, much like paying a monthly health insurance plan bill. The cash plan insurer hangs onto this payment in some form, and then provides cash when a member of the family must seek medical attention. Most people find that cash plans aren’t ideal, but despite their negative aspects, they do offer positive aspects that may make them an affordable family health insurance plan choice. Positive Aspects of a Cash Plan Cash plans are usually much cheaper than any other kind of health insurance plan you could purchase, and you can even choose how to spend the cash as far as medical expenses go. Some plans do not just cover time spent in a hospital; some cash plans may cover vision and dental care, as well as prescriptions. Some cash plans even provide medications for the family member. Negative Aspects of a Cash Plan Cash plans, unlike Private Medical Insurance, also known as PMI, don’t offer access to the more ideal health care providers, nor do they offer access any quicker. So, you may be left waiting for a while before you can see a health care provider that may not be at the top of your list. Your wait could be even longer due to the waiting period that some cash plans enforce; meaning, you might have to wait a certain amount of time before you can actually seek medical treatment. There may also be a limit of cash the cash plan will hand over, so you’ll most likely have to pay some out-of-pocket expenses. Plus, any existing medical conditions you or your family members had before enrolling in the cash plan are usually not covered under the cash plan.

How To Buy Critical Illness Insurance Online

Thu, 05 Oct 2006 06:55:14 -0800

You can buy pretty much everything over the Internet these days and this most certainly applies to insurance. But the process of buying something over the telephone or Internet means that you do not have the benefit of having a person in front of you to explain something in depth if you do not understand. Another thing is that as a growing number of people begin to start buying products online, there are new problems that occur – teething problems shall we say that keep cropping up as more companies start offering services over the Internet for the first time. With complex insurance policies like Critical Illness Insurance, a type of insurance where sometimes people do not fully understand exactly what they are buying, it is an area that could become a problem. The Association of British Insurers thinks so anyway, which is why the organisation is improving the standards of the insurance application process via the telephone or the Internet for different types of health and protection policies, including those for critical illnesses. A spokesman for the ABI, says: “Because the mechanics are slightly different when you are applying for a policy on the internet, you need to look at that process slightly separately and that is what we are doing at the moment. It is a piece of work that is on-going and it will improve the application process for telephone and Internet applications.” The ABI’s spokesperson explain that it is not exactly that there have been problems with people buying medical policies like Critical Illness Insurance over the internet before, but the new standards will simply just recognise that buying a financial product over the internet means that financial companies have to change the way they collection personal information. “It is more a recognition that we need to translate the new good practise that we have put in place on paper to the online and telephone application process. The methods of collecting the information are subtley different,” the ABI said. The move to improve standards for buying health insurance policies for things like critical illness on line comes after the ABI this year launched various measures to make the steps to buying health policies simpler for both consumers and financial advisers. The organisation also updated guidance specifically for Critical Illness Insurance, offering guidelines on how to bring more clarity to application forms. The entire overhaul of personal medical insurance guidelines meant improvements to the leaflets offering advice on Critical Illness Insurance, the removal of ‘memory test’ questions like ‘have you been to a doctor in the last five years?’ and clear warnings on application forms about the consequences if you do not reveal pre-existing medical conditions. The changes came after speaking with cancer charities and other organisations. It was hoped that the guidance would reduce the likelihood that a claim would be declined for non-disclosure of a pre-existing medical condition. The ABI’s spokesperson said, “Having put in place what we believe to be higher standards of clarity on the application form, we clearly want to apply those higher standards to all forms of underwriting application.” The work being carried out by the Association for online applications is still work in progress. And it is still unclear when the new standards will be released. But regardless of the time frame, it is certain that they will definitely be released soon.

UK Private Health Insurance: The Facts

Thu, 05 Oct 2006 06:55:14 -0800

Private health insurance in the UK is designed to cover the costs of private treatment for what are commonly known as acute conditions. Most insurers in the UK define an acute condition as a disease, illness or injury that is likely to respond quickly to treatment which aims to return you to the state of health you were in immediately before suffering the disease, illness or injury, or which leads to your full recovery. Most people buy this type of insurance to gain the reassurance of knowing that treatment is available promptly, if they become ill or are injured. As a private patient you can choose when treatment will take place, the specialist who treats you and the hospital. You will usually have the privacy of an en-suite room complete with TV and other home comforts. Some illnesses and treatments will not be covered and these are common to most policies. Examples of these are conditions you had before taking out the insurance (commonly known as pre-existing conditions), GP services, cover for long term illnesses that cannot be cured (chronic conditions) and accident and emergency admission. It is important to note that private health insurance is not designed to replace all the services of the NHS. Some such as accident and emergency, are beyond the scope of private hospitals. The type of policies and level of cover you can receive normally come in 3 phases: Budget With this type of policy normally only inpatient treatment is covered, this means that diagnostic tests, Consultant's fees and outpatient treatments are not covered. This type of policy best suits those who can afford to pay their own outpatient tests and consultants fees from savings leaving the policy to pay for the most expensive treatments such as operations. Some insurers will include diagnostic tests and consultants fees if this later results in an inpatient hospital stay. Inpatient radiotherapy and chemotherapy is covered by most insurers on budget polices. Inpatient treatment is covered in full. Standard This type of policy covers full inpatient treatment such as operations and a range of outpatient treatments. Specialist consultations and diagnostic procedures, including pathology, radiology computerised tomography, MRI Scans, radiotherapy and chemotherapy up to a limit of anything between £500 - £2000 depending on the insurer. Normally Therapies such as treatment by registered Osteopaths, Chiropractors, Physiotherapists, Homeopaths and Acupuncturists will also be covered again up to specified limits that vary between insurers. Comprehensive Comprehensive policies are very much top-of-the-range healthcare solutions. They typically include full inpatient cover, unlimited outpatient cover as described above, MRI, and CT scans and other benefits such as psychiatric cover, travel cover, dental cover, home nursing costs, chiropody, recuperative care and incidental hospital expenses (telephone calls, newspapers etc). For complete peace of mind this is the type of policy you should choose. However modular flexible type policies are increasingly becoming more popular as this allows the customer to tailor the cover to their exact needs and suit their budget.

Quick Facts Of Critical Illness Insurance

Thu, 05 Oct 2006 06:52:43 -0800

Twenty per cent of critical illness claims are turned down. That means for every five people making this important claim, one will have it rejected at this crucially important time. The whole reason behind taking out critical illness cover is that, in the event of you becoming critically ill (that is being diagnosed with one of the listed illnesses described in your policy documents) a payment will be made. The reasoning behind your decision to take out what some consider being an important part of your financial planning is sound. Critical illness can affect the whole family. You may have to pay out for child care, change your home or job or even train for a completely new career. Having taken out cover, should the unexpected happen, all eventualities are covered and you have gone as far as you can to minimise financial problems and get down to the important personal matters. Unfortunately, in a number of cases, this is not so. Failure to disclose what may seem to you to be minor, unimportant illnesses in the past may give the insurers a reason to reject your claim. Fair or not, it’s completely legal! As far as the law stands, if you have failed to disclose information which the insurer was seeking, then the insurer is perfectly within their rights to terminate the cover. If this happens to you, not only do you have to cope with the implications of the illness, but you have to either accept that your critical illness insurance plans have totally failed you. At this stage depending on the severity of the illness, you may feel overwhelmed by the situation and unable to face challenging the decision. If you do appeal against the decision and the Financial Ombudsman Service gets involved, they will make every attempt to establish whether you deliberately misled the insurers in order to gain cover or whether the questions on the original proposal form were vaguely or poorly written. As soon as you make a claim on your critical illness policy, your insurer will instigate an extremely thorough check on your medical records. It appears that they can go back without a time limit and if they find anything, related to your illness or not, which you’ve failed to disclose to them, they may choose to refuse your claim. There is no such search or investigation carried out when you take out the policy and some people feel that this should be addressed. It is virtually impossible to remember every minor illness. Can you really be expected to remember and record every visit to the doctor regarding things like headaches, eye pain, stiff neck, ear infections and depression? There were recent cases where claims were rejected for these reasons – a man had his claim for prostate cancer refused because of failure to disclose an earlier ear infection and a woman whose claim failed because she’d not disclosed an earlier problem with depression. However, for four out of five people, the insurance works. It is important to disclose your full health history and not to attempt to cover anything up. Read the terms of the insurance thoroughly and miss nothing out. Used as intended, critical care cover is a valuable financial tool. Plenty of help is available when choosing your critical illness cover. Log on to the internet and you’ll find on-line brokers who’ll be able to offer advice, a choice of quotes and the best possible terms.

What Is A Qualified High Deductible Health Plan (HDHP)?

Thu, 05 Oct 2006 05:52:56 -0800

A health plan will qualify as a high deductible health plan (HDHP) if it has an annual deductible of at least $1,000 for an individual's (self) coverage and at least $2,000 for family coverage. A HDHP must have a maximum annual out-of-pocket expense limit of $5,100 for self-only coverage and $10,200 for family coverage. Low-deductible coverage for accidents, disability, dental care, vision care, or long-term care is permissible in a HDHP. A HDHP may also include a preventive care benefit. High deductible health plans in the state of Washington must comply with state insurance laws and are subject to the jurisdiction of the Office of the Insurance Commissioner.

How Do HSAs Work?

Thu, 05 Oct 2006 05:52:56 -0800

Funds contributed to an HSA belong to the account beneficiary and are completely portable. Money can accumulate in the account with tax-free earnings every year. Unused amounts remain available in later years. Tax-advantaged contributions can be made by the individual and family members. An individual's employer also can make contributions, and neither the employer nor the employee will be taxed. Employers with "cafeteria plans" can allow employees to contribute untaxed salary through a salary reduction plan. Qualified medical expenses include payments for the diagnosis, cure, mitigation, treatment or prevention of disease, including prescription and over-the-counter drugs. (Qualified medical expenses are defined in Internal Revenue Code Section 214.) HSAs are usually administered by a financial institution or a life insurance company. Because HSAs were established under federal law, the Office of the Insurance Commissioner does not have authority over laws pertaining to HSA administrators. The rules that apply to HSAs are similar to those that apply to Individual Retirement Accounts and Medical Savings Accounts.

How To Avoid Health Insurance Scams

Thu, 05 Oct 2006 05:44:57 -0800

Don't want to be the next victim of health insurance scams? Take some advices from the Insurance Commissioner's Office of Washington State.

What Are Health Savings Accounts (HSA)?

Thu, 05 Oct 2006 05:44:08 -0800

Health Savings Accounts (HSAs) are accounts to which individuals, family members and employers can make tax-deductible cash contributions. These funds can then be withdrawn to cover qualified medical expenses. Unused balances roll over from year to year. These new tax favored accounts were created by the Medicare Prescription Drug Improvement and Modernization Act of 2003.

What Is Pre-Existing Condition Waiting Periods

Thu, 05 Oct 2006 05:44:03 -0800

If you have a gap in coverage of more than 63 days a carrier may impose a "pre-existing condition" waiting period of 9 months for a condition for which medical advice was given, for which a health care provider recommended or provided treatment, or for which a prudent layperson would have sought advise or treatment within 6 months prior to the effective date of the plan. Pre-existing condition waiting periods may not be imposed on pre-natal care although they may be imposed on claims related to birth. If you have not had a break in coverage of more than 63 days and the plan you held just before you obtained the new coverage was not a "catastrophic plan" and was equivalent to or better than the new plan, the new carrier must credit the time you were enrolled under that plan toward the waiting period for the pre-existing condition. (For example if you had four months coverage, you would still have to wait five months for the new insurance to cover a pre-existing condition.) If you have 18 months of "creditable coverage" and otherwise qualify as an "eligible individual" under federal law the insurer may not impose a pre-existing condition waiting period on your new coverage.

What Is The Cost Of COBRA?

Thu, 05 Oct 2006 05:43:57 -0800

You usually must pay the entire premium (monthly payment) for your group plan. When you get COBRA, your employer will no longer pay a share of the health insurance costs. For example, if your group health plan costs $200 each month, your employer might have paid $140 and you paid $60. If you lose your group insurance and qualify for COBRA benefits, you have to pay the entire $200 yourself. You can be charged up to 2% more to administer the plan. In this case, your COBRA premium would be $204. Though you will pay more for your group health plan with COBRA, it usually costs less than buying similar individual health insurance and gives more benefits.

Who Can Get COBRA Benefits?

Thu, 05 Oct 2006 05:42:23 -0800

For you and your family to get COBRA benefits and continue in your group health plan, you must meet certain conditions: - Your health plan must be from an employer with 20 or more workers or from state or local government. Federal workers are protected under a law similar to COBRA. Check with the person at work who manages your health plan to be sure your plan is covered by COBRA. - You must have been covered by a group health plan before the changes in your work or family life took place. For family coverage, your family also must have been covered by the group health plan before the changes took place. - You must have lost your health insurance coverage because of specific changes or events in your work or family life.

Who Is Eligible For COBRA?

Thu, 05 Oct 2006 05:19:02 -0800

Employees - Voluntary or involuntary termination of employment for any reason other than gross misconduct. For example, arson or embezzlement - Voluntary or involuntary reduction in work hours below the minimum number of hours required to qualify for group health coverage Spouses - Voluntary or involuntary termination of the covered employee's job for any reason other than gross misconduct. - Covered employee is subject to a reduction in work hours below the minimum number of hours required to qualify for group health coverage. - Covered employee becomes eligible for Medicare and no longer qualifies for the employer-sponsored group health plan. - Covered employee and spouse divorce or become legally separated. - Death of the covered employee. Dependent Children - Coverage is subject to the same rules as for spouses until the child reaches the age where he/she no longer qualifies for coverage under the parent’s group health plan]]>

How Long Does COBRA Coverage Last?

Thu, 05 Oct 2006 05:12:42 -0800

COBRA establishes required periods of coverage for continuation health benefits. A plan, however, may provide longer periods of coverage beyond those required by COBRA. COBRA beneficiaries generally are eligible for group coverage during a maximum of 18 months for qualifying events due to employment termination or reduction of hours of work. Certain qualifying events, or a second qualifying event during the initial period of coverage, may permit a beneficiary to receive a maximum of 36 months of coverage. Coverage begins on the date that coverage would otherwise have been lost by reason of a qualifying event and will end at the end of the maximum period. It may end earlier if: - Premiums are not paid on a timely basis - The employer ceases to maintain any group health plan - After the COBRA election, coverage is obtained with another employer group health plan that does not contain any exclusion or limitation with respect to any pre-existing condition of such beneficiary. However, if other group health coverage is obtained prior to the COBRA election, COBRA coverage may not be discontinued, even if the other coverage continues after the COBRA election. After the COBRA election, a beneficiary becomes entitled to Medicare benefits. However, if Medicare is obtained prior to COBRA election, COBRA coverage may not be discontinued, even if the other coverage continues after the COBRA election. Although COBRA specifies certain periods of time that continued health coverage must be offered to qualified beneficiaries, COBRA does not prohibit plans from offering continuation health coverage that goes beyond the COBRA periods. Some plans allow participants and beneficiaries to convert group health coverage to an individual policy. If this option is generally available from the plan, a qualified beneficiary who pays for COBRA coverage must be given the option of converting to an individual policy at the end of the COBRA continuation coverage period. The option must be given to enroll in a conversion health plan within 180 days before COBRA coverage ends. The premium for a conversion policy may be more expensive than the premium of a group plan, and the conversion policy may provide a lower level of coverage. The conversion option, however, is not available if the beneficiary ends COBRA coverage before reaching the end of the maximum period of COBRA coverage.

Who Is Entitled To Benefits Under COBRA?

Thu, 05 Oct 2006 05:12:37 -0800

Plan Coverage - Group health plans for employers with 20 or more employees on more than 50 percent of its typical business days in the previous calendar year are subject to COBRA. Both full and part-time employees are counted to determine whether a plan is subject to COBRA. Each part-time employee counts as a fraction of an employee, with the fraction equal to the number of hours that the part-time employee worked divided by the hours an employee must work to be considered full time. Qualified Beneficiaries - A qualified beneficiary generally is an individual covered by a group health plan on the day before a qualifying event who is either an employee, the employee's spouse, or an employee's dependent child. In certain cases, a retired employee, the retired employee's spouse, and the retired employee's dependent children may be qualified beneficiaries. In addition, any child born to or placed for adoption with a covered employee during the period of COBRA coverage is considered a qualified beneficiary. Agents, independent contractors, and directors who participate in the group health plan may also be qualified beneficiaries. Qualifying Events - Qualifying events are certain events that would cause an individual to lose health coverage. The type of qualifying event will determine who the qualified beneficiaries are and the amount of time that a plan must offer the health coverage to them under COBRA. A plan, at its discretion, may provide longer periods of continuation coverage.]]>

What Is COBRA?

Thu, 05 Oct 2006 05:12:35 -0800

Congress passed the landmark Consolidated Omnibus Budget Reconciliation Act (COBRA) health benefit provisions in 1986. The law amends the Employee Retirement Income Security Act, the Internal Revenue Code and the Public Health Service Act to provide continuation of group health coverage that otherwise might be terminated.