Posts Tagged ‘health insurance plans’
Monday, August 2nd, 2010
What health insurance is best for you? The answer to that question depends on your understanding of what health insurance is and what your particular needs are. First, it is not discounted health care. Generally speaking, insurance is a kind of risk management. Your premium is your monthly payment to the company to assume the risk of expense. In one sense, this is a sort of gambling. In this case, the health insurer is betting that you will not need care, and the premium you pay every month is your hedge to offset the consequences should you face large medical expenses. Your health insurance benefits are what you get when the company “loses” and has to pay out.
Now that we know that a health insurance policy is a way to manage risk, it is important to understand that there are a number different kinds of agreements, or policies, available depending on your needs. Generally, the subject of health insurance brings to mind questions about doctor and hospital care available for individuals and families through privately purchased policies, and/or employees through an employer group health insurance plan. When choosing a health insurance policy, you (or an employer) must decide what your tolerance for risk is and how much risk you want managed. To that end, there are many private companies selling insurance plans.
The search for health insurance plan information can seem overwhelming at first because there are so many plans, policies, and companies. Common well-known names that you might encounter could be, Cigna, Banker’s Life and Casualty, Blue Shield, Kaiser Permanente, Anthem Blue Cross, Tonik, Humana, Sterling, and the list goes on and on. These are all private insurance companies regulated by Federal and state insurance laws and all are in competition with each other. For that reason, you find that there are many different policies (or packages of health care benefits) and many different premium prices and cost sharing arrangements. In order for the policy you choose to work for you and your family, you must prioritize your health needs and then search for the company and policy that will give you the closest match. The company you choose then becomes the payer on your medical costs. In a private health insurance system, as exists in the United States, there can be many different payers because there are many different companies competing for your business.
Is there such a thing as single payer health insurance? The answer is both yes and no. In the United States the insurance program that most closely approximates a single payer is the Federal health insurance program for retired individuals age 65 and above. This program is called Medicare and became law in 1965. Although the government manages Medicare, it contracts with private insurance companies to handle the day to day operational logistics of administration. So you see, even though the government is the single payer, it still involves the private insurance industry. The Federal government has gone even further involving private insurance by creating the Medicare Advantage Plan program, which essentially allows private insurance payers to manage Medicare benefits through private, managed care plans.
Health insurance choices can seem to be overwhelming. After all, there are not only many different insurance companies but many different kinds of policies as well. Some examples include, supplemental insurance designed to supplement or add on to an already existing health insurance policy; there is dismemberment insurance, temporary health insurance, hospital only insurance, disease specific health policies, and policies designed to pay only when your total out-of-pocket expenses reach a certain limit. The question of course, is how to do you choose?
In order to figure out what health insurance will work best for you, it is important to list your costs, special needs, and any specific circumstances that need to be taken into account. For example, if you work in an environment where there is a high risk of injury, you may need a particular kind of insurance, such as a dismemberment policy. Another example would be industrial diving. Divers who risk decompression illness would need to be sure their insurance covers the expenses of a decompression chamber. For many of us, health insurance simply means coverage for basic doctor, outpatient, and inpatient care. However, making sure that you get the best low cost policy for you starts with an exact understanding of your health care needs.
Find the best cheap health insurance quotes for you. Heard about Anthem Tonik? Find out about Tonik Health Insurance right now.
Tags: dismemberment insurance, Health Insurance, health insurance plans, health maintenance organizations, Insurance, low cost health insurance, medicare, personal health insurance, preferred provider organizations, single payer insurance
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Thursday, May 27th, 2010
Many people are familiar with the term rollover, but few can associate it with health insurance. Most only apply the term to cell phone use. In this case used time for a month of service is rolled over to the subsequent month. In a rollover dental insurance, unused annual maximum or unused annual benefits are carried over to the next year.
If in a given year that the annual coverage ceilings are met or surpassed, the prior year unused maximum can be tap into. Guardian life Insurance, an Insurance company with over 70,900 dentists and dental professionals within its PPO network, was the first to give insurers the option of the rollover dental insurance .
Maximum Rollover or Maximum Rollover Account gives workers covered under the PPO plan added flexibility of managing their dental cost by moving expenses from one year of unused coverage to other years of extra health cost. Given the priority dental care plays in the competitive employment market, most companies would like to provide added health benefits to their employees without an increase in budget.
Maximum Rollover gives employers that added edge in attracting quality employees that are concerned about good health insurance. Last year those who were insured by Guardian rolled over more than $380 million. Since introduction, Guardian have created over 9 different Maximum Rollover options with limits that are up to 50% less than tradition PPO dental plans.
How Does Maximum Rollover Work
Let’s assume that a dental plan has an annual claims limit of 2000, the highest amount one can claim during a year’s visit to the dentist. If the insured only used $1000, then half of the remaining $1000 unused coverage, in this case $500, is rollover to the subsequent year coverage, bringing the annual claims limit to $2,500.
There is, however, a limit to the annual maximum benefit that can be built up. In the case of Guardian, up to 50%.
In addition, if the insured exclusively used only Preferred Providers or in-network dental specialist and dentist the annual rollover increases by an astonishing $100 to $350.
Since maximum rollover savings can increase continually, this can be a great benefit to employees. What is more unusual about these plans is that there are very few limits for coverage. Companies with groups as small as two people can be covered.
Apart from Guardian, Mutual of Omaha has also introduced a Dental PPO insurance plan with annual maximum rollover or (MRA). To be eligible the insured has to submit a claim that does not exceed the annual maximum.
Learn more about PPO Insurance Plans and how Dental PPO annual rollover works. Also find out about the difference in PPO and HMO insurance plans
categories: annual rollover,health insuranve,maximum rollover,medical insurance,health insurance plans,ppo insurance,ppo plans,ppo insurance plans
Tags: annual rollover, health insurance plans, health insuranve, Insurance, maximum rollover, medical insurance, ppo insurance, ppo insurance plans, ppo plans
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Thursday, April 29th, 2010
If you are looking to buy individual or family health insurance, it may be beneficial to rely on the support of a health insurance agent or broker. You may have had health insurance through your previous employer, in which you had only a few minor choices to make and the cost may have been significantly less. Now you found yourself going at it on your own and you may be doing your own research on the internet. This can be frustrating. You may want to get some help from a professional.
Many people search for a health insurance policy on the internet. Sometimes, if you submit your information and request a quote, you may have several different agents contacting you. This may be somewhat annoying, but having several different contacts allows you to get different agents competing for your business. The health insurance agent will try to find you the policy that meets your needs at the best price. It is important for you to explain exactly what you are looking for in a health insurance plan. Let your agent educate you on health insurance, so that you understand exactly what it is that you are looking for.
During your search for a health insurance agent, you should check with your state’s Department of Insurance to find out if the prospective agent is licensed to sell health insurance in your state. You also want to find out if the agent is in good standing with the Department of Insurance. You will probably also want to ask the prospective agent for references or testimonials from other clients.
You should have a basic understanding of health insurance terms or ask your health insurance agent to clarify specific terms that you may not understand. See the terms listed below.
Deductible
How much you pay toward a covered expense before the plan pays a benefit.
Office Copay
Office Copay is a benefit that allows you to pay only a flat dollar amount for eligible in-network physician office visit services. This option may not always be available.
Coinsurance Percentage
Coinsurance percentage refers to the amount of covered expenses you pay after the deductible. You usually share the cost of covered expenses with the insurer. For example, a coinsurance percentage of 75% means that, after the deductible, the insurer pays 75% of covered expenses and you pay 25%.
Coinsurance Out-of-Pocket
Coinsurance is the percentage of covered expenses the plan pays after the deductible. After the Out-of-Pocket maximum is met, the plan pays all of the covered expenses.
Lifetime Maximum
The amount of the total lifetime benefit of the policy per person covered by the policy.
Annual Maximum
The amount of benefit paid per person covered on the policy during the calendar year after the insured has satisfied all out-of-pocket expenses. This option is not always available.
Want to find out more about selecting the right health insurance agent, then visit Jeff Braid’s site on how to choose the best health insurance agent.
Tags: do i need a health insurance agent, Health Insurance, health insurance agent, health insurance plans, how to choose a health insurance agent, how to choose a health insurance policy, Insurance, types of health insurance
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