What is Student Health Insurance?
Student Health Insurance is an individual health insurance product available to full time college students. Many universities and colleges offer their students a group health insurance policy through the school. Each university policy is different, so check with each prospective university to answer any specific student health insurance questions. If your prospective university does not offer a plan, or the college’s plan does not satisfy your needs, student insurance may also be obtained through traditional health insurance companies. Obviously, it is important to have health insurance in case of accident or illness, no matter what age or stage in life, and students are no exception. Many different student plans are available directly through insurance companies, the Internet or your insurance agent. Though there are hundreds of available student insurance policies, and each one has its own unique set of eligibility requirements, most require the below listed qualifications in order to meet eligibility: Participant must be a full-time undergraduate student -OR- Participant must be a full-time graduate student(Check the specific policy for number of hours considered full-time) Why would a student need a student policy instead of an individual health insurance plan? There are many benefits to a student policy, the most apparent being cost. Most student policies have lower premiums and reasonable deductibles for students who have limited resources. (What student do you know who doesn’t have limited resources?) Also, most student health insurance policies purchased through traditional insurance companies travel with the student if they change schools, eliminated the unnecessary chore of reapplying for heath insurance if education plans change. Students may wish to obtain their own health... read more
Senior Citizen Health Insurance Options
In the USA, senior citizens over the age of 65 are offered medical care by your state and federal government’s Medicare Health Insurance program. All basic medical costs are covered from doctor’s visits to hospitalization. It is the early retiree that may have a problem with insurance. At the age of 65, in the United States, residents are eligible for Medicare and are automatically enrolled if already receiving Social Security. Though Medicare provides adequate medical coverage for many people, it does not cover all co-payments, pharmacy expenses etc. Seniors have the option to purchase extra insurance through the government, called Medigap. Medigap offers 10 different levels of supplementary insurance in groups called Medigap A – Medigap J, each level offering higher coverage for an additional expense. If you are not yet 65 and have retired or plan to retire soon, you should plan ahead. Many seniors, who are not yet eligible, have a challenging time obtaining reliable health care insurance, or may find private insurance too expensive to bear. If you must retire before you are eligible for Medicare, there are several options to consider. Some employers offer their company’s group healthcare plan to retirees. Though this is not the norm, larger companies or corporations involved with unions, may offer this option to retirees as an ongoing benefit, and is generally the least expensive healthcare alternative until Medicare kicks in. To find out if your company’s healthcare plan is available after retirement, contact your Human Resources Department. A second option, but much more costly than your current insurance, is to opt for COBRA benefits once you have left your... read more
If your health care plan won’t cover a procedure
You’ve just had an expensive medical procedure, and your health care plan won’t cover it. You probably have some options to resolve the dispute. The best defensive against having a health care plan from denying a claim is being informed before you have the procedure. This includes reading your plan description to determine if the procedure is covered, calling your benefits administrator to ask any questions, and communicating with your health care provider about exactly what procedures you will undergo. There are several reasons a health care plan will not cover a procedure. Here are a few of the most common: Failing to get a pre-certification for non-emergency surgery. Most insurance companies require physicians to obtain a pre-certification before the surgery and will send you a letter stating that the surgery has been approved. Be sure to have a copy of the letter before the surgery. If you must have emergency surgery, make sure to let your health care plan know as soon as possible. Make sure a family member or friend has a copy of your insurance card and is willing to call your health care provider and your plan’s benefits administrator. Pre-existing conditions. If you have an individual policy or had a lapse in coverage between group health care plans, some conditions you were treated for in the past may not be covered for a designated period of time. When you change health insurance plans, be sure to ask if any of your conditions will be considered pre-existing and the length of time the conditions will not be covered by your plan. Treatment for a condition related... read more
What to ask before you have surgery
When your doctor says you need an operation, there are a hundred details you must address before you can be sidelined for awhile to undergo the procedure and recover. As you get ready for surgery, make sure you have all the bases covered with your insurance company. Knowing what your financial responsibilities will be can help ensure you won’t have any surprises afterwards. The following steps will help you be prepared: Read your benefits plan or visit with your human resources department as soon as you know you need surgery. Learn the answers to the following: What are your deductibles or co-payments for my particular surgery? If you are admitted to the hospital, what does your insurance cover? If you want a private room, who will responsible for the cost difference between it and a semi-private room? Is a pre-certification required? Most insurance companies require physicians to obtain a pre-certification before the surgery and will send you a letter stating that the surgery has been approved. Be sure to have a copy of the letter before the surgery. Your insurance company may refuse to pay non-emergency surgical expenses if no pre-certification was obtained. If you have a health care plan that requires you to use a network of physicians, will you be covered if your doctor uses an out-of-network anesthesiologist? Surgeons usually choose these specialists, so it’s important to know if you will be covered if an out-of-network physician is caring for you. How does the insurance company handle longer hospital stays if there are complications? If you are having outpatient surgery, is the surgical facility in your insurance... read more
The Advantages & Disadvantages of HMOs
HMOs are nothing but Health Maintenance Organizations. In case of traditional health insurance, you can choose any physician you wish, and you can also decide which health service to obtain, but in case of HMOs, you have to choose a Primary Care Physician (PCP) from a list of doctors that your health plan has contracted with to provide services. This doctor will be your primary contact for all health services. He or she will manage your care by coordinating the services you should receive on your behalf. So here, your choice is restricted to the providers list. In simple words, an HMO is an organization that arrange hospitals and doctors into a organization. Members pay a set per-person fee, giving them access to the HMO’s services. Unlike traditional health insurance or PPOs (the second most popular managed care system), HMOs require participants to pick a Primary Care Physician (PCP), who performs necessary health check ups and allows all visits to medical specialists. It is evident that these HMOs are one of the two most popular forms of managed care networks. According to American Association of Health Plans during their last count, there were 89 million Americans enrolled in HMOs in July. In other words, more than 30% of all insured people are enrolled in HMOs. Under these plans you pay a fixed amount for all of your medical care. You must use the HMOs doctors and facilities and all specialized care must be approved by your PCP. Advantages and Disadvantages: In case of HMOs, this arrangement helps lower general costs, it can still be disliked with some patients. For... read more
Medicare HMOs
Medicare beneficiaries may elect to join an HMO as an alternative to traditional fee-for-service Medicare. Medicare HMOs contract with the Centers for Medicare & Medicaid to provide the full range of Medicare-covered services to Medicare beneficiaries for a fixed monthly fee from the government. Generally you have coverage for care only from providers who are part of the HMO network. The only exceptions are for emergency services, which you may receive anywhere in the United States and urgently needed services, which you may receive while temporarily away from your HMO’s service area. Therefore, if you spend part of the year (more than 90 days) outside the HMO’s service plan area, joining an HMO may not be in your best interest. When you first enroll in an HMO, you will be asked to select a primary care physician from the HMO’s list of doctors. A primary care doctor is responsible for managing all of your medical care, including referrals to a specialist like a cardiologist or gastroenterologist, when your doctor thinks you need it. Some HMOs offer a Point of Service (POS) option for an additional cost. Under the POS option, you will be allowed to see providers outside the network, and the HMO usually pays 70 or 80% of the cost. Some HMOs also offer coverage for services that Original Medicare doesn’t provide, including prescription drugs, routine physical exams, eyeglasses and hearing aids. However, there has been an upward direction in costs for Medicare HMO subscribers. This has finally reached heavily competitive areas such as New York City in recent years. The result is that more HMOs charge premiums,... read more
Car insurance: Affordable Auto Insurance Premiums
Many people may not have the questioning mind when they find a cheaper deal. Obviously affordable auto insurance premiums are regularly available on the market from various insurers. There could be many good reasons behind undercutting competitors. Essentially companies will have to offer better rates when they are keen to take a larger share in the market. Most consumers are usually reluctant to move away from a provider they are comfortable with. In fact, there may not even be a good reason for sticking with a particular firm other than being used to it. Regularly we see examples of companies starting an aggressive campaign. This usually follows a significant change in the way they do or think about business. It is possible that the new approach may come with serious job, cost and service cuts. Recently this has been the way for many companies due to the availability of the internet in providing services and quotes. Some companies used the technology better than others and let the customers complete most of the forms online. It is only fair to offer cheaper rates to customers as a result of these cost savings. That is why many companies can offer cheap car insurance quotes to online applicants. Probably most people may not realize, but motorists remain with an insurer a few years after they sign up. Many smart companies look at the returns from a new policyholder within this period. So it would be alright to offer a lower rate to attract the business even it means that they lose money for the first year. They will make it up pretty... read more
Are you covered? The top 10 treatments that your health insurance may not pay for.
Think that your every health care need is covered by your insurance plan? It may not be so. Taking the time to read all the material associated with your health care package may keep you from being surprised later. Here are the top 10 treatments that your health insurance plan may not cover: Maternity expenses. Pre-natal and delivery expenses may not be covered in all plans. If you are planning on having a child, be sure to check your current health care plan to find out what it will pay for. If your company offers several choices for health care, you may need to switch to a plan that covers these expenses. Eye doctors. Routine visits for an eye exam, even if you go to an ophthalmologist, typically are not covered unless you have a medical condition, such as glaucoma. Low-cost vision insurance can help pay for eye exam costs, glasses and contact lenses. Surgery to improve eyesight is generally not covered by health care insurance. Treatment for drug addiction or alcoholism. If treatment is included in your plan, what is covered can vary greatly. Some plans will cover in-patient treatment but not out-patient programs. Nursing home or home health care. With shorter hospital stays a goal in saving health care costs, even patients too young to retire may require a stay in a long-term facility or home health care. Find out what your plan will cover and for how long. Cosmetic surgery. You most likely are on your own if a facelift or liposuction is in order. Treatment for weight loss. Prescription medication, surgery, dietitians and exercise trainers... read more
What is Healthcare Reimbursement Accounts?
Healthcare Reimbursement Accounts (HRAs) can be a great way to pay for medical expenses not covered by your health care plan. The pre-tax deduction taken out of your paycheck can also help reduce your tax burden. Participants in HRAs determine how much their out-of-pocket medical expenses will be for the coming year, and then the employer deducts an amount from their pay before taxes. For example, if you believe your expenses will be $1,200 over the calendar year, and you are paid twice monthly, your employer will deduct an addition $50 from your pay every pay period. One of the benefits of an HRA is that large health care co-payments or deductibles may be withdrawn from your pay over time. In other words, if you your have a $1,000 co-payment for a hospital stay in February, some HRAs will reimburse you immediately, even though your monthly HRA deduction is only $100 per month for the calendar year. HRAs differ in their reimbursement policies, so check with your benefits administrator to learn more about yours. The keys to making an HRA work for you is understanding what your particular health care plan covers and accurately predicting how much you will need to have deducted from your pay to cover out-of-pocket medical expenses during the upcoming calendar year. The Internal Revenue Service code states that any unused HRA funds are forfeited, so accurate planning is vital. Here are some tips about how to estimate your future medical costs: Look at last year’s medical expenditures to determine the ones that are likely to repeated, like prescription drug co-payments or annual visits to... read more