Two More States Rejecting Medical Insurance Mandate

Posted by Tom Carolan on Tue, Nov 16, 2010 @ 03:16 PM

While exit polls last week showed that 48% of Americans want to repeal healthcare reform, Oklahoma and Arizona voters overwhelmingly supported initiatives on the ballot to opt-out of the federal law that mandates residents to purchase medical insurance.

Voters in Missouri voted on a similar proposition, Proposition C, with 71% supporting it on a primary ballot in August.

Healthcare reform remains a very divided issue, with 47% of American voters saying that they'd like to either expand healthcare reform, or maintain it as it stands today.

Medical Loss Ratio Regulations Finally Approved

Posted by Tom Carolan on Mon, Nov 01, 2010 @ 06:40 PM

Starting in 2011, medical insurance companies will have to use 80%-85% of their premiums that they've collected from customers purely on medical care costs, as opposed to insurers' administrative costs. Insurers will have to reimburse their customers if they fail to meet these new medical loss ratios.

These recommendations have been passed along to Kathleen Sebelius, the Health and Human Services Secretary for final approval.

Some of the items included as medical expenses are payments to hospitals, nurses, doctors, and other medical providers. Also categorized as medical expenses are the costs for quality improvement, such as the money that's spent to decrease the number of hospital re-admissions, reducing medical errors, improving patient safety and various investments in technology relating to health information.

However, insurance commissions paid to insurance brokers and agents are to be considered administrative costs, as well as the cost of controlling fraud. Also, insurers' costs on overhead and advertising are to be considered administrative costs.

Medical insurers will have the ability to deduct state and federal taxes, but not the taxes that they'll pay on investment income.

It's not certain whether or not Kathleen Sebelius will accept the recommendations, deny them, or edit them.

Who Wins & Who Loses In The Healthcare Reform Bill

Posted by Tom Carolan on Tue, Apr 13, 2010 @ 02:12 PM

Consumers who have been following the yearlong healthcare debate are now left trying to decipher what healthcare reform means for them personally. Those who have no health insurance stand to benefit most. People in the lower income brackets now have much more security when it comes to healthcare. Other people reap fewer benefits.

Those Who Benefit From Healthcare Reform Are:

• Those who have pre-existing health issues that preclude them from individual private health insurance.
• People who cannot afford health insurance rates.
• Children who are dependent on their parents will be able to remain on their parents' insurance policy until the age of 26.
• Those who will buy policies from state-run insurers will see more competition in the new consumer driven marketplace specifically for those without insurance through their employer. Premiums for these policies would not exceed a pre-set percentage of income ranging from 3 to 9.5%.
• Those who have just missed the qualification for Medicaid will likely qualify for it following the implementation of the new law.
• Those who start a business, lose or quit a job will have secure, affordable healthcare.
• Those who fall into the Medicare prescription drug plan's doughnut hole will get an immediate $250 rebate, as well as a 50% discount off brand name drugs starting in 2011.

Those Who Do Not Benefit From The Healthcare Reform Are:

• Individuals who are forced to take out policies whether they want to or not. Penalties will be charged for those who do not.
• Wealthy families who will have to pay higher taxes to help fund this program.
• Employers who have to provide health insurance plans for their employees starting in 2014.

The people who will see little change in their healthcare are those who already have their own policies through work. Everyone will see some benefits such as tighter regulations for insurance companies. As early as 6 months following the enactment of this law, insurers will no longer be able to limit lifetime payouts for medical claims. They would also not be able to cancel a policy because the policyholder is sick.

Some things are still unclear such as whether or not the new bill will affect the rising cost of premiums and out-of-pocket charges. However overall it seems to be a positive bill that will help many. Expect to pay higher premiums or receive fewer benefits in exchange for the upside.

Out of Pocket Medical Spending Up 39% for those with Chronic Conditions

Posted by Tom Carolan on Wed, Dec 09, 2009 @ 01:52 PM

www.InsuranceBestPrices.com confirms the findings of a recent study showing those with chronic medical conditions had to pay out an additional 39 percent more in expenses for the year of 2005 as compared with 1996.

The study, which was released in the January/February edition of Health Affairs, monitored medical costsconditions such as type 2 diabetes, hypertension, and high cholesterol among others to gather the information. By utilizing a government database the researchers were able to determine that self-reported out of pocket expenses increased by a whopping 39 percent between 1996 and 2005. In fact, on average the study showed that in 2005, average out of pocket spending on health care services was roughly $741 per person, as compared to just $427 in 1996.

The costs that were reported where costs such as co-payments, deductibles, coinsurance, and other similar charges that are not covered by family health insurance plans. The costs did not include medical insurance premiums. While it is a fact that the American population is indeed aging, it is not just the older generations that are being affected.

"Chronic conditions are more than just a health issue for the elderly. They are a household economics issue for every American," said Kathryn Ann Paez of the Center for Health Policy and Research at Social and Scientific Systems in Silver Spring, Md.

As the years in the study went by it became more commonplace to see adults have multiple chronic conditions. The numbers of those with three or more chronic conditions gained momentum to the tune of 17 percent for those 80 and older, 18 percent for those ages 65-70, 10 percent for ages 45-64, and 2 percent for ages 20-44, which represented a total gain across the board.

According to Paez and other researchers, it makes sense that the more chronic conditions a person has, the more out of pocket expenses they will incur. Paez and her colleagues also went on to remind everyone that the number of chronic conditions can be decreased significantly with a changing over to a more healthy lifestyle which would not only be a better way to live but would also be an effective way to significantly cut medical costs.

For additional information including family health insurance quotes, individual medical coverage quotes or a group medical quote go to www.InsuranceBestPrices.com

InsuranceBestPrices.com has been in the business of providing individuals, families and businesses with affordable medical insurance solutions since 2001. By working with thousands of families to find affordable major medical insurance, InsuranceBestPrices.com has long understood the need for change in the health care system to improve the quality and cost of medical insurance for everyone.

The Road To Affordable Medical Insurance

Posted by Tom Carolan on Wed, Nov 11, 2009 @ 02:26 PM

If you are looking for affordable medical insurance plans, a little knowledge can save you a great deal of money. There are things that you can do which will put you in a better position to get the best healthcare rates possible. By making some changes, you will qualify for lower premiums on your medical insurance policy.

Your road map to affordable medical insurance:

• Affordable medical insurance rates by quitting smoking. This will have a very big impact on your premiums, and is probably the single most important step you can take to lower your medical insurance cost and improve your health. Most insurance companies will require that you be tobacco products free for 12 months before they give you the non-tobacco rates. Get started today!
 
• Affordable medical insurance rates through exercise. It's no big secret; the benefits of regular exercise are enormous. Regular exercise will lower your blood pressure and cholesterol readings and greatly improve your mental health. It will make you a happier person especially when you see your rates for medical insurance drop! Walking is a great form of exercise. Walking will help you with your fitness, your health and your general wellness. How much and how often should you go walking? It is advised that most people should be doing physical activity at least 5 times per week for around half an hour each time.
 
• Affordable medical insurance rates through diet. By having a healthy diet, the person will look fit and he himself will feel good. You will spend less on doctor visits and prescriptions. It reduces all the fats in the body and also works for a healthier and glowing skin. The injurious effects and the dangers of high cholesterol level and fats are no longer a secret. Everyone is aware of the harms of increasing fats in their bodies. Hence due care must be taken in choosing your diet. A balanced diet also works against any kind of diseases present in the body. A proper nutritious diet will furnish you with the calories and the nutrition necessary for your body. These in turn would strengthen the immune system of the body giving you protection and shield from many diseases like infections.
 
• Affordable medical insurance by getting out. When you quit smoking, exercise regularly and eat a healthy diet, you will experience a huge boost in your energy level. The benefits of getting out and enjoying yourself are the rewards that will keep you on track for the long term.
 
• Affordable medical insurance through comparisons. Getting quotes from at least five different insurance companies will ensure that you are shopping for the best rate possible. By comparing the rates of various insurers you will be in a better position to find the lowest rates. Also understanding insurance terminology puts you in a better position to know a good deal when you find it.

Affordable Medical Health Insurance In A Tight Economy

Posted by Tom Carolan on Mon, Nov 09, 2009 @ 02:37 PM

Affordable medical insurance is possible and is even easy to find. In today's economy, people are making cuts everywhere, trying to save money. However, some things simply cannot be scrimped on and medical insurance is one of those things. Having good medical insurance that protects you, especially if major illness or injury occurs could save you from complete financial ruin. However, you can still find the best price possible and get some great savings if you know what to do.

The initial step is to learn about the options that are out there for affordable medical insurance. If you take the time to investigate how plans are different, you will learn which one best fits your needs. Sometimes by giving up certain control over our healthcare, we can save money on premiums and overall healthcare costs. An HMO is a type of medical insurance where you are limited in the doctors you can see and facilities you can use. Typically the deductibles and co-pays on this type of policy are much lower than other policies like PPOs. This means that often healthcare costs are lower overall in the long run if you and your family use such services very regularly.

You may also find that a more basic medical insurance plan suits your needs sufficiently, and the comprehensive plan, that is often offered, is simply more money for little true benefit. By putting knowledge on your side you will also learn how simple adjustments to the plan you are considering can mean big savings. Cut out the dental and vision coverage if you don't use them often. Raise the deductible on your plan, if you have the savings to back it. Higher coinsurance percentages will also mean that you take on more of the risk of insuring yourself, therefore your premiums will be lower. In short, know what you are looking for before you start looking for affordable medical insurance.

Shop around for the most affordable medical insurance for your needs. Whether you are looking for family health insurance, student health insurance or some other type of medical insurance, get a variety of quotes and compare them in terms of coverage, price and quality in order to get the most affordable policy possible. It has never been easier to shop around for prices. Online quote tools allow you to get a variety of quotes from different health insurance companies serving your area in no time. All price quotes you receive will be based on the exact same information, making them easy to compare and choose from.

With all types of companies struggling financially in today's economy, it is more important than ever to research any company you are considering using in your search for affordable medical insurance. You can easily find out how financially stable an insurance company is by checking its rating with one of the independent insurance rating companies like A.M. Best or Standard and Poor's. If a company has an A or better ranking, you can feel comfortable with its reliability. You may also want to look into its customer service record to see how it fares in that area. You can often do this with an internet search or by contacting your state's department of insurance.

Finding affordable medical insurance, even in a tight economy, can definitely be done. It does however; require shopping around and comparing quotes, as well as time researching policies prior to getting a quote and researching companies after the quote. With knowledge and competitive quotes on your side, you can be sure of finding an affordable medical insurance policy that perfectly fits your needs.

Get your free customized affordable medical insurance quote, you will get a variety of competitive quotes from great companies in no time.

Tips On Finding Affordable Health Insurance For Your Small Business

Posted by Tom Carolan on Mon, Nov 09, 2009 @ 01:24 PM

As our current economy situation continues to worsen and the health care policy seems to be suffering from an ongoing struggle met with more defeats then wins, more and more individuals are starting to take the law, the health insurance law that is, into their own hands. No longer waiting for the US Government to come to their rescue, many businesses dealing with the financial difficulties associated with running a business in the U. S and being in the mix of the US economical downturn, have turned to the world wide web, to find better and affordable small business health insurance for their business. By searching online, business owners are able to move away from the limited plans Government agencies are able to offer while moving into a market that allows them obtain multiple online small business health insurance quotes from a variety of insurance companies.

The main reason for this is the fact that rates are a lot more affordable according to a senior brokers, as a result of their ability as an online small business health insurance broker to secure more quotes and thus contracts with an increased amount of companies, compared to an agent whose unable to get these contract as a result of a lack of production. Even though production and options are extremely important for businesses looking for affordable small business health insurance quotes it is also essential to point out one of the biggest reasons for business finding cheap rates, is the brokers who are able to practically apply their skills, know-how and expertise to work with you to help pinpoint exactly what benefits are a must and which ones are just plain wants or perhaps totally superfluous. By simply designing the right insurance plan that meets all your employees and business needs you are able to cancel any additional benefits that are adding up to a substantial portion of premiums.

For example some employees prefer to have their prescription coverage for the same reason they want major medical insurance coverage, while in other cases one employee might not need imminent co payment, because they are not currently on any prescribed meds and their past medical history and behavior makes them believe they won't at least for some time. This means that these employees may want to opt for coverage with rx cover but its only kick's-in when deductibles are completely satisfied. On the flip side of the coin other employees, for example those with babies and toddlers, acknowledge that prescription meds for an essential part of their health care regime on an almost daily basis and so they prefer to have co payments for prescription meds from the get-go.

The most important point of all is, is that inexpensive small business health insurance actually exists and is within grasp. All it takes is a matter of moments to pinpoint exactly what benefits are a must, your business and employee budgets and working with a trusted pro that will be able to explain some aspects of small business health insurance you may not understand. Online small business health insurance resource centers are definitely the best places we have come across to get your coverage quotes from.

It's a fact like no other that business owners want happy, healthy employees. But with the problem of rising expenses and small business health insurance complexities, it really makes affordable yet comprehensive insurance coverage impossible. Group insurance plans are exactly what the doctor order... If you know exactly what you're getting yourself, your business as well as employees into.

Group health insurance can be defined as insurance written on a specific group of individual under one master policy issued to their employer by the insurance company. As a small business owner, group insurance has the ability to cover your entire staff under just one policy. Should you decide on a group plan, you will have quite a selection of options to pick and choose from. Your financial responsibilities can be reduced significantly by requiring employees to contribute a specified percentage of premiums or by simply increasing co-payment amounts.

Info Requirements

Before you get group insurance coverage, the insurance company will need certain info. The info you're required to finish normally excludes detailed employee health info, but should however include a list of employees' info containing DOB's, sex as well as dependent info. The insurance company will certainly request basic business information so have also info ready when requesting your quote.

Coverage Scope

Group insurance coverage benefits will entail that all of your employees are insured. But what happens if an employee is already covered under a spouse's insurance plan? Or what if you want to offer individual employee plans? Is this possible? The answer is unfortunately not as easy as a simple yes or no. Some group policies provide for employees who already enjoy coverage under other plans while others require all employees to be covered by a single policy. Similarly, you can provide employees with individual plans, but it is definitely trickier to accomplish and premium payments could shift to being taxable income for the poor employee.

Workers' Compensation

Yes, we know it's extremely tempting to think that a group policy will eliminate the need for workers' compensation. After all, since group policies cover the medical expenses of employees, isn't workers' compensation unnecessary expense? Bad news is that life and Governments do not work that way. The majority of US states require employers to provide workers' compensation with group health insurance considered as optional cover. And interestingly enough, group policies usually exclude work-related injuries from coverage due to the fact that are these injury types are typically covered by workers' compensation.

Additional Cover

Group health insurance benefits normally only cover basic medical costs. Plans can however be amended to include additional cover including life, dental, disability and medical reimbursement insurance. Every slice of additional cover will immediately increase either or both the employer or employees premium, so before you start picking and choosing additions, involve all your employees in the entire selection process to pinpoint the coverage types that will be best for all parties involved.

Comparing Health Insurance Options

Posted by Tom Carolan on Thu, Nov 05, 2009 @ 02:52 PM

Everyone needs an adequate health insurance plan; however, in America, everyone doesn't have the same health insurance plan. Actually, the health insurance plan that's available to one person may not be available to another person. One reason this is true is not all health insurance plans are affordable to all people.

There are three practical ways of obtaining a good health insurance plan - you just have to compare the health insurance plans and get the most affordable health insurance for you.

Group Health Insurance

You can obtain an affordable group health insurance plan in a variety of ways. Most employers offer group health insurance plans as benefits to their employees; many of these types of group health insurance plans allow you to add your spouse and your children onto the health insurance policy.

Various organizations and associations offer group health insurance plans as benefits to their members. Some businesses, such as credit card companies, offer group health insurance plans as benefits to their customers.

Find out if your employer offers group health insurance. Or, if you belong to any clubs or are associated with a particular business, ask if they offer group health insurance plans.

Individual Health Insurance

Unfortunately, employers aren't required to offer group health insurance plans to their employees. When this is the case, consider purchasing an individual health insurance plan. With the broad range of health insurance companies specializing in affordable individual plans, you will be able to find a plan that meets your health needs as well as satisfies your budget.

State-sponsored Health Insurance

If you aren't employed, or your employer doesn't offer group health insurance and you can't afford to purchase health insurance otherwise, contact your state's department of insurance for information about state-sponsored health insurance plans. Depending on your income, as well as any other factors your state considers, you and your family members may be eligible for very low-cost or free health insurance.