Posts Tagged ‘medicare’
Thursday, July 29th, 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.
Some well-known health insurance company names that you might encounter when researching policies include, Assurant, Anthem, Blue Cross, Aetna, Cigna, Banker’s Life, Mutual of Omaha, United Health Care, Humana, Kaiser, and Tonik. This is really just the tip of the iceberg, and the point of listing these names is only to show you that there are many, many insurance companies all offering their own benefit packages and prices. When you choose a plan, you are choosing one health insurance company to be the payer on your health insurance costs. The way this works is that your doctor submits a bill (called a claim) to the insurance company for services provided, and the company reimburses the doctor an agreed upon rate. How much the insurer pays and how much you pay as your share of costs (deductibles and copayments) depends on the agreements set forth in the policy.
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?
How you choose a health insurance policy depends on your assessment of your costs, needs, and circumstances. If you need doctor and hospital coverage for specific period of time, then you might seek a temporary policy from Blue Cross or Humana, for example. If you need family health coverage, then you might, hypothetically, seek a comprehensive medical plan from Wellmark, Aetna, or John Deere. Some people take out a policy, to provide another example, from United Healthcare (or some other insurer) to pay only in the event of hospitalization as result of cancer. Other people, who work in a high risk environment, might take out a policy to pay in the event of dismemberment occurring under certain, specified circumstances. The policies can be quite specific and written to answer your specific needs.
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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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Tuesday, July 27th, 2010
Medicare supplement insurance is meant to bridge the gap between the amount a provider charges and the amount Medicare covers. While Medicare covers the majority of your healthcare expenses, it does not foot the entire bill.
Medigap Plans aid in covering the rest of the amount that is owed. Some Medigap Plans even cover the entire amount that Medicare does not, leaving you with virtually zero out of pocket expenses (at least for your medical needs.)
Medicare supplement Plans are regulated by the federal government and thus made standard. Each individual Plan type must contain the same coverage. However, their prices are definitely not regulated in the same manner as Medicare supplements are provided by private insurance companies who can name their prices according to their own guidelines.
One very convenient trait of Medicare supplements is that you do not need to fret over whether your doctor is in or out of network. As long as the healthcare practitioner accepts Medicare, he or she will also accept a Medicare supplement. The claim will first be submitted to Medicare and will then go onto the supplement to pick up the specified remainder (the amount depends upon the Plan chosen.)
One of the most popular Medicare supplement Plans is the Plan F simply because it does pick up the entire remainder of what Medicare does not cover. No muss no fuss! However, due to Plan F’s all encompassing nature it is a bit more expensive than its also popular brethren the Plans G and N.
Please be sure to do your research before you decide which Medicare supplement to apply for, and make sure to start researching your options a good few months before you will need that extra coverage. You want choose a Plan that will be a good fit for you. If you choose wisely the first time, you may never need to go through the hassle of finding a new Plan and making a new application again.
Looking to find the best deal on a Medicare supplement policy, then visit www.gomedigap.com to find the best advice on a Plan for you.
Tags: health insurance, medicare, medicare supplement, medicare supplement insurance, medicare supplement plans, Medicare supplement quotes, medigap, Medigap plans, Medigap quotes
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Sunday, July 25th, 2010
The PP&AC Act brings with it many new laws, some of which have already taken effect, while others will do so in the future. Many Americans are still oblivious to what all these new laws mean and the changes that will come as a result. Those Americans that are the most confused and concerned are senior citizens because the PP&AC will greatly affect health care issues very important to them, such as Medicare. This confusion and concern leaves seniors vulnerable to many types of scams by devious individuals who are looking at taking advantage of the situation.
Shortly after President Obama signed the PP&AC Act into law, there was a cable television advertisement that told viewers to call an 800 number to take advantage of a “limited enrollment” period to get special coverage that is now entitled to them by the passage of health care reform. There are also several news articles going around reporting that there are door-to-door salespeople going around selling “Obamacare” insurance policies.
Combine confusion about the new laws and the fear generated by the worst economy since the depression and you have a perfect mix for scammers to take advantage of consumers, especially senior citizens. As agents, we encourage you to talk to your clients and tell them to beware of any potential offers they receive in relation to their health care. This also means you’ll have to stay abreast of the latest scams as well. Here are some areas of the Act that could potentially be exploited:
The $250 prescription drug rebate for Part D - scammers may offer expedited payment for a price.
Better access to nursing home records - scammers may offer bogus data services whereby they try to get seniors and their families to pay a lump sum or for a subscription for data on nursing homes that is either falsified or that is freely available elsewhere.
Better access to nursing home records - scammers may offer bogus data services whereby they try to get seniors and their families to pay a lump sum or for a subscription for data on nursing homes that is either falsified or that is freely available elsewhere.
As more details of health care reform come out, there may be more areas that could be exploited, so continue to be on the lookout. The best way to verify the legitimacy of any offer received by your clients is to call your state department of insurance and see if the organization or person offering the deal is licensed to do business in your state. Once you verify a scam, report it to authorities and your state’s DOI, and then spread the news as much as possible. Stay vigilant my friends.
Want to find out more about medicare supplements? Then visit Alex Stone’s site on how to choose the best medicare supplement for your needs.
Tags: health, health insurance, medicare, medicare supplement, medicare supplements
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Thursday, July 22nd, 2010
Should you be concerned about the cost of long term care? If you have ever had a close family member in a nursing home, you know how expensive it can be. Likewise, if you have read up on the current predictions, you probably know that most of us have a good chance of needing some for of nursing care in the future. It is an expensive thing we all may need, so we probably should do some planning!
Long term care insurance (LTCi) is becoming more popular. People can buy it from private companies or get group coveage from their jobs. It covers different types of nursing care that people may need. Plans and prices vary, so you will have to look around to see if one is right for you.
Some are set up so the premiums can be deducted from federal taxes, and these are called tax qualified plans. Others are called non-tax qualified plans. They cannot be deducted.
If you live in the USA, heath reform may soon provide a federal plan too. This is an option for many workers, but it may only provide about fifty dollars a day for care. If you know h ow much nursing care costs, you will know that fifty dollars a day will probably not cover the costs. In fact, it may only cover half or a third of the price. So this plan may help in the future, but it stil will not totally eliminate concerns.
You may be hoping to rely on existing federal plans for nursing care. You should understand that Medicare only pays for fairly short term nursing care needs. You should also understand that Medicaid only kicks in if the covered person uses up most of their money. These progams do not relieve most people that much.
Many peope look into alternatives to insurance policies or they just do not do anything. There is not one correct solution for every family or individual. Hopefully, you will do some research to find a comfortable choice for yourself.
Have you read the latest news on health reform and long term care? Learn more, so you can have the facts to determine if you need long term care insurance.
Tags: elderly, health insurance, heath reform, long term care insurance, medicaid, medicare, Nursing Care, nursing homes, obabma, Politics, retirement planning, seniors
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Tuesday, July 13th, 2010
Medicare is a government plan which offers health insurance coverage for retired individuals over age 65 or for other people who meet particular healthcare conditions, for example that has a disability.
Medicare was signed into legislation in 1965 as an official amendment to the Social Security program and it’s administered by Center for Medicare and Medicaid Services (CMS) in the Department of Human Services.
Medicare offers healthcare insurance coverage for more than 43 million Americans, numerous who might have no healthcare insurance coverage. Whilst not ideal, the Medicare plan offers these numerous individuals fairly low price basic insurance coverage, and not much in the manner of preventative care. For example, Medicare doesn’t pay to have an annual physical, vision care or dental care.
Medicare is paid for via payroll tax deductions (FICA) equal to 2.9% of wages; the employee pays half and also the employer pays half.
You will find four “parts” to Medicare: Part A is hospital coverage, Part B is healthcare insurance coverage, Part C is supplemental coverage and Part D is prescription insurance coverage. Parts C and D are at an additional price and are not needed. Neither Part A nor B pays 100% of healthcare expenses; there’s generally a premium, co-pay and a deductible. Some low-income individuals quality for Medicaid, which assists in paying part of or all of the out-of-pocket expenses.
Simply because much more individuals are retiring and be eligible for Medicare at a quicker rate than individuals are paying in to the system, it’s been predicted that the system will run out of money by 2018. Healthcare expenses have risen dramatically, which adds towards the financial woes of Medicare and also the system has been affected by fraud through the years.
Nobody has a viable way to save this system that saves numerous individuals all over the country.
Learn more about Medicare. Stop by our site where you can find out all about Magnetic Expansion.
Tags: health insurance, medicare
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Monday, July 12th, 2010
Since the Medicare Modernization Act (MMA) has been passed and implemented, and is the law of the land, it is important that you understand the lay of the land if you are on Medicare (or have a family member that is). The MMA created permanent, wide-ranging changes to the kinds of Medicare supplement plans insurance companies can provide after June 1, 2010. Much of it will sound like alphabet soup, but a dozen can be ignored almost completely in any coverage of changes, as four were simply eliminated (E, H, I and J) and eight are essentially unchanged (A, B, C, D, F, G, K and L). That leaves Plan F as the most comprehensive one now, and two new supplement plans (M and N) are lower-cost choices that require some cost sharing by the insured.
As determined by the Centers for Medicare and Medicaid Services (CMMS), the phased-out plans (E, H, I and J) will not even be available for purchase after June 1 of this year, although you can keep the coverage if you are already enrolled and wish to retain it. Alternatively, you can convert your particular supplement plan to another one offered by your insurance company, and many observers believe Plan F is the alternative of first choice (of the insurers, at least). Of course, your situation (or your eligible loved one’s) is unique, and all factors need to be weighed when making these sorts of coverage and feature determinations.
Use a little wisdom
There are several important considerations related to the conversion option and opportunity in the MMA. Whenever your phased-out plan, for instance Plan J, is no longer offered by your insurer, which means no new premiums are coming in from new policyholders. It is not much of a stretch to see how this might become an opportunity for the insurer to get rate hike approvals on renewals for those people who insist on remaining in a discontinued plan.
Another problem may arise when you try to get into a new plan after your conversion opportunity period has passed. In states with open enrollment laws, such as Missouri and California, it would not be a problem, but in other states you might be faced with the entire medical underwriting and examination process. At that time, you could conceivably be denied coverage because of poor health and/or serious pre-existing ailments.
New supplement plans
New Medicare Plans M and N will require increased out of pocket costs for the insured for claims. On the other hand, the monthly premiums will be reduced for these two plans compared to those offering more comprehensive coverage, like Plan F, for example. Plans M and N do not cover the Part B deductible or Part B excess costs in states where it is allowed (which is not all states, of course, as Ohio is one state that forbids it). As far as Part A deductible is concerned, Plan M covers 50% while Plan N covers 100% of it.
Both M and N pay 100% of Part B Coinsurance except for a co-pay of up to a $20 on office visits and $50 for the emergency room for Plan N. Plans K, L, M and N are the plans in the new lineup that most closely mirror the Medicare Advantage package. These plans require increased cost sharing, and cannot be packaged with the Part D prescription drug coverage. Like all Medicare supplements, Part D coverage has to be bought as a standalone option. Should some future health care reform ever limit Medicare Advantage coverage, then Plans K, L, M and N will be the ones most suitable as low-cost alternatives.
Benefit changes, too
Compared to the supplement plans available before June 1, three significant changes have been made to the offered benefits, depending on chosen coverage. With the removal of Plans E, H, I and J, preventative treatment that Medicare does not cover, and at-home recovery benefits, are not available any longer. These plans, and these particular benefits, were phased out because the benefits were limited, hard to administer and not widely selected by consumers. Instead, the CMMS added a Part A hospice co-insurance benefit as a core component in each new plan.
Insurers have not all been approved to sell the new supplemental plans in the states where they are doing business. One of the hoped-for advantages of the MMA is lower monthly cost for people choosing to convert, as well as people healthy enough to get underwritten for new coverage. Time, of course, will tell.
Chris Brines is a representative of medicalsupplementshop.com. Our medicare supplemental insurance experts make the process of selecting a good Medicare supplement very easy by offering free advice about the Medicare Supplement plans offered in your area. We compare all Medicare Supplement Plans and prices to make sure you save as much money as possible while still receiving excellent coverage!
Tags: government, health, health insurance, insurance, medicare
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Monday, July 5th, 2010
One big problem that many senior citizens have is finding affordable dental care. Medicare, the health plan for seniors and disabled Americans, does not have a lot of dental benefits. Since this is such an important issue to make sure our seniors are healthy and happy, we need to explore it.
Most coverage under the federal plan will only serve those who need dental care because of an illness or injury. It will not cover normal and routine services like x-rays, cleanings, and crowns. These are not part of original Medicare at all.
I do think this is alarming. It really is not just a problem for American senior citizens either. About one hundred million Americans lack a dental plan. Seniors and disabled people, who get Medicare benefits, are only a fraction of the number.
Now some Medicare Advantage (MA) plans do have limited dental benefits. Other supplemental insurance or retirement plans may help others. Individuals will have to check with their own plans to see what coverage they have.
You can always consult the Medicare website. It is a great resource for comparing benefits from the original plan, plus supplements and other types of coverage. You can also contact your private insurer for answers. You should be able to find out what sort of dental benefits you have, or sadly, do not have.
If you lack dental benefits, you have some options. Some private dental insurance companies sell plans to older people. There are also dental discount plans which can help you cut costs. You may also find some foundations or community based dental services for the elderly. You should know that insurance plans still may have waiting periods, copays and deductibles. You will have to pay a premium, and may still have uncovered expenses with that. A dental discount plan can help you save money, but you must understand that it is not the same as denta insurance. If you can find some low cost clinics for Medicare beneficiaries, they can really help you save money.
Visit us to learn more about Low Cost Dental Discount Plans ? Also visit us to compare medicare insurance quotes .
Tags: dental care, disabled, disabled dental, elderly dental, health care, health insurance, medicare, medicare dental, medicare supplements, senior citizens, senior dental
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Thursday, June 24th, 2010
Precision Senior Marketing (PSM), a national Medicare FMO, announced today that it is providing rates and information for the new Medicare Supplement Plan N. PSM is a national distributor for the nation’s leading insurance companies, including Mutual of Omaha, Gerber Life, Woodmen of the World and/or Assured Life, and Sentinel Life.
The new Medicare modernized plans took effect on June 1, 2010 and many insurance carriers are in the process of rolling out their new products throughout the country. Medicare Plans N and M are brand new to Medicare and are expected by many in the senior insurance industry to take the market by storm, especially Plan N. Medigap Plan N introduces a new co-pay structure that requires a $20 co-pay for physician visits, and a $50 co-pay for emergency room visits. Another great feature is that Plan N offers minimal to no underwriting, increasing accessibility to seniors over traditional Medicare supplement plan, such as Medigap Plan F.
“We believe Medicare Supplement Plan N is going to be huge,” says PSM President Lucas Vandenberg. “The incredible combination of lower price and higher accessibility is going to make Plan N the choice for seniors in 2010, especially for those who are healthy and don’t often need medical care.”
Now that the Obama administration is doing its best to phase out Medicare Advantage, many low-income seniors will need a replacement product. PSM expects Medicare Plan N to compete directly with remaining Medicare Advantage plans and eventually become the best option for low-income seniors. Though Plan N is very similar to Medicare Advantage plans in that it mimics the cost-sharing structure and pricing, it differs in that it has no network restrictions and much lower out-of-pocket liabilities for seniors. Also Plan N has the stability Medicare supplement products offer since it is standardized, unlike Medicare Advantage plans where you really don’t know what you are going to get until you read the fine print.
Many other experts in the Medicare industry agree that Medicare Supplement Plan N will definitely attract seniors who can’t afford traditional Medigap plans, and those healthy baby boomers just becoming eligible for Medicare. “Word is spreading fast about Plan N among my clients,” says senior market insurance agent Jason Patterson. “Many of the initial rates I’m seeing are better than I expected, and when I pass on that information to my clients they are pleasantly surprised.”
With PSM’s licensing process, agents can get contracted to offer Medigap Plan N to their clients in as little as 5 minutes. To learn more about PSM and Medicare supplement Plan N, insurance agents should visit http://www.psmbrokerage.com and/or call 1-800-998-7715.
As the nation’s leading Medicare supplement broker, Precision Senior Marketing provides its agents with only the market’s best products that include Medicare supplements, life insurance, annuities, long term care insurance, final expense insurance, and other insurance products that provide security and a peace of mind for the nation’s exploding senior population.
Want to find out more about medicare supplement plan n? Then visit Alex Stone’ssenior insurance marketing site.
Tags: health, health insurance, medicare, medicare supplement, medicare supplement plan n
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Sunday, June 20th, 2010
As the clock winds down for specific components of the Patient Protection and Affordable Care Act (PPACA) to go into effect on June 21, a plethora of health benefits and policies remain in question. These newly appointed laws warrant both temporary and permanent advantages for Michigan medical insurance subscribers. In preparation of the PPACA, a myriad of trends are evident among consumers, employers and other organizations.
With employers, there is overwhelming hope that the PPACA would shift the financial responsibility of health insurance onto employees, ultimately decreasing medical benefits and programs, overtime. Consequently, most organizations are not too zealous to transition any of the imminent health plan stipulations.
Notwithstanding the grandfather clause, which authorizes young adults, who are full-time students to remain on their parent’s insurance policy, employers are postponing the condition on their insurance polices until it becomes a legal requirement in 2011.
Michigan medical insurance experts advise that adults, who are facing a coverage gap, are better off shopping around for two to three health quotes to avoid any hefty COBRA premiums. Not to mention, several Michigan medical insurance providers such as Blue Cross- Blue Shield are already modifying their programs to concur with the Patient Protection and Affordable Care Act.
On September 23rd, another segment of the PPACA phases in the implementation of a list of ‘preventive services’. This means that Michigan medical insurance companies will have to include free preventative coverage. Additionally, Michigan medical insurance providers cannot impose any co-payments or out-of-pocket costs on policyholders.
Insiders, familiar with the writing of the PPACA, report that Senator Barbara Mikulski, a Democrat from Maryland on behalf of women’s health issues, added a guarantee clause for ‘additional preventive care and screenings’.
Hence, the precise preventative services have not been determined. It’s the primary reason that Planned Parenthood is amid a silent crusade for contraceptive and other birth control options for inclusion in the list of free recognized preventative services.
Mike Novelli, president of Michigan Life and Health shares, “Since individuals, who do not have Michigan medical are miffed by what the PPACA’s modifications mean, I’m seeing many Michiganites defer medical coverage. There is a misnomer that health plans will be slashed to bargain basement prices. In all actuality, whether one’s buying an Michigan medical insurance policy or not, American consumers need to be educated on how health plans work.
MichiganHealthandLife.com provides complementary health insurance quotes, advice and a wealth of information about Michigan medical insurance. Bookmark the site for the latest news, resources and no obligation quotes, online.
Tags: business, family, finance, health, health care, health insurance, insurance, internet, medical, medicare, medicine, michigan health insurance quotes, michigan medical insurance, Politics, Self Help
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Wednesday, May 5th, 2010
Precision Senior Marketing (PSM), an industry leading Medicare supplement FMO, announced today that one of its leading carriers, Sentinel Life, is now offering a significant commission increase to independent insurance agents where the Sentinel Life Medicare supplement product is available.
Lucas Vandenberg, CEO of PSM said “As an exclusive distributor of Sentinel Life’s new Medicare supplement product, we are committed to extolling the benefits of the product, such as its high paying commission level and competitive premiums for seniors. I’m confident this combination will greatly appeal to senior market insurance agents throughout the country.”
Since 1954 Sentinel Life Insurance Company has provided quality insurance protection and world class customer service to both agents and consumers alike. For 2010, Sentinel Life Medigap modernized plans are now available in 16 states, including Arizona, California, Colorado, Iowa, Idaho, Kansas, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Utah, Washington, and Wyoming.
On Sentinel Life’s website, it states that its Sentinel Plans Medicare Supplement insurance product line will provide standard plans A,B,C,D & F and Select plans C, D, & F.
Annabelle Castillo, a PSM agent, had this to say about the increase, “With 40+ million seniors today and 8,000+ baby boomers joining every day, it’s no wonder why Sentinel Life is aggressively adapting its business strategy to attract more agents.”
PSM encourages independent, senior market insurance agents to visit its website at http://www.psmbrokerage.com and/or call 1-800-998-7715 to learn more about the commission rate increase by Sentinel Life Insurance Company. And with PSM’s electronic licensing process, agents can get a top-level, direct contract for this product in as little as 5 minutes.
Precision Senior Marketing, LLC, located in Austin, Texas, is a full-service, national insurance marketing organization dedicated to supporting, recruiting, and servicing, the best senior market insurance agents in the United States.
Looking for the best medicare supplement contracts, then visit Alex Stone’s medigap contracts site for details.
Tags: health, health care, health care reform, health insurance, medicare, medicare supplement
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