As health insurance costs are increasing we have to take more responsibility for our health insurance coverage. With health insurance cost rising health insurance companies are constantly coming out with new health insurance plans. New plans offer you flexibility to customize your own health insurance plan. Most health plans in the past were pre packaged health insurance plans and we ended up paying for things we never use. We know that car insurance offers us flexibility to where you can pick your limits deductibles and the types of coverage that you want. It seemed that with health insurance it took at while for health insurance companies to realize that is how they can stay competitive. The world of five dollar co pays and no deductible plans are over. Most of us and our parents come from the world where large companies paid for their health insurance plans. Large companies do have advantage of numbers; more people are part of the group the more insurance companies are competing for their business.
First I want to address or health insurance quote shopping. If you are looking for some great deal a plan that covers everything for small monthly premium you are going to get scammed. Health insurance prices are health insurance prices no matter what insurance company you go with. The main difference how insurance companies compete with offering more affordable health insurance rates is by being more creative in their plan design. Stays away from good deals in health insurance, chances are the plans are not going to cover anything when you have claim. Then you will end up with bills from the hospital and your health insurance premiums.
Health insurance companies like Assurant Health underwritten by Time Insurance offer health insurance plans where you design your own plan. It is one of the only large reputable health insurance companies to offer customizable health plans. They offer five plan designs two of them are Health Savings Account qualified health plans and the other health plans are your standard PPO (Preferred Provider Organization). What makes Assurant Health unique is that every type of plan give you opportunity to customize that plan by choosing co-pay or no co-pay option, choice of deductible, prescription drug coverage deductible, dental discount plan or dental insurance and some plan specific options. If you are looking for simple to use and simple to understand HSA account plans, Assurant is one of the first companies to offer HSA plans.
When designing your own health insurance plan keep in mind of your previous health insurance usage. Choosing deductible for your health insurance plans will make the largest difference in your monthly price. Keep in mind in most cases deductible applies only to when you are hospitalized. That meant when you are admitted to the hospital. Most health insurance plans will cover you doctor visits, physical exams, prescriptions drugs and your lab work with a co-pay before you meet the deductible. If you choose a high deductible plan and something does happen to you that you end up in the hospital for something major and you do not have money at the time to cover your deductible. Every hospital will work with you by offering you payment methods. This way you can take as much time to pay off that deductible. Therefore it does not make any sense in most cases not choosing a plan with high deductible. Get health plans with high deductible and you are going to save thousands on your health insurance. Some companies like Assurant Health offer you option to where if you choose a health plans with deductible of thirty five hundred of higher you automatically qualify for two year rate guarantee. Save money monthly and avoid rate increased. Just with little knowledge and understanding of how health insurance works you save thousands with the health coverage that you need.
Dennis Alexander - leading consultant for employer group and individual/family health insurance. Marketing consultant for major health insurance resource websites and brokerage firms online. Some of the websites consultant and/or administrator http://www.HealthCoverageQuotes.com and http://www.AssurantHealthCoverage.comBaby toys for Baby
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Saturday, January 5, 2008
Friday, January 4, 2008
Interesting Facts You May Not Know About Group Health Insurance Coverage
In an atmosphere of ever-growing health care and health insurance costs, group health insurance coverage is becoming critical for many employees. In fact, surveys consistently show that employees value health insurance benefits above all others.
Studies have shown that a solid majority (over 60%) of Americans receive their health insurance benefits through group health insurance coverage through their employer (or their spouse’s employer). Of course, from the employee’s point of view, this is the least expensive option for securing health insurance. Nevertheless, whether you are a business owner or employee, what follows is a discussion of some interesting aspects of the group health insurance market.
There are two main reasons that employers offer group health insurance coverage. The first is to attract talented employees. The second reason is related to the first: To reduce employee turnover. It’s not uncommon for employees to become “dependent” on their health insurance. That is, an employee who may otherwise leave their job to become self-employed may not do so because of health reasons. That is, he or she may not be eligible under an individual policy due to a preexisting condition. Preexisting conditions are typically not covered under individual health insurance plans.
The primary difference between individual and group health insurance is that group plans are “guaranteed issue”, while individual plans are not. “Guaranteed issue” means that an insurance company cannot deny coverage due to any preexisting medical conditions.
Some individual health insurance plans are issued to individuals with preexisting conditions, but usually only with what is called an “exclusionary rider.” This “exclusionary rider” will exclude coverage for treatment related to the preexisting condition. It’s interesting to note that in California, insurance companies are not allowed to practice this policy. As you might expect, the result is a much higher rate of declined applications for individuals, since insurance companies choose simply not to issue coverage for individuals with preexisting medical conditions.
For group health insurance coverage, premium cost sharing between employer and employee has pretty much become a common feature in today’s labor market. In the vast majority of cases, insurance companies require employees to pay a minimum of 50% of the premiums, although many choose to pay a higher percentage. In general, the larger the company, the greater the percentage paid by the company. Not all insurance companies require coverage for dependents, although again many businesses elect to offer this coverage as well.
There are tax incentives available to both employer and employee for qualifying group health insurance plans. Employers can typically deduct 100% of the premium costs, while employees can pay their portion of the monthly premiums with pretax dollars. Both practices can result in significant savings over the course of a year.
Lastly, group health insurance coverage is available as either an indemnity (fee-for-service) plan or managed care plan (HMO, PPO, or POS). Indemnity plans are the oldest, as well as the most expensive, type of health insurance. As a result of their high costs, indemnity plans have all but disappeared from the landscape, and been replaced by managed health care plans.
Managed group health insurance plans come in various forms: Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or Point of Service (POS) plans. The HMO was the first alternative to traditional insurance (indemnity) and became popular for its ability to reduce costs for both employer and employee by creating networks of doctors and hospitals and thereby being able to apply cost saving measures.
The PPO plans have in recent years become the most popular type of group health insurance. PPO’s (as well as POS plans) combine many of the freedoms enjoyed with indemnity plans while still being able to implement many of the cost saving features of an HMO.
The struggle to offer employees affordable group health insurance coverage is an ongoing process for most employers in today’s health insurance market. Part of the process is education, from the standpoint of both the employee and employer. It’s important to understand that retaining affordable and quality group health insurance is vital to both sides of the labor market – employer and employee. Indeed, when done properly, this can be a win-win situation for all concerned.
Jonathon James has been working in the health industry for nearly twenty years. To view additional articles and resources related to group health insurance coverage, please visit http://LearningAboutHealthInsurance.com.
In an atmosphere of ever-growing health care and health insurance costs, group health insurance coverage is becoming critical for many employees. In fact, surveys consistently show that employees value health insurance benefits above all others.
Studies have shown that a solid majority (over 60%) of Americans receive their health insurance benefits through group health insurance coverage through their employer (or their spouse’s employer). Of course, from the employee’s point of view, this is the least expensive option for securing health insurance. Nevertheless, whether you are a business owner or employee, what follows is a discussion of some interesting aspects of the group health insurance market.
There are two main reasons that employers offer group health insurance coverage. The first is to attract talented employees. The second reason is related to the first: To reduce employee turnover. It’s not uncommon for employees to become “dependent” on their health insurance. That is, an employee who may otherwise leave their job to become self-employed may not do so because of health reasons. That is, he or she may not be eligible under an individual policy due to a preexisting condition. Preexisting conditions are typically not covered under individual health insurance plans.
The primary difference between individual and group health insurance is that group plans are “guaranteed issue”, while individual plans are not. “Guaranteed issue” means that an insurance company cannot deny coverage due to any preexisting medical conditions.
Some individual health insurance plans are issued to individuals with preexisting conditions, but usually only with what is called an “exclusionary rider.” This “exclusionary rider” will exclude coverage for treatment related to the preexisting condition. It’s interesting to note that in California, insurance companies are not allowed to practice this policy. As you might expect, the result is a much higher rate of declined applications for individuals, since insurance companies choose simply not to issue coverage for individuals with preexisting medical conditions.
For group health insurance coverage, premium cost sharing between employer and employee has pretty much become a common feature in today’s labor market. In the vast majority of cases, insurance companies require employees to pay a minimum of 50% of the premiums, although many choose to pay a higher percentage. In general, the larger the company, the greater the percentage paid by the company. Not all insurance companies require coverage for dependents, although again many businesses elect to offer this coverage as well.
There are tax incentives available to both employer and employee for qualifying group health insurance plans. Employers can typically deduct 100% of the premium costs, while employees can pay their portion of the monthly premiums with pretax dollars. Both practices can result in significant savings over the course of a year.
Lastly, group health insurance coverage is available as either an indemnity (fee-for-service) plan or managed care plan (HMO, PPO, or POS). Indemnity plans are the oldest, as well as the most expensive, type of health insurance. As a result of their high costs, indemnity plans have all but disappeared from the landscape, and been replaced by managed health care plans.
Managed group health insurance plans come in various forms: Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or Point of Service (POS) plans. The HMO was the first alternative to traditional insurance (indemnity) and became popular for its ability to reduce costs for both employer and employee by creating networks of doctors and hospitals and thereby being able to apply cost saving measures.
The PPO plans have in recent years become the most popular type of group health insurance. PPO’s (as well as POS plans) combine many of the freedoms enjoyed with indemnity plans while still being able to implement many of the cost saving features of an HMO.
The struggle to offer employees affordable group health insurance coverage is an ongoing process for most employers in today’s health insurance market. Part of the process is education, from the standpoint of both the employee and employer. It’s important to understand that retaining affordable and quality group health insurance is vital to both sides of the labor market – employer and employee. Indeed, when done properly, this can be a win-win situation for all concerned.
Jonathon James has been working in the health industry for nearly twenty years. To view additional articles and resources related to group health insurance coverage, please visit http://LearningAboutHealthInsurance.com.
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