If you are between the ages of 50 and 65 and you are going to be looking for health insurance or are looking for health insurance you need some help. This is a tough age (of course what age isn’t starting with the terrible twos) because you are at a prime age to start developing health problems. Statistically speaking and statistics is the only language insurance companies speak, the insurance company can predict they are going to spend more on 50-65 year old than a 20-45 year old. For that reason premiums are much higher for the older person.
But, we Baby Boomers are a smart group and where there is a will, there is a way. So let’s look at some of the options:
If you currently have a job and are looking to retire or start your own business, you have a couple of avenues you can investigate. First you can inquire if your company will let you buy health insurance through the company plan. If your company will let you do this your employer (assuming we are talking early retirement) may subsidize part of your premiums. If not, you still get group rates which are a whole lot cheaper than individual rates. If you are married and your spouse is still working strongly consider adding yourself to his/her plan if that option is available to you.
The next option (if you currently have a job which provides health insurance) is COBRA or Consolidated Omnibus Budget Reconciliation Act. COBRA lets former employees and their dependents continue their employer’s group coverage for up to 18 months. The best thing about COBRA is it is guaranteed. Your former employer’s insurer can’t turn you down even if you have a chronic medical condition. The worst thing about COBRA is the cost. Your employer generally covers 70% or more of your health insurance premium. With COBRA you have to pay the whole premium plus administrative costs. Industry surveys indicate based on an average premium (for 2007), a former employee would have to pay more than $373 a month for individual coverage and more than $1,008 a month for family coverage.
If you are not currently employed by a company who provides health insurance there are still choices for you. If you have pre-existing conditions such as diabetes or high blood pressure you can receive coverage through a state high-risk health program designed to help those with medical conditions that prevent them from getting insurance. Again though like COBRA the premiums can be quite high.
You can also check out professional organizations you could join or are already affiliated with to see if they offer health insurance policies for members. Because these are group plans, the premiums may be less than what you would pay in the individual market.
Finally, there is the individual health insurance option. There has been some progress in terms of offerings of policies for the 50-65 year age group market mainly because insurers see this age group as a potential growth market. Many Baby Boomers are in good health and have higher income than younger people. Also insurance companies hope that retirees will still purchase their products, such as supplemental insurance, even after they’re eligible for Medicare. Some of policies currently offered may have premiums as low as $200 per month for people who are in good health and willing to pay a high deductible. Many insurance advice columnists recommend combining a high deductible individual health insurance policy with a health savings account. HSA contributions are made with pretax dollars, and any money left over in the account at the end of the year is rolled over for future use. Withdrawals are not taxed if used for qualified medical expenses.
By: Marilyn Katz
Archive for January, 2010
Health Insurance Over 50 And Under 65
January 29th, 2010Health Insurance Plans Covering Maternity
January 27th, 2010
Many families are in search of affordable health insurance that will provide maternity or pregnancy benefits. Health carriers offer such plans, but they vary in the amount of coverage provided. Many insurers will not provide benefits to the insured for at least nine months.
As with all things insurance related, you must plan ahead. Occasionally, consumers are interested in maternity policies once they are already pregnant. They are disappointed to learn insurance cannot be purchased to cover a pregnant spouse – pregnancy is a preexisting condition. Insurers simply will not take on this risk. However, a health plan can be purchased for a healthy mother and child after delivery.
When is My Pregnancy Covered?
Generally, policies will provide benefits for maternity after the insurance has been in force for nine months, but some carriers offer plan with limited benefits that begin day one. However, if you were to purchase a plan with a nine month waiting period, your pregnancy would not be covered if the child was delivered before the nine month window had expired. Again, it is prudent to plan ahead and purchase a policy with a maternity rider some months before conception.
It might be helpful to look at this from the insurance provider’s point of view. Typically, when a couple desires and pays for a maternity plan, then they are likely to use it. The insurance company is relatively certain that a claim will come in the near future. Thus, they will build the cost into the premium for the insured (you) and mandate a waiting period. That being said, some companies are offering plans that are more attractive than others.
A Popular HSA Maternity Plan with a Reasonable Deductible
One insurance company offers a Health Savings Account (or HSA) with a maternity rider and a low $1,500 individual deductible. Once the deductible has been reached and the nine month waiting period has been satisfied, the plan would cover the balance of the pregnancy. In this example, you could fund the HSA account with at least the $1,500 and write that off against your income. The $1,500 could be withdrawn tax free to satisfy the deductible and then the policy benefits would kick in. Currently, this HSA plan is one of the more popular policies available.
Another popular plan has no waiting period and provides more benefits the longer the policy is held. The maternity rider will cover $2,000 toward a pregnancy in the first two years. During years three and four, the policy will pay up to $4,000 and years five and on the policy provides coverage up to $6,000.
Another option is to simply self insure for a pregnancy. Many consumers will purchase traditional health insurance or possibly an HSA qualified plan and save each month in order to cover maternity expenses.
How are Pregnancies Billed?
At this point, clients often ask about pre-natal care and doctor’s office visits. Fortunately, most Obstetricians do not charge as you go. Doctor’s visits, pre-natal care and delivery are all included as part of the pregnancy and usually subject to one, pre-determined charge. Thus, the final bill can be run through your insurance company (assuming you purchased a maternity rider) and then settled up.
When purchasing health insurance policies covering pregnancy, you must plan ahead. There are several options available, but you will get the most from your policy if you do your due diligence and purchase the policy ahead of time.
Request a Health Insurance Quote with Maternity
By: Adam Hyers
Health Insurance Covering Families in Michigan
January 26th, 2010
UNICARE health insurance provides individuals and families low rate coverage and comprehensive plans. Few of the UNICARE policies have low cost plans, with “$2,000” yearly deductibles for each family member, thus offering the maximum payout on claims. The plan may offer waivers on deductibles to family members that do not meet the limited doctor visits. In other words, the policy may stipulate that each family member is permitted two doctor visits in 12 months, and if the policyholder does not meet the limits then deductibles may be waived. The plans offer a “$30” Co-payment per member.
Be careful, since some plans charge 100 percent on three or more visits to the doctor. The plan may have low pricing with maximum deductibles of “$5000,” however, the doctor limits are increased. This means the higher the deductible the more visits you can spare, with waiver on deductibles and “$30” Co-payments. There may also be co-payments on prescription drugs, usually around $10 per prescription on generic brands.
It depends on the insurer but few offer low cost plans with higher deductibles and “tax deferred” bargains. The insurance provider may pay 100 percent of each visit to the doctor, which will include procedures, visits, hospital stay, outpatient care, and so forth. If the policyholder meets the deductibles then the company may pay the full price on prescription drugs generic brands.
If you are fall under the low-income guidelines, you may want to inquire about HMO PLANS. Rather, you may want to inquire about other types of HMO plans, since the UNICARE falls under the guidelines of low-income families.
HMO is an abbreviation of Health Maintenance Organization, and the plan is designed to meet the delivery of healthcare. The plan is constructed under a network, meaning that doctors, policyholders, and providers work together to provide coverage at lower cost to families and individuals. It is a managed health care plan that works within a network environment. This means that if you have an HMO plan then you are expected to get healthcare by the participants in the plan. In other words, the doctors have voluntarily agreed to charge less for medical care and have agreed to join the plan. If the doctor is not in the network then you may not be permitted to go out of the networking environment. If you need a specialist then you must ask your doctor for a referral, otherwise you cannot visit a specialist on your own without paying full price out of your own pocket. HMO is a Medicare program that is under rule of the “Federal Government,” following the “Medicare Advantage Program” rule.
At one time policyholders of HMO plans were permitted to go anywhere they choose to get medical treatment under the plan; however, the networking environment has increased restrictions and included exclusions under the plan. If you are in need of specialist care you may want to consider other types of managed care or insurance polices that do not have exclusions or works on a network environment.
If you apply for HMO and are accepted, you will also need to sign up for the “Medicare Part D” to receive coverage for prescriptions. There are two types of plans available, which include the HMO and PPO policies. Thus, if you do not apply for the “New Prescription Drug Benefit” you will need to cover your own medicine costs. Still, you will only get the generic brand with the HMO coverage plans. Furthermore, it depends on the plans, but few HMO plans with prescriptions have no premiums, while others may charge minimal premiums per policy. There are also deductibles in few of the HMO plans, including the D plan.
For more information regarding health insurance, it makes sense to go online and find all information as possible regarding premiums, rates, coverage and so forth. Online you can get several quotes to help you determine cost of health care services. Many insurance policies will include co-payments; however, Michigan is one of the states that offer HMO plans that do not have co-payments. Recently, Michigan HMO plans restored Chiropractic and Dental services to its plan; however, at one time there was no coverage for these services.
By: Michael Bens
