What to Look for When Shopping for a Health Insurance Plan
What to Look for When Shopping for a Health Insurance Plan
With all the Health Insurance options that are available to us it can be overwhelming finding right health insurance plans
for ourselves. There are literally dozens of companies with hundreds of plans to choose from. We have to agree that the main reason for having Health Insurance is to protect ourselves from large unexpected medical bills. So when comparing medical plans that is the main thing we should be looking at. Since IRS says that number one cause of Bankruptcy in the United States is medical bills, specifically medical bills that are over $17,000. We will keep that in mind as we will looks all the factors of selecting right health plan.
Before we get into comparing plans there are three main plan options to choose from: PPO (Proffered Provider Organization), HMO (Health Maintenance Organization) and HSA (Health Saving Account). The simple way to understand the differences is keep this in mind; PPO plans will give the greatest flexibility and ability to choose your own doctor usually from a extensive network of doctors. Most PPO plans have reasonable monthly premiums and usually have a hospital deductibles ranging from $500 to $5000. We will get in to deductible and how they work later on. The simplest way to explain how HMO plans work is to think of a gate keeper system. That means that you get assigned to a specific doctor or medical office (Primary Care Physician) that you have to go thorough to get authorization to get medical care. Most HMO plans comprehensive coverage, small co-pays to go see a doctor and low deductibles ranging from $0 to $1500. HMO plans tend to cost more that PPO plans. HSA plan is a relatively new concept and becoming extremely popular. HSA plans work similar to PPO plan in a context that you can choose your own doctor from extensive list of providers. HSA plan have great advantages when it comes to low monthly premiums and ability to save money tax free for the medical expenses, in similar way to 401k or IRA accounts. The reason for low monthly premiums is that HSA plans have large deductibles usually over $2400. For more information on how HSA plans work and if it is a right choice for you visit www.GuideToHealthInsurance.org
Number one thing we should be looking at is what is called “Maximum out of Pocket”, also might be called “Yearly Maximum out of Packet”. What that means is that amount is the maximum you can be out of pocket in any given year for ALL the medical expenses combined. Most of the time that amount will exclude prescription drug coverage deductibles and co-pays. When you are comparing health insurance plans it is important to find out if everything in the plan is applied towards the “Maximum out Of Pocket. Some plans that have attractive monthly premiums might have exclusions to where “Maximum out Of Pocket” is applied only for the hospital stays. Most of the PPO plans have “Maximum out of Pocket” range from $3000 to $9000. For HMO plans “Maximum out of Pocket” ranges from $1500 to $4500. Most HSA plans have where your deductible is your maximum out of pocket.
Second we should be looking for a plan from a known insurance company name. There are a lot of large well established insurance companies that you might never hear of. Reasons for staying with a large well known insurance company are that you know they will pay your bills and not going to disappear. The other reason is that chances are most doctors will accept the insurance plan that they offer. I would definitely stay away from 99.9% of Association plans and small insurance companies with less than 10 billion in Assets. You can find that our by going to Forbes.com. To date largest insurance company that provides Health Insurance is Fortis and their health insurance plans are called “Assurant Health”. Largest health insurance provider in the United States is Wellpoint serving approximately 34 million members nationwide. We all know them as Blue Cross and Blue Shield. Keep in mind that in some states Blue Cross and Blue Shield are owned by two completely different insurance companies.
Third we will be looking at the deductibles. There is a huge misconception with how deductibles work. The number one misconception with deductibles is that nothing is covered by the insurance company until this large deductible is met. The reality is that most plans cover most of the things before the deductible is met with small co-pay. In most cases deductible applies only for inpatient and out-patient hospital (surgeries, emergency room). Second misconception is that once deductible is met everything is covered 100% or in case of hospital stay all we will be responsible is the deductible. Although some plans do work that way, most health plans do not. Majority of health plans you are still responsible for, what’s called co-insurance. That meant that you are still paying percentage of the bill usually 30% up to you “Maximum out of Pocket” as me mentioned earlier. That is why “Maximum out of Pocket” is more important that the deductible. For example if you have a plan with a 2500 deductible and 30% hospital co-insurance, then you are responsible for 2500 plus 30% up to “Maximum out of Pocket”. There are some plan today available that have no deductible and they are relatively inexpensive. Chances are those are the plans that have high “Maximum out of Pocket” in most cases over 7500 per person. In case of a family of four in worst case scenario you could be responsible for $30,000. If there is no deductible it does not meat that everything is covered at 100%. The way plans with no deductible work is by having you pay a percentage of the bill starting with the first dollar. Percentage could range anywhere from 30% to 50%, again up to your “Maximum out of Pocket” amount. The larger deductible you choose the lower monthly premium you will pay. My recommendation will be that you choose deductibles over 2500 unless you are planning on being admitted to the hospital often.
Fourth we will be looking at the prescription drug coverage. The reason prescription drug coverage is very important, because drugs can be very expensive. In the event of major illness or accident drug cost could be in the hundreds even thousands of dollars every month. Most plans do cover prescription drugs. There are few things to consider. First check if the plan has limits on how much the insurance company willing to pay for your prescription drugs per year. Most plans cover prescription drugs up to your life time maximum which should range anywhere from 2 million to 8 million. Some plans offer option where they will cover only generic drugs. This in most cases is sufficient. About 90% off all the brand name drugs have equivalent generic drug available. By choosing a plan that covers generic drugs only you can be saving a lot of money every month on you health insurance premium. Next you should be looking at the deductibles for the prescription drugs. In most cases if plans covers generic and brand name drugs you will have a deductible for brand name drug before your co-pay begins. Most brand name drug deductibles range anywhere from $250 to $1000. Majority of the health plans cover generic prescription drugs right away.
Fifth we will look at annual physical exam coverage. Most plans cover physical exams once a year. There are few things to consider. First if there a waiting period before you can get insurance company pay for your physical exam. Second what is the maximum that insurance company is willing to pay for your physical exam? Last is what your co-pay to get a physical exam is.
Sixth we will look at the doctor visit co-pays. That means what is the amount that you are responsible for after witch insurance company pays for everything at 100%. There are some options to consider. Doctor office visit co-pay could range anywhere from $10 to $50. Some plan might have you pay a percentage of the doctor’s office visit. After witch insurance company is willing to pay at 100%. Second thing to consider is if the co-pay included lab work and x-ray. Most of the time Lab work and x-rays is billed separately. Company like Assurant Health is willing to pay up to $100 for your lab work and x-rays as part of your co-pay. One of the main things that most people look for in a plan is, how much is their co-pay to go to a doctor? Even though no one in history ever went bankrupt
because they could not pay for their doctor visit. If you were to going to pay out of pocket for your doctors visit it will probably cost you anywhere from $45 to $100. The only way it is going to be more than that is of you had sad lab work or minor out patient surgery done.
After reading this article you should have idea of what kind of plan you might want for your self and your family. The one additional thing that I would consider is how well your plan travels with you. For example if you decide to move to a different state or if you travel outside of the country. Most plans do not travel well and most don’t cover you if you are outside the country. I most cases if you can a plan in one state and you decide to move to a different state you have to cancel the plans in the state you are moving from and re-apply in the new state. Even if you had same insurance company in the state that you are moving from.
What to Look for When Shopping for a Health Insurance Plan / Dennis Alexander
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, http://www.GuideToHealthInsurance.org
Test Driving a Boat
Test Driving a Boat
If you think you’ve found the boat of your dreams, it’s time to test it. Testing your boat is more than just taking it for a test drive around the harbor. You should look at everything closely, as a professional boat tester would.
Sometimes, it can be hard to tell a top quality boat from one that may have problems later on. To an untrained eye, both can look good on the surface. When you start to break everything down and give it a careful inspection, you’ll be able to tell a great boat from a not-so-great boat.
By opening up all doors and access plates, you can get great insight on the the construction of the boat. You should also stick your head into the anchor locker of any boat you are considering to buy, as if they’ve cut any corners you’ll normally be able to see it here.
Looking into the anchor locker also lets you look at the hull to deck joint. If there is light coming from through, or if the fiberglass around the joint can be seen through, it normally means the boat has poor construction.
When you buy a boat, you should put it through a rigorous visual inspection. It’s also equally important to conduct a vigorous test on the water as well. A private seller or dealer will normally want to stack the deck, ensuring that the boat will perform well.
Normally, this involves a near empty gas tank, no gear or extra passengers, and keeping the boat in sheltered water. Therefore, it’s up to you to insist on a more realistic test. Think of the test as an actual day out on the water, and you’ll find out if the boat is indeed something you should spend your money on.
During your water testing, you should determine if the boat performs well and meets all of your expectations. You should determine if the boat travels at the right speeds, and whether or not it is capable of doing everything that you plan to do with it after you buy it.
When test driving the boat, you should put it through all paces in open water, cutting waves at all angles. If you plan to test a saltwater boat, you should bring along a 5 gallon bucket and try throwing some water onboard. Any boat you plan to use offshore should quickly shed water through the scuppers. Some boats will pool water in the bow and drain slowly – which can be very dangerous in rough waters.
If a seller or dealer balks at the mention of any requests you have, simply find yourself another dealer or another boat. There are plenty of great quality boats available, ranging in prices. Make sure to check everything very carefully before you make any decisions.
Test Driving a Boat / Harry Ayala
Learn about sick goldfish, types of goldfish and other information at the Interesting Animals site.
Refinancing Your Fixed Rate Loan
Refinancing Your Fixed Rate Loan
It doesn’t matter what type of loan you have, you may be a great candidate for mortgage refinance. Many people believe that when they have a fixed rate loan that they will never again need to worry about interest rates because theirs will always be the same. It’s important to realize that even if you have a fixed rate loan you may be able to get better interest rates. Market rates are always changing and because of this you may be able to do better than you did the first time around.
Mortgage Refinance for Fixed Rate Loan
It’s true, even if you have a fixed rate loan you may be able to refinance and save money. A lot of people today have heard horror stories about adjustable-rate mortgages and because of this they go with a fixed-rate mortgage. A fixed-rate mortgage can be a wonderful thing for a lot of people, but many people believe that their first fixed-rate mortgage is the best that they can do. This may or may not be right, so you might as well check and see what is out there, and see what best suits your situation.
When you have a fixed-rate mortgage, you have a set interest rate and this can be outstanding if you got a good rate on your loan the first time around. The thing is, if interest rates drop below what you are paying you are stuck paying more than you need to be paying. If you are interested in lowering your monthly payment – and who isn’t – then why not check out the current rates and see if you can’t improve your current rate, which will then lower your monthly payment.
If you have a desire to lower your monthly payment you may be able to make it happen with mortgage refinance. If you can find a loan that will lower your interest rate at least two percent, you will usually see a huge difference in your payment and the overall expense of the loan. What you should keep in mind is that you do not want to refinance again and again, so you shouldn’t accept a loan unless it is something that you believe will lower your monthly payment as much as possible until the refinance has been able to pay for itself.
You may find that mortgage refinance is a great option for you if you want to get money out of the deal. There are cash-out loans out there that will allow you to refinance for more than you owe on the home and the difference can be put in your pocket to spend any way that you see fit. This is something that many people use to consolidate debt or make improvements to their home.
Refinancing your fixed rate loan can be a great way to save money or get the money that you need to get things done around the house or pay off debt. Even if you thought you got the best deal when you bought your home, you may be surprised to see how much you can lower your interest payment and how much you can save on your monthly payments. It’s worth looking into, even if you have a wonderful fixed rate loan!
Refinancing Your Fixed Rate Loan / Robert
Refinance.com provides more information about how to refinance Home loans and get affordable interest rates, to learn more and see if you qualify visit http://www.refinance.com/ today!