On January 1, 2014, the most far-reaching provisions of the Affordable Care Act go into effect. Insurers will be required to accept all applications. This means that no longer can an individual be declined or “rated-up” for pre-existing health conditions in the personal health plans market.
Open enrollment for the exchanges (new health insurance marketplace) begins on October 1, 2013. However, we are still aiming at a moving target. Nobody knows exactly what the plans will look like.
Making the Right Decision about Medicare Plans
I recently spoke with my friend’s dad who is 72 years-old and recently purchased a Medicare Supplement (Medigap) plan and Part D (prescription drug) plan. We’ll call my friend’s dad “Roger”. So, Roger had been on a retiree group medical plan for several years and was told last year that he had to purchase a Medicare plan through his company’s preferred agency.
Do you know how much you pay for your health insurance? Almost all of my clients know very well the cost of their health insurance, however, people who work for large companies are usually unaware of the total cost of insurance. They know how much comes out of their paycheck each pay period, but that’s about it.
This year — as a result of the Affordable Care Act — employers with 250 or more employees are required to disclose the total cost of health insurance on W2s,
I rarely promote a particular insurance product, so this is an exception. There is a new dental insurance plan available for individuals and families in Georgia (and some other states), that is really good. What makes it so good is that it pays a very high percentage for major dental work and has high annual maximums to choose from. However, what makes this product unique is there is no waiting period for major dental work. Now, this feature is standard for most group plans,
According to a recent announcement by the Georgia Insurance Commissioner’s office, all health insurance carriers in Georgia are required to offer “child-only” policies again — starting January 1, 2013.
This is very good news for a lot of families who have been forced to keep children on expensive group plans or find alternate coverage for their children. Sometimes parents can’t qualify for a personal plan or find it too costly, yet they want their children to be covered.
I received a call today from someone who didn’t know they had options when their COBRA coverage ended. I receive these calls on a regular basis. Most people opt for COBRA when their employment terminates and they don’t have another viable option. COBRA is an option that is well known and employers are required to make this continuation of coverage available to all eligible employees. The alternative to COBRA is an individual/family plan if one doesn’t obtain new employer coverage.
For people turning 65 or losing group coverage after the age of 65, Medicare can be a welcome relief. The medical benefits are much stronger (in most cases) and the premiums are relatively low. Medicare Part A (hospital) is free and Part B (medical) is close to $100/month, depending on income. So far, so good. However, most people will want to supplement Medicare Part A and Part B since they still face a lot of risk for out-of-pocket expenses —
Most people have a major medical plan with prescription drug coverage. So, why would someone want a free Rx card? Well, it is becoming more common for insurance companies to exclude coverage for pre-existing conditions. When this happens, the carrier won’t cover any doctor visits or drugs related to the pre-existing condition(s). A lot of money can be saved by someone who has a discount Rx card in this situation.
If someone does not have any major medical coverage,
As most people have discovered, a trip to the Emergency Room can be very expensive. However, in a true emergency, most people don’t worry about the cost. Insurance companies do worry about the cost and they discourage policyholders from going to the ER for anything other than a real emergency. As a result, copays are much lower for trips to an urgent care facility. Many carriers are now charging copays from $250 to $500 for an ER visit. The copay for a trip to an urgent care facility is closer to $75.
Recently, I posted some information about the new Federal High Risk Pool. At the time, there wasn’t a lot of detailed information available on the government site, especially concerning rates. Well, now the rates have been published. Rather than parphrase what has already been written, I am providing excerpts of a letter that was sent to agents from a general insurance agency:
The Pre-Existing Condition Insurance Plan was created to make health insurance available for those that have a problem getting insurance due to a pre-existing condition.
