Entries Tagged 'Health Insurance' ↓

Travel Insurance Is Crucial for Those 50+

In today’s uncertain world, a health travel insurance policy makes more sense than ever. But if you’re over 50, you definitely need to consider purchasing it before setting out abroad or on a cruise. Injuries and illnesses arise during travel, and ensuring you have the proper medical coverage to meet your needs is crucial.

New situations, different terrain, and riskier activities, such as parasailing or hiking excursions, can contribute to injuries, particular for older travelers. Even driving in a strange country can be a problem for many.

According to the Centers for Disease Control and Prevention, motor vehicle crashes are the top cause of death of U.S. citizens abroad.

Medicare and Medigap

If you have Medicare, your coverage applies in the U.S. wherever practitioners accept it. But if you have a Medicare or Medigap supplement, check with your supplemental insurer on overseas coverage. TheĀ Medicare.gov website offers travel coverage advice, and warns that Medigap policies have a lifetime travel emergency coverage limit of $50,000.

Evacuation and repatriation coverage

The best way to ensure you have the broadest coverage overseas is with a travel insurance policy. For example, travel insurance provides emergency evacuation and repatriation. If injured overseas, you (and your spouse) may want to return home for treatment and recuperation. This coverage goes beyond transporting you after an injury or illness. It includes advice, coordination of admission to a local facility, medical air transport and escort when needed, and ground transportation coordination at both ends of an evacuation; it also smooths immigration and flight clearances and assists with travel arrangements.

While some travel policies cover both medical and repatriation, you still may require two policies. Also, although some insurers offer coverage for a single trip, if you make frequent trips in the same year, an annual plan may be the best choice for you. Snowbirds in particular may benefit from this type of plan.

The Differences Between Medicare and Medicaid

Many people know of “Medicare” and “Medicaid,” but they may not know the difference between them. The confusion is understandable: Both Medicare and Medicaid are government-sponsored programs providing health care to US citizens. Taxes pay for both programs, and Congress instituted both in the mid-1960s. However, the programs are very different from each other.

Medicare offers dependable coverage for a small monthly premium for US citizens aged 65 and older and for those with a disability, whatever their income. Medicaid is a joint state and federal program designed to provide medical care to those who either don’t have health insurance or have insufficient health insurance and lack the financial resources to buy it. Basically, to qualify for Medicaid, a person must have a low income and few assets.

Currently, the federal government funds up to 50% of Medicaid’s costs, and wealthier states receive less funding than those states that are cash-strapped. One key difference: Medicaid consists of 50 state-run programs, while Medicare is one federal program covering all citizens who meet the age criteria, regardless of their income.

Eligibility and core benefits

Medicaid has specific federal guidelines for eligibility that must be met first, and then each state adds its own guidelines. The federal government mandates certain “medically necessary” treatment, such as lab services, X-rays, and pediatrician visits. States can then add additional benefits, such as vision and dental care, and prescription drug coverage.

Long-term care

For those unable to care for themselves, Medicaid may fund long-term care. Because Medicare does not cover these costs, and eligibility rules are complex, most people seek assistance from attorneys who specialize in Medicaid eligibility.

Medicaid usually doesn’t cover day care for those who can’t be alone during the day but have family present at night. Additionally, not all facilities accept Medicaid. If you’re concerned about your long-term care needs, discussing them with an insurance professional is always your best bet.

Supplemental Insurance: Is It Really Worth It?

Each year, thousands of Americans transition from group health, no insurance, or a personal health insurance policy to Medicare; in 2015, more than fifty-five million Americans took advantage of Medicare coverage. And that’s good.

However, many people don’t realize that Medicare only covers part of their health care costs. The individual must cover the remainder, which includes copays, deductibles, and dental, hearing, and vision care.

Generally, when US citizens turn sixty-five, Medicare enrollment is automatic. However, the significant coverage gaps above can cause financial hardships if you don’t understand the choices Medicare offers. For example, “original” Medicare provides Part A (Hospital) insurance and Part B (Medical) insurance. However, Part A and Part B have different costs: Part A is automatic for most people; Part B is $104.90 per month in 2016. Both have copays and deductibles, which can be steep.

By sixty-five, most of us take at least one prescription medication. For prescription coverage under Medicare, you must have a Medicare prescription drug plan. Therefore, you should consider Medicare’s Part D; be aware, however, that it will cost extra.

For help with copays and deductibles for lab tests, doctor visits, and hospitalizations, you’ll need to shop for supplemental coverage. Medicare pays private insurers a fixed amount each month to manage your health care. You may hear it called “Medigap,” “Part C,” or “Medicare Advantage,” and it requires an additional monthly premium payment.

Each supplemental plan covers different doctors, hospitals, and lab facilities, so it’s important to work with an experienced health insurance agent to choose a plan that will cover the medical providers you want to work with.

If this all sounds confusing, it is. While you can navigate the Medicare website, gather information about the various plans, and even choose a policy online, you run the risk of making a costly mistake. Call my office before you make that important transition to Medicare.

Happy New Year! It’s Time to Review Your Insurance Coverage

Exercise more. Eat better. Learn something new. It must be New Year’s resolution time again. As 2016 approaches, it’s a good opportunity to make New Year’s insurance resolutions by reviewing your coverage and deciding if changes are needed. As you examine your policies, consider making these resolutions for next year:

Update home inventory: Is your home inventory up to date? What have you sold, donated, or pitched in the past year? What devices will the family splurge on this Christmas? An up-to-date home inventory is essential to make the most of your coverage in case of theft or disaster. Include all items and their cost. Store this list off-site or in the cloud.

Assess car policies: Does your vehicle coverage accurately reflect your car’s value? As autos age, you may want to reduce coverage. Who drives the car? Are primary and occasional drivers designated properly?

Check for savings: Are you currently taking advantage of every savings opportunity? A call to my office will be worthwhile. Check for new programs, multiline discounts, and changes in policy requirements; they may save you a few bucks in the coming year.

Life changes: Be sure to discuss with my office any life changes, such as marriage, divorce, death, or births as well as home purchases, renovations, job changes, and health concerns. These can impact your insurance needs and may affect everything from your homeowner and life insurance policies to health insurance. You may even need commercial insurance if you’re starting your own company in the New Year.

Health Insurance Options for People With Pre-Existing Conditions

Numerous adjustments are already being made to the new health care reforms, and with these come questions about how and when all the changes will go into effect. One of the most hotly debated topics having to do with the new laws is how pre-existing health conditions will be handled.

While many feel the ideas behind President Barack Obama’s plan are good, the number of Americans locked out of obtaining health insurance due to pre-existing conditions may not be as bad as originally indicated. Only about 8,000 people have taken advantage of health insurance options offered to high-risk individuals. Because of that low number, the government has now cut premiums for these high-risk pools and expanded some of the benefit options to entice new applicants.

The truth is, though, that many people with pre-existing health conditions may not even need to rely on the government’s program.

In fact, although there may be some restrictions in coverage, a number of insurance companies will provide health insurance to people with pre-existing conditions.

Oftentimes, applicants will be required to pay higher premiums for coverage, or they may need to undergo waiting periods - sometimes between 12 and 24 months - before having their pre-existing conditions covered. But, before assuming that the options in the health care reforms are the only choice, it is a good idea to check with a good health insurance broker regarding insurance for those with a pre-existing condition.

Health Care Reform To Increase Insurance Premiums October 1, 2010

The Lowdown on Pre-existing Conditions

Many Americans have medical issues that insurance companies define as pre-existing conditions.

A pre-existing condition is a health problem that existed before the individual applied for a health insurance policy.

These health issues are taken into consideration by the insurance company regardless of whether the applicant sought treatment.

Minor conditions such as high blood pressure or high cholesterol have generally been handled in one of two ways.

The applicant may be accepted on the basis that a higher premium is paid in order to cover the minor condition.

Or the insurance company may accept an applicant by placing a rider on the policy that excludes coverage for the specific condition, usually for a set period of time.

Most major health conditions such as heart disease, cancer and diabetes have been cause for the decline in of health insurance policy applications.

For those with pre-existing conditions, however, President Barack Obama’s health care reform may offer some peace of mind. Insurance companies will be barred from denying coverage to children with pre-existing conditions.

At the same time, adults with medical conditions will be able to buy coverage through a temporary, subsidized high-risk insurance pool.

And starting in 2014, insurance companies will not be allowed to deny coverage to anyone with pre-existing conditions.

For those without health insurance, this could signal hope of soon being insured.

For the time being, those without pre-existing conditions should consider obtaining a policy or, if currently covered, keep their health insurance in force.

One of the best ways to safeguard against pre-existing condition issues is to have coverage already in place.

Having continuous coverage is a sure way to stay out of a potential health insurance crisis.

Contact my office if you would like a timeline of the new healthcare law. Beware, not all provisions of the law come into play immediately.