Health Net Insurance
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Cutting Health Insurance Costs
Mason Duchatschek
Surveys of self-employed individuals consistently show that one of their major
concerns is the ability to buy affordable health insurance. One in 4 self-employed
persons has no health insurance today even tough more than 70% of these people
could afford to buy high quality health insurance if they had an effective buying
strategy.
1. Have a budget and set realistic expectations. Realize that the purpose of
insurance is to cover unexpected and otherwise unmanageable expenses. Most good
plans cover "ordinary and necessary medical expenses" but not your health club
membership. Look for coverage that provides protection but avoid being drawn
in by the marketing sizzle. Do not buy health insurance with the primary intention
of picking up the cost of your existing ordinary medical expenses like prescriptions,
routine dental care and annual check-ups. Health plans exist for almost every
budget. Remember that no one is excluded from receiving medical care for an
acute condition because of the type of their health insurance plan, but rather
medical treatment may be denied because they don’t have any insurance coverage
at all.
2. Realize that there are trade-offs in every health plan. The lowest priced
high quality health insurance plans excluded coverage for pre-existing medical
conditions and require periodic re-enrollment. It is often better to take the
less expensive insurance any pay for small uncovered expenses yourself. But
if you need to find “full takeover” coverage, then you cannot expect to be offered
the insurer’s lowest rating.
3. Think short term. Most individual health insurance policies for self-employed
persons actually stay in force less than a year. Buy the plan that offers you
the best deal right now and do not worry about whether it will be available
in a year. In 12 months, a whole new generation of health plans will be available.
It would not be smart to keep the same plan for more than two years because
new plans are evolving rapidly. A plan that you bought more than 2 years old
would not likely represent the best value for you today.
4. Use student medical plans and foreign travel plans if you qualify. These
plans offer better deals than traditional coverage.
5. Choose a higher deductible. By taking a $1000 deductible, you will save more
than $1000 in premium payments over a year's time. This should be an easy decision
from a mathematical viewpoint, but still many people buy policies with a low
deductible. It makes no financial sense to pay an insurance company $1000 in
premiums for medical care that you could buy for $600 cash.
6. Choose indemnity type coverage and avoid HMOs. This lets you and the doctor
that you choose maintain control of your own medical care. This saves money
in the long run by allowing the best course of treatment from the outset of
any medical condition.
7. Use the Internet. Technology now allow for online pricing and enrollment
with policies issued within 24 hours. Savings have resulted in lower premium
prices. Some plans offer premiums as low as $25 per month for catastrophic coverage
for young people.
8. Avoid the scams. Unfortunately, self-employed individuals are a prime target
market of numerous health plan marketing scams. State insurance departments
continuously shut down disreputable plans, but new ones sprout up just as quickly.
Well-established and reputable health plans are obtained from well-established
and reputable distributors. Good health plans do not use multi-level marketing
schemes. All individuals handling your health plans enrollment should be licensed,
bonded and insured. Beware of individuals who claim that they do not need an
insurance license in your state or can not provide evidence of errors and omission
coverage or a bond issued by an insurance company. Remember the old adage “if
it sounds too good to be true…”. This certainly applies when shopping for health
insurance.
About the Author
Tony Novak, MBA, MT is a writer and financial adviser in Narberth, PA. His businesses MedSave.com and Freedom Benefits Association provide online benefits enrollment to individuals and businesses in 47 states.
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International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
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