By definition a “supplement” is something that backs up, tops up or
makes better another thing, item, situation or in the case of this article, Original Medicare. Medicare Supplement insurance policies are sold by private insurance companies and “supplement” original Medicare.Original Medicare was not designed to cover you 100%. There are gaps in the original Medicare and these "gap" policies help fill those out of pocket medical expenses you would otherwise pay yourself.
Original Medicare and Medicare Supplement/Medigap policies work in concert to pay health care costs. Medigap policies are all standardized and have certain specific benefits. That doesn't mean you can't choose benefits to suit your situation, because you will have many choices. In fact you have the option to choose from 10 different plans – Plans A through J.
Without confusing the issue too much, each plan has a different set of basic and extra benefits. You can come pretty close to tailoring a plan to your medical needs by talking things over with a health insurance agent. Talking to an agent is free, and many times can save you money by pointing you in the right direction for better coverage for a lower price.
Health insurance and Medicare contracts must follow state and federal laws. This is important, it means you are protected. It makes sense then that Medicare Supplement/ Medigap policies must also follow laws.
When you're talking to your health insurance broker, compare the different Medigap plans. Once you have found a plan that suites your needs, compare the price of that plan with all the carriers in your state. You will find that the same plan has different prices from carrier to carrier. It doesn't matter which plan you choose, they are the same for all insurance companies. i.e. A Medicare Supplement “F” Plan is a Medicare Supplement “F” Plan wherever you go and whatever carrier you choose.
However, having said that, each insurance company makes a decision about which Medigap policies it will sell. This is another good reason to talk to a qualified local health insurance broker who knows his stuff.
If you are considering a Medigap policy, you will need to have both Medicare Parts A and B. If you go with Medigap, you will be paying a premium for the Medigap policy on top of the cost of Part “B”. If you are applying for coverage with your spouse, they must have their own Part A and B as well.
Although it might seem confusing and time consuming to pick and choose plans that suit your circumstances, with the help of a qualified health insurance broker, it will make things a lot easier.
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One of my friends was complaining about the increasing cost of health insurance policies in California and when I asked him how much it cost him he threw me a figure which shocked me. No wonder he was complaining about the cost and I was feeling little sad for him because I thought he had some other medical condition that made his health insurance so expensive. Unable to restrain myself I asked him about his premedical condition. He responded with a guffaw, “What medical condition? I don’t have any thing like that, what are you talking about?” I was totally confused now and I told him I wanted to see his policy document and when I saw his papers I understood why his health insurance was almost double the cost of my policy.
He had opted for plan with the best benefits possible probably
thinking that it would save him a lot of money. He had opted for a health plan that covers physician visits at a $5 co-pay, a very low ($2) co-pay for prescriptions etc. I explained to him how we can safely cover these cost and reduce our health insurance premium. You should opt out of these “rich benefits” when you enjoy general good health that does not require visits to your physician on weekly or monthly basis.The function of health insurance is to support people when they have to face a huge medical bill that has resulted out of some unforeseen circumstance or some major illness or hospitalization. It makes sure that we are not deprived of any medical attention that we require in these circumstances just because our resources were low during the time of emergency. It also helps us to keep our savings and other assets intact. We can keep our health insurance premiums low if we keep the policy to fulfill this basic function rather than opting for coverage that promises to take care of even the most basic things like doctor visits.
When I pointed this out to my friend he too readily agreed with me and regretted about not discussing this with me before signing up. I also asked him how many quotes he got before signing up. He was surprised with my question but he understood that he had lost few more dollars in that. I introduced him to Mattsinsurance4ca.com where we can get instant health insurance quotes and compare those quotes free of cost. I managed to cut down a considerable amount of the cost by comparing several plans from several health insurance companies’ side-by-side. He got the best value for his policy with additional riders at a discounted price.
To hook up to new customers, insurance companies are ready to quote several different health plan designs with varying premiums and benefits to add value to their customers. Discussing your needs with an independent health insurance agent will help you get a good deal from the insurance company. And using the services of broker does not cost you the consumer any more than if you went directly to the insurance company.
Don’t fall into the low co-pay trap. Talk to your agent about those low first dollar benefits. Don’t let your health insurance company fool you!
To learn more about California Health Insurance click here.
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Although it might seem confusing, the various options for Medigap coverage can be made easier to understand by contacting a licensed health insurance broker who is familiar with the industry.
A Medicare Supplement Policy/Medigap policy helps cover the cost for medical services that original Medicare does not cover. It's an extra add on kind of policy to address holes or gaps in the original Medicare plan. Medicare Supplement Policies when combined original Medicare work together to pay most health care costs.
There's a prevailing myth that Medicare and Medigap are so complex and so varied across the nation that no one could possibly understand them, let alone afford them. Therein lays the myth. Medicare Supplement plans can be very affordable and are standardized in the sense that all insurance carriers have the same plan designs for Medicare supplement polices. The only difference from carrier to carrier is price.
What differs at the state level is that private health insurance companies have the option to choose which of the 10 Supplement plans they will sell to the consumer. So it makes good sense to compare the plans and the premiums prior to making a purchase. Plans A through J offer a variety of different benefits and extras making them ideal for consumers who like a cafeteria approach to health care coverage.
Health insurance agents can make a huge difference in the type of coverage consumers opt for simply by the nature of the advice they are able to provide. Local health insurance brokers are the ones with a better grasp on the marketplace than big name insurance brokers who provide call centers that don't take into account a person's state of residence.
In order to get Medigap policy, customers must first have both parts and B of Medicare. The choice of the additional Medigap coverage will include a premium for the coverage in addition to the premium paid for Medicare part B. In rare cases some Medicare Beneficiaries will pay for their Part A. Spouses must each have their own Medigap policy. The husband's Medigap coverage will not apply to the wife and vice versa.
The general consensus on the Medicare Supplement/Medigap industry is that these separate insurance policies fill quite a few “gaps” of the original Medicare. While it may not always be perfect coverage, one of the Medigap plans usually satisfies the customers’ needs.
For more information please visit www.mattsinsurance4ca.com or contact Matt Lockard by email at matt@mattsinsurance4ca.com
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I want to ask all American tax payers a question.
If we get all of the uninsured – Health Insurance or some form of Health Care, how much healthier will those people become? Will the fact they have any coverage keep them healthier and live longer lives or will they stay unhealthy because now they are just as lazy and still will not get off the couch and go to the doctor? My guess is they will still go to the emergency room for every little thing. And how much do you think that will cost responsible tax payers?! Are the uninsured really the responsible ones who are taking care of themselves, or are they depending on the tax dollars of responsible Americans to “SAVE THEM” for being idiotic and irresponsible citizens (legal or illegal) for their own health?
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Not many people really know that much about Health Savings Accounts.
Knowing more will show you how valuable they can be for you and your family.
In 2003, Health Savings Accounts (HSAs) came into effect. They were launched as the greatest thing since sliced bread and promoted heavily.
Five years later many people still aren't as informed as they should be about Health Savings Accounts and how they work.
As part of the Medicare Prescription Drug, Improvement and Modernization Act, HAS’s help US citizens under 65 save money for qualified medical expenses on a tax-advantaged basis. People who purchase a qualified High Deductible Health Plan may open a Health Savings Account. The money deposited into the HAS may be deducted from your taxable income at the end of the year. The nice thing is premiums for HAS qualified health insurance plans are much lower when compared to regular PPO and HMO insurance plans.
The tax benefits you can accrue with HSAs are:
• deposits and earnings aren't taxed and
• there is no "use it or lose it" qualifier
• Money you save in the account isn't taxed upon withdrawal if you use the money for qualified health expenses.
The HSAs are portable, you are the owner. If you have an HSA with an employer and you leave that employer, the money you have saved in the HSA is still yours. Many people confuse MSA’s (Medical savings Accounts) which are employer owned with HSA,s (Health Savings Accounts) which are owned by the individual employees.
Since HSA's are owned by the individual they are totally flexible. Of course you must have a Qualifies High Deductible Health Plan (HDHP) in force when you want to make any deposits. Many people who have HDHP never open an HSA. But when they do they can deposit as little or as much as they want up the limits set the IRS. If you're looking for flexibility in terms of payments, then a Health Savings Plan might just suit your budget.
The second way to contribute to a health savings plan is your employer may make non-taxable contributions for you. Or employers with cafeteria plans may allow workers to contribute untaxed salary through a reduction in salary.
If you’re 55 or older, you can make catch-up contributions to your account. This might sound similar to an IRA, and that's because it is similar. Funds in the account grow tax-free and there are penalties for withdrawing the money for non-medical purposes. When you do turn 65 you can withdraw the money and it will be taxed as regular income. But, if after you are 65 years old, and you use the money in your HSA for medical expenses, you can withdraw the money and not be taxed.
Because of their flexibility HSAs can come in real handy. They're well worth considering for protecting yourself when you most need it. So if you don't have health insurance and need it, take a look at a HDHP and then supplement it with a health savings account. Find out if this is the perfect coverage for you by talking to a qualified health insurance broker who can guide you through the process.
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When you are travelling outside your home country, your current health insurance plan may not cover hospital expenses if you need medical attention. In many cases, your health insurance will only cover you in the country you purchased it, be it the US or elsewhere. If you want to have protection against foreign medical expenses, you should consider a travel health insurance policy. Travel Health Insurance covers the worldwide traveler for unexpected accidents or illnesses while visiting a foreign country. Travel health insurance is smart choice to be prepared in case of an emergency.
If you are using a travel agent to help you plan your trip, they can help you find the right travel health insurance plan. Many travel health insurance plans will cover more than just your health. Several travel health insurance plans will also include such benefits as emergency evacuation, lost baggage, trip delays and more. If you are not using a travel agent, there are several travel health insurance agents online where you can compare prices and plans.
Some people enjoy more adventurous vacations with activities that could be potentially dangerous. Kayaking, horseback riding, skiing, paragliding… The list goes on. We all want to try new things that we have never done before while on vacation because it’s adventurous. If you plan to partake in one of these activities, optional hazardous sports rider are available for the adventurous traveler. Check for this extra coverage while shopping for your travel health insurance plan. Often you will find that these more adventurous activities will be considered armature sports and not covered on a regular travel health insurance policy without the hazardous sports rider for travelers.
Many vacationers have saved their hard earned money for months and months to go on their dream vacation. Of course you want everything to go smoothly, but, unforeseen circumstances may force you cancel of your travel plans. Or you may find that while on vacation you need to cut your trip short due to an emergency back home. To protect yourself against this type of lose you should look into Trip Cancelation Insurance and/or Trip Interruption insurance. Benefits provide for cancelled trip, unexpectedly cutting a trip short, travel delays, baggage delays, emergency medical evacuation and more.
Vacations are a time to feel stress free, adventurous and to see new places and try new things. They are not a time to be careless or reckless with your financial stability. Be smart, protect yourself from an unexpected loss with travel health insurance and trip cancelation insurance.
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Cindy Ehnes, director of the state Department of Managed Healthcare, wrote an article in Capitol Weekly describing how California will be cracking down on fraudulent discount health plans. California will be posing new regulations to license company’s, imposing strict consumer protections for those wishing to sell their discount plans in California. The department issued an alert, warning Californians of deceptive discount health plans and suggesting questions to ask. The alert is available in English and Spanish at www.hmohelp.ca.gov. In 2007 the DMHC received more than 200 consumer complaints about discount health plans, almost one third of which were because the consumer believed the discount plan to be insurance. “In the past month, we have seen a substantial increase in the number of complaints regarding discount plans, so it would appear that some fraudulent companies may once again be marketing heavily in California” she said.
A discount health plan is not health insurance. A “discount plan” is provided by organizations that arrange discounts for medical services, often issuing a card to you for that purpose. And the providers are not obligated to accept the discount plan, so not all doctors and facilities participate. Be very cautious and thoroughly research any discount health plan you are considering.
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This is something that may shock you! Insurance is a business, not a charity, which is why a growing number of people are in the ranks of the uninsurable. They are there as a consequence of their own actions.
If you were an insurance company who could provide a health care insurance plan to someone for $86 a month, but that someone was taking a brand name drug for something that cost $230 a month, what insurance company in the world would want this person as a client? They would lose money on them before they even got coverage. Yes, the bottom line is this: insurance is a business, and consumers must wake up and smell the coffee.
Smelling the coffee involves understanding how the health care system is being over-utilized for things it was never supposed to be covering. When health care insurance was brought into existence, the intention behind the business was for citizens to use insurance for the "big things" in life - broken legs, heart operations, etc.
Now the system is being over-used, and often abused, as consumers run to the doctor for every little cut and bump without regard for the enormous costs incurred by consulting with a specialist. If a patient goes to the doctor and says they just saw a certain drug on TV and wondered if it could help, and the doctor consents to try it, that patient has just started taking a brand name drug, and is now classified as having a pre-existing condition.
Is this a two-way street? In this example both the doctor (who should likely know better) and the patient have created a situation where the patient will not quality for heath care insurance. The patient will soon face a dilemma if they are uninsurable - what about the "big things" that happen, leading to a genuine need for the health care system? Where will they be without insurance? The unfortunate answer is: in a major financial crunch.
The moral of the story is: think twice before you run to the doctor for everything that ails you because the price could very well be an inability to get health insurance in the future. Also, over usage of policies by the policy holders is an expense that is shared with rate increases.
For more information please visit www.mattsinsurance4ca.com or contact Matt Lockard by email at matt@mattsinsurance4ca.com
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FOR IMMEDIATE RELEASE
Contact: Matt Lockard
Tel. 805-650-9087
Email: Matt@MattsInusrance4CA.com
California small business owners are being pressured from every angle to remain in business and stay profitable. Gas prices, the cost of office supplies, liability insurance and even the cost to send a letter keeps going up and up. So what should companies do to cut cost?
Aside from layoffs, health insurance is frequently looked at as a place to save money. One California agent, Matt Lockard has started to showing Small Business owners how they can save as much as 20%-50% on health insurance premiums by opening a Health Reimbursement Account (HRA).
“Many people are not aware of this group health insurance strategy” according to Matt Lockard owner of www.MattsInsurance4CA.com . HRA’s went into law in June of 2002. That was the very beginning of the just past housing boom and spending frenzy enjoyed by many Americans. Now, stung by rising prices, California business owners need to find creative ways to cut costs.
“Setting up a High Deductible Health Plan with a top California health insurance carrier along with an HRA is a great way to provide a good, solid health benefits for your employees” says Matt Lockard. Generally the employer switches from the traditional high cost HMO or co-pay plan to a high deductible health plan and also sets up a Health Reimbursement Account with a bank. The goal is for the savings from the new low cost high deductible health plan to more than offset the amount needed to fund the HRA. If this works, the employer will save money.
Employees may also see a savings in the first month on their pay check. If the employee is paying a portion of the health insurance premium, his or her cost will go down do the lower cost high deductible plan. “The HRA strategy also puts more money into the hands of the employees who are also contributing to the monthly premium” Explains Matt. “If the employees are contributing to the health insurance premium, and the high deductible plan cost less, their share of the premium will also go down.” That’s good news for any household who is also looking for places to cut cost. A win win!
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If you’d like more information about HRA’s or if you’d like to schedule an interview please call Matt Lockard at 805-650-9087 e-mail Matt at Matt@MattsInsurance4CA.com .
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If you have ever been really sick or injured, you know how important California Health Insurance could be. Every single day, people are getting sick or having accidents. Accidents and can happen to anyone, and California Health Insurance can help you by providing you with the care that you need.
Most companies these days offer some form of California Health Insurance to their employees. These California Health Insurance Plans usually covers medical bills, surgery and hospital expenses. It is a great feeling for an employee to know that they are covered by their employer should anything happen to them. Group Insurance is generally available to companies, unions, and other professional associations.
If you are not covered by your employer, it is still possible to get California Health Insurance as an Individual. If you are self-employed or working for a small company that does not offer health insurance, you can opt to get California Individual Health Insurance. Getting an individual insurance plan means that you can tailor a plan that will suit you and your individual needs. You may want to look around at existing California Health Insurance plans and compare them to each other. There is a great deal of different kinds of California Health Insurance plans available, so you will want to choose carefully and get the one that suits you best.
There are so many people out there who are healthy and have never once been in an accident or been really ill. So many individuals scoff at the idea of getting California Health Insurance when they are young and have got their whole lives ahead of them. At that age, people feel invincible and can not imagine that one day they will also be getting old and frail. California Health Insurance is not just for old people or ill people, but for people who want to be able to enjoy life and not worry about getting sick. California Health Insurance is available to everyone from any age. California Health Insurance covers all kinds of illnesses and injuries, from every day accidents to serious disease. You could be fine one day and then fall over and hurt yourself badly the next. With California Health Insurance, you do not need to worry about what may happen, because you will know that you are completely covered. You will not need to worry about not being able to afford to pay the hospital bills, because you will be getting help when you need it. California Health Insurance will give you ease of mind if you have ever had a days worry about things going wrong.
California Health Insurance is available in a range of different health plans to suit you and your individual needs. Your goal with California Health Insurance is to insure yourself against injury or illness that could result in financial losses. Anybody thinking about the future will know that getting California Health Insurance is a good idea. Do not wait to get California Health Insurance, inquire today and find a plan that will suit you.
For more information go to www.MattsInsurance4CA.com
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