Stay Aware Of Sharing Insurance Cost

There are no substitutes for any type of insurance. There are Christian organizations that have totally missed the whole purpose why we all need health insurance, a cost-sharing program among believers to lower premiums is not the right solution. Ask yourself this question; why should you take the risk with your income and assets to save a few dollars on monthly premiums, knowing the fact this is not insurance?

In the event you had a catastrophic mishap that could cost tens of thousands of dollars a cost-sharing plan would only pay a certain amount of your medical expenses, and you could still find yourself with more than enough remaining expenses. We are to use wise judgments’ in our dealings with everyone. Just because some organizations are exempt from the new Affordable Care Act, this does not mean you as a consumer should go without the right protection. Insurance is in place to protect against financial losses. Think about this; if you are a homeowner, have a vehicle, rent a home, or have liability insurance for your business and family, do you not protect these assets? Sure you do.

It is no different if you were to have a material financial loss. Wouldn’t it make sense to recover from the loss by filing a claim with your insurance company to replace damaged goods caused by whatever reasons? It is the same in the event you found yourself with surmounting bills and needed ongoing care such as: physical rehabilitation or other medical services for a certain period of time; health insurance is there to limit medical cost providing the protection you need.

Although the premiums for this type of healthcare are extremely lower than traditional insurance, keep in mind this is a cost-share plan to help pay for healthcare services and not insurance. Just as you protect your home, your business, life and family with insurance products, do not neglect health protection as well. As with any endeavor; one of the best things you can do is to use sound wisdom to make an informed decision that will allow you to have peace of mind, knowing you are protected when something does happen and you have the right coverage in place.

The purpose of this article is not to bash any organizations, but is to make certain you and your family would not make the foolish mistake of going without the coverage you need to protect your finances. Though faith base ministries are ideal with strategizing to share medical cost; unfortunately we live in a day and time that does not resemble the early church as in the book of Acts. Cost share faith base ministries are a good way to help other believers pay for medical expenses when they occur to help others pay for someone else when needed.

With knowing the fact this is not insurance altogether, this should be a concern to all consumers regardless of your religion or faith beliefs. As Christians it is our responsibility to be good stewards of all that has been entrusted to us. To be spiritually rich and earthly no good, is not a good mix; by applying Godly wisdom, this will assure us that the right decision has been made when making such an important decision about insurance. Be encouraged and wise.

 

Think These Before Take Critical Ilness Insurance Coverage

Critical illness insurance is a relatively new type of policy that is frequently misunderstood. Today, we will clarify what it is, and what it covers.

How Does Critical Illness Insurance Work?
Critical illness is similar to term life insurance, except it is paid out when you are diagnosed with an illness covered by the policy, rather than being paid out upon death. However, some people confuse this type of insurance with disability insurance, which substitutes your income if you become disabled.

Illness insurance, like term life insurance, is paid in a lump sum, should you be diagnosed with a pre-defined disease such as cancer. You decide how this amount will be spent – some people put it into additional medical treatment (especially if there are some treatment methods that are not covered by provincial healthcare), others decide to take time off work to spend with family, or to travel.

As with many insurance products, this type of insurance plan comes with an extensive insurance quote, application and underwriting process that the insurer analyzes before you can get a policy; and as with any insurance policy, a critical illness policy comes with both pros and cons.

Let’s take a closer look at the pros and cons of this type of insurance.

Pros of Critical Illness Insurance
There are several positive aspects:

  1. Funds that can help where needed: The lump sum you receive if you are diagnosed with a critical illness will allow you to get better treatment and, hopefully, fully recovery in some cases. You can also spend these funds on other needs or projects (such as travel or taking items off your bucket list).
  2. Protection for your own business: If you have your own business, you might need to work part time, after being diagnosed with a critical illness (reduced work hours are common when extensive medical treatment is required). It closes the financial gap created by your reduced hours at your company. With the funds, you could hire somebody to help out with your business.
  3. Stackable protection: Unlike disability insurance, critical illness coverage is “stackable”. With disability insurance, coverage is limited because it is based on your income, and you cannot go over that limit even if you have several disability policies. You can, though, have several policies with varying coverage amounts of different diseases. If you have, for example, two policies with benefits of $250,000 and $300,000, you can get a $550,000 payout when you make a claim.

Cons of Critical Illness Insurance

  1. Expensive: This type of insurance policy is not cheap. As an example, a Term 10 insurance policy with $500,000 coverage (Term 10 means a policy that covers you for 10 years) for a 35-year old non-smoking male without any pre-conditions costs around $180/ month (exemplary quote) whereas a Term 10 life insurance policy with coverage of $1,000,000 for the same person costs around $50.
  2. Definitions matter: If a diagnosed disease, such as a heart attack, is not aligned with the definition of this illness in the policy, your claim may be not paid.
  3. Does not cover you immediately: Policy typically comes with a waiting period (e.g. 90 days) during which you are not covered.
  4. Payout is not immediate: If you are diagnosed with a critical illness, there is “survival period” – (e.g. 30 days). If you die within that period, your claim will be not paid.

Summary
Critical illness insurance provides solid coverage for being unexpectedly diagnosed with a serious disease, but this coverage comes at a cost. It’s a good idea to work with an insurance broker to get a critical illness insurance quote and to apply for a policy. Brokers have access to multiple insurance companies and will help you navigate through the complex application process, especially if you have medical pre-conditions.

How To Choosing Your Insurance

insuranceOne of the best ways of safeguarding your personal well-being is by having a health insurance plan. Due to the large number of companies that offer this type of insurance policy, choosing the right one can be a daunting task. Here are five tips to help you find the best plan on the market today.

Check the Networks of Different Plans

If you have a select group of doctors whom you prefer, ask them which insurance networks they are part of. You can also use one of the many accredited online directories to know the networks that each plan on your list has. On the other hand, if you just relocated to a new city and you do not have a preferred doctor yet, choose a plan that has a large network of health practitioners.

Know the Maximum Premium Budget

Consider your average monthly expenses to know the amount of money that you can spend on the policy without compromising your financial capability. Low premiums often result in high out-of-pocket costs. Hence, what appears to be the cheapest plan may really be the most expensive, as you will be forced to pay for most of the services. One of the best ways of choosing the right premium is by estimating the total amount of money that you spent on health care last year, including out-of-pocket expenses and premiums. Then, choose a plan that has similar monthly deductibles, copays, and premiums. A high premium plan will save you thousands of dollars on out-of-pocket costs if you require expensive procedures or frequent medical care services.

Look for Additional Benefits

In a bid to attract more clients, insurance companies usually offer policies that have additional benefits apart from medical coverage. Based on this fact, it is wise to check the summary of benefits of each policy on your list until you find one that has your preferred scope of services. For instance, some policies provide better coverage for mental health and physical therapy care while others have more comprehensive emergency coverage.

Research Plan Structure

Once you have an estimate of your monthly premium, your next step is determining your ideal plan structure. Some of the most common plans are HMO, EPO, POS, and PPO. The plan that you select will determine which doctors you can see and your costs. More often than not, plans that have referrals, such as POS and HMO, require that you first consult a primary care physician before booking an appointment with a specialist. If you already have a network of doctors that you prefer to see, eschew plans that they do not take.

Compare Out-of-Pocket Costs

Your preferred health insurance plan should clearly indicate the services that you will be required to pay for and the amount. The sum amount includes coinsurance, co-pay, and deductible. A plan that has low out-of-pocket costs is an ideal choice if you regularly need emergency services, take expensive medications, have scheduled upcoming surgery, or were recently diagnosed with a chronic condition such as cancer or diabetes.

Finally, make sure that the health insurance company is legally accredited, reputable, and reliable to cushion yourself from any inconveniences.

 

Health Insurance For Single People

The new Covered California health insurance marketplace offers a wide range of affordable health plans for you to choose from. Whether you are self-employed, or looking for coverage over and above what your employer currently offers, there is a plan that will likely meet your needs. Federal regulations require that health plans operating under the Affordable Care Act (ACA) meet certain access requirements. In California, those requirements include timely access to healthcare providers, as well as geographic access standards.

Here is a general guide to individual health insurance that you can refer to when choosing a plan. And do not forget these important dates regarding open enrollment for 2016.

Provider Networks

When selecting a health insurance plan, it is important to verify the plan’s provider network of doctors, hospitals, nurse practitioners, therapists, and other health care providers. It is equally important to understand what is not covered as well. Understanding your plan’s provider network helps you save money, receive better care, avoid unexpected fees and costs, and be happier with the care you receive.

Out-of-Network Care

You are not restricted to health care providers in your network, but should you decide to use one outside of your network, health insurance will cover less resulting in a higher out-of-pocket cost for you, except in the case of emergencies.

Provider No Longer in Network

If your health care provider leaves your network, you will generally need to find a new doctor inside the network, and most plans will assist you in doing so. As a rule, a health plan’s continuity of care policy allows a patient to continue care with a doctor no longer in the network for a certain period of time at the lower cost-sharing rate.

Cost-Sharing Requirements

Each plan has different cost-sharing requirements. Typically, your overall share of costs is a combination of the premiums you pay plus any other co-payments, co-insurance or deductibles for which you are financially responsible.

How to Find a Doctor

In most cases, the plan you choose will have a list of doctors who accept your insurance. The Medical Board of California offers some great tips on choosing a doctor:

  • Ask friends, family or co-workers about physicians they like.
  • Ask your county medical society or association for names of physicians in your area.
  • Once you have some names, call and ask if the doctor is accepting new patients and whether they accept your insurance plan.
  • Check with the Medical Board to verify the physician has a current California license.
  • Meet with the physician and consider having a physical done to determine if this is the doctor for you and your family.

Selecting a Hospital

When you undergo treatment in a hospital or other facility, ask to have any services performed by in-network providers. Your physician may decide which hospital is appropriate for your care, but you can still check the hospital’s California HealthCare Foundation rating by visiting www.calqualitycare.org.

This guide to individual health insurance is far from complete. For more information and a more comprehensive glossary of insurance terms and other marketplace information, visit www.healthcare.gov.

Learn More

From preventative services to out-of-pocket maximums, understanding your individual health insurance plan options can be a confusing – and frustrating – endeavor. A health insurance agent is one of your best resources for information on coverage that meets your unique needs.