Archive for December, 2008
Illinois Health Insurance Coverage Varies
While it would be a great thing if everyone had healthcare insurance in the USA today, this just isn’t likely to happen anytime soon thanks to the economy.
It only makes sense to have healthcare insurance these days. However, not everyone is in the position to afford it, whether they are working or not. The high cost of healthcare is a Catch-22 situation.
The higher the costs go, the fewer people are able to afford medical care. And as luck would have it, those who need it the most are the ones who believe they cannot afford a premium of any type. In Illinois there may be an answer to this conundrum, as luckily the state has a wide variety of plans available for those in difficult circumstances.
While there isn’t exactly one stop shopping from carrier to carrier, the variety of types of health insurance plans to choose from does make a significant difference to those in need. For instance, people are able to choose short or long-term plans, plans for kids or the elderly, and plans for individuals and families.
This may sound like a bit of a no brainer, but many people just aren’t aware of what choices are out there. Some aren’t even aware that there are plans like Mediclaim offered by employers and/or group health plans for the very small business owner. Thankfully, Illinois has at least 10 top-flight “brand name” carriers who offer decent prices.
If a consumer is unable to go the private healthcare insurance route, the Illinois Department of Insurance offers public plans. The one most people are familiar is the Comprehensive Health Insurance Plan (CHIP). This is a state program for people who otherwise cannot be insured.
CHIP deductibles are fairly attractive and range from $500 to $5,000 on the different plans – Plan 2,3 and 5. This is not a chintzy program either and actually offers hospital services, second surgical opinions, meds, outpatient prescription drugs, emergency services, and hospice care among other things.
Of interest is that Illinois is the first state that is offering health coverage for all the children in the state – programs such as KidCare and FamilyCare. This isn’t to say that there may not be rules and exceptions in these programs, but they are infinitely preferable to not having any healthcare coverage. For instance, there are certain eligibility requirements for FamilyCare; e.g. the qualifying annual income is roughly $36,000 for a family with two adults and two children.
In all instances when health insurance is an issue, make certain to talk to a knowledgeable insurance broker. The time is now to get answers to tough insurance questions.
Randy Gillespie is with Illinois health insurance agency, Focus Insurance Group. To learn more about Illinois Medicare, health insurance, group health insurance or to get an Illinois health insurance quote, visit Focusinsgroup.com.
Illinois Low-Income Insurance
Just because a family has a low income doesn’t mean they cannot get affordable insurance. There are a number of viable options open to them.
Illinois is blessed with a fair number of low-income government health insurance plans and that is good news if you live in the state of Illinois. The choice is actually far more ranging than one could imagine and includes private and government plans.
Considering the number of people in Illinois (it’s one of the largest states in the U.S. with about 12 million people) it should come as no surprise that healthcare insurance is a major concern for everyone.
It’s common knowledge healthcare expenses are rising and do not show any signs of slowing down. The only way to deal with the rising costs at this point is to make sure a family or individual is insured. The major question is how to accomplish that if there is no money or no extra money for healthcare.
This is where the state of Illinois has stepped up to the bat and introduced some major programs for those in need. Children are able to find good coverage through the Illinois Department of Health Care and Family Services under the auspices of the Illinois Covered program.
Illinois Covered allows more than 1.4 million uninsured people to get healthcare insurance. It’s a fairly straightforward program with different categories that depend on eligibility requirements. Qualifying isn’t a huge issue and the program is also fairly flexible.
FamilyCare’s main focus is providing coverage for those who rank below the 185% of the poverty line – roughly $40,000 a year for a family of four. There are some rumors floating around that the government wants to raise this level to 400% and that would mean more people would qualify.
FamilyCare offers hospital care, dental, doctor visits and prescriptions with a small co-pay of roughly $5.00. The premiums may run around $15 to $40 depending on the number of family members covered.
The other program just for kids is Health Care for Kids, launched in 2006. This program is for children ages 18 and under. Again there is some consideration to offering coverage to young adults up to the age of 21 years.
The latest election results may make a difference in how some of these plans are administered or whether their bases may be expanded. However, talking to a licensed and qualified health insurance broker who knows the system would be the first place to start the journey to secure affordable healthcare.
Randy Gillespie is with Illinois health insurance agency, Focus Insurance Group. To learn more about Illinois Medicare, health insurance, group health insurance or to get an Illinois health insurance quote, visit Focusinsgroup.com.
Supplement This – Health Insurance Basics
If you need a Medicare supplement, knowing your options is important when it comes to making decisions. If you aren’t certain what is right for you, supplements or Medicare Advantage, talk to your insurance broker.
A supplement usually means something extra you get to make what you already have just a bit better. Like eating a healthy diet can be supplemented by good quality vitamins. In the case of health insurance policies, you have the regular choices of the Medicare plans and a choice of Medigap policies to fill in the “gaps” in your Medicare insurance.
No insurance policy is totally perfect, but you will be able to come close enough to perfect and find something that suits you by discussing your needs with a health insurance agent.
Medicare and Medigap weren’t designed to work together. In fact, Medicare was supposed to handle everything. Inevitably, the longer Medicare was around the more “gaps” popped up that had to be filled. Enter Medigap policies. You need to know that Medigap offers certain specific benefits and they are all the same across the board.
The fact that the various policies offer you specific benefits is good for you because that gives you choices. In fact, you have the option to choose from 12 different policies – Plans A through L. Even though each plan is different, they are all the same across the country.
Here’s something else you need to know as well– health insurance and Medicare all follow state and federal laws because they must. This means Medigap policies are mandated to follow the same laws, so you can see how the total package would be tailored to meet your needs.
What about Medicare Advantage plans? A lot of people wonder if they really do offer an advantage. That depends on how you look at it and then the answer would be yes and no.
Simply put, Medicare Advantage Plans may be an advantage for people, but it just depends on what they need. Others feel they’re too expensive for their needs. This is when you talk to your insurance broker for information.
There are people looking for total coverage. The kind of coverage where they don’t have to pay a dime for any of the services they receive. There will also be others who are able to afford to pay the 20% difference between what the physician charges and the insurance company pays. Both these groups have different needs. How they are serviced is the key.
Let’s say you are in a smaller network with a doctor you like. Things are going well, but the doctor decides to opt out of the network. Unless you choose to try and follow your doctor, you are without medical service. Following your doctor doesn’t always work either.
You may be able to see the doctor, but have to pay the total bill. If your doctor goes the fee for service route, they may refuse to accept the terms of the plan.
As you can see there are some difficult choices you need to make. If you choose to go with private health insurance, you may be thinking that you’re covered. That isn’t always the case, as the insurance company might say they don’t have to cover your case.
To get Medicare Advantage or not, and to go private, are personal questions you have to resolve. However, for coverage that likely makes the most sense, Medicare supplements seem to be the better route.
Randy Gillespie is with Illinois health insurance agency, Focus Insurance Group. To learn more about Illinois Medicare, health insurance, group health insurance or to get an Illinois health insurance quotes, visit Focusinsgroup.com
Dynamite Health Savings Accounts
Many people don’t truly realize how valuable a Health Savings Account will be personally and for their families.
Health Savings Accounts (HSAs) were launched in 2003, and despite the fact they have been around for close to six years, people don’t seem to understand how they operate.
The idea sprang from the Medicare Prescription Drug, Improvement and Modernization Act. It was designed for U.S. citizens under the age of 65 to save for medical and retiree health expenses in a manner that gave them the tax advantages. Good start to a great plan.
The other bonus tucked away here is savings on premiums and reduced taxes. What more could you ask for? And, the premiums for HSAs are much lower when you compare them to co-pay and low deductible insurance plans.
Health Savings Accounts benefits are: your deposits and earnings aren’t taxed and you don’t have to use it all right away or wind up losing it. Money you have saved in your account is not taxed, and provided you use it towards health expenses that qualify, it is tax-free. That’s a pretty decent advantage that can add up.
Here’s something else to consider. HSAs are portable. Leaving one company to move to another is no longer an issue, as the Health Savings Account tags along behind you. And if you have coverage with a HDHP (high deductible health plan) with no other first dollar coverage, nothing can stop you from setting up a Health Savings Account.
Health Savings Accounts might just suit your budget too, as they offer terrific flexibility. You may contribute to them three ways. The first way is an individual or a family makes tax-deductible contributions to the plan. There’s no need to keep itemized lists of deductions.
The second way to contribute is your employer making non-taxable contributions directly to you, or employers who have a cafeteria plan may allow employees to have a salary reduction so they can contribute that money towards a Health Savings Account. The choices are nice and make life a lot easier health insurance wise.
If are 55 or older, go ahead and make extra contributions with no problems. Note: if you enroll in Medicare, you are not qualified to add funds to your account. This is similar to an IRA. Those funds in the account grow tax-free based on investment earnings.
The money in your health savings account stays there year round, every year. You don’t lose it because it is a savings account and the funds in it aren’t taxed, just so long as you use them to pay for qualified medical expenses.
The best route to go is to opt first for a HDHP and then supplement it with a health savings account. Find out if this coverage is for you by talking to an insurance broker who can answer your questions.
Randy Gillespie is with Illinois health insurance agency, Focus Insurance Group. To learn more about Illinois Medicare, health insurance, group health insurance or to get an Illinois health insurance quote, visit Focusinsgroup.com.
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