Archive for February, 2009
Tips for Buying Illinois Health Insurance
Shopping for health insurance is a bit like anticipating a root canal. No one particularly cares for it, but it has to be done. These tips should come in handy.
The minute people sit down and try to figure out what kind of health insurance they need, they find so many options they get confused. This is good news and bad news. Good news because many options mean a higher likelihood of finding a plan that suits the individual. The bad news is with all the options it becomes a cacophony of choices. Now is the time to talk to a licensed insurance broker who knows their stuff.
Shopping for health insurance often brings out the worst in people who get easily frustrated and all they really want to do is save money and time searching. To do that requires some homework before calling companies to find out what choices there are available. A first time shopper should be aware of the possible maximum out-of-pocket expenses they will be responsible for paying, which includes the deductible and the co-insurance with most carriers.
So, before spending any dollars, know the figures to work with first. The dollar coverage refers to the maximum that a person may spend in one year, for both in network and out of network medical costs. That is plain English for assessing the costs for co-insurance limits and deductibles.
This cannot be said often enough, always take the time to read the fine print on any health insurance policy. Here is an example of why that is a good thing to do. Say it looks like there is a super lifetime max for expenses over the span of an insurance policy. Take a figure of say just over $3 million. Sounds good on the surface, but ask what the fine print says. It may say there is a per incident/per year maximum and those limits supersede the lifetime maximums. Know what the policy says before spending one thin dime.
If being on a budget is necessary, then have that budget already worked out before shopping. Talk to several health insurance agents about the different plans available and ask about the comparisons between them. Make sure to mention budget constraints right up front, as this lets an insurance agent shop carriers for a good rate. It will also save time and money over the long-term.
One thing to note is if you are shopping around for health insurance plans and are asking about the “same” plan then you will get the “same” price no matter where you buy your health insurance. Go with a broker that handles more than one carrier, you will get better service that way.
Focus Insurance Press
To learn more, visit http://www.focusinsgroup.com.
Drug Companies Love Profits
It’s not too surprising that drug companies love profit and focus on staying in business by creating and marketing new drugs. The only reason they stay in business is because people buy their drugs.
Unfortunately, there is a great deal of evidence that indicates drug companies would prefer to increase their profits, rather than truly take care of the people they are supposed to help get well or cure. This isn’t exactly something new, as it really all began when penicillin first appeared on the market. These days however, the grab for profits is even more pronounced, as the drug market is enormous and billions of dollars change hands yearly.
To understand the reason for the higher prices for drugs these days is to take a quick look behind the scenes at a drug company. They are driven by the bottom line, dollars or die. In order to keep afloat, every drug company has to have a new drug or two in the pipeline ready to come off the line and be sold to the marketplace. That’s the first part of the equation.
The second part of the equation is that the drug in the pipeline, when it is ready to be released to the public, is under patent protection. That means they are able to charge high prices for it, which in turn generates mega profits to develop another drug; and so the cycle continues. However, brand name drugs do eventually come off patent, unless the drug company re-works an old for formula and calls it new (usually in an effort to keep generic drug manufacturers from competing with them.)
The drug market is particularly cut throat and most brand name manufacturers, also called Big Pharma, will go out of their way to avoid sharing profits with the generic drug companies. Call this a dirty deal, but Big Pharma has also been known to intentionally delay a patent by extending it, anything in the name of protecting their revenue pool – the consumers who need their medications.
All this means that consumers pay higher prices at the drug store for brand name drugs that don’t work any better than the generic drugs. In fact, sometimes the old generic standbys work better than the newer ones, which have serious side effects.
Higher prices for drugs have driven health insurance companies to the point where they have put their foot down in an attempt to get control over the ever-increasing cost of drugs. The tide is starting to change, slowly, but inexorably to a preference for cheaper generic drugs. The bottom line here is in order to keep the cost of medical care down, buy generic drugs.
Focus Insurance Press
To learn more, visit http://www.focusinsgroup.com
All Illinois Medicare Supplements Are the Same
You’d be surprised that many people don’t know Illinois Medicare supplements are the same, no matter from which health insurance company you buy them. The only difference is how much you pay for them.
It’s true; Medicare supplements are the same in every state of the Union, which makes it nice if you have to move from one place to another. While you might find this boring, there’s something to be said for being boring but predictable, and therefore reliable. The extra coverage is out there if you aren’t financially able to use a private health care carrier.
Just what is the “same” from state to state? The benefits are standardized, meaning every state offers exactly the same thing in their Medicare supplements packages. So there is absolutely no guessing what you have for health coverage or don’t have for health coverage. It’s all spelled out in Medicare in black and white. Every health care insurance company in your specific area has the same networks. So, that means it shouldn’t matter from whom you buy.
Well it does matter whom you buy from because while the plans are all the same, the pricing for those plans are not. Translation: you will save money if you buy from the right health insurance company. The prices are different because each company is a private business, and they set their own rates. If you do some calling around, you may be pleasantly surprised. So get your calculator out before you call.
Pricing differences on Illinois Medicare supplements aren’t a secret; in fact, everyone knows this. Insurance companies are just trying to do business in a competitive manner. Now that you know this, why not reconsider talking directly to an insurance agent. They have other information that you will ultimately need to know to decide from which company you want to buy.
If you want a deal on health care coverage, talk to an agent with a large pool of companies available. The more companies an agent has, the better the prices for health insurance premiums.
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.
Illinois health insurance, Illinois health insurance quotes, Illinois group health insurance
Cheap Illinois Health Insurance Is Easy to Find
If you take the time to comparison-shop, you will find cheaper Illinois health care quotes while surfing on the Internet. You just need to know what to look for and where to look.
We all want bargains, that’s just a given. Who doesn’t love to shop around and then find the best deal they can? It’s almost a badge of honor to come home with a “steal of a deal.” Well, you can get a “steal of a deal” if you shop around for cheaper health insurance premiums. Seriously, you can.
One word of caution though, don’t take the first reasonable price you find. Keep looking and compare options on the websites you are visiting. While one site may offer you super drug coverage, the other may offer you super drug coverage plus a lower deductible. You just need to be able to weigh the various options for the price you are being asked to pay. It’s like that old saying: ” You get what you pay for.” That is very true when it comes to health insurance.
Maybe taking the time to compare one site to another doesn’t sound very appealing; however, if it means you will save money in the long-term, it’s worth taking the extra time. Taking the extra time also means you will truly get what you want and need for a health insurance plan.
Be aware if you are comparing the same plan each place you shop, then the prices and the terms of service will be the same. It is smart insurance shopping to deal with a broker who handles multiple carriers and is able to show you right away the comparisons of each plan you are considering.
Here is a tip that might throw you off a bit. Now that you know what you want from comparing what you read online, call the insurance agent. Ask questions about what you see on their website, and here’s why. Not everything the insurance company offers is on their website. There’s just too much information; and the other reason you need to ask questions is because many times what is on the website is the preferred rate for those in virtually perfect health.
Talking to an agent will let you know what the rules are, what is covered in the health insurance plan you are considering, and what is not covered. Knowing what is not covered is sometimes more important than knowing what is covered - it’s for those times later when you need particular coverage, so find this out upfront.
Here is another reason to speak directly to a competent agent. Reading material on a website is good for general information, but might not suit the specifics of your particular situation. This is why it makes good sense to ask questions, as the insurance agent is well-qualified to give you the run down on what is available for you, based on your particular circumstances.
By the way, one of the biggest reasons for health insurance rates to vary usually has to do with pre-existing conditions. This is something you definitely need to know before you purchase your Illinois health insurance.
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
Illinois health insurance, Illinois health insurance quotes, Illinois group health insurance
Obama signs stimulus bill providing COBRA subsidy
Feb. 17, 2009
The federal government will pay 65% of COBRA premiums for employees who are laid off from Sept. 1, 2008, through Dec. 31, 2009. The subsidy will extend for nine months. However, individuals with an annual adjusted gross income of more than $125,000 and couples with an adjusted gross income of more than $250,000 will not be eligible for the subsidy.
Employers will face a significant communications and administrative challenge to comply with the COBRA provisions, which go into effect March 1.
Employees who were laid off since Sept. 1, 2008, and declined to opt for COBRA coverage will have a new right to enroll in COBRA, and employers are required to inform those individuals of that right.
In addition, laid-off employees now receiving COBRA will have to be informed of the new subsidy and their premium contributions will have to be adjusted—as of March 1—to reflect the new subsidy.
The Joint Committee on Taxation estimates that the subsidy could help 7 million individuals and their families. It also estimates that the subsidy will cost the government nearly $25 billion.
Buyer Beware: Scheduled Benefit Policy: Have you made this mistake?
This is a typical scheduled benefit plan. I advise my customers to stay away from these types of plans at all cost if possible. In my opinion they just don’t offer enough protection.
What does this benefit outline mean:
- Deductible amnount is only $500.00
- Primary Daily Hospital Expense Benefit $2,000.00
What it does say here is that it’s limited to the first 10 days in the hospital. - Secondary Daily Hospital Expense Benefit $1,000.00
- Maximum Hospital Expense Benefit $50,000.00
- Maximum Intensive Care Benefit $10,000.00
- Maximum Outpatient Benefit $300.00
This is enough to make my point without even getting into the rest of the benefit outline. This is an actual case that I recently ran across. This person went into the emergency room with severe intestinal cramping. They were dignosed with Diverticulitis. No laughing matter, believe me. This person was admitted to the hospital and had a 6 inch section of their colon removed. Patient was in the hospital the first time for a total of 6 days. The bill, a whopping $50,000.00, came a couple months later for the hospital stay. The carrier would pay according to this scheduled benefit only $12,000 towards the hospital bill. 6 times the daily maximum of $2,000.00. We’re not considering the surgical benefit which was very limited in the first place. So what happened to the rest of the bill you might ask? The patient has to come up with it. They are approximately $38,000.00 out of pocket. Not a very pretty picture. The agent had said they would be covered 100% after this benefit level. What this policy really means is that the stated amount is the absolute maximum the carrier will pay in the event of a claim. They were not told the truth. The customer had no idea what this scheduled benefit really meant. After explaining it to them they told me they would have never bought it had they known.
For comparison sake. Lets say this customer had a Health Savings Account type major medical policy with a high deductible of $2,700. What would have happened. The major medical would have paid the bill in full minus the $2,700 deductible. So the customer would have been $2,700.00 out of pocket. They would also have met their yearly deductible, so every claim the rest of the year would have been paid in full. To top it all off the monthly premium for the HSA (Health Savings Account) would have saved this customer a little over $100.00 a month. This savings could have been put into a health savings account and written off on their taxes.
Customers should ask a lot of questions. If you are still unsure get a second opinion. Call Focus Insurance Group, Inc. We specialize in health insurance. You can run a competitive Illinois health insurance quote directly from our website. After entering the basic information we need to run a quote. You will get a list of different plans (quotes) to choose from. You can also pick up to four plan designs at a time and do a side by side comparison of the plans your interested in. This will give you the information you need to make a qualified decision. No agent will be in your living room pressuring you to sign on the dotted line.
To run a free competitive quote go to: www.focusinsgroup.com
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