Insurance and Financing Blog

Michigan health insurance provides you with that cover all the expenses of your medical bills. This coverage offers you with many facilities like hospital facilities, medical bills, dental care, doctor’s prescriptions, doctor’s visits etc. it provides coverage to people of every age whether  a child, a student, an adult or a old age people. It has plans for everybody.

Michigan health insurance offers a wide variety of benefits for health insurance. You can choose the plan you like. Each plan varies from each other in their way to cover benefits and pay premiums.

Most people go for health insurance companies offering them services on low premium. But, it is not always necessary that the company providing low premium is beneficial for you.  You must opt the company hat not only provide best health insurance coverage but also proves to helpful in the hour of need.

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Many health insurance companies in Michigan provide Michigan health insurance plans. These companies include various plans like individual health insurance, group health insurance, small business health insurance etc.

One premium benefit of Michigan health insurance plans is that, it is beneficial in all respects. It offers health insurance facility to the people of every age group.

Many health insurance companies are providing different type of Michigan health insurance plans for different people. They may vary in their size and terms. There are mainly two types of health insurance policies. They are temporary health insurance or short term health insurance services and the other one is long-term or permanent health insurance services.

Temporary health insurance plan covers the insurer for a particular time interval say for 30 years or 40 years. It will get expired after this particular time interval. That’s why it is also known as short-term health insurance plan. Other one is permanent health insurance plan. It is known to be long-term health insurance plan because it provides health insurance to the insurer throughout his life. It is comparatively cheaper than temporary health insurance plan.

What are you waiting for? Go and grab the opportunity to have a health insurance plan that best meets your requirements.

One interesting mandate in the recent health reform acts is the implementation of a health insurance exchange in each state. According to President Obama, a health insurance exchange is to be a place where American citizens can shop for a health care plan, compare benefits and prices, and choose which plan is best for them. The insurance plans marketed on the health insurance exchange would ideally not deny individuals coverage based on pre-existing conditions, protect Americans from catastrophic medical costs, should all include basic benefits, including preventive services.

Congress hopes that a health insurance exchange will promote transparency and accountability within the health insurance industry. This would occur because information on the many different health insurance plans from many different health insurance companies would be publicly displayed on the health insurance exchange. Customers would then be able to compare plans side-by-side. A health insurance exchange should objectively and impartially provide information for consumers using simple language that is easy to understand. Some people have suggested that the search results be randomized so that there is no alphabetical preferential treatment. In other words, if the search results are alphabetical every time, Aetna will always be seen much earlier than United Healthcare. This is not objective and impartial.

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A health insurance exchange will not function as an insurance provider. In other words, they will not be the insurer themselves. They would similarly to an insurance broker, however, without the customer service provided by licensed insurance brokers. A health insurance exchange would contract with private health insurance companies to offer their plans and policies, and to provide this information and quotes to consumers.

There were a few health insurance exchange set up already in the United States, most notably in Massachusetts (Massachusetts Connector) and Utah (Utah Health Exchange). These have been good examples for how a health insurance exchange is supposed to work. There is also a New York-based, non-profit health insurance exchange called Health Pass. However, there has also been a couple of failed health insurance exchange in Texas and California. These two health insurance exchange resulted in higher premiums, and “cherry-picking” of customers.

Obviously, it is hoped that each state will implement and administer an excellent quality health insurance exchange within each state. Some states have chosen to administer these themselves, while others have allowed the federal government to run that state’s health insurance exchange. The debate has been over how to fund this plan. Some experts believe a health insurance exchange helps facilitate the enrollment of more American citizens into a health care plan, while also providing structure and supervision to the current health insurance market.

The Patient Protection and Affordable Care Act of 2010 (PPACA) has set up for the implementation of the health insurance exchange, but there is still some leeway regarding how it is to be set up, and how each state should handle it. There are also questions regarding whether the federal health insurance exchange will include a government-run insurance option. Although this was originally a part of the health reform bill, it was removed before it passed.

At this time, it appears as though a health insurance exchange will provide a web portal with information and quotes about health insurance plans, which it is hoped will result in more American citizens enrolling in an affordable health insurance plan.

Various studies point out that 1 in 4 women and 1 in 5 men are affected by critical illnesses such as heart ailments, cancer, diabetes or kidney related diseases before reaching the age of retirement. Some of these illnesses not only require high medical and hospitalisation costs to be met but can also result in loss on income and additional financial burden due to lifestyle changes. Health insurance helps mitigate some of the financial risks and uncertainties associated with such medical emergencies. Here are some of the key concepts related to health insurance that one should be familiar with to help choose the right coverage and product.

1. Sum Assured/Sum Insured
Health insurance is a contract where the insurance company provides a cover to the insured against the payment of premium. The amount of cover purchased is called Sum Assured. This is the maximum amount up to which claims can be made by the insured during the term of the policy (which is typically 1 year). For e.g. if you purchase a health insurance policy for Rs, 3,00,000 Sum Assured, then you the maximum amount you can claim for hospitalisation and other medical expenses as provided by the product would be limited to Rs. 3,00,000. If the hospitalisation and related treatment costs are higher than this amount, then the differential will have to borne by the insured. What can or cannot be claimed is governed by the product benefits and terms and conditions.

2. Individual vs. Family Floater
A family floater policy covers all family members (Insured, his/her spouse and children) under one single policy. The Sum Insured floats over the entire Family and a consolidated premium needs to be paid. There is a limit on the no. of children that can be included and age before and beyond which they are not covered which varies across products. Parents of the insured are typically not included in a family floater policy.

An individual policy, on the other hand, provides health insurance coverage to only the individual for whom the insurance has been purchased.

While a family floater may turn out to be cheaper than taking 2 or more individual policies, the associated cover provided is at a family level. For e.g. if you take 2 Individual policies with a Rs. 200,000 Sum Assured each for yourself and your spouse, then both of you are covered for Rs. 200,000 each. However, if you take a family floater with a Rs. 200,000 Sum Assured then this limit applies to the two of you together.

3. Cashless hospitalisation
This is a facility provided by health insurance companies under which a person can get the required treatment while the medical expenses are settled by the insurance company directly with the hospital if the hospital comes under its network subject to the treatment being one that is covered under your plan and up to a maximum of your Sum Assured. You may, therefore, also want to compare the associated network of hospitals of each insurer when comparing products to meet your needs.

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4. Maximum Renewal Age
This is the age to which the company would continue to provide you with health insurance on payment of premiums. A product that offers a higher maximum age of renewal should be considered favourably as it allows you to remain covered under a health insurance plan especially at ages when it matter the most.

5. Exclusions
Most products come with a set of defined exclusions. These are a set of conditions, ailments or diseases or causes of medical conditions that are not covered under the product terms and conditions. Any costs associated with an excluded medical condition will not be covered by your health insurance product. While exclusions vary across products the following are most common and are excluded under most products:

• Expenses arising from HIV or AIDS and related diseases, use or misuse of liquor,
intoxicating substances or drugs as well as intentional self injury
• War, riots, strike, nuclear weapon, induced treatment

It is important to review the exclusions clause of products at the time of comparing health insurance products or at the time of purchasing one to ensure that you know what would be available under your health plan.

6. Critical Illness cover
A Critical illness cover is generally available as a top-up or rider with your health insurance policy. As the name suggests, these plans cover you for certain specific critical illnesses that are pre-defined as being covered under the plan.

Under these plans, the insured is paid the Sum Assured as a lump sum amount within a few days of a critical illnesses being diagnosed. Once this lump sum is paid, the plan ceases to exist. The differences between a Health Insurance policy and a Critical Illness plan are:

• Health Insurance plans cover costs related to hospitalisation on account of any medical condition or injury while Critical Illness plans cover only pre-specified illnesses
• Both Health insurance as well as Critical illness plans are bought for a specified Sum Assured (the maximum benefit payable by the insurance company) and are typically sold for the duration of one year and need to be renewed every year.
• In case of Health insurance, you will be covered for any medical treatment or hospitalisation expenses as long as they are within your Sum Assured limit and the policy can continue for the remaining part of the year with a reduced cover (Sum Assured minus expenses claimed). On the other hand, your critical illness will pay you the entire Sum Assured once any of the specified diseases are diagnosed. You are then free to utilise this amount as per your financial needs which could be a lot more than those just related to hospitalisation.

A combination of a health insurance policy with a critical illness rider helps you meet your hospitalisation expenses for both critical illnesses or even other diseases/accidents through the health policy and can provide you with a meaningful financial protection you may require in case of a critical illness.

7. Waiting Periods
Most health insurance policies have a waiting period of that may vary from 30-90 days, during which no claims are permissible. However this doesn’t include any accidental emergencies which are usually covered from day 1. The waiting period varies with product and company and is a feature that you should compare at the time of purchasing health insurance.

In addition to this generic waiting period, there are also certain specified diseases that are not covered for specific waiting periods. These waiting periods as well as the specified diseases to which these periods apply vary across companies and products and range from anywhere between 1 to 4 years.

8. Pre-existing disease cover
Any disease or ailment already in existence at the time of purchasing a health insurance policy is termed as a pre-existing condition. All pre-existing illnesses at the time of taking the policy are generally excluded from the health insurance cover. However, in some products pre-existing illnesses may be covered after a specified waiting period. What this means is that if you continue with an insurance product (i.e. keep renewing your policy) for the specified period then certain pre-existing illnesses may be covered on the completion of the waiting period. This waiting period varies by product and insurance company.

It is always important to carefully review the products’ benefits, terms and conditions and associated features – get complete information on available choices and compare before you buy.

(c) Magi Research And Consultants Pvt. Ltd. 2010

With so much shouting on both sides of the aisle the real facts are easily obscured, but it is up to every American to do his or her own homework and determine whether or not to support the health care reform proposals as they exist today.

Mandatory California Health Insurance Coverage
One of the hallmarks of the health coverage reform measures as they exist today is mandatory health insurance coverage. The proposals now under consideration mandate that every individual who can afford health insurance coverage purchase a policy to protect themselves. Under the bill making its way through the Senate finance committee individuals who refuse to purchase affordable health insurance coverage will face a fine ranging from 0 for individuals to over ,000 for high income families.

It can be a bit hard to determine the winners and losers under this scenario, but it may be safe to assume that young healthy workers who choose to forgo health insurance coverage may end up on the losing side of the equation – at least from their own point of view. Many young workers, even those who earn a good living, often choose to go without health insurance – essentially rolling the dice and assuming that nothing bad could happen to them. Of course when a health crisis does arise those young healthy workers may find themselves facing financial ruin – or passing the burden of their care on to the rest of the taxpayers.

A Public Option
There has been a great deal of debate over the so-called public option in health care reform. The public option as envisioned by President Obama and the Democrats in Congress would consist of a government run program that competes with private health insurers. The idea behind the plan is that competition will help to drive prices down and prevent some of the most egregious abuses of the health care industry.

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The winners and losers in the public option can be a bit difficult to sort out as well, but many people feel that private insurers will lose out to the public plan because the government plan will not have to turn a profit. Many who are opposed to health care reform feel that the inclusion of a public option will eventually drive private health insurers out of business. On the other hand a public option can help to make health insurance more affordable for individuals, and those who are in favor of such a plan feel that the public option will help to keep health insurance costs under control.

Coverage for Preexisting Conditions
Many observers on both sides of the aisle feel that the exclusion of preexisting conditions places an unfair burden on individuals who need to purchase their own health insurance coverage. Many consumers find themselves unable to change jobs or strike to on their own because a preexisting health problem prevents them from buying health insurance coverage on the open market. Many people with health conditions like diabetes, heart disease and a history of cancer find themselves unable to buy health insurance at all, and even when insurance is available it is often prohibitively expensive.

The plans under consideration would all prevent insurers from refusing coverage for those with preexisting conditions, and unlike many parts of the health care reform plan this change seems to have strong bipartisan support. With this proposal, the winners and losers are quite clear. Individuals with preexisting health conditions will be the winners under this scenario. And since they will no longer be permitted to refuse coverage or charge more for riskier individuals health insurance companies stand to lose – with lower profits and more risk.

Expanded Eligibility for Medicaid
Another hallmark of the health insurance reform plans making their way through Congress is expanded eligibility for Medicaid. This government program currently provides health coverage for the poorest Americans, but under the new health insurance plans eligibility would be expanded to more people. The exact requirements vary from plan to plan, but expanded eligibility for Medicaid is a big part of the health reform measures under consideration.

This expanded Medicaid eligibility will offer benefits to individuals who would otherwise be eligible for government subsides. By expanding eligibility requirements the government will provide assistance to more individuals, including those who currently make too much to be eligible but too little to afford health insurance coverage on their own. Expanded Medicaid eligibility will also be a boon to companies who provide coverage to Medicaid patients. Some of the largest health insurance companies compete in this area, and the proposed changes could offer expanded opportunities to the biggest players in this marketplace.

Some health care providers, including medical clinics, hospitals and individual doctors, could end up losing if Medicaid eligibility is expanded, especially if reimbursement levels remain at their current levels or go down. The reimbursement levels for Medicaid are already quite low, and expanded coverage could place additional downward pressure on those reimbursement rates. Anthem Blue Cross has recently come out with two new plans in California to address health care reform.

No matter which side of the aisle you find yourself on, it is important to understand the proposed changes to our health care system. Listening to the pundits can provide an unrealistic idea of what is – and is not – included in the bills, so it is important for every American to do his or her own research to determine exactly what health care reform will mean if and when a bill is passed by Congress and signed by President Obama.

To shield and preserve one’s health, low cost health cover is needed. Due to the increasing costs of doctor’s professional fees and hospital charges, there should be low cost health insurance available to everyone. US government statistics show that more than 40 million Americans do not have low cost health insurance. Health care prices are rapidly and continuously going up and many people cannot even afford basic health care insurance.

Low price health insurance are programs that offers health insurance policies for a much lower value. Students, the unemployed and low-income families are the best candidates for such low cost health insurance. These people can choose from a list of low cost health insurance policies that offer coverage at a minimal price. These low cost health insurances offer low premiums compared to the other health insurance programs out there. In some of these plans, the employer pays part of the premium. It is important that, although not expensive, the plan should fit the individual’s needs. The low cost health insurance plan should also offer protection against major illnesses such as cancer and diabetes.

The disadvantage of low cost health insurance is that, because of the lower premium, there are also less benefits. The low cost health insurance typically offers basic coverage such as paying the cost of hospital, surgical, and physician bills. Operating room, diagnostic procedures, anesthesia, and laboratory expenses are usually covered also. However, individuals with low cost health insurance get very few of the great benefits that are offered by other health insurance programs such as surgical expenses including the assistant surgeon’s professional fee, ambulance service, blood transfusions, oxygen, prescription medications, and even prosthetic devices.

Student health insurance is a type of low cost health insurance, which offers insurance to full time college students between the ages of 17 to 19. The undergraduate students must be enrolled in at least nine credits to quailfy for this type of insurance. Graduate students may also apply for this type of low cost health insurance program. These students should be enrolled in a college or university that is recognized and accredited by the state. Universities and colleges usually offer this type of student low cost health insurance so if college bound, check the coverage being offered because each university’s insurance policy is different. Other low cost health insurance providers can provide student health insurance also.

The most important advantage of this low cost health insurance program is the cost. A low premium is offered. It is also recognized even if the student transfers to another university or college. The standard college student health insurance program is a low cost health insurance policy that costs less but has fewer benefits. Unbiased individual policies charge more but offer greater coverage. Visit Fadyana’s Health Insurance Care