Group Health Insurance

Numerous employees today are now looking for group health insurance. Some companies or employers offer this type of insurance but some don’t. Healthcare is really becoming more expensive as years pass and some employers decide to forego with this kind of benefits. If you belong to a company that values their employees’ health and wellbeing, you’re in luck because you can take advantage of group health insurance.

About 60% of Americans benefit from group health insurance. Employers have various reasons for offering group insurance. One of the obvious reasons is to attract skilled and talented employees. Many employees are encouraged to do their job better if the employer promises to give health insurance. You see, health insurance is not a luxury. It is vital especially in today’s times. You can never really tell when you’re going to get sick. If you have health insurance and you’re covered, there is no need to worry too much about the medical costs or bills. Another reason is to reduce the turnover of employees. Employees who have health concerns often choose to stay in their job because it will be impossible to obtain an individual policy which covers pre-existing conditions.

With group health insurance, employees can take advantage of the so called guarantee issue. Individual insurance plans don’t offer this feature (except in the case of exclusionary rider). With this ‘guarantee issue’, the insurance company can’t deny coverage because of a pre-existing condition.

Today, most employers and employees share the premium cost of group health insurance. The monthly premium payments are often divided in half or the employees may pay a higher percentage than the employer but it will depend on the agreement of the parties involved. Bigger companies usually pay a higher percentage and so if you’re working for a big company, you’re quite lucky.

There are times when dependents are not covered by group health insurance but it depends on the insurance company chosen by the employer. Aside from that, both parties can also enjoy tax incentives. In this case, the employer will deduct 100% of the cost of the premium and the employees will pay the premiums with the pretax dollars. In any case, both parties can save money in a year.

You should also be aware that group health insurance can be managed (PPO, HMO, or POS) care plans or indemnity plans (fee-for-service). The latter is quite expensive and so managed plans are more popular these days. Well, the choice depends on the agreement of the employer and the employees.

Browsing on the Basics of Health Insurance

Health insurance refers to a kind of insurance which pays for particular medical expenses. It summarizes the needs which is most likely associated with custodial care and disabilities. Health insurances can be provided through private companies or from social insurance programs made by the government. It can either be purchased individually or by groups. With regards to a group purchase, a firm or a private company may cover it in order to meet the employees’ insurance needs.

For every case, individuals or groups that are covered by the insurance pay specific premiums or what is commonly known as tax in order to help the members be protected from unexpected or high healthcare expenses. The benefit of answering for medical expenses can also be given through the help of different programs by the social welfare, still, funded by the government.

Routinely structured finance assistance is developed through the estimation of the entire healthcare expenses. This ensures that monetary support is accessible and very much available most especially in times of need and accidents. Benefits are administered by a fundamental organization, which is commonly an agency of the government or a private sector connected in the operation of a health plan.

Nowadays, when people elaborate the broadness of the coverage of health care, they usually refer to the fee aimed for a particular service or more intently, managed care. These kinds of terms are usually applied in a different area or coverage. Moreover, there are also numerous managed care plans like HMO (Health Maintenance Organization), PPO (Preferred Provider Organizations) and POS plans (Point-of-Service).

While managed care plans and fee for service differ in ways important from each other, they somehow are acquainted in a similar way. Both tend to cover fields regarding surgical, hospital and medical expenses. Some will offer a cut from the original medication price while some offer free dental check up. What makes a person choose is the detailed differences that they offer.

That is why, it is important to be well oriented with the kind of health insurance that you wanted in order to realize if it’s the right one for you. Whatever you choose, it is a must to have health insurance just in case anything happens, the expenses due to hospital stay, medications and further treatments will not burden you. It will be lighter on your part to pay excess.

Tracking down Health Insurance History

The initial concept of putting up health insurance is through the proposal of Hugh the Elder Chamberlen in 1694. Hugh is from the family of Peter Chamberlen. During the later part of the 19th century, accident insurance became available which was used more as a form of disability. This mode of payment continued in some jurisdictions until the start of the 20th century wherein laws regulating health policies became advocates of health insurances and is referred to the disability insurance.

In the United States, accident insurance began due to the efforts of the Franklin Health Assurance Company of Massachusetts. Founded in 1850, this firm offered insurance that answered injuries that aroused from steamboat and railroad accidents. By 1866, there are at least 60 organizations that offered accident insurance but soon thereafter, the industry rapidly disintegrated.

Patients were then expected to answer for all health care cost from their very own pockets without getting any help from establishments or from the government. Not until the later years of the 20th century when the conventional insurance has evolved into a modern insurance program that paid for almost the entire hospital and disability cost burdened to patients. Nowadays, the absolute compensation coming from private and public programs cover the cost of preventive, emergency and routine health procedures. Insurances also cover prescription medications. But there are cases wherein these benefits are not completely followed.

During the early years of the 20th century, medical and hospital expense policies are introduced. In the 1920s, private and individual hospitals started offering basic services to their patients in consideration with a pre-paid method which eventually led to Blue Cross organizational development.

In the present state, there are about 75% of the total population in the United States that currently has a private health insurance which is provided either by Blue Shield or Blue Cross organizations or otherwise supported by commercial insurance firms. Some companies have the ability to provide their own set of coverage and there are industries that provide insurance through the trust funds of joint labor management.

Health insurances are designed in order to meet the large costs of hospitalization and medicines. It pays for medical services that are quite expensive. There are also beliefs that because of the insurance, it tends to promote longevity and proper health due to affordability or sometimes free expenses. Through answering these financial burden health insurance protects the paying public from huge medical bills.

Obligations of Health Insurance Holders

Most health insurance holders know that a health insurance is a written contract between an individual and their insurance company. This is a kind of contract that is renewable either monthly or annually. The amount and type of health care cost which is covered by the plan is stated and specified in advance so that the individual can identify if the plan fits his or her needs or if certain adjustments should still be made.

Just pay the agreed insurance plan and let the company do the rest. This is the usual idea that insurance holders deal with. Therefore, the main obligation of individuals is to pay their dues. These obligations come in several forms.

Premium

This is the amount indicated that the policy-holder must pay to the health agency every month in order to purchase the said health coverage.

Co-insurance

This happens when a policy-holder pay only a percentage instead of giving the entire fixed amount of the plan. A typical example would be - a member who has undergone surgery only pays 30% of the total cost and the health plan is the one responsible in paying the remaining 70%. Because there are no limits on the co-insurance, the patient ends up owing just a small amount which depends on the actual expenses of the obtained services.

Deductible

This is the amount that the policy-holder is responsible for. Before a health plan pays part of its share, the policy-holder must first bring out of his or her own pocket the contribution agreed upon. It may take numerous visits to the doctor, refills of prescription before one reaches the deductible.

Exclusions

As the word implies, there are some services which are not covered by the health plan. Here, the policy-holder is required to pay the expected amount out of their own pockets because the particular service is no longer covered by the insurance company.

Coverage limits

This pertains to the limit given by the insurance. There is just a given minimum amount that the insurance covers. If the charges reached the excess, the policy-holder is then required to pay the amount for specific services. Furthermore, there are plans that have lifetime or annual coverage maximums. With these cases at hand, the health plan stops the payment.

In-network provider

These are providers enlisted by the insurer. If a policy-holder sees an in-network provider, the insurer will give discounted co-insurance or additional benefits.

Health Insurance for Students

Universities and colleges now have a requirement that students who are about to enroll or who are currently enrolled in them should have a health insurance. This may be one of the main reasons why student health insurance is becoming quite popular among the student population. Health insurance is necessary to secure the students' health and attain improved or otherwise higher scores. Coverage may either be full-time or part-time. Majority of insurance companies offer college and student insurance.

Due to lack of proper health care facilities in different universities and colleges, there is an increased threat to the health of students thus reflecting on their performance and scores during classes. Securing an insurance that answers the students' health is very much essential in order for the students to gain the righteous medical attention they need.

Some of the options that students can consider if they wanted to keep their insurance afloat even after moving out of home and eventually entering a college and university.

• Keep parents' insurance and remain in school for the coverage of health needs. There are particular health plans that maintain the health insurance which their parents presently carry if the student is between nineteen and twenty-five.
• If the student already reached the age of 25 and is still in college, he or she will most likely lose the coverage carried by his or her parents.
• When a student is no longer attending school, he or she can have a short-term insurance policy. This is a perfect interim solution a post-student can utilize until he or she attains the health plan offered by the employer once he or she gets a job.

Some of the common areas covered by the student benefit are:
• Visits to the physician's office
• Ambulance care
• Outpatient and inpatient prescription medicines (with usual maximums or limitations)
• Hospitalization - board and room
• Intensive care in hospitals
• Laboratory and radiology services
• Surgical produces done in the outpatient department
• Physiotherapy and psychotherapy
• Chemotherapy and radiation therapy

A student medical insurance most beneficial for the students because it provides varying benefits and advantages that includes complete coverage. Health insurance for students tends to lessen worries regarding health care. For every state, there are certain mandates that need to be followed therefore before plunging into a specific health insurance plan, one should have the idea on the policy you are considering.

Health Insurance for New Graduates

Graduation is not the end; it’s simply the beginning of a new life ahead. Once you graduate, you have to face the real world. To some, it can be a bit scary, but for those who are smart enough to plan their life ahead, it’s also the best time to purchase health insurance.

If you shop around, you will be able to find a suitable health insurance plan. College graduates have to attend to a lot of things like finding a good job, a decent place to stay, and repaying student loans. Since you were a child, you were greatly dependent on your parent’s health insurance. Now that you moved out from your home, you should also think about getting your very own health insurance.

Even if you’re healthy and young, you will surely need health insurance. You’re just starting a new life and you need to learn how to handle your finances wisely. Just think of it this way – if you suddenly meet an accident or you got sick, you will need to spend huge money on medical bills. This can be very difficult especially if you don’t have enough cash but with the help of health insurance, you can easily overcome this situation without exhausting your financial resources.

You must be aware that you have many options when it comes to purchasing health insurance. In the US, you can choose among the many insurance companies and various kinds of insurance plans or policies.

Firstly, you need to choose between indemnity plans and managed plans. Indemnity health insurance plans are expensive than managed plans. If you’re looking for flexibility in terms of coverage, the former is far better and it’s worth the money. Confusion should be the last thing on your mind because if you’re confused, you won’t be able choose the right health insurance plan.

With the indemnity health insurance plans, you can choose your doctor, hospital, specialty clinic, or lab. You should remember that with this kind of plan, you will have to spend your own money (or deductible) and afterwards, the coverage will be applied. Deductibles ranges from $100 to more than $1,000 but it all depends on the policy you’ve purchased. You will also need a co-payment with this kind of plan. On the other hand, managed plans are more affordable but you have limited coverage.

The choice is yours. As a new graduate, you need to be responsible for you actions. Choose your health insurance plan wisely.

Australian Health Insurance

Medicare is the name given to the public health insurance system. It sees to it that people obtain free access to majority of hospital treatments and outside medical treatments which are subsidized. When it comes to a private health system, it is funded by series of private health system organized by different entities. One of the largest entities is Medibank Private. It is a owned by the government but then again, it operates as an enterprise of the government that falls under a synonymous regime like other private health funds that are registered.

There are private health systems which aims on insuring profit though there are non-profit systems. There are those that have only restricted membership which are focused only on a particular group whereas majority have an open membership system. In Australia, the Private Health Insurance Act of 2007 regulates the private health insurance.

The private health authority within the country operates duly depending on the rating of the community, wherein premiums don’t exist due to a previous medical history of a person, present state of health or looking upon their age. A waiting period of about a year are imposed by the funds for any type of medical condition which existed with the 6 months on when the insurance was taken. A 12-month waiting period is also imposed for those conditions treated that are related to obstetrics; a waiting period of two months is imposed on every other benefit from the moment the person took in private insurance.

Funds have the responsibility to remove or reduce waiting periods in cases of individual assessments. Whereas they also have the capability to withdraw impositions although this will put the fund in being at risk with an adverse selection that can attract an insufficient number of individuals or groups coming from other funds or otherwise from the gathering of intending individuals who should have joined membership of other funds. Benefits that are paid for the following conditions creates pressure on the part of the premium for the entire fund membership which causes drop outs from the membership, eventually leading to rises and vicious cycle.

There are numerous matters on what funds should aren’t permitted to withhold regarding premiums, membership or benefits. These would include religion, nature of employment, racial origin, sex, and activities for leisure. Premiums intended for the product of the fund is then sold in different states although it may vary from one area to another and not completely focused on the same state.