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Five Easy Ways to Save on Health Insurance

Everyone wants to know the secrets behind saving money. When it comes to health insurance, there are a few different things that consumers can try to take advantage of when it comes to reducing costs.

Get a high deductible plan that is compatible with a Health Savings Account (HSA). Individuals are only eligible if they have a $1,200 deductible but can save up to $3,100 a year for health care services. And, families are eligible for an HSA if they have a $2,400 deductible but are allowed to save up to $6,250 a year.

There are many advantages to Health Savings Accounts which include:

Funds in HSAs college interest
HSA funds roll over year to year
Funds are saved for future medical costs and retirement health costs
HSA contributions are deductible from income taxes
There is a catch-up period between the ages of 55 to 65, which allows consumers to save an extra $1,000 in the HSA

Pick a health plan with a limited network. Health insurance plans with limited networks are able to negotiate cheaper rates. But if you travel a lot or commute to work, this may not be the best option.

Mix and match health insurance policies. Many consumers tend to go with one group health insurance plan instead of comparing the group plans or plans on the individual market. For example, say a married couple has a health insurance policy with one employer but it may actually be better financially for the husband to stay on his work’s group plan and the wife to stay on her work’s group plan. It all depends on how much a company passes on to the employees in terms of premium costs for dependents.

Review your health insurance and care needs over the years. Health care needs change over the years so if you have one plan that you enjoy and are comfortable with, call your health insurer to change to a same plan with a different deductible. As consumers age, they tend to use health care services more, so it typically makes sense to lower the deductible and pay a little more in monthly premiums.

Understand the risk you are taking on. Many consumers go for the plans with the lowest monthly premium but may not understand that they are responsible for the $5,000 deductible after utilizing health care services.

For example, there is a plan that has a $2,500 deductible and costs about $88 per month. That same plan is available with a $10,000 deductible and costs about $56 per month. A consumer paying $32 more per month means that the consumer will only be responsible for $2,500 in case of an illness or injury instead of $10,000. And, that big of a difference between deductibles can put someone into medical debt.

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Autism – Does Health Insurance Cover Necessary Therapies?

In our continued effort to support Autism Awareness month, GoHealth aims to keep you informed of the important health insurance facts people with autistic loved ones need to be aware of.

Available Treatments for Children with Autism

Many children with autism spectrum disorder (ASD) will require a combination of the following:

It’s encouraging that these proven treatments exist, but will they be covered by your health care provider? Make sure that the answer to that question is a definitive “yes.” Keep the following in mind:

A Preferred Provider Organization (PPO) is probably your best bet if you have a child with autism. The flexibility a PPO provides allows you to see specialists without a referral and to easily get second opinions.
Every child’s needs are unique. Depending on the situation, your child may need different types of therapies not listed above (i.e. psychological or behavioral therapy). If you are unsure as to whether or not your plan covers the needs of your child, ask!
Rules and regulations regarding health insurance and autism treatment vary widely by state. Educate yourself on your state’s situation and leverage any autism-specific medical assistance that state may offer.

Obviously, this only scratches the surface when it comes to the intricacies of autism and the importance of insurance. For more information and links to further advice, visit AutismSpeaks.org.

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Jobs Abound at GoHealth Thanks to Health Care Reform

The Great Recession took a toll on the job market nationwide and many industries are still struggling to revive. Here at GoHealthInsurance, we are happy and proud to say that business is not only on-track, but thriving. In fact, we are looking to expand our current workforce by 30 percent in the next two months.

Today’s savvy consumers are all about educating themselves on products and services before making a final decision. This especially holds true when looking to purchase health insurance coverage. Due to GoHealth’s ease of use and breadth of knowledge about the health care industry, folks are flocking to our site and we are growing at a rapid pace.

Not only is GoHealthInsurance hiring over 40 insurance agents, we are looking for talented people to join us as web developers, software engineers and analysts. With health care reform fully going into effect in 2014, the need for personal health insurance coverage is going to grow exponentially, creating even more jobs in this market.

Individuals interested in learning about the benefits of working at GoHealthInsurance or applying for a position should visit the GoHealth career section or visit GoHealth on LinkedIn.

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Illinois Health Insurance and Health Care Snapshot

The state of Illinois has a lot to be proud of. It’s the home of Abe Lincoln, the first ever McDonalds restaurant, and the world’s first sky skyscraper.

However, recent news and data have uncovered some disconcerting truths about the state of Illinois health insurance and health care. Let’s put it into focus.

Medicaid in Illinois

About 2.7 million people received comprehensive Medicaid benefits in Illinois last year. This number spiked due the massive amount of people who lost their jobs or employee-sponsored health insurance due to the recession.
The majority of recipients are children from low-income families, but the elderly account for the bulk of Medicaid costs.
The Illinois Department of Healthcare and Family Services, which administers the Medicaid program, has a total medical assistance budget of $14.2 billion. Aggressive initiatives are in the works to cut this budget down.
The Illinois Medicaid system is backed up considerably, with hospitals waiting several months for payback from Medicaid services.

How Healthy is Illinois?

The overall health of the state could definitely be better. Take a look at the following statistics:

Around 19 percent of adults under the age of 65 are without health insurance.
About 13 percent of adults could not see a doctor in the past year due to cost.
The adult obesity rate is steady at 27 percent.

How Healthy is Chicago?

It’s a world class city and the third largest in the country, but how does Chicago measure up in the health care department? It appears they are at the bottom of the list.

Out of 306 healthcare markets nationwide, Chicago ranks 215th, according to a recent report by Commonwealth Fund, a health care research foundation based in New York.
92.2 percent of Chicago patients hospitalized for pneumonia received recommended care, below the national median of 96.9 percent.
Nearly 25 percent of all Medicare patients in Chicago are readmitted to the hospital with 30 days, well above the national median of 17.7 percent.
Average Medicare payment per patient is $10,334 (nearly 30 percent more than the national average).
Average commercial health insurance payment per patient is $3,700 (nearly 12 percent more than the national average).
Chicago ranked behind the following cities: Boston (41), Philadelphia (101), Manhattan (127), and Detroit (189)

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More Long Term Care Insurance Policy Options

Insurance companies are continuously churning out new products which the public will find useful to their future health care needs. New long term care insurance policy options are now made available in the market apart from the existing ones which many find too expensive for comfort.

They call it combo policies, these new insurance products that aim to get the attention of individuals whose application for the standard LTCI policy had been declined due to pre-existing conditions.

These combo polices are actually life insurance integrated with “accelerated” death benefits which allow policyholders to withdraw some cash in the event that they become seriously ill. The money that they withdraw from their death benefits can be used according to their discretion.

For example, an insured person is receiving in-home care and wants maneuvering around the house to be easier and safer so he spends the money which he withdrew from his combo policy’s death benefits on a wheelchair ramp, some security grips and on handrails.

These new insurance products were not designed to replace existing LTCI policies but to offer an option to individuals who remain uninsured and at risk of the country’s high cost of care.

According to the statistics, the population of insured individuals increased last year as the sales of combo policies increased by 68%. Just keep your fingers crossed and pray that these policyholders won’t deplete their assets to the annual premium of a combo policy as it happens to be way higher than standard LTCI policies.

Long Term Care Insurance Policy Options and What To Look For

There are, indeed, so many ways that you can plan your future health care but don’t discount your budget. Just like on food, clothing, and housing, you have to allot a specific budget amount for your long term care (LTC) plan to avoid depleting your assets in no time.

According to some individuals who bought the combo policy as they were enticed by its offerings, they are currently paying out 20% more for their annual premium.

Aside from paying a higher premium, another downside to buying a combo policy is the possibility of using up the death benefits should you come down to a serious illness and require LTC. Instead of passing on the benefits of your insurance to your heirs you will wind up leaving them penniless.

Although it might seem hitting two or three birds with one stone, a combo policy is not ideal because your benefits are divided into different purposes. You’re better off with a standard LTCI policy or one which qualifies with the Partnership Program.

One of those standard LTCI policies is the reimbursement LTCI policy which reimburses the insured individual of his actual expenses on care up to his maximum daily benefit amount.

Another classic LTCI policy is the indemnity which pays the insured his maximum daily benefit amount regardless of his actual expenses on care.

Last but not least are policies that comply with the Partnership Program. These allow insured individuals to receive further care via Medicaid without spending down their assets. Partnership policyholders can apply for Medicaid after having exhausted their insurance benefits without spending down the amount of their assets that is equivalent to the benefits that they have received from their policy.

You will never run out of long term care insurance policy options but you have to start looking at these now while you’re young, healthy and active at work. If you wait till later, it might be too late.

Compare different long term care quotes at CompleteLongTermCare.com. Weigh your options on long term care plans before you buy an LTCi policy.

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