Health Insurance

RECENT NEWS
The Hindu Business Line  Oct 21  Comment 
Aditya Birla Financial Services Group has signed a memorandum of understanding (MoU) with the South Africa-based MMI Holdings Ltd to enter the health insurance market of India. Aditya Bir...
Motley Fool  Oct 20  Comment 
When to buy your own health insurance, even if your employer offers it.
Forbes  Oct 19  Comment 
Even after the disastrous rollout of the healthcare.gov web site a year ago, health insurance companies and providers of medical care are reporting more promising profits as third quarter earnings emerge. Although the next enrollment period for...
The Times of India  Oct 17  Comment 
Group health insurance will become more expensive for companies where hospitalization claims from employees exceed the premium paid.
New York Times  Oct 16  Comment 
Officials said consumers should update information on their income and family size and should compare their current insurance with alternatives, which could offer better coverage at a lower cost.
Insurance Journal  Oct 15  Comment 
Massachusetts health insurers have recently begun providing online cost-estimator tools that allow consumers to compare prices of medical procedures by various health care providers, as required by a transparency provision in the state’s 2012...
Insurance Journal  Oct 15  Comment 
California’s health insurance exchange is facing calls for a state investigation of its contracting practices, while a state senator urged the agency to account for deals that steered millions of dollars to a firm whose employees have...
New York Times  Oct 15  Comment 
State officials plan to cancel coverage for about 10,500 people participating in the state health insurance exchange because they could not prove that they were citizens or legal residents of the United States.
Channel News Asia  Oct 14  Comment 
The company is offering 70 million shares at 28 cents each on an all-placement basis. The shares are expected to make their trading debut on SGX on Oct 28. 
TheStreet.com  Oct 13  Comment 
NEW YORK (MainStreet) -- Just one month out from Obamacare open enrollment Round Twoaand health insurance is once again climbing to top-of-the-mind awareness. Government officials are promising faster enrollment on healthcare.gov, mobile device...




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Types of Coverage

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Private Coverage

Job-Based Coverage

Individual Policies

Association Health Plans

Consumer Driven Health Plans

Government-Funded Coverage

Medicare

Medicare is a federal health insurance program for: a) individuals aged 65 years and above; b) individuals under the age of 65 with certain disabilities; or c) or individuals with end-stage renal disease. There are three types of Medicare plans:

  • Original Medicare Plan, which consists of two parts:
    • Hospital Insurance (Part A): This part pays for inpatient care at public hospitals, critical access hospitals (small facilities that give limited inpatient and outpatient services to people in rural areas), skilled nursing facilities (not custodial or long-term care) as well as hospice care and some home health care. All individuals eligible for Medicare are enrolled automatically and free of charge in Part A.
    • Medical Insurance (Part B): This part pays for doctor visits, outpatient hospital care and other necessary medical services not covered by Part A, such as physical and occupational therapy, and some home health care. Part B is optional and, in 2008, most beneficiaries paid monthly insurance premiums of $96.40. Beneficiaries must also pay an annual deductible before Part B coverage kicks in.
2008 Part B Monthly Insurance Premiums Yearly Income (Single Individual) Yearly Income (Married Couple) Yearly Income (Married Individual)
$96.40$82,000 or less$164,000 or less$82,000 or less
$122.20$82,001 - $102,000$164,001 - $204,000NA
$160.90 $102,001 - $153,000$204,001 - $306,000NA
$199.70$153,001 - $205,000$306,001 - $410,000$82,001 - $123,000
$238.40above $205,000above $410,000above $123,000
  • Medicare Advantage Plans (Part C), formerly known as Medicare+Choice, are private health insurance plans under the Medicare program. These plans pay for more medical services than the Original Medicare Plan by packaging Part A, Part B and additional coverage into one convenient bundle. Part C is optional and beneficiaries often pay higher monthly insurances premiums, but lower deductibles, than those required for Part B. Medicare Advantage is only offered in certain parts of the country and includes HMO Plans, PPO Plans, Medicare Private FFS Plans, Medicare MSA Plans or Medicare Special Needs Plans.
  • Medicare Prescription Drug Plans (Part D) add prescription drug coverage to the Original Medicare Plan, Medicare MSA Plans, some Medicare Cost Plans and some Medicare Private FFS Plans. Each plan is run by a private company and, hence, varies slightly from other plans that fall under Part D. However, all such plans conform to standards set by the federal goverment. Part D is optional and beneficiaries pay monthly insurance premiums and an annual deductible in exchange for a large degree of flexibility in choosing what drugs need to be covered by these plans.

Medicaid

State High Risk Pools

Trends

Number Uninsured and Uninsured Rate (1987-2007)

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Difference in 2-Year-Average Uninsured Rates by State (2006-2007)

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