Health Insurance

RECENT NEWS
New York Times  Mar 27  Comment 
In a significant bipartisan move backed by President Obama, the House agreed on changing the formula for doctors’ fees and extending the Children’s Health Insurance Program.
New York Times  Mar 26  Comment 
In a significant bipartisan move backed by President Obama, the House agreed on changing the formula for doctors’ fees and extending the Children’s Health Insurance Program.
Forbes  Mar 25  Comment 
The Affordable Care Act (a.k.a. Obamacare) mandates that every U.S. citizen must: 1) purchase qualified health insurance, 2) obtain a qualified exemption, or 3) pay a penalty. You'll find the majority of the qualified exemptions in this article.
NPR  Mar 25  Comment 
Figuring out the penalty for not signing up for health insurance is just one complication. Tax filers who made more money last year than they anticipated may have to pay back some of their subsidy.
MarketWatch  Mar 24  Comment 
Ted Cruz, one of Obamacare’s harshest critics, says he’ll sign up for health insurance through the federal exchange as he loses coverage through his wife’s job at Goldman Sachs.
Forbes  Mar 23  Comment 
The stock has been on a bull run in the past few months, reaching new highs on the strength in the U.S. job environment. For the third quarter, we expect the robust U.S. job market conditions to translate into higher checks per client for Paychex....
The Hindu Business Line  Mar 23  Comment 
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed Rs 20 lakh penalty on Apollo Munich Health Insurance Company for violation of various norms.In an order,...
The Times of India  Mar 23  Comment 
Finance minister Arun Jaitley has extended the deduction limit for health insurance premium under Section 80D from Rs 15,000 to Rs 25,000.
The Times of India  Mar 19  Comment 
Ever wonder why a family health insurance cover costs more than the insurance for the family car? The answer to that perhaps lies in the insurance industry’s inability to attract enough youngsters and the misconceptions among buyers.




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Types of Coverage

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

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Number Uninsured and Uninsured Rate (1987-2007)

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

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