Health Insurance

RECENT NEWS
Forbes  Jan 23  Comment 
Continuing the health insurance industry’s march further away from fee-for-service medicine, UnitedHealth Group (UNH) executives said this week they will increase value-based payments to doctors and hospitals by 20 percent this year to “north...
TechCrunch  Jan 22  Comment 
 Oscar, the New York-based startup that’s trying to shake up health insurance, is eyeing a debut on the West Coast by next year. The company is in the process of applying to operate in California for the 2016 individual exchange. “We...
MarketWatch  Jan 22  Comment 
Roughly 6.3 million people just above the poverty line will drop their Obamacare coverage or face using as much as half of their income for health insurance if a Supreme Court ruling dismantles subsidies in states that haven’t established their...
WA Business News  Jan 22  Comment 
Australians with private health insurance could be hit with premium increases of up to 7 per cent from April 1.
Forbes  Jan 20  Comment 
Millions of Americans who received subsidized health insurance under ObamaCare will find a new wave of frustration this tax season.
Forbes  Jan 19  Comment 
Subsidies created by the ACA (1) plus ongoing escalation of health insurance premiums make canceling health insurance plans financially attractive for many employers. In fact this transition can be even more attractive for employees. And for some...
The Hindu Business Line  Jan 18  Comment 
Which health insurance policy should one buy to ensure that unforeseen health expenses are duly taken care of? Though there is no handbook that would give the perfect advice, there is a...
Forbes  Jan 18  Comment 
As enrollment grows from the second year Americans can sign up for private coverage under the Affordable, health insurance companies are hinting at a 2015 that will also be lucrative to their bottom lines.
Motley Fool  Jan 17  Comment 
If you want to get your finances in order, here are 4 things you absolutely must do.




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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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