Health Insurance

RECENT NEWS
Motley Fool  Sep 1  Comment 
As the proposed Anthem-Cigna merger and the Aetna-Humana deal enter a period seeking antitrust clearance and government scrutiny, consolidating health insurers are facing a chorus of criticism from medical-care providers and consumer advocates....
New York Times  Aug 31  Comment 
Numerous state regulations aren’t the main reason insurance markets tend to be uncompetitive.
Insurance Journal  Aug 31  Comment 
About 300,000 Massachusetts residents who buy their own health insurance or work for small businesses are about to see their premiums jump more than 6 percent on average. The increase approved by the state Division of Insurance that takes effect...
Motley Fool  Aug 30  Comment 
You might want to have your wallet handy, as big changes are on the way for Obamacare in 2016
Forbes  Aug 28  Comment 
HoneyInsured wants to make signing up for insurance just another quick task -- and promises to cut the process down to five minutes.
Insurance Journal  Aug 27  Comment 
Arkansas’ insurance commissioner says health insurance rates on the state’s marketplace will increase by no more than 7.15 percent next year. The Arkansas Insurance Department approved the 2016 rates for companies participating in Arkansas’...
Clusterstock  Aug 26  Comment 
FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. Your FSA is in danger (NBC News) Obamacare may cause your company to stop offering a healthcare flexible spending account...
Insurance Journal  Aug 24  Comment 
A suburban Columbus, Ohio, chiropractor has agreed to plead guilty in federal court to defrauding health insurance companies for nearly $700,000. The Columbus Dispatch reports 44-year-old Jeffrey Shope is charged with overbilling health insurance...




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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

State High Risk Pools

Trends

Number Uninsured and Uninsured Rate (1987-2007)

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

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