Health Insurance

RECENT NEWS
The Hindu Business Line  11 hrs ago  Comment 
Health insurance for alternative treatments like Ayurveda, Yoga, Unani, Siddha and Homoeopathy (Ayush) is set to expand with the Centre taking steps to get insurers to develop packages for traditional...
Motley Fool  May 22  Comment 
Learn more about Medicare's parts, benefits, premiums, and coverage.
Motley Fool  May 21  Comment 
The nation's largest insurer is waiving the white flag, but these three insurers still see opportunity in Obamacare.
Motley Fool  May 21  Comment 
Get the simple tips you need to know to be a smarter healthcare shopper.
Insurance Journal  May 20  Comment 
New York health insurers have proposed premium increases averaging 17.3 percent for next year in the market for individuals and 12 percent for small groups. The New York State Department of Financial Services often reduces proposed increases...
Forbes  May 20  Comment 
No one wins popularity points by defending health insurance companies or their handsomely paid executives. But the bottom line is, when insurance companies lose money, they raise the rates for health insurance coverage.
Forbes  May 18  Comment 
In trading on Wednesday, banking & savings shares were relative leaders, up on the day by about 2.4%. Leading the group were shares of Barclays (BCS), up about 5.8% and shares of First Bancorp (FBP) up about 5.6% on the day.
Insurance Journal  May 18  Comment 
Fosun Group, China’s largest private conglomerate, is aiming to become a world leader in insurance, tourism and healthcare but also has a “clear plan” to reduce its debts, chairman and co-founder Guo Guangchang said on Tuesday. In an...
The Australian  May 18  Comment 
Private health insurers are set to report record profit margins, and the highest net margin in eight years.
Forbes  May 17  Comment 
Now that insurers don't seem committed to providing health insurance, can Obamacare survive? Adam Johnson, founder of Bullseye Brief newsletter explains his thoughts to Forbes contributor Simon Constable.




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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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