Health Insurance

RECENT NEWS
Benzinga  6 hrs ago  Comment 
Health insurers were generally higher Friday on a report that Humana Inc (NYSE: HUM) hired advisors to consider a sale. Humana tapped Goldman Sachs Group to evaluate potential offers from Cigna Corporation (NYSE: CI) and Aetna Inc. (NYSE:...
CNNMoney.com  6 hrs ago  Comment 
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CNNMoney.com  6 hrs ago  Comment 
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CNNMoney.com  6 hrs ago  Comment 
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The Hindu Business Line  9 hrs ago  Comment 
This is with reference to ‘Coming, A savings account with your health insurance policy’ (May 29). It is indeed a welcome move; interest on the savings account, if more than the traditional...
CNNMoney.com  May 28  Comment 
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CNNMoney.com  May 28  Comment 
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CNNMoney.com  May 28  Comment 
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The Hindu Business Line  May 28  Comment 
IRDA close to decision on plan that will save money for health expenses
Insurance Journal  May 27  Comment 
Minnesota’s health insurance exchange is having a big problem with attracting small businesses. MNsure was originally expected to cover 155,000 people in small-group plans by next year. Enrollment was only 1,405 earlier this month, the Star...




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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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Trends

Number Uninsured and Uninsured Rate (1987-2007)

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

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