Health Insurance

RECENT NEWS
The Hindu Business Line  45 min ago  Comment 
Reliance Life Insurance Company (RLIC) has launched ‘Reliance Health Total’, a health insurance plan with unique advantages. This plan provides a complete health cover, including a fixed...
Motley Fool  May 3  Comment 
There was never any doubt that the ACA and Medicaid expansion would impact health insurers; here’s how one company fared.
New York Times  May 1  Comment 
The Affordable Care Act’s open enrollment period for health insurance expired on April 30, but people with special circumstances can still get coverage.
Forbes  Apr 30  Comment 
Health insurance exchanges are proving effective in reducing the number of uninsured and are beginning to provide the information people need to make an informed selection about which plan is best for their needs. As a result, health exchanges...
The Hindu Business Line  Apr 30  Comment 
Insurer designing roducts to cater to rising demand
Insurance Journal  Apr 30  Comment 
New York-based specialty insurer Assurant, Inc. said it is exploring strategic alternatives for its employee benefits and health business segments, including the sale of each business. If it can’t sell its health business segment before too...
Forbes  Apr 30  Comment 
As health insurance companies tally up the second year of enrollment of individuals from public exchanges under the Affordable Care Act, they are noticing younger customers that tend to submit fewer medical claims.
New York Times  Apr 30  Comment 
State lawmakers rejected efforts to expand the state Medicaid program to give the working poor government-funded health insurance, the third year of defeats for the legislation.
Forbes  Apr 30  Comment 
It turns out that the first year of tax filing for people who have Affordable Care Act health insurance subsidies was a lot easier than the first year of enrolling in the online exchanges.




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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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