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HSA Plans are an excellent choice for individuals and families who want to control their health insurance costs by combining a lower cost high deductible health insurance plan with a tax advantaged savings account and network discounts.
HSA Health Insurance Plans used together with a Health Savings Account can be a significant cost saving for individuals and families. Having an HSA lets you pay health care expenses in a way that also helps you save on your taxes. The first requirement to establish an HSA is purchasing a Qualified High Deductible Major Medical Health Insurance Plan, a medical savings health insurance plan where premiums are normally lower.
Money held in the HSA may be used for out-of-pocket costs such as deductible costs, copays and coinsurance, and to cover costs not covered by traditional health insurance. Any money held in your HSA and not spent will carry forward a balance from one year to the next. These plans are becoming more popular among individuals and families.
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High Deductible Health Plans (HDHP) may be ideal for those willing to take additional responsibility for routine health care expenses in exchange for a higher deductible and lower premiums than a traditional health plan. It is sometimes referred to as a catastrophic health insurance plan.
HDHPs are plans with a minimum deductible of $1,100 for Self and $2,200 for Self and Family coverage. The maximum amount out-of-pocket limits for HDHPs is $5,600 for self and $11,200 for Self and Family enrollment.
Participating in a "qualified" HDHP is a requirement for Health Savings Accounts and other tax advantaged programs.
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A Health Maintenance Organization (HMO), is a health care system that assumes or shares both the financial risks and the delivery risks associated with providing comprehensive medical services to a voluntarily enrolled population in a particular geographic area, usually in return for a fixed, prepaid fee.
The ways in which an HMO is able to offer cheaper health care are twofold. First, by contracting with specific providers of health care and dealing with large quantities of patients, the HMO is able to negotiate for more affordable health care than the patients would otherwise receive. Secondly, by eliminating treatments that the HMO views as unnecessary, and by focusing on preventative health care with an eye toward the long-term health of their members, the HMO reduces costs.
When one joins an HMO, one is usually asked to choose a primary care physician. When the primary care physician determines that the patient needs care they cannot offer, they give a referral to a specialist that can address the patient's concerns.
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A Preferred Provider Organization (PPO) is a healthcare benefit arrangement designed to supply services at a discounted cost by providing incentives for members to use designated healthcare providers who contract with the PPO at a discount. Members enrolled in PPO coverage can also receive coverage for services by healthcare providers who are not part of the PPO network.
PPO health insurance plans allow patients flexibility in their choice of doctors and other health care providers. PPO health insurance is affordable individual health insurance coverage at lower rates than other major medical insurance.
Economy PPO Plans are affordable PPO individual health insurance plans that include office and prescription copay benefits and are available from several individual health insurance companies; savings on health insurance quotes range 10% to 30%.
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Point-of-Service (POS) coverage is a healthcare option that allows members to choose medical services that are needed and whether they will go to a provider within the plan's network or seek medical care outside of the network.
A POS healthcare plan is sometimes referred to as hybrid healthcare, because it mixes aspects of HMOs and Preferred Provider Organizations (PPOs) for greater patient autonomy. It offers more flexibility than an HMO, which requires patients to see only in-network doctors, starting with a personal physician.
A POS healthcare plan also differs from a PPO. In a PPO plan, patients can use doctors from within a network of affiliated doctors. Patients are not required to go through a personal physician, but the trade off means much higher out of pocket costs than with an HMO. Copays tend to be substantially higher under a PPO than under a POS healthcare plan, as well.
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Short-term health insurance is a low-cost alternative to a standard health insurance plan. If you are fairly young, and in good physical condition, you may want to consider getting short-term health insurance as opposed to a more extensive health insurance plan. With many short-term health insurance plans, the monthly premium you owe to the company is quite low.
However, with short-term health insurance, you are not eligible for many of the benefits that you receive with a standard plan. You must pay full fees for all non-emergency doctor's visits and elective surgical procedures, rather than having such visits fully or partially covered by your health care network. Costs for all prescription drugs and ob-gyn visits are not covered by short-term health insurance either. Costs related to maternity and delivery are not covered by short-term health insurance plans either, though you may be eligible for coverage from other sources.
Short-term health insurance is not for everyone. However, if you do not have access to health insurance through a job and are looking for a reasonably-priced option that will ensure that you are covered in case of a serious emergency, short-term health insurance may be the best way to go.
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Starting college is a big step in a person's life and for many students it signals a major change in their lives: not having health insurance. While some health insurance plans will continue to cover college students, those plans won't last forever and, at some point, students will be faced with some tough choices.
A study funded by the Heinz Family Philanthropies found that 30% of college students don't have any type of health insurance. That's more than 4 million students who have to pay for all of their health care needs out-of-pocket. More commonly, a simple illness that could quickly and easily be treated with antibiotics may cause an uninsured student on a limited budget to miss several days of classes and fall behind in schoolwork simply because he or she could not afford to visit the doctor or pay for a prescription.
You should have a health insurance plan separate from the basic student clinic options. You don't want to rely on the student clinic nurse to diagnosis an uncommon illness.
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As veterinarian costs increase, pet insurance is becoming more and more popular. Essentially similar to people's health insurance, pet insurance plans are available in a variety of sizes and prices. All pet insurance plans cover emergency visits, lab tests, and drugs. Many also cover annual checkups, vaccinations, and spraying or neutering. A few companies now offer kennel boarding in the event that the owner has to be hospitalized.
It's important to note that with pet insurance plans, you pay for the medical service and then submit a claim to be reimbursed by check. Because you can choose any veterinarian you like, you also have control over prices and quality of service.
All companies charge a deductible for each accident claim and an annual deductible for illnesses. A pet insurance plan can cost as little as 10 USD per month, depending on the breed and age of your pet. Older pets require higher premiums, as do certain breeds that are prone to genetic illnesses and hereditary conditions. Dogs are also more expensive than cats to insure because they're prone to more genetic problems.
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Traveling abroad can be an exciting experience. But what would happen if you or one of your family members became ill or injured while away from home? Most travelers assume they will be covered by their standard medical plan. The truth is, while traditional plans may offer adequate domestic coverage, they may not be designed for international travel. Without even realizing it, you may be putting your health - and that of your family - at risk.
What if you are injured or become ill during your trip? Could you get quality treatment at an unfamiliar hospital? How would you deal with the language and currency barriers? What if the treatment you need is not available nearby? Who do you call? Imagine trying to call your insurance company or plan administrator at 3:00 a.m. from a foreign country during a medical emergency!
At Global Insurance Group, we offer:
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Visitor Insurance: designed for foreign nationals visiting or immigrating to the U.S
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Travel Medical Insurance: covers U.S. Citizens traveling overseas as well as Foreign Nationals Visiting the United States
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