Author Archives: Dylan Young

An Introduction to Consumer-Driven Health Care

With the cost of health insurance and other medical bills rising year after year, looking into consumer-driven health care may be an excellent option for you and your family. Consumer-driven health care is also referred to using the acronym CDHC, and is growing more and more popular as more people switch from conventional health insurance plans to different types of medical savings accounts.

Simply put, consumer-driven health care refers to third-tier health insurance plans which allow you to use personal medical savings accounts to pay for your medical expenses. These medical expenses include routine healthcare costs as well as catastrophic medical costs. For example, for routine medical costs such as health check-ups, you are covered by the health savings account or the Health Reimbursement Arrangement (also known as the Health Reimbursement Account). If anything unpredictable and catastrophic happens, you are covered by your high-deductible health insurance policy (HDHP). The flexible spending account is also an example of consumer-driven health care, which some choose to use.

Under most types of consumer-driven health care, if you end up with any unused funds within your medical savings accounts at the end of the year, you are able to rollover these funds to use for the future.

Instead of using a traditional health insurance plan, consumer-driven health care allows you to pay for routine medical costs with a personal account. This allows you to have more control over your medical spending, giving you even greater control than a health insurance account.

Many who use a consumer-driven health care plan are able to save money over using a health insurance plan. In addition, users of a consumer-driven health plan are more conscious of spending, and have been found to be more likely than those using health insurance plans to research different treatment plans.

Consumer-driven health care plans provide numerous benefits. For example, studies have shown that in the long run, Americans will pay less for healthcare under such plans. Even more, some forms of CDHC allow them to be funded by employers. For example, the Health Reimbursement Arrangement is employer-funded (which allows tax benefits for the employer), which benefits both the employer as well as employees.

Benefits of Low Cost Health Insurance

1 Reply

Healthcare costs in the U.S. are rising, and according to government statistics over 40 million Americans may not have affordable health insurance. Health insurance plans that offer services at much lower costs are a necessity to individuals such as students, the unemployed, and those on a fixed income. These plans need to be not only reasonably priced, but also they need to cover the health needs of the individuals who they are insuring. This should include regular medical care, as well as major medical expenses resulting from illnesses such as cancer or diabetes.

Many colleges, especially those that are accredited by the state, may already offer low cost health insurance coverage to students who are enrolled full time and are between the ages of 17 and 19. It is important to check each of these programs out before enrolling because they are all different. There are some advantages to these college programs such as lower cost and the ability to transfer to another university without losing their insurance.

However, there are problems with these low cost plans, whether they are plans for students or others who need this service. Often these programs compensate for having lower premiums by having fewer benefits. Services that may be covered on higher cost plans are often times left out of these plans. Some of these services may be ambulance service, blood transfusions, oxygen, or even prescription medications.

Warning: Cheap Travel Health Insurance

Leave a reply

All of us like discounts, and we all want to pay less for something. That includes health insurance. However, we should remember that buying “cheap” may result in later paying more, and the savings aren’t always worth it, especially when it comes to your health and life. You should be aware that you may receive less benefits if you choose a discounted travel health insurance policy.

For example, if the plan you choose does not cover some medical costs when travelling, you may regret it later. Also, you can find better ways to cut your costs rather than simply removing the medical costs covered in your plan. For instance, if you travel frequently, you can usually get cheaper travel health insurance by buying a multi-trip plan rather than one for a single trip.

Another choice for ones who travel often is to purchase an annaul plan or a plan with the option to renew it after a certain period, for a cheaper price. Also, buying a health insurance policy for a single country may save you money as well, which is a good choice for those who are visiting relatives. Though most insurance companies offer plans that cover all countries outside the US as a whole, you can find a suitable and cheaper plan with some research.

If traveling with relatives, buying a family insurance plan is your best option in most cases. If you are an individual, you can find that buying insurance in a group can also save you money.
Also, a risky but money-saving alternative is to buy a travel plan that does not cover all medical costs, but you are co-paying for the plan. These plans are cheaper, but you will be less covered.

How much you want to risk and pay is up to you, but there are always good ways for you to save money on health insurance. Many online insurance companies allow you to use a calculator to check the cost of plans covering different medical expenses. Remember, when buying travel health insurance, cheaper plans are only a bargain if you are covered for the same expenses!

Travel Insurance In Canada

Leave a reply

Even though Canada is bordering the US and very similar to the US, we need to remember that Canada is not the US and our health insurance plans may not cover us there.

That’s why having a travel health insurance plan in Canada is crucial, as most American health insurance plans don’t pay for treatment outside the US. In fact, there’s nothing different about Canada compared to the rest of the world, as to whether or not to purchase travel health insurance.

Canada does have a high living standard and you will receive health and dental services that are as good as those you receive at home. However, these services may be more expensive than services in other less developed countries. The expensive cost of healthcare in Canada is another reason to buy a travel health insurance plan with more coverage.

On average, one of the most basic travel health insurance plans provides you and your family coverage to as much as $50,000 Canadian dollars, around $40,000 USD. This is usually enough to cover emergency room service, diagnosis, a brief stay in a hospital, and even surgery. However, if you have a long-term or risky health problem, or do not feel safe with only $50,000, there are plans that offer more than $1,000,000 USD in a plan!

Many companies in both Canada as well as the United States offer insurance to tourists going to Canada, so you will have a huge price range to choose from. WIth only a while of research on the Internet, you can find a plan that fits your health needs and your budget, as well as save money. Some insurance companies also allow you to enter your personal information, duration of your trip, and more. You will easily get a lot of offers for coverage. Don’t risk your financial well-being when it comes to your health!

Benefits of Travel Health Insurance

Leave a reply

Some people going on international trips consider it unnecessary to have any kind of insurance. They do so with the idea that the trip is just for two or three days and nothing is going to happen, so why pay out some money for nothing? But, anything can happen at any moment and anyone traveling abroad should have international health insurance.

While abroad a person can get sick or be part of an accident. Having international health insurance can help you with benefits such as:

The latest in medical treatment at any of the advanced hospitals of the visiting country
Chronic diseases even if the disease was discovered after the sign up
Services of a translator within twenty-four hours
Be able to consult with the best doctors in the visiting country
Insurance covers terrorist attacks as well
Annual medical checkups against the insurance
The policy can be renewed and continued for life
Insurance policy can be managed through the company’s website which has all the information and also the updates

Various types of insurance policies are available and there are a lot of similarities between all these policies, except for some minor differences. However, while traveling abroad international health insurance is a must. Companies that provide international health insurance also take care of other aspects like lost luggage, trip cancellations, rental car damage and evacuations.

One can get the details of international health insurance from the travel agent who will be able to recommend a reliable company. One can check the internet for the best deal that can be availed.

The cost of such insurance will largely depend on the type of insurance the individual wants. Two types of rates operate in international health insurance; one is the group rate and the other is the single rate. A person can choose between the two types of international health insurance for their travels.

Travel medical insurance

Individuals going abroad for short trips should get this type of insurance, valid for three years. The amount that can be got in this plan is $50,000 to $1,000,000 for a single trip. This type of insurance does not cover medical expenses incurred before the trip.

Long term medical insurance

Companies that send its employees abroad on a routine basis prefer this type of insurance that includes routine checkups and can be renewed. The upper limit of coverage per year can be from $500,000 to $8,500,000 or $1,000,000 to $5,000,000 per lifetime. However, the coverage depends on the visiting country and therefore it will be best to read the terms and conditions very carefully before committing to a plan.

Traveling abroad for fun or work can have its risks and it would be wise to have international health insurance to ensure that you are protected from unfortunate happenings.

Simple Ways To Get A Cheap Health Insurance Plan

Leave a reply

Is it even possible to obtain cheap health insurance? Doing so does not seem possible when you consider the high, and still rising, price of medical costs and doctor visits. When you obtain health insurance, your health insurance company must decide your risk factors and underwrite it in your plan. Once you are accepted into the plan you should review all the benefits and features of the plan.

Be sure to ask yourself what those benefits and features are, whether they work after a hospital stay, etc. You should understand all the values that make up your total cost for the insurance plan. You should also research how your deductible is applied.

Trends in the health insurance market show that more and more people are buying health insurance plans with higher deductibles. Since deductibles bring down costs greatly you should look into buying a plan with a higher deductible. Doing so is known as being self insured, since that is what you’re doing for the high deductible.

Another excellent choice to get cheaper coverage for your health is to invest in a health savings account. Health savings accounts are becoming more and more popular with their numerous advantages. For example, health savings accounts are tax deductible; such health savings accounts can be compared to medical IRAs. One very good way to learn more about health savings accounts is to contact your personal tax advisor to learn more about HSAs.

Getting The Best Health Insurance Quote

Leave a reply

Everyone wants to get the cheapest health insurance quote possible, but many do not know how to do so. Consumers must take into account many factors while comparing different insurance companies’ quotes. This article will show how to get the best health insurance quote for your needs easily and comfortably.

Do In-depth Research

You should research more about your needs and other plans before buying any plan for health insurance. With a better understanding of your needs and factors that result in a quote’s value, you will be able to get a cheaper quote. Just with a short while of research, you will save lots of money in the long run.

Compare quotes

Though getting quotes from different insurance companies and comparing them may be tedious, doing so will save you money in the future. While comparing different insurance quotes, you should compare more than just the value. You should consider other factors that relate to the quote, such as the coverage of the plan. When comparing different plans, always analyze the plans that give the same amount of benefits and coverage. A great way to compare quotes is on the Internet, since you can compare quotes from different companies side-by-side.

Comparing quotes on the Internet

One of the easiest ways to compare quotes for health insurance is using the Internet. Many websites offer an independent quote comparison tool, which allows you to compare the prices of different companies. Usually, you only need to give your zip code to the tool, and you will be able to compare quotes instantly. Be sure not to buy health insurance from websites selling it, as these may provide false quotes to trick you into purchasing a certain overpriced plan.

Don’t fall for lower deductibles

Getting a plan with a lower deductible seems like a great gain. However, think about the long run and choose a higher deductible rather than falling for the short-term benefits. If you get a plan with a lower deductible, you’ll actually have to pay more in the long run!

Inexpensive Health Insurance For The Unemployed

Leave a reply

Being jobless can represent a financial downside. You could be depending on somebody else to compensate your day-to-day expenses such as a home to live and food to eat. Health insurance is something that everybody necessitates and not enough people have accessible because of these additional financial burdens. Whatever emergency such as a automobile accident or broken bone will call for decent medical aid. What do you do once you don’t hold insurance and can not afford costly medical examination bills? If you’re unemployed, you need to ascertain health insurance to prevent this from happening.

COBRA is a law in which many people could be eligible to remain on an employer’s health insurance plan even after they lose their employment. The most ideal person for this coverage is someone who’s between jobs and isn’t in need of long-term aid. It can last at any rate a year to those who qualify, but the premium amount is still an expense that some unemployed individuals may not be capable to take care of with their lack of income. If you are able to pay the premium and are eligible, COBRA will also cover your spouse and children who are dependent on you for insurance. The best way to determine if you could receive health insurance is to contact your local employer’s benefits department and fill out the required forms.

You can also shop around for typical health insurance. Many free Internet services are proven reliable by the Better Business Bureau Online. By speaking with one of these insurance experts, you can get help finding the most affordable health insurance that will fit your specific needs. They know the rates of thousands of insurance companies and can fix you up with appropriate coverage for your specific needs. If you have a spouse or children, having health coverage is a necessity. Life is full of unexpected events and you cannot ensure that everyone will stay completely healthy until you have insurance again because accidents do happen. Finding an affordable coverage rate on your own can be a hassle. The experts at these companies are offering their assistance to you, often as a free service. Whether you need to find something short-term or for an extended period, they are qualified and dedicated to helping you.

If you find yourself unemployed at any time in your life, you are probably without health insurance. This can be a nightmare whether you have a family or not because medical expenses can put you into debt quickly. Luckily, there are ways of finding affordable coverage providers that can keep your health, as well as your finances, safe. A simple doctor visit can cost you significantly more money than it would with insurance. Do not let yourself become one of the many people who are unfortunately living life without proper insurance coverage.

Choosing Between An HSA and FSA

Leave a reply

With the cost of health insurance going up and up, saving money on medical expenses is one of the hottest topics in the US. With Obama’s health care plan passed a few years or so ago, chances are you’re missing out on some opportunities to save money on medical bills. Perhaps you have a Health Savings Account (HSA) or Flexible Spending Account (FSA).

But which should you use? Both HSAs and FSAs save money, but which one saves more? Which one fits your needs the best?

First, let’s examine the health savings account (HSA). Basically, a health savings account is a kind of savings account that allows you to store funds for later use on qualifying expenses. One big advantage in using a health savings account is that deposits are made with pre-tax dollars, effectively making HSAs tax-exempt. Another huge benefit that the FSA lacks is that funds carry over to the next year if they are unused. It is possible to use the funds in your HSA to invest; HSAs are actually quite similar to IRAs. However, it is important to note that you must have a high deductible health plan to use an HSA, and it may be somewhat difficult to find an HSA plan that does not have high annual fees.

On the other hand, flexible spending accounts (FSAs) are set up by your employer rather than yourself. Funds can be used on medical and dental bills as well as medical care. Similar to an HSA, money is deposited before taxes are deducted, though this money comes out of your paycheck. One advantage to using an FSA is that you have complete control over how you spend the funds, as long as it is used on healthcare or dependent care related. (HSA funds can only be used on a smaller list of expenses.) However, a huge downfall to the FSA is that money must be used by the end of the “plan year” or you will lose all funds.

Both the HSA and FSA have their advantages, but which is better? Due to the “use it or lose it” policy, if you do not plan on spending all the funds in your FSA each year, a health savings account would be the better choice. However, you may not qualify for a health savings account if you do not have a high deductible health plan. Also, make sure the account you choose covers your most common expenses.

If you still can’t decide which is better for you, it’s always possible to have both accounts if you meet the qualifications, though sometimes FSAs might make you ineligible for a health savings account.

Five Fastest Ways To Lower Your Health Insurance Premium

Leave a reply

It is important to get a health insurance policy for you as well as your family. However, some of these plans may not be in your budget range. This article will provide five helpful ways to decrease your health insurance premium.

“Health is wealth” is an old saying. To maintain your wealth and your health, you must obtain a health insurance policy for you and your family. However, sometimes the premiums that these policies charge can cause you to leave your budget range. But, there are many ways to do something about bringing down your premium.

Healthy lifestyle

By living a healthy life, exercising regularly, eating healthily, and abstaining from smoking or heavy drinking, you will definitely need to visit the doctor less often. In fact, the healthier you are, the less risk you are to your insurance company, and your premium will be decreased.

Shopping for the best price

One of the best ways to lower your premium is to shop around for the cheapest health care policy that fits your budget and needs. You should do a good search for other plans before investing in a single policy. You can also ask your friends and families for advice, or even check the Internet.

Plans with higher deductibles

Health insurance plans that come with higher deductibles usually have lower premiums. Usually, a deductible is the amount that you must pay to a hospital, doctor, and other medical bills. However, if you take a plan with a higher deductible, it may not cover all expenses. If you are healthy and do not get sick frequently, this is a very good choice for you, as you will be able to keep you premium very low while getting basic health care covered. However, if you have a history of health problems, avoid using a high deductible plan.

Get a policy earlier in life

When buying health insurance, the premium you must pay has a great relation to your age. Therefore, if you get a policy earlier in life, you’ll have to may much less. For example, if you buy a health insurance policy at the age of 20, you’ll most likely have to pay much less than you would have to at the age of 40.

Contact independent health insurance agents

With help from independent insurance agents, you can find insurance with cheaper premiums. These independent agents represent many insurance agencies and can help you to choose the best health insurance policy that fits your budget and needs. Since independent insurance agents must compete to get business, you’ll find that you get great offers very quickly.

Health 401k

Health insurance, health savings accounts, flexible spending accounts, and more

Author Archives: Dylan Young

An Introduction to Consumer-Driven Health Care

Benefits of Low Cost Health Insurance

Warning: Cheap Travel Health Insurance

Travel Insurance In Canada

Benefits of Travel Health Insurance

Travel medical insurance

Long term medical insurance

Simple Ways To Get A Cheap Health Insurance Plan

Getting The Best Health Insurance Quote

Do In-depth Research

Compare quotes

Comparing quotes on the Internet

Don’t fall for lower deductibles

Inexpensive Health Insurance For The Unemployed

Choosing Between An HSA and FSA

Five Fastest Ways To Lower Your Health Insurance Premium

Healthy lifestyle

Shopping for the best price

Plans with higher deductibles

Get a policy earlier in life

Contact independent health insurance agents