Health Insurance Plan for Parents and Children

A health insurance plan that covers not only you but your whole family is a solid deal. In a single premium you get to cover up to 15 members of your family. Such comprehensive health insurance plan is called a family floater plan. Since, it is a single policy that takes care of every family member of yours; you are escaped from the task of maintaining records of numerous individual health policies and keeping track of their renewal dates. Also, a family floater policy costs you cheaper than taking numerous individual policies.

As cost of other things rises, the cost of medical expenses also rises. Health insurance policies offer the feature of increasing the sum insured after some years. Sometimes, as a reward for your timely renewal of policy and no claims, the insurance company increases the amount of your sum assured. A family floater policy is a life saver for the house and keeps you ready to face any medical contingency with confidence. In case of medical emergencies, many times the cost of treatment causes more fear and pain than the emergency itself.

For what was earlier considered as a luxury is now a necessity. The service sector has boomed exponentially in India over the past decades. And thus, this boom has passed on economies of scale to the insurance and banking sector as well. The premiums are quite affordable and the service has bettered. The IRDA since its setup in 1999 has taken good measures to regulate the insurance industry and win the trust of masses in insurance. Earlier people were very skeptical whether their claim would be paid or not but that scenario has changed a lot since.

Earlier the only health insurance people used to have was the one done by their employer for them. Apart from that only a select few used to buy it. Some people used to buy health insurance only for the tax benefits. One can get a handsome tax exemption under section 80D, but is not the only motivation to go for a health insurance plan. With increasing awareness people now know how beneficial a health insurance plan is to them.

You can also take health plans exclusively for your parents. Such plans have no entry age limit, cover pre-existing diseases like Diabetes and Cardiac conditions and 100% claim settlement without co-pay.

Aging parents have more medical needs to tender to. If parents are senior citizens you can get additional tax rebate up to Rs. 20000 for the money paid as premium.

Compare health insurance plans to avail the best deal and a plan loaded with attractive and suitable features. Following the experts, one should compare plans of at least three companies before buying. Being more informed about the market, you can take advantage of the competition. Thus, a healthy advice is to do ample market research and evaluation. A healthy family signifies happiness and prosperity!!

What You Need To Know About Medicare Supplement Plan J

Should you keep your Medicare supplement Plan J or compare other plans?

Oftentimes referred to as Medigap Supplement Plan J, Medicare Supplement Plan J covers certain costs that are not covered in basic Medicare benefits coverage. Unfortunately, Plan J is no longer available (effective May 31, 2010). However, the plan will remain in effect for those individuals who were enrolled in it by the 1st of June, 2010. Additionally, there is a separate $250 annual deductible.

What Does Plan J Cover?

As with any Medicare Advantage or Medigap Insurance plans, Plan J covered certain gaps in Medicare Part A and B coverages. This includes:

• at-home recovery

• care provided by skilled nursing facilities

• emergency care when traveling overseas

• excess Part B charges/expenses

• Medicare co-insurance (Part B)

• Part A and B deductibles

• up to $120 of preventative care that Medicare does not cover

What The Plan Does Not Cover

Unfortunately, there are certain health care issues that are not covered by Plan J (according to the Centers for Medicare and Medicaid Services) including the following:

• dental care

• eyeglasses

• hearing aids

• long-term nursing home care

• private-duty nursing

• vision care

The bottom line is that the elimination of Plan J resulted from the need to modernize the entire Medicare Insurance infrastructure.

Elimination By Default

It has oftentimes been said that Plan J was simply eliminated by default because there were two benefits covered that were similar to the ones covered by Plan F. Plan F has oftentimes been considered the most comprehensive of all the MA/Medigap plans. The two specific benefits that set Plan J apart from Plan F are at-home recovery and preventative care. The Centers for Medicare & Medicaid Services have eliminated these two coverages due to a lack of use. Therefore, Plan J was eliminated because of this duplication.

Additional Considerations

It is important to note that existing Plan J policy holders who are not affected by the above will be subject to what is referred to as a “closed block of business”, meaning that no new policies will be offered after the June 1st eligibility date. There is considerable speculation that the rates for Plan J coverage are going to increase as a result of the above. Although this does make sense to some, the impact on current policy holders remains to be seen. It is a good idea for anyone who has Plan J to evaluate the current Medigap Plans available and compare the benefits and premiums to what they are currently paying. They may be surprised to learn they can save money and get comparable benefits to Plan J.

How To Choose Medicare Supplement Plan and Save Money?

When it comes to buying a Medicare Supplement insurance, many agents and Medicare recipients view the Medicare Supplement Plan F as the “Cadillac of Medicare Supplement plans.”

Now before we examine the Medicare Supplement let’s make sure that you understand some basic information about the insurance product. Medicare, a government run health program helps provide health insurance coverage for people 65 and older as well as some who are under 65 and disabled. Medicare by itself does not provide adequate health insurance coverage, there are many gaps in coverage where a recipient would be responsible for payment. A Medicare Supplement is a health insurance plan that helps fill in the gaps where Medicare doesn’t cover, which is why it is also called Medigap Insurance.

The three biggest factors to look at are their financial situation, health history, and their personal opinions on health care.”

Financial Situation:

We first make sure our client is able to afford a Medicare Supplement. Plan F costs usually start at $95 and goes up from there for a standard Plan F. The monthly premium for a Supplement Plans will vary by the area you live in, the insurance company you select, your age, whether or not you smoke, and sometimes by underwriting guidelines. You must also plan on choosing a Medicare Prescription Drug plan (avg. cost around $40-70/month and continue to pay your Medicare Part B premium). The cost of the plan will go up over time. If you are able to afford a Supplement plan you should buy one now, preferably when you first are eligible for Medicare and you no longer have any other creditable health coverage. When you are first eligible for a Medicare S you are not required to go through underwriting, the cost is lower, and your acceptance is guaranteed. The longer you wait the more you risk the chance of not being able to afford a plan or qualify for one. Although higher in price than a Medicare Advantage plan, the health insurance coverage provided by the Medicare Supplement is superior if you get Medicare Supplement Plan F.

Health History:

“A Medicare Supplement is a good fit for people of all health situations or for anyone who has a family history of poor health, or currently has a medical condition that is going to require frequent trips to their doctor, specialist, or hospital.” Why? Well, if you choose a Medicare Advantage plan and you have poor health (and let’s face it we never know what our health will be in the future) your frequent trips to seek Medicare services are going to add up with all the co-pays you must pay. Granted there is usually a maximum out of pocket cost with a Medicare Advantage plan which is typically around $4000-$6,000 per year. Generally speaking, a Supplement is a predictable cost plan.

Your Personal Choice:

Again a Medicare Supplement comes out on top when you look at your freedom to choose. Is it important to you to have the ability to go to any hospital or doctor you want for any procedure, or would it be acceptable to you to pay significantly less on your health care and have a large network to choose your hospital and doctor from?”

A Medicare Supplement, for the most part, gives you the freedom to use any hospital or doctor you wish which is attractive to many recipients. Most Medicare Advantage plans require you to receive services from an in-network provider and may require a referral from your Primary Care Physician before you may see an in-network specialist.

A Medicare Supplement is the “Cadillac” of Medicare health plans because of its outstanding health coverage (bases on Medicare Supplement Plan F ), predictable costs, and the freedom to choose almost any doctor, specialist, and hospital that you need or want.