As we mentioned in previous article, many corporations offer competitive packages, and that’s even a strategy in hiring and retaining employees. These competitive packages include group insurance to plans that provide individual retirement accounts or traditional registered pension plans, etc. In this article, we will discuss fundamental principles of group insurance.
Group Insurance exists for the benefit of the complete group and therefore the individual member is not required to submit medical information. In this article, we will discuss the extended health care benefits in group insurance plan.
Extended health care is a benefit that picks up where basic health plan leave off. It provides an extension for some benefits and provides other benefits not available through the basic plans. The benefits is a supplement of the basic plan benefits until the basic benefit has reached it maximum payout. the core benefits of extended health care plan includes
a) Semi-private or private room accommodation in a hospital.
b) Prescription drugs
c) Private duty nursing
d) Ambulance services and paramedical services
e) Eye and hearing care
f) Dental care such as preventative care, major restoration and orthodontics
Both Health and Dental Care plans may have a deductible of $25 to $50 and /or co insurance factor of 80% reimbursed by the insurance company. Deductible are applied against the first claim of the calender year and co-insurance is applied against each claim. Extended health care may includes a limiting clause resulting in a lower premium being charged for the benefit.
Dental care normally has a maximum benefits that can be charged for each calendar year by each insured member and their dependents, such as $2000. Sometimes there is a different maximum for different levels of care. Please read details in your plan.
By: Kyle J Norton
Posts Tagged ‘Health Care Plan’
Extended Health Care Benefits in Group Insurance Plans
January 18th, 2010Where to Find Affordable Health Care Plans for Families
January 8th, 2010
Your children need regular checkups and immunizations, and you benefit from physicals and preventive care as well. Not to mention, you could be financially wiped out by an accident or major illness if you don’t have health insurance. Here’s where to find affordable health care plans for families.
Finding an Affordable Health Care Plan
Maybe you know how much your family would benefit from a health care plan but simply cannot afford to pay for one. Fortunately, many options are available to you.
Of course, many people have health care through their employers. This is typically the most affordable option, as the employer subsidizes the cost. However, if you work for a small company or you are unemployed or self-employed, this may not be an option for you.
An alternative is to check to see if your state offers low-cost health care programs for people with low incomes. Programs that cover children and families are available from most states at low cost or no cost, depending on your income. For information on these programs visit your state’s department of insurance website.
Affordable Private Insurance
Another option that may be more affordable than you think is to look into private insurance. To find the best price go to an insurance comparison website. On these websites you’ll be able to get quotes for different types of plans from multiple insurance companies. You can check out the cost for:
* A PPO plan, an HMO plan, or a traditional health care plan
* Comprehensive coverage or basic coverage
* Long-term health or short-term health insurance
* Plans with different deductible and co-payment amounts
Once you enter your information, you’ll begin to receive quotes that you can compare. The best comparison websites even have insurance professionals on hand ready answer all your health insurance questions, plus help you find the plan that best suits your needs and your budget (see link below).
By: Brian Stevens
Massachusetts’s Universal Health Care Plan
January 7th, 2010
I have been following the new health insurance changes in Massachusetts, and I really hope it is a success.
Massachusetts Plan
In Massachusetts, they have made it mandatory for everyone to have health insurance. As a proponent of universal health care, I like the Massachusetts plan because it:
Spreads the health care burden to all tax payers Encourages disease prevention and screening Provides health insurance to people who could not afford it otherwise
What if you can not afford it?
The Massachusetts plan provides their low income residents with either free or subsidized health coverage. Some people will argue that they should not have to pay for other people’s medical insurance. They do not realize they are already doing that through Medicaid and emergency room funding.
These people also do not realize that it will be less expensive to provide disease prevention and screening now than it would be to pay for disease treatment later.
Some people will argue that they can not afford the coverage even if the government says they can. The truth is that they can not afford to not be covered.
No one expects to develop a debilitating disease, but it happens. Health insurance is like a seat belt. It is something you must have, but hope you never have to use.
But I am healthy
Some people will argue that they are healthy and their money will simply provide health care for sick people. Everyone should have medical insurance. No one knows what the future holds and we should all be prepared even if it has to be forced upon us.
Health insurance is not only for the ill. Having health insurance encourages regular doctor visits for disease screening and disease prevention education.
I am not sure if this plan will work in Massachusetts. Even if it works there, it may not work anywhere else. But I sure hope it does. I am keeping my fingers crossed.
By: Kalvin C. Chinyere, M.D.