Understanding Mini-Medical Plans

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Many industries or small sized employer groups utilize a mini-medical plan, such as restaurants, hotels, maid services, catering services, etc. These limited benefit plans pay for covered services at an affordable premium for both the employees and the employers. But keep in mind, they cost less, so they cover less, and most likely will not protect you from a bankruptcy situation for any catastrophic medical care.

Mini-medical plans provide a basic level of coverage for people who do not have access to a major medical plan or traditional coverage.

Some large employers have a class of employees who are ineligible for their companies traditional health insurance plan for a variety of reasons. For instance, they may be only seasonal or part-time employees. Being able to offer them a mini-medical plan helps to boast employee moral and increases retention.

Mini-medical plans are not meant to replace major medical plans, but to fill a specific niche and provide some medical coverage for those who may not qualify otherwise.

 

Long-term care insurance, should you have it?

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Becoming chronically ill due to a cognitive impairment, or if you’re unable to perform at least two activities of daily living without substantial assistance, qualifies a person for long-term care. Having insurance that covers long-term care would help pay for the care you need. Depending on the level of care that is required, that care may be provided in a nursing home, an alternate care facility, or even your own home.

In addition to helping pay the costs of long-term care, long-term care insurance may help to provide these additional benefits:

  • Protect your savings and other assets
  • Preserve your independence
  • Avoid government dependence

If you’re unable to pay for long-term care when you or even a loved one needs it, odds are you will need to spend down, or liquidate, your assets to become eligible for Medicaid to pay the costs of the care required. That is a sad reality if you do not have the coverage when you need it.

Another option is purchasing a long-term care rider on your life insurance. This option provides care before the client requires long-term health due to age but instead provides coverage become impaired due to an accident or illness.

 

Five Factors that can Affect Your Premium

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Did you know there are five factors that can affect how much your health plan’s monthly premium under the health care law? However, individual states can limit how much these factors come into play.

These five factors are:

 

  • Age: Premiums can be up to 3 times higher for older people than for younger people.
  • Location: Where you live has a big effect on your premiums. Differences in competition, state and local rules, and cost of living are the reasons why.
  • Tobacco use: Insurers can charge tobacco users up to 50% more than those who don’t use tobacco.
  • Individual vs. family enrollment: Insurers can charge more for a plan that also covers a spouse and/or dependents.
  • Plan category: Bronze, Silver, Gold, Platinum, and Catastrophic. The categories are based on how you and the plan share costs. Bronze plans usually have lower monthly premiums and higher out-of-pocket costs when you get care. Platinum plans usually have the highest premiums and lowest out-of-pocket costs.

 

In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when, otherwise known as pre-existing conditions.

Should you choose a high or low deductible?

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Understanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.

A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.

High deductible plans can be a good option for people who do not have young children and are in generally good health.

 

Life Insurance Can Provide Stability for Millennials

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Millennials find themselves in the stage of life that may require them to purchase their own insurance. After having aged out of their parent’s insurance coverage, both car and health, coverage needs may not be as black and white as one might think.

While some millennials are deciding to put off getting married or purchasing a home, life insurance is important, no matter how old you are. For a millennial, it may also save you money on a policy in the long run, especially since you are younger and presumably in good health. It is especially important if you have children.

Life insurance can help your family cover unexpected costs in your absence. In addition, if you have children, a life insurance policy can support their education or childcare expenses. A whole life policy can accumulate a cash value, thus making those funds available for future use for things like a down payment on a house, or a child’s tuition for education.

Having a personal life insurance policy is not affected by job changes etc. They can provide reassurance in times of transition and allow you the peace of mind that your coverage is in place if it became necessary to use it.

What does Travel Insurance Cover?

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Travelers insurance covers medical emergencies outside of your service area. When you travel, most plans say they will cover medical emergencies, but they may leave you open to balance billing, conversion problems, and difficulty with approvals of procedures.  Having secondary Travel Medical Insurance will ensure you are covered no matter where you are.

These plans are great options for international leisure, missionary, school or business travel. Plan options include a choice of :

  1. Varying medical limits and deductibles.
  2. Trips up to 6 months for ages 84 or younger.
  3. Covers pre-existing conditions for medical services and medical evacuation.

Another advantage of travel insurance is the peace of mind of having 24/7 assistance. This can really be useful if you need help finding accommodations nearby, or to replace prescriptions in an emergency. This can include translation, medical transport, and some plans even include child care!

 

What you need to know about the different health insurance types.

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Carrier Direct

  

 

 

 

 

 

 

Healthcare.gov

  

 

 

 

 

 

 

Catastrophic Plans

  

 

 

 

 

 

Gap

(Short-Term)

Plans
When can coverage begin? Usually 45 days Usually 45 days Usually 45 days Usually 2 weeks
Will I be subject to a tax penalty? No No Yes Yes
Can I buy it on a state exchange? No No No Typically No
Can I be denied for pre-existing conditions? No No Sometimes Yes
Will it cover ACA mandated benefits? Yes Yes Sometimes No
Can it be purchased with a government subsidy?  No Yes No   

No

 

 

 

ARK INSURANCE

Is Vision Insurance Worth It?

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Deciding what health coverage’s you need can be overwhelming. Vision coverage is one of those add on items that you can either take or leave it. It is important to note that vision insurance does not cover all things pertaining to your eye. Medical insurance covers things like accidents, surgery and eye diseases.

What vision insurance covers.

  • Eyes exams
  • Glasses
  • Contacts

What vision coverage cost.

Vision insurance through the group market is not very expensive and is typically between $3-$7 a month. Also, getting coverage through the market allows for broader coverage which includes more in network doctors and more benefits for glasses and contacts. Vision insurance that is not through your employer will cost $15 – $60 month for individuals and families. Most plans offer the same benefits with a $15 copay for an exam, about $120 for glasses or contacts with a discount on any additional amount.

If you were to pay out of pocket, typically an eye exam costs about $60 and a pair of glasses can range from $100-$500. Contacts can be between $100-$200. Depending on what your vision needs are, the cost of coverage needs to be weighed. If you don’t currently wear glasses or contacts, your needs are not as great as someone who does. In addition, routine physicals by your medical doctor often includes a basic eye exam.

What is CHIP?

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The Children’s Health Insurance Program (CHIP) provides low-cost insurance converge to children in families who earn too much money to qualify for state Medicaid. If your child(ren) are eligible for CHIP, you do not have to purchase an insurance plan to cover them. Each state has its own rules and guidelines, but the CHIP program works closely with the states Medicaid program.

You can apply any time of year, by either calling 800-318-2596 or by filling out the application through the Health Insurance Marketplace and if your child(ren) qualify, coverage can start immediately.

What CHIP covers.

CHIP benefits are different in each state. But all states provide comprehensive coverage, including:

  • Routine check-ups
  • Immunizations
  • Doctor visits
  • Prescriptions
  • Dental and vision care
  • Inpatient and outpatient hospital care
  • Laboratory and X-ray services
  • Emergency services

There is no cost for routine ‘well child’ doctor and dental visits under CHIP. However, there may be co-payments for other services. In addition, some states charge a monthly premium for CHIP coverage but you will never pay more than 5% of your families yearly income.

What is the fate of the U.S. healthcare?

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In the upcoming months, we can expect to hear what Donald Trump has in store for the Affordable Healthcare Act. During his campaigning, Trump made it known that a change was definitely part of his agenda as President. The policies that Trump is proposing will require extensive changes to the current U.S. regulatory and legal structure as well as to the tax law. The employer mandate and taxes on plans and insurers are what make the Affordable Health Care Act accessible, especially for those with lower incomes. A change in this structure makes funding unclear.

Appealing the Affordable Health Care act will not be an easy task as more than 20 million people have gained health insurance over the last three years due to the Affordable Health Care Act. In addition, folks on both sides on the political table like certain aspects of the Affordable Health Care Act, like the provisions regarding preexisting conditions, coverage for dependents up to age 26 and preventive care. Republicans have yet to propose an actual replacement for the Affordable Health Care Act which in turn could leave millions of people without coverage.

As of October, exchanges saw an increase of 22% on average.  Utah’s average was 30%, because the rates in Utah have historically been lower than across the nation. In addition, several large insurers existed the exchanges.

Rest assured, any changes will take time to implement. The new President-elect will face many challenges repealing a policy that has insured millions.