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.

 

Five changes you may want to make on your insurance when you retire.

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Retirement is an exciting time in life. Typically, it also means you are living on a fixed income. There a few insurance adjustments you might want to look into, they can save you money and also increase your coverage where needed.

  1. Ask about car insurance discounts and coverage. Not commuting for work and driving fewer miles could save you money by reducing your rates.
  2. Check into your home owner’s policy. Often times insurance companies offer a discount for retirees due to the fact that retires are at home more often.
  3. Take a look at your life insurance. If your house is paid off and your kids are grown and you have saved enough funds to support you and your spouse, you may no longer need life insurance.
  4. Be sure to sign up for Medicare, the federal governments health insurance program for people 65 years of age and older. You can sign up starting three months before your 65th
  5. Save money for long-term care or purchase a long-term care insurance policy. In many cases, Medicare won’t cover what you might need in the future in terms of daily care, or other tasks that you may need assistance with.

 

Do I need flood insurance?

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Flood insurance is actually mandated by the federal government if you live in a high-risk flood zone. In high-risk areas, you risk of having a flood situation during a 30-year mortgage time frame is calculated at a 1 in 4 chance. Unfortunately, consumers who actually do not live in the designated high-risk areas file more than 20 percent of flood insurance claims. That said, covering your home in the event of a flood can be a good idea regardless of the map and can save you a destructive financial loss.  Just a few inches of floodwater in your home can cause thousands of dollars worth of damage.

Flood insurance is available to homeowners, renters, condo renters and owners and commercial owners and renters. Cost is dependant on how much insurance is purchased the risk factor and what is covered. Most polices will cover both the structure and the contents but personal property may need to be considered as well.

Keep in mind; deductibles will be separate for both the building and the contents.

List of basic coverage for a building:

  • The insured building and its foundation.
  • Electrical and plumbing systems.
  • Central air-conditioning equipment, furnaces, and water heaters.
  • Refrigerators, cooking stoves, and built-in appliances such as dishwashers.
  • Permanently installed carpeting over unfinished flooring.
  • Permanently installed paneling, wallboard, bookcases, and cabinets.
  • Window blinds.
  • Detached garages (up to 10 percent of building property coverage; other than garages, detached buildings require a separate building property policy).
  • Debris removal.

What is not covered (may surprise you):

  • Damage caused by moisture, mildew, or mold that could have been avoided by the property owner.
  • Currency, precious metals, and valuable papers such as stock certificates.
  • Property and belongings outside of an insured building, such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools.
  • Living expenses, such as temporary housing.
  • Financial losses caused by business interruption or loss of use of insured property.
  • Most self-propelled vehicles, such as cars, including their parts.

 

Information from Floodsmart.gov

Why buy earthquake insurance?

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There are many factors when considering whether or not to purchase earthquake insurance on your home. Do you live on or near a fault line? Is your home on sandy soil or bedrock? What materials were used in the construction of your home and the quality? Earthquake coverage is not included in a typical homeowner’s insurance policy so an endorsement to your current policy or supplemental policy may be necessary.

Unlike flood insurance, which is mandatory if your home is in a flood zone, earthquake insurance is not required in quake zones. Sadly, a home can be a total loss in the event of a large earthquake so purchasing coverage will provide peace of mind in the event you cannot afford to replace or repair potential damage. Standard earthquake insurance can cover your home’s contents up to your policy limits.

The cost of earthquake insurance varies from state to state. Keep in mind, earthquakes happen more than just on the West Coast. There is no average cost for earthquake insurance. It will vary greatly depending on your deductible, coverage requested and the construction style of your home.  You can also chose to purchase the coverage as an addition to your current policy or you can reach out to a carrier that specifically writes earthquake insurance.

Will I be fined for not having health insurance?

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The Affordable Health Care Act is now in full effect. What this means is that all Americans that are within a certain income level are required to have health insurance.  

Recent data shows that most individuals get their health insurance through their employers. The remaining consumers are either covered by private insurance or through federal or state programs, Medicare and Medicaid. Data also shows about 50 million Americans are still uninsured.

Individuals or families that fall below the income tax filing levels would not be fined. In addition, consumers that are underemployed or unable to find a policy that will cost them less than 8% of their adjusted gross income would also be exempt.

Here is a breakdown of the fees since the inception of the plan.

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**The 2017 percentage rate will stay the same at 2.5%, however the flat fee will be adjusted due to inflation.

Is the Affordable Care Act working?

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Currently,18 million more people are enrolled in health insurance coverage than there were in 2013, indicating that the Affordable Care Act is working to solve the problem of the uninsured. However, there are still 9.1 percent of Americans that do not have coverage, which speaks to what is not working well and the unlikelihood that the number can decrease much lower.

According to the U.S. Department of Health and Human Services, National Center For Health Statistics report that was published in September, 2016 – “From January through March 2016, the percentage of persons of all ages that were uninsured at the time of interview was 8.6% (27.3 million). The decrease of 0.5 percentage points from the 2015 uninsured rate of 9.1% (28.6 million) was not statistically significant. About 21.3 million fewer persons lacked health insurance coverage in the first 3 months of 2016 compared with 2010 (48.6 million or 16.0%)”.

States across the country are still not embracing the Obama administrations requests to expand their Medicaid coverage, thus leaving millions of poor Americans without affordable options. In addition, the marketplace created for uninsured folks state by state is struggling across the country. Many insurers are choosing to drop out while others are increasing their prices. The uncertainty of the upcoming presidentially election is also causing some havoc in the marketplace. The republicans have vowed to repeal the Affordable Care Act if given the chance.

Having affordable health care seems to be an unpredictable commodity. Peace of mind knowing that you and your loved ones have adequate coverage really is priceless. Be sure you understand your coverage and ask questions if you are unsure of your exact needs.

 

Source: U.S. Department of Health and Human Services, National Center For Health Statistics