Categories
Insurance

Why Health Insurance Covering Birth Control Is Essential For Reproductive Rights? 

Insurance and Birth Control

Isn’t it a little funny that uteruses are making policymakers, insurance companies, and lobbyists extremely squeamish? But why is it so? Not to mention, 50.8 percent of citizens in the United States are female as well as a large majority of us happen to have a uterus. (Even though a uterus does not make a woman) Still, people with uteruses are struggling every day to acquire the care they require, especially when it comes to requesting their insurance firms to pay for the care they require for health and wellbeing.

In the year 2010, the Affordable Care Act, also known as ACA, highlighted one of the most vital steps in women’s health & public policy since…1965. Ouch. It not just aided more women to access health insurance and lowered the total expense but also provided coverage for numerous essential items such as birth control and mammograms.

Although ACA is a game-changer for citizens with uteruses, it does not quite change enough of the game. For instance, those suffering from infertility are most often overlooked. As a result, they struggle to find a single plan that provides coverage processes including In Vitro Fertilization (IVF). That clearly calls out for the need for full coverage of sexual as well as reproductive health for all individuals, no matter uteruses or not.

Birth Control Is Not Just Pregnancy Prevention!

Let’s begin with a very basic element of reproductive care, that is hormonal contraception. 

Colloquially that is often referred to as ‘the pill,’ the very first oral contraceptive was approved by the FDA in the year 1960. 

Truth be told, birth control has come a long way since then. However, the general and clear understanding of its importance in people’s minds has not properly evolved.

Also Read: Menopause: Here’s Everything You Must Know

There is actually nothing wrong if a person uses hormonal birth control for preventing conception. Excuse me, it is what it is there for! Having said that, people with uteruses have the full right to decide when they wish to get pregnant. But recommending that pregnancy prevention is its only usage is erroneous. Hormonal birth control is also beneficial in the following cases:

  • To regulate menstrual cycles
  • To relieve period pain
  • To reduce acne
  • To lower the risks of cancer
  • To minimize symptoms of PMS and PMDD
  • To manage endometriosis
  • To fight menstrual migraines

Also, birth control is a lifesaver for people with reproductive various disorders & diseases. It certainly helps them go to school or work and pay their bills. In essence, it lets them have a better quality of life that is not at all dominated by pain.

Meanwhile, insurance providers have a love-hate relationship with the pill (and various other forms of contraception). Under the ACA, they should provide coverage for birth control at full-cost with some exceptions. However, as the ACA faces more challenges in the courts, including at the higher level, it is increasingly not clear if the contraception rules will survive or not. Even the issue has gotten murkier with the demise of Justice Antonin Scalia and President Trump sticking his nose in.

Birth Control Must Be Free 

Birth control has a long list of uses, and each one is different for the individual who takes it. At its core, though, it is one of the essential forms of preventative healthcare. Due to this birth control must be free of cost, no matter if it is accessed with or without insurance.

Also Read: Maternity Insurance Coverage

According to the Department of Health and Human Services (HHS), there are 62 million people in the United States in their childbearing years. Out of those, 70 percent are at high risk of getting pregnant unplanned or unintended. 

Most individuals normally use contraception for almost a third of their lives. The total/exact financial expense of this long-term contraception use increase as well. Unintended pregnancies negatively impact both lower-income workers and people of color.

When a price is put on birth control, people have to decide whether to use hormonal contraception or whether to go for other everyday expenses, such as pay their rent, raise food, or pay off their utilities. And these prices are much higher for people on a low-income, however, the price is not just related to the cost upon purchase. 

According to a recent study, the women in the United States said that using birth control helps them to do things, including:

  • Support themselves financially
  • Take better care of their families
  • Keep or get a new job
  • Finish school

The financial benefits also increase to society. The cost of unplanned pregnancies is $12 billion a year. Most of those are often paid using Medicaid. Medicaid covered 43 percent of all births in the year 2017.

Also Read: Difference Between Medicare And Medicaid

Categories
Insurance

Top 5 Short Term Health Insurance Of 2020 

Short Term Health Insurance

Short term health insurance, popularly known as STM plans are used when an individual has a temporary gap in insurance coverage. Perhaps he/she lost a job, is no longer eligible for a group insurance plan, discovered the expense of COBRA plans too expensive, or may not qualify for special enrollment in an Affordable Care Act (ACA)-compliant plan and should wait until the next open enrollment period.

Most people consider and rely on short-term health insurance as they think it is a cheaper option compared to an ACA marketplace plan. But a problem with STM plans is their numerous restrictions & exclusions; they may not cover necessary benefits, or have restrictive maximum limitations, high co-pays or deductibles, or no coverage for pre-existing conditions. 

With various restrictions and differences among plans, it is vital to be cautious when you purchase an STM policy. One should clearly understand what is covered, what is not, and the total time period plan will cover you.

In this blog, we talk about the best short term health insurance. Stick till the end to decide if you should consider STM policies, and which one will best fit your requirements. 

Top 5 Short Term Health Insurance Of 2020:

Everest

Everest has been considered underwriting insurance since 1973. It has a Moody’s insurance financial strength rating of A1 with numerous policy types on the market, such as property, casualty, specialty, accident, and health insurance. Everest offers policies in 25 states across the United States.

Talking about Everest’s short-term health insurance plans, the prices range from $106 per month up to $191 monthly when a 27-year-old female, non-smoker in good health is quoted. These quotes consist of a wellness benefit to take care of preventative medicine.

Also Read: Everything about Blue Cross Blue Shield

Following are some extra features of Everest STM:

  • Deductibles of $1,000, $2,500, $5,000, $7,500, or $10,000
  • Out-of-pocket maximums of $2,000, $3,000, or up to $4,000
  • Maximum coverage benefits from $250,000 to $1,500,000
  • Coinsurance options are 50/50, 70/30, 80/20, or 100/0 with copays of $30, $40, or $50

When a person gets approved, emergency coverage starts the very next day. Also, there is a 5-day waiting period for the routine wellness benefit. Additionally, there is a 30-day waiting period for cancer benefits (cancer should be newly diagnosed 30 days after plan start date), and a six-month waiting period for certain covered services, including tonsillectomy, herniorrhaphy, and more. Everest may not provide coverage for prescriptions but it does offer discount cards.

IHC Health Group

The IHC Group is a company of insurance carriers that is operated in 23 states and including member insurers including Standard Security Life, Madison National, and Independence American Insurance Company. 

Your policy may be serviced by one of the aforementioned firms based on where you live, and some states need membership in Communicating for America, a national non-profit organization with a mission to promote health & wellbeing through member benefits. 

UnitedHealthcare

UnitedHealthcare underwrites its policies via Golden Rule Insurance Company, which has been a part of UnitedHealthcare since 2003. It has been selling short-term health insurance for more than 30 years, and policies are available in a total of 19 states. UnitedHealthcare has Moody’s insurer financial strength with a rate of A1.

Waiting periods differ based on the coverage in the plan. Coverage for illness starts on the 6th day after the plan starts, and there’s also a six-month waiting period for preventive care benefits. 

Also Read: Best Medicare Advantage Plans For 2020

LifeShield

LifeShield National Insurance Co. is a well-known name since 1982. It provides group & individual health insurance nationwide. 

Plan coverage offers mental health professional visits that consist of counseling, psychiatric treatment, and mental illness diagnostics. They also cover for the treatment of alcohol and drug abuse except in the states of Georgia & South Dakota.

LifeShield offers the most robust options for mental health coverage with a few substance abuse coverage along with plans that cover preventative care.

Pivot Health 

Pivot Health has been in the market since 2016. It is handling more than $7 billion in insurance premiums. The company is affiliated with Communicating for America, a consumer advocacy group in favor of affordable healthcare for Americans. 

Pivot Health underwrites its short-term health plans via Companion Life Insurance Company.

Pivot Health has easy-to-use online tools, which help individuals to prioritize their insurance requirements before it gives them quotes. Besides, it even provides users a wide range of available features, including 70 percent off prescription drugs. 

Also Read: Top 5 Medicare Plans of 2020

With Pivot, you can actually acquire a vast selection of affordable basic coverages as well as valuable options.  

So, will you consider STM policies? If yes, then which aforementioned plan goes well with your needs? 

Categories
Insurance

COBRA Insurance: Here’s Everything You Must Know! 

cobra health insurance

The Consolidated Omnibus Budget Reconciliation Act or COBRA is a health insurance program that allows eligible employees & their dependents the continued benefits of health insurance coverage when they lose their job or experience a reduction of work hours. 

In this blog, we will talk about COBRA health insurance and everything related to it.

Take a look!!!

COBRA Continuation Coverage

Large employers in the United States, people with 50 or more full-time employees, are supposed to offer health insurance to their qualifying employees by paying a portion of insurance premiums.

If an employee is ineligible to get an employer’s health insurance benefits—which can happen for numerous reasons (including receiving laid off or falling below a minimum threshold number of hours worked per week)—the employer can stop the payment (certain part) of the employee’s health insurance premiums. In this case, COBRA lets employees and their dependents retain the same health insurance coverage for a fixed period of time. 

Also Read: Business Health Insurance 2020

Under COBRA, former employees, spouses, former spouses, and dependent children should be provided with the option of continued health insurance coverage at group rates that otherwise can be terminated. While these people are likely to pay more for health insurance coverage via COBRA than they did as employees (as the employer will no longer pay a part of the premium costs), COBRA coverage can be potentially cheap than an individual health insurance plan.

It is important to note that COBRA is a health insurance coverage program that provides coverage to expenses toward prescription drugs, dental treatments, and vision care. Also, life insurance & disability insurance are not included in it.

Benefits of COBRA Health Insurance

For every qualifying candidate, COBRA rules ultimately provide for the offering of coverage, which is identical to that which the employer offers to its current employees. 

If there is any change in the plan benefits for active employees, it will also be applied to qualified beneficiaries. Every qualifying COBRA beneficiary should be permitted to make the same choices as non-COBRA beneficiaries. Necessarily, the insurance coverage for both current employees, as well as beneficiaries, are exactly the same for ex-employees & beneficiaries under COBRA. 

An individual should be given a minimum of 60 days to pick whether or not to choose continuation coverage. No matter the person waive coverage, he or she can transform his/her mind if it is within the 60-day election period.

From the date of the qualifying event, COBRA coverage automatically extends for a limited period of 18 or 36 months, based on the applicable scenarios.

One can qualify to extend the 18-month maximum period of continuation coverage if any one of the qualified beneficiaries in the family is disabled as well as meets certain requirements. Or if a second qualifying event happened—potentially such as a death of a covered employee, the legal separation of a covered employee and spouse, a covered employee’s becoming entitled to Medicare or a loss of dependent child status under the program.

Cost Of COBRA Health Insurance

The word “group rate” can be incorrectly perceived as a discount offer, however, in reality, it usually turns out to be comparatively out-of-pocket.

During the employment period, employers often pay a significant portion of the actual health insurance premium (for instance, an employer can pay 80 percent of premium costs), while the employee pays the remainder. 

After employment, the person is supposed to pay the entire premium, and at times it can be topped up with an extra 2 percent toward administrative charges. Expenses do not exceed 102 percent of the total cost for the plan for employees who have not experienced a qualifying event.

Hence, in spite of the group rates being available for the COBRA continued plan in the post-employment period, the expense to the ex-employee can increase notably when compared to prior insurance expenses. 

Basically, the expense remains the same but has to be carried completely by the person with zero contribution from the employer. COBRA can still be less expensive than various other individual health coverage plans. 

Also Read: Colonial Penn Life Insurance

Applying For COBRA Coverage

In order to start COBRA coverage, you should confirm that you are eligible. Normally, an eligible person will acquire a letter from either the employer or a health insurer outlining COBRA benefits. 

Many find this notification complex to grasp because it includes numerous legal information & language. So, if you struggle to determine your eligibility for COBRA or how to start coverage through this program, then you can reach out to either the health insurer or your former employer’s HR department.

In a nutshell, COBRA is a convenient option for retaining health insurance if you lose your employer-sponsored health benefits. 

Categories
Insurance

Health Insurance Lost? Here’s What You Should Do! 

Health Insurance Lost

There may be people out there who lost their job-related health insurance amid the COVID-19 crisis. If you are also one of them, then you should take action as quickly as possible.

Numerous options have time-limited deadlines, ranging from 30 to 60 days from the loss of coverage, hence it is important to promptly secure the documents, including proof of job & health insurance loss, which are usually required while applying for insurance under the Affordable Care Act (ACA) or Medicaid. And since over 16 million people have applied for unemployment insurance lately, many will also be trying to acquire health insurance.

Also Read: Doctors Not Accepting Your Medicare? Here’s What You Can Do!

So, if you experience loss of income as well as have been paying for your own insurance under the ACA, then you have an option to revise your estimated yearly income & perhaps acquire a subsidy as well as lower premiums.

Here’s What The Cares Act Offers

Federal & state responses to the pandemic crisis can have only a fixed effect on individual healthcare expenses

The CARES Act, the $2.2 trillion package signed into law on March 27, 2020, needs health insurers to provide coverage for COVID-19 testing (and a vaccine when it becomes available) without cost-sharing (deductibles, copays). Also, it expands insurance coverage for telehealth visits. 

The cost of total treatment for COVID-19 is not covered but if you visit an emergency room or need hospitalization, coronavirus care may be really expensive. 

An admission for pneumonia (which is a common complication of coronavirus) costs just under $10,000 with no complications, and up to $20,292 with main complications or comorbidity. 

Also, people with employer-based health insurance usually face more than $1,300 in out-of-pocket costs. A few insurance companies including Aetna, announced that until June 1, 2020, most of its customers were not supposed to pay copayments as well as other forms of cost-sharing for coronavirus care.

Recently, the White House declared that it would utilize money in the CARES Act to reimburse hospitals for coronavirus care for almost 28 million non-elderly American citizens who are uninsured. Here, the fear is that uninsured people are hesitant to get checked if they feel ill that can result in a greater spread of the infection. The secretary of Health & Human Services Alex Azar said hospitals will be reimbursed at Medicare rates as well as those who accepted funds will be barred from billing the patients involved. 

The total expenses of treatment for non-virus related medical care are, of course, not impacted. A person may still require health insurance to cover doctor, hospital, and prescription drug expenses.

Also Read: How You Can Save Money On Drugs

Here’s how if you have recently lost job-based insurance can acquire insurance now. 

Coordinate With The Employer

The whole situation is emerging rapidly. A few companies including Macy’s, are still paying health insurance for furloughed employees. And others are providing to subsidize COBRA coverage for a limited period. 

The CARES Act has numerous provisions to incentivize employers to handle their employees including employee retention credits. Hence, stay connected to know about the plans of your company. Also, stay in touch with your former employer to acquire the documents you require to verify your dismissal as well as the loss of health insurance. 

Join the Family Member’s Policy 

In case, your spouse or parents (if you are under 26 years old) own a health insurance policy, then you should probably consider joining it during the 30 days after you lose your health insurance coverage. Often this involves additional premium expenses for your spouse or parents, however, will probably be among the least expensive options for replacement coverage for you. 

Sign Up For Medicaid 

Medicaid is considered the nation’s largest health insurer. It provides enrollees health insurance that is, on most measures, as good as (and often better than) private coverage. Based on where a person lives in, Medicaid can be an available, low-cost option, or let’s say “impossibly difficult to get”. The exceptional route to check Medicaid eligibility is to visit Medicaid.org and just select your state. 

Also Read: Difference Between Medicare And Medicaid

Purchase Short-Term Health Insurance 

If you are unable to purchase coverage through a special enrollment period or other means, then short-term health insurance is worth considering. 

These policies are directly purchased from insurance firms as well as brokers in states where they are available. All you need to do is search “limited duration health insurance” along with your state name will show a list of possible organizations. 

Short-term insurance can be even kept for up to one year. And if you plan to use short-term insurance as a bridge, then be careful about setting an end date. 

Categories
Insurance

Top 3 Business Health Insurance Options in 2020

Business Health Insurance

Business Health Insurance: The increasing costs of healthcare are not just a concern for individuals, they have also majorly impacted businesses that prioritize health benefits for its workforce.Talking about small businesses, they have been specifically vulnerable. For the last 15 years, the total cost for covering one employee under group health insurance has increased by around 200 percent, which is from $2,196 to $6,435.

All these unsustainable expenses, along with the difficulty as well as the one-size-fits-all nature of traditional group advantages, particularly have caused various small businesses out there to cut down their health benefits. 

Most of you may already know that this is a losing strategy for the year 2020. And if we talk about the future, it has been predicted that small businesses will encounter a competitive war for talent in which health benefits are important if all these businesses are going to succeed.

Fortunately, we have a number of small business health benefits options in the present time more than ever.

In this blog, we have discussed three of the most well-known benefits for small groups in the year 2020:

  • Individual Coverage HRA (ICHRA)
  • Qualified small employer HRA (QSEHRA)
  • Group coverage HRAs

Also Read: 5 Best Life Insurance Companies

If you decide to stick till the end of this blog, you will certainly get a clear understanding of how these health insurance options work, what all benefits they mainly provide, and what options are the best amongst all. In addition to this, you can also learn about some regulatory changes that may make new health benefit options available in the near future.

Take a look!!

Top 3 Business Health Insurance Options

  • Individual Coverage HRA (ICHRA)

At the starting of this year, two new HRAs were made available to every business owner, namely the individual coverage HRA (ICHRA) and the expected benefit HRA.

The Individual Coverage HRA is a great option for employers of all sizes, especially because they have no restrictions depending on employee headcount such as the QSEHRA.

The ICHRA functions the same as the QSEHRA. However, it does not have any type of contribution limits. 

Most importantly, businesses can even provide different allowance amounts depending on 11 employee classes. 

In addition to this, the ICHRA is available for employees enrolled in individual health insurance. That means people who are already enrolled in his or her spouse’s group health insurance policy cannot be a part of this option.

Also Read: How Much Life Insurance Do You Need

  • The Qualified Small Employer HRA (QSEHRA)

This is yet another popular option. The qualified small employer health reimbursement arrangement (QSEHRA) was designed through bipartisan legislation in the year 2016.

With the QSEHRA, mostly like any other health reimbursement arrangement (HRA), every business with fewer than 50 employees can provide its employees with a monthly allowance of tax-free money. 

Employees can enroll in an individual health insurance policy, as well as the business will reimburse them up to their allowance amount. 

Besides, an employee can also use the QSEHRA to acquire reimbursements for eligible out-of-pocket expenses. Plus, it allows businesses to have control over their budget while providing a meaningful advantage to their employees.

With the QSEHRA, every reimbursement is free of any payroll tax for the business as well as its workforce.

Reimbursements are usually free of income tax for an employee if he or she is covered by a policy offering minimum essential coverage (MEC).

Frankly speaking, the QSEHRA is considered one of the exceptional choices for a small business as it provides a complete personalization. An employee can even buy what fits best for his or her needs. On the other hand, small businesses are also free to build their own budget.

In addition to this, the QSEHRA also provides value to a small business in unique cases, particularly those with employees who work in numerous states, those with employees who are covered under a spouse’s group policy, and also those with employees with no insurance.

Also Read: 5 Health Insurance Plans You Must Know About

  • Group Coverage HRAs 

This option is known for its lower cost and high deductible health plans (HDHPs). But there is a reason why it is less expensive: it covers less than other policies on this list.

To reduce some of that loss, a small business can provide a group coverage health reimbursement arrangement.

With a group coverage HRA, a business can offer employees a monthly allowance of tax-free money along with the group policy. Employees can choose and pay for health care as well as business reimburses them up to their allowance amount.

The aforementioned are the top 3 health insurance options in 2020. So, what are you choosing for your employees? 

Categories
Insurance

Maternity Insurance Coverage: Here’s Everything You Must Know!

maternity insurance

Maternity Insurance Coverage: For any woman, maternity is one of the best phases of her life. Bringing a new life to the world is both amazing and crucial. While most pregnant women thoroughly know all the do’s and don’ts during this time, not many think beyond. Here, we are talking about women-centric plans that provide ample financial benefits as well as maternity insurance policies.

Such plans contribute to various other benefits in the long run as well. It is important for every woman out there to have a clear understanding of this plan.

To make your task a little easier, stick till the end of this blog to grasp every fact about maternity insurance coverage!

What is Maternity Coverage?

Today, one can find a number of healthcare plans available in the market. One of which is the maternity coverage!

It is an essential health benefit that is supposed to be covered by every health insurance plan provided to individuals, families, and small groups.

In the year 2014, the health insurance for pregnancy, labor, delivery, and newborn baby care became mandatory under the Affordable Care Act.

Also Read: Medicare 101: Which Part Is Best For You? 

What all Amendments are Made in Maternity Coverage

As mentioned earlier, the maternity coverage was made compulsory in 2014. Before that, it was not a guaranteed benefit. According to ObamaCareFacts.com, only around 12 percent of plans sold in the individual market at that time.

Needless to say, very few health insurance plans offered maternity coverage or had to be added as a special rider to a plan.

In addition to this, pregnancy was then believed to be a pre-existing condition. That implies either women were not able to avail maternity coverage who were already pregnant when they enrolled or it cost more.

The year 2014 was marked as the first time in United States history where women were offered and guaranteed access to maternity coverage. Since that time, maternity coverage is truly befitting every woman who is or may become pregnant in the future.

What are the Services Covered for Expecting Mothers & Newborns?

Following maternity services are mainly covered by health plans:

  • Outpatient services, such as prenatal and postnatal doctor visits, gestational diabetes screenings, lab studies, medications, etc.
  • Inpatient services, such as hospitalization, physician fees, etc.
  • Baby care for newborn
  • Lactation counseling as well as breast pump rental

Also Read: How Much Life Insurance Do You Need?

What is the Right Time to Enroll in a Health Plan To Cover Maternity?

Well, one can always enroll in or decide to change to a different health plan during the Open Enrollment Period. And this period starts on November 15 every year for coverage starting in the next calendar year.

Also, there are certain eligibility criteria to avail this plan. Just becoming pregnant won’t make a woman qualified for maternity coverage. Keeping this in mind, one should always learn and ensure the eligibility criteria before enrolling in or changing health plans at any other time of year.

Also, the birth of a baby is considered a qualifying life event. The birth starts a 60-day special enrollment period and during this period, the woman along with her spouse, and children can enroll in and/or change health plans.

How to get Feasible Maternity Health Coverage?

By now you must have understood the importance of maternity coverage. Since it has become a mandatory benefit, one can find a list of providers in the market.

Discovering maternity coverage on the internet is the easiest way. All a pregnant woman needs to do is select any one of the many health insurance plans available to them.

It is just a matter of seconds to search what plans are available in one’s state. And it is also equally convenient to get a free personalized quote.

Once you find and decide the plans available in your area, pick the health insurance plans that you feel is the best fit for your requirements and budget. Plus, do not rush this process, take enough time to compare benefits, and analyze the details of every plan.

At last, when you are all set, you can check if you are qualified for a government subsidy to pay for your insurance as well as you can also apply for your chosen health plan.

In a nutshell, welcoming a new member is the most cherished moment in anyone’s life. With that being said, one should be financially ready and rely on the best maternity coverage.

We hope this blog helped you to understand maternity insurance coverage more broadly!

Also Read: 5 Health Insurance Plans You Must Know About

Categories
Insurance

5 Health Insurance Plans You Must Know About!

Health Insurance Plans

Selecting the right health insurance plan for yourself or your small business is very important. In this blog, we have discussed different 5 types of health insurance plans one can avail in the U.S. While some of these plans may be out of budget for some people, others are really cheap and feasible.

Keep reading to understand and evaluate an option for yourself!

Preferred Provider Organization (PPO)

With a PPO plan, an employee is benefitted to use a network of desired doctors as well as hospitals. Providers under this plan are liable to offer medical services to a member at a discounted or negotiated cost. 

If you are picking up this plan then you should keep in mind that you can’t designate any primary care physician. However, you are free to consult any doctors within the network of your plan.

You will also have an annual deductible and you should meet it before the insurance company starts covering your medical bills. In addition to this, you may also have to meet a copayment or a co-insurance.  

In addition to this, there are some services provided outside the network that normally can be a bit expensive.

A PPO plan is the best option for small businesses if its employees:

  • Require flexibility while selecting physicians or other providers
  • Can accept the burden of attaining a referral to consult a specialist
  • Prefer the balance of great provider choices v/s lower premiums

Health Maintenance Organizations (HMO) Health Insurance Plans

With an HMO plan, an employee will have a lower out-of-pocket cost but unlike other plans, he/she will acquire less flexibility to choose physicians or hospitals. Under this plan, you can select a primary care physician (PCP). And if you want to consult a specialist, then you will have to get a referral from your PCP.

This plan generally offers coverage for a larger variety of preventative services. Talking about the deductible, you may or may not be liable to pay it before your coverage begins; however it normally has a copayment.

Most often, there is no need to fill a claim form to file on an HMO. But a major factor you should keep in mind is that most plans under HMO provide no coverage if you go outside of your network without appropriate approvals from your PCP.

An HMO is the best option for small businesses if they:

  • Want lower premiums
  • Prefer the trade-off of in-network services
  • Prefer good preventive services including immunizations or coverage checkups

Read More: AFFORDABLE MEDICARE PLANS

Point of Service (POS) Health Insurance Plans

POS plans are basically a combination of HMO and a PPO plan. It includes features of both HMO and PPO.

Both in HMO plans and POS plans you will have to select a Primary Care Physician (PCP) from your plan’s network providers.

Normally, services offered under the PCP do not include any type of deductible. 

If you use covered services rendered or referred by your PCP, then you may have to acquire a high level of coverage. On the other hand, if you use services from a non-network provider, then you will have to meet a deductible as well as a low level of coverage.

A POS plan may be the best option for small businesses if its employees:

  • Require flexibility while selecting physicians
  • Want primary care physicians
  • Prefer the balance of great providers choice v/s low premiums

Exclusive Provider Organization (EPOs) Health Insurance Plans

EPO plans are somewhat the same as an HMO plan as they also offer a network of physicians you can use except in certain cases of emergency. As a member of this plan, you can acquire a Primary Care Physician (PCP) who will further offer referrals to in-network specialists.

You will also be liable for small co-payments as well as a deductible.

An EPO plan may be the best option for small businesses if they:

  • Want a balance of less provider choice for lower rates
  • Have a workforce who finds value with a smaller network of providers
  • Have a workforce who are fine with a high cost for unplanned events

Indemnity Health Insurance Plan

These plans are also known as fee-for-service plans due to the predetermined amounts or prepositions of expenses paid to a member for claimed/covered services. 

Under this plan, you will be liable for deductibles as well as co-insurance costs.

An indemnity plan may be the best option for businesses who:

  • Can afford the burden of administration for referral as well as claims paperwork
  • Can find a balance of high rates for more service control
  • Have employees who require higher levels of flexibility in terms of doctors as well as hospitals

So, we have come to the end of this blog. Now that you understand every plan, we hope you will face no problem choosing the right health insurance plan that best fits your requirements!

Categories
Insurance

Everything About Colonial Penn Life Insurance

Colonial Penn Life Insurance

What if your spouse would be unable to pay the expenses after you are gone? In this case, life insurance acts as a savior of your family! Purchasing a life insurance policy is not only about you but mainly about your loved ones. Life Insurance is a big help for the people you love after you won’t be around to support them financially. 

While life insurance policies are marketed to young people, Colonial Penn understands that even individuals in their 50s and beyond want to purchase life insurance. When other insurance companies do not cover high age brackets, Colonial Penn steps forward to sell life insurances to them.

colonial-penn-logo

The company targets insurance buyers who are 50 or beyond. Colonial Penn very well knows that there are people out there who are willing to provide protection to their family as many of them were unable to afford one when they were younger.  No Colonial life insurance policies need a medical examination. Neither as an insurance buyer will you be excluded based on pre-existing conditions. This is really rare in the life insurance industry. However, the buyer has to answer some health-related questions. 

In any case, you get disturbing diagnosis results, you can still buy coverage with restricted death benefits in the first 2 years of the plan’s life. 

Also Read: How Much Life Insurance Do You Need

Products of Colonial Penn Life Insurance

Colonial Penn serves 3 main life insurance products which are sold online or over a call:

  • Guaranteed Acceptance Life Insurance (ages 50–85)
  • Permanent Whole Life Insurance (ages 40–75)
  • Renewable Term Life Insurance (ages 18–75)
  • Living Insurance Permanent Whole Life Insurance
  • Living Insurance Renewable Whole Life Insurance

Term Life: Colonial Penn Life Insurance Options

colonialpenn insurance review

Once the term ends, Term Life policies would have no value. Policyholders pay premiums for the death benefit that his/her family members would get after they pass away. 

Colonial Penn serves 2 types of Term Life policies: 

  • Guaranteed Acceptance life insurance 
  • Renewable Term Life insurance products.

The first product, i.e., Guaranteed Acceptance life insurance is a distinctive one in the insurance industry. This product guarantees acceptance of any applicant. But mainly this is sold to people aged 50–85 without a medical exam. This is sold very differently than any other standard life insurance. 

Colonial Penn purchases its guaranteed products in units rather than paying the premium monthly or annually. Once you enter your location, age and gender, you will be assigned a unit of coverage. One unit costs $9.95 & you can purchase up to 8 out of them. 

Colonial Penn’s Renewable Term Life product also helps policyholders to revive the policy when it expires and that too up to 90 years of age but the rate does increase as the person grows old. 

Also Read: COBRA Insurance

The policy also provides an advance payout facility known as an accelerated death benefit rider. For instance, if the person has a stroke or heart attack, or are diagnosed with any cancer or other chronic illness, he/she can avail up to 50% of their life insurance benefit. Whether annually, semi-annually, quarterly or monthly, adjustable payment plans allow people to select a payment schedule that is suitable for their budget. 

Whole Life: Colonial Penn Life Insurance Options

Policies under Whole Life serve both works like a savings account and also provide a death benefit. The policy increases cash value as the policyholder pays premiums. Colonial Penn also allows policyholders to lend against this fund value by getting a policy loan.

Permanent Whole Life is sold to individuals aged 40–75 and this has a locked-in rate for a lifetime. The maximum death benefit available is $50,000 & premiums are paid based on their age and gender. In this insurance, premiums function based on underwriting & can also differ.

Living Insurance Permanent Whole Life functions the same way but in this the policyholders can avail up to 50% of their benefit if they cover 3 advance payout options.  

The primary advantage of selecting Whole Life insurance over Term Life is that a few of the premiums are repaid to the policyholders in its cash value. 

Also Read: Short Term Health Insurance 2020 

Pricing

It is a bit difficult to judge if Colonial Penn provides good value as every unit the company sell differs from customer to customer. A unit of $50,000 of coverage for only $9.95 is definitely an excellent value to an individual and $ 20,000 of death benefits is also a great deal.  

Nevertheless, it is a value for money as the buyers acquire the ability to purchase a policy in older age or with pre-existing conditions. 

Also Read: Common Medical Expenses You Must Know

Available Discounts & Tips

Colonial Penn offers only one discount that is 1 month free when the payment of the full year is settled in advance. As they don’t sell any other insurance, you cannot find any multi-policy discounts or bundling.

Most companies sell insurance when the policyholder reduces blood pressure, quits smoking, exercises regularly & maintains a healthy weight but Colonial Penn does not ask for any medical examinations and lifestyle factors are not at all taken into consideration when underwriting policies. 

Also Read: How You Can Save Money On Drugs

Customers Service

Colonial Penn do not render a mobile app to access but customers can get in touch by other ways. 

Now, that you got some important information about Colonial Penn. Let us quickly go through the pros and cons of the company. 

BEST FOR PROS CONS
People seeking a low death benefit Simple online application process Maximum death benefit on all policies of only $50K
People purchasing life insurance later in life Everyone qualifies for coverage No agents or offices for in-person assistance
People with pre-existing conditions Renewable term insurance options

Categories
Insurance

5 Best Life Insurance Companies

Life Insurance Companies: Well, you all may already know what life insurance is and how it works. With an increasing number of insurance companies in the market, you may find it difficult to pick one to purchase your insurance plan from.

Who said that protecting your family is expensive? Here is a list of best life insurance companies that offer a low rate life insurance policy. It will definitely help you choose a suitable insurance plan provider for your family. 

1. Life Insurance by Bestow

Life Insurance by Bestow Logo

Insurance plans of Life Insurance by Bestow start at $3 per month which is just best for people on a fixed budget. Life insurance provided by them permits you to skip your doctor & say a “big NO” to the pile of paperwork. 

As a policyholder, you can easily receive a quote as everything is 101% online. You just have to answer some easy questions & acquire a decision quickly. There is also no need to register your name, phone number or email to receive a quote. 

Relying more on data than feedbacks from a medical examination, Bestow is truly a combination of ancient quality fused with present-day technology. 

Insurance policies by Bestow are completely modifiable which is why Life Insurance by Bestow is in the top list. 

2. TIAA

TIAA Logo

There are a lot of people out there who are concerned about the premium price while purchasing life insurance. For all those people, TIAA is the right destination. 

TIAA has plans for as low as $10 per month & also its online tool for quotes will provide the results in as little as a few seconds. 

Available in nearly all the states & areas of the United States, TIAA has consistently been one of the top insurance providers in the country. You can also use its online tool named “Wizard” or contact their representative to get guidance for the procedure & also to choose a policy. 

The company serves a variety of term options that range from 10-year policies to even 30-year protection. At any point in your plan, you are free to shift over to a permanent policy. TIAA’s plans are renewable irrespective of its type (term or permanent).  

Not only easy & quick choice but TIAA’S policies are also affordable as well as affordable for anyone.

Read More: 5 Health Insurance Plans You Must Know About!

3. State Farm 

State Farm logo

For those who are facing difficulty to find coverage in your area, State Farm is your ultimate solution. State Farm has some best policy options. The company operates across the US excluding 3 states- Wisconsin, Massachusetts and New York. Inhabitants of other states can easily avail a life insurance policy. 

State Farm is also well-known for its exceptional customer service. The company has a liberal changing policy if anyone decides to shift to a permanent policy. Policyholders under 75 years of age can shift whenever without any medical exam. 

State Farm’s plans are a little costlier than its competitors in the market like TIAA. The company is preferable to those policyholders who want to enjoy the advantages of State Farm’s nationwide rank and also its convenient conversion policy. 

4. New York Life

New York Life Logo

In most cases, term life insurance becomes uncertain for seniors as the offered term lengths decrease as the person gets older. New York Life also a few similar restrictions, but the company is well-known for the flexibility offered in its life insurance plans. 

The two main reasons why AARP chose to partner with NWF are their flexible terms and the ability to convert an existing policy to permanent life insurance. The company serves a list of universal life insurance plans to its policyholders. 

5. Transamerica

Transamerica logo

Transamerica serves a long list of term life insurance options. Their protections range from $25,000 to $10 million. A person with high net worth can also acquire more on individual consideration.  

While nearly all the insurance companies need policyholders to undergo a health exam before being eligible for the respective policy, Transamerica allows people under a certain age to skip the examination. 

Apart from all these, Transamerica is also famous for providing flexible coverage options. You can easily add extra financial coverage for accidental deaths & also critical illness. As a policyholder of Transamerica, you will acquire good reputation and customized choices.  

Transamerica’s plans become costly for a person who smokes which is about $ 100 and more per annum. 

These are the 5 best life insurance companies in the United States. Now, it’s your right decision which will lead you & your loved ones towards acquiring many benefits.  

Categories
Insurance

5 Best Dental Insurance for Your Little One

Best Dental Insurance

Best Dental Insurance: More than adults, children require a regular drill of brushing, caring and flossing their gums and teeth. In most of the cases, even brushing every day is not enough to maintain your kid’s teeth healthy. The main reason causing tooth decay or cavity problem to children is the leftover food which leads to bacterial growth. 

The infected region on the surface of the teeth is termed as cavities. If not treated at the earliest, these damaged regions can form holes in your kid’s tooth. According to the Centers for Disease Control and Prevention, nearly 20% of children aged between 5 to 11 suffer dental issues including cavity & decaying.    

Also Read: 5 Best Life Insurance Companies

Without any second thought, you should definitely purchase a dental insurance plan for your kid. Today, you have an ample number of dental insurance companies providing dental insurance plans, especially for kids. Most of these plans also offer free regular cleaning schemes as well as dental checkups. 

The interesting part is that under the Affordable Care Act, children’s dental treatments are necessary for all children under the age of 18. Affordable Care Act clearly states that every health insurance for children should offer dental services. Hence, dental benefits for kids can be a part of health insurance or else can be a different plan. 

There are many plans in the market which is why the dental coverage for kids differs from plan to plan. The insurance provider, as well as the state of the borrower, plays a vital role in the coverage options. 

Nearly all dental plans for kids provide 100% coverage for:

  • Regular checkups 
  • Cleaning services 
  • Preventive care in order to protect your child’s tooth from decaying 

You would not pay an extra penny from your pocket for the above-mentioned services. Most people prefer a plan that assures 100% coverage.  

Other than this, children’s dental insurance coverage also includes:

  • Fluoride treatments: To stop tooth decay
  • Tooth fillings: To heal cavities 
  • Orthodontics, like braces: to straighten teeth 

Also Read: Business Health Insurance 2020

There is no shortage of options for children’s dental insurance plans.  Although there are some companies in the market that do not provide children specific insurance plans but instead they offer plans for pediatric dental treatments under a family dental coverage plan. Before you choose a plan for your kid, make sure you read the whole policy thoroughly. 

Best Dental Coverage

Now, let’s know about the cost as it is also one of the major aspects when you buy insurance. The average rate of personal dental insurance (adult) is $ 350 per year. Talking about children’s personal dental insurance, they are comparatively less expensive. 

COMPANY STARTING COST OVERALL RATING (out of 5)
Delta Dental $ 16/month 4.8
Guardian Dental $ 20/month 4.5
Humana $ 40/month 3.5
United Healthcare $ 21/month 4.5
MetLife $ 32/month 4

Many dental plans ask you to undertake a waiting period before you use the services & before you turn eligible to enjoy your insurance benefits. But again, the waiting period differs from plan to plan. In fact, there are plans that do not offer you a waiting period which means you can visit the dentist straight away once your policy sets in place. 

Most waiting periods are up to six months. A more costly insurance plan offers a less waiting period compared to a less costly one. 

Also Read: How Much Life Insurance Do You Need

We all hate to regret about our own decisions. Therefore, keep the following points in mind & thoroughly examine each one of them while purchasing a dental plan for your child: 

  • Monthly or premium of coverage
  • How much of each treatment do you will have to cover out from your pocket? 
  • Annual limits on your benefits
  • Availability of the plan in your state/local area
  • Stability of the insurance company 
  • Children-specific dental plans of the insurance company
  • Availability of plan covering the treatment that your child may need 

As an intelligent borrower, you should study numerous providers before finally considering one. Before selecting your insurance company, research the following points:

  • how long the company been in the business 
  • the vision & motto of the company
  • 3rd party opinions from some actual customers 
  • Their customer service
  • Availability of online account management, mobile apps & 24*7 customer helplines 

So that you are clear about Children Dental Insurance plans now, let’s know some of the best dental insurance for kids:

  1. GUARDIAN DENTAL- Affordable out of all
  2. UNITED HEALTHCARE- Offers the best plan options
  3. HUMANA- Best option for Increased Coverage over time
  4. DELTA DENTAL- Best option for child-specific coverage
  5. METLIFE- Best option for family coverage

Also Read: Here’s How You Can Save Money On Drugs

Now, you are aware of everything related to Dental Coverage for Children. Without wasting more time, go purchase a dental insurance plan for your little one.

If you care about your kid’s smile, you will definitely get dental insurance for them!!!