Accident Health Insurance – Plan For the Emergency Room

Accident health insurance supplements are being used to cover upfront injury related expenses for the ER. Plans can be used to compliment an existing health insurance policy or just as a personal injury plan to pay for any unexpected ER visits or surgeries.Many Americans are concerned with insuring the everyday mishaps like bodily injuries and emergency room coverage. Of course, insuring things like Cancer and Heart Attacks are important, but for younger adults and especially kids, emergency room visits are far more prevalent. Unfortunately, a trip to the emergency room isn’t cheap and the healing process from a serious bodily injury can be exhausting. Damaged body parts often need to be surgically corrected and the post operation Physical Therapy sessions feel like a Sylvester Stallone Rocky Movie. I’m not going to lie, the Rocky Four soundtrack got me through my Physical Therapy workouts post ACL Knee surgery.Health insurance for the self-employed is especially complicated when it comes to emergency room visits. To qualify for a Major Medical PPO plan one must go through underwriting and medically qualify. Assuming you get approved, you’ll need to select a deductible and plan style. The most cost effective PPO policies in the individual health insurance market are the HDHP (High Deductible Health Plan) plans. Deductible is the out of pocket expense the insured has before the health insurance policy picks up the bill. PPO stands for Preferred Provider Organization and is the type of health insurance that lets you choose any doctor. Choosing any doctor isn’t necessarily true, theirs a lot of gray area with “being in network or out of network” with PPO’s.Deductible options for individuals in the PPO market are $1,500, $2,500, $3,500, and $5,000. Typical family deductible options are $3,000, $5,000, $7,000, and $10,000. You’ll want to choose a co-insurance of 100%. Co-insurance is the shared expense between you and the insurance company after the deductible. Most people are familiar with 80/20 % co-insurance. 100% co-insurance is popular because you won’t need to understand Calculus to figure out any future hospital bills. Insurance plan picks up 100% of the bills after deductible with this option. On a side note, it’s a good idea to set up a Health Savings Account. HSA’s have some decent tax advantages and you can set up an account equivalent to the deductible amount. So a $10,000 HDHP can have a $10,000 health savings account attached to it. The yearly max contribution to the health savings account is determined by your HDHP deductible. Ask your CPA about health savings accounts if your self-employed.Higher deductible health insurance plans have lower monthly premiums. However, with that high deductible comes risk of having to owe that deductible amount if you use the health insurance. A $5,000 dollar deductible hospital bill is one broken bone away. Guess how a lot of Americans end up paying that HDHP $5,000 deductible? You guessed it, in the emergency room from a accidental bodily injury.Accident health insurance supplements have been doing a good job filling this ER gap for years. Other names used for this plan include personal accident insurance, emergency room insurance supplement, accident medical coverage, personal injury insurance plan, 24 hour accident coverage, and accident supplemental benefit plan. These plans are under marketed in my opinion, and most licensed health insurance agents are doing a disservice to their clients if they don’t bring it up. I say this because so many people are shelling out a lot of money each month to insurance companies, and if they actually use the insurance could be stuck with a huge deductible bill.Opposite the PPO health insurance industry is Guarantee Issue insurance products. Emergency room insurance supplements fall into this category and are automatic approval. Online applications have zero health questions but do need social security numbers and birth dates. This type of guarantee issue accident medical expense coverage is an indemnity. Indemnity’s compensate members with a predetermined benefit amount.Personal injury insurance plans in this category are membership based associations. The membership organization helps individuals and families in the United States gain access to discount programs and in this case, the pound for pound most practical emergency room insurance supplement I’ve seen so far.Each association member can choose a benefit level of accident coverage to fit their monthly budget or to match the HDHP deductible. Plans cover the HDHP deductible giving high deductible health plans a virtual zero deductible effect. Remember, a lot of HDHP’s max out deductibles from ER visits due to injuries. ER plan pays injury related expenses to pay off the PPO deductible. Again, plans only cover ER related expenses due to injury and not sickness.Members can choose a emergency room coverage level of $2,500, $5,000, $7,500, or $10,000. Accident compensation benefits pay out per injury and have no limits on use. Typically a person will have a $100 dollar deductible per covered accident. ER policy pays up to the $2,500, $5,000, $7,500, or $10,000 per accident excluding the $100 deductible. In simple terms, you’ll owe $100 dollars for any covered injury assuming the bill doesn’t exceed the policy benefit max of $2,500, $5,000, $7,500, or $10,000.Here’s some figures on what the leading personal accident insurance dues are. Indemnity plan rate increases are seldom because it’s an association based health insurance product.-$24 dollars a month: $5,000 benefit individual plan.-$29 dollars a month: $7,500 benefit individual plan.-$36 dollars a month: $10,000 benefit individual plan.-$35 dollars a month: $5,000 benefit family plan.-$41 dollars a month: $7,500 benefit family plan.-$47 dollars a month: $10,000 benefit family plan.(family policy prices include everyone, it’s the same price for a 3 person family or 12 person family)It doesn’t matter what accident health insurance plan brochure you pick up, all plan brochures EOB (Explanation Of Benefits) page say the same important benefit: Members may choose any Doctor, Hospital, or Emergency Room. Since this is accident indemnity, benefits have no restriction on health care providers to choose from. Accidents are unpredictable and so is knowing what emergency room you’ll be showing up at. I can’t imagine accident plans would sell if they came with some lame network provider booklet of acceptable doctors. This brand of accident coverage is 100% portable and can be used up to two months outside the United States while traveling abroad.Accident Plan benefits at a glance:-Hospital Emergency Care-Doctor’s fee for surgery (in and outpatient)-Laboratory Tests.-X-Rays and MRI’s.-Ambulance Expense.-Registered Nurse.-Hospital room and board.-Operating Room Costs.-Anesthesia.-Prescription Drugs.-Physical Therapy (super important post operation)-Doctors visits (inpatient and outpatient).-Dental treatment for injury to sound natural teeth.-Splints, Crutches, and Casts.

Factors That Will Increase the Cost of Your Health Insurance

Insurance quotes decrease or increase depending upon the type of insurance policy you are seeking. Insurance policies of different kinds are available across the globe today. Auto insurance, life insurance, dental insurance, general health insurance, etc., are some of them commonly invested in. Whatever the type of insurance you are investing in, there are factors that influence the cost of the package and the premium payouts. This is more in the case of health insurance. Things like whether you are purchasing too many insurance policies or whether you are eligible for discounts hardly affect health insurance. The location you are staying at, whether you live in the urban or rural area, your age and medical history, etc., are some of the factors which affect your health insurance.The first and foremost thing to do – Compare quotes:The best thing to do is to compare quotes, and this can be done online. Different health insurance companies offer different quotes to suit your needs. All you need to do is to fill an online form, in which you have to give your details such as telephone number, name, your age and the type of insurance you are looking for. Within seconds you gain access to a number of quotes designed to suit your needs. To find out which is more affordable it is necessary to indulge in comparison to obtain an offer which is comprehensive. This is keeping in mind that the factors differ from one provider to another. It also pays to personally call up the insurance company. Details of different companies are available online. You can check which insurance company is located very close to your home and accordingly you can approach an insurance agent of that company.Insurance companies lay a lot of emphasis on the age factor to rule out health risks. One of the quickest methods of getting information on such considerations is by calling up the insurance company directly. The agents are always more than willing to come over and talk to you at home. It is important to also investigate how issues like a preexisting health malady in the family that may be dormant in you and vices affect your policy. You can get some of the best deals and negotiation rostrums via a good comparison site and details on free health insurance quotes. This does not cost money and is the cheapest way of purchasing a health insurance policy while understanding the factors influencing the same.Buy the policy only when you are sure:After you finally decide upon the policy package and the insurance company, also check if you are being offered any discounts or any other deductibles which are unrealistic in nature. Many of the times these may not qualify you for an insurance policy with another company, should you have to apply later. Avoid being tricked into buying the insurance policy where hospitalization and treatment alternatives are not addressed in totality. Look into the factors that will increase your health insurance well before you finalize the deal. Make sure you buy only according to your needs otherwise it will prove to be very expensive. Remember to verify that you are in sound, good health as this will help in decreasing the amount on the insurance quote. Read the insurance agreement properly before finally signing it to get an idea of all the terms and conditions mentioned.

Health Insurance In Texas Is Not Just For Big Companies Any More

Called the backbone of America, small businesses are getting tax credits in 2010, which are designed to benefit their employees. As the Affordable Care Act begins to take effect, 293,000 small businesses in Texas will get help in the form of tax credits to make it easier to cover their employees with the protection of Texas health insurance.Why Offer Tax Credits To Small Businesses?On average, these small firms must spend about 18 percent more than large companies to offer their employees the same health insurance in Texas. That means employees working within small companies are much less likely to have access to health care because wages can’t keep up with the cost of insurance. These premiums rose three times faster than wages in the last decade.Small businesses contribute approximately 70 percent of all new jobs in Texas. In spite of the recession, Texas actually gained small businesses in 2008, according to the U.S. Small Business Administration Office of Advocacy. The number of self-employed people in Texas rose from 1.1 million by nearly two percent while the national number of self-employed fell by two percent to 15.9 million.With stronger economic growth than in most areas of the U.S., growth in Texas remains highly entrepreneurial. The Dallas-Fort Worth area has shown one of the highest rates for new businesses in the nation.What Does Health Care Reform Offer Small Businesses?In 2010, the Affordable Care Act implements tax credits meant to offset the rising cost of health insurance premiums as an incentive for small businesses to add health insurance coverage for their employees. While 98 percent of big firms already include insurance among their benefits, only about 46 percent of the companies that employee less than 10 people offer employees health insurance. Even businesses with up to 50 employees only insure about half of their employees. That leaves about 52 percent of these workers without adequate health coverage.By 2013, 3.4 million employees stand to benefit as their employers become eligible for these tax credits, which will increase the following year. In 2014, the tax credits grow from 35 to 50 percent of an employer’s premium contribution. That could mean up to $40 billion of support for small businesses in the coming decade.Which Small Business Will Qualify For Tax Credits?To be eligible, small business employers must pay for at least half of their employees’ premiums. The actual amount of the tax credit will depend on the size of the company and the amount of the average wage paid by the firm. Tax credits are just phase one of the help coming for Texans who don’t have adequate insurance coverage.Small businesses will have the option to insure employees via a state exchange in 2014. The exchange can lower premium costs because medical bills incurred by members can be offset with premiums collected from healthy members who incur no medical bills.The exchange must offer plans with comprehensive benefits, and no insurers will be allowed to discriminate against those who are sick by denying them coverage in 2014. The deductibles for the plans for small businesses will be limited to $2,000 or less for individuals and to $4,000 or less for families.What If You Don’t Receive Texas Health Insurance Through Employment?People who don’t get health insurance in Texas through their employers will be able to buy from the Texas exchange. These Texas insurance plans will limit an individual’s out-of-pocket costs to $5,950. Family plans will restrict the maximum out-of-pocket expenses to $11,900.Beginning in 2010, insurers must report how much of the premiums they collect are being spent on health care for the people paying the premiums. In the following year, plans for individual and small businesses must keep administrative costs down to 20 percent or less of the total premiums collected. If they exceed that limit, insurers will have to give rebates to those they insure.Federal and state governments will also be empowered to approve premium rate increases to prevent insurers from needlessly hiking rates for greater profit. These health care reform measures are designed to protect thousands more Americans with access to adequate health care for the time in our country.