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HEALTH INSURANCE MONEY SAVING TIPS
Sources of Health Insurance Coverage
Types of Health Insurance Plans
Factors to Consider When Buying Health Insurance
Disputing a Denied Healthcare Claim
Finding the Right Health Insurance Plan
Sources Of Health Insurance Coverage
Healthcare coverage may be available from one or more potential sources, depending on your age, employment status, health status, dependency status, affiliations and financial resources. Often, healthcare coverage is obtained primarily from one source, although sometimes a combination of sources is utilized to maximize coverage. Sources include:
1. Employer sponsored group healthcare plans. This is the most common source
of healthcare coverage for working individuals and families. In addition to coverage
for the worker, coverage is generally available for spouses and children of the employee.
Coverage may be provided at no cost to the employee and family, or the employee may
be responsible for partial payment of the cost of this coverage. In most every instance,
the employer pays for at least part of the cost of coverage. The cost to the employee
for this coverage is deducted from the employee’s pay on a pre-
2. Medicaid and other medical coverage provided to non-
3. Medicare Program, Medicare Part D (prescription coverage) and Medicare Supplement programs. Medicare is provided to senior citizens who are 65 years or older. This program covers many of the medical expenses incurred by seniors. Private insurers offer various Medicare Supplement programs that can be purchased that will cover many of the medical expenses not covered by Medicare.
4. Medical coverage provided by the Federal Government Veterans Administration.
Certain veterans receive free or low-
5. Medical coverage provided by government or private employers for retired employees. Many private and governmental employers provide their retired employees with medical coverage prior to the availability of Medicare, or as a supplement to Medicare. Generally, the employer pays part of the cost, with the retired employee paying the remainder. Sometimes, the retired employee pays the entire cost but is assured that coverage will be available.
6. Payment of medical expenses through Health Savings Accounts, Health Reimbursement
Accounts and Flexible Spending Accounts. Under the current tax law, individuals
are permitted to put funds into these types of accounts (either employer sponsored
or individual accounts) that can be used for purchasing medical services. The advantage
to these accounts is that contributions are made on a pre-
7. Coverage purchased by individuals through association or group affiliations. Often, a group or organization you belong to will offer group insurance coverage to its members. Sometimes these can be very good plans, and other times they are not.
8. Coverage available to terminated employees through COBRA. If you leave your
present employment under varying circumstances, you and your dependents have the
right to continue to be covered under the employer’s group health insurance coverage
for a period generally up to 18 months (sometimes longer). However, you are responsible
for paying the full cost of this coverage. Since, when you were an employee, the
employer usually paid a significant percentage of the cost of coverage, the cost
of coverage to you through COBRA is usually considerably higher. Continuing coverage
through COBRA also preserves your right to buy insurance in the “individual” market
when your COBRA benefit runs out. States are required to have at least two policies
available without pre-
HEALTH INSURANCE
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