ClaimLinx | 10260 Alliance Rd, Ste 325, Cincinnati, OH 45242 | 800.858.1772

ClaimLinx

Healthcare Consultants for Business Owners

Category: Medicare

Do You Need Supplemental Health Insurance?

Do You Need Supplemental Health Insurance?

by 2 Comments

If you already pay for health insurance, the last thing on your mind is that you need supplemental health insurance. However, if you dig through what a traditional plan has to offer, you’ll find that there are a lot of exclusions and gaps in plans, which can lead to high liabilities.

Do You Need Supplemental Health Insurance?

What is Supplemental Health Insurance?

A supplemental policy works alongside your traditional policy to offer enhanced coverage options. For example, your normal policy may have very limited, or no, dental coverage offered.

In this case, you can find a supplemental plan to cover these additional costs.

However, these plans can protect against financial burdens that many health insurance plans put on policyholders, including:

  • Deductibles for hospital care
  • Dental coverage
  • Eye coverage

You’ll also find some of these plans are for specific conditions and diseases, such as cancer screenings. There are also options for things, such as pregnancy, so the plan would cover things, such as the birth of the baby and prenatal care.

Supplemental Insurance Cost Basics

Supplemental health insurance is an additional insurance, on top of your standard coverage, and it’s 100% separate. You can add or remove the plan at any time, and this means that it will come at an additional cost to you.

The plan’s price can be drastically different.

You might find a plan to cover eye care that is $10 and one for cancer that is $500. Age is also a major factor in calculating a plan’s premiums. The older you are, the higher the cost will be for your premiums.

These plans have monthly premiums, but they also have standard costs, which may include:

  • Copay
  • Deductible
  • Coinsurance

It’s crucial for you to analyze each plan to best understand the costs involved and what your true, monetary obligations are under the plan.

Types of Insurance Plans Available

Supplemental plans vary drastically, but you’ll find plans for numerous, specific circumstances. A few of the most common types of plans and when they’re ideal, include:

  • Hospital insurance, which is designed to cover the costs for people with ongoing medical issues that need to go to the hospital often
  • Critical illness insurance, which is designed for anyone with a specific, high-risk illness
  • Long-term care, ideal for anyone that is aging and fearful that they will need long-term care
  • Accident insurance, a type of plan that is designed for athletes or entertainers in the event that they have an injury

You can also find vision, dental and orthodontic plans, often sold as add-ons to your policy, and these plans may be combined or separate. Since everyone is different and has their own set of medical concerns and/or risks for certain conditions, it’s crucial to sit down with a professional to ensure that you have supplemental plans that offer you maximum coverage.

Supplemental health insurance plans offer you peace of mind that if you need to go to the hospital or have a critical illness, your medical bills will be covered. If you feel that your regular policy doesn’t provide adequate coverage, consider one of these plans.

What is Medicare Supplement Insurance? Supplement insurance, or Medigap insurance, is just like it sounds: insurance that fills in the gaps. For example, in the scenario above, this type of insurance would kick in and cover the $12,000 that original Medicare doesn't cover. Roughly 24% of all beneficiaries on Medicare purchase Medicare supplement Insurance What's Included in Medicare Part A and B? If you're on original Medicare, this means that you're on both Medicare Part A and Part B. Medicare Part B covers about 80% of the costs for approved: • Doctor services • Medical equipment • Outpatient therapy On top of the 20% of the costs, you'll be required to pay a deductible of just over $200 in 2021. While you may not pay for Medicare Part A, you will be responsible for paying for Part B if you want this additional coverage. Supplement insurance is sold through private insurance companies and will offer additional coverage, such as: • Costs of doctor visits • Services rendered outside of the US Insurance companies cannot disqualify you from these programs based on preexisting conditions either. Cost of Medicare Supplement Insurance Is this type of insurance worthwhile for you? It depends. You'll be required to pay additional money to these programs, and they can be very expensive. While the average person paid $152 per month for supplemental insurance in 2018, prices may be much higher for the individual. Depending on multiple factors, the cost of these plans can range from $50 to $650. Factors that contribute to the overall cost are: • Age • Location • Deductible However, some individuals may benefit from state programs that offer to pay for some or all of these costs. Often, low-income individuals will qualify for state assistance, so they'll benefit from low or no cost for their supplemental insurance. Additionally, there may be options to help cover the cost of prescription medications, too. When considering whether signing up for one of these programs is the right thing to do, it's important to note that Original Medicare does not have a limit on out-of-pocket expenses. So, you'll continue to pay 20% out-of-pocket whether the bill is $200 or $2 million. There are options outside of Medigap, such as Medicare Advantage plans that will roll Part A and B into one plan as well as offer prescriptions for free. Medicare supplement insurance is often a good choice if you don't have coverage through a union or employer and you're enrolled in Original Medicare.

Is Medicare Supplement Insurance Right For You?

by 1 Comment

Medicare is available for people who are 65 or older or individuals that suffer from disabilities. Original Medicare, which is more of a basic form of the program, provides just the most basic form of coverage.

While original Medicare covers most of your medical and hospital bills, you’ll still have to pay for 20% of approved doctor treatments.

If you’re in the hospital for even three days, the cost of the hospital stay can be as much as $60,000. Paying 20% of these costs still leaves you with a $12,000 bill that you need to pay.

Medicare supplement insurance can help.

What is Medicare Supplement Insurance?

Supplement insurance, or Medigap insurance, is just like it sounds: insurance that fills in the gaps. For example, in the scenario above, this type of insurance would kick in and cover the $12,000 that original Medicare doesn’t cover.

Roughly 24% of all beneficiaries on Medicare purchase Medicare supplement Insurance

What’s Included in Medicare Part A and B?

If you’re on original Medicare, this means that you’re on both Medicare Part A and Part B. Medicare Part B covers about 80% of the costs for approved:

  • Doctor services
  • Medical equipment
  • Outpatient therapy

On top of the 20% of the costs, you’ll be required to pay a deductible of just over $200 in 2021. While you may not pay for Medicare Part A, you will be responsible for paying for Part B if you want this additional coverage.

Supplement insurance is sold through private insurance companies and will offer additional coverage, such as:

  • Costs of doctor visits
  • Services rendered outside of the US

Insurance companies cannot disqualify you from these programs based on preexisting conditions either.

Cost of Medicare Supplement Insurance

Is this type of insurance worthwhile for you? It depends. You’ll be required to pay additional money to these programs, and they can be very expensive. While the average person paid $152 per month for supplemental insurance in 2018, prices may be much higher for the individual.

Depending on multiple factors, the cost of these plans can range from $50 to $650. Factors that contribute to the overall cost are:

  • Age
  • Location
  • Deductible

However, some individuals may benefit from state programs that offer to pay for some or all of these costs.

Often, low-income individuals will qualify for state assistance, so they’ll benefit from low or no cost for their supplemental insurance. Additionally, there may be options to help cover the cost of prescription medications, too.

When considering whether signing up for one of these programs is the right thing to do, it’s important to note that Original Medicare does not have a limit on out-of-pocket expenses. So, you’ll continue to pay 20% out-of-pocket whether the bill is $200 or $2 million.

There are options outside of Medigap, such as Medicare Advantage plans that will roll Part A and B into one plan as well as offer prescriptions for free.

Medicare supplement insurance is often a good choice if you don’t have coverage through a union or employer and you’re enrolled in Original Medicare.

health plans ohio

Medicare Ohio Health Plans To Consider When Shopping Around

by 1 Comment

Medicare Health Programs are another way to cover Medicare Part A and Part B. Sometimes referred to as “Part C” or “MA Plans”, they have to comply with regulations provided by Medicare-approved private companies. A lot of Medicare Ohio health care programs include Drug Coverage (Part D). In most cases, you will need to use a healthcare provider involved in local and regional network services at a very low cost.

 These plans not only reduce the cost you pay annually for the services but you can also avoid unexpected expenses with it. Some of the Medicare Ohio health plans provide out-of-network services but the cost of those services is higher. Keep your red, white, and green Medicare Ohio cards in a safe place as you will need them when you return to the original Medicare. Following are some common types of Medicare Ohio health plans that you must consider when looking for health plans

  • Health Management Organization (HMO) Program
  • Provider Organization (PPO) Program
  • Private Fee Service (PFFS) Program
  • Special Needs Program (SNP)

Here are some uncommon types of Medicare Advantage plans you can find:

  • HMO Point of Service (HMO-POS) Program
  • Medicare Medical Savings (MSA) Account System

Health Organization (HMO)

For HMO programs, you usually need to obtain your care and services from network providers, without the facility of:

  • Emergency care
  • Emergency care outside the area
  • Dialysis outside the area

Some of the health care providers might not provide some of the network services too. However, it usually costs less if you divert your attention from the provider outside the network. This is known as HMO with Point-of-Service (POS) option.

Are there prescription drugs in Health Management Agency (HMO) programs?

In many cases, HMO programs include prescription drugs. Ask the program providers. If you are looking for Medicare drug coverage (Part D), you must join the HMO program that provides access to prescription drugs.

Preferred Provider Organization (PPO)

PPO is a kind of Medicare Advantage Program (Part C) that can be availed through a private insurance company. The services under PPO include physicians, hospitals, and other health care providers. You are charged less if you utilize network services and you will be charged higher for utilizing services outside the network. 

You can avail health care services from different providers in PPO programs or hospitals. You can also receive out-of-network services for higher costs than the services provided within the network. 

Are prescription drugs included?

In many cases, prescription drugs are included in PPO programs. Ask the program. If you are looking for a drug prescription in Medicare, you must enroll in a PPO program that provides medical coverage. Remember, if you join a PPO program that does not offer prescription offer drugs, you will not join the Medicare Drug (Part D) program.

Private Financing Schemes (PFFS)

How PFFS programs work

A variant of the Medicare Advantage Plan (Part C), PFFS programs are not similar to Medigap and Medicare. Through this plan, you can determine how much cost you will be charged for different medical health facilities. 

Is it possible to utilize another hospital, doctor, or healthcare provider for medical help? 

Healthcare services from a doctor, hospital or any other healthcare provider are provided in most cases in PFFS programs. If you join a PFFS program offline, you can check with any network provider who regularly agrees to deal with program members. You can also choose a doctor, hospital, or another non-network provider that accepts the terms of the program, but your costs are usually lower when you are on the network.

 

Special Needs Programs (SNPs)

How Medicare SNPs work

A Medicare SNP is a type of Medicare Health program (such as an HMO or PPO). Medicare SNPs reduce membership in people with certain diseases or symptoms. Medicare SNPs organize all their resources together to serve a specific group with specific needs.

 

Is it possible to utilize another hospital, doctor, or healthcare provider for medical help? 

You can usually get all the services provided by the doctors and health care providers under the SNP health plan, except:

  • Emergency care in case you need immediate medical attention as a result of a sudden medical emergency.
  • If you are a renal failure patient and require out-of-network dialysis treatment. 

Medicare SNPs usually have a panel of professionals that have specialization in the condition or disease of the group allocated. 

 

Are prescription medications included?

All SNPs must provide medical treatment. In most cases, you may need a primary care physician for SNPs or you might need a caretaker to take care of your health necessities.

 

Do I need referrals to get an appointment with a professional doctor?

Referrals are needed in most cases to get an appointment with experts on SNPs. Some services do not require a transfer, namely:

  • Annual memory test
  • In-network POP testing and pelvic examination (covered at least annually)

 

Some important points to keep in mind

Planning must limit membership to the following groups: 

  1. People living in certain organizations (such as nursing homes) or need of home care, or
  2. People who are eligible for Medicare and Medicaid, or
  3. People with disabilities (diabetes, end-stage kidney disease) (ESRD), AIDS, Chronic Heart Failure, or Dementia). Programs can continue to limit membership. You can join the SNP at any time.
    • Programs should guide the services and providers needed to help you stay healthy and follow the instructions of your doctor or other health care provider.

If you have Medicare and Medicaid, ensure approval of your health care plan by all the doctors and your healthcare providers

 

Hopefully, this article was helpful for you to get the required information about Medicare Ohio. You must make your decision very smartly to get maximum benefits at the lowest cost possible. Choose the plan according to your requirements. The best plan is one that covers the maximum of your health care requirements and is also within budget. 

Choosing insurance

Choosing insurance: 7 key factors in deciding health, dental, and vision.

by 1 Comment

Buying health insurance is an important task. Based on their experience, any person who went through the process of getting insurance will tell you that it is not an easy task. There are always changes in policies, information, and pricing and it can make choosing the best strategy for yourself quite difficult.

 

Check the health plan of each health insurance physician.

If you are currently on prescription, you may want to go deeper into every procedure available to see what medications are available. You can do this by requesting insurance details or a list of covered medications. Insurance providers usually have a separate list of orders placed at levels. Doctors explain that generics have very low reimbursement costs, but prescription drugs are more expensive. This means you need to learn the fine print of any potential insurance program because some insurance providers require patients to try low-dose medications before they are allowed to continue with nominal medications.  (Note: You can always pay out of pocket, but why is it required?)

 

Make sure the desired providers are in the network.

Do you like your current doctors? Then if there are any changes in the insurance policy it is important to know if they are in the network. If you do not have a physician of your choice, you can see a list of network providers in your new potential program. After that, consult a new doctor to see new patients, and ask about their credentials, as well as regular office hours. That way, you know where to go before making the switch.  You can always check with AMA to get information about the provider

Think about whether you want to collaborate with HSA.

Some people think it would be better to invest less in HSA.  HSAs are suitable for almost anyone, young and healthy, and those who want to invest in medical emergencies or retirees who want to bear some of the costs. 

In the U.S. According to News & World Report, by 2019, singles can donate up to$500 to $3,500 in taxable contributions to an HSA, while those with a family plan can donate up to $7,000 tax-free. People 55 and over can add an extra $ 1,000 to host a charity.

However, only certain programs allow users to donate, so if you want to add one, make sure your new plan fits.  By 2019, eligible plans have a minimum withdrawal of $ 1,350 per person coverage and out-of-pocket costs of 6,750. Family plans cost a minimum withdrawal limit of $ 7,700 and a maximum of $ 13,500.

 

Check your income to see if you are eligible for tax bills.

A “premium tax credit”, which is “tax refundable” is provided by IRS to assist families who have low income to pay the charges of the health insurance they bought from the health insurance market. This is also known as an exchange. “

Whether a person receives a substantial tax credit depends on his income. As the IRS points out, low-income people get more credit to help pay for insurance costs, while those with higher payments get less credit if they get one.

Do not worry, if you decide to sign up for health insurance on the exchange, the exchange can choose the loan that you have estimated.  

So who gets the loan? Yes, the statistics are a bit confusing. According to IRS, Usually, a person and his family get a premium tax credit in case their annual income is higher than 100 percent but is less than 400 people of the determined poverty line. That number is likely to change, in 2017, from 12,060 (poverty line) to 48,240 (400 percent below the poverty line). 

 

Remember not only the premium but also the catch.

Yes, getting a sticker shock is easy due to the monthly premium (the amount you pay each month to maintain your health insurance), but it is important to consider system releases (the amount you pay in advance to your insurance company). 

“I warn people to look at all the plans and think about it: is it worth paying less if anything happens or more to spend less in the wallet?” Louis Norris, a health care insurance plans expert.

According to Norris, a healthy person will generally do better if he or she opts for a high-exception but low-premium plan because the person does not need to use insurance for emergencies. But a person who is facing a health challenge would have a plan with a higher tariff but lower premium. Because a person struggling with cancer is more likely to hit that discount or anything, but save some money by paying a lower fee.

Only the middle class with limited health care costs, such as surgery or medical expenses in the future, should apply for the job.’

“Those who benefit the most from one of the intermediate programs,” Norris said. “They really have to bother and do their planning. I always advise people to look at the total premium you pay for the year and see your total expenses. After that, calculate the worst-case scenario. Do this and look at your average pocket expenses. And make a plan from there.”

 

Consider some additional benefits.

Health insurance plans are not only if you are facing an emergency. Many programs and providers offer wellness and incentive programs that help keep their members healthy and away from the doctor’s office.

U.S. News & World report gym memberships, medical appointments, free counseling sessions, video conferencing with doctors at any time, and legal consultations.

 

If you need help, ask for it.

“The first thing you need to do when looking for a new health insurance policy asks yourself: ‘Am I comfortable doing this myself?'” Norris said. “If you do not do something that most people do not do, I think getting help is a good first step. You can get guidance from who has done all the processes before.

hmo-insurance-plan

What Is The Best Hmo Insurance In Ohio?

by Leave a comment

The cost of the insurance is dependent on the age of the applicant and the level of coverage, thus elderly people have a much higher price. 

Stats regarding the insurance plans show us that a citizen of 60 years pays 112% more for health insurance than a citizen aged 40 and that is not changed with the level of insurance you chose for yourself and your family.  A 40-year-old, however, pays 28% more premium than the ones paid by the 21-year-old. 

We have discussed the best HMO insurance in OHIO in this article. The plans might not be offered throughout the county but the below-mentioned plans are worth looking into.

Best insurance deals in Ohio 

The insurance policies available to you highly depend on where you live. You are sure to get various options to choose from for the level of coverage that you can take in every county. The best cheap health plan, will bases on a portion of your income, and the expected medical costs as they affect the price you will pay, and the level of coverage you may need. 

Higher levels of coverage may be more expensive in terms of insurance premiums, but their lower cost makes them a great option for families who are expecting large or subsequent health care costs. 

On the other hand, low-coverage health plans have lower fees but high out-of-pocket costs incurred, meaning that they are only suitable if you have some extra savings, and are expected to not have to require expensive medical care. 

 

Gold Plan: Best for families, with a high fixed medical cost 

If you expect high medical costs then the gold plan is the best option for you. In the

Gold plan, you will be charged a monthly cost but will have the lowest out-of-pocket costs.

Ultimately the cost you have to pay is lower than what your insurance has to pay. This is a great advantage for individuals who are expected to have large medical expenses and are unable to pay them out of pocket. 

 

Silver Plans: Best fit for low-income households and the average medical cost

Ohio expanded Medicare under the Affordable Care Act, which means that if the family income was up to 138% of the federal poverty level then they may qualify for Medicaid. Low-income families who do not qualify, have chances to get a better price with the Silver plan. 

Silver health insurance companies are the only ones who will be eligible for a reduction of the cost of subsidies, as the family’s income is below a certain threshold. Silver plans are a good solution, because you’ll get more affordable health insurance rates than a Gold plan, and less out-of-pocket expenses, then you have to deal with a bronze plan. 

 

Bronze/Bold plans: Best Fit for families with young children, with the highest cost-sharing

If you’re under the age of 30, or you are eligible for several exceptions, you can sign up for a bronze health insurance plan. Bronze Plans offer the lowest monthly cost and the highest cost-sharing. 

We do not recommend acquiring any Bronze Plan anywhere in Ohio until you are confident that you will be able to pay high out-of-pocket costs in case you need medical care. Your insurance will not cover it until you pay out-of-pocket expenses and your share. 

For example at the Ambetter Essential Care 1 (Bronze premium plan, the cost can be as low as $ 242 a month for a 40-year-old, which is a lot cheaper than the $368 bonus for the Ambetter Secure Care 5. The deductible for a Bronze Plan, however, is nearly $ 7,000 more expensive than the Gold plan. 

 

Changing Insurance Rates in Ohio 

Insurance rates, deductibles, and maximum out-of-pocket amount to be determined annually by health care companies, then to be submitted to federal regulators for approval. 

Stats tell that the overall costs of insurance are reduced by 4% in all of the plans in 2021. The price of bronze’s plans was dropped by the biggest amount: 7%, or $26 per month.

 

The Short-Term Health Insurance in Ohio 

If you are living in Ohio then you might also be able to acquire the opportunity to purchase short-term health insurance plans. The insurance coverage is for a maximum of 12 months, as in the federal rules and regulations. However, Ohio does not allow the insured person to renew the short-term health insurance policy at the end of the original period of insurance. 

You might want to take a brief medical policy, if you miss the open enrollment period, you will lose the employer-sponsored health care system. It is important to keep in mind that short-term plans do not provide the same essential benefits as a Private medical insurance policy 

 

The best HMO Insurance Companies in Ohio 

Currently, there are 10 health insurance companies listed in Ohio, two more than the previous year. However, all these companies do not provide all the services in all the counties. Following are the best HMO insurance in Ohio.

  • Community Insurance Company (Anthem Blue Cross Blue Shield 
  • Car CareSource Insurance
  • Buckeye Ambetter Buckeye Community Health Plan 
  • Medical Health Insuring Corporation. Ohio оскар
  • Oscar Insurance Corporation (Ohio) 
  • Molina Healthcare of Ohio, Inc. 
  • AultCare insurance company for you 
  • Paramount Insurance company First 
  • The Oscar Buckeye State Insurance Corporation. 
  • First Insurance Company, Inc. 

Depending on where you live, you can choose from up to 5 insurance providers, although a lot of counties have only one insurer available. For example, if you live in Columbus, Franklin County, you can compare the plans of the six insurance companies, rather than the 10 that will be available for the entire state. 

 

Cheapest health insurance in the districts 

To assist you in your quest to find the best health insurance plan, we compared all of the silver plans, in Ohio, and identified them to be the cheapest plan offered in each electoral district. The Ambetter Balanced Care 2 health plan is the most cost-effective in 58% of counties in Ohio. 

 

Contact us today to take control of your health benefits.