plans
Many people would like the opportunity to work for themselves -- to not be responsible to an employer, to not punch a clock, to be their own bosses. But many of them are held back from realizing this dream for one common reason: they don't want to loose the health insurance offered by their employers. This is especially true if they have families who depend on the health insurance, too. Choosing self employed health insurance can be a daunting task. Indeed, it is one that some people don't even bother to investigate because they simply assume that it is unaffordable.
When your employer doesn't offer health insurance, or doesn't pay for the majority of the plan offered, an alternative option to consider is private health insurance. Private health insurance is medical insurance that you purchase on your own, outside of a group plan with your employer.
Managed care organizations control their costs by placing agreements with doctors, hospitals, clinics, and other providers. Since the practitioners are guaranteed a certain amount of business, they are willing to provide services at a reduced cost. They differ from indemnity plans because they may have restrictions placed on patients that only allow them to see practitioners within the network. If the patient wants to see a doctor from outside the network, he typically must pay for services himself.
Medicare is a federal health insurance program. It provides health care aid to Americans who are over the age of 65, or who have kidney failure which requires dialysis or a transplant. Medicare was signed into existence by President Lyndon B. Johnson as an amendment to previously existing Social Security legislation. Medicare is currently a source of great debate, and its need for reform is frequently called upon. Unless changes to the current system are made, Medicare will eventually go bankrupt as health care costs escalate and aging baby boomers seek coverage.
Medical Savings Accounts (MSA) were created by Congress in 1996 as way to aid small businesses in providing health care to their employees in the face of spiraling health care costs. These health plans encourage individuals and small businesses to replace high premium, low-deductible policies with high-deductible catastrophic plans that offer much more affordable premiums.
Today, Medicaid is a major social welfare program that provides insurance benefits to some low income individuals, especially pregnant women and children, as well as disabled people. Medicaid is jointly funded on the state and federal level, but is independently administered by each state. Medicaid policies for establishing eligibility are different for every state, as are the services provided and payment arrangements.
There are two main types of insurance plans on the market, indemnity insurance and managed care. Indemnity, or fee-for-service, insurance was popular until the 80s. At that time, health care costs forced insurers to raise their premiums and deductibles. In many cases, these products became too expensive for much of the general public. In order to contain health care costs, managed care emerged as a solution. Today, more than half of insured Americans are covered by some variation of managed care insurance.
Long term health insurance, also referred to as long term care insurance, is a relatively new type of health insurance. Its purpose is to cover the costs of long term care that is provided in places such as nursing homes or assisted living residencies. This insurance is typically purchased by those approaching senior citizenship, and who are looking ahead to possible future medical needs.
"Long Term Care (LTC)" is the general term for ongoing care for a chronic illness or disability. Long term care can be provided in a variety of settings ranging from a person's own home, to an assisted living facility, to a skilled nursing facility. A "Skilled Nursing Facility (SNF)" is a licensed institution that provides regular medical care and treatment to sick and injured persons under the care of a licensed physician. Many nursing homes are designated as SNFs.
One of the drawbacks of managed care health insurance plans like HMOs and PPOs are the restrictions placed on treatment coverages that can limit your healthcare options. Utilizing a Health Savings Account (HSA) is one way to put more flexibility into your health insurance plan. Contributions you make to an HSA are yours to spend on current and future medical needs, giving you the opportunity to research your health options, consult your physician, and make medically appropriate treatment choices without consulting your insurance gatekeeper or case manager.
