These essential FACTS is very important for you if you have or try to have a health insurance plan..
1. DOES YOUR INSURANCE PROGRAM COVER YOU ON AND OFF YOUR BUSINESS?
Numerous health insurance programs have specific exclusions that decimate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.
COULD HAVE BEEN COVERED!?
That is correct. Most self employed people and even some small business owners do not carry Workers Comp on themselves.
There are designed insurance plans that will cover you on and off the job — 24-hours a day, if you are not required by law to have Workers Compensation coverage.
2. ARE YOU WRITING IT OFF?
Independent contractors (1099's), home based business owners, professionals and other self employed people generally are not taking advantages of the tax laws available to them.
Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.
3. INTERNAL LIMITS
All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic methods.
-Scheduled Benefits
Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount.
-Usual and Customary
"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans.
4.YOU HAVE THE ABILITY TO SHOP!
If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home. During the shopping process, generally, the value, price, personal needs and general marketplace gets evaluated by the buyer. With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. Asking price will help you get the most out of your plan and reduce your out-of-pocket expenses.
5. NETWORKS AND DISCOUNTS
Almost all insurance plans and benefit programs work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.
Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs.
Wednesday, December 31, 2008
Sunday, August 31, 2008
How to recognize the cheater insurance company
Part Two (Life Insurance)
Although it is a good idea to get in contact with a life insurance provider to deal with your dependents in the contingency of your untimely death, there are integrity takes surrounding the insurance agents and providers. Generally there can be three ways your life insurance company is scamming you. We have enlisted them for your benefit.
Selling Insurance Coverage that you don’t require!
The insurance companies thrive on the fact that most people don’t understand their life insurance needs. With standard products, they try to sell you coverage that you might not need, but, which are lucrative for them. The insurance agents expedite the process so that you skip the fine print and sign up for a coverage that is ill-suited to your needs. The trick is to play on your fear factor and sell you heavy insurance, even if you don’t have dependents.
Compelling you to pay ‘Money’
We strongly suggest, do not pay your premium through cash to an agent. Further, do ensure that you get a receipt for the payment. There are numerous fraudulent entities posing as genuine insurance agencies that extract hard cash from you in lieu of insurance premium. They ask you to sign at blank spaces in a form, assuring you that it is just a formality. Once you have fallen for their trick, you are left without an insurance coverage. The worst part is that most victims only come to know of this scam, when they have met with some mishap and there is not insurance to cover them.
Tempting you with benefits!
Insurance agencies and agents have a way of promising you unbelievable benefits out a life insurance policy. Life insurance agents might offer you plans, with a guarantee that the policy would run premium-free for a specific period. Some agents play it smart and offer you great discounts for signing you up for a new policy, while replacing an old policy. The trick is that the old coverage gets terminated and new coverage does not get initiated due to the cumbersome procedural bottlenecks. Thus, exposing you to risk without cover.
Although it is a good idea to get in contact with a life insurance provider to deal with your dependents in the contingency of your untimely death, there are integrity takes surrounding the insurance agents and providers. Generally there can be three ways your life insurance company is scamming you. We have enlisted them for your benefit.
Selling Insurance Coverage that you don’t require!
The insurance companies thrive on the fact that most people don’t understand their life insurance needs. With standard products, they try to sell you coverage that you might not need, but, which are lucrative for them. The insurance agents expedite the process so that you skip the fine print and sign up for a coverage that is ill-suited to your needs. The trick is to play on your fear factor and sell you heavy insurance, even if you don’t have dependents.
Compelling you to pay ‘Money’
We strongly suggest, do not pay your premium through cash to an agent. Further, do ensure that you get a receipt for the payment. There are numerous fraudulent entities posing as genuine insurance agencies that extract hard cash from you in lieu of insurance premium. They ask you to sign at blank spaces in a form, assuring you that it is just a formality. Once you have fallen for their trick, you are left without an insurance coverage. The worst part is that most victims only come to know of this scam, when they have met with some mishap and there is not insurance to cover them.
Tempting you with benefits!
Insurance agencies and agents have a way of promising you unbelievable benefits out a life insurance policy. Life insurance agents might offer you plans, with a guarantee that the policy would run premium-free for a specific period. Some agents play it smart and offer you great discounts for signing you up for a new policy, while replacing an old policy. The trick is that the old coverage gets terminated and new coverage does not get initiated due to the cumbersome procedural bottlenecks. Thus, exposing you to risk without cover.
Saturday, August 30, 2008
How to recognize the cheater insurance company
Part One (Health Insurance)
The developing amount of clients taking up health insurance projects has led to the mushrooming of cheating health insurance companies. These providers of these companies frequently target new retired people and the older individuals and small-business investors, who can't negotiate better rates with legitimate insurers. Be very cautious before you invest in any health policy. Read on to get an idea about 3 ways in which your health insurance company can scam you.
1. Failure to pay requires
Usually fraud health insurance agents sign up a huge number of people quickly by offering them lucrative deals. These insurance providers keep paying small premium amounts and medical claims, but if there is a substantial claim amount or regulators catch them, these illegal companies vanish as if they never existed.
So, just beware if you are getting delayed payments or your service provider is offering fake excuses for the failure to make the payments. If you have signed up for these illegal plans, you may be liable for the medical bills of your employees as well.
2. Non-licensed health projects
If the company from which you have bought your health care policy is not licensed by State Insurance Commissioner, you can be in trouble. If all the protections of insurance regulation do not apply on your service provider, then the company may be phony. In this case your service provider is scamming you by selling non-licensed health plans.
Insurance agents are not allowed to sell any legitimate ERISA or union plan as federal law governs them. So, if your insurance agent tries to dupe you by selling an “ERISA” or “union” plan, report them to your state insurance department.
3. Unusual coverage provided at lower rates
If you are offered an unusual coverage irrespective of your health condition and that too at lower rate and much more benefits in comparison to other insurers, its time for you too hit the panic button. Do not get fooled by the lucrative offer, else you can be taken for a ride. The ‘scamsters’ aim to collect huge amounts as early as possible so, they try to sell maximum number of policies at attractive prices.
The developing amount of clients taking up health insurance projects has led to the mushrooming of cheating health insurance companies. These providers of these companies frequently target new retired people and the older individuals and small-business investors, who can't negotiate better rates with legitimate insurers. Be very cautious before you invest in any health policy. Read on to get an idea about 3 ways in which your health insurance company can scam you.
1. Failure to pay requires
Usually fraud health insurance agents sign up a huge number of people quickly by offering them lucrative deals. These insurance providers keep paying small premium amounts and medical claims, but if there is a substantial claim amount or regulators catch them, these illegal companies vanish as if they never existed.
So, just beware if you are getting delayed payments or your service provider is offering fake excuses for the failure to make the payments. If you have signed up for these illegal plans, you may be liable for the medical bills of your employees as well.
2. Non-licensed health projects
If the company from which you have bought your health care policy is not licensed by State Insurance Commissioner, you can be in trouble. If all the protections of insurance regulation do not apply on your service provider, then the company may be phony. In this case your service provider is scamming you by selling non-licensed health plans.
Insurance agents are not allowed to sell any legitimate ERISA or union plan as federal law governs them. So, if your insurance agent tries to dupe you by selling an “ERISA” or “union” plan, report them to your state insurance department.
3. Unusual coverage provided at lower rates
If you are offered an unusual coverage irrespective of your health condition and that too at lower rate and much more benefits in comparison to other insurers, its time for you too hit the panic button. Do not get fooled by the lucrative offer, else you can be taken for a ride. The ‘scamsters’ aim to collect huge amounts as early as possible so, they try to sell maximum number of policies at attractive prices.
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