Health Insurance: Secrets they don’t want you to know

What You Need To Know About + HEALTH INSURANCE + & What They Don't Want You To Know There are many misconceptions about the health insurance industry. Gray areas result in people being unsure about what type of health insurance they need and to what they are entitled. What do you need to know? BUYING HEALTH INSURANCE Things You Must Know First Your doctor may not be covered on new plan You can't be turned down for health insurance even if you have a pre-existing condition You should not go bankrupt because of medical bills If you want to keep your current doctor, check to see that they're covered by the insurance plan you're considering. This covers asthma, cancer, ADHD, diabetes amongst other conditions. Insurance plans are not allowed to limit how much they pay out to you for medical care during your lifetime. The lowest premium plan may not be the cheapest overall You can't be penalized for being a woman Your employer's plan may not be the best deal Plans with lower monthly costs generally make it up in other ways. Thoroughly examine your plan before committing to it. The practice of gender rating, charging you more because you're a woman is not allowed. Group plans base their premiums on the group's average health so you could find a lower cost plan if your health is above average. SECRETS HEALTH INSURERS Don't Want You To Know Don't blindly trust insurance companies Don't pay if you don't have a say You may be eligible for more coverage Scrutinize every bill you receive to ensure there are no errors. It's only incorrect a small percentage of the time but the size of the error can be huge. When you see an out-of-network doctor, it will cost you. But when you have surgery, and the hospital chooses the anaesthesiologist, then you don't have to pay. Depending on where you live, you could be eligible for more benefits than your plan is telling you about. Do research in your area. A little research can go a long way To get tested, talk up your symptoms There are ways to get drugs cheaper If you want a special scan, your doctor won't authorize it unless it's an absolute must. Arming yourself with information will help the doctor make up his mind. Your insurer doesn't want to pay for a medical test if they can avoid it. Talk to your doctor in detail about your symptoms and why you think you need the test. Doctors are often wowed by the latest drugs, which tend to be the most expensive. Drugs have generic versions that are just as effective but cheaper than the newer ones. Stall first, answer questlons later Letters are your best bet An insurance advocate can help you win Do not provide insurance companies with your medical histories even if requested. The law says they are private. If an omission is found, coverage may be denied. A letter is by far the best way to communicate with your health plan provider. Don't do anything over the phone as it won't be recorded. Patient advocacy is part of a growing industry that makes its money from helping you. Advocates help you interact with your doctor and settle insurance disputes. Keep these in mind. HEALTH INSURANCE TRENDS Why is it such a red-hot issue in 2014? 1 The cost of healthcare is still rising. Annual Health Care Costs Per Employee-National Averages $12,000 $11,176 $10,471 $10,131 $9,662 $8,903 $8,380 $7,963 $7,582 10,333 8,667 7,000 2007 2008 2009 2010 2011 2012 2013 2014 (proj.) Source: Aon Hewitt Out-of-Pocket costs for employees are increasing. Employee Contributions and Out-of-Pocket Costs- National Average 5000 4000 2470 3000 2239 1984 1868 1588 2000 1424 2499 1359 2303 1230 2086 2200 1924 1000 1565 1688 1794 2007 2008 2009 2010 2011 2012 2013 2014 (proj.) Employee Out-of-Pocket Costs is what employees spend on co-payments, deductibles, and coinsurance. Employee Contribution is the average employee contribution to the overall health plan premium. Source: Aon Hewitt There is no conclusive answer on the best health insurance coverage and many are still uninsured. Health Insurance Coverage ................ ...... uninsured 15% Private 5% Employer 48% Medicaid 16% Medicare 14% Military 1% Source: The Henry-Kaiser Family Foundation References www.cnbc.com/id/101121431# www.health.com/health/gallery/0,20740432_2,00.html www.health.com/health/gallery/0,20740432_7,00.html www.freshbenies.com/blog-post/4-secrets-health-insurance-expert www.forbes.com/sites/financialfinesse/2012/08/08/5-things-you-need-to-know-before-buying-health-insurance www.thrivent.com/wallstreettoyourstreet/blog/marketcommentary/2014/0121-The-Affordable-Care-Act-and-the-Economy.html PreTaxHealth PreTaxHealth.com +II| llanlunlunl