Showing posts with label health insurance. Show all posts
Showing posts with label health insurance. Show all posts

Wednesday, November 22, 2017

5 Common Health Insurance Woes faced by Insurer



With the cost of medical treatments rising year-by-year, you need an affordable health insurance policy to cover health expenses and keep your related concerns at bay. Health insurance is certainly not an alien concept to most people, and people are quite aware of the different benefits and covers offered by various insurance companies to their customers.

Most of the articles online, focus on the strengths of an insurance policy, but a well-informed individual will also be aware of the setbacks or pains they are likely to face at the time of purchasing or renewing their health insurance. Here are a few of the most common pain areas:


1. Reminders for policy renewal


One common pain shared by modern individuals across societies is the consistent reminders to renew a policy. These reminders upset the organized, but people who are not as fastidious with their updates are happy to receive these reminders. 


But, even for them the incessant mails, SMS, and even phone calls, can become a pain point. In India, a person can opt to be put on the Do-Not-Disturb list, but, a reminder is better than missing a premium.


2. Hike in renewal premium


Inflation can result from many factors, but a general rise in inflation of a country, along with advancement in the field of medicine can directly impact your premium at the time of a policy renewal. 





A first-time buyer will also be affected by the increased rates, but since a health insurance is a must, there is no avoiding this increase.

3. Better terms for new buyers


Though most insurance companies will go out of their way to keep old and new customers at par, sometimes they may not be able to do so. 

In such a case, a policyholder seeing a new policy with better coverage or a lower premium or the option of getting a health insurance for parents without a medical test may not be too happy.


4. Shell money from pockets


According to the CEO of HealthAssure, “improper maintenance of customer's’ database by insurance companies is one of the major causes of increased cash deposits.” Well, this brings no solace to customers expecting a cashless hospital stay, who end up paying a hefty amount from their pockets. 

Though companies reimburse payments as per the affordable health insurance policy, yet the pain of arranging money cannot be denied.


5. Inability to meet representatives at hospitals and nursing homes


This is especially true at nighttime, when an insurance representative handling the policy may not be present in the hospital. A patient is then bound to take a decision based on equity available in hand. 

Though the medical personnel have a fair idea of what can or cannot be covered, it is not a confirmed option. As an informed person, all a customer can do is check on the availability of an insurance representative at night in a healthcare center, and if possible, go there for treatment when the need arises.

To sum up


Even an affordable health insurance policy is accompanied with deductible expenses, implying that almost 90% medical expenses of the insured are covered, and the remaining expenses are to be paid for by the customers. 

However, despite these pain points, there is one thing to be said, compare, compare, compare, the different policies on offer, before you invest in a health insurance policy.


Saturday, July 22, 2017

Broken Wallets: How to Manage Your Personal Finances after a Personal Injury



Personal injuries can happen to anyone and at any time. Usually, they lead to great financial distress as you have to pay for medical care and the fact that you will be out of work for some time. 

Even people who are covered by health insurance will have to pay a portion of the medical costs. Depending on the severity of the injury, you may have to spend a lot of time from work, and the opportunity cost will mount over months.

It is important to learn how to manage your finances after a personal injury accident as this will help to ease the stress experienced through the period. Here are some helpful tips to help you manage your finances in case of such events:


Find out how Much Money you have


It is not possible to plan your finances if you don't have a specific figure to work with. When calculating your money, be sure to include all assets that can easily be liquidated. Other assets can be used to calculate your net worth, although this figure will only be relevant if you are going to be out of work for a very long time. 





You should include the last paycheck that you got or are about to get. Any other money that will be coming in during the period should be taken into account.


Review your Budget


Without a paycheck, you will have to edit out some purchases. In your budget, you can eliminate or reduce the expenditure on non-essential products and services. If your finances are still overstretched, you can reduce the expenditure on essentials. 


For example, you can choose to buy foods with generic branding. Cable TV can be cut or reduced for some time to lower your costs. Electricity bills can also be adjusted to suit the prevailing financial situation.

Entertainment costs don't have to be cut off completely unless you are in a particularly tight situation. A little entertainment can keep you occupied and relaxed when you aren't reporting to work for several months. 


You can simply reduce your expenditure by opting for more affordable entertainment. For example, you can find a cheaper theatre or restaurant to go to on weekends.


Negotiate with Creditors


Instead of hiding from creditors, you can renegotiate the payment plans in light of the situation. Some are even likely to extend financial help through the stressful period. You can suggest a reduction in the monthly payments or such arrangements. 
Here are some further tips on how you can negotiate with creditors.

Find a Part-Time Job


Even with an injury, you can get work. For example, many online jobs can be done by people who are physically challenged. 


Also, short-term disability programs can employ you for the period that you will be out of work. Whatever income you get from these temporary jobs can be used to expand your budget and allow you to live more comfortably.

Legal Expenses


The biggest expenditure in cases of personal injury is legal fees. Good personal injury lawyers don't come cheap. 


It is not advisable to choose lawyers based on their cost, especially in cases that relate to personal injury. Instead, pay the best lawyers and increase your chances of getting a settlement for the inconvenience you have undergone.

Normally, the settlement should cover your costs and inconveniences that result from the injury. If you win the case, you will be able to sustain your normal lifestyle even without a paycheck. 


Attorneys like those at Ahlander Injury Law, a group of personal injury lawyers in Las Vegas can help you get the amount of money you deserve after the accident. Depending on your financial plans, you can choose to get the settlement money in installments, or as a lump sum. 

Generally, the latter option is preferred if you intend to make investments with the money.

Personal injuries can lead to difficult financial situations. You have to adjust your lifestyle and expenditure because of the shrinking budget. 


If you are a victim of personal injury, take the step of making a claim for settlement. This can potentially save you from financial turmoil, especially if you go for the best personal injury lawyers.



Thursday, December 15, 2016

Is Your Company Health Insurance Enough for You?



Does your employer provide health insurance? If the answer is yes - that’s great, but there are a few things you may want to consider in order to determine if your corporate health insurance plan is adequate enough to cover most or all of your healthcare related expenses. 

Health insurance is often offered by companies as an additional perk, and as such, rarely do we really look into what’s actually covered by our plan, or compare it with other plans.

While company-sponsored health insurance does provide us with access to superior care offered in private facilities (e.g. shorter waiting times and additional privacy), some group policies may offer only basic benefits with low limits or coverage elements, meaning that you may end up having to pay a large and completely unexpected out-of-pocket medical bill! 




This article by global insurance advisor Pacific Prime Singapore highlights the things you may want to consider in order to find out if your company health insurance is enough for you.

How protected are you?


Let’s face it, most people don’t apply the same degree of due diligence on health plans provided by their employers as they would on other plans. It’s a good idea to firstly find out what coverage levels are provided, these include:

Inpatient only: This is the most basic (and usually the cheapest) form of health insurance, and will cover hospitalization costs only. Any other expenses (e.g. visiting the GP) are not covered.

Inpatient and outpatient: With this type of plan, you’ll enjoy coverage for both inpatient and outpatient expenses.

Full coverage plans: If you’re lucky enough to be given a full coverage company health insurance plan, additional benefits such as coverage for dental care or mental health will also be included, on top of your inpatient and outpatient coverage benefits.


Coverage limits


To save on costs, companies will typically purchase group plans with low coverage maximums, meaning that once this limit has been reached, the patient could end up spending hundreds and thousands on treatment. 

For further peace of mind and to reduce financial risk, a top-up insurance plan is recommended for taking away that financial liability and adding additional coverage elements that your company health insurance may not have provided.


What about copayments and deductibles?


Employers may shift some of the company health insurance costs onto their employees by providing plans with high copayments and deductibles. This is because premiums on plans will tend to be lower when copayments and deductibles are higher.

Copayments are a fixed amount you agree to pay for every claim, and a deductible is an amount you will need to pay each year or for each claim. 

If your company health insurance copayment or deductible is too high, you may want to offset these risks with a top-up plan.

Pre-existing conditions


Another thing to be aware of is whether your company’s health insurance plan covers pre-existing conditions. Common pre-existing conditions include chronic diseases such as diabetes, asthma, and high blood pressure. 




Receiving treatment for these conditions can be expensive, which is why some plans don’t cover this or have limits that are too low to cover the bulk of the costs related to treating chronic conditions, meaning that employees may need to purchase top-up insurance.


Portability: does it cover you abroad?


How portable is your health insurance plan? Unforeseen accidents can happen anywhere, no matter how safe a country is, so it’s essential to be covered wherever you go. 

It is therefore essential to double check the regions covered by your company health insurance policy. Most plans will cover you in one region only, as they tend to be cheaper. 

People with local company health insurance policies will usually purchase top-up plans that provide international coverage, or purchase travel insurance every time they go abroad for additional peace of mind.

It can be confusing going through all the fine print of your corporate health insurance plan all on your own, which is why it often pays to talk to a trusted broker like Pacific Prime Singapore for additional advice.

About the author

If you are looking for the best value health insurance plans on the market, why not visit Pacific Prime Singapore’s Company Health Insurance Page to purchase your plan today? Their team of experienced insurance advisors offer a wealth of experience that you can rely on.

Saturday, February 21, 2015

Five Tips for Fighting an Unfair Hospital Bill

If you are faced with an overwhelming hospital bill, it can feel like the world is crashing down upon you. It is not uncommon for people without (and sometimes even with) health insurance to be beset by hospital bills in the tens and hundreds of thousands of dollars. Fortunately, there are steps you can take to get out from under this mountain of hospital debt. Here is a look at five tips for fighting an unfair hospital bill.

Negotiate


Hospitals do not all charge the same rates, and the ones that overcharge have a lot of room to lower your unfair hospital bill and still make a profit. If you feel like your bill is too high, talk with the hospital’s accounting department to get it lowered.

Review the Bill Thoroughly


Unfortunately, it is not uncommon for hospitals to make mistakes on the bills they send customers. The sad thing is that most of these mistakes tend to be in benefit of the hospital rather than the patient. To prevent yourself from falling victim to these mistakes, you need to go over every bill you receive from the hospital with a fine tooth comb. Double and triple check the bills to make sure you are not being overcharged, or charged for services you did not receive.

Appeal the Insurer’s Decision



You may sometimes come across a portion of your bill that you are being charged for that you feel should be covered by your health insurance. If this is the case, do not hesitate to contact your insurer to appeal the decision. This will not always work, but it can be a way to remove some of the charges from your bill if there happens to be a mistake or miscalculation.

Get Help from Professionals


If you are feeling overwhelmed by your large hospital bill, you can seek professional help to get it lowered. Professional patient advocates can help people who are facing unfair hospital bills to get them lowered to a more reasonable amount. This kind of help often comes in handy when you are still dealing with an illness or recovering from a surgery. If you don’t have the strength or ability to fight the unfair bill on your own, an advocate can step in and do a lot of the leg work for you. 

Ask for Financial Assistance from the Hospital


Many hospitals are willing to provide patients who are struggling financially with help. However, you may have to apply for Medicare first and get denied before the hospital will give it to you. It is well worth this to get financial help from the hospital to lower your bill—especially if the amount is overwhelmingly high.

An unfair hospital bill may feel insurmountable, but there is always a way to handle it. According to the personal injury lawyers in Halifax at the Cantini Law Group, you won’t always win the battle when fighting an unfair hospital bill, but it is always worth it to ask. Try a few tactics to see if the hospital is willing to work with you, and then seek professional help. If these methods don’t work, you might need to reach out to another financial institution to get the bill paid in a timely and manageable manner.

Wednesday, September 24, 2014

If I Fall Behind on my Health Insurance Premiums What Happens?

If you’re having financial difficulties it may be that you’re in danger of falling behind on your health insurance premiums. This can obviously be a worrying time for you but it needn't be major problem unless you let it.

The most important thing to note is that you should always take out a plan that you feel as though you can keep up with. That way you can avoid many problems. But many of us have unexpected changes in our lives that mean are financial circumstances are different. There is always a chance you will experience difficulties in paying your premiums, but finding an affordable plan at the outset is still the best option. Keep reading at the HBF health insurance site, where you can learn more about the coverage available & ask questions relevant to your situation.


Can I get help with health insurance from the outset?


If you’re looking at the health insurance marketplace you’ll be able to view a lot of different plans with different provisions and costs. You will probably be able to find a plan that is suitable for your budget. However, there are tax credits available if you are really struggling to afford your health insurance.

You have access to these tax credits straight away and they are intended to take some of the pressure off you financially by enabling you to afford a health insurance plan. You don’t have to buy a plan through the marketplace but it does give you a wide range of choice and it does give you the option of applying for tax credit help. 

If I experience problems after purchase what happens if I miss payments?


If you get a plan that you can afford then hopefully you won’t have any difficulties but life doesn’t always work that way. We have all experienced unexpected events in our life and one of these may lead to you having problems with continuing to pay your premiums.

There are rules that apply under the Affordable Care Act to allow for issues that people may have meeting payment requirements. The one thing you should always remember is to let your insurer know as soon as you are aware that you will be having difficulties; there is no point trying to hide the issue as this will not help. The rules of the Affordable Care Act mean that you have three months within which to catch up with payments you have missed.

Of course this doesn’t mean you should take the whole three months, the sooner you can get back on track with your payments the better. There‘s a very good reason for this as your insurer will only accept claims from you for thirty days after you miss a payment. If you don’t catch up by this time you stand the chance of being faced with a large bill if you have the misfortune of falling ill.

This isn’t going to help you financially and may lead to you missing further premium payments. This is a potentially serious situation as if you don’t pay all of the premiums due by the end of the three months your insurance will be cancelled.


Friday, May 30, 2014

How to Save Money on Your Parent's Senior Living

Nursing Home
Nursing Home (Photo credit: LOLren)
When you are thinking of moving your parent into a senior living home or you are considering assisted living, knowing how to go about saving money on costs altogether can help to alleviate stress on you and your family throughout the actual transition of moving itself. Saving money on your parent's senior living can be done with a bit of research and an understanding of your parent's needs and wants in a senior living care facility or home.


Determine Needs


Before selecting a senior living solution for your parent, it is important to consider their needs as well as the space they require before comparing your options. If your parent requires daily care and medical aid, keep this in mind before shopping around for the right senior living facility or home care solution.



Consider Your Budget


Consider the budget you have available to pay for the costs of a senior living facility monthly, annually or even if you choose to opt for home care. It is also important to consider whether your parent is eligible for medical aid from the state or government based on their age and current state of health.
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I remember looking for a place for my dad to stay and budget was huge for my family. Sunshine Retirement Communities was a place we found that happened to have a cost of living calculator on their site. This was very helpful in projecting the costs our family would need to take into consideration when planning to finance his retirement. More info about that calculator here.



Sharing Space


According to Paying for Senior Care, sharing an apartment space or senior assisted living home is also another way to reduce costs, which is ideal if you are on a budget but still seeking additional amenities for your parent.


Compare Out-Of-State Assisted Living Homes


It is also highly advisable to review and compare out-of-state assisted living homes and senior care options. Some states throughout the US have a drastically lower cost altogether for healthcare, including healthcare for seniors.


Amenities and Features


Consider the types of amenities and features your parent is looking for with a senior living care facility or program. The types of amenities and features that are often available within senior living homes and facilities range from medical doctors and nurses to professionals to assist with bathing, cooking, cleaning and other daily activities. Consider the type of activities your parent enjoys as well as outdoor options that may be available before selecting senior living care for your loved one.

The more time you take to research various senior living homes and services, the easier it is to find a suitable location for your own parent. Taking the time to research occupancy, space available as well as amenities featured at various senior living homes can also give you and your parent more insight into determining the right placement at any age.

Wednesday, January 22, 2014

Preparing for High Health Care Costs After Retirement

Preparing for retirement can be difficult. Rising healthcare costs don’t make it any easier. This is especially true for older people who need to see a doctor, dentist or ophthalmologist more often than other younger people. Anyone who wants to retire will need to prepare for them.

What Changes Are Retirees Facing?


The landscape of the healthcare industry has changed significantly over the last decade. Here are some reasons healthcare costs are becoming more burdensome to people after retirement:

· Fewer employers are offering healthcare plans to retirees. The percentage has shrunk from 66% to 33% since the early 90s.

· Average healthcare costs have increased significantly in recent years. In 2013 a retiree would need to have saved between $220,000 and $360,000 to cover their healthcare expenses.

· Medicare cuts have made it more difficult for some seniors to find providers that offer healthcare, which means they often have to pay out of pocket.

There are also other changes that help some retirees while hurting others. The new Affordable Care Act is one of them. Many people with preexisting healthcare problems will be able to save money on their healthcare costs when the ACA goes into effect, but others are going to have to pay more.

Healthcare costs will continue to be a problem for many retirees in the near future. You will need to make sure that you prepare for them.

Preparing for Healthcare Costs Before You Retire


Anyone that plans on retiring before they are eligible for Medicare will need to be prepared to pay for expensive healthcare costs. Even if you have Medicare you will still need to pay a lot of money for your care. Here are some ways that you can prepare for these costs.

Start Saving Before Retirement


You will need to start saving money long before you retire. Try putting as much money as possible into your IRA, 401K and other tax sheltered savings accounts. One expert advises that you will have a 90% chance of being able to cover your healthcare costs if you save $360,000 before retirement. You will want to save even more if you have existing medical problems such as diabetes or eye problems. Seeing an endocrinologist or ophthalmologist will be easier if you have prepared for it ahead of time.

Plan for Higher Costs if You Are High Income


Medicare Part D beneficiaries making over $170,000 a year will need to pay more for their benefits. People making between $170,001 and $214,000 will pay 40% more plus $11.60 more for coverage. Those making over $428,000 will be paying 200% more plus an extra $66.60 every month. Anyone that exceeds these incomes will need to plan for these costs.

Choose the Right Plans Before and After Retirement


Both patients receiving Medicare and those seeking private insurance on the exchange will have a number of options. You will need to find a plan that offers the coverage that you need. If you have serious medical conditions then you may need to choose a plan with higher premiums and lower out of pocket expenses. It may be a good idea to purchase a silver or platinum plan on the health exchange if you don’t qualify for Medicare, because these plans are cheaper for people who have many healthcare costs.

If you are making less than 250% of the federal poverty line then you may qualify for an enhanced silver plan. You may be able to deduct a lot of your income after retirement so you should speak with your insurance agent or an ACA Navigator to see if you can qualify.

About the author: Kalen is finance and consumer writer. He shares tips on preparing for new changes in a changing world.


Thursday, January 16, 2014

Why Accident Insurance Is Necesary To Car Drivers?

A car accident in Tokyo, Japan. Español: Un ac...

• Almost all countries across the globe consider car insurance as a mandatory requirement. This means that a car must have a valid insurance cover for it to operate on public roads.

• However, people tend not to know the importance of having a personal accident insurance cover. In fact, some only buy insurance for the sake of abiding to the laid traffic and insurance laws.

• Accident insurance is of great importance more than people take it. A great number of people who have been involved in a road accident before can attest to the fact that the accident insurance cover was of great importance.

• You must therefore ensure you have a personal accident insurance to avoid any inconveniences should an accident occur

• Note that a car accident comes forth with a lot of complicated issues. Once a driver is involved in a car accident, a lot of troubles are bound to follow. In this regard, accident insurance is important to help victims go through such troubles.

• Once involved in a car accident, you insurer will require your car registration details. This will help them ascertain that indeed your car was involved in an accident.

• The insurance is then processed and compensation granted to the victim once confirmed. The following are benefits of having an accident insurance:

FINANCIAL SUPPORT


• Sometimes the accident might be intense to the extent of confining victims into disability.

• Also, an accident can be serious to an extent of making you not to work for a long time. In such cases, it might prove daunting to cater for your personal and family matters.

• However, if you are covered for motor accidents, your insurer will be there to provide you with financial support especially in times when catering for your living proves hard.

• In the same vein, death can result from an accident. In such cases, accident insurance will be important since it will help in catering for the family of the deceased.


MEDICAL CARE


• Injuries that occur as a result of accidents can be serious. In such cases, you will require medical attention which again might be expensive to pay for.

• In relation to this, the injured party will have no worries of settling medical bills. This means that you will undergo the recommended treatment without any kind of financial strains.

OTHER EXPENSES


• The good thing about accident insurance is that the victim will have any other expense resulting from the accident catered for.

• You will only require proving that the expense came as a result of the accident. Once confirmed, the insurer will step in to pay for such expenses.

• To pay for different expenses that occur during the accident can be super costly especially if left for the driver to settle personally.

• However, it is important to note that not all insurance companies offer such benefits to their clients. You must therefore take enough time to come up with an insurer with best deals and benefits.

Author Bio: Amy Lawson is a content writer. She is a professional blogger from London and have written many articles on Entertainment, Finance and Health categories. Now she is doing research on british driving licence etc.

Saturday, January 11, 2014

Six Ways to Prepare your Family Financially for Retirement

Every family does what it can to financially prepare for retirement. As you prepare to enjoy your golden years, there are things you and your family can do to make sure that the necessary financial resources are available. 

Move Your Retirement Account To Something More Stable


For years, you have allowed your retirement account at work to remain aggressive and build as much value as possible. As you hit the home stretch and are preparing to use that retirement account, you will want to move your investment options to more conservative choices to make sure that you do not lose value in your account. Now is not the time to make risky high return investments. Stick with safer more stable accounts.

Pay Off Your Home


By paying off your mortgage before you retire, you will eliminate that expensive monthly payment and you will open up the equity in your home. If you ever need to borrow money for any reason during your retirement, your home's equity makes an excellent borrowing option.

Buy Long Term Care Insurance


The long term care insurance Spokane residents use helps to supplement any other kind of health insurance that your family may have. It is difficult to predict what kinds of health insurance resources you will have when you retire, and you also never know what kinds of health care costs you will incur. Long term care insurance helps to preserve your retirement savings by providing the care you need later in life.

Look Into Health Care Options


Along with long term care insurance, you will also need a general health insurance policy to cover your healthcare costs after retirement. Always purchase the most complete health insurance coverage you can to help save money as your care needs get more expensive. For example, Medicare offers several supplement options that will help pay for the costs that basic Medicare insurance does not cover. Without these supplements, your out of pocket costs could have a significant negative effect on your finances especially if you require complex prescriptions or anything else not covered in the standard plan.

Pay Off Your Credit Cards


Most retirees live on a fixed incomes that can make it difficult to live if they rack up credit card bills. Pay off your credit cards before retirement and get rid of all of your cards but one. If you can't pay for it in cash when you retire, then you shouldn't have it. Living on a fixed income requires a well planned budget and you won't have room for extra credit card bills in that budget. 

Get Life Insurance


If you do not have life insurance, then get some before you retire. The last thing you want to do is saddle your family with a tremendous financial burden when you pass away. If you have a mortgage or children in college, this is a must.

Planning for retirement is exciting, but it is also a tremendous responsibility. Make sure that your accounts are in order before you retire so that you and your family can enjoy the plans you have made. The sooner you start saving and planning, the easier it will be once you actually retire.



Saturday, December 21, 2013

7 Surprising Ways to Save Money on Medical Bills

There are many unexpected expenses that that can wreak havoc on your budget. Medical bills are certainly at the top of that list. And they always seem to appear when you least likely expect them, or want them for that matter. Fortunately, not all hope is loss. There is light at the end of the financial tunnel. Here are seven ways to save money on medical bills and begin reclaiming your financial freedom!

Call The Medical Billing Company


Before you pay your bill, you should call the medical billing company listed on the bill for information. The company should be able to give you information on your bill and ways to save money on your medical bills.


Check for Errors On The Bill


A surprising amount of medical bills contain errors. In some cases, patients are billed for items that they did not use, or they are billed twice for the same item. Although it may take some time, it is wise to go over each and every bill to check for errors before paying your bill.

Make Sure That Your Insurance Was Billed


Medical billing companies send out bills around the start of each month. However, your insurance check may not have cleared before the bill was sent out. This means that the amount that you owe on the bill is inaccurate. 

Pay The Insurance Rate


One of the leading medical billing companies in Utah advises that If you don't have insurance, ask if you can pay the same amount that the medical insurance companies pay. Hospitals and other medical providers bill self-paying patients differently than they do patients with health insurance. Because of this, it is wise to ask if you might be able to pay this amount instead of the amount that you owe.

Set Up a Payment Plan With Automatic Deductions


If you owe a bit on your medical bill and cannot pay the amount, you should ask to set up a payment arrangement. In some cases, you can save money if you agree to have the fee deducted automatically from your checking account.


Ask About Any Charity Funds That Might Be Available


If you have a modest income, you may qualify for a charity fund that some medical organizations have created. If you do qualify, a portion or your entire bill may be forgiven if you do qualify. It is definitely worth checking into!

Make Sure That The Doctor or Other Health Provider Accepts Your Insurance!


Before making an appointment, make sure to double check. If you go to a doctor outside of you network, your fees may be higher or you may have to pay the entire bill out of pocket.

There is no way to avoid the inevitability of medical bills. We all have to face them at one point or another. While no one is immune to medical bills, following the advice listed above will go a long ways to minimizing medical bill expenses and putting money back in your wallet.


Thursday, December 19, 2013

Servicing Patient Accounts is NOT the Same as Bill Collecting

Today, more than ever, health insurance is both a necessity and a hot button issue. Even families with adequate and above adequate incomes struggle to find decent health insurance plans and be able to afford them. In some families only the children are insured, and the parents take their chances while trying to save up some funds for that proverbial rainy day. In other families, even when both of the parents are working, it is not possible to purchase much health insurance, and so when a major medical crisis occurs, there is a substantial bill that needs to be paid after the emergency is over and all available insurance has been utilized.

It seems to be part of human nature to put our heads in the sand when bad news arrives; this is especially true of past due notices. These ominous-looking missives tend to be put in some kind of “I’ll look at it later” pile and then ignored until forgotten. But in the famous words of J. Reuben Clark, “Debt never sleeps, never tires, is never laid off or sick, and works every day of the week with no holidays or break.” Those who have received services from the hospital that have not yet been paid for don’t seem to realize that it’s always in their best interest to work with the hospital immediately after the bill arrives in order to make arrangements. The longer a former patient ignores his or her account, the harder it becomes to rectify it easily, without hard feelings on both sides.

That is why a patient accounts servicing company, such as Financial Health, can be such a valuable asset in the management of patient receivables. Such a service works with BOTH the hospital and the patient to ensure that the patient continues to receive the same kind of respect and empathy after they are discharged as they experienced while they were in the hospital. This is a basic tenet of all good account management services. The cliched bill collector, heaping abuse and threats on the debtor over the phone, has no place in modern account management practice.

This is something that lawyers have learned as well -- the adversarial mindset is less profitable in the long run than working as a mediator. In dealing with patient accounts, the accounts receivable professional is not only working for and on behalf of the hospital but also working for and on behalf of the patient. It’s not a question of guilt, shame, or threats. The professional account manager is a knowledgeable and dispassionate third party who is there to help both sides negotiate a mutually agreeable payment schedule.

Healthcare receivable management is not a profession for amateurs. There are state and federal laws specifically governing the treatment of past due accounts, as well as innumerable rules and regulations set by the insurance companies. A professional accounts manager must be familiar with all of this, becoming, in the process, part accountant, part lawyer, part negotiator, and part financial advisor.

A professional servicing company like Financial Health will begin interacting with patients who have account issues very early on in the process; this is a proven way to increase receivables and to lessen tension. So if you are a hospital or clinic looking to increase your bottom line, you should look into an account servicing agency soon -- and if you are a patient who is worrying about your bill, you should know that most hospitals today enlist the aid of a professional account servicing company that will treat you with respect and courtesy and have at its fingertips many resources to help you settle your debt in a fair and comfortable manner.



Friday, December 13, 2013

The Benefits of Expat Health Insurance: Why not Having a Policy in Place Could Spell Disaster for you and your Family

Expatriate medical insurance is a must for people that live or work abroad. It ensures that no matter how basic or expensive your local medical facilities are, you can still expect to receive world-class treatment regardless of your location.

When you move abroad, you are rarely given access to free medical treatment from the relevant government and healthcare system, which means that you need to fund your own. The standard of healthcare may be poorer than what you have come to expect from your own country, even if you are given full or partial access to it.

Potential problems upon returning


Expat health insurance is designed to address all these concerns. Recently, more and more people have chosen to invest in expat insurance to cover them for their return to the UK too. This is because you’re likely to be classed as a non-resident by the NHS once you have been away for a certain period of time. If you have a medical problem once you return to the UK, you may be handed a bill for any treatment.

The government has recently brought in a series of strict guidelines around free NHS treatment in a bid to eradicate the problem of ‘health tourism’ – a trend involving non-residents heading to the UK for free medical care. This means that those regarded as former or non-residents may now find it harder than ever to secure free healthcare after a spell away – especially if they are not declaring the UK to be their permanent home.

International cover


However, some expatriate health insurance ceases to apply when a person re-enters the country, essentially placing them in no-man’s land. For this reason it’s advisable to invest in an international healthcare plan which remains in place no matter where you are in the world – including the UK.

Some countries don’t offer a public medical service or an equivalent to the NHS at all. More and more people worldwide are therefore investing in health insurance policies to cover them. Many countries that do have a free or subsidised medical service in place are finding it harder and harder to deliver the service that is needed.

Access to world-class hospitals


Some countries have various health risks attached to them and can be so dangerous to visit that not investing in the relevant insurance is virtually unthinkable. An international private medical insurance can grant you access to a well-facilitated hospital with the standard of care that you will have become accustomed to.

Some people take risks by not signing up for international health insurance only to find themselves faced with a costly medical emergency whilst they are away – that they may simply not be able to pay for. This explains why the insurance is so valuable even if the chances of you needing treatment are low.

The old adage that ‘it’s better to be safe than sorry’ is particularly true when it comes to international medical insurance, so make sure you talk to a dedicated broker such as expatriatehealthcare.com first before making the move abroad. If you aren’t covered by expat medical insurance but find that you need it, the results could be catastrophic or even fatal.

AUTHOR BIO: Nick Manfield is a freelance writer specialising in insurance. He’s lived abroad for several years and blogs frequently on the expat experience. In his research for this piece, he visited several websites, including http://www.expatriatehealthcare.com/


Thursday, December 12, 2013

5 Insurance Tips for People Over the Age of 50

If you've ever been in a hospital you’ll know how expensive healthcare is. Insurance is the only way the common man can afford healthcare. However in many cases insurance premiums can also be quite expensive, especially for senior citizens. It’s like being between a rock and a hard place. For a senior citizen being eligible for health insurance is a task in itself. On top of that the exorbitant premiums pretty much annihilate their chances of getting insurance. Here are a few insurance tips for senior citizens. 

Lead a Healthy Life


It’s bad enough being plagued by diseases in your twilight years, but to add to it yourself is madness. Senior citizens have to be in tip top shape to be eligible for healthcare. Insurance is a bit like loans. You can only get it if you can prove that you don’t need it. If you’re in peak physical condition the insurance company may be inclined to reduce your premiums. However, that’s not a certainty, but it is a possibility. And that’s pretty much all you get these days, so make use of it. 

Prepare For Your Retirement


It doesn’t hurt to plan ahead. In fact, it’s imperative to plan ahead. As you start approaching the age of retirement you should already have a plan in place. This plan will see you through the rest of your years. Making provisions for health insurance in this plan is very important. Once the money stops coming in you’ll be struggling to make insurance payments, which is why you should set some money aside just for that. Calculate how much your insurance will cost you after your retirement and set that money aside. In some cases health insurance can be more helpful than your kids, I’m just saying.

Streamline Your Policy


As you grow older your insurance premium becomes more expensive. Soon there’ll come a point where you won’t be able to afford it. That’s when you’ll have to start making some tough decisions. You’ll have to streamline your insurance policy to meet your financial status. That means losing some aspects of your coverage, such as disability and long-term care. It’s a sacrifice you’ll have to make eventually. You know your health and you know what you’re prone to, so make specific provisions accordingly. Your health insurance plan should be suited to your needs. At the same time it shouldn’t cripple you financially. 

Beware of Conmen


When you’re at the end of the road people will try to take advantage of you. Senior citizens suffering from life threatening diseases and who can’t afford treatment are susceptible to anything. Conmen are pretty aware of this situation. They roam hospital corridors looking for such individuals and promise them an insurance plan or health discount card that can potentially save their life. To add insult to injury these people wear breast cancer ribbons to seem more caring and friendly. Before you deal with such people always do a background check on the internet about their product and their company. 

Rely On the Government


When all else fails it’s time to rely on the government. Sometime they actually come through for you. Take COBRA for example. It’s a law that keeps you protected under your former employer’s insurance coverage for about 18 months, as long as you continue to make payments. There are other state aids available that can help you through unemployment. Research them to see if you’re eligible. However, keep looking for a way to get back up on your feet, because government help is not eternal. You can only take advantage of them for so long before they decide to let you go.

Just because you’re over a certain age doesn’t mean you can’t enjoy the benefits of health insurance. If you play it smart you can remain protected under a decent coverage for the rest of your days. Keep these tips in mind and you won’t have to rely on your kids for help. You’ve taken care of yourself for this long, why shouldn’t you be able to continue to do it? The one thing I know about senior citizens is, that they’re proud. And as they say pride can only be surrendered, it can’t be taken away from you.

Author Bio:
This article is authored by Jenny Wadlow, a professional freelance blogger. She writes articles for Fundraising for a Cause, a website selling pink ribbon products. Her hobbies include gardening and home brewing.


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Saturday, November 9, 2013

How The Affordable Care Act May Impact Medical Debt

There are many Americans that are struggling to pay down some of their medical bills. They may be wondering how they can find support to eliminate some of these burdens and get on with their life. The new Affordable Care Act penned in to law by President Obama is slated to go in to effect soon. Some people are wondering whether this will provide help with medical bills, which would be beneficial for many. There are several new changes that will be ushered in by this law, so it may be worthwhile to review some of the pros and cons that it will bring.

First, the new Affordable Care Act will simply make it more accessible for people to get healthcare coverage. While this won't directly affect existing medical bills, it may provide people with much needed support as they move forward. If they are continuing to receive medical treatment for an illness, this provision may just make it more affordable. This can reduce the overall burden that they have to pay out of pocket. If they can't afford to pay for a private health insurance package, some people might qualify for Medicaid. The limit for qualifying for this package has been raised to 133% of the federal poverty level.

The Affordable Care Act will also provide additional support to families that are hovering above this poverty level. If a family of four makes less than $94,000, then they will be able to qualify to receive support. Some people may be able to get tax credits, which can offset much of what they pay for their health insurance package. This could prove to be helpful, since many people currently pay high out of pocket costs. These types of benefits may seem small, but the cumulative effect may allow many people to get out of medical debt.

There are a few other benefits that may be available to different kinds of consumers out there. Some people may work with a large employer that does not currently offer health benefits. With the introduction of the Affordable Care Act, these large businesses will start to receive tax credits for providing health insurance. Additionally, families can claim their kids up to age 26 on their healthcare plans. This will provide them with much more flexibility in the way that they offer coverage. If they are struggling with medical debt, they could expect to get a lot of support going forward.

Some people may want to consider a few of the cons that the program may introduce in the future. There are some sources that are predicting that some insurers will be passing on the costs of the legislation to their customers. This may cause premiums to go up over time, which will be challenging for them. There are also many people who might need to get additional testing to confirm a diagnosis. It can be important for people to consider whether they want to pay for these additional diagnostic tests. They may not be able to afford some of the extra costs that this will bring to them.

In all, a vast majority of consumers can expect to get assistance with the implementation of the Affordable Care Act. They likely won't be able to get direct help with a medical bill that they already have. Some people may need to think about checking out some of the insurance deals available through the exchange system being implemented. This could prove to help people find out whether they can get a little help to get back on track. This may be enough for people to eliminate some of their more extensive medical bills.

Wednesday, October 16, 2013

Understanding The Costs Associated With Heart Disease

Health
Health (Photo credit: Tax Credits)
The costs of leading an unhealthy lifestyle have a substantial effect on your lifestyle costs in the future. Going without exercise and consuming foods that are considered to be traditionally unhealthy puts you at risk of developing heart disease and can leave you with hundreds of thousands of dollars.
Making the choice to leave a healthy lifestyle is often difficult until your eyes have been opened to the possibilities of what being diagnosed with heart disease can potentially cost in the future. 

What are the potential costs of heart disease?

Doctors Visits and Procedures


Visits to the doctor, procedures and admission to hospital and medical facilities have the potential to cost upwards of several thousand dollars, for each trip to the center. Imaging procedures are costly and are often required multiple times through the course of a visit to a cardiac health center -- adding up significantly. 

Nutritionist Costs and Dietary Needs


Once patients have suffered a cardiac event, it's essential to take the right path when it comes to health and nutrition. Unfortunately, this can include added costs of physical training and therapy, healthy food that is suited to specialized diets and fitness club memberships. Taking the health seriously late in life is costly -- and not something that should be taken lightly. 

Health Insurance Premiums 


Health insurance premiums are based on the health and the history of the patient. Patients that have a poor health history will experience higher health insurance premiums than otherwise healthy patients. 
In some cases, patients searching for health insurance are denied because of the increased risk based on their previous history. In the case that there is no health insurance, one visit to a cardiac specialist can cost upwards of seven hundred dollars -- and that's without any imaging or studies being completed during the appointment. 

The Cost of Medication


In the case that you've suffered a cardiac event, it's likely that you're going to be on some sort of medication regimen. This daily regimen can cost several hundred dollars monthly -- as not all of the prescribed medications are covered by supplemental health insurance plans. 
Though there is help available for the costs of medication, it rarely covers the entire monthly amount, leaving patients short on medication or short on money. 
Sure, there are generic options that are available that can help to lower the price but the long term cost of medication to reduce the instance of developing further cardiac issues can be quite high. Many patients that are unable to work, have few other options, and have difficulty affording the required medication. 

Surgery


During the worst case scenario, patients that have experienced a cardiac event are likely going to require some sort of surgical intervention. This type of intervention is going to require consultations with physicians and cardiac specialists, admission into the hospital facility, tests, monitoring and medication in addition to the costs of the surgery. 
The entire cost of a cardiac surgery, depending on the circumstances, can be upwards of forty thousand dollars. For patients that require more than one surgery, the costs can be exponential and leave the patient without the funds in the budget to repay the debts that are owed to the hospital. 
Taking into account the finance related implications of heart disease is something that patients should consider before they reach that point. Making the effort to follow healthy eating guidelines, maintaining an active and healthy lifestyle and avoiding things that can increase the risk factor, like smoking, can help to reduce the chances that you're going to find yourself bankrupt, sick and in need of medical and surgical intervention.

Author Bio

Sarah Daren is a writer who creates informative articles relating to the field of health. In this article, she describes the costs associated with heart disease and aims to encourage further study through clinical laboratory science schools.


Wednesday, September 25, 2013

What Will the Health Exchanges Mean for Seniors?

English: President Barack Obama's signature on...
English: President Barack Obama's signature on the health insurance reform bill at the White House, March 23, 2010. The President signed the bill with 22 different pens. (Photo credit: Wikipedia)
The Affordable Care Act will go into effect on January 1, 2014. Most people are trying to prepare for the new law to go into effect. Unfortunately, there are many misconceptions about the law that may prevent people from making informed decisions. The effect that the health exchanges will have on seniors is especially confusing. You will need to know what the health exchanges are and how they will impact you. Here are some things you should know.

Health Exchanges Won’t Replace Medicare


The federal government recently hired Kelton, an independent consulting firm, to find out what seniors believe about Medicare. Their new survey found that 86% of seniors believe that the new health exchanges will replace Medicare. A number of other seniors believe that the eligibility age for Medicare will increase when the law goes into effect.

Many seniors are foregoing healthcare, choosing not to fill prescriptions or looking for a part-time job because they think that they won’t receive the assistance they need. They may even forego getting assisted living such as by visiting a senior neighborhood living in Reading, PA.

Health officials want to make sure that they understand the new law so that they can make better decisions. Here are some of the misconceptions they want to clarify:

  • Eligible seniors will still receive Medicare after the ACA goes into effect.
  • The ACA will not raise the eligibility age for Medicare.
  • They shouldn’t expect to pay more for prescription drugs.
  • They can begin enrolling in Medicare in October.

Eligible seniors should still apply for Medicare. However, they may find that Medicare won’t cover all the services they need. You will want to know how to buy private insurance on the exchanges as well.

Tips for Buying Insurance on the Exchanges


Many seniors will want to consider buying insurance on the health exchanges. They may not be old enough to qualify for Medicare yet or would rather have a more comprehensive policy. Here are some guidelines to help you choose.

Understanding Your Rights


The Affordable Care Act carries a number of changes for seniors looking to buy health care. Insurers will no longer be allowed to disqualify them from receiving coverage based on their age or preexisting conditions. However, they will be allowed to charge seniors up to three times as much for coverage.

Tips for Reducing Premiums


The health care law prohibits insurers from setting higher premiums based on preexisting conditions. However, it does allow them to charge higher premiums to people who smoke. You may want to consider kicking the habit if you want to reduce your premiums.

You may also be able to receive lower premiums if you participate in an employer sponsored health plan. You should consider doing so if you are still working.

Look Into Subsidies


You will want to see if you are eligible for any of the subsidies. Anyone who is making less than 400% of the poverty line will be eligible for subsidies. You will want to apply for these subsidies if you are below this income threshold.

Understand the Health Plan Classifications


You will need to decide whether you want to pay lower premiums every month or lower deductibles. This will depend on what services you believe you will need in the future.

You can already offset your insurance premiums by paying higher deductibles and copays. The health exchanges will make it easier for you to choose a plan that meets your needs. You can choose between bronze, silver, gold and platinum policies. The bronze policies offer the lowest premiums but the highest deductibles. Premiums will be higher while deductibles will be lower with the other plans.

About the Author: Kalen is a financial advice writer with an MBA. He shares tips to help people of all ages plan for the future.



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