Catastrophic Insurance

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Catastrophic Insurance - Trying to find the right health insurance policy for you and your family is tricky business. The whole point of having insurance is to protect yourself in case of an emergency, but when money is tight, you don't want to pay for coverage you don't need. If this situation sounds familiar, a catastrophic insurance policy might be right for you. In this article, we'll examine the pros and cons of catastrophic insurance plans.

Catastrophic insurance is a type of fee-for-service health insurance policy that is designed to give protection against, well, a catastrophe. It is sometimes referred to as a High Deductible Health Plan because low monthly premiums are traded for a significantly higher deductible. This means that with this plan, routine doctor's visits and prescription costs are more expensive, but monthly premiums are lower. So you take on more out-of-pocket expenses in exchange for lower premiums. If you're healthy, you save money. But if something catastrophic happens, you're covered.

Basically, you pay for what you need rather than what you might need. This means that once you meet the deductible, you pay the same percentage of the total visit fee, whether you are seeing a specialist for your diabetes or a general practitioner for a simple physical. Therefore, you are free to follow the best course of action to suit your health care needs.

There are two basic types of catastrophic plan: comprehensive and supplemental. A comprehensive plan offers coverage comparable to more traditional health care plans. There is still a high deductible and monthly fees are still relatively low -- but they're higher than those in supplemental catastrophic plans. The advantage of a comprehensive plan is that you can be covered for emergency services, like a trip to the ER or a ride in an ambulance, but at a lower monthly premium than a traditional plan. A supplemental plan is just that -- it acts as a supplement to other insurance plans you might have. Medical appliances, nursing care and psychiatric care might be included in a supplemental plan.

In both types of catastrophic insurance plans, once your deductible is met the insurance company covers the major medical expenses that it deems necessary, like hospital stays, surgeries, lab tests and intensive care. Like in other insurance plans, elective procedures are not covered.
So, you might have figured out by now that this type of insurance plan isn't for everyone. Let's find out who might benefit from them.

Catastrophic Insurance Candidates
Catastrophic insurance is most popular with the self-employed, those whose jobs do not offer health plans, people with a lower income who are looking for a health care safety net, and healthy adults with low medical needs. The ideal customer for this type of insurance would be a healthy person with few or no monthly prescriptions who doesn't visit a doctor on a regular basis. The older generation that purchases catastrophic insurance does so to limit their financial liability should they have a serious event like a stroke or a heart attack. Also, traditional health insurance is often unaffordable for older people -- if they even qualify for it.

However, trying to minimize health care costs by buying a catastrophic plan could work against you. If you have monthly medical expenses, like prescription drugs or supplies for a chronic condition, this kind of plan won't be of much use to you. There are several conditions that might get you excluded from any health insurance policy, but the list of conditions that would make you ineligible for a catastrophic policy is much longer. In addition, many catastrophic policies contain a clause that suspends coverage for maternity care until after a year of membership.
If you do fit the profile, though, this kind of plan could be perfect for you. That is why it is vitally important to be careful, thoughtful and deliberate when shopping for your health insurance.

Health Savings Accounts and Catastrophic Insurance­
A Health Savings Account, or HSA, is an account into which you can make tax-deferred deposits to be used for qualified medical expenses. To get one of these tax-friendly accounts, you must be enrolled in a catastrophic insurance plan. There are several benefits to having a HSA: The funds stay with you even if you leave your employer or end participation in the catastrophic insurance plan, and you can invest the money accrued in your HSA, with all earnings sheltered from taxation

Dental Insurance

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Dental Insurance - There's no question that dental work is expensive - especially when you need to have major work done. If you're not covered through your job, you may have to purchase it on your own. However, purchased privately, dental insurance can be a huge waste of money if your plan doesn't match your needs. In this article we'll show you how to drill through these plans to find out if dental insurance is right for you.

Overview of the System
First, here's a breakdown of how private dental insurance works. You select a plan based on the providers (dentists) you want to be able to choose from and what you can afford to pay:

If you already have a dentist you like and he or she's in the insurance company's network, you'll be able to opt for one of the less expensive plans.
If you don't have a dentist at all, great! You can choose from any of the dentists who are in-network, and again have the option of a less expensive plan.
If your existing dentist is not in the network, you can still get insurance, but you'll pay significantly more to see an out-of-network provider - so much more that you may not have any chance at coming out ahead by being insured.
The monthly premiums will depend on the insurance company, your location and the plan you choose. For many people, the monthly premium will be around $50 a month. This means that you're spending $600 on dental costs each year even if you don't get any work done.

SEE: How An Insurance Company Determines Your Premiums

Things to Consider
Now, you may be thinking that most people don't come out ahead with most kinds of insurance, and you may be right. After all, if insurance companies didn't make a profit, they would all go out of business. Insurance is designed to protect you in a worst-case scenario. Dental insurance is significantly different from most other kinds of insurance, however. With policies like health insurance or homeowners insurance, the potential downside is so high that almost no one can afford the risk of not being insured. With dental insurance, the potential downside is fairly low - and so is the potential upside.

In a good year when you only need the standard cleanings, exams and x-rays, you are likely to lose about $200 by having dental insurance. While these services will generally be completely covered by your insurance because they are considered preventive care. If you paid out of pocket for them you would probably only spend around $400 for the year instead of the $600 you're spending on insurance premiums.

Will It Be There When You Need It?
What about when you need some work done? In a really bad year, your dentist may inform you that you need a couple of fillings, a root canal and a crown. On top of that, you'll still have to pay for your usual cleanings, exams and x-rays. This is the time to be insured, right? Unfortunately, your insurance may not be as helpful as you'd expect. Many dental insurance plans have very low annual maximums of around $1,000 (this will vary by plan and by provider, of course). This means that once your dental bills exceed $1,000 in any given year, you're stuck paying the rest of the bills in full.

You may still pay a lower negotiated fee for the work you need as a benefit of having insurance, but even the negotiated fees are quite high. For example, if the dentist's regular fee for a filling is $150, the negotiated fee might be $100. In this situation, your regular oral maintenance and fillings will use up most or all of your annual maximum, so only a fraction of your large dental work bill will actually be covered. You're likely to still pay $1,000 to $2,000 out of pocket, plus your annual $600 in premiums. On top of that, while you may pay 0-10% in co-pays on preventive maintenance and 20% in co-pays on fillings, the co-pay on expensive procedures like root canals tends to be a whopping 50%. Even if you haven't used up your annual maximum by the time you need the expensive procedure, you'll still have to pay several hundred dollars for it.

Dental insurance also rarely covers expensive procedures like orthodontics and cosmetic dentistry, even if you try to argue that you need a procedure to alleviate emotional pain and suffering. When insurance does cover them, the annual maximums still often prevent you from saving very much, if anything, after you factor in your biannual cleanings and exams.

Waiting Could Be Worse
If you're thinking that you'll just hold out and then purchase dental insurance when you need it, think again. Because of what's called a waiting or probationary period, this strategy won't work (you didn't really think you'd found a way to outsmart the insurance companies, did you?). Waiting periods mean that, for example, one year after you first become insured, your insurance will not cover any major work (like crowns or root canals) and for three months after you first become insured, they won't pay for any minor work (like fillings). Insurance companies know that when you need a filling or a crown, you need it now - you won't be able to find out you need a crown, buy insurance, wait 12 months, and then get it taken care of. If you tried to do that, you'd probably suffer from a lot of discomfort and ultimately lose your tooth (and you'd have to pay full price for that extraction, too).

SEE: Are Vision And Dental Plans Worth It?

Considerations for Group Plans
Surprisingly, even if your employer offers dental insurance, you might be better off skipping it. Many people assume that employer-sponsored benefits are automatically a good deal because you're receiving a group rate, but this isn't necessarily true. When evaluating your employer's dental plan, make sure to really look at the monthly payments, the annual maximum and the co-payments. Your employer may offer you a great plan that's only $20 a month to cover your entire family with a generous annual maximum, or a mediocre plan that's $40 a month with a $1,000 annual maximum. With the former, you can really benefit, but with the latter, you're probably wasting your money. Do the math for your own situation to determine whether you're likely to come out ahead.

There is one situation where it can make sense to get dental insurance regardless of whether it seems like a good deal in the long run, and that is if you are someone who is currently living from paycheck-to-paycheck with little or no money in savings. When you don't have dental insurance, you have to be able to pay a $1,600 bill when you have the work done (if not in full, then in prompt installments). If you can't do it and your options are to overpay for dental insurance, neglect your only set of teeth or put dental work on a credit card that you'll have trouble paying off, your best bet is to get the insurance. You'll probably waste less money on insurance than you would paying interest on a credit card, not to mention that you wouldn't want to ruin your credit score over a few fillings.

Parting Thoughts
If you can't participate in a quality group plan - either a preferred provider plan (PPO) or a Dental Health Maintenance Organization (DHMO) - the best way for most people to come out ahead on dental expenses is to pay for everything out of pocket. Brushing and flossing regularly, switching to an inexpensive electric toothbrush, getting professional cleanings every six months and going to a dentist who does high quality work that lasts for years can be the most effective ways to save money in the long run.

Cobra Health Insurance

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Whether you received a pink slip, resigned or have been cut down to part-time, you should know your COBRA Health Insurance rights. If you lost your job, continuing your group health coverage may be a challenge.

Under COBRA, if you voluntarily resign from a job or are terminated for any reason other than "gross misconduct," you are guaranteed the right to continue your employer's group plan for up to 18 months at your own expense. In many cases, your spouse and dependent children are also eligible for COBRA coverage, sometimes for as long as three years (36 months).
If you continue your plan under COBRA, you can be charged 100 percent of the premiums plus a 2 percent administrative fee. According to a report by the nonprofit group Families USA, group health coverage for COBRA participants is useful but comes at a high price. The report shows that COBRA eats up 84 percent of the average monthly unemployment benefit. Therefore, many people have not been able to afford to take advantage of this safety net. Under the American Recovery and Reinvestment Act of 2009, you are likely eligible to receive a federal subsidy that will pay 65 percent of your COBRA premiums for nine months (see sidebar at right for more details).

Even if you're eligible for COBRA, you may want to consider buying individual health insurance or short-term health insurance to bridge the gap until you land a new job with health benefits.

Are you eligible for COBRA?
If your company has 20 or more employees enrolled in a group plan who have worked at least half the year, you are eligible for COBRA coverage. This includes full and part-time workers.
One of several types of "qualifying events" must occur to make you eligible for COBRA, as the chart below outlines. You then are eligible to buy COBRA for the maximum coverage period as determined by your beneficiary status and the qualifying event.
Additionally, your spouse or any of your children may enroll in COBRA regardless of your own COBRA-election decision, assuming they were insured under your employer's group plan. Even if you forgo COBRA, any of your qualified family members may elect to continue their health insurance benefits under your former employer's plan. According to the Insurance Information Institute (III), qualifying events may include:

You leave a company and become unemployed or self-employed.
You are a widow or widower or child of an employee who died.
You are the divorced spouse or child of an employee who has left the company.
You are the child of an employee and you have reached the plan's cut-off age.

COBRA eligibility also extends to workers in state and local government, as well as to workers classified as independent contractors. Nonprofit organizations with 20 or more employees and a group health plan are subject to COBRA regulations.

However, the law grants an exemption from COBRA continuation rules to federal employees, certain church-related organizations and firms employing fewer than 20 people. The IRS rules state that employers must figure part-time workers into their employee total to determine if they can claim exemption. Some states have enacted "mini-COBRA" laws that apply to employers with 2 to 19 workers; see state-specific laws for COBRA.
You must be covered under an employer health plan at the time of your job departure to be eligible for COBRA. If your employer has more than 20 workers but doesn't offer health coverage, or offers coverage only to certain groups of employees and you're not one of them, you won't be eligible for COBRA even if one of the qualifying events occurs — nor will your spouse or children be eligible.

In addition, if your employer goes out of business, you won't be eligible for COBRA because there is no longer a health plan to "continue."

Your COBRA coverage ends when:
You reach the last day of your 18- or 36-month COBRA coverage period.
Premiums are not paid.
The employer ceases to maintain any group health plan.
The employer goes out of business.
You obtain coverage through another employer group health plan that does not contain any exclusion or limitation regarding pre-existing conditions. (Eligibility under a spouse's group health plan does not count.)
You become eligible for Medicare benefits.

Employers can — but are not required to — give you the option of dropping such benefits as dental and vision care while you're on COBRA. On the other hand, if you were covered by three different health plans at the same time (such as one each for hospitalization, prescriptions and medical), you have the right to elect continuing coverage on any or all of them.
Additionally, if your former employer changes its health insurance plan for its current employees, you are entitled to receive benefits under the new plan.
If your employer switches plans, you won't be able to keep the old plan — you'll have to move to the new plan with the rest of the group.
Separate vs. "bundled" health insurance plans
If your former employer offers separate health insurance plans (dental, medical and vision, for example), you and each of your qualified family members may choose to continue any combination under COBRA. However, if your employer sponsors one plan with multiple health insurance benefits, you must each elect all the benefits or nothing.
Health plans subject to COBRA are:
Medical plans.
Dental, vision and prescription drug plans.
Drug and alcohol treatment programs.
Fully insured and self-insured group health plans, including HMOs.
Employee Assistance Plans, known as EAPs, that provide medical care such as counseling or psychological treatment.
On-site health care, including discounted or free medical services.
Section 125 flexible spending accounts, also known as cafeteria plans, under certain circumstances.
Benefits not subject to COBRA are:
Wellness programs.
Some church plans.
Federal government health plans.
Disability-income policies.
Accidental death and dismemberment (AD&D) policies.
Life, disability and long-term care insurance plans, and medical savings accounts (MSAs).
EAPs that do not provide medical care.
The rules for beginning COBRA
Both you and your former employer must follow proper procedure to initiate COBRA, or else you could forfeit your rights to coverage.
The employer must notify the health plan administrator within 30 to 60 days after an employee's "qualifying event." In cases of divorce, marital separation or a child's loss of "dependent" status, it is you or your family's responsibility to notify the health plan administrator within 60 days of the event. Once notified, the plan administrator then has 14 days to alert you and your family members — in person or by first-class mail — about your right to elect COBRA.

The IRS gets tough here: If the plan administrator fails to act, he or she can be held liable for a breach of duties. If you move, it is your (or your family's) responsibility to tell the health plan administrator.
You, your spouse and/or your children have 60 days to decide whether to purchase COBRA. This "election period" is counted from the date your eligibility notification is sent to you, or the date that you lost your health insurance coverage.

Changing your mind
Your COBRA coverage will be retroactive to the date that you lost your benefits (as long as you pay the premium). During the election period, you might initially decide not to take COBRA, which means you waive your right to coverage. However, as long as the election period hasn't expired, you can change your mind and revoke your waiver.
Even if you enroll in COBRA on the last day you are eligible, your coverage is retroactive to the date you lost your job, provided you pay all the retroactive premiums.
If you waive your right to COBRA but then incur medical bills during the election period, you can change your mind and elect COBRA, and your plan will cover those bills.
Conversely, if you elect COBRA, you can cancel it at any time. You don't have to use it for your full eligibility period.

Other COBRA details

Premium payments. After you elect COBRA, you have to pay the first premium within 45 days. That first premium is likely to be high because it covers the period retroactive to the date coverage ended through your employer. Successive payments are due according to health plan requirements, but COBRA rules allow for a 30-day grace period after each due date for payment.

Short-payment rule. If your COBRA payment is short by an "insignificant amount" — either 10 percent or $50, whichever is less — an employer must accept the short payment as payment in full, or notify you of the deficiency and allow you another 30 days from the date that you receive the notification to pay the remainder.
Extensions. Although COBRA sets specific time limits on coverage, there is nothing stopping the employer from extending your benefits beyond the mandated coverage period.

Notification rights. Because COBRA is a federal law, the U.S. Department of Labor (DOL) has jurisdiction over issues involving notification of COBRA coverage. Employers that fail to comply with the notification rules face fines of up to $110 for every day that no notice is sent after the deadline. In addition, the IRS can assess an excise tax against any company that does not comply with COBRA regulations.
New workers. Newly hired employees must be given an initial general notice about their COBRA rights.
Plan description. COBRA information must be contained in the summary of the health plan description employees must receive when they are new to the plan.

Switching plans. If your employer offers an open enrollment period to active employees and you're on COBRA, you must also be given the option to switch plans during that time. You may also add new dependents (a newborn, newly adopted child or new spouse) if your employer offers this option to active employees.
Conversion plans. If the health plan offers the option of converting from a group plan to an individual policy under COBRA, you must be given that option and allowed to convert within 180 days before COBRA ends. But you'll pay individual, not group, rates, and switching to individual coverage could weaken any protections you have under HIPAA law.
Moving. If you relocate out of your COBRA health plan's coverage area, your former employer is not required to offer you a plan in your new area.

Premium costs. Your premiums can be increased if the costs of the health plan increase for everyone at the workplace, but generally they must be fixed in advance of each 12-month cycle. The plan must also allow you to pay premiums on a monthly basis if you want. To offset the extra administrative costs of servicing a COBRA participant, the plan may charge up to an additional 2 percent of the normal group premium.
Premium notices. Neither the health plan nor the employer are required to send you monthly premium notices, so make sure you pay attention to due dates.

Disability. People eligible for Social Security Disability benefits may receive COBRA coverage for 29 months if the Social Security Administration determines that the individial is totally disabled.
Foreign competition. People who lost their jobs due to foreign competition or people ages 55 to 64 who are enrolled in pension plans taken over by the Pension Benefit Guaranty Corp. (PBGC) are eligible for a tax credit to pay 65 percent of their COBRA premiums.

Medicare Health Insurance

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Medicare Health Insurance. Medicare is our country’s health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too, including those who have disabilities, permanent kidney failure or amyotrophic lateral sclerosis (Lou Gehrig’s disease). The program helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care.

Medicare is financed by a portion of the payroll taxes paid by workers and their employers. It also is financed in part by monthly premiums deducted from Social Security checks.

The Centers for Medicare & Medicaid Services is the agency in charge of the Medicare program. But you apply for Medicare at Social Security, and we can give you general information about the Medicare program.

Medicare Has Four Parts

Hospital insurance (Part A) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.

Medical insurance (Part B) helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance.

Medicare Advantage (Part C) plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations under Part C.

Prescription drug coverage (Part D) helps pay for medications doctors prescribe for treatment.
You can get more detailed information about what Medicare covers from Medicare & You (Publication No. CMS-10050). To get a copy, call the Medicare toll-free number, 1-800-MEDICARE (1-800-633-4227), or go to www.medicare.gov. If you are deaf or hard of hearing, you may call TTY 1-877-486-2048.

A Word About Medicaid

You may think that Medicaid and Medicare are the same. Actually, they are two different programs. Medicaid is a state-run program that provides hospital and medical coverage for people with low income and little or no resources. Each state has its own rules about who is eligible and what is covered under Medicaid. Some people qualify for both Medicare and Medicaid. For more information about the Medicaid program, contact your local medical assistance agency, social services or welfare office.


Hospital Insurance (Part A)

Most people age 65 or older who are citizens or permanent residents of the United States are eligible for free Medicare hospital insurance (Part A). You are eligible at age 65 if:

You receive or are eligible to receive Social Security benefits; or
You receive or are eligible to receive railroad retirement benefits; or
Your spouse is eligible; or
You or your spouse (living or deceased, including divorced spouses) worked long enough in a government job where Medicare taxes were paid; or
You are the dependent parent of a fully insured deceased child.
If you do not meet these requirements, you may be able to get Medicare hospital insurance by paying a monthly premium. Usually, you can sign up for this hospital insurance only during designated enrollment periods.

NOTE: Even though the full retirement age is no longer 65, you should sign up for Medicare three months before your 65th birthday.

Before age 65, you are eligible for free Medicare hospital insurance if:

You have been entitled to Social Security disability benefits for 24 months; or
You receive a disability pension from the railroad retirement board and meet certain conditions; or
If you receive Social Security disability benefits because you have Lou Gehrig’s disease (amyotrophic lateral sclerosis); or
You worked long enough in a government job where Medicare taxes were paid and you meet the requirements of the Social Security disability program; or
You are the child or widow(er) age 50 or older, including a divorced widow(er), of someone who has worked long enough in a government job where Medicare taxes were paid and you meet the requirements of the Social Security disability program.
You have permanent kidney failure and you receive maintenance dialysis or a kidney transplant and:
You are eligible for or receive monthly benefits under Social Security or the railroad retirement system; or
You have worked long enough in a Medicare-covered government job; or
You are the child or spouse (including a divorced spouse) of a worker (living or deceased) who has worked long enough under Social Security or in a Medicare-covered government job.
Medical Insurance (Part B)

Anyone who is eligible for free Medicare hospital insurance (Part A) can enroll in Medicare medical insurance (Part B) by paying a monthly premium. Some beneficiaries with higher incomes will pay a higher monthly Part B premium. For more information, ask for Medicare Premiums: Rules For Higher-Income Beneficiaries (Publication No. 05-10536) or visit www.socialsecurity.gov/mediinfo.htm.

If you are not eligible for free hospital insurance, you can buy medical insurance, without having to buy hospital insurance, if you are age 65 or older and you are—

A U.S. citizen; or
A lawfully admitted noncitizen who has lived in the United States for at least five years.
Medicare Advantage Plans (Part C)

If you have Medicare Parts A and B, you can join a Medicare Advantage plan. Medicare Advantage plans are offered by private companies and approved by Medicare. With one of these plans, you do not need a Medigap policy, because Medicare Advantage plans generally cover many of the same benefits that a Medigap policy would cover, such as extra days in the hospital after you have used the number of days that Medicare covers.

Medicare Advantage plans include:

Medicare managed care plans;
Medicare preferred provider organization (PPO) plans;
Medicare private fee-for-service plans; and
Medicare specialty plans.
If you decide to join a Medicare Advantage plan, you use the health card that you get from your Medicare Advantage plan provider for your health care. Also, you might have to pay a monthly premium for your Medicare Advantage plan because of the extra benefits it offers.

People who become newly entitled to Medicare should enroll during their initial enrollment period (as explained under Signing up for Medicare) or during the annual coordinated election period from October 15 – December 7 each year. The effective date for the enrollment is January 1 of the upcoming year. There also will be special enrollment periods for some situations.

Medicare Prescription Drug Plans (Part D)

Anyone who has Medicare hospital insurance (Part A), medical insurance (Part B) or a Medicare Advantage plan (Part C) is eligible for prescription drug coverage (Part D). Joining a Medicare prescription drug plan is voluntary, and you pay an additional monthly premium for the coverage. Some beneficiaries with higher incomes will pay a higher monthly Part D premium. For more information, ask for Medicare Premiums: Rules For Higher-Income Beneficiaries(Publication No. 05-10536) or visit www.socialsecurity.gov/mediinfo.htm. You can wait to enroll in a Medicare Part D plan if you have other creditable prescription drug coverage but, if you don’t have prescription coverage that is, on average, at least as good as Medicare prescription drug coverage, you will pay a penalty if you wait to join later. You will have to pay this penalty for as long as you have Medicare prescription drug coverage.

People who become newly entitled to Medicare should enroll during their initial enrollment period (as explained under Signing up for Medicare). After the initial enrollment periods, the annual coordinated election period to enroll or make provider changes will be October 15 – December 7 each year. The effective date for the enrollment is January 1 of the upcoming year. There also will be special enrollment periods for some situations.

Affordable Health Insurance

Affordable health insurance for individuals, families and the self‑employed. Finding health insurance in today's marketplace can seem impossible. If you're one of the millions of Americans who buys their own health coverage, individual health insurance can offer you a confusing array of options – not all of them good, and few that are inexpensive.

Sure, it may seem easy to find an agent who will offer you cheap health insurance, but here's the thing: health coverage isn't cheap if it doesn't adequately cover your expenses when you need it most.

Thanks to the recently passed health reform legislation, the landscape is changing for consumers. Millions of uninsured will soon have access to quality, low-cost health insurance. Their biggest challenge? Knowing their options so they can choose the right coverage.

The good news: healthinsurance.org has more free health insurance information than ever:

Learn. Compare. Save.™

Browse our library of original articles about insurance. Find out how to cut your health care costs, get coverage if you're self-employed, or use COBRA to keep your coverage.

Familiarize yourself with health insurance terms, and read the most frequently asked questions about health coverage.

Find out how health reform will affect your benefits and your budget. Or learn how it stands to help populations that historically have faced barriers to affordable health coverage, including women and the LGBT community.

Use free, no-obligation health insurance quotes to compare private health insurance in your area, plan benefits and coverage costs.

Plans vary greatly by state. Review our state guides to check your coverage options, including whether your state offers high-risk health insurance pools for those with pre-existing conditions.

Once you've done a few insurance quote comparisons to identify the best coverage for your needs, you can actually buy the low-cost plan that fits your needs. Buying online is increasingly popular because it's fast, secure and private.

Health Insurance for Children

The federal and state governments have made health insurance for children one of their main priorities during the Obama administration. For example, as of this past September, insurance companies cannot deny a child coverage even if he or she has a pre-existing medical condition. Additionally, those children of plan holders are allowed to remain covered through the age of twenty-six. (Some states are as high as twenty-nine years.)

Health insurance for children could not be a concern at a better time. The economy is in such a slump and parents are losing their jobs and their homes. Health coverage is one of the only beacons of light left for those who feel deflated. There is great relief in knowing one’s child is taken care of by the insurance industry.

The Children’s Health Insurance Program or CHIP is a federal program administered by the United States Department of Health and Human Services. It’s a program designed to provide funding to states with for children with no health insurance. Under matching funds, health insurance go in to effect for families who make too much for Medicaid coverage but too little to buy expensive plans.

Chip was developing in 1997 under the Clinton administration and commandeered by first lady, Hilary Clinton. What it essentially set out to do was allow individual states to design their own programs and guidelines through the CHIP program. Every family would apply through their home state. Unfortunately, as time wore on, many individual states faced their own fiscal crisis and funding shortcomings and CHIP was not considered the beacon it once was.

Health insurance for children was not considered an act of neglect by presidents after Clinton’s reign in the White House it absolutely was. The percentage of uninsured children over the poverty line rose as the government considered CHIP as a means of federalizing health care. Under the GW Bush administration, there more uninsured children than in the years prior.

Thankfully, with new health care reforms being signed in to place, children and CHIP are priorities in the new administration. No longer is federalization considered a stigma for so many because once the 2009 Children’s Health Care Reauthorization Act of 2009 was signed, wellness and health insurance for children became precedence.

In fact, when entering a zip code in the above box, forthcoming information will be provided and one will be able to see how health insurance quotes and reform have been effective locally.

There are still kinks to work out in the health insurance debate. CHIP is not a perfect program but it is still favorable for many millions of children and their families who struggle to make ends meet. The last concern any American child should have is whether or not he or she will be protected in his or her wellness. Health insurance for children has never been so positively received by the government and the public is appreciative for this change of outlook. With proper health coverage, our children will grow in to the proper leaders we wish for them to become.

Health Insurance Plans

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The following are the three most common types of health insurance plans. First one is Health Maintenance Organizations (HMOs), second is Participating Provider Options (PPOs) and third is Consumer Directed Health Plans (CDHPs).

HMOs
An HMO is a type of health insurance plan that gives you access to certain doctors and hospitals, often called network or contracting doctors and hospitals (sometimes called "providers").

HMO basics:

When you sign up, you select a primary care physician (PCP) from a network of doctors.
Your PCP is your first point of contact for most of your basic health care needs.
Women can also select an OB/GYN for obstetrical and gynecological care.
If you need special tests or need to see a specialist, your PCP will give you a referral to see another doctor.
HMO Members Rights and Responsibilities

The bottom line:

HMO plans generally have lower up-front costs, or premiums, than other types of plans.
They usually feature low deductibles or no deductible at all. A deductible is the amount you pay out-of-pocket before your plan kicks in.

HMOs usually feature low copayments as well. Copayments are set amounts (usually a dollar amount or a percentage) that you pay for care. An example of a copayment is $20 for each office visit.
HMO plans generally provide the highest level of coverage - meaning the lowest cost for you - when you use doctors, hospitals and specialists that are in the network.

If you seek care outside the network, your care may not be covered at all.

PPOs
Like HMOs, PPOs often feature a network of doctors, specialists and hospitals; however, there are some key differences between the two types of plans.

PPO basics:

With a PPO plan, you don't have to choose a primary care physician.
You have the option of receiving care from doctors, hospitals and specialists in the network or outside the network, and you don't always need a referral to see a specialist.
Key features:

PPO plan premiums are generally higher than HMO plans, which means you'll have to pay more up front.
When you receive care from a doctor or hospital that is in the network, your costs tend to be lower.
When you receive care from a doctor or hospital outside the network your costs are likely to be higher, and, in some cases, your care may not be covered at all.

PPO plans usually have a deductible. So, for example, if your PPO plan has a $500 deductible, your coverage doesn't begin until you've paid out-of-pocket for the first $500 of your own medical expenses. Preventive care services are not subject to the deductible.

CDHPs and the HSA Option
Consumer Directed Health Plans (CDHPs) often involve pairing a high deductible PPO plan with a tax-advantaged account, such as a Health Savings Account (HSA). For an individual to establish an HSA and contribute money to the account each year, he or she must be considered an HSA-eligible individual. Eligibility includes enrollment in an HSA-qualified high deductible health plan.

Key features:

If the plan uses a PPO network, you don't have to choose a primary care physician.
You have the option of receiving care from doctors, hospitals and specialists in the network or outside the network, and you don't always need a referral to see a specialist.
The bottom line:

When a CDHP includes a high deductible health plan, premiums are often lower than other types of health plans because you are responsible for a greater share of your health care costs.
If the health plan is an HSA-qualified high deductible health plan, and you are an HSA-eligible individual, you may establish an HSA and make contributions to the account each year.
An HSA is a savings account that you can use to cover a wide range of qualified medical expenses. HSAs have special tax advantages and are regulated by the Treasury Department.