Group Insurance Benefits ExplainedGet the details, guidelines, pros and cons, and future outlook of Group Insurance Benefits from the specialists

Obama's Health Plan

Healthcare America ~ here is a brief summary of what you can expect during the first year of the Obama’s health plan:

• Young adults will be able stay on their parents’ insurance until their 27th birthday.

• Seniors will get a $250 rebate to help fill the “doughnut hole” in Medicare prescription drug coverage, which falls between the $2,700 initial limit and when catastrophic coverage kicks in at $6,154.

• Insurers will be barred from imposing exclusions on children with pre-existing conditions. Pools will cover those with pre-existing health conditions until health care coverage exchanges are operational.

• Insurers will not be able to rescind policies to avoid paying medical bills when a person becomes ill.

• Lifetime limits on benefits and restrictive annual limits will be prohibited.

• New plans must provide coverage for preventive services without co-pays. All plans must comply by 2018.

• A temporary reinsurance program will help offset costs of coverage for companies that provide early retiree health benefits for those ages 55 to 64.

• New plans will be required to implement an appeals process for coverage determinations and claims.

• Adoption tax credit and assistance exclusion will increase by $1,000. The bill makes the credit refundable and extends it through 2011.

• A 10 percent tax will be imposed on amounts paid for indoor tanning services on or after July 1.

• Businesses with fewer than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.

Technorati Tags: health care reform, healthcare america, obama health plan, obama's health plan

I posted the following question in one of the insurance forums I belong to:

Do you have health insurance? If so, are you covered under your employer’s plan or do you have an individual plan?

I asked this question because I wanted to try to get a sense of the truth to the numbers being published about the number of uninsured people in the US.

I received a very comprehensive answer about the cost of insurance from John K. Arnold, a Managing General Agent in the health insurance business based in Orlando, FL. Read the rest of this entry »

Technorati Tags: cost of health insurance

Health insurance premiums are directly affected by what is called the “area factor”. To you and me that means in what zip code do I live?

The cost of medical care varies from one geographical area to another and the differences in cost are considered when monthly premiums are determined.

So, what leads to these differences? This variation is based on to the general cost of living of the area, differences in medical practices, the degree of specialization of services and the amount of competition in the area.

Risk also plays a role in the cost of medical care. For instance, in an urban area that frequently has accidents and more health risks the costs would be higher than costs of a suburban area that has fewer accidents and less health risks.

Each insurance company has their own actuaries that calculate the area factor. So, if you live in an area with elevated medical costs, you may want to try to find an insurance company that offers the best coverage at the lowest price for your particular zip code.

Technorati Tags: group health insurance premiums, health care insurance premiums, health insurance premium, Health Insurance Premiums