In the extensive field which is insurance, life insurance stands out as one of a few which is usually taken out for someone else’s benefit. Insurance covering house, mortgage, valuables, travel etc. is intended to cover the holder against loss as a result of accidents, breakdowns, delays, theft and a vast number of other circumstances. Life insurance on the other hand is usually intended to benefit those left behind when the holder dies, if only to provide funds which will diminish to some extent the problems caused by that person’s unexpected departure.
There are of course exceptions to the above, as in the case of an endowment policy which is used as a form of saving in that it pays out at the end of the specified period. Even this has the provision to pay out on the earlier death of the holder, so it does not provide solely for the benefit of that individual. If this is the type of cover which you are considering, ask your broker for details of the various forms, as in Unit Linked or With Profits.
Read the rest of this entry »
This is going to be unpopular with some, applauded by others, but this is my truth; all this talk about HIPAA is nothing but a lot of hype. The federal government has once again come up with something that’s supposed to be a positive step towards helping patients with things such as privacy and understanding of hospital bills. There’s supposed to be administrative simplification of information both electronically and on paper, and a standardizing of codes for insurance and tracking purposes.
I’m not sure how many folks who receive this newsletter also participate on any listserves. If you do participate, you realize just how complicated this HIPAA thing has become, and if you’re like me, you don’t get it. The latest buzz is that as of October 16, which is today, ICD-9 procedure codes are no longer allowed to show on outpatient surgery claims. The problem with this directive is that not only do most hospitals not know about it, but many insurance carriers didn’t know about it either, including many Medicare intermediaries across the country. My own local carrier, for instance, had something posted on their page as recently as September 14th saying to make sure to select the most correct ICD-9 code when submitting claims to Medicare as of 10/1/03. There was no further mention of this other ICD-9 directive, even checking earlier today before completing this newsletter.
Read the rest of this entry »
The worst possible time to find out what your health insurance does and doesn’t cover is when you need to claim against the policy. One of the most important parts of choosing a good health insurance policy for you and your family is to ask the right questions to discover which plan fits your needs and budget best.
The following list of topics can help you compile a list of questions to ask your health insurance provider so that you get the right policy at the right price.
Read the rest of this entry »
After many years of working in healthcare IT services, we have seen many clinics, IPAs and practices only look at the obvious surface requirements when evaluating their Practice Management (PM) software application. We encourage these same parties to dig a bit more and evaluate some of the deeper issues that lie underneath you decision on what practice management system to use in addition to all of the more obvious criteria.
Did I pick that insurance?
Read the rest of this entry »
For the last couple decades our country has faced a huge problem that has been getting bigger every year, health care. The cost of insurance has spiraled out of control to the point where companies can no longer afford to offer benefits and the average individual can’t pay the premiums. A family would have to pay hundreds a month, in many cases more than rent, making it the largest expense they face. The insurance industry has made moves to save themselves money, but it sure doesn’t seem that those savings are being passed on and the medical profession hasn’t shown any interest in making their services less expensive.
Medical insurance is a big issue every election year and we hear stories on the news all the time, but remedies never go past talk. It is estimated that 7 out of 10 Americans are either under insured or completely uninsured leaving us in a crisis. Our country has the best medical care in the world available, but millions of people are putting off doctor visits and procedures simply because they can’t afford the bill. Not only does this effect a persons quality of life in the short term but also can lead to much bigger, more expensive problems in the future. I know because I was one of these people. After years of putting things off because I could hardly pay the bills I already had, my health started to deteriorate. The bills were going to be bigger than they would have been several years before but if I took care of things at that time I could be facing a large debt.
Read the rest of this entry »
Medicare is a federal program that provides health insurance to senior citizens irrespective of their medical condition. You can only qualify for Medicare if you are 65 years and above. Medicare would automatically register people who were receiving social security benefits once they reach the age of 65. People who decide not to retire at the age of 65, are also eligible, all you need to do is register.
If you would be automatically registered into Medicare; Social security administration would send you notification, some months before your 65th birthday. Most people qualify for both social security benefits and Medicare by the time they are 65 years old.
What kind of coverage does Medicare provide?
Read the rest of this entry »
We never know just what we will have to pay out for next on our most precious of possessions - our home; it would be easy to plan for tomorrow if we could all see into the future, but that doesn’t mean we cannot prepare for these events. There are always going to be problems and we all have to do our best to protect what is valuable from natural events and also from people who want to cause us and our homes damage. Homeowners insurance is a contract between a homeowner and an insurance company where you agree to pay the premiums, and the insurance company to pay a set amount should a covered loss occur.
The virtues of house insurance are many; from protecting the exterior or building proper to the likes of possessions to utilitarian products like the freezer or washing machine that might break down. The amount that a normal policy will pay out is quite high and most likely the average person would not reach this limit but they will invariably have to pay a deductible first.
Read the rest of this entry »
Health insurance coverage:
There are tips you must understand and implement if you’re truly committed to getting considerable discounts. I’ll discuss some of them in this article…
1. The greater number of health insurance plans give approximately two complimentary medical check ups. Why does this lead to savings?
It results in savings because the cost of treating ailments in their benign stages is cheaper than treating full blown diseases. This means that your health insurer will spend less to take care of you if diseases are spotted early. So they give you lower rates for helping them save.
2. Electronic Funds Transfer, known as EFT is a painless way to bring down your premium. By doing this you authorize your insurance provider to automatically withdraw your payments from your account at specified intervals. This reduces administrative overheads like those incurred when mailing payment notices. The insurance company passes part of what they save to you by bringing down your premium.
Read the rest of this entry »
