Here's one short case study to illustrate how AC Forrest could help your business:
A small business received word that their health insurance premiums were about to go way up at annual renewal. With a week left before the rate hike, they went looking for help. AC Forrest was able to quickly assess their current plan and get quotes from other companies to compare. We quickly identified a new carrier, and within a week we sat down with the business to review the plan options. We even brought along a representative from the new insurance companies to answer very specific questions related to pre-existing conditions and the prescription coverage. In the end, we were able to trim $1000/month (roughly 35%) off of their health insurance premiums while still providing a strong plan that satisfied their needs and budget constraints.
Is your small business struggling under the weight of increasing health insurance premiums? Why not contact AC Forrest for a free consultation? We’ll review your plan and see what other options may be available. You have nothing to lose, and we might be able to find a way to save you a lot of money.We get a kick out of helping families and businesses save money and get better value by finding good health insurance solutions for a better price.
Thursday, October 29, 2009
Wednesday, October 28, 2009
Pre-existing conditions
One of the more confusing and talked-about aspects of the health insurance industry is the bugaboo known as “pre-existing conditions.” Many people have them. These can range from common issues like asthma or high cholesterol to serious diseases such as cancer or diabetes. How will pre-existing conditions affect your search for health insurance?
It’s important to note that not all pre-existing conditions are treated equally. Some are more serious and carry more weight than others. I’ll show you what I mean.
If you’re applying for individual health insurance, pre-existing conditions could limit your ability to even get coverage. Individual health insurance policies are “individually underwritten.” An applicant can be declined based on a number of risk factors, including where one falls on the insurance company’s height/weight tables. There are certain diseases or conditions that are automatic deal-breakers. These typically include diabetes, Crohn’s disease, most forms of cancer within the last 5 years, and a host of other conditions. In this situation, your best bet is to get onto an employer-sponsored group health insurance plan if you can. Otherwise your best bet is to get a limited-benefit plan, which will give you help with medical expenses, but will not provide catastrophic coverage.
But there are many pre-existing conditions that will not lead to you being declined for coverage. Many of these, however, could result in a “rider” to your policy, excluding coverage for a particular condition. Often there is a provision that will allow you to ask the company to remove the rider after a set period of times. In this scenario, you may be offered coverage, with a rider excluding coverage for something like acne, allergies, or depression. Sometimes the insurance company will give you the chance to remove a rider in exchange for a higher premium.
For these and other reasons, it will be helpful for your insurance broker to know about pre-existing conditions before you apply. Some companies are more flexible in their underwriting than others in certain areas.
With employer-sponsored group health insurance, your application will not be declined, assuming you meet the usual participation requirements and such. If you’ve not had continuous health insurance coverage, your pre-existing conditions will typically not be covered for a year. Beyond that, there are no riders on group plans. In a small-employer situation (under, say, 25 employees), the medical history of those on the plan could result in the underwriting department “rating up” your premiums. Depending on your state, there are limits to how high they can raise the premiums over the base quote. In South Carolina, for example, the “rate up” cannot be more than 66% higher than the initial quote, so you can multiply that base quote by 1.66% to get your worst-case scenario. A good broker will usually pre-screen your case with the carrier you choose in order to get a more firm grasp on what kind of rate-up you can expect.
If you’re in South Carolina, Georgia, or surrounding states, contact AC Forrest to discuss your health insurance needs and how they may be impacted by pre-existing conditions.
It’s important to note that not all pre-existing conditions are treated equally. Some are more serious and carry more weight than others. I’ll show you what I mean.
If you’re applying for individual health insurance, pre-existing conditions could limit your ability to even get coverage. Individual health insurance policies are “individually underwritten.” An applicant can be declined based on a number of risk factors, including where one falls on the insurance company’s height/weight tables. There are certain diseases or conditions that are automatic deal-breakers. These typically include diabetes, Crohn’s disease, most forms of cancer within the last 5 years, and a host of other conditions. In this situation, your best bet is to get onto an employer-sponsored group health insurance plan if you can. Otherwise your best bet is to get a limited-benefit plan, which will give you help with medical expenses, but will not provide catastrophic coverage.
But there are many pre-existing conditions that will not lead to you being declined for coverage. Many of these, however, could result in a “rider” to your policy, excluding coverage for a particular condition. Often there is a provision that will allow you to ask the company to remove the rider after a set period of times. In this scenario, you may be offered coverage, with a rider excluding coverage for something like acne, allergies, or depression. Sometimes the insurance company will give you the chance to remove a rider in exchange for a higher premium.
For these and other reasons, it will be helpful for your insurance broker to know about pre-existing conditions before you apply. Some companies are more flexible in their underwriting than others in certain areas.
With employer-sponsored group health insurance, your application will not be declined, assuming you meet the usual participation requirements and such. If you’ve not had continuous health insurance coverage, your pre-existing conditions will typically not be covered for a year. Beyond that, there are no riders on group plans. In a small-employer situation (under, say, 25 employees), the medical history of those on the plan could result in the underwriting department “rating up” your premiums. Depending on your state, there are limits to how high they can raise the premiums over the base quote. In South Carolina, for example, the “rate up” cannot be more than 66% higher than the initial quote, so you can multiply that base quote by 1.66% to get your worst-case scenario. A good broker will usually pre-screen your case with the carrier you choose in order to get a more firm grasp on what kind of rate-up you can expect.
If you’re in South Carolina, Georgia, or surrounding states, contact AC Forrest to discuss your health insurance needs and how they may be impacted by pre-existing conditions.
Monday, October 26, 2009
Why should I get a Medicare supplement plan?
People generally get Medicare Supplement insurance coverage (often called "Medigap" coverage)because they feel they need it. Understanding the advantages of owning a Medigap policy and being able to figure out how to get the right coverage is often a tough task for many Medicare recipients.
It can be quite complicated to comprehend, and that it’s another expense that they feel they may not be able to afford. However, Medigap insurance can actually makes things more affordable. Most Medicare recipients are on fixed incomes and the comfort of knowing that you have fewer or no outright expenses for your health care can allow them to budget things better.
So why would you buy a Medicare supplement plan?
1. Medicare insurance was not designed to cover everything. It also doesn’t cater to specific needs because the policies tend to be generic. Having Medigap insurance can allow you to get the specific coverage that you need based on your medical circumstances or situation. With the combination of Medicare and a good Medigap plan, you can easily cover almost all, if not all of your medical expenses and never have to fear being unable to pay ever again.
2. Medigap insurance is affordable. It is definitely cheaper than risking the huge expense of unpaid medical costs that Medicare can leave behind. Never sell yourself short and think that you can’t afford the insurance supplement, because the chances are good that you can’t afford NOT to have it. Think about the future, and remember that you cannot get Medicare supplements after you have been diagnosed as being chronically ill. Get it now, while you can. You’ll appreciate it later.
3. Medigap plans are for everyone, and can be purchased from any company. It doesn’t matter if you have a preferred insurance company or if you just want a particular plan. You can find many private insurance companies that will sell the coverage that you need when it comes to supplemental insurance. Between the dozens of companies that you can get coverage from and the 12 different plans that you can choose from, getting the right coverage has never been simpler.
Keep these things in mind when you are considering applying for or learning more about Medigap insurance. It is definitely beneficial to those who use it, and you can enjoy more peace of mind in your life and spend more time having fun and less time worrying about your insurance coverage.
For help understanding Medicare Supplement coverage or to look over some updated prices, just let us know...
It can be quite complicated to comprehend, and that it’s another expense that they feel they may not be able to afford. However, Medigap insurance can actually makes things more affordable. Most Medicare recipients are on fixed incomes and the comfort of knowing that you have fewer or no outright expenses for your health care can allow them to budget things better.
So why would you buy a Medicare supplement plan?
1. Medicare insurance was not designed to cover everything. It also doesn’t cater to specific needs because the policies tend to be generic. Having Medigap insurance can allow you to get the specific coverage that you need based on your medical circumstances or situation. With the combination of Medicare and a good Medigap plan, you can easily cover almost all, if not all of your medical expenses and never have to fear being unable to pay ever again.
2. Medigap insurance is affordable. It is definitely cheaper than risking the huge expense of unpaid medical costs that Medicare can leave behind. Never sell yourself short and think that you can’t afford the insurance supplement, because the chances are good that you can’t afford NOT to have it. Think about the future, and remember that you cannot get Medicare supplements after you have been diagnosed as being chronically ill. Get it now, while you can. You’ll appreciate it later.
3. Medigap plans are for everyone, and can be purchased from any company. It doesn’t matter if you have a preferred insurance company or if you just want a particular plan. You can find many private insurance companies that will sell the coverage that you need when it comes to supplemental insurance. Between the dozens of companies that you can get coverage from and the 12 different plans that you can choose from, getting the right coverage has never been simpler.
Keep these things in mind when you are considering applying for or learning more about Medigap insurance. It is definitely beneficial to those who use it, and you can enjoy more peace of mind in your life and spend more time having fun and less time worrying about your insurance coverage.
For help understanding Medicare Supplement coverage or to look over some updated prices, just let us know...
Friday, October 23, 2009
Medical Tourism Continues to Rise
Fast Company magazine reports that in 2007 750,000 people traveled from the U.S. to other countries for medical care. The trend, called "medical tourism" continues to grow. They report that, according to Deloitte Consulting, that number will soar to 13 million. Why? Because of the staggering difference in the price of procedures ranging from knee replacement to heart bypass. The same procedure can be performed by Western-trained doctors at Western-style hospitals in places like India, Thailand, Costa Rica, and elsewhere at a fraction of the price for the same procedure here.
For employers who carry self-funded plans or for individuals who lack major medical coverage, medical tourism is immensely attractive.
Read more about medical tourism here. If you're interested in a limited benefit plan that includes an option for medical tourism, contact AC Forrest.
For employers who carry self-funded plans or for individuals who lack major medical coverage, medical tourism is immensely attractive.
Read more about medical tourism here. If you're interested in a limited benefit plan that includes an option for medical tourism, contact AC Forrest.
Wednesday, October 21, 2009
Which Medicare supplement should you choose?
Choices, choices, choices – the choices seem to be endless when it comes to choosing Medigap supplements. So really, which ones are the best for you?
Well, the thing to remember with Medigap supplements is that they are all standardized across the nation, meaning if you buy one in, say, Texas, it is the same supplement/plan as you would buy in Rhode Island. This isn't something new either, as Medigap supplements have been standardized since 1996.
Most people understand that there are "plans" A-L and it doesn't matter what company you buy them from either, as they are all selling the same plans. Even the claims paying process for these various plans are identical in every state. This basically means that Medicare makes the decision to pay and so be it, it gets paid. Right about now you might be wondering if all these things are the same, does that mean you can't ever save any money on the insurance premiums?
Well, this is the interesting thing. You can save money by shopping around to the larger insurance companies for Medigap plans. The best routine is to contact at least three larger companies (four if you have the time) and then compare the quotes. You may also find an online site that compares the top insurance company quotes for Medigap supplements.
You could go with a smaller insurance company to buy your Medigap supplements, however the fact that you may get a good price "this" year does not mean you would get the same kind of a deal next year. The reason for that is often times smaller health insurance companies will offer a low, low price for one year to bring in clients.
At the end of the year, the prices are hiked back up, which means you'd be shopping for another carrier – again. Larger companies tend to be more stable in their pricing. So you might want to consider the larger names in health insurance for that reason.
Back to the question of choices: since the supplements are all the same, except for pricing, choose what best suits your lifestyle, circumstances and budget. It all tends to work out in the end.
There are a lot of companies & choices to look over; for a comprehensive review or to look over plans & prices, just let us know!
Well, the thing to remember with Medigap supplements is that they are all standardized across the nation, meaning if you buy one in, say, Texas, it is the same supplement/plan as you would buy in Rhode Island. This isn't something new either, as Medigap supplements have been standardized since 1996.
Most people understand that there are "plans" A-L and it doesn't matter what company you buy them from either, as they are all selling the same plans. Even the claims paying process for these various plans are identical in every state. This basically means that Medicare makes the decision to pay and so be it, it gets paid. Right about now you might be wondering if all these things are the same, does that mean you can't ever save any money on the insurance premiums?
Well, this is the interesting thing. You can save money by shopping around to the larger insurance companies for Medigap plans. The best routine is to contact at least three larger companies (four if you have the time) and then compare the quotes. You may also find an online site that compares the top insurance company quotes for Medigap supplements.
You could go with a smaller insurance company to buy your Medigap supplements, however the fact that you may get a good price "this" year does not mean you would get the same kind of a deal next year. The reason for that is often times smaller health insurance companies will offer a low, low price for one year to bring in clients.
At the end of the year, the prices are hiked back up, which means you'd be shopping for another carrier – again. Larger companies tend to be more stable in their pricing. So you might want to consider the larger names in health insurance for that reason.
Back to the question of choices: since the supplements are all the same, except for pricing, choose what best suits your lifestyle, circumstances and budget. It all tends to work out in the end.
There are a lot of companies & choices to look over; for a comprehensive review or to look over plans & prices, just let us know!
Tuesday, October 20, 2009
Individual vs. Group Health Insurance
Are you trying to decide between going with individual health insurance coverage and an available group option through your employer?
Many people are surprised to learn that individual health insurance is almost always less expensive than group health insurance. There are several good reasons for this, but two stick out. First, there are fewer government mandates on individual health insurance when compared with group insurance. For example, groups are mandated to offer maternity coverage whether the employer wants it or not. (I can't resist the urge to note that when government gets involved in insurance, the prices inevitably go up. Take from this what you will regarding current political discussions!).
The second reason, which is more germane to our discussion here, is that individual insurance is individually underwritten. That means that the insurance company can decline coverage to someone deemed to be too great of a risk (based on medical history, height/weight ratios, etc.). It also means they can opt to insure an individual but exclude certain pre-existing conditions (such as, say, asthma or acne or whatnot).
What's the bottom line? If you're healthy, you're probably better off getting a good individual health insurance policy that will provide a similar level of benefits as most group plans at a better price. Once you have a good policy in place, you won't get kicked out if you develop or are diagnosed with a problematic condition. But if your medical history makes getting that kind of coverage problematic, and a group option is available, you ought to go with it.
Contact AC Forrest to get quotes on individual health insurance in South Carolina, Georgia, and other Southeastern states. You can also run no-obligation quotes on select plans in our online quote engine.
Many people are surprised to learn that individual health insurance is almost always less expensive than group health insurance. There are several good reasons for this, but two stick out. First, there are fewer government mandates on individual health insurance when compared with group insurance. For example, groups are mandated to offer maternity coverage whether the employer wants it or not. (I can't resist the urge to note that when government gets involved in insurance, the prices inevitably go up. Take from this what you will regarding current political discussions!).
The second reason, which is more germane to our discussion here, is that individual insurance is individually underwritten. That means that the insurance company can decline coverage to someone deemed to be too great of a risk (based on medical history, height/weight ratios, etc.). It also means they can opt to insure an individual but exclude certain pre-existing conditions (such as, say, asthma or acne or whatnot).
What's the bottom line? If you're healthy, you're probably better off getting a good individual health insurance policy that will provide a similar level of benefits as most group plans at a better price. Once you have a good policy in place, you won't get kicked out if you develop or are diagnosed with a problematic condition. But if your medical history makes getting that kind of coverage problematic, and a group option is available, you ought to go with it.
Contact AC Forrest to get quotes on individual health insurance in South Carolina, Georgia, and other Southeastern states. You can also run no-obligation quotes on select plans in our online quote engine.
Thursday, October 15, 2009
Health Insurance vs. Healthcare Financing
Do you pay for health insurance or healthcare financing? While that may appear to be a nonsensical question, the answer says a lot about your view of health insurance and, probably, how much you pay for it.
Health insurance, at the end of the day, is chiefly concerned with protection against catastrophic health expenses. You pay a premium to provide protection against the $25,000 appendectomy, the $125,000 bypass procedure, the $75,000 bill at the hospital after the accident. These are expenses that could otherwise lead you to bankruptcy, cost you your home, or deal a significant blow to your financial future. Because life happens, and healthcare is expensive, you're wise to protect yourself. But if that's the major goal, then you don't necessarily need to pay big bucks for a low deductible - what's $5,000 if the insurance pays the other $75k? You also don't necessarily have to get a copay to save $30 at the doctor. You're after big-picture protection.
Healthcare financing, however, is a different animal. This is the plan that provides you with controlled costs for everyday expenses (a $35 doctor visit, etc.) and a low deductible because the risk is lower. You want predictability in your costs (even if those costs are significantly higher).
Which do you have? Because most people never reach their annual deductible, AC Forrest prefers health insurance over healthcare financing. That way you keep more of your money each month (rather than sending it away in the form of higher premiums), which you can save for that day when you have the big claim and have to meet the high deductible. A basic major-medical health insurance plan gives you greater flexibility with your money (and keep more of it).
Contact AC Forrest to learn more or get a free, no-obligation quote on major-medical health insurance for your family or your business.
Health insurance, at the end of the day, is chiefly concerned with protection against catastrophic health expenses. You pay a premium to provide protection against the $25,000 appendectomy, the $125,000 bypass procedure, the $75,000 bill at the hospital after the accident. These are expenses that could otherwise lead you to bankruptcy, cost you your home, or deal a significant blow to your financial future. Because life happens, and healthcare is expensive, you're wise to protect yourself. But if that's the major goal, then you don't necessarily need to pay big bucks for a low deductible - what's $5,000 if the insurance pays the other $75k? You also don't necessarily have to get a copay to save $30 at the doctor. You're after big-picture protection.
Healthcare financing, however, is a different animal. This is the plan that provides you with controlled costs for everyday expenses (a $35 doctor visit, etc.) and a low deductible because the risk is lower. You want predictability in your costs (even if those costs are significantly higher).
Which do you have? Because most people never reach their annual deductible, AC Forrest prefers health insurance over healthcare financing. That way you keep more of your money each month (rather than sending it away in the form of higher premiums), which you can save for that day when you have the big claim and have to meet the high deductible. A basic major-medical health insurance plan gives you greater flexibility with your money (and keep more of it).
Contact AC Forrest to learn more or get a free, no-obligation quote on major-medical health insurance for your family or your business.
Wednesday, October 14, 2009
The South Carolina State High Risk Pool
People unable to get private health insurance coverage have the opportunity to do so through the South Carolina Health Insurance Pool. The pool was created by the General Assembly to help people who couldn't get health insurance coverage from any other source, including people with certain disabilities. Blue Cross and Blue Shield of South Carolina currently administers the pool.
Coverage is available to a person who has been a state resident for at least 30 days and meets the following criteria:
* They were turned down for private health insurance coverage for health reasons;
* They were accepted for private health insurance, but have pre-existing illnesses or conditions excluded from coverage, for a period exceeding 12 months;
* They are paying health insurance premiums for comparable coverage which are more than 150 percent of the premium levels charged by the pool.
* In certain situations, other individuals whose last health insurance coverage was an employer based group health plan may be eligible for coverage.
Other eligibility requirements apply.
Pool benefits are comparable to many private insurance plans. The pool pays 80 percent of allowed charges for covered hospital inpatient and outpatient treatment, physician services, prescription drugs, and some other medical care.
Persons covered by the pool pay the remaining 20 percent and must meet a $500 deductible each year, before the pool coverage begins to pay. Monthly premiums are determined by the person's age and sex. There is no family coverage under the pool. Each policy is for individual coverage.
As administrator, Blue Cross/Blue Shield of SC processes claims, determines eligibility and handles all services required to operate the pool. For more information about coverage or eligibility, call 1-800-868-2500, ext. 42757, toll free, or 788-0500, ext.42757 in Columbia.
Coverage is available to a person who has been a state resident for at least 30 days and meets the following criteria:
* They were turned down for private health insurance coverage for health reasons;
* They were accepted for private health insurance, but have pre-existing illnesses or conditions excluded from coverage, for a period exceeding 12 months;
* They are paying health insurance premiums for comparable coverage which are more than 150 percent of the premium levels charged by the pool.
* In certain situations, other individuals whose last health insurance coverage was an employer based group health plan may be eligible for coverage.
Other eligibility requirements apply.
Pool benefits are comparable to many private insurance plans. The pool pays 80 percent of allowed charges for covered hospital inpatient and outpatient treatment, physician services, prescription drugs, and some other medical care.
Persons covered by the pool pay the remaining 20 percent and must meet a $500 deductible each year, before the pool coverage begins to pay. Monthly premiums are determined by the person's age and sex. There is no family coverage under the pool. Each policy is for individual coverage.
As administrator, Blue Cross/Blue Shield of SC processes claims, determines eligibility and handles all services required to operate the pool. For more information about coverage or eligibility, call 1-800-868-2500, ext. 42757, toll free, or 788-0500, ext.42757 in Columbia.
Tuesday, October 13, 2009
Why do your employees need income protection insurance? (Long-term Disability)
Why do your employees need Income Protection?
In the United States, a fatal injury occurs every 5 minutes and a disabling injury occurs every 1.5 seconds.(3) Fatal and nonfatal unintentional injuries amounted to $574.8 billion in 2004. This is equivalent to about $5,100 per household, where these cost are paid directly out of packet.(1)
Off the job occurrences account for 2 out of 3 disabling injuries suffered by workers in the United States. In addition, they account for 64% of the lost production time due to worker injuries. Future production time lost due to injuries suffered in 1998 will be 6 times greater for off the job injuries than for on the job injuries.(1)
Because our population is aging, and the likelihood of having a disability increases with age, we expect that the growth in the number of people with disabilities will accelerate in the coming years.(2)
Forty-eight percent of all home foreclosures are the result of disability, while only three percent of all foreclosures result from death. (4)
As an employer, you want to be able to attract and keep high quality employees. Providing a group VPL plan will protect their income in times of need and will assure them that you want to help them lead productive lives both on and off the job.
1 National Safety Council, 2005 - 2006
2 Bureau of the Census, U.S. Department of Commerce
3 Injury Facts 2003
4 BJHA Disability Facts Book 2004
-- This material was originally developed by Reliance Standard.
In the United States, a fatal injury occurs every 5 minutes and a disabling injury occurs every 1.5 seconds.(3) Fatal and nonfatal unintentional injuries amounted to $574.8 billion in 2004. This is equivalent to about $5,100 per household, where these cost are paid directly out of packet.(1)
Off the job occurrences account for 2 out of 3 disabling injuries suffered by workers in the United States. In addition, they account for 64% of the lost production time due to worker injuries. Future production time lost due to injuries suffered in 1998 will be 6 times greater for off the job injuries than for on the job injuries.(1)
Because our population is aging, and the likelihood of having a disability increases with age, we expect that the growth in the number of people with disabilities will accelerate in the coming years.(2)
Forty-eight percent of all home foreclosures are the result of disability, while only three percent of all foreclosures result from death. (4)
As an employer, you want to be able to attract and keep high quality employees. Providing a group VPL plan will protect their income in times of need and will assure them that you want to help them lead productive lives both on and off the job.
1 National Safety Council, 2005 - 2006
2 Bureau of the Census, U.S. Department of Commerce
3 Injury Facts 2003
4 BJHA Disability Facts Book 2004
-- This material was originally developed by Reliance Standard.
Subscribe to:
Posts (Atom)
