FLORIDA HEALTH INSURANCE

November 25, 2007

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What Is 'Critical Illness Insurance?'

Insurance against death is self-explanatory and the terms of that policy are all based around the policy holder passing away. Critical Illness on the other hand does not require the policy holder to die and provides a cash amount upon diagnosis of a particular illness.

To ensure that the pay-out is triggered, the policy-holder must survive a minimum term to ensure that this is considered a survivable illness, usually about 28 days. Up to two dozen different illnesses can be covered by the policy and they are all survivable to a greater or lesser degree but with improving medical technology the probability of living a full life after diagnosis is increasing.

Because the types of illness covered can strike at any age, it is important to consider the benefits while still young and one of the most important times to think about it is when buying a house. If a young couple buys a house and one of them is taken seriously ill, Critical Illness cover becomes an immediate benfit as it can remove the huge overhead of mortgage payments and make like much easier.

Policies for critical illness can either pay out every month, or every year, but more often they are a lump sum. If the former option is chosen then it could potentially work as an income replacement policy although this is not necessarily a reason to ignore an ordinary income protection plan which can pay out over simple illnesses and short times off work.

Examples of critical illnesses include the obvious, such as cancer, stroke, and heart-attack as well as less common conditions such as Alzheimer's, blindness, deafness and the failure of other major organs such as the kidneys.

This type of policy (which can also been known as Living Assurance or Serious Illness Insurance) has such obvious benefits in everyday life and might seem like it has been around forever, like life insurance. But in fact the first plan was only created as recently as 1983 by Dr M Barnard who termed it cover for "Dread Disease." His foresight against the unexpected has made many lives easier today.

The person taking out the policy must be fit and healthy at the outset because existing health problems are an obvious warning to the insurer that they are likely to lose money by underwriting the client. In that sense the cover must be seen to be precautionary with the insurer suspecting no great likelihood of a policy being honoured.

Due to the potential cost of the policy, and diminishing health later in life, taking out a policy in early life is more beneficial. It spreads the payments longer, therefore making them lower, and it means that the insurer is less likely to be worried about illnesses associated with old age. There are only a small minority who will offer cover to someone over pension age.

Critical illness cover is a very useful precaution for a young person and as life goes on it becomes more expensive but also more relevant. It adds a little peace of mind for you and, with additional life cover included it would ensure peace of mind for any loved ones left behind.

Saving Money On Health Insurance

Comparing Health Insurance

Comparison shopping for health insurance plans can save you hundreds of dollars a year in premiums. Here's how to compare health insurance plans to get the best rate.

Health Insurance Plans

There are a number of health insurance plans being marketed today. The most popular plans include:

Fee-for-service plans - Also known as indemnity plans, these plans pay for your doctor visits, hospital expenses, physical therapy, and prescription drugs. With these plans you may use the doctors and hospitals of your choice. They are losing in popularity primarily because they are so expensive.

Managed health care plans (HMOs, PPOs, POSs) - These plans also pay for your doctor visits, hospital expenses, physical therapy, and prescription drugs. With these plans you're assigned to a health care network of doctors and hospitals that you use for your medical needs. They are more popular and less expensive than fee-for-service plans.

Major medical plans - These plans, also known as catastrophic health insurance plans, only cover doctor and hospital fees for major illnesses such as cancer, heart disease, and strokes. Because these plans are limited as to what they cover, they are usually cheaper than managed health care plans and fee-for-service plans.

Where to Compare Health Insurance Plans

It used to be that in order to compare health insurance plans you had to spend hours of your time visiting or calling your local insurance companies. Then along came the Internet and you could get rates online from individual insurance company websites. But that was still time consuming as you had to go from site to site and fill out form after form to get enough quotes to compare.

Now there are insurance comparison websites where you can get health insurance rate quotes from multiple insurance companies, all in one place, by filling out one simple form. It's quick, it's easy, and it doesn't cost a thing.

PPO Plans: LOW COST?

Finding Cheap PPO Health Insurance

A Preferred Provider Organization, or PPO, is a popular type of health insurance because it offers more freedom than an HMO, but is less expensive than traditional health insurance plans. If you're in the market for health insurance, you should definitely look into cheap PPO health insurance plans.

What is a PPO?

With a PPO, your health insurance company contracts with health care providers to provide health care at pre-set prices. All kinds of health care providers participate in PPOs, including doctors, hospitals, clinics, physical therapists, pharmacies, etc. As the insured you pay:

* A co-payment for services

* An annual deductible

* A percentage of medical fees

You can choose from any health care provider in the network, but if you go outside the network you have to pay a higher portion of the expenses.

What is the Difference Between a PPO and an HMO?

Health Maintenance Organizations, or HMOs, usually have no deductible and lower co-payments than PPOs. As with PPOs, you choose from health care providers within a network. However, HMO plans are more restrictive:

* If you go outside the network, you may receive no coverage at all

* You need a referral from your doctor before you can see a specialist

* You may need approval from the plan's management for some specialty care

How Do I Find a Cheap PPO Plan?

To find a cheap PPO health insurance plan, begin by visiting insurance comparison websites. On these websites you complete a simple form with information about yourself and your health insurance needs. Shortly thereafter, you'll begin to receive quotes from multiple A-rated health insurance companies. All you have to do is compare the coverages and premiums and choose the one that is right for you.

The best websites even let you talk with insurance professionals by phone, or through an online chat service, so you can get expert answers to all your health insurance questions

Health Insurance & Taxes

They called it a landmark, a breakthrough, a model for the nation. But the Massachusetts health insurance plan is in serious trouble, which means taxpayers are in trouble, too.

WBZ has learned the program is already over budget by hundreds of millions of dollars. "I have medicine I have to take and it's nice to have in case you have to go the doctors."

Eric Towne of Westwood is one of 215,000 Massachusetts residents who now has health insurance because of the new state law. In fact, so many people have signed up, state leaders don't know whether to laugh or cry.

The response has been great, but the new price tag has lawmakers feeling sick. So what's wrong? Quite simply, the economy is worse today than when the legislation was written, so state revenues are way off, while the number of people seeking insurance is way up.

So just how big is this shortfall? It has been reported that the state needs another $147 million to pay for that larger than expected number of people looking for insurance. WBZ has learned the shortfall could as reach $200 hundred million, but according to sources, it might approach $400 million next year.

Steve Pangiotakos is the chairman of the Senate Ways and Means Committee. While he remains firmly committed to the new health care law a possible recession makes all programs tough to fund. "I think we are in a very cautious time frame here to see which way we are going."

WBZ has learned the Patrick administration is worried about those numbers. In the next 45 days, we are told they might review key parts of the program, including the higher co-payments and premiums. Even the program's supporters are anxious.

"The state of the economy is one of the major risks that could unbalance and it and create real difficultly in implementing it fully," said Health Care Advocate John McDonough.

And comments like that are making recipients like Eric Towne a little queasy.

And the insurance plan still hasn't reached its goal. It's estimated there are still more than 300,000 people who have not signed up for health insurance.

Define Health Insurance

Health insurance is a form of group insurance, where individuals pay premiums or taxes in order to help protect themselves from high or unexpected healthcare expenses.

Health insurance works by estimating the overall "risk" of healthcare expenses and developing a routine finance structure (such as a monthly premium, or annual tax) that will ensure that money is available to pay for the healthcare benefits specified in the insurance agreement.

The healthcare benefit is administered by a central organization, which is most often either a government agency, or a private or not-for-profit entity operating a health plan.

John Edwards View Of Health Insurance

Americans of means who fail to sign up for health insurance could find their wages garnisheed and their tax refunds withheld if John Edwards becomes president.

The North Carolina Democrat noted Thursday that under his universal health-care plan, every American would be required to have health insurance. He said people who couldn’t afford to pay the premiums would qualify for public subsidies or government health plans such as Medicaid. But he said people who could afford insurance would not be allowed to choose to go without.

“When somebody chooses not to be in the health-care system, then what they’re choosing is that the rest of America is going to pay for their health care,” he said in a meeting with Des Moines Register reporters and editors.

He said that if uninsured people have an emergency and wind up in the hospital, the taxpayers usually wind up paying for it.

“My health-care plan requires responsibility from everybody. The government’s responsible, the individual’s responsible, the workers are responsible, and the employers are responsible.”

Edwards said uninsured people would be enrolled in insurance plans whenever they used the health-care system or government services.

“So if you don’t have health-care coverage, and you go to the emergency room, you get enrolled. If you’re a 5- or 6-year-old and you go to kindergarten or sign up for school, you get enrolled, if you’re not on a health-care plan. If you go the library, you get picked up.”

Edwards did not give specific monetary amounts for the penalties he would impose on people of means who failed to sign up for insurance.

His comments came a day after a related dust-up between his two main Democratic rivals, Hillary Clinton and Barack Obama.

Obama’s health-care plan would not require adults to have health insurance, and he accused Clinton of not being specific in how she would enforce her proposed requirement that people who could afford insurance sign up and pay premiums.

Clinton has said that she would consider automatically enrolling uninsured people in insurance plans, but that she would work out enforcement details with Congress.

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