Health Insurance Provider Review

How Do I Find Affordable Medical Insurance?

  

The top performers in our review are Blue Cross Blue Shield, the Gold Award winner; Humana, the Silver Award winner; and Kaiser Permanente, the Bronze Award winner. Here’s more on choosing coverage to meet your needs, along with detail on how we arrived at our ranking of seven major insurance companies.

Health insurance is now available to more Americans than ever before. Subsidized options are easily available to low-income individuals and families. In the past, many people took the risk of not being insured, but with the Affordable Care Act (ACA) you can be fined if you don't have qualified health care insurance. Instead of paying a fine, people who have not been able to afford insurance before are looking for affordable medical insurance options.

While some may be asking themselves if it would it be cheaper to just pay the fine, statistics show that more Americans have health insurance now than before the ACA was enacted. There are several reasons why more people have insurance now, but one is certainly the increase in affordable health plan options, including subsidized, or tax credits, health insurance purchased through one of the state exchanges. Compliant insurance can also be purchased privately. The options available to you depend primarily on your income level.

Low Income: If your income is 100 to 400 percent of the national poverty rate ($11,490 - $45,960) for a single person, you may qualify for subsidized health insurance. In many cases this is not free health insurance but subsidized. This means you can get bronze-level health insurance for about $2570 per year through one of the state exchanges. Extremely low-income individuals and elderly persons often qualify for Medicare. If you paid the fine for 2014 you may still qualify for insurance via an exchange, even if it is not during the open-enrollment period, to avoid the fee in 2015.

Best Options for Low-Income Earners: Medicare, state exchange or fine exemption

Middle Income: If your income is above the threshold of $45,960 (adjusted), you will not qualify for subsidized health insurance. Those above the poverty rate can still shop for insurance via an exchange but will not benefit from subsidies. However, income thresholds change depending on household size, so it is worth finding out if you qualify. Individuals can also shop for insurance through one of the major carriers, including those listed in this review, such as Humana, Kaiser Permanente or Blue Cross Blue Shield (BCBS), depending on what is available in your area. In most cases you can expect to pay about $300 to $600 per month in premiums for individual insurance. If you don't know if your income qualifies for subsidies, you can use one of the exchange calculators to help you figure that out. Another option for healthy mid-income individuals is high-deductible health plans. These plans have a deductible of up to $6,600, but will have a lower monthly premium and will help you pay major expenses.

Best Options for Mid-Income: Individual health insurance (lowest-option) or high-deductible health plans.

High Income: Those with a high income are facing a different problem. Many who have high incomes didn't purchase insurance in the past; they just paid health care expenses as needed. Paying two percent of a high income for the penalty can be a rather large sum for high-income persons. In this case, it might be cheaper to just buy qualifying health insurance. If you are in good health, you might want to choose the lowest qualifying plan. If you have ongoing health issues, you may as well bite the bullet and choose a more exhaustive plan and lower your out-of-pocket expenses.

Best Options for High-Income: A low-cost qualifying plan for healthy people or more comprehensive plan for those with larger health expenses.

Key Numbers to Consider:

Average bronze-level health insurance plan: $2,570 per year for individual insurance.

Shared responsibility payment: $325 per adult and $162.50 per child (up to $975 for a family), or 2 percent of your household income, above the tax return filing threshold for your filing status – whichever is greater.

Cost of non-subsidized, individual health insurance: $300 - $600 per month, or $3,600 - $7,200 per year.

How We Evaluated Health Insurance Companies

Evaluating health insurance companies for every person's needs is impossible. Plan pricing can vary greatly depending on your exact circumstances. However, we collected data to help us determine the selection of plans available and average premium rates for the companies we reviewed. We rated the companies highest that provide a wide range of plan options coupled with competitive pricing. We researched the least and most expensive plan options for metropolitan and midsize town locations across the U.S. for 35, 45 and 55-year-old non-smoking males. Using this data we were able to determine which service generally offers the widest range of plan options at a reasonable price. The quotes you receive might vary greatly from our test data depending on your specific situation.

Health insurance pricing varies depending on age, location, gender and many other factors. To find the best health insurance plan for you, we recommend obtaining quotes from at least three different companies.

How Do I Obtain a Health Insurance Quote?

If your employer does not offer an affordable health insurance option and you do not qualify for subsidized insurance or Medicare, you can shop the open market for medical insurance. The health insurance companies we reviewed will allow you to request a quote online rather easily. Premium rates vary significantly by multiple factors. You'll learn that the monthly rates increase quite a bit as you age. Smoking also increases the premium rate. In most cases you can select non-smoking if you have not smoked in over six months.

Services such as eHealthInsurance are simple to use and provide a variety of quotes but may not always show every option available. You may find more plan options by requesting plan information directly from the insurance company's website. Before purchasing new insurance it is always a good idea to ensure that your preferred doctor accepts the insurance you are looking to purchase. While your doctor may be listed on the insurance company's website, it is smart to call your doctor's office directly to verify.

Even if the open-enrollment period has passed for signing up for insurance via one of the exchanges, you might still be able to purchase subsidized insurance if you've had a qualifying life event. Qualifying events include moving to a new state, change in income, change in family, loss of coverage and others. You may even be able to apply simply because you did not understand that open-enrollment ended or you did not understand the health care law. If your income qualifies you for subsidized health care, you'll want to purchase through your state exchange.

To learn more about health insurance in general see our articles about health insurance.

Considerations for Comparing Health Insurance Plans

Plans vary greatly. But the general rule of thumb is that the less you pay per month, the higher your deductible is. Higher premiums are usually associated with lower deductibles. Generally it is beneficial for those with existing health issues to opt to pay more per month and less out-of-pocket for services. Those in good health often opt for a high deductible option in hopes that they never have to actually pay the deductible but would mostly be covered if something major happened. A prescription plan is another important consideration. If you need to take medications regularly you'll want to choose a plan with a good prescription plan. If you need to insure your entire family, you'll want to look at family deductibles and maximums. Only full-coverage options will satisfy the minimal essential health care insurance required to get around paying the fine.

Major Points to Compare:

Monthly Premium

This is your monthly payment for health insurance. It may be worth asking if you can get discounts for paying in advance or if you set up direct payments from your bank account.

Deductible

The amount you are required to pay, not counting preventive care, before the insurance company starts paying out. Low-deductible plans offer deductibles of about $500, whereas high-deductible plans might be as much as $6600.

Maximum Out-of-Pocket

This is the maximum you'll have to pay out-of-pocket. Sometimes this is more than the deductible. It is not uncommon to have a deductible of $1200 and a maximum out-of-pocket limit of $1500. This of course does not count your premiums.

Preventive Care Covered

Most insurance policies now cover preventive-care visits 100 percent. However, some may limit the number of checkups or how often certain procedures such as mammograms are covered.

Prescription Plan

If you need to take maintenance medications you'll want to find an insurance plan with an above-average prescription plan. You should check to see if it covers the medications you are currently taking satisfactorily or if it covers suitable generics.

In-Network vs. Out-of-Network Coverage

While in-network providers are discounted, you usually pay significantly more for out-of-network health care. This is a good reason to contact your primary doctors to ensure they are preferred providers.

Medical insurance does not cover regular dental or optical needs. For these type of insurance plans see our Dental Insurance reviews and Vision Care reviews.

Types of Plans Available

While looking for insurance you many notice a wide variety of plans. Some may provide coverage for a large selection of doctors whereas others may provide increased coverage to preferred providers.

Here are the most common insurance types explained:

Preferred Provider Organization (PPO)

This type of insurance provides better coverage to providers within their network. Usually the insurance company and the provider have agreed in advance to the billing costs for common procedures. Out-of-network providers, or those without an agreement, might not be covered or will cost the patient more out-of-pocket.

Health Maintenance Organization (HMO)

With an HMO plan, you have to work with one primary doctor and all additional procedures or testing is routed through them. You have to have a referral from your primary doctor before seeing a specialist unless it is an emergency situation.

Exclusive Provider Organization (EPO)

This type of plan limits the network of doctors and hospitals covered in order to help control costs. Out-of-network doctors and hospitals are not covered at all.

Point of Service (POS)

These types of plans are a mixture of HMO and PPO. You would need to use a primary doctor to coordinate your care, but there is more freedom to visit the health care provider of your choosing. If you visit a provider outside of the network, you have to pay the bill and then submit a claim to the insurance company for partial reimbursement.

High-Deductible Health Plan (HDHP)

These types of plans usually have lower monthly premiums but higher deductibles. In many cases the deductible is $6,600.

Flexible Spending & Health Savings Accounts

These are not insurance plans, but ways of assisting with medical costs with pre-tax money. Often these accompany a high-deductible plan in order to help cover the high deductible easier. Flexible spending accounts are often use-it-or-lose-it, but health savings accounts typically can roll over to the next year.

Short-Term Medical

Short-term medical plans are designed to fill the gap between insurance coverage. So if you are going to be changing jobs, for example, and might have a gap before your new insurance takes over, short-term might help you.

Non-Compliant Options to Consider

If you decide to opt out instead of acquiring compliant health insurance, you do have a few options. These options probably won't qualify to relieve you of having to pay the shared responsibility payment, but they can still lower your health care costs. Many insurance companies offer short-term insurance plans that might help you between coverage periods or after losing insurance. Catastrophic insurance usually has a high deductible, but can help if you need expensive treatment. Another option is Direct Primary Care (DPC) or "concierge medicine." These are not standard insurance models but involve a direct payment to the provider as an annual fee or retainer for services. This type of arrangement is not common, but it's an option for some. Boutique offices are becoming increasingly popular as well. These medical practices do not bother with insurance and simply make cash-price arrangements with patients. Many offer quite competitive rates for routine services. However, keep in mind that this alternative option does not satisfy the requirement to have minimal compliant health insurance and that you may need to pay the fine unless you are somehow otherwise exempt.

While obtaining suitable health insurance requires a bit of effort, health insurance is now affordable to more Americans than before. Increasing the parental coverage to 26 years old and introducing the medical exchanges has helped, especially for younger Americans who can now acquire affordable coverage. It only takes a few minutes using our health insurance tools to discover the plans available in your area. To find the best plan for your specific needs, we recommend comparing plans from at least three insurance companies that offer coverage in your area.

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Pet Insurance: What You Need to Know

Discover which pet health insurance plans are worth it to save money on dog surgery, cat vaccinations, pet medication and more

One minute, you and Rusty are playing fetch in the yard; the next, you hear a whimper and he's limping back to you. When you take him to the vet, you find out Rusty has a torn knee ligament—one of the most common orthopedic dog injuries. Healing it will take a $3,000 surgery. Talk about ouch.

Expensive surgeries, treatments, and prescriptions for dogs and cats are becoming more common—so much so that pet health insurance is a fast-growing market. And as new policy providers enter the marketplace, owners are gaining more freedom to personalize and prioritize.

The cost of a policy depends on everything from where you live to the amount of coverage you want to the age and breed of your furry friend—annual premiums for a 5-year-old Labrador can range anywhere from $200 to $1,000, for instance. But no matter how much you pay, you'll get more value today for your premium dollars than you did a decade ago, according to Dr. Wilkerson. Here, we break down the most significant new enhancements."Because there are more options available, you have a much better chance of finding a policy that covers what's important to you and your pet," says Frances Wilkerson, DVM, a Chicago-area veterinarian and the founder of PetInsuranceUniversity.com.

Flexible Spending

10 Years Ago: Payment was based on a schedule of benefits; that is, you'd be covered for up to a certain amount for a given procedure—say, $350 to de-quill your pup after a run-in with a porcupine—but you'd pay the remainder out of pocket, no matter how much the final price.

Today: Several companies have opted for reimbursement plans, which many owners find easier to navigate, with deductibles, co-payments, and adjustable limits (some as high as $20,000 annually). Most work on a percentage-based payment plan—for example, 80/20—so when that pup runs into the porcupine, your insurance pays for 80% of the total cost of his treatment, and you cover the remaining 20%. With so many plans out there, the percentage you pay is often your choice.

No Age Cutoffs

10 Years Ago: Once a cat or dog turned 8 years old, it was next to impossible to buy insurance for him.

Today: A few companies have no age limit at all, and the cutoff for others is into the double digits. Know that as your pet ages, policy prices can rise as much as 10% with each year (this usually translates into only a few more dollars each month).

No Breed Barriers

10 Years Ago: Insurers didn't cover conditions known to be common in certain breeds, such as $5,000 hip replacements for German shepherds, who frequently have hip problems.

Today: Several major plans cover hereditary conditions, as long as your pet's not showing symptoms when you first sign her up. For this reason, you might be asked to provide records from a recent checkup before being approved for a policy.

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General insurance (UK)

This page sets out the value that actuaries can bring to general insurance.

General insurance actuaries help provide expertise in three main areas:

• Reserving (in reserving they apply statistical techniques to assess the likely outcome of general insurance liabilities, typically, and the provisions that are needed for reporting purposes)
• Rating (the pricing actuary assesses the frequency and average amount of claims to estimate premiums)
• Capital modelling (for capital modelling the actuary projects both the liability and assets of insurers to assess solvency and future capital needs).

General insurance or non-life insurance policies, including motor and household policies, provide payments depending on the loss from a particular financial event.  General insurance typically comprises any insurance that is not determined to be life insurance.  It is called property and casualty insurance in the U.S. and non-life insurance in Continental Europe.

In the UK, General insurance is broadly divided into two areas, personal lines and commercial lines.

Commercial lines products are usually designed for relatively large legal entities. These would include workers' comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.

Personal lines products are designed to be sold in large quantities. This would include motor insurance, household insurance, pet insurance, creditor insurance and others.

The London Market provides a focus for many insurance companies and syndicates operating under a Lloyd’s of Londonbanner to write large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers and other companies that are typically physically located in the City of London. Business is typically written through specialist brokers. The London Market also participates in personal lines and commercial lines, domestic and foreign, and provides reinsurance.

The statistics on the changing profile of our membership tell us that around 30% of our general insurance members live and work outside the UK.   As a result, the General Insurance Practice Executive Committee (PEC) is continually looking at what it can do to support our non UK members. 

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7 Life Insurance Myths That Can Cost You

Life insurance is an important part of a well-rounded financial plan. But let's face it — it can also be confusing. In fact, misunderstandings about life insurance cause many people to skip the coverage altogether, putting their families at great risk for financial hardship. Here, we set the record straight on seven common myths about life insurance.

Myth 1: Single and young people don't need life insurance.
Truth: Your key question should be: Will anyone be worse off financially if I die? Even if you have no dependents, you might leave behind credit card debt, student loans, a car payment or funeral expenses.

A small life insurance policy would cover these costs. Moreover, buying while you're young can help you lock in lower rates and guarantee coverage if you develop health problems later in life.

Myth 2: Only people with kids need life insurance.
Truth: Chances are your spouse depends on your income, regardless of whether you have children. Could he or she manage to pay the mortgage and all other household bills and debts alone? A life insurance policy could help your partner keep the house and maintain the same standard of living.

Myth 3: If your employer provides coverage, there's no need for more.
Truth: Many corporations provide their employees with free life insurance worth once or twice their annual salary. Similarly, the military's Servicemembers Group Life Insurance (SGLI) offers great rates on policies up to $400,000. These are nice benefits, but if you leave your company or the military without a separate policy in place, it may be difficult or even too late to purchase one when you need it most.

Myth 4: Life insurance is too expensive.
Truth: It probably costs less than you think. For example, a healthy 30-year-old male can get $250,000 of 20-year term coverage for less than $15 per month.1 And as average life expectancies continue to increase, life insurance prices keep going down.

Myth 5: Insurance policies are all the same.
Truth: Policies that have similar names may differ substantially in what they cover. So before you buy based on price alone, it pays to read the fine print.

Myth 6: There's no reason to insure a stay-at-home spouse.
Truth: Your stay-at-home spouse may not earn an income, but think of the services he or she may provide for free: child care, meal preparation, housekeeping and more. With that spouse gone, life suddenly gets a lot more expensive. Life insurance can defray the cost of hiring help in your partner's absence.

Myth 7: Buying life insurance is a hassle.
Truth: Today, you can use simple online tools to determine your life insurance needs, compare options and apply on the spot. Explore at your own pace with no high-pressure sales tactics. And if you have questions, call us.

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Cheap Life Insurance Rates Online

You need to be well informed about this because some insurance companies that make monetary losses from some claims end up shifting that burden to the consumer. You must look for an affordable indemnity cover that will allow you to save some money. Requesting indemnity quotes by filling simple online indemnity questionnaires that are provided by different indemnity companies; you can find and compare indemnity rates online.

Following this simple way, you will be able to compare indemnity coverage and premium quotes from competing indemnity companies. This process can be done in 15 minutes or less and you don't even need to make a single call or being a part of the lengthy and time consuming meetings with indemnity agents. To find cheap indemnity rates online, you can also look into other non indemnity companies' sites that have the technology which will allow you to compare indemnity premium quotes from multiple competing indemnity companies in a few minutes by entering your information.

One of the best ways to find out the best rates over the net is to keep checking the quotes of various indemnity plans. This will help the customers get the quotes of their desired choice. The third party indemnity companies can also be consulted for a comparative analysis. Thus, it is very important to compare the indemnity quotes before buying an insurance scheme.

Given the current recession it is important to make sure to prioritize your money and compare insurance quotes online. A good place to state would be an online website that actually allows you to compare insurance quotes online for free.

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Buying Life Insurance Tips

Life insurance serves as a protection if the insured dies. For example, if I was insured by an insurance product and die tomorrow, then the insurance companies will provide insurance money to people who I left behind.

The purpose is to take life insurance to cover the potential loss of income. If I as the backbone of the family died, the family I leave behind will lose sources of income. If I follow the life insurance program, so that my family would leave the insurance money that can be used as a substitute for the lost revenue, at least for a while.

Actually the rule choosing life insurance products are not much different from choosing another product:

* No purchase life insurance if not required; and
* If you need life insurance, buy life insurance that provides adequate protection.

From my brief survey to several friends and family members, virtually none of them are taking life insurance in accordance with the rules above. Most buying life insurance when not needed, and not take life insurance with a sufficient sum assured if needed.

Do not buy life insurance if not required

The main factors are buying life insurance dependents and obligations (e.g. debt). If someone does not have both so concerned not need life insurance.

Small children (or even newborn) do not need life insurance protection because it does not have any dependents. If the child dies, the family will grieve, but it will not adversely affect the financial condition of the family. On the contrary, precisely the family finances would improve because the number of dependents decreases. Buy life insurance child at this stage will only give free money to the insurance company.

People who already have money can become not need life insurance if you are concerned do not have dependents and do not have obligations. People without dependents and no liability to third parties do not need life insurance because if the person dies, no one feels lost revenue.

If the person is on the take-credit, consumer credit, especially now that the question already has an obligation. Thus, it is time he takes the life insurance (if credit is not equipped with credit insurance). If not, then he has the potential to incriminate relatives if something bad happened to her.

Parents of all children are independent and no longer have an obligation to the other party does not need life insurance. If the respective dies, her children will grieve, but no one will ever feel financially disadvantaged. In addition, if the parents are managing the funds properly, then the concerned should already have savings or investment return far greater value than the sum assured of life insurance.

If the parents are already having enough savings, he could cancel his life insurance before the time if the perceived value of insurance coverage is not proportional to the amount of savings. If he dies before the children independently, his children will still be a legacy in the form of these deposits.

If it does not have dependents and no longer in productive age, the elderly person needs life insurance is not, but the liquid funds in large numbers. Furthermore, in these conditions required that the product is exactly the opposite of life insurance, annuities i.e. If the life insurance provides protection if the insured dies too soon, annuities serve to provide protection if the insured is living too long. Pay life insurance premiums at this time could be a "financial disaster" for the required product is exactly the opposite of life insurance.

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Get Cheap Car Insurance Rates

Chances are that if you are over 25 years of age you can get a pretty good discount on your car insurance. Auto insurance companies tend to give discounts to drivers over the age of 25 because they see them as more mature because of their experience behind the wheel.

However the best age group that gets excellent rates on auto insurance are senior citizens. Auto insurance companies consider people over 50 years of age as senior citizens. They get the best rates because they are less likely to get into auto accidents or get a speeding ticket.

If you want to get the best rates possible you should consider combining your home and auto insurance together. Auto insurance providers generally would give insurance discounts to individuals that combine their auto and home insurance together. This helps you save money and also helps you easily manage your bills.

Another way to get your car insurance rates cheaper is to go online. By going online you have the opportunity to get the best rates possible because you do not have to deal with agents trying to receive commission like those locally in your area. Generally the more information you give the car insurance companies online the more accurate your quotes will be.

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