Puzzled
by Your Insurance Coverage? Let's OverHaul the Pieces!
Author:
Janet L. Hall
(A
special note to those of you that live outside of the United States. It would
be impossible for me to try and cover all types of health insurance and coverage
that is offered around the world. I do hope this article will help guide
you as to what you should be looking for in your area of the world when it
comes to health insurance.) Health insurance, you either have it or you don't.
But wait a minute. Even if you have health insurance you might not have it,
meaning, you might not have the coverage you'll need for your particular
illness or injury.
If
you work for a company, chances are they offer what I like to call * boiler
plate insurance *. Take it or leave it. If you're self-employed, chances
are you can get the coverage you want but you also end up paying * big time
* for it if you don't understand the products and options available in the
market place.
A
friend told me about a female executive she had met who knew nothing about
her family's insurance coverage because her husband handled all * that *.
She woke him up one night asking him if their insurance covered them if they
should get Alzheimer's.
He
tells her, "Yeah, we're covered, go back to sleep and stop worrying."
But
she wasn't so sure if he really knew and thought she had better find out
exactly what their insurance covered.
What
exactly does your insurance cover? More importantly, what DOESN'T IT COVER?
You need to know and understand what your plan covers BEFORE you need to
use your insurance.
I
don't claim to be an insurance person but I have done some research and here
is a sampling of what I have discovered.
You've
got PPOs, POSs, HMOs, and COBRA. You've got Indemnity or Fee-for- Service
plans and Government run plans such as Medicare, Medigap or Medicaid. Then
there's Disability, Hospital
Indemnity, Long-Term Care, and Nursing Home Plans. Let's not forget Dental
and Vision!
You
want and need to have health insurance to protect yourself and loved ones
from financial disaster if you or they should fall into an illness or injury!
So
I'm writing to urge you to get out your health insurance policies and take
a good look at them. See if your policies need an * OverHall *. Call the
provider if you don't understand something or you have a question.
Get
the family together for an hour or so and talk about the coverage you currently
have and write down any questions that come up.
Listed
below are several questions and answers I came up with:
1. Do you have a choice in the type of plan? ASK
2.
Should both spouses carry their company's plan or just one plan?
3.
Which is the best plan for you? Find out your family's health history to
help you determine what type of coverage you should be looking at.
4.
Should you get or be concerned about Long-Term Health Care?
Depends on your family history and your finances. It is suggested that you
should start thinking about this type of insurance when you are in your 40's.
However, the premiums are lower the younger you are. Also, check with your
accountant about this type of insurance as the premium cost * could be a
possible * deduction on your Federal Tax Form.
5.
What about Disability Insurance? This is also know as Income Replacement
Insurance if you should become disabled (NOT the same as Worker's Compensation
if you get injured on the job).
6.
Should I get a Medical IRA?
7.
Are there any Federal Laws concerning Health Insurance? Yes!
Let me list but two:
a. Employers with 25 or more workers are required to offer employees the
chance to enroll in an HMO.
b. COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) requires
if the business you work for has 20 or more employees and you leave your
job or are laid off that you can continue to get health coverage for at least
18 months. http://www.ahcpr.gov
If
you don't have insurance, find out if you qualify for any state or government
run plans or do some research to find out what type of insurance you need
and can purchase.
The
best site on the internet I found while researching health insurance is by
the Agency for Healthcare Research and Quality (formerly know as the Agency
for Health Care Policy and Research). On their site you can find a 14 page
article, * Checkup on Health Care Insurance Choices * that includes a
checklist and a worksheet for you to use. Click on http://www.ahcpr.gov/consumer/insuranc.htm
They
also have a very informative article, * Choosing and Using a Health Plan
* at http://www.ahcpr.gov/consumer/hlthpln1.htm As you can see, there are
a lot of pieces to the insurance puzzle. Now it's up to you to take the time,
make the time, to find all the pieces you and your family need to complete
this * crazy * puzzle!
The
Organizing Wizard, Janet L. Hall, is a Professional Organizer, Speaker, and
Author of 'Secrets of a Professional Organizer and How-To Become One.' She
is the owner of OverHall Consulting and Organizing By Phone. Subscribe to
her FREE organizing newsletter at http://www.overhall.com/newsletter.htm
or visit her web site at http://www.overhall.com
Copyright
( c ) 1999, 2000, 2001 by OverHall Consulting P.O. Box 263, Port Republic,
MD 20676 All Rights Reserved. Permission is granted to reproduce, copy, or
distribute so long as this copyright notice and full information about contacting
the author is attached.
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About
the author:
The Organizing Wizard, Janet L. Hall, is a Professional Organizer, Speaker,
and Author of 'Secrets of a Professional Organizer and How-To Become One.'
She is the owner of OverHall Consulting and Organizing By Phone. Subscribe
to her FREE organizing newsletter at http://www.overhall.com/newsletter.htm
or visit her web site at http://www.overhall.com
