Health Insurance – Options for Insuring Your Children

Children's health careQuality, affordable health insurance coverage is a priority for many parents. Many assume that these plans are either too expensive or simply do not provide the coverage that their children need, this is not necessarily true though. There are a variety of health insurance policies that can provide the type of coverage needed at a price that parents can afford.

Traditional Insurance Options

Some of the most common options include employer sponsored health coverage and SCHIP (State Children’s Health Insurance Program). While both may be viable options, this often depends on the the individual situation. For example, SCHIP coverage may be dependent on income and not all families will be eligible. Employer sponsored health insurance may be expensive and not provide the amount of coverage desired.

Individual Plan Options

As with almost any type of insurance, child only health insurance can be purchased directly from many of the major insurance companies. However, it is important to consider the various options available as they will vary in costs and coverage types. Therefore, it is important to weigh each option carefully prior to deciding on any one specific plan.

Tools for Parents

There are several tools available to assist when deciding upon insurance needs. This can include websites that compare various plans and quotes, budget calculators and even calculators that can help decide which type of coverage actually best suits the needs of the child. Many of these tools are often free to take advantage of.

Other Important Considerations

For many families, cost is a big factor when considering health insurance options for their child. This may prompt many to select plans with the most affordable premiums. The consumer must be cautious when doing so. For example, some of the cheaper plans may only cover hospitalizations or co-pays and deductibles may be much larger. These are all important things to compare when seeking out health insurance to meet family needs. To learn more, go to

Medicare Supplemental Insurance Basics

MedigapWhen you are eligible for Medicare, there are a lot of different options in front of you to choose from. Taking advantage of the benefits that are available to you has the potential to save you some money on healthcare. However, the basic Medicare Part A and Part B plans that are available are lacking in a lot of areas. If you just go with one or even both of these plans, you are still going to be missing out on coverage in several areas. Luckily, there are Medicare supplemental insurance, also known as Medigap plans, available to help you make up the difference.What is Medigap?

Medigap plans are health insurance plans that are designed to fill in the “gaps” in coverage from Medicare. They come in several different forms and are designed to give people more coverage options than just the basic Medicare plans. By purchasing a Medigap plan, you can limit the chances of having to pay a large amount of money out of pocket when you need medical service.

What it Covers?

Medigap can cover a lot of different things, depending on which plan you choose. Some plans are designed to put a cap on the out of pocket amount that you might have to pay. Others change the coinsurance percentage that you’d have to pay for services that you need. Some Medigap plans pay more for medical testing and treatments. Some pay more for hospital visits and treatments, while others focus more on doctor visits, medication, and home care.

Choosing a Policy

When you are in the market for a Medigap policy, there are a lot of different coverage areas that you have to look at. There is no “one size fits all” policy. However, all of the different sections of Medicare are standardized and what they can offer patients. So a Pennsylvania Medicare supplement is not going to vary in coverage from the same plan purchased in Georgia. The key differences how much they cost from one provider to the next and the type of service that you receive in exchange for your premiums. This means that you’ll have to shop around a bit and look at the various providers to see what they have to offer you.

When making your decision as to which Medicare supplemental insurance you buy, you want to pick the areas that you think you’ll need the most help in. This is different for everyone based on risk tolerance, financial standing, and what you can afford. Once you find a policy, apply and get started.

Medicare Advantage Plans

Medicare Advantage plans are health plans sold and marketed by private insurance companies as alternatives to traditional Medicare, sometimes referred to as Medicare Part C. Medicare Advantage providers contract with Medicare to provide these services for participants and must follow the directives set forth by Medicare in order to receive reimbursement for your care. Medicare-approved plans are a good deal for seniors interested in receiving a total package of care including Part A hospital insurance and Part B medical or doctor’s coverage; Part D prescription drug coverage is often provided at no cost along with limited dental and vision benefits.

Types of Medicare Advantage Plans

Medicare Advantage plans follow individual rules governing out-of pocket costs as well as the way in which services are provided by doctors and facilities, subject to change each year. The following are the three most common types of Medicare Advantage plans currently available:

Health Maintenance Organization Plans – HMOs offer the best value with coordination of care and focus on prevention however; one is restricted to using only the doctors, hospitals and providers within the plan network with the exception of emergent or out of state urgent care. Generally, if you go outside the network, services will not be paid for. Most HMO plans require participants to choose a primary care doctor, a referral for care by a specialist and prior approval for specific services.

Preferred Provider Organization Plans – Regional PPOs offers coordination of benefits and discounts through a network of providers along with the flexibility of obtaining care from any doctor or facility at a higher cost.

Private Fee for Service Plans – PFFS plans are the most flexible in which one may choose any doctor or hospital approved by Medicare that accepts your Medicare Advantage plan’s conditions as well as Medicare. With PFFS plans acceptance of a plan member may be determined on a per visit basis while additional premiums for extra services can prove costly.

Pros and Cons of Medicare Advantage Coverage

Medicare Advantage plans are required to cover all basic medically necessary services though each may include widely divergent monthly premiums, deductibles, co-pays and co-insurance as part of the cost of a specific procedure. Additional services may be limited to preventative care, dental and vision care or simply a health club membership as part of the plan. Some plans may charge more for critical services and hospitalization, while others may limit skilled nursing care and contain spending limits each year.

A word of caution: It is essential to compare the costs and benefits of the Medicare Advantage plans offered in your area, as monthly premiums may be lower; however, out-of-pocket costs may increase.