Health Insurance:
There are many
types of Health Insurance programs including: Indemnity (Fee-for-Service);
PPO (Preferred Provider Organization); HMO (Health Maintenance Organization);
POS (Point of Service); and HSAs (Health Savings Accounts).
The least expensive TYPE of plans are the
"HMO’s".
As a general rule you would have to select a non-HMO with a deductible
of $500 or more to equal the lower premium costs of an HMO; therefore,
many people seem to prefer the HMO’s. HMO's have no deductibles,
require no claims paperwork, and have minimal pre-existing condition exclusions
for covered benefits.
There are some
perceptual positives and some negatives with the HMO type of a plan depending
on personal views. The negatives are: you must use their doctors
and hospitals, having all of your medical care governed by a "gatekeeper"
doctor, or Primary Care Physician ("PCP"); therefore, you have somewhat
less freedom of choice over your medical care providers & care.
The positives are: you generally get a lower premium rate, you have
generally better benefits than a non-HMO, plus no deductible, no co-insurance
for out-patient care, and no claim forms.
If, however, you
want more freedom of provider choice, then most of the other plan types
in any proposal we can provide you, will provide that. The best type
of Indemnity Plan (a plan type that allows you to go to any Doctor
of your choosing) is best available through a new type of Medical
program called an HSA or Health Savings Account (prior to 1/1/2004 known as an MSA (1997-HIPAA
created as a trial program that was extended through 2003, and ended with the
creation of the HSA). HSAs offer special tax benefits while giving you freedom from HMO, managed care, constraints.
An HSA is comprised of 2
components; namely,
-
a qualified High Deductible Health
Insurance Plan
- an
HSA Savings Account, which
is equal to 100% of the High Deductible you select.
Money going into the HSA Savings Account is 100% tax deductible, and money
coming out of it for "eligible medical expenses" (based upon a broader
federal definition) is Tax Free.
For those who are healthy, and young
to middle aged, HSAs can accumulate a lot of cash over the years,
which if not used for medical needs, may eventually be used to supplement
one's retirement income. If used in this latter fashion, and taken
after Age 64, the 10% penalty tax no longer applies and the HSA income
distributions are then taxed at ordinary income tax rates. Some may
also plan to use these accumulated dollars to fund Long Term Nursing and/or
Home Health Care needs. Since these are legitimate medical expenses
the money would also be received Tax Free.
A very popular
"middle ground" type of policy is the “POS” plan design. POS plans
are highly flexible plans allowing you to determine your own level of benefits
based on where you choose to receive medical care; namely, via an HMO provider,
a PPO provider, or from any doctor of your choice. Of course, the
further you get away from the Insurance Company negotiated cost controls
within the HMO & PPO, the lower the benefits, but at least you have
the freedom to choose your source of care while having coverage
in all environments.
The application
process takes approximately 2-6 weeks. A form of coverage called-"Temporary
Medical-" is available to provide immediate (within 24 hours), interim
type coverage; however, these plans may not cover pre-existing conditions.
We suggest submitting applications for both the permanent & Temporary
plan so that you are not without coverage unless you are presently covered.
If you are presently covered DO NOT consider canceling your coverage until
you receive written approval from any new plan to which we may apply and
then, of course, any cancellation should take effect only after the new
plans effective date.
Click
onto the following for an instant quote for over 50 plans from a wide spectrum
of Insurers, or simply call us at: 1.800.482.5347.
Get
Instant Insurance Coverage Quotes - Click Here Now !
For
those of you who are more familiar with names like Blue Cross or Blue
Shield, and prefer these well known brand
name Insurers, the above link will also quote them, along with most other
familiar carriers here in the State of California.
-----------
NOTES: Important
factors that will effect the approval and issuance of any coverage include
such factors as:
- Your name
& those of any dependents to be covered
- Dates
of birth
- Home address and zip
code
- Telephone numbers and best time and place
to reach you
- Pre-existing health conditions,
histories, and/or ongoing medical problems.
(-31006)
Contact Us
Today! Phone: 1.800.482.5347 /
www.LeagueFinancial.com
/ Info@LeagueFinancial.com
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