Private Health Insurance

Private health insurance and the National Health Care Bill part 2

November 29, 2009 By Lynlee Leave a Comment

The author, Ted Wolk, has over 30 years experience in the life and health insurance industry, looks at the National Health Care Bill and shares his thoughts on the core problems related to this Issue. PART 2

So who is really at fault for higher premiums?

Is it really the health insurance company’s fault that premiums have gone sky high?

Let’s look at the real business world and not the fantasy world. Health Insurance premiums rates are based on claims and morbidity rates, in other words, hard undisputed realistic data. Life insurance companies use mortality tables and health insurance companies use morbidity tables. These are very accurate actuarial tables, actuarial tables that are built on proven and scientific data.

However, when you continue to throw in unknown variables such as increasing malpractice claims, fraud, illegal claims, double billing, etc., it throws everything out of whack, so unless these issues are brought under control, how will you ever be able to lower or get health insurance costs under control? You never will.

What do insurance companies really do?

Insurance companies only pay claims that are submitted to them by the clients, patients and the doctors and hospitals. They have no control of these claims. Let me say that once more. Insurance companies only pay claims.

What do I mean by no control?

As an example, they have no control of all the malpractice claims that they must pay. They have to pay out all the large malpractice claims that are allowed under our current laws. Insurance Companies have no control of these claims or the amounts, or when they will have to be paid.

And because they have to dish out money for malpractice claims, they have to raise the rates for doctor’s malpractice insurance and guess what, the doctors then pass these increases along to you. It adds to their overhead and expenses. This then results in a pass through expense to your health insurance company, thereby raising your premiums. (Remember 100 cents in a dollar)

So in reality, both of these factions, (insurance companies) and (doctors/hospitals) are in a catch 22 situation – no win situation.

So again, I ask, how does it become the insurance companies fault if they have to raise rates to make ends meet at the end of every year, when they have no control of issues like this?

Who gets the Bad press for trying to keep insurance premiums down?

Insurance companies that want to keep the costs down always end up getting bad press when they will pay only so much for certain procedures. Why? Because those payments are based on actuarial tables or on sound business principles. No one ever seems to jump on the hospitals and doctors. It is always the insurance companies fault. Why is that? Because most people don’t know what type of coverage they really have till they are in the hospital. (Note: It would b nice if insurance companies could get rid of all that small print, but that won’t happen till all these lawsuits gets under control.

See Part 3 on the National Health Care Bill

See Part 1 on the National Health Care Bill

Ted Wolk shares his opinion on private health insurance and the National Health Care Bill

November 28, 2009 By Lynlee Leave a Comment

National Health Insurance

To quote Margret Thatcher “socialism is a great idea till you run out of other people’s money.”

Statements from Washington like “Pass the bill today and we will fix it later” scare the daylights out of me and reflect the mentality of how our leaders solve problems.

Yes there needs to be changes in health care delivery, however our politicians are not approaching the problem in a business-like manner. They are ignoring the core of the real problems that have created our dilemma. They are doing this more to satisfy their own ego. If this national health concept is suppose to be such a great idea, then why are they forcing it down our throats and then telling us if we don’t want to play their game, we are going to fine you, penalize you, etc. “ (Free Choice!!!!”Was that a privilege we once enjoyed?)

Let’s examine some of the underlying core problems we have with this health care reform bill being discussed.

But before we move forward, we need to understand some basic and simple economics:

So let’s go to Economic Class 101>>>>.Here is Lesson number one—Please write this down in your notebook. “There is only 100 cents in a dollar.” Yup, that’s what I said, there is only 100 cents in a dollar, and I know it is hard to believe. If there is anyone out there that can dispute this fact, please let me know. So let’s please keep this fact in mind as we continue on, unlike the people in Washington who totally ignore this basis fact.

Many people continue to badmouth the health insurance companies

Certainly the big issue today is the high cost of health insurance, and the fact that people cannot afford it, which results in so many uninsured. But are the health insurance companies really creating the problems we have today. The answer is no. Our politicians seem to want to ignore the core issues of this dilemma. Slapping a band aid on the real problems is not a solution. So let’s take an in depth look at the health insurance companies and why our health insurance premiums have gone up. Just so everyone knows the increasing premiums are not created by some CEO that felt like raising the rates.

Insurance companies are only the messenger

Personally, I think we need to quit putting all the blame on the health insurance companies. They are only the messenger. The message they are delivering (higher premiums) is because of all the other problems in our health delivery system and our society. Those core problems should be addressed first, before we start talking about any national health care.

See Part 2 on the National Health Care Bill

Filed Under: Health Insurance, Insurance, Life Insurance Tagged With: affordable auto insurance, car insurance for young drivers, cheap car insurance for young drivers, Insurance agency, life and health insurance, life insurance leads, National Health Care Bill, private health insurance, Young driver car insurance

September 25, 2009 By Lynlee 4 Comments

Finding private health insurance at an affordable price can be a daunting task for anybody. This is necessary if you have to give up employee health insurance because of increased costs of health insurance provided by your employer or because of losing your job. There are other options that are available for people in this category.

There are many online private health insurance providers that you can ask for assistance in your area. To find a suitable health insurance quotes you will have to give many details about yourself and your present situation. This includes personal details as well as your level of health and income level. Shopping around is the best way to choose the correct insurance provider from the many companies who offer different benefits.

The options may range from $100 premium per month to $1000 according to your needs and payment ability. Therefore, it is important to narrow down the search and choose the best private insurance provider for you and the family. Private health insurance can vary in charges as well as the coverage. A good health insurance plan will ensure that you have the coverage that suits your needs at an affordable rate. There are certain aspects of private health insurance plans that you have to expressly find out about before committing to an insurance provider. They are given below.

The type of coverage
Monthly premiums
Deductibles before insurance cover begins
Any limitations on certain expenses and the time they are provided for
Exclusion of any particular health problem or preexisting health conditions

The more information you can find out about each area given above the better health insurance coverage you will be able to find. Most private health insurance providers refrain from covering preexisting conditions such as diabetes, AIDS, heart disease and cancer. In this way private health insurance can be rather restrictive when compared with employer coverage which incorporates preexisting conditions into the insurance plan. And at times, private health insurance cover may even be denied in some cases of preexisting conditions.

It will also help to find out about your state laws as many of the states require that health insurance is not denied to anyone on the basis of preexisting conditions. In fact, in some states they cannot deny medical coverage for any ailment whatsoever. Another way people can qualify for health insurance and obtain proper health insurance quotes is if they are members of a professional organization or a union. Musicians and teachers are examples of these categories. This type of affordable health insurance can be obtained for a lower rate through the union or professional organization.

Getting private health insurance can be an easy task if you are under the age of 30 as you are less likely to have any serious problems regarding your health. Many who are looking for jobs take out what is called ‘gap insurance’ that covers the time till they are able to get group insurance through employment. The premiums for this type of insurance can be low and may have policies that runs from one month to another as needed.

In some instances, even those with group health insurance find it cheaper and better to convert to private health insurance. This way they are able to use such facilities as discounted prescriptions. With private health insurance the more claims there are the higher the premium will be. As you grow older this may become expensive and restrictive. Even with pregnancy your private health insurance cost is liable to increase. In some states assisted pregnancy care is provided for those without private health insurance. The best option is to look around for an insurance provider who will accommodate your needs at an affordable price. This way you will be able to find out what they offer and the amount that you will be expected to pay as out-of-pocket expenses.

Filed Under: General Finance, Health Insurance, Insurance Tagged With: Affordable Health Insurance, good health insurance, Health Insurance, health insurance cost, Health insurance quotes, private health insurance