The US Health Insurance and Its Types - 360Naija
Connect with us

........ADVERTISEMENT BY GOOGLE........

INSURANCE

The US Health Insurance and Its Types

Published

on

There are two types of health insurance in the US, private and public. Most people use a combination of both. The US public health insurances are Medicare, Medicaid, and the Children’s Health Insurance Program, keep reading…

........ADVERTISEMENT BY GOOGLE........

How to Choose a Good US Health Insurance Plan:

When looking up for a good health insurance plan, make sure you ask yourself questions like:

  • Does that plan grant you the right to go to any doctor, hospital, clinic, or pharmacy you choose?
  • Are specialists such as eye doctors and dentists covered?
  • Does the plan cover special conditions or treatments such as pregnancy, psychiatric care, and physical therapy?
  • Do the plan cover home or nursing home care and medications a physician might prescribe?
  • What are the deductibles?
    Are there any co-payments?
  • What is the most you will have to pay out of your pocket to cover expenses?

Make sure you also understand how a dispute about a bill or service is handled by your provider, as in some plans, you may be required to have a third party decide how to settle the problem. We recommend the GeoBlue Xplorer plan for foreigners in the United States.

How the U.S. Health Insurance Works:

Health care in the United States can be costly. A doctor’s office visit may cost several hundred dollars, and an average three-day hospital stay can run tens of thousands (or even more) depending on the type of care provided. Most of us cannot afford to pay such large sums if we get sick, especially since we don’t know when we might become ill or injured or how much care we need. Health insurance offers a way to reduce such costs to more reasonable amounts.

........ADVERTISEMENT BY GOOGLE........

The way it typically works is that the consumer (you) pays an upfront premium to a health insurance company and that payment allows you to share “risk” with lots of other people (enrollees) who are making similar payments. Since most people are healthy most of the time, the premium dollars paid to the insurance company can be used to cover the expenses of the (relatively) small enrollees who get sick or are injured.

As you can imagine, insurance companies have studied risk extensively, aiming to collect enough premiums to cover the enrollees’ medical costs. There are many different types of health insurance plans in the U.S. and many different rules and arrangements regarding care.

What is Health Insurance:

Health insurance in the United States is any program that helps pay for medical expenses, whether through privately purchased insurance, social insurance, or a social welfare program funded by the government. Synonyms for this usage include “health coverage,” “health care coverage,” and “health benefits.”

Health Insurance Requirements for Foreign Visitors in the US:

Though the United States Authorities have not made health insurance mandatory for short-term travelers, as B-1/B-2 visa holders, it is highly recommended that every traveler get insurance before their trip to the country.

The main reason you should get insurance is that healthcare in the US is costly, and even a check-up for a simple headache will cost you hundreds of dollars, while a broken limb will cost you thousands.

Health incidents are never foreseen. Therefore, it is best to be prepared for it and get insurance, so in case of need, you save yourself money.

Special Considerations for Health Insurance:

I remember President Barack Obama signed the Affordable Care Act (ACA) into law in 2010. In participating states, the act expanded Medicaid, a government program providing medical care for low-income individuals.

In addition to these changes, the ACA established the federal Health Insurance Marketplace.

It also prohibits insurance companies from denying coverage to patients with preexisting conditions and allows children to remain on their parent’s insurance plan until they reach age 26.

The Marketplace helps individuals and businesses shop for quality insurance plans at affordable rates. Insurance available through the ACA Marketplace is required to cover ten essential health benefits.

What is the Affordable Care Act?

The Affordable Care Act (ACA), also called Obamacare or Bidencare, was implemented to help make health insurance easier for people. Marketplace or ACA plans are sold on the health care Marketplace or Exchange. They focus on preventive care, cover pre-existing conditions, and provide benefits like doctor visits, prescriptions, and lab tests. If you’re looking for Marketplace coverage, you usually need to enroll during the established enrollment period. Check into UnitedHealthcare Individual & Family ACA Marketplace plans to find various affordable, quality coverage options.

What is COBRA?

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), a program that may help if you need coverage between jobs. If you lose your job, become furloughed, or experience reduced hours, which changes your health insurance coverage, you may look into COBRA for health care coverage. With COBRA, you can continue the coverage you had when you were employed. That includes medical, dental, and vision plans.

........ADVERTISEMENT BY GOOGLE........

Types of Health Insurance:

There are two main types of health insurance: private and public, or government. There are also a few other, more specific types. The following sections will look at each of these in more detail.

Private health insurance:

The Centers for Disease Control and Prevention (CDC) say that the U.S. healthcare system relies heavily on private health insurance. In the National Health Interview Survey, researchers found that 63.7%Trusted Source of people under the age of 65 years in the U.S. has a type of private health insurance coverage.

Public or government health insurance:

With this type of insurance, the state subsidizes healthcare in exchange for a premium. Medicare, Medicaid, the Veterans Health Administration, and the Indian Health Service are examples of public health insurance in the U.S.

Other types:

Some people may also define an insurer by how it administers its plans and connects with providers. Here are some examples of the types of plans available.

Managed care plans:

With this plan, the insurer will have contracts with a network of providers to provide lower-cost medical care to its policyholders. Penalties and additional costs will be added to out-of-network hospitals and clinics, but they will provide some treatment.

The more expensive the policy, the more flexible it is likely to be with the network of hospitals.

Indemnity, or Fee-for-Service, plans:

A Fee-for-Service plan covers treatment equally among all providers, allowing the insured to choose their preferred place of treatment. The insurer typically pays 80% of the costs on an indemnity plan, while the individual pays the remaining costs as a coinsurance.

Health Maintenance Organization plans:

These are organizations that provide medical care directly to the insured. The policy usually has a dedicated primary care physician coordinating all necessary care.

Health Maintenance Organization (HMO) plans will usually only fund treatment referred by a family doctor and will have negotiated fees for each medical service to minimize costs. This is usually the cheapest type of plan.

Health insurance can be tricky to navigate in the U.S.

So-called managed care insurance plans require policyholders to get their care from a network of designated healthcare providers. Patients seeking care outside the network must pay a higher percentage of the cost. The insurer may even refuse payment outright for services obtained out of network.

Many managed care plans—for example, health maintenance organizations (HMOs) and point-of-service plans (POS)—require patients to choose a primary care physician who oversees the patient’s care, makes recommendations about treatment, and provides referrals for medical specialists.

Preferred-provider organizations (PPOs), by contrast, don’t require referrals but do set lower rates for using in-network practitioners and services.

Insurance companies may deny coverage for certain services that were obtained without preauthorization. They may refuse payment for name-brand drugs if a generic version or comparable medication is cheaper.

All these rules should be stated in the material provided by the insurance company. It’s worth checking with the company directly before incurring a significant expense.

Medicare:

Medicare is a federally funded and operated health insurance program initially designed for 65 or older. Throughout the years, Medicare has expanded to include disabled people under 65 and those with particular circumstances. The program is divided into four parts: A, B, C, and D, and it is the same nationwide.

Medicaid:

Medicaid is a federal and state program that helps people with limited income and resources to cover medical costs while covering benefits typically not covered by Medicare, such as nursing home care and personal care services.

It is the largest source of funding for medical and health-related services for low-income people in the United States. Data shows that the US provides health insurance to 71 million people with low income or disabilities, 23% of the total US population.

Children’s Health Insurance Program:

Formerly known as the State Children’s Health Insurance Program (SCHIP), this program covers health insurance for children of families with a modest income that is not low enough to qualify for Medicaid.

Health Insurance Requirements for Foreign Visitors in the US:

Though the United States Authorities have not made health insurance mandatory for short-term travelers, as B-1/B-2 visa holders, it is highly recommended that every traveler get insurance before their trip to the country.

The main reason you should get insurance is that healthcare in the US is costly, and even a check-up for a simple headache will cost you hundreds of dollars, while a broken limb will cost you thousands.

Health incidents are never foreseen. Therefore, it is best to be prepared for it and get insurance, so in case of need, you save yourself money.

Conclusion:

US Health insurance is essential for all America-based citizens.
Congratulation, now that you have gotten your health insurance, feel free to contact us or drop us a comment in case of questions or what you fill we would have added; we are here for you 24/7. Good luck!

........ADVERTISEMENT BY GOOGLE........
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

INSURANCE

Whole Life Insurance and its Benefits

Published

on

........ADVERTISEMENT BY GOOGLE........

In this article, we will bring you a brief history of the type of insurance that is fit for the rest of your life, the special consideration about this insurance, the meaning of the insurance, the advantages of insurance, the uses of insurance, keep reading… (more…)

........ADVERTISEMENT BY GOOGLE........

........ADVERTISEMENT BY GOOGLE........
Continue Reading

INSURANCE

The U.S.A Insurance Types

Published

on

We can’t prevent the unexpected from happening, but sometimes we can protect ourselves and our families from the worst of the financial fallout.

........ADVERTISEMENT BY GOOGLE........

Selecting the right type and amount of insurance is based on your specific situation, such as children, age, lifestyle, and employment benefits.
Most financial experts recommend four types of insurance: life, health, auto, and long-term disability, which are the primary concern of this article; keep reading…

What is an Insurance?

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to guarantee another party compensation in the event of a specific loss, damage, or injury. It is a form of risk management primarily used to hedge against a contingent or uncertain loss risk.

An insurance entity is an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. However, this article analyzes the types of insurance in the United States of America. Keep reading…

........ADVERTISEMENT BY GOOGLE........

Types Of Insurance Everyone Needs:

There are four types of insurance you need to know for you to purchase any of your interests. These types are life insurance, disability insurance, Health insurance, and auto insurance; keep reading…

  1. Life Insurance:

What is Life Insurance?

Life insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events, such as terminal or critical illness, can trigger payment. The policyholder pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.

Life policies are legal contracts, and each contract’s terms describe the insured events’ limitations. Often, specific exclusions are written into the contract to limit the insurer’s liability.

The two basic life insurance types are Whole and term life.

  • Whole life insurance can be used as an income tool and an insurance instrument. It includes a death benefit and also a cash value component. As the value grows, you can access the money by taking a loan or withdrawing funds and ending the policy by taking the cash value of the policy.
  • Term life insurance covers you for a set amount of time, like 10, 20, or 30 years and your premiums remain stable. Commonly the most affordable type of life insurance, a term policy can work to cover the years during which a mortgage loan is outstanding or throughout your children’s college years.

Life insurance is critical if your family is dependent on your salary. Industry experts suggest a policy that pays out ten times your yearly income.

When estimating the life insurance you need, factor in funeral expenses. Then calculate your family’s daily living expenses. These may include mortgage payments, outstanding loans, credit card debt, taxes, child care, and future college costs.

According to a 2021 study by LIMRA, formerly the Life Insurance and Market Research Association, more than half of U.S. households rely on dual incomes. The study also found that a quarter of families would experience financial hardship within one month of a wage earner’s death.

  1. Health Insurance:

What is Health Insurance?

Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, the risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.

Health insurance can be obtained through your employer, the federal health insurance marketplace, or private insurance you buy for yourself and your family by contacting health insurance companies directly or through a health insurance agent.

Only 9.2% of the American population was without insurance coverage in 2021, the Centers for Disease Control (CDC) reported in its National Center for Health Statistics. More than 60% got their coverage through an employer or private insurance marketplace. At the same time, the rest were covered by government-subsidized programs, including Medicare and Medicaid, veterans’ benefits programs, and the federal marketplace established under the Affordable Care Act.

The Option for Health Insurance:

Even a minimal policy is better than none if you’re on a tight budget. If your income is low, you may be one of the 80 million Americans eligible for Medicaid.

If your income is moderate but doesn’t stretch to insurance coverage, you may be eligible for subsidized coverage under the federal Affordable Care Act.

........ADVERTISEMENT BY GOOGLE........

The best and least expensive option for salaried employees is usually participating in your employer’s insurance program if your employer has one. The average annual premium cost to the employee in an employer-sponsored healthcare program was $7,739 for single coverage and $22,221 for a family plan in 2021, according to research published by the Kaiser Family Foundation.

  1. Long-Term Disability Coverage:

Sometimes an employee may involve in an accident that results in long-term recovery or life disability. In this case, if you purchase disability insurance from the initial stage, the company will pay your compensation according to the teams of agreement. Keep reading…

What is long-term disability insurance?

Long-term disability insurance is defined as a policy that pays you, the policyholder, direct monthly benefits to replace a portion of your earnings if you become disabled and cannot work in your occupation.

This form of disability insurance is designed to cover severe injuries and illnesses that keep you out of work for three months or longer, as well as permanent disabilities that leave you unable to return to work.

Long-term disability coverage is a wise investment for healthy, employed individuals who want to secure their financial future. You can get covered by yourself, as a part of a group, or both.

Long-term disability insurance supports those who become unable to work. According to the Social Security Administration, one in four workers entering the workforce will become disabled before they reach retirement age.

While health insurance pays for hospitalization and medical bills, you are often burdened with all the expenses covered by your paycheck. Many employers offer short- and long-term disability insurance as part of their benefits package. This would be the best option for securing affordable disability coverage.

Things to know before purchasing insurance for yourself;

If your employer doesn’t offer long-term coverage, here are some things to consider before purchasing insurance on your own:

  • A policy that guarantees income replacement is optimal. Many policies pay 40% to 70% of your income.
  • The cost of disability insurance is based on many factors, including age, lifestyle, and health. The average cost is 1% to 3% of your annual salary.
  • Before you buy, read the fine print. Many plans require a three-month waiting period before the coverage kicks in, provide a maximum of three years’ worth of coverage, and have significant policy exclusions.
  1. Auto Insurance:

Our access, like cars and other road appliances, must be covered against accidents to avoid losses; keep reading…

What is Auto Insurance?

Auto Insurance (also known as car, motor, or vehicle insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against vehicle theft and damage to the vehicle sustained from events other than traffic collisions.

Despite years of improvements in auto safety, an estimated 31,720 people died in traffic accidents on U.S. roads and highways in the first nine months of 2021, according to the National Highway Traffic Safety Administration.

Almost all states require drivers to have auto insurance, and the few that don’t still hold drivers financially responsible for any damage or injuries they cause. Here are your options when purchasing car insurance:

Liability coverage:

It pays for property damage and injuries you cause to others if you’re at fault for an accident and also covers litigation costs and judgments or settlements if you’re sued because of a car accident.

Comprehensive and collision coverage:

Collision insurance pays to repair or replace your car after an accident, regardless of fault. Comprehensive insurance covers theft and damage to your car due to floods, hail, fire, vandalism, falling objects, and animal strikes. This type of insurance is mandatory when you finance your car or lease a car.

Uninsured/underinsured motorist (UM) coverage:

Suppose an uninsured or underinsured driver strikes your vehicle. In that case, this coverage pays for you and your passenger’s medical expenses and may also account for lost income or compensate for pain and suffering.

Personal injury protection (PIP):

PIP insurance helps reimburse you and your passengers for rehabilitation and lost wages.

Medical payment coverage:

MedPay coverage helps pay for medical expenses, typically between $1,000 and $5,000, for you and your passengers if you’re injured in an accident.

As with all insurance, your circumstances will determine the cost. Compare several rate quotes and the coverage provided, and check periodically to see if you qualify for a lower rate based on your age, driving record, or the area where you live.

Read also U.S fire insurance here.

Conclusion:

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have. Employer coverage is often the best option, but if that is unavailable, obtain quotes from several providers as many provide discounts; if you purchase more than one type of coverage, you are equally on the safest side.

........ADVERTISEMENT BY GOOGLE........
Continue Reading

INSURANCE

U. S Marine Insurance and Its Types

Published

on

........ADVERTISEMENT BY GOOGLE........

The object of an insurance contract is to place the assured after a loss in the same relative financial position in which he would have stood had no loss occurred. By the U.S Marine Insurance Act, the indemnity (contractual obligation of one party to compensate the loss incurred to the other party) “in the manner and to the extent agreed.” A “commercial” indemnity is thus provided. Because insurers cannot undertake to reinstate or replace cargo in the event of loss or damage, they pay a sum of money, agreed in advance, that will provide reasonable compensation. (more…)

........ADVERTISEMENT BY GOOGLE........

........ADVERTISEMENT BY GOOGLE........
Continue Reading

Trending


........ADVERTISEMENT BY GOOGLE........

Copyright 2022 360NAIJA.COM.NG All Rights Reserved: All content, including text, graphics, images, and information, contained on or available through this website, is for general information purposes only.