As the number of individuals diagnosed with diabetes, a disease in which unstable glucose levels damage nerve endings and blood vessels (causing serious health complications) rises, finding adequate health insurance coverage is essential. However, after an individual has become diagnosed with diabetes it becomes increasingly difficult to obtain health coverage because of the pre-existing conditions limitations implemented by insurance carriers.

Although diabetes can be successfully controlled through the use of monitoring devices and other medical supplies, doing so is very expensive. For example, just the cost of routine blood work and preventive care services for diabetics can easily reach hundreds of dollars a month.

Read the full post on Diabetics & Health Insurance.

More than 20% of Americans suffer from some type of mental disorder. Consequently, it is no surprise that many individuals are curious as to what mental health benefits are offered through their individual health insurance coverage. Unfortunately, this is a difficult question to answer since rules and regulations vary by state.

Although particular states may not mandate that individual insurance carriers offer mental health benefits, there are carriers and plans that will provide such coverage. To best determine what benefits are available in your area contact your insurance carrier or a licensed agent. These benefits may include copayments and first dollar coverage for inpatient and outpatient services.

A HSA plan consists of two parts: a high-deductible health insurance policy; and a bank account intended to help individuals save money for future medical expenses or retirement. The money in the account can be withdrawn immediately for qualified medical expenses, and any remaining savings can rollover to the next year.

Who qualifies for HSA plans? In order for an individual to qualify for a HSA account they must be under 65 years of age. Furthermore, the applicant must also currently have a high deductible insurance policy in force. For 2009, the minimum deductible for an individual is $1,150 and $2,300 for a family.

Read the full post on Health Savings Account (HSA).

With health care premiums continuously increasing, employers have been forced to reduce medical benefits offered, as well as, shift the financial responsibility to their employees. One way employers have been able to make this transition and subsidize medical costs is by setting up a HRA. HRAs are sanctioned programs that allow employers to compensate medical expenses paid by participating employees.

With a HRA, employers fund individual accounts that function to reimburse medical expenses incurred by employees. Examples of qualified expenses include insurance premiums, deductibles, copayments, and prescription drugs.

What are the benefits for employers and employees who utilize HRAs?

Read the full post on Health Reimbursement Arrangements (HRAs).

The Body Mass Index is a tool used by health insurance companies to better determine an applicant’s risk factor. Specifically, it is used to identify whether or not an applicant has a problem with their weight. To determine this, the applicant’s body weight is divided by the square of his/her height (Kg/m²).

What are healthy and unhealthy BMI readings? If one’s BMI falls between 18.5 and 25 they are considered to have a healthy body mass index. Any readings above 30 indicate that a person is obese, and a reading below 17.5 could suggest an eating disorder. If a BMI reading is deemed to be unhealthy, and insurance company may increase the initial rate of a policy’s premium.

Obtaining an individual health insurance policy goes beyond just picking out a plan. In fact, there is a whole application process involved where in which the insurance carriers will calculate the risk of insuring an individual or family. This is known as the underwriting process.

Read the full post on Underwriting.

MyInsuranceExpert recently had a 25 year old client who was apprehensive about purchasing health insurance, and didn’t see the benefit of a high deductible plan. After working with an Advisor he was convinced that some coverage was better than none, and opted to apply for catastrophic coverage. Only two months later he called in to thank his Advisor for their guidance and efforts. The client explained that he had torn a hole in his esophagus on a steak bone, and incurred almost $300,000 in medical expenses!!! Because of his proactive approach in finding coverage, even if it was a high deductible plan, the client only paid $7,500.

Read the full post on Too Many Young Adults Go Uninsured.

Too often searching for the appropriate health insurance coverage becomes an overwhelming and tedious endeavor, and as a result, finds itself on the back burner of tasks to complete. However, it does not have to be this way. Before you start shopping, consider the things that are important to you. Making a list or a chart of these items will help focus your search and ease the process of finding the right balance between cost and coverage.

One of the reasons searching for quality health insurance becomes overbearing is a lack of understanding of the terms involved. Here is a glossary of items that will be useful when analyzing different options:

Read the full post on Acquiring Quality Health Coverage Shouldn’t Mean Acquiring a Splitting Headache.