Medical Underwriting – What to Expect

Many people need to go through a medical underwriting process before they are permitted to sign up for health insurance. This can be a very traumatic and terrible experience for many people. The process is invasive, lengthy, and filled with all sorts of loopholes and requirements. Meanwhile something very important is on the line: your health and the access you are able to get to health care to keep you healthy through your life.

Often you are also worried about your family when you go through the medical underwriting process. What will happen to them if you cannot get affordable and decent health care that can care for all your needs? What to expect during the medical underwriting process is that the insurance company will want to know everything they possibly can about your entire medical history. They will go as far back as necessary in your history to obtain this information. They will want to talk to childhood doctors and get records from every doctor you’ve ever seen.

If you have ever suffered from an illness or been treated in the hospital for any kind of condition, the insurance company will want to know all about it. They will want to know about any medications you took and how they affected you, as well as any surgeries you had and how you reacted to them. Accidents are part of your medical history as well, so any accidents and any care you received for those accidents should be documented. All of this is routine part of the medical underwriting process.

Any births you have experienced will also be explored. Your mental health might be something the insurance company will want to know about as part of the medical underwriting process. They will want to also know about your habits. If you smoke, they will want to know about it. Diet plays an important role as well. Exercise habits give them valuable information about you. And of course, they will want to know a lot about your family history. What diseases run in your family? They will use this information to assess their risk and potential costs in taking you on as a client. If you are going to go through this process, it is in your best interest to start getting all your paperwork together as early as possible. That will save you some time during the process, which could make an otherwise difficult process a little bit easier.

If you need assistance in locating particular coverages at a pre-determined price, we can help you save up to 50% on your health insurance monthly premium.

The Facts About HSA Health Care Accounts

Most companies or individuals do not understand the benefits of the fairly new HSA accounts created to help offset the rising costs of health care. What is an HSA?: Health Savings Account, it is a personal account set up by an employer, of which both the employer and the employee can contribute up to the maximum amount allowed, $2900 single and $5800 per calendar year (indexed to inflation). Unlike HRA or Flex plans, your money rolls over each year and it goes with you if you leave your job. The plan is not popular with the Democratic party because their view it is a tax break for the wealthy. I agree it is employer driven, however-Everybody benefits from HSA plans.

If the employer funds the HSA for an employee (for whatever amount they wish) it is a tax deduction for them, premiums are pre-tax so FICA tax is saved, the employees receive the same tax advantage, any portion of the premium they pay is also tax deductible from dollar one (the 2% of income does not apply), most companies offer prescription drug discounts, free well visits once a year, OBGYN are generally just a co-pay, and of course everything you purchase over the counter for prescriptions, aspirin, eye glasses, orthodontia, are tax deductible (and a lot more). Your contribution to your HSA is tax deductible, it grows tax-free in an array of investment selections (if you reach a certain dollar amount contribution-generally around $2000), and most companies offer on-line services that you can see what your next prescription or services will cost you.

The real difference: A high deductible out of pocket is one of the requirements, most carriers put that at 1500 single, 4000 family, your premiums are generally lower than traditional health care, what that means is the first $1500 is on you, then the plan resorts to regular co-pays and prescription co-pays (if you spent 1500 you now potentially have a 1500 deduction).

Lets say you go to the hospital for a major procedure like open heart surgery, normally you pay your out of pocket deductible (1,000, 2500, etc which is not tax deductible unless you reach 2% of AGI and anything over that you can deduct) the insurance pays 80% and you are responsible for 20%-as my six year old would say-that’s a really big number.

Under the HSA, you would pay the 1500, and then 300 a day for 5 days in the hospital or 3000 total(which is now a tax deduction). However, that is your limit of your liability-3000, everything then resorts back to normal co-pays for drugs etc. Is essence, you are insuring catastrophic vs. incidental.

Everybody can win with an HSA, one of the biggest causes of bankruptcy is still from medical bills.
There a few rules to abide by that IRS has established. It may be worth talking to an expert on HSA plans to see if it matches your companies needs. If you are retired with passive income you can also qualify for an HSA.

Looking for a Private Medical Insurer?

If you live in the United Kingdom then you already know that the NHS, or national health service offered by the country is less than adequate for most of our needs, especially when it comes to emergencies. Most of us are accustomed to the long waiting lines, less than satisfactory doctors, waiting lists longer than I have been alive to begin with, not to mention the bad facilities.

A private medical insurer, especially for someone living in the UK, seems like it is the only option these days when it comes to live, death, or sometimes you just need a few stitches and would rather not wait in line for a week to get them. For all of these reasons, we are switching over to different companies that can provide us and our families with a health insurer that suits our needs and desires when it comes to our health.

There are several options to get quality care in the United Kingdom, contrary to what the NHS would have us believe. A few recommendable insurers are Saga, Bupa, WPA, CIGNA, Aviva, Tesco, and Boots just to name a few. Because the need for quality coverage in our nation is so vital, there are abundant companies that have picked up on the need and who have built a business around it. With that being said, there is only one way to wade through all the waters of the different competitors, and that is through nothing more than online shopping for insurance planes.

It is easy, but few people manage to make it a priority until it is too late. It is true though, the best way to find a plan that balances your budget and medical needs is to shop online. The Internet is a great resource and it can help you find information like free quotes. Online forums are also in abundance and you can read others personal stories with these companies and find out all you need to know before you commit yourself, all from the comfort of your computer.

An additional benefit to shopping online for insurance is a discount. Online discounts are often available to Internet shoppers. Even if you do not find that option, it is important that you never go to one company in person and allow yourself to be sold on one company without hearing any other company’s perspectives. Online brokers are easy to get a hold of, and it has never been easier to shop around for different quotes before committing to one.

When it comes to our health, no short cuts can be taken. It is easy to fall back on the NHS because it is what we know and we think that is all we can afford or all we need. Do not wait until an emergency strikes before you come to terms with that. Private medical insurance at affordable costs is available to everyone, and it has never been easier than now to utilize the Internet to find affordable plans, reputable insurers, and services that everyone should be better acquainted with.