Friday, March 9, 2012
Friday, March 13, 2009
Network Health Plans PPO's HMO's
There are several options available to you when it comes to selection of health insurance plans. Specifically there are the Indemnity plans which offer the most flexibility in choosing which physicians they prefer to use. Then there are managed health organizations such as PPO's or Preferred Providers Organizations and HMO's Health Maintenance Organizations these types of plans usually require for you to use physicians from their pool of select providers. The POS or Point of Service Plan is also a form of managed healthcare but it differs in that it requires all insured to first visit the chosen primary care physician to obtain a referral for any additional medical treatment. In recent years there has been an expanded interest in a new form of health Insurance called an HSA's or Health Saving Accounts that allows for consumers to self managed health care cost. The idea is to provide low premium health insurance by utilizing a tax advantaged saving account that earns interest and combining it with a higher deductible insurance health plan that offers much lower premiums but requires the insured to cover some of the initial cost
Managed Health Plans or Network Plans
Health Maintenance Organizations prearrange for reduced health care expense through a network of physicians who have agreed to work within the organization at discounted fees. The HMO usually requires you to select a primary care physician from within the network. The idea is to use the network to both reduce healthcare cost and better manage what treatments are sought out by the patient. The benefit carries on to the consumer with lower premium cost.A preferred provider organization (PPO) is another form of managed care, yet more closely similar to the indemnity type plans in that you have the option to select your own physician either from the network or outside of the network with the difference being that the cost of service is usually lower inside the network. Like the HMO a PPO negotiates price discounts for service with the physicians and care facilities, who become members of the PPO which passes on the savings to consumers in the form of premiums. Many consumers like the idea of having
the ability to choose a specialist from the PPO network without having to see the primary care physician first for the referral. A Point of Service or POS is also a managed plan but differs in that you are required to allow your primary care physician to act as an initial starting point for all medical service. The primary care physician is chosen by the insured from within the network and referrals and usually that specialist from within the network.
Managed Health Plans or Network Plans
Health Maintenance Organizations prearrange for reduced health care expense through a network of physicians who have agreed to work within the organization at discounted fees. The HMO usually requires you to select a primary care physician from within the network. The idea is to use the network to both reduce healthcare cost and better manage what treatments are sought out by the patient. The benefit carries on to the consumer with lower premium cost.A preferred provider organization (PPO) is another form of managed care, yet more closely similar to the indemnity type plans in that you have the option to select your own physician either from the network or outside of the network with the difference being that the cost of service is usually lower inside the network. Like the HMO a PPO negotiates price discounts for service with the physicians and care facilities, who become members of the PPO which passes on the savings to consumers in the form of premiums. Many consumers like the idea of having
the ability to choose a specialist from the PPO network without having to see the primary care physician first for the referral. A Point of Service or POS is also a managed plan but differs in that you are required to allow your primary care physician to act as an initial starting point for all medical service. The primary care physician is chosen by the insured from within the network and referrals and usually that specialist from within the network.
Thursday, February 12, 2009
HealthCare Subsidy May help Unemployed Cover Keep healthcare Cost at Crucial Time
Lawmakers are scrambling to work out the kinks in the Financial Stimulus Plan one of the plans focus has been on consumer healthcare cost and ways to insure healthcare for families in this economic crisis. Recent reports say all the details are not yet known as the house and senate work to finalize the plan, but the outcome should be good and released as soon as the end of the week. The purpose of the COBRA subsidy is to help many Americans who are losing employment maintain coverage. The plan will provide as much as 21.4 billion in COBRA healthcare subsidies.
What does this mean for you? If your recently lost your job and are unable to secure new employment you will most likely be or unwilling to accept COBRA to maintain your personal or family employment coverage the government will subsidize somewhere between 50-65% of the premium, the length of the subsidy plan will run from 9 months to as long as 18 months. However single filers and married filers will lose eligibility at incomes over $125,000 and $250,000 respectively. Also of worthy research is what many A rated health carriers have designed for this purpose is temporary health insurance or also known as short term medical coverage.
Short Term Medical is a form of health insurance that is typically used for covering gaps on permanent health insurance coverage. Short Term Medical Term periods are usually for 1,3 or 6 months and many STM plans cover up to 12 months. Short-term medical insurance is a simple way to protect you or your family members If you have been laid off due to recent economic changes or are simply between employers and have a waiting period for employer benefits. You can purchase instant coverage short term medical for about ½ the cost of the monthly COBRA premium . Short Term Medical Plans are offered through many of the same insurers that you can purchase permanent individual or group plans from including Assurant, Aetna, and United Healthcare- Golden Rule, Humana and Blue Cross Blue Shield. Consumers can obtain many of the same features and benefits offered with permanent health plans such as co-pays, prescription drugs, choosing doctors, deductible options, hospital benefits, ambulance services, surgeries and transplants. These features and services as well as cost will vary from one insurer to the other and should be reviewed. Most individuals will qualify up to age 65 as long as they pass a few basic health questions If you have a pre-existing condition or are receiving treatment this may be excluded from coverage from your STM plan. If you had creditable coverage in the last 12 months you can qualify for short term medical by simply applying and answering a few simple health questions. These two options are important to the American public as statistics estimate a unemployment rate approaching 8% many will find that health care cost will be the first expense they will let go.
What does this mean for you? If your recently lost your job and are unable to secure new employment you will most likely be or unwilling to accept COBRA to maintain your personal or family employment coverage the government will subsidize somewhere between 50-65% of the premium, the length of the subsidy plan will run from 9 months to as long as 18 months. However single filers and married filers will lose eligibility at incomes over $125,000 and $250,000 respectively. Also of worthy research is what many A rated health carriers have designed for this purpose is temporary health insurance or also known as short term medical coverage.
Short Term Medical is a form of health insurance that is typically used for covering gaps on permanent health insurance coverage. Short Term Medical Term periods are usually for 1,3 or 6 months and many STM plans cover up to 12 months. Short-term medical insurance is a simple way to protect you or your family members If you have been laid off due to recent economic changes or are simply between employers and have a waiting period for employer benefits. You can purchase instant coverage short term medical for about ½ the cost of the monthly COBRA premium . Short Term Medical Plans are offered through many of the same insurers that you can purchase permanent individual or group plans from including Assurant, Aetna, and United Healthcare- Golden Rule, Humana and Blue Cross Blue Shield. Consumers can obtain many of the same features and benefits offered with permanent health plans such as co-pays, prescription drugs, choosing doctors, deductible options, hospital benefits, ambulance services, surgeries and transplants. These features and services as well as cost will vary from one insurer to the other and should be reviewed. Most individuals will qualify up to age 65 as long as they pass a few basic health questions If you have a pre-existing condition or are receiving treatment this may be excluded from coverage from your STM plan. If you had creditable coverage in the last 12 months you can qualify for short term medical by simply applying and answering a few simple health questions. These two options are important to the American public as statistics estimate a unemployment rate approaching 8% many will find that health care cost will be the first expense they will let go.
Thursday, January 22, 2009
Rolling The Dice Life Insurance that Pays you for Living
Insurance providers have a policy to overcome the most common consumer objection to purchasing term life insurance: what If I live? For those consumers who think term life insurance is a waste of money because they may not die, here is something to consider. If you can work a little extra premium into your budget here is a way to avoid the gamble and still protect your loved ones "the real purpose for life insurance" and recieve a cash benefit for staying alive.
What is ROP Return of Premium Insurance?
Return of Premium Insurance (ROP) is just as it sounds. The ROP is a rider attached to a basic term insurance policy that provides a living benefit to the insured. This means that should you outlive your policy term and keep it in force to the end of the level term period, you can receive all of your premiums back in a tax-free lump sum. The policy is similar to term in that it protects your family for a specified time period you select from 10 to 30 years. The ROP premiums are bit more costly than straight term in that the extra 30-40% you pay in premium is reinvested by the carrier and returned to the insured if they outlive the policy.
Critical Ilness Rider
Pays out a portion of the contract to your benificiary should you have a creitical care illness such as Heart, cancer or other life threating disease. Owners can usually access up to 50-70 % of the benefit to help pay medeical or more importantly loss wages and bills while unable to work.
What is ROP Return of Premium Insurance?
Return of Premium Insurance (ROP) is just as it sounds. The ROP is a rider attached to a basic term insurance policy that provides a living benefit to the insured. This means that should you outlive your policy term and keep it in force to the end of the level term period, you can receive all of your premiums back in a tax-free lump sum. The policy is similar to term in that it protects your family for a specified time period you select from 10 to 30 years. The ROP premiums are bit more costly than straight term in that the extra 30-40% you pay in premium is reinvested by the carrier and returned to the insured if they outlive the policy.
Critical Ilness Rider
Pays out a portion of the contract to your benificiary should you have a creitical care illness such as Heart, cancer or other life threating disease. Owners can usually access up to 50-70 % of the benefit to help pay medeical or more importantly loss wages and bills while unable to work.
Tuesday, November 4, 2008
Saturday, August 30, 2008
Where can borrowers go now that HR 3221 Eliminates DPA Down Payment Assistance
As of July 30, 2008 as part of the Housing Reforms Bill , the seller funded gift programs will be no longer avaialble after October 31st. Seller funded gift progams were being used extensivly in recent months to assist borrowers with FHA loans at 97% and then utilizing the seller funded gift programs to cover the down payment. The seller agrees to contribute to a percentage usually 3-6% which is donated as a gift to the gift program provider wh then charges a nominal fee of about $400-500 and the money is then wired to the tile office to be put towards closing fees. This is essentially a loophole for seller or other interested parties to pay the closing cost on the down payment or closing cost. Seller-funded downpayment assisted FHA loans have a very high default rate. In 2007, the default rate on seller-funded downpayment loans was more than 28%, roughly three times the default rate on FHA loans without seller-funded downpayment assistance. There are a few other programs avaialble such as ADDI which will provide downpayment, closing costs, and rehabilitation assistance.ADDI's purpose is increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. Contact us directly at www.Trinity1fn.com to learn more about your options
State and local programs are also available, for more details visit HUD.gov ,
http://www.ncsha.org/,
http://www.federalreserve.gov/,
http://www.fhlbanks.com/
State and local programs are also available, for more details visit HUD.gov ,
http://www.ncsha.org/,
http://www.federalreserve.gov/,
http://www.fhlbanks.com/
Wednesday, July 23, 2008
300 Billion to be Designated for Troubled Homeowners
Some borrowers may find relief soon from a new bill that will allow current or defaulted homeonwers to refinance with a FHA loan. The current lender must write down the loans that are underwater to 90% of the current appraised value so for a 200,000 home purchased in 2005 that is now appraising for $165,000 would be reduced to a new principal balance of about $148,500. The borrower still has to qualify and will be required to pay a mortgage insurance premium. The good news is FHA loans are still low and the new payment should provide a considerable savings. All good things are not without a catch however, should the homeowner sell or refinance within a year they would be required to give 100& of any profits realized. The amount is reduced by 10% for each year until year 5 where it will remain at 50% of profits earned. Also the current loan servicer has to agree to the terms and the loan write down has to be the best option for them over the expense of proceeding with a foreclosure. Should you see this as an option contact your servicer. Contact us at www.Trinity1Fn.com read more about this at http://money.cnn.com/2008/07/23/real_estate/housing_rescue_guide/index.htm
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