Make Health Insurance More Affordable

If the cost of health insurance is killing you, there are some money-saving strategies you might want to look into. For example, you might combine a high-deductible plan with a tax-sheltered health savings account, or HSA -- more than a million Americans have signed up for such an approach.

According to a recent Associated Press report, the new high-deductible health insurance policies are "a bit complex, but a growing number of insurers offer them."

It explained that, "Under federal law, the policy must have a minimum deductible of $1,000 a year for an individual and $2,000 for a family; maximum out-of-pocket expenses -- for example, copayments required for surgical procedures -- cannot exceed $5,100 for individuals and $10,200 for families. Policyholders, meanwhile, can set up HSAs that they fund with their own money. Employers also can contribute to their workers' HSAs. HSA contributions, generally set at an amount equal to the policy's deductible, can be used to cover health care costs, and unused money can be carried over at year's end."

You can get more information on plan designs and quotes at HSA411.COM

United Healthcare Buys NHP

NHP has provided small employers with HMO plans for over 10 years. For many of those years there's been rumors of takeovers, buyouts, and bankruptcy. Last month the announcement was made that United Healthcare bought NHP. Read the South Florida Business Journal article.

Some would say that United & NHP were not direct competitors because they had different plans & pricing. However, when there is potentially one less choice available in the market, the end user is the real loser. Time will tell if United really just bought market share, and plans to dissolve the NHP products altogether while slowly merging the clients into UHC plans. This would take time for them to do so. Kind of reminds me of when Huzienga sold off the Florida Marlins piece by piece (player by player)

Or perhaps they'll do what they're saying...keep the offering as an alternative to the higher priced plans that United is currently offering.

SBA to host HSA webchat

The U.S. Small Business Administration will host a free Web chat on health care for small businesses at 1 p.m. Aug. 25.

Karen Kerrigan, founder of the Small Business and Entrepreneurship Council, and J.P. Wieske, director of state affairs for the Council for Affordable Health Insurance, will host the seminar. They will talk about association health plans and health savings accounts, as well as other cost-efficient solutions to the challenges of health-care coverage.

The chat is interactive, allowing Web chat participants to ask questions. Participants can join by going to www.sba.gov and clicking "Your Small Business Voice Online" on the left rail.

Identity Theft

Identity theft is the unauthorized use of personal information for the purposes of obtaining financial gain. The unlawful use of another person’s personal data to open new credit card accounts, take out loans, or set up unauthorized financial accounts would be examples. While the information is being used illegally by the perpetrator for economic benefit, the unsuspecting consumer is the one left impacted by the financial fallout.

The Identify Theft Data Clearinghouse reported that the state of Florida received 16,062 complaints in 2004 regarding identity theft.

The Department of Financial Services cautions consumers to take extra care with the documents that have their personal identifying information such as social security numbers on them.

Today, many health insurance companies use a consumer's social security number as the member identification number. This information is printed on insurance cards that are commonly kept in purses or wallets.

The Department of Financial Services encourages consumers to contact their insurance company to request that their social security number not be included on the insurance card as a form of member identification. It can be requested that the membership number be changed to protect personal data.

Rx Price Checker

The Florida Prescription Drug Price website provides pricing information for the 50 most commonly used prescription drugs in Florida. The prices are the “usual and customary prices,” also known as retail prices, reported monthly by pharmacies. This is the price that an uninsured consumer, with no discount or supplemental plan, would normally pay. Prices at your local pharmacy may change daily, so this website is only meant to help you compare prices at different pharmacies and are not a guaranteed price.

Access the State of Florida Prescription Drug Price Checker here

Free Medical Records Report

We all know that when applying for credit, institutions obtain information from any of the three major credit reporting agencies, and base their decisions on what's on your credit report When you apply for various forms of insurance (medical, life, disability, long-term care, etc...) the insurance company checks your medical records with a medical reporting agency, and base their decisions on that report. Just like it's important to check your credit report for discrepancies, it can equally be important to look at your personal medical report. Errors can adversly affect your ability to get the best possible rates for insurance.

The Medical Information Bureau (MIB) is offering a free copy of your personal Medical Records Report. Access information about how to get your free report here.

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We're pleased to provide this forum for those interested in insurance matters here in the State of Florida