Archive for the ‘Health Insurance’ Category

Finding and Buying Health Insurance

By: Green Panda | Date posted: June 23, 2010 (10:18 am)

When we first moved to North Carolina a couple years ago, we decided we needed to get short term insurance to cover us until I qualified for insurance with the job I took.

Health Insurance can Protect your Finances

Getting the health insurance for yourself, whether you’re a college student or new graduate is important. Medical bills can have a huge effect on your finances and chances of filing bankruptcy. The good news is that you can find ways to get some kind of coverage, depending on your situation.

If possible, see if you can stay on your parents’ health insurance plan while you’re in school. Not only will you probably find a cheaper premium, you may also get better coverage under their plan.

Sometimes, though, you have to get your own health insurance plan. It’s not as daunting as you may think, it just takes some time to shop around.

Criteria for Choosing the Right Health Insurance Plan

There are three factors you should consider before purchasing a health insurance plan – premiums, deductibles, and copays/coinsurance.

  • How much can I pay for my premiums? If you’re a college student or a new graduate on a strict budget, have this number first. You really need to figure out what you can and can’t afford before you start comparing. Depending on your current health conditions and health insurance company, your premiums can vary greatly.
  • What is my deductible? Before your insurance steps in with coverage, you’re expected to pay a deductible each year.  The lower deductible is on the plan, the higher your monthly premiums are going to be. If you can manage to have some savings set aside, perhaps savings some of your financial aid money, you can significantly lower your premiums by going with a higher deductible.
  • What is my coinsurance or copay? Coinsurance or copay is your part of the bill. Copays are fixed fees that you pay when you visit the doctor’s office or emergency room. Coinsurance is usually a percentage, for example, your insurance company will pay 80% of the bills and you’re expected to pay 20%.

    • You’ll probably notice how many numbers are floating around when looking at plans. I found it easier to compare insurance plans side by side on a spreadsheet to see what the yearly costs were.

    Your Thoughts on Getting Health Insurance

    Do you have health insurance currently? What tips do you have on finding a good deal?

    Eye Doctor Visit

    By: Green Panda | Date posted: November 16, 2009 (4:05 pm)

    This weekend I was feeling a bit under the weather. I noticed that my eye was sore Friday evening, but when I took my contacts out, it seemed fine. The next morning I woke up and my left eye was in pain. When I went to the bathroom and check, it had become swollen. It was painful and annoying the entire weekend.

    Having health insurance can save you money on unexpected bills.

    Having health insurance can save you money on unexpected bills.

    Home Remedies I Tried for My Swollen Eye

    I wanted to see if it was something minor I could resolve at home before spending money for a doctor to check out. I tried very warm compresses on my left eye to see if that would help, but no real changes. I also wiped with a warm wash cloth with diluted shampoo. This morning, seeing it had not gotten better, I went ahead and decided to go see a doctor.

    My regular optometrist was not available (he works part-time), so i went to Walmart to go to their walk in clinic. Unfortunately, they are closed Mondays, so I checked and found a Next Care office near my apartment.

    Health Insurance and Office Visits

    I went to the doctor’s office around 10:20am and was seen around 10:50am. They did the regular check up with my blood pressure (92/68), temperature, weight, etc. It all seemed well, with the exception of my eye of course. My copay for the office visit at next Care was $30 and my medicine (antibiotic) was $10 at Walgreens. My information sheet from the doctor’s office recommends that I drink plenty of fluids and avoid caffeine and alcohol since they can cause dehydration.

    I’m grateful we have health insurance, but even with health insurance, it can be expensive.

    Saving Money on Doctor Visits


    • Let your doctor know up front that you’re on a budget. Don’t is still that a doctor will give you the best deal just because of the economy. If you need a prescription and he or she mentions a particular drug ask your doctor if there is a generic that is just as effective. Many pharmacy now have some generic medicines for $4/month.
    • Join the Farm Bureau. After paying a annual membership fee, you can qualify for group health insurance. You don’t need to be a farmer to join.
    • If there are no generics available, see if they can quickly check what your insurance expects you to pay for this medicine. If you’re uncomfortable asking them to do this, before you leave the doctor’s office call your local pharmacy to check the price yourself.
    • If you don’t have dental insurance, try a local dental school to see if they have any openings for patients. Try and use this for your weekly checkups.
    • For items like prescription eyeglasses or contact lens, shop around online to see if you can get a good deal.

    If you’re looking for some more tips on saving on your health expenses like doctor visits and prescription medicine, check out a post I wrote on the topic.

    Finding Health Insurance Coverage

    If you don’t qualify or your job doesn’t offer health insurance, you should look for a health plan yourself. You may want to try these sites to find policies within your price range:

    Please compare health insurance policies carefully before signing up for a policy. When we moved out of state and didn’t have health insurance coverage, we found a policy to cover us in the short term.

    Your Take

    How do you keep health care costs down?

    Saving Money on Health Insurance, Doctors Visits, and Prescription Medicine

    By: Green Panda | Date posted: April 13, 2009 (7:00 am)

    Why do I need health insurance?

    The National Coalition on Health Care has reported 46 million Americans do not have any kind of health insurance. Being a part of that statistic is dangerous for your health and your wallet. A single visit in the emergency room can be more than $1,200.

    When you get a health insurance policy you’re doing business with a company that hopes to take in more money than it pays out. It’s not wrong it’s just a basic business point; it’s a matter of assessing risk. You can benefit from this if you’re healthy person.

    The company is planning on on having your health bills and expenses being less than the income they get with your premiums in the long run. If you’re healthy person, they expect to pay less out-of-pocket, so you have the benefit of lower premiums.

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    Comparing Health Insurances to Find the Best Deal

    Check first with your company’s Human Resource Department to see if you qualify for health insurance through them. Sometimes your health insurance premiums are lower when you go through your job’s plan.

    If you don’t qualify or your job doesn’t offer health insurance, you should look for a health plan yourself. Usually these sites to find policies within your price range:

    Carefully compare health insurance policies before signing up. I have used Ehealthinsurance to compare different policies. I found it easy to see what I was looking for.

    Some questions to ask yourself with each health insurance policy:

    • How much can I pay for my premiums? Since everyone is on a general budget, try to figure out what you can and can’t afford before you start shopping. Health insurance costs vary, so double check your options.
    • What is my deductible? The deductible is what you pay before the health insurance company will pay the rest your bill. The lower deductible the higher your monthly premiums.
    • What is my coinsurance? Coinsurance is your portion of the bill that you pay after the deductible has been met.

    For example: if you had a $2000 bill and your deductible was a $500 and your coinsurance with 50%, then your portion of the bill is $1250. How?

    $2,000 – $500 (deductible) = $1500

    $1500 * 50% (your coinsurance) = $750

    $500 + $750 =$1250

    That’s why its support and to check your coinsurance and deductible before you sign up for a policy.

    What if I’m a recent college graduate looking for a job or I have a job and don’t get qualified for my company’s health insurance and I had very little income? Should I still get health insurance?

    If you are very short on cash, do not think that skipping out on health insurance is a good deal. Hospital bills are very expensive and you only need one visit to set you back financially in a major way.

    You can check for rates on short-term or catastrophe health insurance plans. Short-term plans can cover you one to six months which may be able to get you covered until you can get enough income to cover an individual health insurance plan.

    Catastrophe health insurance typically only pays for major medical bills if you get injured or get sick. A policy covers any percentage of your care. Try looking for one with no less than 80% coverage and double check the maximum benefit. Since hospital stays can be so expensive you want to have a reasonable amount of coverage.

    Saving Money on Doctor Visits

    • Let your doctor know up front that you’re on a budget. Don’t is still that a doctor will give you the best deal just because of the economy. If you need a prescription and he or she mentions a particular drug ask your doctor if there is a generic that is just as effective. Many pharmacy now have some generic medicines for $4/month.
    • Join the Farm Bureau. After paying a annual membership fee, you can qualify for group health insurance. You don’t need to be a farmer to join.
    • If there are no generics available, see if they can quickly check what your insurance expects you to pay for this medicine. If you’re uncomfortable asking them to do this, before you leave the doctor’s office call your local pharmacy to check the price yourself.
    • If you don’t have dental insurance, try a local dental school to see if they have any openings for patients. Try and use this for your weekly checkups.
    • For items like prescription eyeglasses or contact lens, shop around online to see if you can get a good deal.

    prescription

    Saving money on prescription medicine

    • If you’re still in college, check with your universities health clinic and see if you can get cheaper prices on some of your medicines. I had a prescription that was $30 a month but through the university health clinic I could get three month supply for $40.
    • Ask your doctor if they have any samples and you can also see if they have something like a rebate coupon. My brother was able to get a 14 day supply for free using the rebate form and redeemed it at the pharmacy.
    • If you’re extremely limited on funds and need medication, go ahead and Google “name of the prescription medicine” and patient assistance. You should be able to find a drug manufacturers patient assistance program. See if you meet the requirements to get prescription meds free and then apply.
    • See if you can get a discount prescription medicine program. Mrs Micah was able to get her medicine $20 less a month through Rx.com.

    If you can save money while having health insurance, not only are you protecting yourself physically, but also financially.

    Do you have any stories or tips on saving money on health insurance, doctors’ visits, and/or prescription medicines?

    Photo Credits:  Subconsci Productions andTrevor Manternach

    Health Insurance is Too Expensive

    By: Green Panda | Date posted: May 27, 2008 (8:48 pm)

    Reviewing Health Insurance Premiums

    My 90 day performance review is coming up in a few weeks and I’ll qualify for some benefits, including health insurance. The Human Resources manager gave me a packet with the health care premiums to review. I’m supposed to turn it in two weeks completed if I want to have health insurance coverage starting July 1. I’m taking this as a sign that they still want me around.

    We reviewed the policies and started looking at the price differences between all of them. If my husband and I have both health insurance and dental, it would be $320 each month. We’re both in 20s and in excellent health. I was surprised at how pricey the plan was at this job. My husband’s previous job had a much cheaper option.

    After running the numbers, we saw there’s no way we can afford the plan at my new job if we put both of us on the plan. We make too much to qualify for state health insurance, but $320/month is a bit much for oubudget right now.

    The Temporary Plan for Our Health Insurance Premiums

    We’re going to have to go with separate plans. If I go with my job and he goes with the temp agency’s plan, it would be $160/month. The benefits look comparable at half the price. Once my husband finishes his contract and (hopefully!) is hired, then we may switch to his company’s plan if it is a better deal.

    Have you had to have different plans for health insurance if you’re married? Which companies have the best customer service according to your personal experience?

    Photo Credit: Subconsci Productions

    Ways to Cut your Health Insurance Costs

    By: GreenPanda | Date posted: October 19, 2007 (10:24 am)

    It seems like health insurance costs keeps increasing every year. Health insurance for college students and new graduates is important even if you think you can survive without it.

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    Saving Money on Health Insurance

    When comparing health insurance policies, please remember to check the coverage offered, not just the premiums. You don’t want to be uncovered for a major illness because you have a horrible policy.

    Buy the best health insurance you can afford. It can be a huge benefit if you get ill or are in an accident.

    Tips on Cutting Your Health Care Expenses

    • Don’t be a smoker: This habit can cut your life short and it has been linked to other health problems. This in turn leads to higher costs.
    • Exercise regularly: Try being active 3x a week for at least 20 minutes. You may also want to consider participating in an amateur sports league to get yourself committed to a routine.
    • Watch what you eat: Obesity can increase your chances of diabetes, heart disease, and joint problems.
    • Get a hobby: Hobbies can reduce the stress that you feel. That in turn can help your mental health and enrich your life.
    • Go for generic drugs when possible: Some drugs are available in generic form at less than half the cost.
    • Do routine exams: It’s better to catch something early than to wait until it develops into something worse.
    • Try health clinics: If you’re pinching pennies, this could be a good option. With my health insurance, I pay $30 a month for birth control pills. By going to the university health clinic, I pay $40 for 3 months’ supply. I save $240/year just by doing that.

    Please talk to your doctor before you go on a diet or change medications. It’s amazing how much health insurances charge even if you’re in good health.

    Try to maintain a healthy lifestyle and it’ll reap dividends beyond money saved.

    Photo credit: NessieNoodle

    Health Update: Eye Problems and Why Having Health Insurance is Important

    By: GreenPanda | Date posted: September 05, 2007 (4:34 pm)

    Yesterday I was feeling really under the weather. I noticed that after lunch my eye had started swelling. By the time I was in my last class I was struggling to keep the bad eye open. I would’ve left school earlier but my husband and I are down to one car due to a repair shop’s incompetence.health1.gif

    I had a hot compress on with epson salt last night to try and heal it, but by this morning it got worse. My eye was basically swollen shut. I also had a hard time sleeping because the pressure on my eye kept waking me up. I called my health insurance company to find a doctor and they gave me the number to a specialist in the area. I had to go to an opthamologist to get this problem diagnosed.

    While I was shelling out money today, I realized that things would’ve been worse without health insurance.For example, my copay was $25 , without it, I estimate the consultation visit would’ve been over $100. The oral antibiotics without insurance would’ve cost $11.99, with insurance it was $3.66.The eye drops that helps with the inflammation would’ve cost $$73.99, with insurance it was $30.

    Here’s a comparison of the costs for today’s visit:

    • (With Health insurance): $58.66
    • (Without Health Insurance): $185.98

    It’s still a big hit on a college student’s budget, but I can live with it. I’m grateful that we have health insurance through my husband’s job. I urge anyone who can afford health insurance to get it. If you can’t afford it, please check with your state health department and social services to see what is available for you.

    I’m not saying that health insurance is perfect. There are a lot of things that have to be addressed with how the health insurance industry is handled. Not having health insurance, though, can make a tough situation even more difficult. Buying health insurance if you can is definately something I recommend. Bills can add up quickly.

    If you want to look more into the HMO portion of health care try viewing Michael Moore’s Sicko. Overall, I think he did a good job asking questions and he certainly gave my friends and I a lot of food for thought.


    Health Insurance Coverage

    By: GreenPanda | Date posted: July 18, 2007 (2:48 pm)

    Health insurance isn’t typically a college student’s main concern. If you neglect having suitable insurance,though, it can not only lead to serious health consequences, but also can ruin your financial life.

    How much does an Emergency Room visit cost?

    A visit to the ER can average $361- $1262 according Blue Cross Blue Shield of North Carolina. I don’t know many college students and recently graduated students that can afford that. Buying health insurance is important.

    How can a college student keep their health insurance coverage?

    About.com has a really good overview on how to maintain health insurance when you’re in college and when you graduate.

    Some insurance companies, universities, and states also have policies with college students in mind:

    Check around to see if you an cut on your health costs with sacrificing necessary coverage.

    Another option is getting a limited health care plan. While it might help with some basic visits, the lower premium usually means getting less coverage. Still, it’s an option for those trying to make ends meet. As with every other policy, please read the fine print. I also suggest reading USA Today’s Story on the topic. When looking at different policies, don’t just look and the price, but look at the amount of coverage you can get for that price.

    To help people out, there are websites that allows you to compare some health insurance policies side by side.

    If anybody has any other ideas about getting decent coverage on a limited budget, please feel free to leave a comment. Also if you have any experience with getting health insurance on a limited budget, I’d appreciate you sharing it.




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