The post Do I Have an Alternative to COBRA? appeared first on Michael Suhany Insurance.

Know the Difference Between the Open Enrollment and Special Enrollment Periods

Open Enrollment

If you’re reading this, you probably didn’t realize that there is actually a specified time that you are supposed to apply for your health insurance plan for the following year. In the state of Indiana, the open enrollment period for 2020 health insurance plans is between November 1st, 2019 and December 15, 2019. This is the generally designated period of time when you can enroll in health insurance, make changes to your coverage, or even cancel your health coverage. Here is a fair warning so you can prepare for this time if you do not already fall into the next type of enrollment period. If it’s December 16th when you’re reading this, then keep on reading because you still have another option.

Special Enrollment

This is what you’re probably closer to qualifying for right now since you’re reading a blog about turning 26 and being uninsured. It’s a 60-day window specially opened for you, based upon changes in your life, i.e. losing your parent’s health insurance coverage, among other things. This health insurance enrollment period starts up to 60 days before and after your 26th birthday, in your case. Take advantage of this time to explore the options you have for health care coverage with a health insurance agent, who is qualified in assisting you moving forward.

Your Health Insurance Options

Private Insurance

If you’re in a position where your employers offer a group health insurance plan, that is often the wisest move to make, but make sure you know what you’re getting if you were to accept it. Being more familiar with certain health insurance terms will help you make an educated decision.

Medicaid

If you are under a certain income bracket you may qualify for state-funded health insurance. This will provide you with opportunities to receive lower premiums through tax credits and cost-sharing reductions.

Student Health Insurance

If you still have some life in you from your undergraduate years, decided to immerse yourself in grad work, and are still feeling the weight of student loans, Michael Suhany Insurance can remove some burden from you. There aren’t a lot of colleges that really offer anything at all, and when they did it wasn’t very substantive or useful. But I can work with you to get a more comprehensive medical insurance plan than anything your school could ever offer.

“A La Carte” Personal Insurance

This plan will honestly take a lot of the fear and anxiety out of purchasing health insurance for you if none of the above options are available to you – and it’s quite popular. It gives you the ability to sit down and have a chat with a friendly, helpful, and qualified insurance agent like you would experience at Michael Suhany Insurance to select an insurance plan that uniquely suits your needs.

I would love to sit down with you to answer any questions you have about getting health insurance on your own for the first time in order to make sure you’re not only more informed, but are also getting the right health coverage for you.

The post What Happens At 26 With Health Insurance? appeared first on Michael Suhany Insurance.

• Work with an agent

One of the most important things you need to know is to always work with a health insurance agent. No matter how much you read online, you won’t understand everything you should know about health insurance. A good agent has worked with health insurance for many years, and will know much more, and how it will apply to you. This will allow them to help you get a better plan than if you just did it on your own.

• Understand your plan

The second tip you need to know is making sure you understand your health insurance plan. The aspects that you should understand are things like deductibles you will have to pay, max out of pocket, which doctors will be in-network, etc. These are all important things to know, and you should ask your health insurance agent so that you understand what you have in your policy, how it works, and how to go about using it if needed.

• Use in-network providers

If you want to limit the expenses you will have to pay, then make sure to always stick with in-network doctors and other medical providers. If you don’t, then you may be responsible for a much bigger portion of the medical bills.

• Use your insurance once your deductible is maxed

Once you have hit your deductible and out of pocket maximum, your insurance policy will cover everything else! This is a good time to schedule appointments that you may need, and you should do these before your policy deductible restarts.

• Use the benefits

Many health insurance plans offer many benefits. This can be things like gym memberships, fitness trackers, health classes, etc. If your plan includes these types of benefits then you should always take advantage of these! You are paying for them and should get as much value out of your policy as possible.

These are five tips that should help you get the most from your health insurance and make the entire process go smoothly. Again, talk to me or your health insurance agent if you don’t understand your policy or think that you need a better policy. Remember that unless you fall under certain special qualifications, you can only sign up for and make changes to your health insurance during the open enrollment period. This is one of the reasons it is so important to make sure you get a policy that will fit your needs!

The post 5 Health Insurance Tips appeared first on Michael Suhany Insurance.

• Out-of-pocket maximums

When you hear the term above, it is referring to the maximum amount of money that you will have to pay in one year for medical care covered by your policy. This may seem simple and obvious, but around 40% of Americans don’t know what the term means. For example, if you have an out-of-pocket maximum of $5,000, you will never pay more in a year than that $5,000 for the care your policy covers. Once you hit this amount, you are done paying for covered medical care. You need to remember that this only includes services that the insurance company will cover. If you need something that insurance won’t cover, then you would still have to pay for this out of your own pocket. The monthly premium you pay does not go towards this out-of-pocket maximum. The good news is that your deductible does count! Be aware that the out-of-pocket max may be higher than your deductible.

• Coinsurance

The majority of Americans understand terms such as deductible and premium, but many don’t know what coinsurance is. Coinsurance is the amount you will have to pay after your deductible is met. Make sense? If not, here is an example. In this scenario you have already covered your deductible, and you still have a $1,000 medical bill. Your coinsurance is 20%, which means that your insurance company will pay $800 of that $1,000, and you will be responsible for the remaining $200.  This might seem scary if you have a huge medical bill, since you most likely won’t have tens of thousands of dollars laying around. But you don’t need to worry, because as covered in the last point, your policy will have a maximum amount you have to pay in a year. So once you hit this, you no longer will have any coinsurance costs.

• In-network vs out-of-network

If at all possible, you should always use in-network doctors or other health care providers. It is much more expensive to use out-of-network providers. There are a few different reasons for this cost difference.

• Many insurance companies actually have a higher deductible if you use any health care provider that isn’t in-network.
• It is also common for the out-of-pocket max to be much higher for out-of-network. So, you could be responsible for a much larger portion of any medical bills.
• Coinsurance will likely be higher for out-of-network. In our example earlier, if you normally had 20% coinsurance, you instead might have to pay 50%.
• Health insurance companies negotiate with in-network providers to ensure that certain services are priced at set amounts. This means that if you visit an out-of-network doctor, and normally your health insurance company pays $100 for this visit, but the out-of-network doctor charged $150, you will likely have to pay the difference.

These are a few of the reasons that it is so important to understand what these different terms mean. It can change based off of the policy, and this is why it is important to talk to your health insurance agent about this topic.

Understanding these terms will help you have a better experience interacting with your health insurance and will prevent frustration. As you can see, there are many different terms and aspects to a health insurance policy that are good to know, and you probably aren’t going to learn them all. This is why you should avoid using the internet to sign up for a policy, but instead, it is suggested that you talk to a health insurance agent.  It is free and easy!

The post Health Insurance Terms That are Helpful to Know appeared first on Michael Suhany Insurance.

Medicare is a government health insurance program that was created in 1965. The goal of the program is to provide health care for anyone that is 65 or older. It can also cover those who have some disabilities or certain levels of kidney failure. Medicare does provide protection for many different medical costs, but it won’t cover everything. For example, most long-term care isn’t covered.

What Medicare covers

There are multiple parts of Medicare. Part A covers expenses when you are admitted into a hospital. It can also cover skilled nursing care or home health care under certain circumstances. Once eligible to enroll in Medicare, most people can get these benefits with no extra fee because they have worked long enough to pay in the required Medicare taxes. When you sign up for Part A, you can also signup for Part B.

Part B will cover medical bills like doctor visits and other medical supplies and services. This is optional and does require an extra paid premium. However, this can get a bit more complicated, which is one of the reasons you should also talk to a local agent knowledgeable about Medicare.

When Do I enroll?

It is a great idea to contact an agent around 3 months before you turn 65. It is important to not put this off. Again, it is free to work with an agent, so this is the recommended route you should take.

What doesn’t Medicare cover?

There are certain expenses that Medicare won’t generally cover. Here is a list of services that usually won’t be covered.

• Dental care and dentures
• Some immunizations (some are covered by Part B or by Part D)
• Prescription drugs (Part D will cover these, but this is optional)
• Routine foot care
• Medical services outside of the U.S.
• Hearing aids and glasses
• Cosmetic surgery
• Experimental Procedures

This isn’t everything that may not be covered, but these are some of the most common services that people ask about. Again, in some situations some of these would be covered, but it depends on the circumstance.

While it may seem confusing, the good news is that you don’t have to figure it all out on your own. Work with a local agent that you can trust, and you will get the plans that will cover the medical expenses you need at an affordable price!

The post Everything You Need to Know About Medicare appeared first on Michael Suhany Insurance.

If you are wondering who an international travel insurance plan is for, then here are a just a few of the types of people that one of these plans could greatly benefit!  

• Tourists and vacationers

This is the biggest group of people that need to purchase an international travel insurance policy. No matter where you are going overseas, it is important to have one of these policies. Your policy will cover anything from a sprained ankle on the beach, to medical care for a severe illness. While you are overseas you want peace-of-mind that if something should happen, you won’t have to worry about cost.

• Business travelers

If you travel internationally for business, then chances are you travel outside the country frequently. The more you travel abroad, the more likely it is that at some point you will have some type of medical mishap. You also are more likely to be alone, and your travel insurance policy can even pay for a loved one to fly out to be with you should you become ill.

• Students

An international medical policy is super important for a student that is studying abroad. Especially since they likely won’t be familiar with the country they are going to be in and won’t be familiar with the health care system of that nation. Again, if something were to happen to the student, they could be evacuated to another country for medical care if needed. If you are a parent of a student that will be studying abroad, this is something you should make sure they have.

• Missionaries

Many missionaries operate in remote parts of the world and in 3^rd world countries. This makes having a good international health insurance plan extremely important. If they fall ill, they can be moved to a country that better provides the health care needed or will cover the costs of healthcare in the country they are in.

These are just a few of the types of people that can benefit from an international travel insurance policy. If you aren’t sure if this is something you need, or if you are traveling out of the country and know you need this type of policy,  give me a call and schedule a time to talk!

The post People Who Need International Travel Insurance appeared first on Michael Suhany Insurance.

What is Health Insurance?

Health insurance is a plan that you can purchase that will provide you coverage for medical care. This can include things like surgery, doctor’s visits, hospital stays, medications, and more. The concept behind health insurance is simple: medical care can be expensive, and most people can’t pay for it out of pocket. So, people group together to each pay a set amount each month, regardless if they need it or not, and the risk of needing medical care is split amongst everyone. This is the basic principle of how health insurance works.

Do I really need it?

Yes! Even if you are an incredibly healthy person, you still run the risk of being seriously injured. Healthy people are in accidents, need stitches, or get sick all the time. There are many things you just can’t control. So, everyone needs and should have health insurance.

What if I have a health problem?

Currently health insurance companies can’t deny anyone coverage because of preexisting health conditions.  This allows everyone to get health care coverage.

Terms you should know

There are many terms that are used in conjunction with health insurance, and it is important to know these so you can better understand your coverage.

• Deductible

The deductible is the amount of money you must spend on health care before your insurance policy will cover the expense. The deductible could be anywhere from hundreds of dollars to tens of thousands. The size of your deductible will change how much your monthly payment is.

• Premium

Premium is the amount of money you spend each month for your health insurance policy

• Co-pay

Co-pay means that you pay a portion of medical costs, and the insurance company will pay the rest. Some insurance plans have co-pays, and this is something you will want to check into. So be aware that you may not have everything covered when you need medical care.

• In-network

This is an important portion of your policy, since not every health insurance policy will cover all doctors and hospitals. You will want go to doctors or hospitals that accept your health insurance. If you don’t, then you may have to cover the entire amount on your own.

There are many other terms that can be helpful, but these are some of the most important! The other important thing to do is talk to a health insurance agent! You don’t have to be an expert in health insurance! It is completely free to work with me, and you’ll find the best health insurance policy for you!

The post Health Insurance Basics appeared first on Michael Suhany Insurance.

Vision wellness

One of the most important parts of vision insurance is wellness benefits. Usually must vision plans will cover preventive care, and will cover most of these costs. This is important since having regular eye checkups is the best way to prevent serious problems from arising, or at least catching any eye diseases before they progress. Glaucoma, cataracts, macular degeneration and other eye diseases are more treatable when caught early.

Overall health

Most people think that eye care only is beneficial for their eyes, but eye doctors often catch serious medical problems during eye exams. For example high blood pressure, diabetes, thyroid issues, and even some cancers. These are all possible to be found by a regular eye exam. Your eyes are an important part of your health!

Cost savings

Before deciding which vision insurance plan to choose, you should sit down and think about what eye care you are going to need during the upcoming year. This is important since not every plan will offer the same benefits. Some plans will cover only eye exams, and give you discounts on some glasses or contacts. This type of plan may be best if you need minimal vision care. You can purchase a bigger vision insurance plan that will cover things like glasses, and other serious eye care.

As a insurance agent I will be able lay out the different vision insurance plans available to you, and help you find a plan that will fit your budget and cover your needs.

The post Benefits of Vision Insurance appeared first on Michael Suhany Insurance.

• Young/healthy people don’t need good health insurance

Many people think that when you are young, health insurance is not important. This is a very limited view on life since no one knows what could happen tomorrow. While it is true you may be less likely to develop a disease, it is still possible. In fact, the best time to buy health insurance is when you are healthy and don’t need it! If you ever have a major medical disaster, you will never regret having good health insurance.

• Health insurance starts the day I purchase it

This is another misconception health insurance agents hear. Many people think that if they go buy health insurance when they need it, they can turn around and use it. The fact is that health insurance can only be purchased at specific times of the year and only becomes effective on the first day of the following month.

• Go cheapest

While it isn’t a bad idea to try to save money, it isn’t always a good plan when it comes to health insurance. Many people don’t plan on using their policy, so they go with the cheapest plan they can.  However, this means that you will have a massive deductible and if something were to happen, you may not be able to cover this amount. It also may reduce the amount of benefits you receive, which can also cost you more long term.

• Insurance will pay for all medical costs

While this may seem like the purpose of insurance, it isn’t actually true. There are many different plans, and not all of them will cover everything. For example, if you have a copay, then that means you’ll have to pay a portion of all expenses. Or, you may have to pay for medicine out of your own pocket. The plan you have will change how much you have to pay out of pocket. You should talk to a health insurance agent to determine what plan is best for you.

• I should just buy health insurance online

It can seem easier and cheaper to purchase internet online, but this isn’t true at all. Using a health insurance agent will cost you nothing. Plus, you can talk face to face with a person, and they can answer all of your questions. This will ensure you understand your policy. Instead of going online and looking for the cheapest health insurance policy you can find, we would suggest talking to a local health insurance agent!

The post 5 Health Insurance Myths appeared first on Michael Suhany Insurance.

The post Pros and Cons of Medi-Share appeared first on Michael Suhany Insurance.