Insurance World

More than half of the 45 million Americans who lack health insurance are self-employed or work at small businesses. Most simply cannot afford the sky-high premiums associated with traditional health insurance policies.

Consumer-guided health plans offer an affordable alternative. The best plans, such as those powered by HealthMarkets, allow consumers to shop online for a doctor or hospital with powerful, user-friendly tools.

But not all consumer-guided health plans are created equal. Some offer little more than cheap rates and few benefits. Three questions can help you separate a real consumer-guided plan from a “look-alike,” ensuring you get the most for your money.

Question 1: Will the plan help stretch my health care dollars?

A well-kept secret is that doctors charge very different prices for the same medical procedure or service. One doctor might charge $90 for a routine office visit, while another in the same town charges $130.

Under a traditional managed care plan, patients don’t know and don’t have a reason to care about differences in price. They might pay the same $20 co-pay at either office.

A consumer-guided plan takes the mystery out of health care pricing. With a consumer-guided plan, patients seeking non-emergency care have a way to know how much things really cost, and a reason to care. By setting a reasonable maximum charge that the policy will pay for any given procedure or service, consumer-guided plans keep premiums low. By giving consumers new tools, they can compare out-of-pocket costs from one doctor to another.

A spending account for routine care helps too. On Day 1 of coverage, well-designed plans typically offer a spending account for routine or preventive services. Money left in the account at the end of the year rolls over. If the fund is depleted, routine services remain covered, but are subject to deductibles and coinsurance. The result: an incentive to go to the doctor for preventive care at a reasonable price.

Many consumer-guided plans also incorporate Health Savings Accounts (HSAs), which allow you to set aside money in a tax-advantaged account for health care needs, adding to a sense of ownership over healthcare spending.

Question 2: Does the plan provide information on quality?

To focus only on money misses the point of health care. Consumers also need quick, easy access to other information, including a doctor’s board certification, medical school, and years in practice, and a hospital’s adherence to patient safety standards, volume of procedures and clinical outcomes.

The best consumer-guided plans let consumers post feedback on physicians for other members to view, creating a powerful feedback mechanism such the one used on Internet auction sites. Rude doctors, beware!

Question 3: Does the plan offer education and support services?

Being a smart healthcare consumer can be complicated. A good plan offers customer service representatives trained to discuss the critical issues faced by healthcare consumers, such as how to compare cost among various providers and how to manage financial accounts.

EDITOR’S NOTE:

About HealthMarkets

HealthMarkets is America’s leading provider of affordable health insurance for the individual, self-employed and small business markets. HealthMarkets is also a leader in student and hourly employee insurance nationwide. HealthMarkets has a dedicated agent and broker force of more than 4,000 professionals who are trained and licensed through the company’s agency associates in 44 states.

HealthMarkets sells insurance in 44 states. Please note that HealthMarkets has consumer guided plans approved in the following states: Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Michigan, Mississippi, Missouri, Nevada, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas and Virginia.

If you have a business, then it is important to get the right level of insurance to protect your business interests. Without the proper level of insurance your business could be in serious trouble if anything unexpected should happen. Here are some tips about how to get the right business insurance for your needs:

Required by law

There are a number of types of insurance that businesses must have by law. The main type of insurance that is legally required is employer’s liability insurance. This type of insurance protects you from any claims that your employees might make for accidents or sickness that they suffer whilst at work or as a result of work. Some businesses are not legally required to have this insurance, but if you have insurance then it makes sense. If anything should happen to any employee you could be hit with a massive compensation bill if you are uninsured.

Another insurance that is often required is motor insurance. If your company has any vehicles then you are required to get at least third party insurance to cover any damage to property or other people. It is usually advisable to get comprehensive insurance for your vehicles in case they are damaged or stolen. Although it costs more, it could save you a lot money in repair bills.

Liability insurance

If you are selling products to the public or have a large number of non-employees using your business premises, then you should consider public liability insurance. This type of insurance will cover you in the event that anyone is injured by your product or hurt at your business premises. The cost of this insurance will vary depending on what products you sell and the size of your premises

Building insurance

If you have dedicated premises for your business, then you need to make sure that the building and its contents are insured. If you rent the building then the landlord should be insured for the property, but you need to make sure that the contents are fully insured. If an accident should occur and you don’t have adequate cover then you could lose money.

Key man insurance

A business relies on its key employees to make it successful, so you should think about insuring yourself and other top employees against health problems or accidents. Getting health insurance for your main employees will not only make sure that they can get back to work as soon as possible, it will also give them a sense of belonging to the company. If the type of work you are involved in has the potential for accidents to occur, then getting adequate insurance to cover this is important. Obviously working on a building site is going to lead to higher premiums than sitting behind a desk.

Reducing your premiums

Reducing your premiums is a good way to save money for your business. The best way to reduce the risk for the lender and so reduce the price of insurance is to make your business a safe and secure one. Make sure that security systems are up to date, and that health and safety procedures are adhered to.

Using a broker

The easiest way to obtain business insurance is by using an insurance broker who has expertise in your particular business area. They will be able to help you find the right insurer for your needs and get you a good deal.