Insurance World

A woman from Las Vegas thought she was buying health insurance. It looked and sounded like health insurance. The Las Vegas woman is not 65 yet, which means she can’t get Medicare. So, she went online looking for health insurance. She ended up finding something called Healthcare Advantage, and signed up after paying $100. Come to find out, this was not medical insurance at all and the sales representative never told this poor lady. She found that out when her cards arrived in the mail. In tiny writing at the bottom, it read, “not an HMO, PPO insurance or managed care company”. This was a discount plan. These plans do not have the same coverage as a full medical health insurance policy. Make sure you know what you are getting and if it fits your needs.

So what is a discount plan? The plans claims to save people money by offering discounts on physician visits, prescription drugs, dental work, eye care and other treatments for a monthly fee. Unlike normal health insurance, which is very costly and very selective about who it covers, a discount health plan accepts everyone, no matter what health conditions they may have. You will use a list of doctors that are willing to charge discounted rates to the subscriber. Discount is not the same as coverage, and so you will pay more for visits and other services that you wouldn’t with a regular medical plan. The average savings is only 25% that could be very expensive if you have to see a specialist or require surgery. These networks claim to have as many as 400,000 doctors and 50,000 hospitals available to choose from, but what if none of them are near you? You can get a savings of up to 30% on both generic and brand name drugs, which can also be costly if you have multiple prescriptions or they are costly ones. So if you have a health plan already but have a high deductible, this extra plan may help save you some money. But to use as a complete health plan, it really isn’t designed for that and will cost you more than a great HMO.

HMOs and other medical plans can offer full medical coverage at great rates. Managed care plans are the way to go for those who are limited on funds. They offer the best policies for the least amount of money. Most of these plans are available to anyone and can save you a ton of cash. You can make the plan even more affordable by asking for a deductible, which will lower your monthly expense. Most HMO’s do not have one at all but, you can request one, and most basic PPOs and POS only have a small one, usually $200 to $500 per year, which you can also asked to raised. The co-pays are also very reasonable with these types of plans. If you choose to purchase an HMO, expect to pay about $5-$10 per office visit and per prescription. With PPOs and POSs you will have a 20% co-pay with both visits and medications. The differences are how strict they are and you pay more of a co-pay to have extra flexibility. Usually a PPO or POS plan is less expensive and you have more freedom to see whom you want so the insurer makes you more responsible for payment. HMOs tend to be the least expensive and best policies for people with fixed incomes.

Make sure you know what your needs are and double-check what you are getting. If you need full medical coverage with low co-pay then a discount plan will not work for you. If you are already covered by a medical group but have a large deductible then you might benefit from the extra savings a discount plan can offer. Also, ask whether the plan is insurance that covers your treatment, or is a discount plan that still requires you to pay all medical bills yourself. Beware of slippery sales pitches. Make sure you know what’s being offered. Discount health plans may only sell you access to a large mailing list of medical providers that it purchased commercially. Don’t assume you’re getting access to a large provider network just because your discount card displays the network’s name and logo. If you plan to use a specific listed doctor, hospital, pharmacy or other provider, ask a few questions before you sign up.

Insurers have added coverage for identity theft to their offerings in addition to the traditional life, health, pet, travel, and automobile coverage. The yearly costs attributed to crimes involving identity theft are staggering. While services are available to help you keep track of your personal information, they come at a price and may not be worthwhile.

Citi Credit Monitoring Service may be of value, since it is available online, its web site is secure, and the firm guarantees your privacy will be protected. This site lets you review your credit accounts and files on a regular basis in a relatively inexpensive manner. Other companies offer coverage for identity theft and include software that helps to track identity theft activities and offers help if you become a victim of this crime. The software also provides your FICO and additional monitoring options.

If you become a victim of identity theft, you may also become a victim of the court system. While millions of people suffer from identity theft, few go to court to fight for the restoration of their identity. The court process can take a very long time, and since identity thieves generally establish credit and bank accounts in your name, you may be the one on the hook for prosecution from creditors and the courts.

Many people believe that victims of identity theft have done something to expose themselves to this crime and that, therefore, it is their own fault. This is not the case. Cases of identity theft increase every year, and millions of people are affected. Doctors, lawyers, politicians, judges, and other educated people often become the victims of identity theft. The criminals themselves are often highly educated, working in respected careers in order to gain access to information they can steal. The poor are often made scapegoats for the crime, while the real criminals go unpunished.

It can be to your advantage to obtain identity theft insurance. You never know who the thief might be or when a theft may arise. The insurance coverage usually costs just a few dollars per month. You may also purchase the identity-theft software for a one-time fee. IN some states, laws have been enacted to prohibit the publication of personal identifying information. However, with so much information online, the Internet is fertile ground for ‘hackers’ who gain access to databases containing personal data on millions of people. Therefore, you should take any and all precautions you can to protect yourself from identity theft.