Category: Barich and Assoicates

  • 9 Reasons you Should Start Getting Ready for Open Enrollment Now

    9 Reasons you Should Start Getting Ready for Open Enrollment Now

    ACA-complaint health plans are now available for three good years, but still there are hundreds of Americans who are uninsured. If you still haven’t enrolled for any health plan for whatever reason, following are some of the reasons why should get one in the upcoming enrollment window.

    Health Exchanges Have Improved

    Since the beginning of open enrollment at the end of 2013, things have improved with health exchanges. Initial anomalies and hiccups are not there anymore, and the process has become very smooth. In open enrollment of year 2016, more than 10 million people took coverage in private health plans through health exchanges.

    On- or off-exchange Plans

    In all the states except the District of Columbia, you can choose a health plan within your state’s exchange (where income-based subsidies are available) or outside the exchange. You can get these plans only in open enrollment window.

    Only 45 Days to Enroll

    Window of open enrollment window has shrunk to half of its duration. For year 2018, it will run from November 1, 2017 to December 15, 2017. Since it’s the only opportunity you have to get individual coverage, go through different coverage plans so that you can be enrolled on time.

    Discount on Premiums

    If your household income is not exceeding 400% of poverty levels then the amount you will pay for Silver plan will be capped as a fixed percentage of your income. But to get this concession, you have to get enrolled in the upcoming enrollment window.

    Plan Comparison has Become Easier

    It has always been difficult to choose between different heath plans. But now there are tools available to choose between more than one plan in order to get the best possible offer. Many exchanges have acquired comparison tools that help in comparing different plans beyond premiums to give you the total cost of a plan. Well-reputed health insurance consultants and quote providers now assisting citizens to choose the best heath plan according to their financial and foreseeable medical conditions.

    Health History is not a Barrier Anymore

    Before Affordable Care Act, millions of citizens had to face rejection of individual health coverage for any of 400 medical conditions. Now all these pre-existing medical conditions don’t act as obstacles to get enrolled.

    Healthcare Service Details are More Clear

    Different networks and formularies are associated with different plans and sometimes it becomes difficult for people to understand them. The access to formulary and networks directory has become easier. Now you don’t need to create an account to enter a policy code to retrieve the information.

    Pay Penalties if you are not Covered

    If you are not having any health coverage then you will have to face a potential tax penalty of 2.5% of household income. With every year, this individual mandate penalty is increasing. Get enrolled for a suitable health plan in this window and avoid this penalty.

    No Hefty Medical Expenses

    Remember that with ACA-complaint health plans, your out-of-pocket expenses will be capped at a certain amount. However, there is no limit of out-of-pocket medical expenses if you are uninsured.

  • 10 Tips to Help You Get Better Health Insurance Coverage

    10 Tips to Help You Get Better Health Insurance Coverage

    Health insurance coverage provides medical and financial assistance in the unfortunate case of illness and accidental injury. If you are not covered, then healthcare expenditures can rise and lead to financial turmoil.  Therefore, it is important to get covered with health insurance, even if you are not provided coverage by your employee or the government.

    You should never go uninsured – that’s for sure. Sign up for a private insurance, if you have to.

    Following are some tips to get the best health insurance plans for you and your family.

    1. You should be familiar with some of the terms related to health insurance and insurance in general, terms such as premium, deductable, co-insurance, etc. This will make it easy for you to understand the plan you are about to purchase. You can find search online to find out what these technical insurance terms mean.
    2. Make sure you don’t miss out on the open enrollment period. Open enrollment is a 3-month time window in which you can sign up for health insurance. If you don’t get enrolled in this time, then you will miss coverage for the given year.
    3.  Not all health insurance plans are the same. Therefore, do the necessary homework before getting coverage for yourself and your family. For instance, there are some questions you need answers to before choosing an insurance plan.
    • How much are you willing to spend on your plan?
    • Does any family member need complex medical procedures (like surgery) in the coming year?
    • If you already have a health insurance, then what is it missing?

    Discuss these and any other questions you may have with your family and other concerned people to get the best plan possible.

    1.  There is no point in sticking to an insurance plan you are not happy with. You can change and upgrade your existing plan in the open enrollment window.
    2.  Medicare, the federal health insurance plan can’t cover all your health-related needs. To get fully covered, get a supplemental health insurance plan from a private provider.
    3.  The health insurance market place offers four types of plans (bronze, silver, gold and diamond). Go for the one that best matches your budget and healthcare needs.
    4.  If you don’t want to pay high monthly premiums then choose High-Deductable Health Plans (HDHPs). To know more about HPHPs, get in touch with your health insurance agency.

    Contact Barich and Associates so our experts can help you get started with having better insurance coverage today! 909.793.6556

  • 8 Things the Media Hasn't Told You about Medicare

    8 Things the Media Hasn't Told You about Medicare

    Medicare is a medical insurance program that facilitates people above 65 years of age. A person becomes eligible by making regular payments, called premium, for a specific time period. Younger people can also be included to beneficiaries provided that they are suffering from terminal diseases. The insurance does not cover full medical expenses. As per Medicare Trustees Report 2016, Medicare covers around 57 million people all across the United States.

    Following are some lesser-known facts that can help you benefit from Medicare insurance:

    1.     Initiation:

    The idea of a national health insurance system was proposed by President Theodore Roosevelt in 1912. The idea became a reality in 1965 and was signed by President Lyndon B. Johnson. President Harry S. Truman was the first person to get enrolled in the program.

    2.     Medicare Has 4 Components:

    Medicare has 4 parts to categorize benefits. Part A covers hospital expenses. Part B covers expenses required for medical care at home and also includes the purchase of essential medical equipment. Part C or Medicare Advantage is offered by private sectors and includes additional benefits, whereas Part D is an optional phase for prescribed drug coverage.

    3.     No Dental or Vision Coverage:

    Medicare does not include expenses of dental and sight-related issues. Moreover, you need to arrange the amount on your own in order to pay for hearing aids. Part A and B are referred to as Original Medicare. Part C or D may support dental, vision, and hearing expenses as per the conditions of the private company.

    4.     Medicare Coverage is Necessary:

    If you fail to participate in Medicare upon qualifying for the first time, you have to pay penalties. During part B, a 10% increase for 12 months must be paid additionally with premium amount. Similarly in Part D, the number of years you were not enrolled is multiplied by national base beneficiary factor and is added to current premium.

    5.     Shortfall of Funds:

    A major concern about Medicare is that the funds may fall short in a few years. As a result, the insurance policy may not be able to cover expenses of all enrollees. By 2028, the funds will cover 87% of Part A expenses whereas the taxes will provide the rest of the amount.

    6.     Blood Expenses Are Excluded:

    Medicare does not cover all expenses for people above 65 years of age. For instance, you have to arrange blood and pay for it on your own. Other factors that are not included are extended hospital stay, extended nursing, foreign emergency care, and 20% costs of hospital care.

    7.     Medicare is Not Accepted Everywhere:

    Medicare is not accepted by every doctor. Therefore, it is recommended to visit the official website to decide which doctor you should visit.

    8.     Switching Options:

    Medicare allows enrollees to switch their insurance every year during a few time periods. A time frame is specified during which people can switch their options. You can make the decision according to your healthcare needs.

    Barich & Associates Insurance Marketing Services Inc. helps you find the most suitable Medicare plan. It is a professional company facilitating people in finding the policy that can save them money. They can utilize their policy in a more efficient way by consulting the experts.