Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment" (pg. 225).
A contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.
Watch the full interview here: https://www.youtube.com/watch?v=j7RqO4DfV5A&t=2170s
I’ll teach you how to become to media’s go-to expert in your field. Enroll in The Professional’s Media Academy now: https://www.professionalsmediaacademy.com
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Help us continue the fight against medical misinformation and change the world through charity by becoming a Doctor Mike Resident on Patreon where every month I donate 100% of the proceeds to the charity, organization, or cause of your choice! Residents get access to bonus content, an exclusive discord community, and many other perks for just $10 a month. Become a Resid...
published: 16 Jan 2023
A terrible guide to the terrible terminology of U.S. Health Insurance
hahaha this system sucks.
a huge thanks to my Patreon for giving me a chance to do this way-too-big video: https://patreon.com/briandavidgilbert
filmed by Karen Han: https://twitter.com/karenyhan
music by Louie Zong, check out the album "Business": https://louiezong.bandcamp.com/
MERCH: https://store.dftba.com/collections/brian-david-gilbert
STREAMS: https://twitch.tv/briandavidgilbert
STREAM ARCHIVE: https://www.youtube.com/channel/UCqbwf1q9hkT8E4zPsWYMjwA
INSTA: https://instagram.com/briamgilbert
WEBSITE: https://www.briandavidgilbert.com/
Looking to get involved in healthcare reform? Check for any state/local groups or groups in your profession (especially if you are a nurse/doctor/medical student!) to join or support! Here's a relatively comprehensive Wiki page on U.S. Healthcare R...
published: 26 Sep 2022
What is an HMO v. PPO Health Insurer
This video explains the difference between an HMO (Health Maintenance Organization) and a PPO (Preferred Provider Organization) in healthcare.
published: 09 Aug 2020
How does a health insurance Deductible work?
published: 15 Oct 2013
How Health Insurance Works
When I consider purchasing an individual health insurance plan for myself or my family, do I have any financial obligations beyond the monthly premium and annual deductible?
Answers: It depends on the plan, but some plans have the following cost-sharing elements that you should be aware of.
Co-Payments: Some plans include a co-payment, which is typically a specific flat fee you pay for each medical service, such as $30 for an office visit. After the co-payment is made, the insurance company typically pays the remainder of the covered medical charges.
Deductibles: Some plans include a deductible, which typically refers to the amount of money you must pay each year before your health insurance plan starts to pay for covered medical expenses.
Coinsurance: Some plans include coin...
published: 09 Jun 2011
Health Insurance
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published: 21 Dec 2022
Health Insurance Explained – The YouToons Have It Covered
This cartoon explains health insurance using fun, easy-to-understand scenarios. It breaks down important insurance concepts, such as premiums, deductibles and provider networks. The video explains how individuals purchase and obtain medical care and prescription drugs when enrolled in various types of health insurance, including HMOs and PPOs.
This is the third YouToons video written and produced by the Kaiser Family Foundation. The video is narrated by former U.S. Senate Majority Leader Bill Frist, a nationally-recognized surgeon and Foundation trustee.
Also available in Spanish: http://youtu.be/mDPhCo11z0E
To download the video, please visit: http://www.kff.org/youtoons-health-insurance-explained
published: 11 Nov 2014
Health Insurance For Parents
published: 06 Jul 2021
How insurance premiums and deductibles work
Health-care costs can add up fast. Understanding how medical costs and insurance are related and structured may help you anticipate expenses and budget better for your health. Watch this video to find out how premiums and deductibles affect your coverage – and what you can do to lower your medical bills.
Invest in You: Ready. Set. Grow. is a multiplatform financial wellness and education initiative, in partnership with Acorns, focused on improving Americans’ money knowledge.
For more saving, spending and investing tips visit: https://www.cnbc.com/invest-in-you/
published: 17 Apr 2019
How To Save At Least $300 On Health Insurance
Most Americans are bad at figuring out which health insurance plan will save them money. A study of almost 24,000 employees at a major Fortune 100 company found that 61% of them chose the wrong plan for their needs and estimated that the average employee could have saved $372 per year by choosing a different plan. Watch the video above to learn why Americans struggle to pick the most financially beneficial insurance plan for them and how to pick the right one.
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Conne...
Watch the full interview here: https://www.youtube.com/watch?v=j7RqO4DfV5A&t=2170s
I’ll teach you how to become to media’s go-to expert in your field. Enroll i...
Watch the full interview here: https://www.youtube.com/watch?v=j7RqO4DfV5A&t=2170s
I’ll teach you how to become to media’s go-to expert in your field. Enroll in The Professional’s Media Academy now: https://www.professionalsmediaacademy.com
Listen to my podcast, @DoctorMikeCheckup here:
Spotify: https://go.doctormikemedia.com/spotify/CheckUpSpotify
Apple Podcasts: https://go.doctormikemedia.com/applepodcast/ApplePodcasts
Help us continue the fight against medical misinformation and change the world through charity by becoming a Doctor Mike Resident on Patreon where every month I donate 100% of the proceeds to the charity, organization, or cause of your choice! Residents get access to bonus content, an exclusive discord community, and many other perks for just $10 a month. Become a Resident today:
https://www.patreon.com/doctormike
Let’s connect:
IG: https://go.doctormikemedia.com/instagram/DMinstagram
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Contact Email: [email protected]
Executive Producer: Doctor Mike
Production Director and Editor: Dan Owens
Managing Editor and Producer: Sam Bowers
Editor and Designer: Caroline Weigum
Editor: Juan Carlos Zuniga
* Select photos/videos provided by Getty Images *
** The information in this video is not intended nor implied to be a substitute for professional medical advice, diagnosis or treatment. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your own doctor/health professional ** #short #shorts #podcast Barbara Corcoran Shark Tank
Watch the full interview here: https://www.youtube.com/watch?v=j7RqO4DfV5A&t=2170s
I’ll teach you how to become to media’s go-to expert in your field. Enroll in The Professional’s Media Academy now: https://www.professionalsmediaacademy.com
Listen to my podcast, @DoctorMikeCheckup here:
Spotify: https://go.doctormikemedia.com/spotify/CheckUpSpotify
Apple Podcasts: https://go.doctormikemedia.com/applepodcast/ApplePodcasts
Help us continue the fight against medical misinformation and change the world through charity by becoming a Doctor Mike Resident on Patreon where every month I donate 100% of the proceeds to the charity, organization, or cause of your choice! Residents get access to bonus content, an exclusive discord community, and many other perks for just $10 a month. Become a Resident today:
https://www.patreon.com/doctormike
Let’s connect:
IG: https://go.doctormikemedia.com/instagram/DMinstagram
Twitter: https://go.doctormikemedia.com/twitter/DMTwitter
FB: https://go.doctormikemedia.com/facebook/DMFacebook
TikTok: https://go.doctormikemedia.com/tiktok/DMTikTok
Reddit: https://go.doctormikemedia.com/reddit/DMReddit
Contact Email: [email protected]
Executive Producer: Doctor Mike
Production Director and Editor: Dan Owens
Managing Editor and Producer: Sam Bowers
Editor and Designer: Caroline Weigum
Editor: Juan Carlos Zuniga
* Select photos/videos provided by Getty Images *
** The information in this video is not intended nor implied to be a substitute for professional medical advice, diagnosis or treatment. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your own doctor/health professional ** #short #shorts #podcast Barbara Corcoran Shark Tank
hahaha this system sucks.
a huge thanks to my Patreon for giving me a chance to do this way-too-big video: https://patreon.com/briandavidgilbert
filmed by Kare...
hahaha this system sucks.
a huge thanks to my Patreon for giving me a chance to do this way-too-big video: https://patreon.com/briandavidgilbert
filmed by Karen Han: https://twitter.com/karenyhan
music by Louie Zong, check out the album "Business": https://louiezong.bandcamp.com/
MERCH: https://store.dftba.com/collections/brian-david-gilbert
STREAMS: https://twitch.tv/briandavidgilbert
STREAM ARCHIVE: https://www.youtube.com/channel/UCqbwf1q9hkT8E4zPsWYMjwA
INSTA: https://instagram.com/briamgilbert
WEBSITE: https://www.briandavidgilbert.com/
Looking to get involved in healthcare reform? Check for any state/local groups or groups in your profession (especially if you are a nurse/doctor/medical student!) to join or support! Here's a relatively comprehensive Wiki page on U.S. Healthcare Reform Advocacy Groups to give you starting point: https://en.wikipedia.org/wiki/List_of_healthcare_reform_advocacy_groups_in_the_United_States
ARTICLES REFERENCED IN THE VIDEO:
- "Brian David Gilbert Begins Comprehensive Deep Dive Into How to Get Health Insurance Now": https://hard-drive.net/brian-david-gilbert-begins-comprehensive-deep-dive-into-how-to-get-health-insurance-now/
- "FORMULARY (LIST OF COVERED DRUGS) FOR BLUE SHIELD OF CALIFORNIA MEDICARE PLANS": https://www.blueshieldca.com/bsca/bsc/wcm/connect/sites/sites_content_en/medicare/resources/prescription_resources/medicare_formularies?
- "Analysis: Half of Emergency Ambulance Rides Lead to Out-of-Network Bills for Privately Insured Patients": https://www.kff.org/health-costs/press-release/analysis-half-of-emergency-ambulance-rides-lead-to-out-of-network-bills-for-privately-insured-patients/
- "Can Hospitals Use an Out-of-Network Anesthesiologist or Physician?": https://www.ushealthgroup.com/2021/04/14/can-hospitals-use-out-of-network-anesthesiologist-or-physician/
- "What Medicare Covers": https://www.medicare.gov/what-medicare-covers
- "Nebraska Medicare Eligibility": https://dhhs.ne.gov/Pages/Medicaid-Eligibility.aspx
- "Millions of kids qualify for Medicaid. Biden funds outreach to boost enrollment": https://www.npr.org/sections/health-shots/2022/07/19/1112247478/millions-of-kids-qualify-for-medicaid-biden-funds-outreach-to-boost-enrollment
- "Open Secrets: Client Profile: Blue Cross/Blue Shield": https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2021&id=D000000109&name=Blue+Cross%2FBlue+Shield
SECTIONS:
00:00 - Intro
01:52 - Health Insurance
02:53 - Dental & Vision Insurance
03:42 - Premium
04:19 - Deductible
07:08 - Copays & Coinsurance, Out-of-Pocket Maximum
09:58 - Drug Tiers, Drug Formulary
11:53 - Open Enrollment, Qualifying Life Event, COBRA, Special Enrollment Period
14:40 - In-Network, Out-of-Network, Multi-Tier Network
17:03 - HMO, PPO, EPO, POS Plans
19:08 - HSA, FSA, MSA, HRA
22:14 - Medicare & Medicaid
25:19 - Obfuscation
27:02 - So... what now?
29:19 - Credits
hahaha this system sucks.
a huge thanks to my Patreon for giving me a chance to do this way-too-big video: https://patreon.com/briandavidgilbert
filmed by Karen Han: https://twitter.com/karenyhan
music by Louie Zong, check out the album "Business": https://louiezong.bandcamp.com/
MERCH: https://store.dftba.com/collections/brian-david-gilbert
STREAMS: https://twitch.tv/briandavidgilbert
STREAM ARCHIVE: https://www.youtube.com/channel/UCqbwf1q9hkT8E4zPsWYMjwA
INSTA: https://instagram.com/briamgilbert
WEBSITE: https://www.briandavidgilbert.com/
Looking to get involved in healthcare reform? Check for any state/local groups or groups in your profession (especially if you are a nurse/doctor/medical student!) to join or support! Here's a relatively comprehensive Wiki page on U.S. Healthcare Reform Advocacy Groups to give you starting point: https://en.wikipedia.org/wiki/List_of_healthcare_reform_advocacy_groups_in_the_United_States
ARTICLES REFERENCED IN THE VIDEO:
- "Brian David Gilbert Begins Comprehensive Deep Dive Into How to Get Health Insurance Now": https://hard-drive.net/brian-david-gilbert-begins-comprehensive-deep-dive-into-how-to-get-health-insurance-now/
- "FORMULARY (LIST OF COVERED DRUGS) FOR BLUE SHIELD OF CALIFORNIA MEDICARE PLANS": https://www.blueshieldca.com/bsca/bsc/wcm/connect/sites/sites_content_en/medicare/resources/prescription_resources/medicare_formularies?
- "Analysis: Half of Emergency Ambulance Rides Lead to Out-of-Network Bills for Privately Insured Patients": https://www.kff.org/health-costs/press-release/analysis-half-of-emergency-ambulance-rides-lead-to-out-of-network-bills-for-privately-insured-patients/
- "Can Hospitals Use an Out-of-Network Anesthesiologist or Physician?": https://www.ushealthgroup.com/2021/04/14/can-hospitals-use-out-of-network-anesthesiologist-or-physician/
- "What Medicare Covers": https://www.medicare.gov/what-medicare-covers
- "Nebraska Medicare Eligibility": https://dhhs.ne.gov/Pages/Medicaid-Eligibility.aspx
- "Millions of kids qualify for Medicaid. Biden funds outreach to boost enrollment": https://www.npr.org/sections/health-shots/2022/07/19/1112247478/millions-of-kids-qualify-for-medicaid-biden-funds-outreach-to-boost-enrollment
- "Open Secrets: Client Profile: Blue Cross/Blue Shield": https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2021&id=D000000109&name=Blue+Cross%2FBlue+Shield
SECTIONS:
00:00 - Intro
01:52 - Health Insurance
02:53 - Dental & Vision Insurance
03:42 - Premium
04:19 - Deductible
07:08 - Copays & Coinsurance, Out-of-Pocket Maximum
09:58 - Drug Tiers, Drug Formulary
11:53 - Open Enrollment, Qualifying Life Event, COBRA, Special Enrollment Period
14:40 - In-Network, Out-of-Network, Multi-Tier Network
17:03 - HMO, PPO, EPO, POS Plans
19:08 - HSA, FSA, MSA, HRA
22:14 - Medicare & Medicaid
25:19 - Obfuscation
27:02 - So... what now?
29:19 - Credits
When I consider purchasing an individual health insurance plan for myself or my family, do I have any financial obligations beyond the monthly premium and annua...
When I consider purchasing an individual health insurance plan for myself or my family, do I have any financial obligations beyond the monthly premium and annual deductible?
Answers: It depends on the plan, but some plans have the following cost-sharing elements that you should be aware of.
Co-Payments: Some plans include a co-payment, which is typically a specific flat fee you pay for each medical service, such as $30 for an office visit. After the co-payment is made, the insurance company typically pays the remainder of the covered medical charges.
Deductibles: Some plans include a deductible, which typically refers to the amount of money you must pay each year before your health insurance plan starts to pay for covered medical expenses.
Coinsurance: Some plans include coinsurance. Coinsurance is a cost sharing requirement that makes you responsible for paying a certain percentage of any costs. The insurance company pays the remaining percentage of the covered medical expenses after your insurance deductible is met.
Out-of-pocket limit: Some plans include an out-of-pocket limit. Typically, the out-of-pocket limit is the maximum amount you will pay out of your own pocket for covered medical expenses in a given year. The out-of-pocket limit typically includes deductibles and coinsurance. But, out-of-pocket limits don't typically apply to co-payments.
Lifetime maximum: Most plans include a lifetime maximum. Typically the lifetime maximum is the amount your insurance plan will pay for covered medical expenses in the course of your lifetime.
Exclusions & Limitations: Most health insurance carriers disclose exclusions & limitations of their plans. It is always a good idea to know what benefits are limited and which services are excluded on your plan. You will be obligated to pay for 100% of services that are excluded on your policy.
Beginning September 23, 2010, the Patient Protection and Affordable Care Act (health care reform) begins to phase out annual dollar limits. Starting on September 23, 2012, annual limits on health insurance plans must be at least $2 million. By 2014 no new health insurance plan will be permitted to have an annual dollar limit on most covered benefits.
Some health insurance plans purchased before March 23, 2010 have what is called "grandfathered status." Health Insurance Plans with Grandfathered status are exempt from several changes required by health care reform including this phase out of annual limits on health coverage.
If you purchased your health insurance policy after March 23, 2010 and you're due for a routine preventive care screening like a mammogram or colonoscopy, you may be able to receive that preventive care screening without making a co-payment. You can talk to your insurer or your licensed eHealthInsurance agent if you need help determining whether or not you qualify for a screening without a co-payment.
There are five important changes that occurred with individual and family health insurance policies on September 23, 2010.
Those changes are:
1. Added protection from rate increases: Insurance companies will need to publically disclose any rate increases and provide justification before raising your monthly premiums.
2. Added protection from having insurance canceled: An insurance company cannot cancel your policy except in cases of intentional misrepresentations or fraud.
3. Coverage for preventive care: Certain recommended preventive services, immunizations, and screenings will be covered with no cost sharing requirement.
4. No lifetime maximums on health coverage: No lifetime limits on the dollar value of those health benefits deemed to be essential by the Department of Health and Human Services.
5. No pre-existing condition exclusions for children: If you have children under the age of 19 with pre-existing medical conditions, their application for health insurance cannot be declined due to a pre-existing medical condition. In some states a child may need to wait for the state's open-enrollment period before their application will be approved.
When I consider purchasing an individual health insurance plan for myself or my family, do I have any financial obligations beyond the monthly premium and annual deductible?
Answers: It depends on the plan, but some plans have the following cost-sharing elements that you should be aware of.
Co-Payments: Some plans include a co-payment, which is typically a specific flat fee you pay for each medical service, such as $30 for an office visit. After the co-payment is made, the insurance company typically pays the remainder of the covered medical charges.
Deductibles: Some plans include a deductible, which typically refers to the amount of money you must pay each year before your health insurance plan starts to pay for covered medical expenses.
Coinsurance: Some plans include coinsurance. Coinsurance is a cost sharing requirement that makes you responsible for paying a certain percentage of any costs. The insurance company pays the remaining percentage of the covered medical expenses after your insurance deductible is met.
Out-of-pocket limit: Some plans include an out-of-pocket limit. Typically, the out-of-pocket limit is the maximum amount you will pay out of your own pocket for covered medical expenses in a given year. The out-of-pocket limit typically includes deductibles and coinsurance. But, out-of-pocket limits don't typically apply to co-payments.
Lifetime maximum: Most plans include a lifetime maximum. Typically the lifetime maximum is the amount your insurance plan will pay for covered medical expenses in the course of your lifetime.
Exclusions & Limitations: Most health insurance carriers disclose exclusions & limitations of their plans. It is always a good idea to know what benefits are limited and which services are excluded on your plan. You will be obligated to pay for 100% of services that are excluded on your policy.
Beginning September 23, 2010, the Patient Protection and Affordable Care Act (health care reform) begins to phase out annual dollar limits. Starting on September 23, 2012, annual limits on health insurance plans must be at least $2 million. By 2014 no new health insurance plan will be permitted to have an annual dollar limit on most covered benefits.
Some health insurance plans purchased before March 23, 2010 have what is called "grandfathered status." Health Insurance Plans with Grandfathered status are exempt from several changes required by health care reform including this phase out of annual limits on health coverage.
If you purchased your health insurance policy after March 23, 2010 and you're due for a routine preventive care screening like a mammogram or colonoscopy, you may be able to receive that preventive care screening without making a co-payment. You can talk to your insurer or your licensed eHealthInsurance agent if you need help determining whether or not you qualify for a screening without a co-payment.
There are five important changes that occurred with individual and family health insurance policies on September 23, 2010.
Those changes are:
1. Added protection from rate increases: Insurance companies will need to publically disclose any rate increases and provide justification before raising your monthly premiums.
2. Added protection from having insurance canceled: An insurance company cannot cancel your policy except in cases of intentional misrepresentations or fraud.
3. Coverage for preventive care: Certain recommended preventive services, immunizations, and screenings will be covered with no cost sharing requirement.
4. No lifetime maximums on health coverage: No lifetime limits on the dollar value of those health benefits deemed to be essential by the Department of Health and Human Services.
5. No pre-existing condition exclusions for children: If you have children under the age of 19 with pre-existing medical conditions, their application for health insurance cannot be declined due to a pre-existing medical condition. In some states a child may need to wait for the state's open-enrollment period before their application will be approved.
https://linktr.ee/steveioe
Buy Dr. Socko hospital grip socks: https://drsocko.com/
Looking for Blue MuFKR Hoodies? https://mufkr.com/
Find me on
TikTok: https...
https://linktr.ee/steveioe
Buy Dr. Socko hospital grip socks: https://drsocko.com/
Looking for Blue MuFKR Hoodies? https://mufkr.com/
Find me on
TikTok: https://www.tiktok.com/@steveioe
Instagram: https://www.instagram.com/steveioe
Twitter: https://twitter.com/steveioe
Facebook: https://www.facebook.com/steveioe
P.O. Box:
532308
Los Angeles CA 90053
https://linktr.ee/steveioe
Buy Dr. Socko hospital grip socks: https://drsocko.com/
Looking for Blue MuFKR Hoodies? https://mufkr.com/
Find me on
TikTok: https://www.tiktok.com/@steveioe
Instagram: https://www.instagram.com/steveioe
Twitter: https://twitter.com/steveioe
Facebook: https://www.facebook.com/steveioe
P.O. Box:
532308
Los Angeles CA 90053
This cartoon explains health insurance using fun, easy-to-understand scenarios. It breaks down important insurance concepts, such as premiums, deductibles and p...
This cartoon explains health insurance using fun, easy-to-understand scenarios. It breaks down important insurance concepts, such as premiums, deductibles and provider networks. The video explains how individuals purchase and obtain medical care and prescription drugs when enrolled in various types of health insurance, including HMOs and PPOs.
This is the third YouToons video written and produced by the Kaiser Family Foundation. The video is narrated by former U.S. Senate Majority Leader Bill Frist, a nationally-recognized surgeon and Foundation trustee.
Also available in Spanish: http://youtu.be/mDPhCo11z0E
To download the video, please visit: http://www.kff.org/youtoons-health-insurance-explained
This cartoon explains health insurance using fun, easy-to-understand scenarios. It breaks down important insurance concepts, such as premiums, deductibles and provider networks. The video explains how individuals purchase and obtain medical care and prescription drugs when enrolled in various types of health insurance, including HMOs and PPOs.
This is the third YouToons video written and produced by the Kaiser Family Foundation. The video is narrated by former U.S. Senate Majority Leader Bill Frist, a nationally-recognized surgeon and Foundation trustee.
Also available in Spanish: http://youtu.be/mDPhCo11z0E
To download the video, please visit: http://www.kff.org/youtoons-health-insurance-explained
Health-care costs can add up fast. Understanding how medical costs and insurance are related and structured may help you anticipate expenses and budget better f...
Health-care costs can add up fast. Understanding how medical costs and insurance are related and structured may help you anticipate expenses and budget better for your health. Watch this video to find out how premiums and deductibles affect your coverage – and what you can do to lower your medical bills.
Invest in You: Ready. Set. Grow. is a multiplatform financial wellness and education initiative, in partnership with Acorns, focused on improving Americans’ money knowledge.
For more saving, spending and investing tips visit: https://www.cnbc.com/invest-in-you/
Health-care costs can add up fast. Understanding how medical costs and insurance are related and structured may help you anticipate expenses and budget better for your health. Watch this video to find out how premiums and deductibles affect your coverage – and what you can do to lower your medical bills.
Invest in You: Ready. Set. Grow. is a multiplatform financial wellness and education initiative, in partnership with Acorns, focused on improving Americans’ money knowledge.
For more saving, spending and investing tips visit: https://www.cnbc.com/invest-in-you/
Most Americans are bad at figuring out which health insurance plan will save them money. A study of almost 24,000 employees at a major Fortune 100 company found...
Most Americans are bad at figuring out which health insurance plan will save them money. A study of almost 24,000 employees at a major Fortune 100 company found that 61% of them chose the wrong plan for their needs and estimated that the average employee could have saved $372 per year by choosing a different plan. Watch the video above to learn why Americans struggle to pick the most financially beneficial insurance plan for them and how to pick the right one.
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
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#CNBC
How To Save At Least $300 On Health Insurance
Most Americans are bad at figuring out which health insurance plan will save them money. A study of almost 24,000 employees at a major Fortune 100 company found that 61% of them chose the wrong plan for their needs and estimated that the average employee could have saved $372 per year by choosing a different plan. Watch the video above to learn why Americans struggle to pick the most financially beneficial insurance plan for them and how to pick the right one.
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
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How To Save At Least $300 On Health Insurance
Watch the full interview here: https://www.youtube.com/watch?v=j7RqO4DfV5A&t=2170s
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* Select photos/videos provided by Getty Images *
** The information in this video is not intended nor implied to be a substitute for professional medical advice, diagnosis or treatment. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your own doctor/health professional ** #short #shorts #podcast Barbara Corcoran Shark Tank
hahaha this system sucks.
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Looking to get involved in healthcare reform? Check for any state/local groups or groups in your profession (especially if you are a nurse/doctor/medical student!) to join or support! Here's a relatively comprehensive Wiki page on U.S. Healthcare Reform Advocacy Groups to give you starting point: https://en.wikipedia.org/wiki/List_of_healthcare_reform_advocacy_groups_in_the_United_States
ARTICLES REFERENCED IN THE VIDEO:
- "Brian David Gilbert Begins Comprehensive Deep Dive Into How to Get Health Insurance Now": https://hard-drive.net/brian-david-gilbert-begins-comprehensive-deep-dive-into-how-to-get-health-insurance-now/
- "FORMULARY (LIST OF COVERED DRUGS) FOR BLUE SHIELD OF CALIFORNIA MEDICARE PLANS": https://www.blueshieldca.com/bsca/bsc/wcm/connect/sites/sites_content_en/medicare/resources/prescription_resources/medicare_formularies?
- "Analysis: Half of Emergency Ambulance Rides Lead to Out-of-Network Bills for Privately Insured Patients": https://www.kff.org/health-costs/press-release/analysis-half-of-emergency-ambulance-rides-lead-to-out-of-network-bills-for-privately-insured-patients/
- "Can Hospitals Use an Out-of-Network Anesthesiologist or Physician?": https://www.ushealthgroup.com/2021/04/14/can-hospitals-use-out-of-network-anesthesiologist-or-physician/
- "What Medicare Covers": https://www.medicare.gov/what-medicare-covers
- "Nebraska Medicare Eligibility": https://dhhs.ne.gov/Pages/Medicaid-Eligibility.aspx
- "Millions of kids qualify for Medicaid. Biden funds outreach to boost enrollment": https://www.npr.org/sections/health-shots/2022/07/19/1112247478/millions-of-kids-qualify-for-medicaid-biden-funds-outreach-to-boost-enrollment
- "Open Secrets: Client Profile: Blue Cross/Blue Shield": https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2021&id=D000000109&name=Blue+Cross%2FBlue+Shield
SECTIONS:
00:00 - Intro
01:52 - Health Insurance
02:53 - Dental & Vision Insurance
03:42 - Premium
04:19 - Deductible
07:08 - Copays & Coinsurance, Out-of-Pocket Maximum
09:58 - Drug Tiers, Drug Formulary
11:53 - Open Enrollment, Qualifying Life Event, COBRA, Special Enrollment Period
14:40 - In-Network, Out-of-Network, Multi-Tier Network
17:03 - HMO, PPO, EPO, POS Plans
19:08 - HSA, FSA, MSA, HRA
22:14 - Medicare & Medicaid
25:19 - Obfuscation
27:02 - So... what now?
29:19 - Credits
When I consider purchasing an individual health insurance plan for myself or my family, do I have any financial obligations beyond the monthly premium and annual deductible?
Answers: It depends on the plan, but some plans have the following cost-sharing elements that you should be aware of.
Co-Payments: Some plans include a co-payment, which is typically a specific flat fee you pay for each medical service, such as $30 for an office visit. After the co-payment is made, the insurance company typically pays the remainder of the covered medical charges.
Deductibles: Some plans include a deductible, which typically refers to the amount of money you must pay each year before your health insurance plan starts to pay for covered medical expenses.
Coinsurance: Some plans include coinsurance. Coinsurance is a cost sharing requirement that makes you responsible for paying a certain percentage of any costs. The insurance company pays the remaining percentage of the covered medical expenses after your insurance deductible is met.
Out-of-pocket limit: Some plans include an out-of-pocket limit. Typically, the out-of-pocket limit is the maximum amount you will pay out of your own pocket for covered medical expenses in a given year. The out-of-pocket limit typically includes deductibles and coinsurance. But, out-of-pocket limits don't typically apply to co-payments.
Lifetime maximum: Most plans include a lifetime maximum. Typically the lifetime maximum is the amount your insurance plan will pay for covered medical expenses in the course of your lifetime.
Exclusions & Limitations: Most health insurance carriers disclose exclusions & limitations of their plans. It is always a good idea to know what benefits are limited and which services are excluded on your plan. You will be obligated to pay for 100% of services that are excluded on your policy.
Beginning September 23, 2010, the Patient Protection and Affordable Care Act (health care reform) begins to phase out annual dollar limits. Starting on September 23, 2012, annual limits on health insurance plans must be at least $2 million. By 2014 no new health insurance plan will be permitted to have an annual dollar limit on most covered benefits.
Some health insurance plans purchased before March 23, 2010 have what is called "grandfathered status." Health Insurance Plans with Grandfathered status are exempt from several changes required by health care reform including this phase out of annual limits on health coverage.
If you purchased your health insurance policy after March 23, 2010 and you're due for a routine preventive care screening like a mammogram or colonoscopy, you may be able to receive that preventive care screening without making a co-payment. You can talk to your insurer or your licensed eHealthInsurance agent if you need help determining whether or not you qualify for a screening without a co-payment.
There are five important changes that occurred with individual and family health insurance policies on September 23, 2010.
Those changes are:
1. Added protection from rate increases: Insurance companies will need to publically disclose any rate increases and provide justification before raising your monthly premiums.
2. Added protection from having insurance canceled: An insurance company cannot cancel your policy except in cases of intentional misrepresentations or fraud.
3. Coverage for preventive care: Certain recommended preventive services, immunizations, and screenings will be covered with no cost sharing requirement.
4. No lifetime maximums on health coverage: No lifetime limits on the dollar value of those health benefits deemed to be essential by the Department of Health and Human Services.
5. No pre-existing condition exclusions for children: If you have children under the age of 19 with pre-existing medical conditions, their application for health insurance cannot be declined due to a pre-existing medical condition. In some states a child may need to wait for the state's open-enrollment period before their application will be approved.
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This cartoon explains health insurance using fun, easy-to-understand scenarios. It breaks down important insurance concepts, such as premiums, deductibles and provider networks. The video explains how individuals purchase and obtain medical care and prescription drugs when enrolled in various types of health insurance, including HMOs and PPOs.
This is the third YouToons video written and produced by the Kaiser Family Foundation. The video is narrated by former U.S. Senate Majority Leader Bill Frist, a nationally-recognized surgeon and Foundation trustee.
Also available in Spanish: http://youtu.be/mDPhCo11z0E
To download the video, please visit: http://www.kff.org/youtoons-health-insurance-explained
Health-care costs can add up fast. Understanding how medical costs and insurance are related and structured may help you anticipate expenses and budget better for your health. Watch this video to find out how premiums and deductibles affect your coverage – and what you can do to lower your medical bills.
Invest in You: Ready. Set. Grow. is a multiplatform financial wellness and education initiative, in partnership with Acorns, focused on improving Americans’ money knowledge.
For more saving, spending and investing tips visit: https://www.cnbc.com/invest-in-you/
Most Americans are bad at figuring out which health insurance plan will save them money. A study of almost 24,000 employees at a major Fortune 100 company found that 61% of them chose the wrong plan for their needs and estimated that the average employee could have saved $372 per year by choosing a different plan. Watch the video above to learn why Americans struggle to pick the most financially beneficial insurance plan for them and how to pick the right one.
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How To Save At Least $300 On Health Insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment" (pg. 225).
A contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.
A new health insurance company backed by AvivaInsuranceIreland and led by a group of industry veterans launches on Friday with claims that it can offer “meaningful savings” to customers, following a ...
Health insurance benefits, ... It reduces the time required to issue health insurance cards from 10 to five working days, while introducing provisions for issuing electronic health insurance cards.
A new health insurer is launching in Ireland today offering simplified policy options, lower prices and wider access to health services, in a move that is expected to boost competition in the market.
By acquiring a stake in a private, independent health insurance firm, LIC seeks to establish a strong foothold in the nation's burgeoning health insurance industry, said Manogna Vangari, insurance analyst at GlobalData.
He lamented the increase in contribution rates for those staying on the low-deductible PPO health insurance plan while those individuals with fewer health issues on a higher deductible plan would see their contributions amounts stay the same.
For months while on the campaign trail, Republican leaders — including President-elect Donald Trump — have been talking about making big changes to the U.S. health insurance system ... .
It would be months before the office filed the claim with her health insurer ... In addition, many people are opting for high-deductible health insurance plans, leaving them to shoulder a larger share of the costs ... “I study health insurance,” she said.
Meanwhile, Massachusetts families spent $26,355, on average, for health insurance in 2023, the second-highest in the nation ...UMass and Point32Health, the second-largest health insurer in Massachusetts.
2, new issuances of the current health insurance cards (hokensho), paper cards that serve as proof of enrollment in the public health insurance system and are required to receive insured medical treatment, will cease.