Managed Care Plan:-

Managed care plans fall into 3 basic types plans:

-HMO
-PP0
-POS

A common trait among managed care plans is the incentive (usually, a lower premium) for the insured to stay within a specified network of health care providers.

Health Maintenance Organizations (HMOs):-

HMOs provide medical treatment on a prepaid basis, which means that HMO members pay a fixed monthly fee, regardless of how much medical care is needed in a time period (usually a monthly basis). In return for this fee, most HMOs provide a wide variety of medical services, from office visits to hospitalization and surgery. There are exceptions but most HMO members must receive their medical treatment from those within the network.

Preferred Provider Organizations (PPOs):-

A PPO is made up of doctors and or hospitals that provide medical service only to a specific group. Rather than prepaying for medical care, PPO members pay for services as they are provided. The PPO sponsor (usually an employer or insurance company) usually reimburses the member for the cost of the treatment, minus any co-payment fee. In some cases, the doctor may submit the bill directly to the insurance company for payment. The insurer then pays the covered amount directly to the health care provider, and the member pays his or her co-payment amount. The price for each type of service is negotiated in advance by the health care providers and the PPO sponsor(s).

Point Of Service (POS) plans :-

A point of service plan is a type of system where you pay no deductible and usually only a small co-payment when you use a health care provider within your network. You also must choose a primary care physician who is responsible for all referrals within the POS network. If you choose to go outside of the network for health care, you will likely be subject to a deductible, and your co-payment will be a percentage of the physicians charges.
Hospital Health Insurance
Hospital expense coverage provides specific benefits for daily hospital room and board and usual hospital services and supplies during hospital stays.

Hospital/medical coverage may be extended in one of three ways:

-- A policy usually sold in combination with a physicians or surgical expense policy that provides benefits for both surgical operations and doctors in-hospital visits

--A major medical policy that provides broad and substantial coverage for many types of medical expenses

--A combination of hospital-physician-surgical coverage plus a supplemental major medical policy.

Room and board benefits are usually stated in one of two ways.
--Indemnity plans reimburse for the actual room-and-board charge up to a specified maximum dollar amount per day for hospital confinement.

--A service-type benefit that pays the full cost of a “semi-private” room-and-board charge.

Medicare Health Insurance:-

Medicare is a federal program that provides health insurance to retired individuals, regardless of medical condition. Any individual who is receiving Social Security benefits will automatically be enrolled in Medicare at age 65 (age of eligibility). If you are not receiving Social Security benefits prior to age 65, you will be automatically enrolled when you apply for benefits at age 65. If you decide to delay retirement until after age 65, remember to enroll in Medicare at age 65 anyway, because your enrollment won't be automatic. Individuals who will be automatically enrolled in Medicare will receive notification by mail from the Social Security Administration, usually several months before your 65th birthday. Most people become eligible for Medicare upon reaching age 65 and becoming eligible for Social Security retirement benefits. Additionally, you may be eligible if you are disabled or have end-stage renal disease.

COBRA Health Insurance :-

COBRA is an acronym, which stands for Consolidated Omnibus Budget Reconciliation Act of 1985. Under this federal law, you are provided with a “back-up” system in a time of need, when you aren't currently covered by insurance for a variety of reasons.

This law was put in place to protect your right to continued health insurance, after a circumstance occurs which would otherwise leave you without coverage.

Some of those circumstances:

-involuntary loss of employment (lay off, downsizing, terminated)

-voluntary termination of employment (you quit)

-marital separation or divorce

-if you were a dependent on your guardian/parent’s policy, and you become ineligible (no longer dependent), due to age or no longer attending college

-if your spouse (who is the employee with the insurance coverage) dies

COBRA allows you to have the same coverage you had prior to the event/circumstance. The one thing to take note of is that your continued health benefits will only last for a specific amount of time, and will be entirely at your own cost. Under most cases, the time frame for continued coverage lasts 18-36 months.

Disability Insurance:-

Disability income coverage replaces income lost by an employee when injury or illness prevents the individual from working. Generally, disability income policies are divided into 2 types:

-Those that provide benefits for up to two years (short-term)

-Those that provide benefits for a longer period, usually for at least five years, to age 65, or for a life-time (long-term).

When provided on a group basis, the benefits are usually integrated with benefits from Social Security and other public programs. The entire range of benefits from these sources generally is set at a level that does not exceed 60 percent of earnings.

Individual disability income policies usually pay a fixed dollar amount of coverage. This amount may be greater for those who are turned down by Social Security. Individual disability income policies take many forms and may be designed to fit the special needs of the individual policy owner.