What Medical Aid Brokers Do

A medical aid broker is basically someone who sells medical insurance. This is not the beginning and end of their function, however. They are people with in depth knowledge of the industry and they have the expertise to offer guidance and advice to people who need it.

If you are in the market to find a new medical aid plan, consulting with a professional medical aid broker would be a good idea. Not only can they help you with your decision making process, but they can save you a lot of time and effort by doing research on your behalf.

A Basic Function Breakdown

A medical aid broker can assist you in the following ways:

Gather information on different medical aid options from various companies

Advise you on how to work out your budget to provide for monthly premium payments

Offer guidance on what kind of cover would be best suited to you and your medical requirements

Go through your health status as well as your family medical history to determine the type of cover you could most benefit from

Deal with all paperwork regarding signing up for membership with a certain medical aid company

Liaise with different companies on your behalf

Give you valuable information and advice that can inform your decision making process

It is more than just a selling process for a broker. If you find the right one, you will have found a valuable asset who can assist you in making an informed decision regarding which medical aid package to go with. Remember that you do not have to pay for the services of a broker; they are paid by the company that employs them. So basically you have valuable information and services at your disposal that won't cost you anything.

How To Find A Broker

You can do an online search to find medical aid brokers. Try to look at independent companies instead of those that provide medical aid themselves. In those cases, their brokers will only provide you with information regarding their company's products and you won't have a realistic view of what else is out there.

It is important to sit down and speak to a broker face to face before making a decision. The relationship you have with them is as important as their knowledge and expertise. You do not want to end up with a broker who is only interested in the sale but who has your best interests at heart. The best way to make this deduction is through a personal meeting.

This doesn't mean you have to meet every broker you find listed. You can start by emailing enquiries and perhaps create a short list based on your feeling from this correspondence. A phone call to the shortlisted brokers would help you narrow it down even further to maybe two or three brokers you would like to sit down with.

Should You Change Your Medicare Advantage Plan During The Annual Enrollment Period?

Should you change your Medicare Advantage plan?

Medicare recipients have access to a wide array of health and drug insurance options. These plans vary widely from company to company and from place to place. For people already enrolled in a Medicare Advantage plan, the question is: Should you shop around for a new plan for 2013?

If you are thinking of changing plans, here are some important considerations:

Will all of your doctors be in the new plan's network? Some people don't mind changing doctors if it means saving money. Others are terrified of changing doctors. Keep this in mind when considering switching to a new plan.

How will your current medications be covered under the plan you are considering? If you take only generic drugs, you shouldn't have a problem - but brand drugs can be covered differently from plan to plan. Under different plans, co-pays for the same brand name drug can be dramatically different. This can add up to hundreds of dollars each year.

What do local healthcare professionals think about the plans in your area? Actually, a great person to ask is the receptionist at your doctor's office. They usually know which plan(s) the doctors like. The most common complaint is how difficult it is to get approval for tests and procedures. Doctors and their staffs are frustrated with some plans because of difficulties and delays in getting "prior authorizations". Getting some 'inside' information can be valuable in your decision making.

There are many things to consider when evaluating Medicare Advantage plans during this year's annual enrollment period. Remember, the annual enrollment period this year runs from October 15 - December 7.

(There are some exceptions to changing plans outside the Medicare annual enrollment period. If you move you may be able to change plans or, if for some reason, your plan is terminated. Also there are some Medicare Advantage and Medicare Part D plans that you can switch to anytime during the year. If you have a Medicare supplement plan you can change any time during the year.)

You can compare the plans available in your area, and even enroll in a new plan should you choose, by visiting Medicare.gov or calling 1-800-MEDICARE.

Alternatively, many people appreciate help when evaluating their choices. For residents of California professional assistance is available, as local agent Michael Kortz will be happy to explain your options and provide the information you are looking for.

8 Tips to Cut Back on Medical Expenses

It's no secret that healthcare is expensive. According to a report on BHFGlobal.com, the average monthly contribution per beneficiary in 1990 was R74.45 - By 2010 this had risen to R975.82 in 2010. These days the average consultation with a GP, without medical coverage will set you back at least R300 - and that's just to find out what's wrong with you.

Medical expenses will always be a part of our lives and unless a magic pill is invented that cures all injuries and illnesses, they will continue to be for some time to come - Best that we get smart about it then. Here are a few tips:

1.) Keep your medical aid scheme with one provider, if you're married or you have a family. As a principal member you'll pay more but you'll save with lower rates on adult and child dependents.

2.) Do our homework when you're choosing a provider/medical aid scheme. Print out the benefits and contributions for the plans from each medical aid company you're interested in and compare them. Consider your monthly contributions in relation to coverage, for both in hospital and day to day expenses. It's important to take your time with this because certain plans will be better than others, depending on your individual needs.

3.) Consider opting for a hospital plan, especially if you're young. Hospital plans will provide you with cover in the event of an accident and certain specialised procedures but not for visits to the doctor and medication. If you're young, fit and healthy it's unlikely that you'll get sick often and therefore won't be spending much on visits to the doctor. Many people choose a hospital plan and set up a separate monthly savings account in case they need to visit the doctor or buy medicine. Weigh up pros and cons of the different hospital plans and whether it's worth going for one of the options that includes a savings account instead. It's important to note that the amount a medical savings account covers you for is limited and once you've claimed the maximum amount from it, you'll still be required to make the monthly contribution to the savings plan.

4.) Take care of yourself. While adequate medical cover is necessary, prevention will always be better than cure. Sleep well, exercise and eat well. Remember, the healthier you are, the less you'll get sick and ultimately the more money you'll save.

5.) Don't go to the doctor for every little bump and scratch.It's not always necessary to see the doctor every time you get a cold or a bout of hay fever. In many cases minor issues such as colds, hay fever or sinusitis can be taken care of with over the counter medication available at pharmacies or supermarkets. If you get sick, give your body some time to fight back. If you're still not feeling better or your condition worsens after a few days, then by all means go and see your doctor.

6.) Consider generic medicine.Have a chat with your doctor during the consultation about generics and which ones he/she recommends.

7.) Check your bills.Don't just accept everything at face value when it comes to your medical bills. Get a breakdown and check what you've been charged for. It's also important that you know exactly what you're covered for in your medical aid plan, as you may be erroneously charged for something that you shouldn't be paying for.

8.) Make use of rewards programs.If your medical aid plan offers rewards programs (gym memberships, cash back discounts) - Use them!

Using a Broker for Your Company's Group Health Insurance

When you buy health insurance for a company, you have two choices: you can use a broker, or you can try to navigate the rough waters of dealing directly with the insurance provider and trying to negotiate the best deal. Using an insurance broker makes getting insurance for your company easier for you and ensures that you and your team get the best deals and best coverage possible.

Why Not Do It Yourself?

As the owner or executive of a business, your time has an inherent, measurable value. When you spend work hours doing tasks that aren't essential in directing your company toward increased productivity, coordinating with clients, etc., you are in effect missing out on potential earnings. The long hours you could waste attempting to learn a field with so many complex aspects and considerations would be much more expensive than the cost of hiring an individual who knows the system. This is why many executives find it an invaluable time saver to work through a reliable broker.

What Does the Broker Do?

A broker is different than an insurance company's agent. Brokers sell for multiple competing insurance companies. They offer a variety of options and are typically paid either on commission by insurance companies or they may charge you a flat fee. This is a wonderful direction to go if you are interested in having someone help you shop around and see what types of deals are out there.

When you speak to a broker, he or she will be trained to sift through the variables such as your employees' needs efficiently, and may even have access to deals and policies that you were not able to access as someone outside the insurance field. Many will be able to guide you toward amenities your company may need, such as nontraditional work hours or different language on service help lines.

You may have either an individual broker, or a dedicated account manager focused only on your company. This will make things smoother, as they do not have to be reminded of key information. They will give you information on things like how renewals are handled with the insurance company, so that you aren't surprised with that next bill. The broker will most likely sit down with you and make sure that the current plan still fits the needs of your employees and your budget.

If you wish to find out more about the individual broker you're about to hire, you can check his or her record by calling your state's insurance commissioner's consumer hotline. Contact an insurance broker to take care of your company's group health insurance today!

Finding A Healthcare Provider In-Network

In your search for a healthcare provider, many will tell you that they accept your insurance plan. Unfortunately, most of these providers will also conveniently neglect to mention the fact that though they do accept your insurance, they are not in your insurance company's network. Though it may take a little extra work, finding a provider that is in-network is important. In-network means that they have a special relationship with your insurance defined by different types of contracts, which for your purposes will generally translate into lower costs.

The Problem

Choosing an out of network doctor is not necessarily a problem, but it means you are probably paying a lot more than you need to. Providers that are in-network almost always have special contracts with your insurance company that give you lower co-pays that will get your full money's worth for the cost of insurance. Sometimes, it can be frustrating enough just finding a healthcare provider that is convenient for you and that accepts your health insurance. Once you find one that seems OK, it may be tempting to immediately end your search and choose them. However, the real problem is that while many healthcare providers will tell you that they accept your health insurance, many will not be in-network.

The Solution

If you are searching for a doctor of any kind, you are probably already be aware of how long it can take to get a simple answer on the phone to questions about your insurance, so the solution to this problem is better handled on your insurance company's end. Luckily, depending on your company this can be a pretty simple fix. Simply go to their website and search around until you can find a list of in network healthcare providers. This is also great because it narrows down your list of choices, though hopefully not too much, giving you a shorter list of calls to make and a more manageable selection.

Why It's Worth It

Ultimately, you invest in health insurance to save money on medical treatment, and to be sure you are covered in the event of a particularly costly medical problem. Your insurance company creates in-network contracts with healthcare providers to offer you the best possible prices. To not take advantage of these contracts is simply paying much more than you need to. So, as long as your insurance company offers enough choices, putting in the time to find care that is in-network is truly worth it.

Make the Right Choices With Q4 Open Enrollment

The health care scene is changing wildly in recent times. When considering the health insurance broker you will choose for your employee group plans, and in the conversations that will ensue, if may be helpful to have a basic knowledge of some of these changes in mind. Here are a few facts and tips to help to guide you on your way.

The Patient Protection and Affordable Care Act

The Patient Protection and Affordable Care Act (or PPACA, but colloquially known as "Obamacare") will begin with an open enrollment period in October of 2013, and an implementation date of January 1, 2013. The changes will mean that government-sponsored health insurance exchanges will offer both individuals and small businesses new ways to compare and purchase health insurance coverage, with the overall goal of increased coverage for everyone. What this likely means for your health insurance broker is a more competitive climate. What it may mean for you is a heavy penalty for not providing insurance to any full-time workers if you qualify as a large or medium sized business (this includes anyone with 50 or more employees).

Think Small

Unless you are running a huge business, you should seek out a group health insurance provider that specializes in companies on the smallish size. For an endeavor like this you are going to want top quality customer service and special attention paid to your individual needs. If you go for a provider that serves many businesses that are much larger than yours, this may mean that you are a somewhat lower priority customer. Fortunately, there are many smaller brokers out there who make it their business to dominate the smaller business market. They will be able to offer you the very best selection and service because you represent the corner of the market that they, in these changing times, would like to win over.

Think Simple

One of the biggest problems people run into with managing their healthcare, and understandably so, is how complicated coverage can get. Make sure that the coverage that your employees and their families are given is not only inclusive enough to keep them well (which ideally should include medical, dental, life and disability insurance), but user friendly enough so that when they are sick they can manage their plans relatively easily. Employees that are healthy and satisfied will be happier to contribute to the company that keeps them that way, and a big part of this satisfaction will be a user friendly interface and a simplicity of language in the coverage that they receive.

How Stop Loss Insurance Protects Employees

New innovations in health care industry are creating various new opportunities not only for treatments, but also for specific insurance protection plans. Stop loss insurance is a great and affordable alternative as compared to the traditional indemnity options.

Nowadays companies have the option of 'self-insurance.' Companies take on the liabilities to insure the medical expenses of their employees as well as their families. There is another option available to insure the medical expense as it occurs through business cash flow.

When a company decides to get self-indemnity plan, they are likely to pay a specific intended amount to the insurance company. Subsequently, the indemnity company that the employer has opted to provide the stop expiration insurance agrees to pay the employees' medical bills.

There are several special indemnity policies designed to protect the company to pay all the claims that are made by employees or their family members. As soon as the company agrees to pay the amount to the insurance company, the indemnity company is liable to take care of the subsequent claims against the policy's coverage limit.

Some policies also protect the company when an employee claims an unanticipated huge amount. Although there is a predetermined coverage limit on the policies that apply, the limit and the policies are set by the employer and the indemnity company. Stop expiration insurance offers great financial security.

What kind of stop expiration insurance a company should opt depends mainly on the degree of risk. If the degree of risk is low and most of the employees are healthy and young, company can opt for the options like 'self-insurance-without-stop-expiration insurance' security plan. If the anticipated claims that the company and the insurance firm have calculated to pay the premium to the employees is high, then it is beneficial for the company to opt for group-insurance-plan-with-stop-expiration-insurance that covers the employees as well as their families 

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Basically it depends on the company's estimated and expected insurance related requirements. They need to recognize and spend in an insurance firm that makes the stop-expiration insurance accessible along with the specialized products.

There are two types of stop loss insurance available that a company can opt for:

Specific Stop Loss

Specific stop loss provides tragic protection to the self-paid plan. This type of stop loss occurs when the claims reach to the guidelines selected by the company or the employer. Stop expiration policy pays the claims to the lifetime limit on per-employee basis for the self-insurance plan.

Aggregate Stop Loss

Aggregate stop expiration is an insurance policy that offers coverage on all expenses, when another insurance policy is above the projected cost. An aggregate stop loss insurance policy decreases the company's risk to provide employee benefits.