All About Health Insurance: All About Health Insurance Information By Insurance Experts

A Brief History of Health Insurance
By Billings Farnsworth Platinum Quality Author

Health insurance is a concern to every American. The costs of health care without the assistance of health insurance provider can be astronomical. Especially now, with the fragility of the current economic climate, health insurance is a major concern.

The origins of health insurance began in the United States as early as the mid-1800s as "accident" insurance, which operated much like the disability insurance of today. Often this coverage was related to accidents caused by rail or steamboat. These early coverage plans laid the foundation for more modern comprehensive medical and health coverage. The first group policy providing comprehensive coverage was offered in 1847 by Massachusetts Health Insurance of Boston. In 1929 a group of teachers in Dallas, Texas contracted with a local hospital for room, board, and medical services for a fee.

In 1940s and 1950s major steps were taken in the direction of modern health benefits when unions bargained with employers for benefit packages and tax free employee sponsored health insurance. During war time, wage freezes helped the proliferation of health insurance as employers used better benefit packages to attract employees since they could not pay more.

In 1965 the United States government created the Medicare and Medicaid programs. By that time, private sources still paid 75% of all health care costs. But by 1995, the government was responsible for about half of the nations health care costs. Today, because the extraordinary cost of health care, many politicians are pushing for a more European style of free health care. However, there is much debate on the subject. Americans still rely on health insurance providers for low cost health care.

WyoHealth is a Wyoming health insurance company that provides the residents of Wyoming with comprehensive health insurance coverage. Billings Farnsworth is a freelance writer.

Article Source: http://EzineArticles.com/?expert=Billings_Farnsworth

Health Insurance Lifetime Maximum
By Corinne Mitchell

The Health Insurance Lifetime Maximum of your plan is the total amount of money the insurance company will pay for the entire time you have coverage under that plan. Once you reach that amount, your plan will not pay for any more of your medical expenses.

What Are The Limits?

The maximum amount that the insurance company will pay varies from policy to policy, with the typical amount being between 1 million and 5 million dollars. There are some polices though, that only contribute a total of less than 1 million dollars over the lifetime of the policy.

On a brighter note, although not as common, there are policies that have an unlimited lifetime maximum.

Why Are There Limits?

Insurance companies set these limits to keep their total possible liability for a health insurance plan as low as possible.

Keeping these limits lower also keeps the premium rates lower. All of the guidelines of the plan, including the lifetime cap come into play when insurance companies set the cost of the insurance plan. A plan richer in benefits is going to cost more.

For instance, a health insurance plan with a high deductible and a low lifetime cap will cost less than a plan with a low deductible and unlimited lifetime benefits.

Similarly, when the annual deductibles of two plans are the same, the plan with a higher lifetime maximum will cost you more.

Should You Be Concerned?

You and your family members may be in perfect health and can never foresee that any one of you could possibly incur medical bills as high as one to five million dollars. And quite frankly, I hope you never do!

But, with the rising costs of medical treatment for conditions such as open heart surgery, cancer, organ transplants and chronic illnesses, it isn't that difficult to reach those amounts in a short amount of time.

If you want to be sure to be covered for all medical expenses for the duration of your coverage under that policy, look for one with a higher lifetime limit or one with no limit. To lessen the cost of these plans, consider accepting a higher annual deductible.

P.S. Consider this ~ A coverage cap of $1 million in the 1970s would have had to grow to more than $10 million today to keep pace with inflations and costs.

Corinne Mitchell has worked in the insurance industry for 10+ years and currently works with the Group Insurance Benefits Specialists at http://www.nicoins.com

Read her blog http://www.groupinsurancebenefitsspecialists.com/ for more tips.

Make sure you get expert advice and find the right coverage for you and your employees.

Article Source: http://EzineArticles.com/?expert=Corinne_Mitchell

Save Money on Health Insurance - Health Savings Accounts (HSA's)
By Jared J. Balis Platinum Quality Author

Consider Using a Health Savings Account With Your Medical Plan

Health savings accounts are financial accounts that you can own and use, if you have a health insurance plan that is classified by the Internal Revenue Service as a "Qualified High Deductible Health Plan." You will find that many catastrophic-type plans are likely to be "qualified" for use with an HSA.

The big advantage of owning a health savings account is that you can deposit money into the account pre-tax. When you need medical care, you can use the balance in your health savings account to pay for your medical expenses, tax free. Check the IRS's website for a complete list of medical expenses you can pay for out of your HSA.

Another great feature of the HSA is, if you have a balance when you retire, you can use the balance in your account to supplement your retirement income. You just pay taxes on it when you take it out. Or, you can use it to pay for long term care premiums and some Medicare related products. Best of all you save on your health insurance premium because you chose a high deductible health plan. On top of that, you pay less in taxes and you own another potential retirement vehicle. If you own or buy a high deductible health plan, make sure it's a plan that's "qualified" by the IRS.

Save money on health insurance by switching to a plan that allows you to take advantage of an HSA!

To find out about plans in your state that are qualified to use with health savings accounts, contact a local agent by completing this short and easy form.

To receive your copy of my free eBook titled "Seven Money Saving Health Insurance Tips" subscribe to my free "Valuable Health Insurance Tips and Tools" newsletter by visiting my website!

Article Source: http://EzineArticles.com/?expert=Jared_J._Balis

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