Insurance

Health Insurance Basics: Employer-Based Insurance, Medicare, Gap Insurance and Florida KidCare

It is difficult to imagine a more important - even life-saving - topic than health insurance. Putting it plainly: Sooner or later, a medical emergency is inevitable, so health care coverage is absolutely crucial for you and your family.

Without health insurance, you may be inclined to delay treatment or diminish its scope. This can be a fatal decision. And without health insurance, the treatment you do receive could be financially ruinous.

The best financial defense is health insurance. Here are some basics you need to know:

First of all, navigate to and download the comprehensive health insurance guide for consumers prepared by The Florida Department of Financial Services. It is filled with useful information - everything from the types of health insurance to advice about selecting a policy and agent to information about a consumer help line. Here is the link: www.myfloridacfo.com/consumers/guides/health/docs/health_2008.pdf
If your employer offers a health insurance plan, learn about it and seriously consider enrolling in it. There is a good chance it will be your most comprehensive and affordable solution. If you are a married couple and both employers offer medical coverage, you may be able to save money by enrolling in only one plan - though some employers now discourage that. Be sure to compare medical services offered by the plans, as well as exclusions to coverage and the cost to the employee.
As a rule, you pay more for greater flexibility and choice. So-called "traditional" plans offer a broad choice of health care providers. Managed care plans (HMOs and PPOs) have prearranged agreements with a restricted list of doctors and hospitals. They generally require little or no paperwork for claims.
Less costly catastrophic insurance can be a useful option for young adults who are in good health and have resources that can be used to pay for routine or relatively minor medical care. These policies cover serious illness only. Doctor's office visits and prescription drugs are not covered. One downside: catastrophic plans do not cover pregnancy care and exclude pre-existing medical conditions.
Several programs insure children under the age of 19, and all fall under the state's Florida KidCare program. To qualify, the child must be uninsured, meet income eligibility requirements, be a U.S. citizen or qualified non-citizen, not be eligible for Medicaid, not be the dependent of a state employee eligible for health insurance and not be in a public institution. You can obtain more information and begin the application process here:
www.doh.state.fl.us/AlternateSites/KidCare
Medicare covers people who are at least 65 years old, but they may want to purchase private Medigap insurance to cover what Medicare doesn't cover. Compare several plans for price and coverage and don't feel pressured to sign a policy until you have reviewed it carefully.

A complete array of information about Medicare is available here:
http://www.medicare.gov

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