Archive for July, 2009
Generic vs. Brand Name Prescription Drugs
Posted by Todd Fries | Filed under FAQ, Medicine
With the rising costs of medications, Generic Prescriptions are becoming more popular than ever. Some 65% of all prescriptions filled in the U.S. are now Generic, yet they account for only 20% of dollars spent on Rx. That shows the enormous savings between Generic and Brand Name prescription drugs.
By law, Generics must have the same active ingredient and the same action as the Brand version, which allows Generics to piggyback on the original safety and efficacy trials of Brand, hence the much lower price. (more…)
Are You About To Turn 65?
Posted by Todd Fries | Filed under FAQ, Health Insurance
If so, you will soon be eligible to enroll in Medicare Parts A and B and therefore want to start looking into a Supplemental Medicare or “Medigap” insurance policy ASAP! A Medigap policy is private Health Insurance that’s designed to supplement Medicare. It’s typically sold through the same carriers that sell standard health insurance like Anthem Blue Cross, Blue Shield, and Health Net just to name a few. It helps pay some or all of the health care costs (”gaps”) that Medicare doesn’t cover such as co-payments, coinsurance, and deductibles.
Every Medicare policy must follow Federal and State Laws designed to protect you regardless of which carrier you purchase the policy through. Medigap Insurance can only be sold as a “standardized” policy identified by letters A through K. (more…)
Should I Negotiate My Rate with My Doctor?
Posted by Todd Fries | Filed under Health Insurance
Absolutely! Don’t be shy about asking your doctor how much he’ll charge for any particular procedure he recommends, or you want done. Patients who don’t have insurance discuss their medical bills, why shouldn’t you? Here’s a great article by FreeHealth.com that goes into more detail on how to negotiate with your doctor.
Many doctors think that since you have insurance, you shouldn’t be concerned because the carriers “pay anyway”. But don’t forget, your plan has a deductible, co-payment, and coinsurance. Even with the most comprehensive plan, you will incur some of those costs if your calendar year’s “maximum out of pocket” is not met. You don’t want to leave your doctor’s office only to find out a month later when you get the bill you owe way more than expected.
If you need a test or an operation, ask your doctor to recommend more than one facility so you can not only get the best doctor, but compare what each specialist charges.
Check out this CBS Report and learn how one woman pays only a fraction of her medical costs.
A CBS News Report: Negotiating With Your Doctor - “In order to cut down on administrative costs, many doctors have been negotiating their bill directly with patients. Wyatt Andrews explains how paying cash can save patients a bundle.”
Obama’s Latest Healthcare Initiative
Posted by Todd Fries | Filed under Health Insurance
Where do we stand as of today?
President Obama has stated on numerous occasions he is not looking to “take over” or “replace” government subsidized programs such as Medicare/Medicaid. At this point he does not want to wipe out a current system of Health Care that insures over 200 million people. Even with all its flaws it is, for the most part, still working for a majority of the people. And since everyone that’s 65 automatically is eligible, its probably not as pressing a system to fix as insuring the 60 plus million who have no insurance at all.
So for starters, the president is focusing on the privatized health care system in order to decrease the vast amount of uninsured in this country. There are many parts of the current privatized Health Care system that do work, so Obama wants to build on that, in addition to offering some alternative options.
What Obama essentially wants congress to pass is “Healthcare Reform” in which every American bears responsibility for owning Health Insurance, but is provided a “hardship waiver” if they can’t afford it.
Who will qualify for that hardship waiver at this point is anyone’s guess. It will most likely bare some similarities to the government subsidized programs already in existence such as Healthy Families. Obama’s health reforms would most likely include some type of tax credits for employers as well as additional tax credits for the self-employed.
In addition, his reform would require Health Insurance companies to discontinue the practice of declining new business coverage based on pre-existing conditions. For anyone who has applied for Health Insurance in the past and was declined, this change will be well received!
Insurance carriers seem to be willing to accept this trade-off because they will have a much larger pool of applicants to insure. This is based on the current 46 million uninsured individuals that will now be “required” to obtain some form of Health Insurance. Hospitals are strongly advocating for this as well since it is more and more difficult for them to operate profitably because they are forced to absorb the costs of the uninsured.
Yet as we all know, there’s still a large and growing opposition to Obama’s Health Care Reform stating that Obama, “is stepping on individual rights by mandating coverage, expanding governments hand in the Health Care industry, and creating a pathway to socialized medicine”. Regardless, the consensus is that some type of mandate is needed to control the costs of rising Health Insurance premiums, and insure the uninsured.
The debate continues on the best and most effective method to reform Health Care. The President advices us all that the best thing to do to keep this reform moving forward is to stay informed. Therefore, I will continue to keep you updated on new developments as they come in.
