My most recent finance columns for The Oregonian are about health insurance options for those looking to cut costs. I stumbled across a few national programs that won't be included in my piece but may be of interest to those following "The Bottom Line" blog:</span>
Sometimes, membership has its benefits. For $10.25 to $17.95 per month, American Express® cardholders can now sign up for "Hospital Guard" reimbursements of up to $300 per day for hospital stays, $300 per ambulance transport, $150 per emergency, $300 per pint of blood and up to $10,000 for accidental death and dismemberment. That's on top of whatever coverage they may already have.
Meanwhile, members of health discount plans -- offered nationally from retiree-heavy states like Florida and Texas -- can get 10 percent to 60 percent off regular costs from all associated providers. (Search for discount plans here.) Cost is anywhere from $10 to $150 per month, depending upon the breadth of coverage.
On top of lowering your existing co-pay amount, discounts plans also can be applied to pre-existing conditions not covered by your insurance, for doctors not in your HMO or PPO network or for such uncovered procedures as cosmetic surgery, Lasik surgery, alternative medicine, experimental treatments and dentistry. This industry has only been regulated for about a year, however, so you'll want to at least check out providers with their local Better Business Bureau before signing up for a plan.
BLOG BONUS: Get free health insurance quotes at BuyerZone.com. Compare quotes from multiple insurers for yourself, your family, your employees and more.
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Comments: 3
Simply put, dont drop your current coverage simply because the deal looks too good to be true.
Good points. Most discount health plans I've found are not a good substitute for insurance, as they either require full payment upfront (with reimbursement) or provide only minimal discounts (you may pay 60 percent of the bill rather than an insurance company paying 80 percent and leaving you with 20 percent).
There are some discount plans, such as one at NBCHealth.com, that offer insurance-like benefits (80 percent off services ranging from standard medical to dental and vision to chiropractor and alternative medicine services; the only co-pay is a $100 deductible for emergency room visits). Cost is $119 per month.
A member services rep for the NBCHealth.com plan says that many of its sign-ups are indeed using it as a replacement for insurance. Those that are not, are reportedly using it to add coverage for procedures not covered or decrease the amount they co-pay under their existing insurance plans.
This full insurance-like coverage appears to be an exception for discount health plans, however. So you're right on the money Dawood.
As for regulations, I have been told that a state's Department of Financial Services regulates the discount plans in each state. I have yet to confirm that, however.