Health Insurance – Quinlan Care LLC

Check your Health Insurance Networks in the Hudson Valley

bobq — Mon, 24 Mar 2014 18:20:39 +0000

Residents in the Hudson Valley and others throughout the State are hurrying to sign up for health insurance by March 31, 2014 to avoid paying an IRS penalty on their 2014 tax return. When you are looking at different insurance plans on the New York State of Health exchange web site, look carefully at the network of hospitals and medical doctors (called providers) that are listed. These networks generally offer fewer numbers of providers (hospitals and doctors) than before the passage of ACA (Affordable Care Act of 2010).

IMPORTANT: Call your medical doctor or hospital to verify that they accept the insurance plan that you are thinking to enroll in. Don’t rely on the carriers’ web site to see what providers are available in your neighborhood. Sometimes this online info may be missing, wrong or out of date. You don’t want last minute delays or a decline by a hospital or doctor when you actually need the care of a doctor or hospital. Do your homework now that will permit you to see your doctor or use a desired hospital when medical care is needed.

Medicare Choices: End Your Confusion Here

admin — Wed, 18 Dec 2013 03:07:00 +0000

There are three groups of Americans who are eligible for Medicare. The largest group are people who turn age 65, then followed by people who have been collecting Social Security disability benefits for two years. Lastly, if you have end stage renal disease (kidney failure), you will be also eligible for Medicare benefits.

Medicare has two options for eligible consumers. One option is to select Medicare Part A (hospital insurance and premium free) and Part B (medical insurance) to see your doctor(s) and for services like home care. The premium for Part B is based on your income from two years ago. Medicare Part D is used when you purchase prescription drugs; its premium is also based on your income. You can go to any doctor or hospital in the US that accepts payment under Medicare Parts A and B.

To cover the out of pocket expenses (deductibles and co-payments) under Medicare Parts A and B, you may also want to purchase a Medicare supplement insurance policy. These plans (also known as Medigap plans) are offered by private insurance companies. You must also enroll in Medicare Parts A and B.

The second option is to select one of the Medicare Advantage Plans under Part C. These are managed health insurance plans like a Health Maintenance Organization/HMO plans or Preferred Provider Organization/PPO plan. The Medicare Advantage plans are also sold by private insurance companies that offer the same basic services that are found in Medicare Part A and B. Medicare pays a fixed amount for your care each month to the companies offering Medicare Advantage plans. Insurance companies are offering these plans today with low or no monthly premiums.

These plans are governed by the Medicare rules. If you enroll in one of these Part C plans, you must be also enrolled in Medicare Parts A and B. These plans may also offer additional benefits not found in Medicare Parts A and B like drug coverage, gym membership in some states, dental and vision plan services. Check to see if your provider (your doctor and hospital) is participating in these network plans. And there will be out of pocket expenses like co-insurances when you need medical care. You cannot purchase a Medicare Supplement plan if you are enrolled in a Medicare Advantage plan.

Call us or email us at Quinlan Care if we can help you choose the best Medicare plan(s).

Flexible Spending Accounts- Just Got Better!

admin — Sun, 15 Dec 2013 03:22:00 +0000

Flexible spending accounts (FSA) that are linked to employer sponsored health insurance plans (i.e. HMO or PPO) just got better. Now employees who use FSAs will be permitted to carry over up to $500 of their unused plan balance to the next year. FSAs permit employees to set aside pre-tax dollars in the beginning of each year to pay for out of pocket expenses like deductibles or co-payments. In the past, if you did not use all of the dollars in your FSA, the unused dollars went back to the employer. This announcement was made in late October, 2013 by US Treasury and IRS officials for plans years beginning in 2014.

Employees can contribute up to $2,500 a year into the Flexible Spending Account to pay for ‘out of pocket’ expenses including qualified medical, dental and vision expenses not reimbursed by your health insurance plan. The FSA must be first set by the employer. Only employee contributions are permitted; no employer dollars are allowed.

Check with your tax advisor for more details and any application for you.