What is a high deductible health plan (HDHP)?

The definition of an HDHP or high deductible health plan is a health insurance plan that has a higher deductible than usual, but lower premiums. This means you, the insured, pay the initial medical expenses usually set at $2,000 dollars or higher (though it can vary yearly) before the insurance begins to cover more medical expenses. This is often times referred to as “catastrophic coverage” since the deductibles are so high the plans are usually only used for emergency medical care and not simple routine care. Be careful because, if you have a $2,500 deductible you may be required to come up with that cash at a moment’s notice in a medical emergency.
The very low premiums are obviously a motivator. Because of the higher deductibles, and the fact the coverage is usually only used in “catastrophic” cases, the risk is lower for the insurance company. Less risks for them means lower premiums for you, and are therefore much more affordable for the average family that wants to be covered for those “emergency” situations. Catastrophic situations involving children naturally are a major concern to parents.
They are big news because of HSA or health savings accounts (not to be confused with HRAs that are similar but company owned). A health savings account is a medical savings account of which funds are not taxed by the federal government. Instead, all money is saved solely for expenses related to health. Talk about a tax advantage!
Another plus is the fact that the account’s funds add up year after year and are never forfeited just because they are not spent by a designated time period. In a Flexible Savings Account or FSA you must spend the money that year or risk losing it. Having an HDHP is usually required if you want to join in on the tax-advantaged health savings accounts (HSA). http://healthcareatm.com/

What to consider when choosing a health insurance plan

There are many things to consider when choosing a plan. Some of the questions that you should ask yourself before you choose a plan such as:
1)      Long or short-term coverage?
If you're between jobs or looking for a job, you may want to consider short-term coverage. But if you’re self-employed or your employer does not offer group health insurance coverage, you may need longer term coverage offered through an individual and family health insurance plan. If you’re not currently covered, consider short-term coverage while you wait for a longer-term plan to become effective.
2)      Basic or more comprehensive coverage?
Some insurance plans offer basic coverage that protects your finances in case of a major illness or injury. These plans typically have a lower monthly premium, but you’ll be responsible for more of your health care costs each year. Other plans offer more comprehensive coverage that may include chemical dependency or behavioral health care, maternity, prescription drug benefits, vision and eye care, and regular doctor office visits. These plans typically have a higher monthly premium and may be appropriate for people who intend to use their insurance on a regular basis.
3)      Health insurance Company’s reputation?
Find out about the company offering the health plan. How long have they been in business? Have they been rated by independent agencies with regard to their financial strength? How do their ratings compare to the ratings of companies offering other plans you are considering?
4)      Does the plan have tools & resources to support decision making and my health?
If the plan offers a wide range of tools and resources to help you stay healthy, you will pay less in medical costs.Some plans offer additional services such as a 24-hour nurse line so you can call to find out the best course of action when you or your child gets sick after hours.  http://healthcareatm.com/

Overview of a High Deductible Health Plan with an HSA?

Health insurance plans that require insured patients to pay significant sums before insurance kicks in are known as high deductible health insurance plans. Under federal tax law, persons with high deductible plans can open special tax-favored Health Savings Accounts, under which a person can divert pretax income to save for medical care. According the IRS, a high deductible plan must feature higher deductibles than typical plans, and must cap a patient's out-of-pocket costs. The plans may pay for some routine care and other programs defined by the IRS, such as smoking cessation, without impacting the deductible, but many do not.
Because Health Savings Accounts offer special tax advantages, the IRS restricts how patients can use the money. Under the regulations, money from HSAs can only be used for medical expenses that are tax deductible, with an important distinction. Under federal tax law, medical expenses are only deductible if they exceed 7.5 percent of a person's adjusted gross income. This is not the case for HSA expenses. Expenses that qualify for the deduction are listed in IRS Publication 502, Medical and Dental Expenses. Money not spent on qualified medical expenses is subject to taxes and penalties.
High deductible plans offer some benefits. For young employees, the plans offer the chance to accumulate a significant sum of money that can be used for health care costs in later years. They have also allowed employers to avoid layoffs or more drastic benefit cuts in recessions. Some plans offer users the ability to invest some HSA money in the stock market and mutual funds. Policy-makers also believe that high deductible plans will curb the rise in health spending. Under this belief, patients will choose health care providers and utilization more carefully when large sums are coming out of their own pockets. http://healthcareatm.com/

What is a high deductible health plan (HDHP)?

The definition of an HDHP or high deductible health plan is a health insurance plan that has a higher deductible than usual, but lower premiums. This means you, the insured, pay the initial medical expenses usually set at $2,000 dollars or higher (though it can vary yearly) before the insurance begins to cover more medical expenses. This is often times referred to as “catastrophic coverage” since the deductibles are so high the plans are usually only used for emergency medical care and not simple routine care. Be careful because, if you have a $2,500 deductible you may be required to come up with that cash at a moment’s notice in a medical emergency.
The very low premiums are obviously a motivator. Because of the higher deductibles, and the fact the coverage is usually only used in “catastrophic” cases, the risk is lower for the insurance company. Less risks for them means lower premiums for you, and are therefore much more affordable for the average family that wants to be covered for those “emergency” situations. Catastrophic situations involving children naturally are a major concern to parents.
They are big news because of HSA or health savings accounts (not to be confused with HRAs that are similar but company owned). A health savings account is a medical savings account of which funds are not taxed by the federal government. Instead, all money is saved solely for expenses related to health. Talk about a tax advantage!
Another plus is the fact that the account’s funds add up year after year and are never forfeited just because they are not spent by a designated time period. In a Flexible Savings Account or FSA you must spend the money that year or risk losing it. Having an HDHP is usually required if you want to join in on the tax-advantaged health savings accounts (HSA).  http://healthcareatm.com/

What to consider when choosing a health insurance plan

There are many things to consider when choosing a plan. Some of the questions that you should ask yourself before you choose a plan such as:
1)      Long or short-term coverage?
If you're between jobs or looking for a job, you may want to consider short-term coverage. But if you’re self-employed or your employer does not offer group health insurance coverage, you may need longer term coverage offered through an individual and family health insurance plan. If you’re not currently covered, consider short-term coverage while you wait for a longer-term plan to become effective.
2)      Basic or more comprehensive coverage?
Some insurance plans offer basic coverage that protects your finances in case of a major illness or injury. These plans typically have a lower monthly premium, but you’ll be responsible for more of your health care costs each year. Other plans offer more comprehensive coverage that may include chemical dependency or behavioral health care, maternity, prescription drug benefits, vision and eye care, and regular doctor office visits. These plans typically have a higher monthly premium and may be appropriate for people who intend to use their insurance on a regular basis.
3)      Health insurance Company’s reputation?
Find out about the company offering the health plan. How long have they been in business? Have they been rated by independent agencies with regard to their financial strength? How do their ratings compare to the ratings of companies offering other plans you are considering?
4)      Does the plan have tools & resources to support decision making and my health?
If the plan offers a wide range of tools and resources to help you stay healthy, you will pay less in medical costs.Some plans offer additional services such as a 24-hour nurse line so you can call to find out the best course of action when you or your child gets sick after hours.   http://healthcareatm.com/

Overview of a High Deductible Health Plan with an HSA?

Health insurance plans that require insured patients to pay significant sums before insurance kicks in are known as high deductible health insurance plans. Under federal tax law, persons with high deductible plans can open special tax-favored Health Savings Accounts, under which a person can divert pretax income to save for medical care. According the IRS, a high deductible plan must feature higher deductibles than typical plans, and must cap a patient's out-of-pocket costs. The plans may pay for some routine care and other programs defined by the IRS, such as smoking cessation, without impacting the deductible, but many do not.
Because Health Savings Accounts offer special tax advantages, the IRS restricts how patients can use the money. Under the regulations, money from HSAs can only be used for medical expenses that are tax deductible, with an important distinction. Under federal tax law, medical expenses are only deductible if they exceed 7.5 percent of a person's adjusted gross income. This is not the case for HSA expenses. Expenses that qualify for the deduction are listed in IRS Publication 502, Medical and Dental Expenses. Money not spent on qualified medical expenses is subject to taxes and penalties.
High deductible plans offer some benefits. For young employees, the plans offer the chance to accumulate a significant sum of money that can be used for health care costs in later years. They have also allowed employers to avoid layoffs or more drastic benefit cuts in recessions. Some plans offer users the ability to invest some HSA money in the stock market and mutual funds. Policy-makers also believe that high deductible plans will curb the rise in health spending. Under this belief, patients will choose health care providers and utilization more carefully when large sums are coming out of their own pockets.  http://healthcareatm.com/

What are EHR?

Medical records are important in documenting the final diagnosis of a patient, what treatments are given and the overall medical history of the patient. Without such records, it will be difficult for another physician to treat a new patient because he or she would have to order the same sets of tests all over again. But the problem with the old medical records system is prone to destruction by the elements as they are all in paper. Nowadays, health establishments are equipped with a more reliable and longer lasting computerized system.The Electronic Health Records (HER) allows physicians and staff members to:

• Document interactions with patients
• View medical histories and insurance information
• Make referrals
• Order laboratory tests and view test results
• Send electronic prescription requests to pharmacies (reducing the risk that hard-to-read handwriting will lead to medical errors)
• Flag potentially harmful drug interactions

It also provides physicians with "decision support" tools, such as clinical guidelines and checks for drug interactions; and generates printed post-visit summaries for patients, among other benefits. http://healthcareatm.com/