Health Insurance

Health Insurance How To

 

You want health insurance in case of an accident or sudden illness.

How do you pay a $30,000 hospital bill without insurance?

The hospital will help you find a way. Taxpayers won’t pick up the tab.

 

How Does Health Insurance Work?

with three basic terms…

 

  • Deductible: the highest amount you would pay out of pocket for health insurance per year. Often insurance does not kick in until after you reach this amount. (e.g. your deductible is $1,000, insurance pays everything after $1,001.)

                **People often opt for a higher deductible to keep their monthly premium to a minimum

  • Monthly Premium: the amount you pay per month
  • Co Insurance or Copay: a shared responsibility for costs between an insurer and insuree at a specified percentage. (e.g. an 80/20 split means insurer pays 80%, you pay 20% up to a defined amount per year.)

** Rates are based on how likely you are to utilize your insurance. Typically preventative care (annual physicals, etc. are well covered); Price increases as you reach childbearing years and retirement age.

 

But chances are, you can’t afford to insure yourself without an employer’s help. So what do you do?

 

Local Options: Student Conversion Plan

This is ongoing healthcare coverage offered to students from the University of Minnesota after graduation, and it offers a guaranteed coverage option for an unlimited time period between graduation and the time you become eligible for employer-sponsored health insurance. The program gives you your choice of five Blue Cross and Blue Shield of Minnesota individual plan options for guaranteed coverage without having to prove insurability. Costs are based on the deductible and network you choose.

According to the service’s website, you must be enrolled in the University-sponsored Student Health Benefit Plan (SHBP) in the previous semester to be eligible for the Student Conversion Plan. That said, if you are currently covered by a different health insurance plan and would like to utilize the University Conversion plan, consider switching to the SHBP prior to your last semester. Students who remain on their parent’s plan or other insurance plan will not be able to take advantage of the Student Conversion Plan after graduation.

 

For those without Employer’s Insurance:

 

Minnesota Care (Government Supported)

Minnesota Care is a service offered to Minnesota residents who do not have access to affordable health care through Blue Plus; a local non-profit affiliated with Blue Cross Blue Shield, and is funded by enrollees' premiums, copayments, and statewide taxes, including a 5-cent increase in cigarette tax.

According to its website from the Minnesota Department of Human services, eligible individuals can choose their primary care physicians and will be covered for a variety of services, including doctor visits, hospitalization up to $10,000, family planning prescriptions, eye exams, interpreters, family planning prescriptions, eye exams, interpreters, prescriptions, eye glasses, dental care, etc. Premiums are based an individual’s income, and these income limits vary by family size. Eligible applicants must have lived in Minnesota a minimum of six months prior to applying and must have a social security number and be a U.S. Citizen. Only those who do not currently have health insurance or are not able to get health insurance from an employer offering to pay at least half the monthly cost will be considered.

For a full list of income and asset limits, visit the Minnesota Department of Human Services website. Asset $10,000 for a single person and $20,000 for a family of two or more — houses, vehicles and independently owned retirement funds are not included.

 

 

An Introductory Guide to Insurance at The Minnesota Department of Health:

 

Minnesota Insurers:

Websites include general quotes for Individuals, Families, and Companies

 

  • Medica (952) 945-8000 www.medica.com
    • Medica Solo Plan is designed to be very affordable with young adults (ages 19-29) in mind

Minnesota Care is an Entity of UCare

UCare is the only health plan in Minnesota to own and operate a mobile dental unit providing preventive cleanings and

checkups to UCare members across the state.

 

 

A Resource for Comparison

eHealthinsurance.com

 

Uses basic information like gender, age, etc.

Inquires the beginning of coverage

And compiles a list of compared quotes that are organized by:

eHealthInsurance’s Picks

Price

Deductible

Ratings Company etc.