Utah Insurance Blog

Utah Health Insurance Market Update: 2012

Here's what happening in the Utah health insurance market:

Health Reform: Nationally, there aren't many changes that will be apparent on the surface. The reform bill is encouraging efficiency and an increase in the quality of care in 2012. The state of Utah continues to improve it's defined contribution system in the group health insurance market.

HumanaOne has a new rating structure that keeps health insurance affordable for single-parent families! Their Enhanced Copay plan with a $1,000 medical deductible has become more affordable in 2012. They also have a *Cancer Cash Plan that's only $8.99 per month for a family of 5 (parents, age 45) for a $5,000 cancer cash benefit. It's a way to protect yourself financially against devastating medical costs and lost income while you recover from a battle that many people win. Get a quote for this plan now.

SelectHealth seems to have some competitive pricing on lower deductible HSA-eligible plans. This is a great way to receive tax benefits and lower your health insurance premium! Get a quote for their HealthSave product now!

Altius Health Plans has a new product called Peak Preference. It's similar to an HMO product, but you don't need a referral to see a specialist. Rates are about 15% lower than their main product. Great way to save some money and still keep good coverage! Explore your options instantly online.

Hospital Cash Plan / Supplemental Health Insurance: Currently I know of one plan that pays a daily benefit when the insured is admitted to a hospital. Call me at 801-679-0405 to find out more!

Dental Insurance: Dental Select of Utah has some of the most competitive dental rates in the Utah market. Explore your plan options!

Term Life Insurance: It's been super-affordable for a while, and rates are still near an all time low. If you haven't explored term life insurance as part of your long term financial plan, get instant term life quotes with no obligation.

If you have questions on what's happening in the Utah health insurance market, or would like quotes for any type of insurance, please email or call me at 801-679-0405!

*Kanawha Policy Form 70620 UT.

What Does Preventive Care Mean?

I've run into a number of Utah residents who want to understand how preventive care is covered under the new law. I recently came across an article in a SelectHealth newsletter that gives a good explanation.

*This article is provided by SelectHealth. For more information about improving your health, visit www.selecthealth.org/newsletters.

What Does Preventive Care Mean?

The goal of preventive care, such as regular checkups and screenings, is to help you avoid illness and to detect problems when they are most treatable. Many preventive services are now available at no cost to you. Examples of preventive services include the following:

• Examinations and/or screenings (for example, a mammogram, colon and prostate cancer screening, etc.)
• Flu and pneumonia vaccinations
• Screening laboratory and X-ray tests (such as Pap smears or cholesterol tests)
• Routine immunizations

Checkups may include tests performed by your doctor to manage a known condition, such as treating high blood pressure to prevent a heart attack or a stroke. Services performed to maintain a known condition are not usually considered preventive. Your regular copay, coinsurance, or deductible will apply to these additional services.

SelectHealth has always been committed to covering preventive services. However, not every preventive service is appropriate every year, and recommended screening guidelines may vary. Discuss your specific health needs with your doctor. If you would like to learn more about preventive care, visit selecthealth.org/stayhealthy/proactivecare.

If you are interested in finding out more about SelectHealth's individual and family health plans, please visit our page about SelectHealth.

2 Quick Windshield Tips for Entering the Winter Season!

I looked outside just now and saw that it was snowing! Because snowplows are so active during the winter in utah, the amount of rocks and debris on the roads is a lot greater in the winter. Here are a couple of tips to avoid problems with your car windshields this season.

Tip 1

Fix any windshield chips you have right now! The cold temperatures could easily turn that chip into a crack. The cold weather is here, so this is something to do in the next day or so. It's much easier to have a chip fixed, than it is to get a new windshield. Most auto insurance companies will pay for you to have a chip fixed, so they don't end up paying for a new windshield instead!

Tip 2

Consider lowering the comprehensive deductible on your auto insurance to $100. Windshield coverage falls under the comprehensive coverage on your auto insurance policy. In most cases, it's quite affordable to lower your comprehensive deductible to $100 from $500 or $1,000. Many of the windshield repair companies in Utah are willing to pay that $100 deductible for you, often times allowing you to get a free windshield if you need it!

Of course, sometimes it takes some haggling. In the past, if I've been told a company won't waive my $100 deductible, I've told them that I'll go somewhere else. Normally, they'll say "hang on", talk to their "manager" and get back on the phone willing to waive my $100 deductible. Our family has done this three times in the last five years and it has worked every time!

Good luck and drive safe!

Sincerely,

 

Jared Balis

Utah Auto Insurance Agent

Utah Insurance Advisors

 

Health Insurance Options for People Who Have Been Denied for Pre-existing Conditions

If you've been denied for individual health insurance in Utah, there are several quality coverage options you can explore. Here are three of the most common:

High Risk Pools

High risk pools are designed to cover people who have ineligible pre-existing conditions and/or have been denied health insurance in the private market. They are typically state funded programs and eligibility is not based on income.

Although health insurance through high risk pools can be more costly than private insurance, the fact that you can't be denied for medical conditions carries a lot of value. The coverage, while often not as comprehensive as private plans, is still more than sufficient for most people's needs. Contact your agent for more information about Utah's high risk pool.

Temporary Health Insurance

Temporary health insurance plans can provide excellent short term protection for people who have been denied health insurance. While most short term plans don't cover pre-existing conditions, they can be used as a temporary protection against unpredictable catastrophic medical expenses. 

Temporary health plans are ideal for someone who knows they'll have permanent health insurance in the near future (through an employer or other source). They are not meant to be used long term.

Employer Sponsored Plans

Group plans, or employer sponsored plans, are a great option for people with pre-existing conditions or people who have been denied health insurance in the private market. Employer sponsored plans are guaranteed issue, meaning that you can't be denied due to pre-existing conditions.

In order to qualify for an employer sponsored plan, you must work full time for an employer that offers health insurance, and make it through the company's health insurance waiting period. Group plans are an excellent way to get guaranteed issue coverage after being denied.

The three ideas above are only a few of the many options you can explore. Find out about more options for people who have been denied health insurance because of pre-existing conditions by visiting our webpage to learn about options for people who have been denied health insurance for pre-existing conditions.

Child Life Insurance - a Gift for Their Future

Sometimes when people approach me for life insurance, they ask me about adding a child rider. The child rider provides a small amount of protection for the insured's child(ren). It's a relatively affordable coverage, but usually only provides $5,000 or $10,000 of term protection, and ends when the policy term ends.

A Valuable Option

Last year I ran across an interesting life insurance product for children that is often more affordable ($45 per year, per child!) and provides $20,000 of term protection that automatically converts to a whole life policy when the child turns age 25.

More Than Pure Life Insurance Protection

I really like the fact that there's more in it for the child than just the death benefit. Once the policy converts to a whole life policy, it can build cash value which can be taken advantage of in different ways. In addition, the policy allows the child to increase the life insurance coverage at ages 25, 28, and 31, by an additional $20,000 at each of those ages. This gives them the opportunity to accrue $80,000 of whole life insurance by age 31, without having to prove insurability.

Protect Their Insurability

Not having to prove insurability can be especially valuable if a child develops a medical condition which makes them uninsurable when they are older.

Popular Uses

I've had parents purchase these policies for their kids for the basic benefit and grandparents purchase them as a gift for their grandchildren.

If you are interested a policy for your child, grandchild, or someone you know, email me at jared@utahinsurance.org or call me at 801-679-0405.

Life Insurance Q&A - Determining How Much and What Kind of Policy to Purchase

Recently, Phillip C. approached me with some questions about life insurance, which type to buy, and how much he needed. His question is in green and my response is in red.

Hey Jared-

Thanks for the life insurance quotes.  What is a relatively common death benefit amount - $200,000 - $300,000 - $500,000??  Or do people just arbitrarily pick a number?  Also, I am relatively young (29 years old) - is it a better, or more appropriate way to go with universal insurance?  One that doesn't lapse when I am sixty?

Anyhow, whatever additional info you could provide would be very helpful.  Thanks again.

-Phillip C.

Phillip,

There is a method to figure out how much life insurance you need/should have etc…

It really depends on your goals and what you want to protect. Are you married? Do you have children?

Some of the most common and popular reasons that people buy life insurance are:

• Income protection (replace your income so your spouse can continue the lifestyle she is accustom to)
• Create an inheritance for children in the event of your death
• Create a college fund in case you are not there to help with college (the same thing can apply to helping children pay for weddings and honeymoons etc)
• To pay for your final/funeral expenses
• Payoff your mortgage so your spouse can continue to live in her current house without having to worry about making payments.
• Payoff credit card debts
• Payoff student loans
• Payoff vehicle loans
• Payoff possible medical expenses that you may incur before your death.

Take a look at this life insurance needs worksheet. It will guide you in determining how much life insurance you might need.

As for the universal vs. term life insurance question, Universal life insurance is appropriate if you want to have a guaranteed death benefit paid to your beneficiary no matter when you die. However, they are about four times more expensive than term policies.

Many young people will buy term insurance to protect their spouses and/or  kid(s) from having to pay toward debts, mortgages, cars, etc...  A 20 or 30 year term life insurance policy is usually sufficient for those needs.

It’s a personal choice, but the main advantage of universal life insurance is that the death benefit can last all the way until age 121 or 105, meaning that your spouse/beneficiary will most likely get the death benefit when you are gone.

Jared Balis

Utah Insurance Advisors

If you have any follow up questions to these emails, or would like to discuss your life insurance needs, please contact me by email @ jared@utahinsurance.org or by phone @ 801-679-0405. Visit my website for instant term life insurance quotes!

 

The History and Risk of Utah Earthquakes - Facts, Future Likelihood, and Earthquake Preparedness

Every time a significant earthquake strikes, the media focuses on the very real possibility that Utah could suffer a devastating earthquake. You may have heard that the Wasatch Front is long overdue for an earthquake, and that's because we haven't had a big one in hundreds of years. However, there have been several earthquakes that were over a 6.0 on the richter scale in Utah since 1850.

Utah History and Earthquakes

Just last month (January of 2011) there were eight earthquakes in the state of Utah, ranging in size from 3.1 to 4.5 on the richter scale. Utah is an active state. Below is a chart that shows the chances of different sized earthquakes, according to the University of Utah Seismograph Stations (as reported & printed in the "Homebuyer's Guide to Earthquake Hazards in Utah" by the Utah Geological Survey in 1996):

Earthquakes do not occur in regular patterns. The box above shows how many earthquake main shocks occur, on average, in the Wasatch Front area and in the Utah region (which includes the areas bordering the state). “On average” is a key term, as earthquakes in Utah sometimes happen more frequently or less frequently within the time frames shown above.

Insurance Considerations

On February 22nd, 2008, Becky Bruce from ksl.com reported that only 15% of Utahan's who carry home owner's insurance have earthquake coverage. It's a staggeringly low number that could leave much of Utah in financial ruin in the event of a strong earthquake. To find out the cost of earthquake insurance for your home or business, complete this earthquake insurance proposal request form.

Earthquake Resources

• Read this ksl.com article explaining the parallels between the latest earthquake in Christcurch, New Zealand and a potential Earthquake along the Wasatch Front.
• Review this Utah state map showing the potential of strong ground shaking. (provided by the Utah Geological Survey):

• Visit the Utah State Insurance Department's earthquake insurance page for some useful information on earthquake insurance in Utah. You can read it here: http://www.insurance.utah.gov/auto/earthquake.html.
• Watch an informative narrated video of a flyby along the Wasatch fault Line, presented by the Utah Geological Survey.

 

• Download the handbook released by the Utah Geological Survey titled "Putting Down Roots in Earthquake Country." - This handbook provides information about the threat posed by earthquakes in Utah, particularly along the Wasatch Front, and explains how you can prepare for, survive, and recover from these inevitable events. If you live or work in Utah, you need to know why you should be concerned about earthquakes, what you can expect during and after an earthquake, and what you need to do beforehand to be safe and protect your property.

If you would like to learn more about protecting your home from the potential damage of an earthquake, request a free, no obligation Utah earthquake insurance proposal by email.

*If you found this article valuable, please share it with a friend or family member by clicking the "ShareThis" button below!

Child Only Coverage in Utah - an Option That's Back on the Table!

Since fall of 2010, children have not been allowed to apply for health insurance unless they've applied with at least one adult. This has caused some serious problems for children caught in specific situations.

Emergency Rule Regarding Dependent Eligibility

The Utah Department of Insurance recently issued an emergency rule regarding dependent eligibility for health insurance plans. The rule states that a child under the age of 19 shall be issued a health insurance plan from any private insurance company in Utah, if that child has a certificate of insurability.

Certificate of Insurability

A certificate of insurability is a certificate issued by the Comprehensive Health Insurance Pool of Utah (HIPUtah) if they determine that someone who has applied for HIPUtah insurance is indeed insurable in the private market.

The Comprehensive Health Insurance Pool of Utah

The Comprehensive Health Insurance Pool of Utah (HIPUtah) is a state funded program that is administered by Selecthealth. The purpose of HIPUtah is to provide insurance to individuals who are uninsurable in the private health insurance market, or have been declined by one or more insurance companies. HIPUtah does not have income guidelines like Medicaid and CHIP, but does require that a person be uninsurable before they are approved for coverage.

What This Means for Utah's Children

Plainly said, if a child under the age of 19 years old needs to apply for health insurance as an individual in the state of Utah, they can now do so once they have applied for HIPUtah and obtained a certificate of insurability. It takes some paperwork, but it is possible to insure a child on a stand-along policy once again.

To get help insuring a child on a stand alone plan, please call me at 801-679-0405 or email me.

Selecthealth Releases Their New Online Application for Individuals & Families!

Today, Selecthealth released their online application.

They are the last major insurance company in the Utah market to offer the ability to apply online. From what I've seen, it looks like its been worth the wait.

Saving the Best for Last

Compared to other insurance companies' online applications, Selecthealth is definitely in the top two (the other being HumanaOne). Their online application system takes you step-by-step through the quoting, plan selection, and application process.

Out with the Old and In With the New

Paper applications slow down the application process in more ways than one. Using the new online application will;

• Help to ensure that each application is complete
• Make sure applications make it to the review process sooner
• Ensure that the correct supplemental application forms have been submitted

It's not a bullet-proof system, but it's bound to make things much easier for people who apply for a Selecthealth medical plan.

Get free instant quotes online and get access to the Selecthealth application now.

Check your doctors, download brochures and more at www.UtahInsurance.org, a Utah Insurance Advisors site.

What Healthcare Reform Means for You in 2011

Will health reform affect your situation? It might affect you and it might not. Here are a few things to be aware of through 2011:

Guaranteed-Issue Health Plans are Not Available Yet

A lot of people in Utah are under the impression that they can get guaranteed issue coverage already (meaning that the insurance companies won't deny them for a pre-existing health condition). In actuality, the date when that happens is January 1st, 2014. Anyone that's over age 18 must qualify medically for an individual or family health insurance policy. Children are now able to get guaranteed health coverage in Utah.

Covering Children in Utah

As of October 2010, children can get guaranteed issue health plans, but are being required to apply with at least one adult (some companies require the whole family to apply.) Children ages 18 and younger cannot get a policy on their own anymore. To find out more about this, please read my blog post "Insuring Children on a Utah Health Plan."

Group / Employer-Sponsored Health Plans & Defined Contribution

This year, Utah employers have the option of using a defined contribution model. This model allows employers to offer a defined contribution (a specified dollar amount) towards their employees' coverage, rather than paying a percentage of their employees' premiums. It also lets employees within the same company choose plans from different Utah insurance companies and choose from different plans within those companies. If you are interested in a group health insurance plan in the defined contribution market, please email us to work alongside a licensed agent.

Tax Benefits for Small Businesses

Some businesses qualify for a tax credit of up to 35%. To find out if your business qualifies, use this free tool from SelectHealth.

Changes will keep coming over the next few years. Sign up for blog-post email updates to keep up to date!