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How To Get Affordable Health Insurance In Missouri

Friday, June 8th, 2012

Regardless of where you live in Missouri, if you don’t have a job that offers a health benefits package, or if you don’t work at all, you’re most likely going to have trouble finding affordable health insurance in Missouri. The exceptions, of course, are those individuals who are married and have spouses with excellent health benefits packages, or those individuals wealthy enough to purchase individual health insurance policies. Then if you are the above person keep reading this article if you want to get affordable health insurance in Missouri

If you are offered group health insurance at work consider signing up. Often you can find the best rates with a group plan, plus a group plan is not allowed by law to single out any participant for tobacco usage or for any preexisting health issues – at least once you’ve been signed up for a certain amount of time.

If you are not offered health insurance through work, then you may have to make a few concessions in order to get the most affordable rate for your health insurance. Start with your lifestyle. Don’t smoke or use tobacco products in any form. If you already smoke then you really need to stop. Smoking will add considerably to the cost of your life insurance. If you are obese, then you need to lose weight.

If you have any other insurance – such as life insurance or homeowner’s insurance – buy your health insurance from the same company if possible – most companies have a multi-policy discount that can save you up to 10% on your monthly premiums.

Missouri offers a special program to Missouri residents who have trouble obtaining affordable health insurance in Missouri for various other reasons or find their health insurance policies involuntarily cancelled. The program is called the Missouri Health Insurance Pool (MHIP), and it’s governed by the Blue Cross and Blue Shield programs of Missouri and of Kansas City. The MHIP isn’t an insurance company; it’s an insurance program for Missouri residents that offers four kinds of comprehensive and major medical health coverage.

You’re eligible for the MHIP if you don’t receive or aren’t eligible for any other health care coverage; haven’t already received the maximum $1 million dollars in coverage from the MHIP; and haven’t been turned down by other health insurance companies due to alcohol or drug abuse. For more information, visit Missouri’s Department of Insurance Web site..

Long-Term Care for Seniors in Missouri

Wednesday, March 21st, 2012

Based on the study conducted in 2007, there are approximately 86,000 elders in Missouri aged 65 and above, suffering from serious illnesses and disabilities that most likely entail long term care. Reportedly, Missouri is equipped with nursing home facilities that made the state grab the fifth place for the highest nursing facility beds in United States.

Individuals have used out-of-pocket expenses for long term care, and long term care insurance companies provide only a small portion of these expenditures. The majority or 65% of elders rely on home care or informal care givers due to lack of help from Medicaid or Medicare and very few can afford the high costs of these services.

Medicaid bears the brunt of long-term care expenditures because the program is the primary source of funding for health care. In 2005, Missouri had an estimated 23 percent of Medicaid spending, ranking Missouri 43rd among the 50 states with high LTC Medicaid expenditures. In 2005, there are 80,000 Missourians age 65 and above who used Medicaid Insurance to finance long term care costs. Unfortunately, Medicaid does not cover long term care, and only pays for acute illnesses with short duration. On the other hand, Medicaid will pay for institutional and home-based care for shorter period of time.

In response to the growing need for long-term care, the state of Missouri coalesced with private insurance providers to create a partnership program. The Missouri Long Term Care Partnership Program was initiated on August 1, 2008 to fulfil the requirements of the Deficit Reduction Act of 2005. This program is the participation of private insurance companies and the state government – the Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP). The Missouri Medicaid Program (administered by Missouri Department of Social Services: Family Support Division) and the Missouri State Health Insurance Assistance Program or CLAIM have their share in assisting Medicaid and LTC planning.

With ever-increasing Missouri long term care costs, the partnership program works with high hope of encouraging people to invest on LTC services rather than heavy dependence on the state’s Medicaid program.

The most distinct feature of partnership program is the asset protection. Normally, people have to deplete their finances to qualify for Medicaid assets; however with partnership program, they may retain the assets they wish to have, but remain eligible for Medicaid benefits. It uses the dollar-for-dollar protection model, wherein every dollar in the policy that pays for the benefits is equal to the dollar of the amount of assets that will not be counted for Medicaid eligibility.

Another feature is the inflation protection. Recipients below the age 65 at the time of purchase should receive 5 percent compound annual protection; however, if the individual is against this rule, a minimum of 3 percent or changes on the consumer price index (CPI) must then apply..



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