Money Matters: Assignment #2 by Amber Leroux https://padlet.com/amberdances/opufci93op6a en-us 2018-11-15 14:37:03 UTC 2026-01-07 10:43:01 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Babyhead.png Health Insurance amberdances https://padlet.com/amberdances/opufci93op6a/wish/304826989 Created by: Amber Leroux 
  #100651203]]> 2018-11-15 14:52:41 UTC https://padlet.com/amberdances/opufci93op6a/wish/304826989 Welcome Message: amberdances https://padlet.com/amberdances/opufci93op6a/wish/305354585 Hello everyone! 
Throughout  this wall you will learn about health insurance in Canada. A couple things you can look forward to learning about is: - What health insurance is, different types of health insurance.
- Top health insurance agencies.
- Things to look for when picking your health insurance provider.
- Pricing for health insurance 

I hope you enjoy learning with me! ]]> 2018-11-16 17:09:31 UTC https://padlet.com/amberdances/opufci93op6a/wish/305354585 Health insurance: amberdances https://padlet.com/amberdances/opufci93op6a/wish/305363314 Health insurance is insurance that specifically covers the whole or part of the risk of a person. This includes: incurring medical expenses, spreading the risk over a large number of persons. Insurance companies estimate the overall risk of health care and health system expenses over a "risk pool". An insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement, things ranges from medial expenses, eye and dental care. The "benefit" is administered by a central organization such as a government agency.]]> 2018-11-16 17:26:50 UTC https://padlet.com/amberdances/opufci93op6a/wish/305363314 amberdances https://padlet.com/amberdances/opufci93op6a/wish/305369259 2018-11-16 17:38:08 UTC https://padlet.com/amberdances/opufci93op6a/wish/305369259 amberdances https://padlet.com/amberdances/opufci93op6a/wish/305371113 2018-11-16 17:41:27 UTC https://padlet.com/amberdances/opufci93op6a/wish/305371113 1. Health Maintenance Organization (HMO): amberdances https://padlet.com/amberdances/opufci93op6a/wish/305374689 What you need to know if you have an "HMO" plan:
  1. You will need an in-network "PCP"(Primary Care Physician) & referrals for specialist appointments.
  2. Your network’s size, or the number of doctors in-network, is dependent on your location.
  3.  If you can stay in-network on your insurance’s HMO plan, you’ll pay very minimal in medical expenses.
Furthermore,  "HMO" insurance contains cost by only using in-network doctors, that bill at a reduced cost directly to the insurance company as part of their in-network agreement. 
This results in premiums & out of pocket cost are much lower if you get treatment within the in- network clinicians. 
]]> 2018-11-16 17:48:00 UTC https://padlet.com/amberdances/opufci93op6a/wish/305374689 amberdances https://padlet.com/amberdances/opufci93op6a/wish/305963260 2018-11-19 15:19:52 UTC https://padlet.com/amberdances/opufci93op6a/wish/305963260 2. Preferred Provider Organization (PPO): amberdances https://padlet.com/amberdances/opufci93op6a/wish/305964792 A "PPO" is what most people think of when they think of health insurance.
If you choose a "PPO" plan, you and/or employees need to know:

  1. The insured person can see their current doctor or a doctor close by, and You don’t need a referral to see a specialist.
  2.  Double check the insurance’s network coverage because it varies by state and cities.
  3. Check costs – employers, what kind of premium can you afford/ how much are you willing to help your employees. 
If you need to go to a doctor, then you just go to the doctor you need (ex: nurse practitioner, orthopedics or specialist). Usually matters are dealt with in a week. 
Finally, another difference between "HMO" & "PPO" is that you don’t need an Primary Care Physician (PCP) as your link to treatment when you have "PPO" insurance.
]]> 2018-11-19 15:22:49 UTC https://padlet.com/amberdances/opufci93op6a/wish/305964792 amberdances https://padlet.com/amberdances/opufci93op6a/wish/305977647 2018-11-19 15:46:16 UTC https://padlet.com/amberdances/opufci93op6a/wish/305977647 3. Point of Service Plan (POS): amberdances https://padlet.com/amberdances/opufci93op6a/wish/305982213 A "POS" is the hybrid of an "HMO" & "PPO" insurance Plans. 
If you choose to have a POS plan, you need to know:

  1. You’ll need an in-network "PCP" (Primary Care Physician).
  2. Network’s size/number of doctors included, this is dependent on your individual location.
  3. Also check your out-of-network’s ease of use; you may be able to keep a doctor that you prefer, if they are "out-of-network", but you’ll ensure to check on practical costs.
  4. If you can stay in-network on your insurance’s "POS" plan, you’ll pay very little in medical expenses. 
If you/employees have a "POS" insurance, such as HMO insurance, there is no deductible & usually only a minimal co-payment (or nothing). Mostly when you use a healthcare provider within your network. 
However, "POS" insurance members require a primary care physician (PCP) that is in-network. As well, like an "HMO" insurance the network of doctors in a POS is smaller than a "PPO" insurance
]]> 2018-11-19 15:54:00 UTC https://padlet.com/amberdances/opufci93op6a/wish/305982213 amberdances https://padlet.com/amberdances/opufci93op6a/wish/305997884 2018-11-19 16:24:26 UTC https://padlet.com/amberdances/opufci93op6a/wish/305997884 4. High Deductible Health Plan (HDHP): amberdances https://padlet.com/amberdances/opufci93op6a/wish/305999808 If you decide to partake in "HDHP" insurance, it is a example of somewhat putting all your cards into the “I’m not going to get sick” boat. 
"HDHP" is known as “catastrophic” coverage since the deductible is extremely high. Any plan with a deductible that’s greater than $1300 per person gets categorized as an "HDHP". The deductible can rise up to $6,000 per person.  That makes it basically impractical if you or your employees get sick & need to see a doctor on a regular basis. 
If you and/or employees choose the "HDHP" plan you need to know: 

  1. you can most likely see your current family Doctor, or a doctor located close to you. This is because "HDHP" plans are usually "PPO" or "POS" insurance plans.
  2. You are going to pay out of pocket for all medical expenses, ranging to the deductible amount. When preparing expect the worst case scenario. 
  3. look at what you have spent on doctor’s visits over the past five years. If you have visited Doctor's more than 3 times in a year, you should consider looking at lower deductible  insurance plans such as; PPO's, POS's. 

]]> 2018-11-19 16:28:28 UTC https://padlet.com/amberdances/opufci93op6a/wish/305999808 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306015046 2018-11-19 17:01:07 UTC https://padlet.com/amberdances/opufci93op6a/wish/306015046 How "HMO" insurance works: Video #2 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306016530 (Video Summary): HMO insurance is a type of medical service that allows members to only visit doctors etc., within the in-network plan, & there is zero out of network coverage. Primary physician, that manages all health needs. Limited to restricted members within the "in-network". Out of pocket balance will be covered up to 100% depending on scenarios. Read plan benefits when looking into insurance plans, before signing. ]]> 2018-11-19 17:04:48 UTC https://padlet.com/amberdances/opufci93op6a/wish/306016530 How "PPO" Insurance works: Video #3 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306023840 (Video summary): PPO insurance, is a network that allows members to choose medical physician, financial discounts will be larger when remaining "In-network". Benefits of this plan is that members are not required to get referrals from medical physicians. Recommended to visit contracted physician's. Co-payments are available before paying deductible. After being met, members are responsible for paying a percentage of insurance, known as co-insurance until met. Once maximum is satisfied, insurance will cover 100% until the end of the calendar year. Always refer to plan benefits before signing. ]]> 2018-11-19 17:18:36 UTC https://padlet.com/amberdances/opufci93op6a/wish/306023840 How "POS" Insurance works: Video #4 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306024333 (Video summary): POS insurance plan is when the insurance network picks primary caregiver physician, and the member is required a referral also. Unless you have the referral, the insurance company will not cover the services. Ensure you check benefits before signing with an insurance company. ]]> 2018-11-19 17:19:38 UTC https://padlet.com/amberdances/opufci93op6a/wish/306024333 How Health Insurance works: Video #1 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306025620 (Video Summary): This video explains what Health insurance is; when you are new to insurance, or have had it for a long time, this helps explains the basics of Health Insurance. Starting with monthly payment information, and the negatives that may happen if not paid in time (they also put the information into basic words, instead of complicated terms, which I found useful). Premium information is provided, which includes what a "premium" is. Depending on location or income, some are eligible for plans when the government covers half of claims automatically. Keep insurance card in wallet, and take advantage of free health care services provided. Having insurance is helpful but does not cover all health care requirements. what "copay" or co-insurance, and what a deductible is. This video also recommends you to carefully read insurance papers. The term Formulary (brand name drug vs, prescribed medications) is discussed within this short video. 
out of network, and out of pocket limitations on insurance plans may cost more then expected. There is a lot to think about when picking insurance plans, remember to educate yourself on the best route to take. ]]> 2018-11-19 17:22:32 UTC https://padlet.com/amberdances/opufci93op6a/wish/306025620 How "HDHP" Insurance works: Video #5 amberdances https://padlet.com/amberdances/opufci93op6a/wish/306027565 (Video summary): HDHP insurance plan, preventative services are provided at little or no cost to you/members. Each time you pay full cost to physicians/services. All applied to annual deductible, the you only pay half/co-pay. Co-insurance continues on until you reach full payments. Family deductibles also become more common when covering more then one person. You could save a lot of money mostly if you do not visit the doctor on a regular basis. Ensure you review all documentation before choosing any insurance network/year. ]]> 2018-11-19 17:26:40 UTC https://padlet.com/amberdances/opufci93op6a/wish/306027565 Insurance Companies: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306036351 Sun Life Financial Insurance]]> 2018-11-19 17:44:06 UTC https://padlet.com/amberdances/opufci93op6a/wish/306036351 Insurance Companies: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306036787 Green Insurance Financial ]]> 2018-11-19 17:45:03 UTC https://padlet.com/amberdances/opufci93op6a/wish/306036787 Insurance Companies: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306038697 Manulife Insurance]]> 2018-11-19 17:49:04 UTC https://padlet.com/amberdances/opufci93op6a/wish/306038697 Insurance Companies: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306039570 Square One Insurance]]> 2018-11-19 17:51:01 UTC https://padlet.com/amberdances/opufci93op6a/wish/306039570 Tips when Picking HealthCare Plan: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306040965 This YouTube video explains tips you should know and consider when picking health care insurance providers. ]]> 2018-11-19 17:54:00 UTC https://padlet.com/amberdances/opufci93op6a/wish/306040965 Health Insurance Basis: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306042356 This video explains the basics of health insurance, and what important things to know when choosing a health insurance provider. ]]> 2018-11-19 17:56:54 UTC https://padlet.com/amberdances/opufci93op6a/wish/306042356 10 Things Millennials should know about Health Insurance amberdances https://padlet.com/amberdances/opufci93op6a/wish/306065324 Throughout this website, it describes 10 things all millennials should know. ]]> 2018-11-19 18:42:38 UTC https://padlet.com/amberdances/opufci93op6a/wish/306065324 Word Document: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306086494 2018-11-19 19:26:24 UTC https://padlet.com/amberdances/opufci93op6a/wish/306086494 References: amberdances https://padlet.com/amberdances/opufci93op6a/wish/306086839 2018-11-19 19:27:05 UTC https://padlet.com/amberdances/opufci93op6a/wish/306086839