Archive for March 2014

So many Health Insurance choices and so little understanding!

People sometimes ask me “How do you find things to write about”?   Are you serious? I am an insurance consultant who owns a company whose tag line is “We bring focus to the confusion of insurance!” My problem is not what to write about, it is limiting the verbiage I am capable of creating.

I’m going to resist an urge to just provide an index and say ask me what you would like to know about, but, if you have a specific question please feel free to ask me.about “Why is medical insurance so expensive?” That could be an all day seminar but for now let’s just keep it short and say because the cost to provide medical care is so high!

Now let’s think like a 5 year old and you say “Well then why is the cost of medical care so high?” Well let’s see, medical care is so expensive because insurance pays for it and you don’t, so most people don’t actually know what it costs for care. (see article by Steven Brill, 02-20-2013 Bitter Pill: Why medical bills are killing us. and the rebuttal by Chris Conover – 5 Myths in Steven Brill’s “Bitter Pill” — Part 2)

Read more…

For more information, contact Bill Weaver, Focus Benefits Group, 602-381-9900!

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

What is this drug formulary thing?

You never notice some cars until you own one and the they seem to be everywhere? Well you will be hearing about “Drug Formularies” a lot more and then realize they are all over the place. And — you are impacted!

A drug formulary is a list of drugs your medical plan will agree to pay for if you need a prescription. In the “formulary”, or list, there will be drug categories that might all be similar and come from different drug companies.

Your insurance provider agrees to provide a type of drug (not a brand) and then they decide which drug company provides that treatment at the lowest cost. That means your favorite brand, the one you see on television all the time, might not be included.

Under ACA (Obama Care) drug formularies got more complicated because the “cost” to provide medical care is really the problem and limiting drug usage and prescription cost is another place to reduce overall cost to the system. Note that I said cost to the “system” not your cost!

So in addition to “network size”, “Exclusion lists” and “if” you will get a subsidy payment, you need to look at the drug formulary for any plan you might consider to provide medical care insurance coverage. It could be a tragedy if you choose a really inexpensive plan and then find out it does not cover for the new DNA based prescription you need.

 

For more information, contact Bill Weaver, Focus Benefits Group, 602-381-9900!

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter