On April 27, 2012, the IRS released Rev. Proc. 2012-26 that provides the 2013 inflation adjusted amounts for health savings accounts (HSAs) as determined under Internal Revenue Code Section 223.

Read more about HSAs and the amounts effective for the 2013 calendar year here.  The benefit of using an HSA is that it allows you to pay for certain medical expenses with money which you have not paid Federal, State* and FICA taxes on so be sure to contribute the maximum allowable amount each year.

Examples of how to use your HSA include -

• Dental care services
• Vision care services
• Prescription services
• Over-the-counter medications prescribed by your doctor

You can contribute an extra $1,000 every year if you are 55 or older. You can use your Health Savings Account (HSA) to pay for a wide range of eligible medical expenses for yourself, your spouse or tax dependents. Funds used to pay for eligible medical expenses are always tax-free and you can continue to use your HSA funds even if you’re not covered by an HSA-compatible plan.

The benefits of health insurance and life insurance are pretty clear – to provide health care, or in the event of our deaths, to provide for our families in our absence.  But what about income insurance? In today’s tight economy, most people’s savings have decreased and debt has increased.  If you were unable to work, who would take care of you and your family?  That’s the purpose of disability insurance.  It’s paycheck insurance: it keeps your paycheck coming when you’re not able to work.

It’s Disability Insurance Awareness Month and the new website, Protect Your Paycheck, explains the basics of Disability Insurance.

Simply put, if you have a job, you most likely need disability insurance. The possibility of a disabling illness or injury may seem remote, but statistics paint a different picture. You actually have a three in 10 chance of suffering a disabling illness or injury during your career that would keep you out of work for three months or more.¹ (If you’d like to calculate your odds, try the Personal Disability Quotient calculator.)

For many, a sudden interruption of income could have serious financial consequences. Most of us have some kind of personal debt, typically a mortgage or credit card bills. How long would you be able to maintain your standard of living if you were too ill or injured to work for an extended length of time? If you are like most, it wouldn’t be long at all: 50 percent of working Americans couldn’t make it a month before financial difficulties set in, and more than one in four would have problems immediately, according to a LIFE Foundation survey.²

Now’s the time to contact us and learn how to protect yourself and your family.  Call Trish at (225)622-6554 to get started.

The Medical Travel International Business Summit in Costa Rica was wonderful. It’s clear why Costa Rica is such a popular destination for medical tourism. Hundreds of businesses and thirteen countries participated in the summit, and as Costa Rican Vice President Luis Liberman noted in his opening remarks,

“We have the doctors, we have the dentists, we have the whole operating system of a public-private medical system that is reaching high levels. Today, Costa Rica is the second country in Latin America in terms of absolute exports of medical devices. We have achieved that based on an educational system that we have fostered for 160 years.”

One of the organizations at the Summit was ProMed, which helps ensure that health services offered in Costa Rica meet international standards of quality through implementing specific actions: promotion, regulation, ethics, legal, admission, and education.  ProMed has created an interesting video describing the benefits of Costa Rica as a medical destination, from the bilingual staff and American/European trained physicians to the technological advances:

As medical tourism becomes increasingly popular in the United States, the insurance industry is providing more options to patients, from medical tourism as a covered benefit to Complication Insurance for Medical Travelers.  Contact Trish for more information!

Sergio Valverde and Massimo Manzi of ProMed with Trish Freeman at the 2012 Costa Rica Medical Travel Summit

Massimo Manzi of ProMed with Trish Freeman at the 2012 Costa Rica Medical Travel Summit

It’s day two of the Medical Travel Summit 2012 and the conference is going great.  Some interesting facts why Costa Rica is a medical tourism hotspot:

• Costa Rica is rated 36th out of 191 nations in the quality of health care systems.
• It’s a strategic location – easy to get to, and because it’s in the Central Standard Time Zone, there’s no jet lag!
• Costa Rica is politically and financially stable.
• The medical technology is cutting edge.
• The weather is pleasant and mild all year round.
• The country’s savings by not having a military are invested in improving living standards.
• Almost 80% of Costa Rican physicians completed their studies in either the US or Europe.
• All staff is bilingual.
• Costa Rica’s northwestern area is one of the world’s four “Blue Zones” – places where people live the longest and healthiest life spans.
• Patients can recover while enjoying beautiful tropical beaches, big natural adventures, the wonders of nature and a stimulating culture.

Trish Freeman with Tim & Vicki Morales of Costa Rican Medical Care.

Today’s agenda includes “Latin America as a Center of Excellence: opportunities facing the problems of the US Healthcare System,” which should be very interesting.  Tomorrow they’re offering guided visits to hospitals, clinics, hotels and recovery centers, so that insurance, travel and health professionals can get a first-hand look at what Costa Rica has to offer.

While medical tourism is still a foreign concept to most Americans, it’s increasingly an option that people are getting comfortable with, and given the high quality, affordable health care many countries are offering, that trend will continue.

According to the Global Mobile Health Market Report, by 2015 more than 500 million people will be using medical applications on their phones and mobile devices.  Humana is leading the pack with an award winning mobile medical app to help members get critical information while they’re on the go.

Designed to give people the best tools while they’re on the move, the app enables employees to get answers to questions they have while they’re at the point of care like:

• Learning their out-of-pocket costs for a drug or locating a cheaper drug alternative
• Checking their claim status
• Seeing if a doctor is in network
• Verifying benefits

Plus, other Humana apps and online interactive tools have received awards for making it fun and easy to get and stay healthy. HumanaVitality SM, a science-based wellness program, also works to ensure your employees have what they need to improve their health – even being rewarded based on healthy living choices.

If you’re a Humana member, check out the app and their other mobile options here.

Some important news for employers – under new rules from the Department of Labor, because of provisions of the Affordable Care Act (“Obamacare”), employers are required to provide a Summary of Benefits and Coverage (SBC) if they provide a health insurance plan to their employees.

According to the Department of Labor website

For group health plan coverage, the regulations provide that, for disclosures with respect to participants and beneficiaries who enroll or re-enroll through an open enrollment period (including late enrollees and re-enrollees), the SBC must be provided beginning on the first day of the first open enrollment period that begins on or after September 23, 2012. For disclosures with respect to participants and beneficiaries who enroll in coverage other than through an open enrollment period (including individuals who are newly eligible for coverage and special enrollees), the SBC must be provided beginning on the first day of the first plan year that begins on or after September 23, 2012.

For disclosures from issuers to group health plans, and with respect to individual market coverage, the SBC must be provided beginning September 23, 2012.

This includes COBRA qualified beneficiaries as well as regular employees. The SBC may be sent electronically if the format is readily accessible, like in a Word document or a PDF that can be retained and printed, as long as it’s provided via a prominent Internet posting and beneficiaries are advised of the location – and to their right to a free of charge paper copy of the Summary upon request.

Read all the FAQs from the Department of Labor and please don’t hesitate to contact Trish Freeman for more details about this new Obamacare requirement.

Most people are interested in reducing their health care costs.  A lot of people are interested in medical tourism, but it’s intimidating because it is new to them.  Some of their concerns include traveling to a foreign country and undergoing a medical procedure that might have complications.  While the facts that the Joint Commission now has an international division which certifies hospitals all over the world, and that major medical schools including Harvard and Johns Hopkins are developing joint initiatives with other countries to provide top-of-the-line medical care are reassuring, no medical procedure anywhere has a guaranteed outcome.

Complication insurance is one way to provide peace of mind. What is complication insurance? It’s actually exactly what it states: Insurance that pays for the complications should they arise from the scheduled medical procedure. It’s as simple as that.

This complication insurance doesn’t pay for the surgery; it only pays should a complication arise out of the surgery. Here are just a few examples of complications that would be covered:

• Myocardial Infarction
• Arrhythmia
• Hypoxia
• Pulmonary Dysfunction
• Deep Vein Thrombosis
• Pulmonary Embolus
• Fluid Overload
• Cardiac Arrest
• Shock
• Hemorrhage
• Hematoma
• Foreign Objects left in patients
• Severe hypotension/hypertension
• Pneumomediastinum
• Latrogenic Pneumothorax
• Sepsis
• Pneumonia

So, as you can see, there are quite a few complications that can arise during surgery. And now, we’ve got a plan that covers them.

Purchasing insurance is about reducing the risk.

Although the risk of a complication occurring is minimal, it does happen. By purchasing complication insurance for a minimal cost, you shift the risk of financial burden to the insurance company. It’s well worth the minimal investment.

Insurance is about protecting against the unknown. The sheer definition of insurance is financial protection or reimbursement against losses.

Why purchase complication insurance? Protection of your financial investment. Patients who choose medical travel are making a financial investment in their health. This financial investment should be protected.

Complication insurance is NOT included in regular travel policies.

Regular travel policies have been around for decades however many people found out the hard way that complications deriving from a medical travel trip were not included in their plan. There are only four companies in the world that offer this type of complication insurance. There are only two that offer this coverage to Americans. So it’s very important that the purchaser of this insurance be very specific in asking for it.

Added value, peace of mind, a sense of security.

There is a definite comfort in knowing there is an insurance safety net there for you. People like to feel safe. Traveling to another country for a surgical procedure can be very scary for most people. Knowing there is protection with an insurance policy gives people a sense of security and could even be the final determining factor in choosing to move forward with their medical travel trip.

I have been fortunate to speak with many facilitators over the course of the past few years and seem to hear stories like this over and over again. There was a lady who was interested in medical travel services but seemed to be on the fence about moving forward with it. After going back and forth for days over quality issues, and JCI Accreditations, and other details, she still couldn’t make the decision to move forward. However, once she found out that complication insurance was available, this gave her the extra comfort she needed to be able to move forward with her decision.

DETAILS

Age Limitations – You have to be between the ages of 18-64 to purchase this policy
Coverage limits – Limited to approximately 60 days from the date of surgery. It won’t cover you 6-months out from the surgery.
Worldwide Coverage – Coverage is available in both the traveling country as well as the home country
Additional Benefits – trip cancellation, trip delay, acute sickness, accidental injury, Medical Evacuation, lost baggage, baggage delay, Travel Assistance Services as well as a Death Benefit

WHAT IT WON’T COVER

• Complication Insurance will not cover the actual medical procedure – it only covers the complications
• Dissatisfaction is not covered.
• Normal, routine aftercare is not covered. For example Physical Therapy after a knee or hip replacement or fillings after a lap band surgery.
• Expenses that exceed Usual and Customary Charges
• Care or Treatment that is not medically necessary

So to review, complication insurance is insurance that specifically covers a complication that may arise during a scheduled medical procedure. Purchasing this insurance is vital to the comfort of the patient.

Trish Freeman Insurance Services provides an insurance policy which covers the complications of medical tourism – please contact us for specifics and we can help you assess whether medical tourism is a good option for you.

As medical tourism becomes increasingly popular, the Centers for Disease Control and Prevention (CDC) has included a medical tourism section of Counsel and Advice for Travelers as part of their 2012 Yellow Book reference.  The CDC reports that “medical tourism is a worldwide, multibillion-dollar phenomenon that is expected to grow substantially in the next 5–10 years.”

The CDC provides medical tourism guidelines and patient safety checklists from the American Medical Association and other professional organizations to help patients make informed decisions about whether, how, and when to use medical tourism services.  According to the CDC, the medical tourism industry has expanded well beyond cosmetic and dental procedures, so that now orthopedic and cardiac surgery and even transplants are common.  The Joint Commission Resources, the organization which certifies American hospitals, now has an international division, the Joint Commission International (JCI). The JCI has accredited more than 300 international hospitals.  The CDC also notes that major American medical schools are getting involved with medical tourism:

…several major medical schools in the United States have developed joint initiatives with overseas providers, such as the Harvard Medical School Dubai Center, the Johns Hopkins Singapore International Medical Center, and the Duke-National University of Singapore.

For more information on medical tourism, check out the CDC report.

Trish Freeman Insurance Services provides an insurance policy which covers the complications of medical tourism – please contact us for specifics and we can help you assess whether medical tourism is a good option for you.

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Photo credit: forwardcom

Trish Freeman will be speaking at the upcoming medical tourism conference in Jordan on Medical Liability Issues and Insurance Schemes.  The International Medical Tourism, Wellness and Spa Congress will host up to 400 regional and international attendees featuring key industry players, buyers of healthcare, governments and the decision-makers from top medical tourism, insurance, and bio-medical companies.

Jordan is increasingly becoming a popular medical tourism destination.  It has a workforce highly qualified in medicine, nursing and medical research, and health care professionals fluent in many languages.  Jordan has a vibrant health and spa tourism sector, and the wellness tourist destinations of the Dead Sea and the hot springs of Ma’in are only a short drive away.  With 7 internationally accredited hospitals and a high number of international board certified physicians, Jordan offers high quality health care services at an affordable price.

The conference is from March 18th-20th, 2012.  It was organized by the Private Hospitals Association and will be held in Dead Sea – Jordan at King Hussein Bin Talal Convention Center.  Complimentary passes will be available to qualifying insurance companies, employers and other buyers of healthcare. Send an email to info@medicaltourismassociation.com to apply.

Hope to see you in Jordan!

Ancillary services are services your physician may request to aid in the diagnosis or treatment of an illness or injury. Since many of these services are provided by independent providers, you should make sure these providers are in your network.

Ancillary services include:

• lab work such as blood tests, urine analysis, etc. that are provided by independent labs;
• medical equipment such as hospital beds, crutches, wheelchairs, oxygen tanks or respiratory therapy machines that are rented or purchased from a retail store or ordered and shipped to your home; and
• specialty prescriptions such as injectables and infusion therapies, which are provided by a specialty pharmacy.

When your doctor requests these services, make sure they are covered under your health plan. You should also make sure the provider participates in your network.

If you or your doctor is not sure, visit your insurance carrier’s website.  For questions or information concerning your benefit coverage, call the Customer Service number on the back of your ID card.

If your carrier is Blue Cross/Blue Shield of Louisiana, go to www.bcbsla.com and click on Find a Doctor or Drug, then click on Doctor and Hospital Search. To find a doctor or hospital outside of Louisiana, visit www.bcbsla.com and click on Find a Doctor or Drug, then click onNationwide Directory.