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Nov 18th, 2009

affordable health coverageThe medical insurance rates for the self-employed entrepreneur and the small business proprietor are significantly higher than the cost for others living and working in the New York area. The reason for this is because the larger corporations can shop and purchase low cost health insurance in bulk or group form. There are a few small businesses that push the envelope and have the limit of fifty employees. This is how they are able to buy into the medical health group plan and afford the lower premium rates.

The state of New York worked diligently to help reduce the medical insurance premiums and expand the eligibility in order to encourage the enrollment of the small business proprietor and especially the self-employed entrepreneurs who generally have no medical insurance at all. The state of New York is managing to introduce this new program through the utilization of the HMO or Health Maintenance Organization to provide the option of affordable health coverage.

The employers who offer the new HMO insurance package to their employees participate through the state law to cover at least 50% of the average monthly cost for health insurance. The lower premium rates are possible through a few main features of this program.

1.               The benefit health package does not include the full range of services.

2.               The benefit health package requires higher than usual co-payments.

3.               The benefit health package requires higher than usual deductibles.

4.               Health provisions are obtainable from enlisted network providers.

The reduced health insurance benefit package, unlike the typical medical insurance policies sells in the New York State’s small business proprietor and the self-employed entrepreneur market. Buyers beware though because this generic health package eliminates medical health coverage for mental health care, chiropractic care, home health care and the necessary health treatment for alcoholism and substance abuse.

There is in place a $3000.00 cap on the total prescription drug package included with this offer through the state of New York. In recent times the prescription drug program terminated due again to the high cost of prescription medication. Prescription coverage under the original version of the health care provision though was covering generic drugs already in existence, excluding any new introduction of prescription drug medication. The stop-loss medical provision was an introduction to cover up to 90% of claims between $30,000.00 and $100,000.00 for any individual, reducing the risk to the HMO. A variety of the most recent changes to this medical health program, such a incorporating the choice of health benefit packages were by recommendation.

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