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Insurance Glossary The Consolidated Omnibus Budget Reconciliation Act of 1985, commonly known as COBRA, requires group health plans with 20 or more employees to offer continued health coverage for employees and their dependents for 18 months after the employee leaves or resigns from the organization. How is COBRA calculated? PremiumRead More →

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What are Medical Reimbursement Plans? Medical reimbursement plans are IRS-approved health plans that allow for tax-free reimbursement for medical expenses. Because the reimbursements occur pre-tax, employees and employers often save up to 50% in combined taxes on the cost of medical expenses. Who is eligible for medical reimbursement? Employee shouldRead More →

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How to Select Best Health Insurance Policy Choose Adequate Sum Insured Amount. Choose the Right Coverage Type. Check the Flexibility to Increase the Total Amount You Are Insured For. Check the Pre-existing Disease Waiting Period. Check the Maximum Renewal Age. Insurer with High Claim-settlement Ratio. Which is the best healthRead More →

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HMO means “Health Maintenance Organization.” HMO plans offer a wide range of healthcare services through a network of providers who agree to supply services to members. With an HMO you’ll likely have coverage for a broader range of preventive healthcare services than you would through another type of plan. WhatRead More →

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Health Reimbursement Arrangements (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. What is the difference between a HRA and HSA? HRAs areRead More →

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Best Health Insurance Companies Best for Medicare Advantage: Aetna. Best for Nationwide Coverage: Blue Cross Blue Shield. Best for Global Coverage: Cigna. Best for Umbrella Coverage: Humana. Best for HMOs: Kaiser Foundation Health Plan. Best for the Tech Savvy: United Healthcare. Best for the Midwest: HealthPartners. How do I chooseRead More →