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Understanding Your Health Insurance Options

Understanding Your Health Insurance Options

~Blessings for the end of summer~

By no doubt, the significance of health insurance in accessing quality healthcare and managing medical costs is critical. So, what are the benefits of having health insurance? I have been asked this question by many of our clients in terms of preventive care, coverage for unexpected medical events, and finance planning. I hope we all are on the same page here and that by now, you are aware that it is a limited period when you can enroll in or make changes to our health insurance plans. The duration is very specific, and the renewal starts 09/01/23 if you have a plan. The consequences of missing the deadline can be devastating, and we would like to avoid it.

Please mark your calendars with the specific time frame in mind so you can make the most effective choice for the upcoming 2024 year of coverage.

Evaluating one's healthcare needs before open enrollment can be a life-changing situation. You want to factor in

*** Current health status,

*** Anticipated medical needs for the upcoming year,

*** Prescription medications, and

any potential changes in your family situation (marriage, having a child, etc. - qualifying upcoming events).

Different types of health insurance plans are available, such as HMOs, PPOs, and high-deductible plans, along with your respective features and coverage options. We will guide you on how to compare plans, including cost considerations, network coverage, and benefits.

The financial aspects of health insurance, such as monthly premiums, deductibles, co-payments, and out-of-pocket maximums. Budgeting for healthcare expenses and maximizing cost savings through factors like utilizing preventive services and understanding health savings accounts (HSAs) can be a life-changing energy.

We have access to many resources that are available to help you navigate the open enrollment process. The government options like healthcare marketplaces, helplines, and the availability of navigators who can provide personalized assistance.

So many of us can renew our policies with no issue, but many of us will need to re-apply - Like all our clients on Oscar Health, we must apply for new coverage before 12/15/23. If you already have health insurance, we would like to ask you to learn about the upcoming market so you can make informed

decisions when you're considering renewing or switching plans.

We want to eliminate mistakes during open enrollment, such as not reviewing our plan details, not reassessing our healthcare needs, or missing the deadline.

We want you to please be aware that taking advantage of open enrollment empowers us to make informed decisions about our health insurance options, and we encourage you to seek assistance if needed.

It's been a long summer, but we have seen a massive volume of accessing the preventative annual physical for students and the increase of very weird colds and COVID cases.

Please remember to take care of yourself - Self-Care - and stay happy -

Please remember that - What we eat affects our physical well-being and how we operate emotionally.

A happy gut is a calm and happy mood!

-Dr. Uma Naidoo

Many blessings for a beautiful upcoming month of many holidays and

celebrations -

Naama & the RightPlan Team

Upcoming Market Updates

Covered CA

🙏🏼Please make sure to update your income🙏🏼Covered California Announces Biggest Increase in Premiums Since 2018

Premiums for health insurance sold through the state marketplace will increase by nearly 10% next year, the highest rate hike since 2018, Covered California officials announced. The projected 9.6% hike is the result of a “complicated time for health care,”

We hope that many will be shielded from the increases as a result of federal and state financial assistance. For more information click here.

More than 220K People Kicked off Medi-Cal in its First Check-up since COVID -

About 225,0000 Californians lost their free or low-cost health coverage as of July 1, in the first round of a Medi-Cal renewal process suspended since early in the COVID-19 pandemic. For more details please click here.

Oscar

We are AGAIN sorry to share with you that Oscar will no longer be offering health insurance coverage in California for Plan Year 2024. Unfortunately, your policy will not be renewed, and cancellation will take effect on December 31st, 2023. However, Oscar will continue to provide coverage for services until the end of the calendar year.

We understand that this unexpected announcement may cause inconvenience; please take action as soon as the market opens.

Here are a few possible solutions for the upcoming Open Enrollment 2024:

Covered CA – Check your current eligibility

Private-Blue Shield PPO, HMO,

Anthem BC HMO,

Kaiser Permanente,

Health Net,

Molina,

L.A. Care,

Employers, self-employed, and employee benefits options – Full PPO Network are available!

We highly recommend not finding out who are the insurance carriers that are part of your favorite providers for 2024.

Medicare

*** Please mail [email protected] your current updated medications list!

With Open Enrollment around the corner, allow yourself enough time to review your next year's options for coverage.

The top complaints this year that many of you went through:

Higher deductible - which will be higher next year- $545 vs. $505 in 2023 – Generics are only subject to deductible as well.

Please remember, the gap and the cost difference when you need to pay 25% of the total cost.

Ozempic - cost and availability is sky high. Please further check the side effects of this prescription

The cost of drugs in Tier 4 – is super high~

**One improvement fact for next year - insulin will be exempt from the deductible and the gap coverage (currently, it is only exempt from the gap.)

**Improvement – When you reach $8,000 OOP, it is a $0 co-pay.

Medicare Part B

Part B covers medical services provided outside of hospitals, outpatient. You typically pay a monthly fee in the form of a premium in addition to annual deductible and coinsurance costs.

The Medicare trustees projected in March that the standard monthly Part B premium may increase to $174.80 in 2024, an almost $10 monthly increase from the $164.90 standard monthly premium that you are currently paying. Part B cost is higher for beneficiaries that are still generating income >80k.

As inflation cools: Social Security beneficiaries may see a much lower cost-of-living adjustment in 2024

The cost-of-living adjustment aims to ensure benefits keep up with inflation. Click on the link to read more.

Here are 25 Medicare Part D drugs that have skyrocketed in price

Medicare Part D drug prices have increased by an average of 226% since market entry. There are 25 drugs that are responsible for $80.9 billion in total Part D spending in 2021. Here is a full list of these drugs.

Blue Shield of California

Blue Shield of California is “ripping up the playbook on drug pricing” to “jettison the complicated system we use to pay for drugs and create something that they aim will be better.”

Let’s hope -

To learn more please click here.

Relaxation Day

August 15th was National Relaxation Day. A great reminder😊 In our fast-paced world, it's crucial to prioritize self-care and practice moments of pure relaxation. By sharing this intimate experience, Naama hopes to inspire you to find your moments of serenity and embark on your journey of self-discovery and inner peace.

Naama is excited to share a dedication to relaxation, —a moment of complete stillness and calm.

Take some time to indulge in your favorite relaxation techniques, whether through yoga, meditation, a warm bath, or simply finding solace in nature.

Let's celebrate the importance of relaxation and self-care. Join us in nurturing your well-being and finding moments of peace and rejuvenation amidst our chaos of life.

Women's equality Day

Women over the course of history have come a long way. They have continuously fought for their rights and freedom. On this month celebration of women equality day, we remember that we are far ahead from where we started but still there is a long journey ahead till, we can actually say that we are equal.

Let us promise to strive together to help support, and build up all the women around us. Together we are a force to be reckoned with.

International Dog Day

On August 26th we will also celebrate International Dog Day, a day dedicated to our four-legged best friend. There are not enough words to describe how much I love our Simba. He is the one that always makes me smile and connect to my happiness. Here is a picture of me with my dearest furry friend Simba, chilling and relaxing. It is also a good reminder to make sure we insure our pets.

Pet insurance is affordable and can save us considerable money if your four-legged family member tears a ligament, breaks a bone, has allergies, develops arthritis, or gets a UTI, among other health conditions.

If you would like more information, please click here.

You don't have to

wait to be sick in order to take care of your health

This month we introduce the simple act of drinking Kombucha: Kombucha is a fermented tea beverage made using a SCOBY (symbiotic culture of bacteria and yeast). It offers various strains of probiotics and can be a refreshing and tangy addition to our diet.

We can add it to our habit of drinking beverages, which is known to lower and control inflammation.

Click here to find out '8 Evidence-Based Health Benefits of Kombucha'.

What we are reading

The Mind-Gut Connection’- Emran Mayer

In The Mind-Gut Connection, Dr. Emeran Mayer, professor of medicine and executive director of the UCLA Center for Neurobiology of Stress, offers a revolutionary and provocative look at teaching us how to harness the power of the mind-gut connection to take charge of our health and listen to the innate wisdom of our bodies.

For more click here.

Summer Travel

🎒🎒🎒

Back-to-school is already happening just before the end of- another summer season.

But summer flip-flops 🩴🩴🩴 are still sizzling for several months, and this summer travel is hotter than ever.

In order to have an unforgettable adventure you need to have the assurance that your travel health insurance plans have your back! And that's where we come in.

No need to stress about any unforeseen medical emergencies - focus on living your thrilling experiences to the fullest. ☀️

*** Embark on your travels with peace of mind, knowing that our travel health insurance plans have got you covered.

Whether you are:

• Traveling outside of the U.S.

• Inbound

• Longer or shorter time

• Traveling the world

....... we have a policy for everyone.

Enjoy your thrilling adventures to the fullest without worrying about any unexpected medical emergencies. ☀️

*** Remember ***

Before you leave, purchase a travel insurance policy to cover your Pre-Existing conditions and out-of-pocket expenses for you and your family!

*** Direct payment to hospitals