Disease-Specific Insurance is designed to provide benefits for the costs associated with medical care relative only to the disease named in the policy-for example, cancer. Benefits are usually limited to per-day amounts or to a one-time payment and are intended only to supplement, not replace, other medical insurance.
Long-Term Care Insurance is a relatively new form of insurance that provides daily or monthly benefits for day-to-day care arising from chronic disease, disability, or aging. The daily activities are referred to in long-term care plans as Activities of Daily Living (ADLs). Benefits are paid when a certain number of ADLs can no longer be performed without assistance or when there is proof of cognitive impairment (such as in Alzheimer's disease), and when any waiting periods or deductibles have been satisfied. Because some policies do not include certain mental conditions, you will want to ask about coverage for conditions such as Alzheimer's. Coverage may include long-term care in a nursing home, an assisted living facility, a hospice, adult day care center, and/or in your home. Plans are available that provide coverage for a set number of years or for as long as you live.
Essential and Standard Coverage-In Virginia, all health insurance companies and plans that market to small groups (50 employees or less) or to individuals must offer state-defined essential and standard health insurance coverage to those groups and/or individuals who apply. You can obtain information on these plans and the Virginia law as it pertains to essential and standard plans by contacting the Bureau of Insurance, State Corporation Commission or, in other states or areas, the insurance bureau or commission (see In Neighboring Areas) for that area.
Medical Savings Accounts (MSAs)-An employer or an employee can create a Medical Savings Account (MSA) by combining a comprehensive medical plan with a tax-deductible and tax-deferred IRS-qualified medical savings account. (For more information on MSAs in Virginia, consult your insurance advisor. Consult your tax advisor for details concerning deductibility of contributions, allowable medical expense deductions, and tax deferral rules concerning accumulated interest.) The money set aside in the savings account is for the specific purpose of paying medical expenses as defined and qualified by the IRS. When the money is not needed for medical costs, it can remain on deposit to accumulate interest.
There is no penalty for the withdrawal of the funds saved and/or used for IRS-qualified, medically necessary expenses such as: insurance deductible amounts and co-payments, birth control pills, dental fees, some long-term care expenses, medically necessary eyeglasses, hearing aids and batteries, and, the surgical procedure to correct nearsightedness, radial keratotomy.
Tricare is a program of health care insurance benefits and options managed by the Department of Defense for active duty service members, their families, retirees, and their families or survivors. Tricare is a blend of the military's direct care system of hospitals and clinics, a system of managed care providers, and the original Champus program. Tricare offers the following options:
For detailed benefits information and claims service, see For More Information.