Barack Obama’s ambitious health care plan is fairly simple and straightforward. His plan seeks to dramatically and swiftly increase the number of people that have health insurance. He insists that this plan will save the typical American family approximately $2500 in annual costs. Since the average Ohio health insurance premium is less than most other states, savings to Ohio residents may average less than $2500.

The Obama plan is designed to give the federal government more control over health care decisions and dollars, a major difference from the current decentralized system of employer-based insurance and state-based insurance regulation. Here in Ohio, health insurers have been effectively held in check by the Ohio Department of Insurance. This, however, is not the case in many other states.

The Obama Plan

Many parts of the Obama plan resemble initiatives from the Clinton health plan of 1994 and the Kerry Health plan of 2004.

Essentially, Obama’s health care plan is divided into three sections:

1. Modernizing the US health care system to lower costs and improve quality

2. Promoting prevention and strengthening public health

3. Quality, portable and affordable health coverage for every person

The “Savings”

The $2500 in savings will come from health care reform, using some of the following initiatives:

*Making health insurance universal, which may reduce spending on uncompensated care.

*Improving management and prevention of chronic conditions.

*Increasing insurance industry competition and reducing underwriting costs and profits.

*Providing reinsurance for catastrophic coverage, which will reduce insurance premiums.

Shifting Cost Burden

While all of these ideas are feasible, the underlying theme seems to be simply shifting some of the cost burden from the private sector to the government. And of course, much more control of our health dollars and decisions would come from Washington D.C and not Anthem or UnitedHealthCare.

The Obama plan will actually compete directly with Ohio private health insurance companies in a “National Health Insurance Exchange.” The federal government (not health insurance carriers) would determine the quality of health benefits that Americans would receive. And these new rules would apply to both the new national health plan and all participating private health plans.

Preventative Coverage Would Be Emphasized

Obama’s health care plan will encourage “healthy lifestyles” with specific emphasis on wellness. Employer wellness programs will be increased, and cafeterias and vending machines in the workplace may see healthier food.

School-based health screening programs may increase along with increased support for physical education.

For Ohio individuals and families, the Obama plan would require preventative services on many federally-supported health programs such as Medicare, Medicaid and SCHIP. One benefit may be possible discounts to on health insurance premiums for enrollment in wellness and prevention programs.

Currently, some Ohio individual health insurance policies offer a similar discount, such as Anthem’s Lumenos Health Incentive Account (HIA).

Ohio Group Health Insurance

Employer-based health insurance would radically change under the Obama plan. Here in Ohio, both small and large employers are able to choose among many different health plans for their employees. The Obama plan would force employers to offer a specific level of health benefits to their employees or pay a tax to finance a national health program. Currently, the amount of provided health benefits and the size of the tax have not been specifically discussed.

Perhaps the best and most economical health insurance plan for Ohio residents would be a concept already in place…HSAs (Health Savings Accounts). Thus, instead of imposing a top-down change on the health care system, it would seem to be prudent to transfer direct control of health care dollars to individuals and families. This would allow Americans to choose their own health plans and benefits, while making health insurance companies compete directly for consumer’s dollars by providing a real value to patients.

All of this could be accomplished by specific tax and regulatory changes designed to utilize the power of free-market competition. Health care spending could be reduced, preventative treatment could be emphasized and portability could be promoted. Reforming the tax treatment of health insurance and aiding employers that help their employees buy health insurance would help quite a bit.

For now, Ohio health insurance rates are remarkably low compared to many other states. There are many reputable health insurance companies that offer a wide array of policies, including Health Savings Accounts. That shouldn’t change much for the next two years. In 2011, things might change…hopefully, for the better.

For additional information on Ohio health insurance plans, or an instant Ohio health insurance quote, please visit http://www.ohioquotes.com

Life Insurance is a form of life risk management or life cover that helps guard against the risk of a contingent loss of individual’s life. In general terms Insurance can be defined as the equitable transfer of the risk of a loss of Life and critical illness cover, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss.

Having a life insurance policy makes the insurance company agree to pay a sum of money upon the occurrence of the insured individual’s death or other event, such as terminal illness or critical illness. Every life insurance policy matures when the insured individual dies or reaches a specified age like 100 years.

Life insurance may be divided into two basic categories – temporary life insurance and permanent life insurance which may be further broken into subclasses as term, universal, whole life and endowment life insurance.

Temporary life insurance:

This type of life insurance provides for life insurance coverage for a specified term of years where the premium buys protection in the event of death and nothing else. A policy holder insures his life for a specified term only. If he dies before that specified term is up, his estate or beneficiary receives a payout. If he does not die before the term is up, he receives nothing.

Permanent life insurance:

The type of life insurance in which the policy remains active until it matures unless the owner fails to pay the premium when due is called permanent life insurance.

This type of life insurance is further divided into four main types:

Whole life coverage: The whole life coverage ensures guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges that will not reduce the cash value shown in the policy in any way.

Universal life coverage: Universal life coverage provides permanent insurance coverage with greater flexibility and ease in premium payment and the potential for a higher internal rate of return.

Limited-pay: In such an insurance policy the premium pay periods commonly include 10-year, 20-year, and paid-up at age 65. All premiums are paid over a specified period after which no additional premiums are due to keep the policy in active.

Endowments: Endowment Insurance is paid out after a specific period in either the conditions whether the insured lives or dies, In this policy, the policy cash value equals the equals the death benefit at certain age. In terms of annul premium, endowments are considered as expensive as compared to the other types of life insurance as the premium paying period is shortened.

Life Insurance – provides the most fundamental form of protection for you and your family.