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Did Jesus tell you to kill Ghanaian-owned banks & save your Databank? – Kofi Amoah angrily asks Ofori-Atta



Finance Minister Ken Ofori Atta L and businessman Kofi Amoah R

Businessman Kofi Amoah has asked Finance Minister Ken Ofori-Atta if he collapsed some nine Ghanaian-owned banks in the first term of the Akufo-Addo government because Jesus asked him to do so.

Two banks, UT Bank and Capital Bank, were first taken over by GCB Bank in a purchase and assumption agreement. 

Seven others, the Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank and UniBank had their licences revoked and placed under the Consolidated Bank Ghana.

As a result of the banking sector reforms, the Bank of Baroda willingly folded up and exited. 

Also, six banks merged. First Atlantic Merchant Bank Limited and Energy Commercial Bank merged into one; OmniBank Ghana Limited and Bank Sahel Sahara Ghana merged, and First National Bank and GHL Bank Limited also merged. 

Ghana now has 23 functional universal banks in the country. Dr Amoah was the majority shareholder of Global Access Savings and Loans, which was among some 23 savings and loans firms also collapsed by the Bank of Ghana for being insolvent.

In addition to the banks and savings and loans companies, 347 microfinance institutions, 39 finance houses and 53 fund management companies were also down since 2017 under President Nana Akufo-Addo in a financial sector clean-up exercise.

Reacting to a recent comment by Mr Ofori-Atta that “it is up to Jesus to declare” whether He (Jesus), is happy with the way he (the Finance Minister) has handled the Ghanaian economy, Dr Amoah asked the President’s cousin in a tweet: “Did Jesus tell you to liquidate Ghanaian-owned banks built with hard work and sacrifices while saving your own Databank to be used in siphoning commissions from the huge loans you contracted for Ghana, which have now sent us to the IMF?”

“Honorable” Ofori Atta, one simple question:

Of the nine banks collapsed, the most controversial among them was Heritage Bank, whose Board insisted was solvent but was nonetheless collapsed by the Bank of Ghana with reason that the majority shareholder, Mr Seidu Agongo, was not fit and proper to own it.

In July 2020, the Editor-in-Chief of the New Crusading Guide, Abdul Malik Kweku Baako, described the collapse of that bank as “painful”.

Similarly, Kweku Baako expressed qualms about the central bank’s collapse of uniBank and GN Bank, which, respectively belonged to the former Governor of the Bank of Ghana, Dr Kwabena Duffuor and former presidential candidate Dr Papa Kwesi Nduom.

“I felt for the three banks: Nduom’s bank [GN Bank], Heritage Bank that belongs to that young man, Seidu Agongo (because of his extension into radio we met a couple of times in 2014 and 2015) and Dr Duffuor’s bank [uniBank]”, he said on Accra-based Peace FM’s Kokrokoo morning show.

In reference to Mr Agongo, Kweku Baako said: “He is a young man and I appreciated him and I want to see a young man like him who does great things”, adding: “It was painful his bank went down”.

“The same with uniBank”, he said.

“I will tell [you] honestly; Dr Duffuor is a personal friend but the action taken against the banks was not right”, he added.

Kweku Baako was not the only prominent voice that spoke against the collapse of Heritage Bank, in particular.

In September 2019, the founder and CEO of the now-defunct UT Bank, Mr Prince Kofi Amoabeng, also described as unfair and unfortunate, the revocation of the licence of Heritage Bank, whose founder has always argued that the bank was collapsed despite its books being above board.

Asked directly by Accra-based TV3’s Paa Kwesi Asare in an interview on Business Focus: ‘Do you think, as many think, that some of the decisions to close down certain banks was politically motivated?’, Mr Amoabeng answered thus: “A few of them, specifically Heritage Bank”.

“I don’t understand the issue because the Chairman of the Board is Dr Kwesi Botchwey. I have a lot of respect for him when it comes to finance in this country and managing Boards and he will not, in my estimation, ever accept to be Chairman of a bank that is not right and dealing in all sorts of things.

“I can say that for him, so, I find it extremely odd that a bank – and it had not started doing business for it to have bad loans and all those things – and for you to say that the owner didn’t have what it takes or however they put it, I mean the owner doesn’t run the bank, he’s a Ghanaian, he’s got money, he’s appointed the right people to run the bank for him, so, what is the excuse.

The Bank of Ghana revoked Heritage Bank’s licence on Friday, 4 January 2019 on the basis that the majority shareholder, among other things, used proceeds realised from alleged fraudulent contracts he executed for the Ghana Cocoa Board (COCOBOD), for which he and former COCOBOD CEO, Dr Stephen Opuni, are being tried, to set up the bank.

Announcing the withdrawal of the licence, the Governor of the central bank, Dr Ernest Addison told journalists – when asked if he did not deem the action as premature, since the COCOBOD case was still in court – that: “The issue of Heritage Bank, I wanted to get into the law with you, I don’t know if I should, but we don’t need the court’s decision to take the decisions that we have taken. We have to be sure of the sources of capital to license a bank; if we have any doubt, if we feel that it’s suspicious, just on the basis of that, we find that that is not acceptable as capital. We don’t need the court to decide for us whether anybody is ‘fit and proper’, just being involved in a case that involves a criminal procedure makes you not fit and proper”.

However, Mr Agongo responded with a press statement in which he said that the “not fit and proper” tag stamped on him by the central bank was “capricious, arrogant, malicious and in bad faith”.

According to Mr Agongo, “In purportedly making the determination, the central bank obviously had little regard for the time-honoured principle that a person is presumed innocent until proven guilty by a court of competent jurisdiction”, adding that: “The fact that I have a case pending before the High Court is a matter of public knowledge but my guilt or innocence is yet to be determined by the Honourable Court”.

“The determination that I am not a fit and proper person to be a significant shareholder of HBL because the central bank suspects the funds are derived from illicit or suspicious contracts with Cocobod is not only calculated to pre-judge the outcome of the criminal proceedings but also violative of the principle of presumption of innocence to which every individual is entitled. Since when has suspicion become a substitute for credible evidence?” Mr Agongo asked.

Read that full statement below:


The Bank of Ghana on Friday, 4th January 2019 announced the revocation of the banking licence of Heritage Bank Limited on the following grounds;

(1) Suspicions relating to the source of the bank’s capital and matters related therewith including the claim that it was derived from contracts with COCOBOD which were the subject matter of an ongoing criminal prosecution;

(2) Issues around the shareholding of the bank and alleged nondisclosure of ultimate beneficial shareholders;

(3) several related-party transactions which were not above board

(4) the significant shareholder was not ‘fit and proper”.

We would have preferred not to enter into any public disputation about these matters with the Central Bank so as not to further darken the cloud that hangs over the ongoing banking sector reforms. However, we owe a duty to ourselves, our cherished customers and our dedicated staff, who, in the face of numerous challenges remained committed to the vision of the bank to the very end, and to the general public, who have been keen observers of the developments in the banking sector, to clarify certain claims in the press release by the Bank of Ghana that are either complete falsehoods or inaccurate at best. We wish, therefore, to state as follows:

(1) Suspicious source of capital and related matters

We find it puzzling that the Bank of Ghana should now be disputing the existence of a contract between HBL’s main shareholder and COCOBOD, when the bank, as part of its due diligence ahead of the granting of HBL’s provisional banking licence, had requested and received confirmation from COCOBOD of the existence of the contractual arrangements between COCOBOD and the said shareholder.

We also want to state on record that Heritage Bank NEVER RECEIVED, nor is the Board aware of any order from the High Court (or any other court for that matter) for disclosures relating to any contract involving Mr Seidu Agongo. Indeed, we are hearing of this matter for the VERY FIRST TIME through the Governor’s news conference. In any case, we are unable to fathom why the High Court would order Heritage Bank to make disclosures in respect of a contract that it is not a party to or a custodian of.

Furthermore, it is even more puzzling that the Bank of Ghana would claim it has no knowledge of Mr Seidu Agongo being a shareholder of Sarago Limited. The shareholding structure of Sarago Limited is a matter of public record since it is a registered company at the Registrar-General’s Department. More importantly, the Bank of Ghana, in its own provisional licence to Heritage Bank, stated as a condition that the concentration of HBL’s shareholding in Mr Seidu Agongo and Sarago Limited be diluted within three years of the commencement of operations. Mr Agongo’s association with Sarago Limited was, thus, known to the Bank of Ghana at the time of the licensing.

On the issue of the transfer of an amount of GHS15.8m and the acquisition of some properties owned by the main shareholder which were stated in the Financial Statements of 2017, it will be misleading on the part of Bank of Ghana to claim that the bank and its shareholders, directors and management have failed to clarify matters. The records at the bank are very clear on these transactions and could have been very easily verified by the Banking Supervision Department if, indeed, they had any issues with the figures.

Furthermore, the Bank of Ghana, through the Banking Supervision Department WAS NOTIFIED IN WRITING about these entries. A Sale and Purchase Agreement covering the acquisition of the buildings, together with copies of the Valuation Reports from a competent property valuation firm were all duly forwarded to the Bank of Ghana. From the documents referred to above, there is, thus, no basis for any doubts about the name of the shareholder whose property was being acquired.

The valuation reports from the professional valuers also do give the basis of the valuation; and do, indeed, establish the basis for the prices agreed and captured in the Sale and Purchase Agreement that was executed between the two parties in the transaction. Even disregarding the correspondence sent to the BOG on this matter, A TEAM FROM THE BANKING SUPERVISION DEPARTMENT of the Bank of Ghana did carry out an onsite inspection in July 2018 (last year).

This team did have all documents made available to them and did express satisfaction with the explanations that were given them by management. Everything about the transaction was, thus, totally above board and made available to the Bank of Ghana.

(3) The grounds for the revocation of HBL’s licence also included a claim that the bank had approved ‘several related-party transactions’, that is loans and facilities to its main shareholder. Three companies were cited in the Governor’s statement:

SASSH ALLIANCE: Heritage Bank gave facilities totalling GHS6m; an Overdraft of GHS3m, and a Bank Guarantee of GHS3m, which were fully collateralised, were subjected to the standard credit requirements and were duly approved by the Board in accordance with S.67 of Act 930. These are the only transactions with SASSH ALLIANCE.

MOOR COMPANY LIMITED: The company had a vehicle leasing contract with Heritage Bank by which it provided the bank with its vehicles. This contract was terminated when the bank purchased the vehicles.

KEDGE COMPANY LIMITED: The company rents out properties to some of Heritage Bank’s branches.

All the above transactions were handled in a transparent manner and at arm’s length. Apart from the credit facility to Sassh Alliance, Heritage Bank has no exposure to any of the companies mentioned.

(4) The significant shareholder was not fit and proper

It is not clear to us how the Bank of Ghana came to this conclusion, but this is a matter obviously best dealt with by the said shareholder in any manner that he shall deem appropriate. Suffice it to say only that neither the bank nor its directors or shareholders were afforded the statutory notice period by the Bank of Ghana, within which to have responded to the allegations made prior to the abrupt revocation its licence, contrary to the provisions of the very same law under which the licence was revoked.

(5) Conclusion

As a Board, we had engaged with the Bank of Ghana including the Governors on numerous occasions, ALL in relation to meeting the capital requirement, and at no time had the issues now being given as grounds for the revocation of the bank’s licence been raised. Indeed, as recently as December 24, 2018, the Bank of Ghana had given Heritage Bank clearance for a potential investor who had brought proof of funds to transfer the money. We had considered and applied for consideration under the Ghana Amalgamated Trust scheme and had received positive signals. We were literally in conversation with our prospective investor when the bank was summoned at about 12 p.m. to a meeting at 2 p.m. and handed a letter revoking the bank’s licence.

Heritage Bank was by the Bank of Ghana’s own admission, a solvent bank. It NEVER received liquidity support from the Bank of Ghana. Its corporate governance record had never been impugned by the Bank of Ghana. We believe we have been done a grave injustice and a terrible precedent set that does not bode well for the future. We have dealt herein only with matters affecting the Board’s responsibilities that needed to be clarified to set the record straight, and this, without prejudice to whatever legal options the shareholders may wish to avail themselves of in order to get justice for the even greater harm done to them.


Small business health insurance in the United States




Health Insurance Companies: A Comprehensive Overview

When looking for health insurance for a small business, there are several options to consider. It is critical to consider all of your options and choose the one that is best for your small business and its employees. Here are some examples:

  • Group Health Insurance Plans: Small businesses can frequently purchase group health insurance plans for their employees. Individual plans typically offer more coverage at a lower cost. Group health insurance plans are available from insurance companies or state or federal marketplaces such as
  • Professional Organizations: Some professional organisations offer their members health insurance. Check with your professional organisation to see if they offer health insurance.
  • HRAs: HRAs enable small businesses to reimburse their employees for individual health insurance premiums or medical expenses. The employer sets aside a certain amount of money for each employee to use towards healthcare costs. Both the employer and the employee may be able to deduct HRAs.
  • HSAs (Health Savings Accounts): HSAs allow employees to save money for medical expenses before taxes. Employees may be eligible for an HSA if your small business offers a high-deductible health plan. HSAs can benefit both the employer and the employee.
  • Small businesses can benefit from the assistance of insurance brokers in locating and comparing health insurance options from various providers. A broker can help you understand your options and choose the best plan for your needs and budget.

How does insurance work?

Insurance is a risk management strategy. You pay a fee to the insurance company when you purchase an insurance (known as a premium). In exchange, the insurance company agrees to pay for certain expenses or losses if they occur. Depending on the type of insurance, it works differently. Here are several examples:

  • If you have health insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of your medical bills if you get sick or injured. Your coverage will vary depending on the plan you choose, but most health insurance policies cover doctor visits, hospital stays, and prescription medications.
  • If you have car insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of the costs associated with an accident or theft. Car repairs, medical bills if you or someone else is injured, and legal fees, if you are sued, are all possibilities.
  • If you have homeowners insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of the costs of repairing or replacing your home and personal property. This could include damage caused by fire, theft, or severe weather.

When you file a claim, you usually have to pay a deductible before the insurance company starts covering the costs. The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. The amount of the deductible varies depending on the type of insurance and the specific plan.

It is critical to choose an insurance plan that meets your needs as well as your budget. If you’re not sure what kind of insurance you need, an insurance agent or broker can help you understand your options and choose the best plan for you.

What insurance coverage means?

Insurance coverage refers to the protection provided by an insurance policy. When you purchase insurance, you are essentially purchasing protection against specific risks. If one of these risks occurs, your insurance provider will provide financial protection or reimbursement up to the policy limits.

Your coverage can vary greatly depending on the type of insurance you have. As an illustration:

  • Doctor visits, hospital stays, prescription drugs, and preventive care are all typical health insurance benefits. Depending on the plan you choose, the specific benefits and levels of coverage vary.
  • Auto Insurance Coverage: Common benefits of auto insurance coverage include liability protection if you cause an accident, collision coverage if your car is damaged in an accident, and comprehensive coverage if your car is damaged or stolen.
  • Protection for your home and personal property, liability protection if someone is injured on your property, and additional living expenses, if you are forced to leave your home due to a covered loss, are all common benefits of homeowners insurance coverage.

It is critical to understand the coverage provided as well as any limitations or exclusions when choosing an insurance policy. You should also think about the premiums, deductibles, and any other policy terms and conditions. By having insurance coverage, you can protect yourself and your assets from unexpected events and financial losses.

What is US health insurance?

Health insurance in the United States is a type of insurance that protects you financially from medical expenses. In the United States, health insurance is typically provided by private insurance companies or through government programmes such as Medicare and Medicaid.

There are several types of health insurance plans, including:

  • HMO: A type of plan in which you must choose a primary care physician and obtain referrals to see specialists. HMOs frequently have lower out-of-pocket costs than other types of plans.
  • Preferred Provider Organization (PPO): A health insurance plan that allows you to see any provider but has higher out-of-pocket costs if you go outside the network.
  • Point of Service (POS): A healthcare plan that combines the advantages of HMOs and PPOs. You usually have a primary care physician and need referrals to see specialists, but you can see providers outside the network for a fee.
  • High Deductible Health Plan (HDHP): A plan that has a high deductible but lower premiums. HDHPs are frequently combined with a Health Savings Account (HSA), which allows you to save money for medical expenses before taxes.

Health insurance is commonly provided through employer-sponsored plans in the United States, but individuals can also purchase insurance through the Affordable Care Act’s (ACA) marketplace or directly from insurance companies. Subsidies are also included in the ACA to help low-income individuals and families purchase health insurance.

It is critical to choose a health insurance plan that meets your needs as well as your budget. Consider the cost of premiums and deductibles, the provider network, and the plan’s benefits and coverage levels.

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Health Insurance Exchange: Here is all you need to know




Health Insurance Exchange: Here is all you need to know

A health insurance exchange, also known as a health insurance marketplace, is a platform established by the Affordable Care Act (ACA) for the purchase of health insurance by individuals and small companies. The exchange is an online marketplace where people may evaluate insurance plans from various firms and enrol in the plan that best meets their requirements. The health insurance market provides a variety of health plans that fulfil the ACA’s basic criteria, including essential health coverage. These benefits include hospitalisation, prescription medications, preventative care, and other services.

The exchange not only provides a venue for people to purchase health insurance, but it also provides financial aid to those who qualify. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Individuals and small companies must first create an account and enter information about their household size and income to enrol in a health plan through the exchange. They may then explore and compare the numerous options to choose the one that best meets their requirements.

Each year, the health insurance exchange is available for enrollment for a certain period known as the open enrollment period. Individuals may be allowed to enrol in a plan beyond this time if they encounter a qualified life event, such as leaving their job or getting married.

What exactly is a Health Insurance Exchange Program?

A Health Insurance Exchange Plan sometimes referred to as a Marketplace plan, is a form of health insurance plan that is available through a health insurance exchange. The exchange is a marketplace where people may shop for and compare health insurance policies from various insurance firms. These plans satisfy the ACA’s minimum coverage criteria, including the essential health benefits. Those who do not have access to affordable coverage via their job or who are self-employed can enrol in health insurance exchange plans. They are also open to small firms with less than 50 employees.

One of the primary benefits of health insurance exchange plans is that people who qualify might get financial help. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Metal levels are commonly used to describe exchange plans: bronze, silver, gold, and platinum. The metal tier indicates the degree of coverage provided by the plan and affects the amount of cost-sharing that the user will bear. Platinum plans have the highest premiums but the greatest out-of-pocket expenses, whereas Bronze plans have the lowest premiums but the highest out-of-pocket costs.

Health insurance market plans also provide a variety of benefits, such as hospitalisation, prescription medication coverage, preventative care, and more. They also have a provider network that clients must adhere to get coverage, with a few exceptions for emergency treatment. Consumers should carefully assess their healthcare requirements and finances before choosing a health insurance exchange plan. Consumers should also assess the provider network, prescription medication coverage, and out-of-pocket costs of the plan. Consumers may choose an inexpensive plan that fulfils their healthcare requirements by carefully researching their alternatives.

What is an exchange policy insurance?

A health insurance exchange policy, also known as an exchange plan, is a form of health insurance coverage that is available through a health insurance exchange or marketplace. The Affordable Care Act (ACA) established health insurance exchanges to offer individuals and small companies a consolidated platform for purchasing health insurance coverage. An exchange policy satisfies the ACA’s minimum coverage criteria, including coverage for hospitalisation, prescription medications, preventative care, and other essential health benefits. These plans are divided into metal categories, which include Bronze, Silver, Gold, and Platinum, with each tier signifying the degree of coverage and cost-sharing that the consumer will be responsible for.

One of the most important aspects of exchange policy insurance is that it provides financial aid to individuals who qualify. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Consumers must first register an account on the health insurance exchange and give information about their household size and income before purchasing exchange policy insurance. They may then explore and compare the numerous options to choose the one that best meets their requirements.

Exchange policy insurance plans generally have a provider network that customers must adhere to get coverage. However, there are certain exclusions for emergency treatment and out-of-network services. Consumers should carefully assess their healthcare demands and money before choosing exchange coverage insurance. Consumers should also assess the provider network, prescription medication coverage, and out-of-pocket costs of the plan. Consumers may choose an inexpensive plan that fulfils their healthcare requirements by carefully researching their alternatives.

How do I check my health insurance status?

You may verify your health insurance status and ensure that you are aware of your coverage levels and perks by doing the procedures outlined below. This can assist you in making educated healthcare decisions and avoiding unexpected expenditures. There are numerous measures you may take to determine your health insurance status.

  • Examine your insurance policies: Begin by going over any paperwork you have from your health insurance provider, such as your insurance card, a summary of benefits, and an explanation of benefits (EOB). These documents may contain details about your plan, including as coverage levels, deductibles, and copayments.
  • Call your insurance company: You may check your health insurance status by contacting your insurance provider directly. Contact the customer service number shown on your insurance card and inquire about your existing coverage, including the start and end dates of your policy, the benefits of your plan, and any deductibles or copayments you may be required to pay.
  • Check online: Several insurance companies give online portals where you may check the status of your health insurance. These websites may provide information about your coverage, claims, and account balance. Often, you may access the online portal via your insurance provider’s website or mobile app.
  • Contact your workplace: If you have health insurance via your employer, you may check your coverage status by contacting your human resources department. They may tell you about your plan’s coverage levels, deductibles, and copayments.
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How to Get Health Insurance While Self-Employed or Unemployed




How to Get Health Insurance While Self-Employed or Unemployed

Nobody expects to get sick or wounded, but when it does, it’s critical to be prepared. Health insurance is a crucial instrument for everyone to protect against unexpected medical bills and to provide essential benefits that aid in the maintenance and improvement of health and well-being. While weighing your healthcare insurance alternatives, carefully assess the pricing, coverage, and network of each plan to determine which is the best fit for your requirements and budget. Finding health insurance as a self-employed individual might be difficult, but there are solutions accessible to you. Here are a few examples:

  • Individual and family health insurance policies are available through the Health Insurance Marketplace, popularly known as Obamacare. You may shop for plans on and see if you qualify for financial help based on your income.
  • Group plans: You might also join a group plan offered by a professional organisation or trade association. If you are self-employed but have a small staff or operate with independent contractors, this might be a suitable alternative.
  • HSAs (Health Savings Accounts): HSAs are tax-advantaged accounts that can be used to pay for eligible medical costs. As a self-employed person, you can establish your own HSA and contribute tax-free funds to it to meet medical expenditures.
  • Private plans: You can also buy a private health insurance plan directly from an insurance provider. This solution may be more expensive than others, but it may give more coverage and network flexibility.

Here are some Important Healthcare Terms to Help You Choose a Plan

  • Deductible: The amount of money you must spend for medical care before your health plan begins to share costs. For example, if your yearly deductible is $3,000, you will be responsible for all treatment (excluding preventative care like annual check-ups) until you have spent $3,000. Pick a health plan with a deductible that you can afford, as this will come out of your own wallet if you have healthcare bills. Additionally, be sure the plan you’re thinking about has a separate deductible for healthcare services and pharmacy – you’d be paying for both.
  • Copay: A copay is a one-time cost paid when you see the doctor or fill a prescription at the pharmacy. Copays, which are included in certain plans, cover your share of the cost of a doctor’s visit or medicine. If you choose a health plan with copays, the amounts will be printed on your ID card.
  • Out-of-pocket maximum: This is the most you may spend for approved medical costs in a calendar year. This figure includes money spent on deductibles, copays, and coinsurance. If you hit your yearly out-of-pocket maximum, your health insurance will cover all covered charges for the remainder of the year.
  • Network: A network is a collection of medical care providers, such as physicians, pharmacists, and specialists, that have agreed to serve clients of certain health plans. Be sure your and your family’s chosen physicians and pharmacies are in the network of the plan you’re considering. Otherwise, you’ll incur unnecessary charges for out-of-network services.
  • Coinsurance: Instead of copays, plans might offer coinsurance, in which you pay a part of the expenses for covered treatments and your health insurance covers the remainder. Your coinsurance normally kicks in after you hit your deductible, depending on your plan.
  • Essential health benefits: A package of services required by the Affordable Care Act (ACA) for all health insurance plans, including preventative care, emergency treatment, and mental health services.
  • Prior approval is required: Before seeking a service or treatment, obtain approval from your insurance company to check that it is covered under your plan.

Taking the Time to Understand Mental Health Coverage in a Plan

While choosing a healthcare plan, it’s critical to understand the plan’s mental health coverage. Mental health care is critical for general health and well-being, and the coverage provided by your healthcare plan can have a big influence on your treatment options and expenses. To better understand a health insurance plan’s mental health coverage, you should generally consult the Summary of Benefits. There will usually be a line that describes coverage for mental health, behavioural health, or drug addiction services. Depending on your mental health needs, this may be one of the decisive considerations in your plan selection.

Examine plan brochures to discover if there are any extra plan elements that affect access to mental healthcare. Even if you haven’t been diagnosed with a mental health disorder, a plan that includes behavioural health coverage can assure you access to specialist care if you need it. Evernorth released new research in the Journal of the American Medical Association indicating that, when necessary, outpatient behavioural therapy can dramatically lower your total healthcare expenditures, including medical and pharmaceutical costs.

Understanding the mental health coverage of a healthcare plan allows you to make an informed decision about which plan is appropriate for your mental health requirements and budget. If you have any further queries, please contact the plan’s customer care.

Navigating the Many Varieties of Health Plans

Navigating the many types of health plans can be difficult, but it is critical to understand your options so that you can select the best plan for your requirements and budget. You can make an informed decision about which plan is appropriate for your healthcare requirements and budget if you understand the many types of health plans. Before making a selection, thoroughly consider the plan’s pricing, coverage, and provider network.

  • Health Maintenance Organization (HMO): An HMO is a type of plan in which you must select a primary care physician (PCP) who will oversee all of your medical treatment. To get coverage, you must remain inside the HMO’s network of providers, with a few exclusions for emergency treatment.
  • Preferred Provider Organization (PPO): A PPO is a more flexible form of a plan than an HMO. You can see any provider inside the PPO’s network, but you will pay less if you see an in-network provider.
  • Point of Service (POS): A POS plan combines an HMO with a PPO. You must normally select a PCP and stay inside the network, however, you may be able to visit out-of-network providers at a greater fee.
  • Exclusive Provider Organization (EPO): An EPO is comparable to an HMO but does not need you to select a primary care physician (PCP). To get coverage, you must stay inside the network of providers, with a few exclusions for emergency treatment.
  • High-Deductible Health Plan (HDHP): An HDHP is a form of health insurance plan that has a high deductible and reduced premiums. It normally covers preventative care and catastrophic occurrences, but you must pay out-of-pocket for the majority of other services until your deductible is met.
  • Catastrophic Health Plan: A catastrophic health plan is one that has very low monthly premiums but substantial out-of-pocket expenditures. It is intended to protect you against serious medical crises and is normally accessible exclusively to people under the age of 30 or who qualify for a hardship exemption.

Health Plans for Younger People

If you’re in good health and don’t need to see a doctor frequently, health plans with larger deductibles usually have cheaper insurance rates and may help you save money. All plans accessible via the ACA Marketplace include free basic preventive treatments. This includes a yearly physical, necessary screening tests, and vaccinations. Your healthcare requirements are distinct, and they will evolve over time. While choosing a plan, consider what you could require in the following year rather than merely your age.

Health Insurance for Children’s Families

If you have children, estimating your healthcare costs may be more difficult. A playground mishap, a case of respiratory syncytial virus This link will take you to a new tab. (RSV) or the flu, as well as other diseases or accidents, can quickly increase expenditures. A plan with a lower deductible and a higher premium that covers a bigger proportion of your medical expenses may be beneficial for your family.

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