Saturday, October 2, 2010

Health Insurance and Lapses

The transition period from one job to another can be a bit difficult especially if you have an existing health insurance policy with your former employer. But if you know the law, there is nothing to worry about. You see, according to the COBRA law, you can keep your existing health insurance within an 18-month period after leaving your job. However, you will need to pay high premiums. To some, this may not be the best option because there are lots of less expensive health insurance policies out there; so the decision is yours.

If you have a pre-existing condition and you're a new subscriber, you will be subject to a twelve months waiting period. If you don't want to wait for another year, you can opt for portability coverage. For individuals with continuous coverage (twelve months before the new coverage), you can receive credit if you have a pre-existing condition. In this case, you will no longer go through the waiting period. Here is another example. If you have 6 months continuous coverage, the waiting period will be cut down to only 6 months.

There should be no lapses so that you can take advantage of the so called ‘continuous coverage'. Lapse occurs when you're unable to pay within 62 days. If you have lapses in your previous health insurance policy, you will surely suffer the consequences. You see, when you have lapses, you will need to follow the 12-month waiting period. People with high blood pressures will not be covered within the waiting period. They will be required to shoulder all the medical expenses associated with the high blood pressure.

If you can afford what is under the COBRA law, you can go for it; at least, you will get continued coverage for the next 18 months. For the less fortunate, it's time to consider getting a health insurance policy that is cheaper and more affordable. You can get individual plans that meet your coverage needs. You can talk to an insurance agent in your area so that you can make an informed decision. You need to explain to the agent your current situation and that you're having problems because you're in between jobs. If you think that changing jobs is best for your life, you should not forget about your health insurance. You must plan your future carefully and just in case you want to resign from your current job, you need to ensure that there are no lapses so that you don't have to suffer the waiting period.

Friday, October 1, 2010

Health Insurance - Rates are Going Up

Have you checked your health insurance lately? Well, just in case you haven't noticed, the rates are definitely going up. You must be aware that the monthly premiums can increase over time. Some people may not be bothered by the increase in the rate but there are also those who suffer greatly. You see, when you're on a tight budget, the last thing you need is an increase in the rate of premiums. If you want to be prepared for these things, you should be aware why rates go up.

People tend to react when the rates go up but when the rates go down, they don't give any remarks. Premiums rarely fall but increase in the premium rates happen most of the time. Inflation affects the health care industry. Living in today's world can be very costly and because of this, medical care is getting expensive as well. The reason why insurance companies raise premium rates is because they don't want to go out of business. This is one way of protecting themselves from losing huge amount of money. When there is inflation, premium rates tend to go up as well.

By making more claims, the insurance company is required to spend money on you. The company will see you as some sort of financial liability and so you will be charged higher rates. Many policy holders often encounter financial strains especially those who file for many claims in a year. Their insurance rates will surely go up.

The insurance companies don't charge the same rates for all their clients. Rates differ from one individual/family to another. It depends on the number of claims they make. Policy holders suffering from asthma, diabetes, and other chronic conditions are charged higher premium rates. Those without the same conditions are charged lower rates. Non smokers also enjoy low rates as compared to smokers since the latter is more prone to smoking related problems. Visiting your doctor more than twice a year will also cause your premium rates to go up.

If you're healthy and you seldom get sick, you will benefit greatly from your health insurance because you will be charged lower rates. But if the insurance company charges you high rates, it's that you analyze your situation. Do you get sick often? Do you file claims frequently? If your answer is yes, then those are probably the main reasons for the high rate. The rates charged by the insurance company are not merely due to inflation but on how you use your policy.

Thursday, September 30, 2010

Tips on How to Get the Best Health Insurance Plan For You and Your Family

If you ask anyone today about health insurance, they will often say that you should never live without it. Even the fittest and the healthiest person in the world will tell you that having a health care plan is the best decision and investment that you will ever make in your life. With a health care plan, you will be able to save a lot of money just in case something unexpected happens.

You have to remember that living in this world without health care plan is considered to be financial suicide. It is much cheaper to have a health insurance than having none at all.

First of all, before you rush off to your insurance company, you need to try and know about the options available for you and your family. If you have a good job with a good company, then you will likely have a chance to get cheap health insurance for both you and your family. This is because most companies today offers group health care plans to their employees where half or more of the premiums are shouldered by the company. However, there are also private and government health care plans available that will be able to cover your future medical bills.

In the US alone, there are several government health care plans available, which are Medicare, State Children's Health Insurance Program, and Medicaid. These health insurance programs offered by the government don't qualify just anyone. Some will only qualify physically challenged individuals, the elderly, war veterans, American Indians, and low income families. If you are not any of these people, then taking out a private health care plan is another option.

However, you might want to keep in mind that if you go for private health insurance provider, you need to protect yourself from getting charged for more payments by keeping a record of all the contracts you signed with the insurance company. You should also try shopping for health care plan quotes from different companies. By doing so, you will be able to know about the different health care plans each company offers and also know which one offers the best price with the best possible coverage.

These are the things that you need to remember when you are looking for a health insurance plan for you and your family. By following these tips, you can be sure that you will be able to get a health care plan that is both affordable and contains good coverage.

Wednesday, September 29, 2010

Health Insurance: Deciding Between HMO and PPO

A lot of people don’t know this but health insurance is so diverse that it is very hard to choose which one to get. There are different types of coverage, and you also need to decide on whom to use for coverage. Before you start choosing a health care plan, you need to remember that you shouldn’t just go for the lowest rate. You will need to do a little investigation of your own and organize your findings in order to choose the health care plan that will be able to work best with you.

There are basically two categories that affordable health care plans fall in to. This is the indemnity plans and managed care plans or what you can describe as the HMOs or PPOs.

Basically, and indemnity plan will be able to let you choose the physician. This will also pay for your medical bills in part, totally or up to a specified amount. You need to remember that cheap health care plans mean lower rates and in some cases, lower quality of services. However, if you are the type of person who is very healthy, exercises everyday, and eat the right kinds of food, then you will see that getting a cheap health care plan can work for you.

So, which should you choose? HMO or PPO?

HMO individual or family health care plans will be able to cover preventive care and emergencies. This will also be able to provide long term protection for you and your family. You also need to keep in mind that HMO are very affordable for people who are self employed and people who have families. The great thing about HMO is that it offers lower premiums and is also the most affordable health care plans outside of the catastrophic health plans. Low deductibles, prescription drugs discount, and co pays on doctors are also offered with HMO.

PPO plans may be a bit more expensive than HMO with comparable benefits. However, this particular plan is a very affordable option than fee for service plan. You have the choice to lower your monthly premiums by raising your deductibles or your out- of-pocket limit. Basically, the PPO insurance works just like the HMO but it only differs in the fact that PPO will only allow you to become covered if the doctor and hospital you choose is within their network. PPO plans can cost less than HMO plans but the benefits are limited.

These are the difference between HMO and PPO health insurance plans. By knowing this, you will be able to choose which type of health care plan you should go for.

Tuesday, September 28, 2010

Health Insurance: How to Get Covered

Having health insurance is very important in today's society. Without it, you are like living with a ticking time bomb where it can explode anytime and anywhere. However, the fact still remains that there are over 46 million Americans who doesn’t have any health care plan. If you take a look at the figures, it's definitely something that you should be worried about. If you are not covered with a health care plan, then it may be time to get one now.

You may want to keep in mind that it is much more expensive to live without health insurance than living with one.

You also need to keep in mind that health insurance is important because you don’t know when something bad will happen to you. It can be an accident while you are working on your roof, it can be a sudden affliction of a very serious disease, or it can be something like getting involved in a head on collision with a drunk driver.

If you have health insurance, you will be comforted by the fact that someone will shoulder or at least share the medical expenses you incur when you are in the hospital.

To get covered, the first thing that you need to do is find out what's available. This is the easiest part as you will be presented with different health care plans with different coverage. Try calling your state insurance office and ask them what your options are. They will be able to give you a run down of the different types of health care plans available for you as well as give you a comparison sheet and even health care plan quotes.

The next thing that you need to do is decide on what you want. List down the things you want in your health care plan, such as being able to stay with your current physician, preventive care programs, dental care programs, or a prescription drug plan.

After this, you need to start shopping for quotes.

You have to remember that different health care plan providers have different rates. Try to find the most affordable with the best possible coverage. Also, try to know if the insurance company is reliable and has a good reputation.

After you compare the different quotes you make and after comparing the companies, the last step is to choose. This is the time where you will decide what health insurance plan you should purchase and which company you plan on going with. These are the steps on how you can get covered.

Monday, September 27, 2010

Getting Health Insurance with Preexisting Condition: Tips to Getting Your Condition Approved and Covered

We all know about the economy's poor performance. And, because of this, prompted people to make shortcuts with their expenses but cutting off non essential expenditures. Sadly, this included health insurance. However, you need to remember that health care plan is an essential part of today's life. Walking around without one is like strapping on a time bomb. To put it in simple words, you don’t really know when you will get ill or meet an accident.

Getting affordable health insurance is difficult enough but what if you already have a preexisting condition that insurance companies tend to offer you expensive health insurance because of your preexisting condition?

Affordable health care plan with an existing medical condition is virtually impossible to get. However, you may be surprised with the fact that there are ways on how to get affordable health care plans even if you already have an existing medical condition. It may be hard to get but it is possible. It basically depends on your effort in order to determine your insurability as well as the cost of the health care plan premium.

So, here are tips on how to get insured even if you already have an existing medical condition.

The first is by checking to see if you have a state sponsored risk pool. Basically, these pools will be able to help you if you have been denied for an affordable health care plan. These pools will be able to help people fill in the gap in the coverage and it will also be able to offer a temporary stop when you are changing insurers as well as when you are shopping for a potential health care plan.

You also need to remember that not all health care plan providers are the same when it comes to their coverage and their rates. If you want the best possible health care plan at an affordable cost even if you already have a preexisting medical condition, you will see that there are a number of insurance companies that will be able to provide you with a cheap health care plan. The internet will make shopping for quotes easier as most insurance companies today advertise their products on their websites.

Although you have an existing medical condition that is preventing you from getting cheap health insurance, it doesn’t necessarily mean that it's impossible to do so. All you need is to find it. Remember these tips and you can be sure that you will be able to get a health care plan that is affordable despite the fact that you already have a preexisting medical condition.

Sunday, September 26, 2010

Health Insurance: What Happens After Leaving Your Job?

Large companies today provide health insurance benefits to their employees where the bulk of the monthly premiums are shared by the company. The great thing about this program is that you and your family will be able to get the best possible coverage at a very low price. However, the question is what if you leave your job?

Basically, the answer is also a question which is can you still afford to keep your health insurance?

The US government basically passed a law back in 1986 that gave employees and their immediate family members the choice and the right to continue their personal or family health insurance. This particular law is called the Consolidated Omnibus Budget Reconciliation Act or COBRA.

However, you may want to keep in mind that there are limitations when you do decide to continue on with your personal or family health care plan that your company offered. The first is that you will only have up to 18 months to stay on the plan. After this, you and your family will no longer be covered. You can consider this as a type of short term health care plan where you will still be covered up until you get a new policy.

Another thing that you need to remember when you decide to continue your health care plan is that you need to pay for the premiums. This means that the company you once worked for will no longer shoulder part of the expenses on monthly premium. You need to pay all of it and usually it will be expensive.

Although there are exceptions, you need to consider that this will be able to provide you with protection and coverage even when you no longer work for the company. For the same policy, the former employee will need to pay a hundred percent of the premium cost. In fact, there are some cases where former employees need to pay more than a hundred percent just to let them keep the health care plan they were provided with for up to 18 more months.

Depending on your current health condition, you will see that there are cheaper health care plans available.

So, if you plan on leaving your job and you are worrying about your health insurance, you may want to check with the company's human resources first. Try asking about the health care plan they provided you with and also ask how much it will cost if you leave the job or if you were fired.

Remember these things and you can be sure that you will be able to decide whether or not you should keep your existing health insurance plan that was provided by your employer.