Supplemental health insurance is for those individuals and family who are not covered by a group health insurance. If you have a disease that requires special care, you can benefit from this type of insurance; given that fact the cost of medical treatment is increasing day by day.
Supplemental health insurance is of three types — condition specific, accident and hospital indemnity. You can select the one that best suits your needs and financial situation. Although you might hesitate to take out this insurance, you do require it. Mentioned below are five benefits of having supplemental health insurance.
1. This insurance can protect your any contingency condition. Even if you have a present health condition that requires treatment, it will offer you health coverage at an additional cost.
2. You also receive monetary coverage for illnesses like heart attacks or strokes. In addition, even monetary coverage is given for accident related injuries and chronic illnesses like cancer. The claims are paid by the insurance company but there might be a waiting period before your claim is settled.
3. You can pay all types of medical bills, hospital bills and doctor’s fee under this insurance cover. You can also pay for treatment of chronic illnesses like cancer and Alzheimer’s disease through this insurance which is a benefit most health insurances do not offer.
4. If your illness or disease treatment has high costs, you do not have to shell out money from your pocket. All expenses are covered by supplemental health insurance.
5. Even accident related injuries are covered and if you need medical treatment during your recuperation period at home, the insurance will take of it.
By: Pauline Go
Posts Tagged ‘Waiting Period’
Five Benefits Of Having Supplemental Health Insurance
April 21st, 2010Colorado Group Health Insurance
April 9th, 2010
In Colorado, group health insurance is designed to meet the health care needs of employees of large and small companies. In Colorado, a single person who owns a business could, in some circumstances, qualify for group health insurance benefits. If your employer offers group health plans paying only a portion of the premium, then you are responsible for the rest. This is true for individual and family coverage. Whether the employer pays all or a portion of the cost, Colorado insurance laws dictate that you cannot be refused, or asked to pay more because of your medical condition. Also, your group health insurance can never be cancelled, even if you get sick.
An important point to remember is if you leave your job, you cannot take your group plan with you. You can continue coverage by paying out of pocket for a plan called “state continuation coverage” or COBRA. This coverage usually lasts for three months. It also helps cover any waiting period you may have once you get a new job and new coverage. Keep in mind however; your new coverage may not include medication coverage for a pre-existing condition for up to one year.
Most group health plans in Colorado offer flexibility to companies in choosing plans. Companies usually offer employees several plans to choose from. A good plan will offer benefits like coverage for “out of the network” doctor visits by the members.
In cases where employees contribute to the plan, there are often times a savings plan benefit to employees. Check with your employer to see if one is offered and how it works.
By: Peter Emerson
Uninsurable? Four Ways to Get Health Insurance
April 7th, 2010
It’s a sad fact that many Americans are without health insurance. For some it’s a matter of choice, others simply can’t afford it. There is a third group however, who can afford it and desperately want it, but are unable to qualify for it because of their current or past health conditions. These are what insurance companies refer to as the “uninsurables”.
The presidential candidates this year all put forward ideas for fixing the broken health care system in this country. Hopefully, there will be sweeping changes made that will allow everyone access to affordable healthcare. In the meantime, if you are sick and uninsured, you can’t wait for the politicians to fix the system. You need help today.
Here are a few ways you can get yourself insured now:
1. Get a job. If you’re healthy enough to work, getting a job with a company that offers health insurance benefits may be your ticket to healthcare. As a new employee, you are guaranteed to get coverage. You will have to wait 6 after enrolling in the company’s insurance plan before any pre-existing conditions are covered, but after that you will have full coverage. If it has been less than 63 days since your last insurance policy lapsed, you may have what is referred to as “creditable coverage” which means that the pre-existing clause will be waived and you can get full coverage right away.
2. Start your own business. In the state of California, you can get guaranteed-issue group coverage with as few as two employees. One of these employees can even be your spouse. Things to keep in mind:
a. It must be a legitimate business, but it doesn’t have to show income for the first two years;
b. The business must be the major source of income for all employees You can’t include an “employee” who earns the majority of his/her income from another source.
c. There will still be a waiting period for pre-existing conditions (unless you’ve had creditable coverage within the last 63 days) but once the waiting period is satisfied, you’re good to go. Talk to your local health insurance agent to see if you can qualify for a group health plan.
3. Get married. No, I’m not suggesting you grab some stranger off the street and arrange a marriage of convenience. However, if you already have a life partner, or are in a serious relationship that is heading toward marriage, you might want to consider taking it to the next level. There are many legal benefits to marriage. One of them is access to your spouse’s health insurance. If your spouse-to-be is already insured through their place of work, you can be added to their policy without any underwriting requirements (usually). Again, there may be a waiting period where pre-existing conditions are excluded, but once you’ve satisfied the waiting period, you’re 100% covered.
Have your spouse-to-be check with his/her human resources department to get the full scoop.
4. Consider a mini-med product Some states have what is referred to as “mini-med” products. They are NOT major medical plans and don’t pretend to be. However, they are guaranteed issue (you can’t be declined because of poor health) and they do pay a limited benefit. Something is better than nothing. Although California does not currently offer such a product, it will very soon. We’re told it is coming “any day now.”
Check with your local health insurance agent to find out more.
By: Tamarin Martin
