Health Spas Guide » Waiting Period

Five Benefits Of Having Supplemental Health Insurance

admin — Wed, 21 Apr 2010 14:28:44 +0000

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

Colorado Group Health Insurance

admin — Sat, 10 Apr 2010 01:06:43 +0000

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

admin — Wed, 07 Apr 2010 12:32:56 +0000

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

Health Insurance 101 for Individuals and Families

admin — Tue, 30 Mar 2010 19:25:25 +0000

The changing healthcare and health insurance landscape in the United States has resulted in more individuals and families purchasing health insurance coverage on their own. Rather than touch on the number of reasons why this is the case, I would like to provide individuals and families finding themselves in this position with ten basic ideas to assist them with getting the best health insurance policy for their specific situation. Below is a combination of ten questions and suggestions that will provide the tools necessary to get a medical insurance policy that will best work for you and your family.

1)What are your typical health and medical care expenses in a calendar year? Most people are surprised when they go through this exercise to learn that they would be financially better off in most years to purchase a high deductible health insurance plan and use the premium savings to directly offset heath care expenses throughout the year.

2)How long do you anticipate needing the health insurance coverage? For example, many companies sell temporary policies that can be put in force for 1-6 months and they are relatively inexpensive. If you are in between jobs or in a waiting period for employer coverage, this may be your best option.

3)What is your budget? If your budget is tight, having a $1000, $2500 or even $5000 deductible is better than having no coverage at all. The ability of doctors and hospitals to save and prolong life in the United States is in many cases extraordinary. However, their treatment is not free and going without health insurance coverage can in some cases result in you and/or your family losing an entire life’s worth of savings and assets.

4)Be careful to choose a plan that covers the “big stuff”. It is nice to have a policy that covers items such as: physician office visits, routine physicals, outpatient testing, and blood work. However, it is essential to have coverage for major services such as cancer treatment, transplants, critical illness, traumatic accidents, and infectious diseases. Find out the lifetime maximum amount as well as if the policy contains “internal” dollar limits.

5)Always carefully read and understand the pre-existing condition clause and policy exclusions so that you will not be surprised down the road if a claim is denied. This is important whether you are purchasing a standard medical, temporary, or student health insurance policy.

6)Does the insurance company you are considering have a substantial network of preferred doctors and hospitals in your area? In addition to family doctors, what type of access will you have to specialists and the best hospitals in the event you or a family member is diagnosed with an illness that requires specialized care? Also, what are your options for preferred health care providers when traveling?

7)If you need to go “out of network”, will you still have coverage? Most insurance policies will have coverage in the event you need to go outside of their network for care. However, review how these out of network claims will be paid. Will there be an additional deductible? How are reimbursement levels determined for out of network claims? What is your maximum out of pocket for out of network claims?

8)Are you looking for an opportunity to reduce your taxable income? If so, make sure your plan qualifies as a high deductible health plan and look into all of the aspects of a Health Savings Account. In the right situation, HSAs can be an excellent way to pay for eligible health care expenses, reduce your taxable income and save for retirement.

9)What are the financial ratings of the insurance company you are considering? A.M. Best, Standard & Poor’s, and Moody’s are organizations that rate the financial stability of insurance companies.

10)What type of customer service will you get from your insurance agent? Do they specialize in health insurance? Do they have a staff that is willing and able to assist you in the event you have a claim, billing, or other customer service problem?

If you do not have the time or patience to look into all of the items mentioned above, develop a relationship with an independent insurance agent that specializes in evaluating and servicing health insurance policies. A good independent insurance agent will be able to save you time, money, and be an excellent resource for evaluating all of the items mentioned above.

By: Michael Ertel

Health Insurance Plans Covering Maternity

admin — Sun, 14 Mar 2010 09:37:53 +0000

Many families are in search of affordable health insurance that will provide maternity or pregnancy benefits. Health carriers offer such plans, but they vary in the amount of coverage provided. Many insurers will not provide benefits to the insured for at least nine months.

As with all things insurance related, you must plan ahead. Occasionally, consumers are interested in maternity policies once they are already pregnant. They are disappointed to learn insurance cannot be purchased to cover a pregnant spouse – pregnancy is a preexisting condition. Insurers simply will not take on this risk. However, a health plan can be purchased for a healthy mother and child after delivery.

When is My Pregnancy Covered?

Generally, policies will provide benefits for maternity after the insurance has been in force for nine months, but some carriers offer plan with limited benefits that begin day one. However, if you were to purchase a plan with a nine month waiting period, your pregnancy would not be covered if the child was delivered before the nine month window had expired. Again, it is prudent to plan ahead and purchase a policy with a maternity rider some months before conception.

It might be helpful to look at this from the insurance provider’s point of view. Typically, when a couple desires and pays for a maternity plan, then they are likely to use it. The insurance company is relatively certain that a claim will come in the near future. Thus, they will build the cost into the premium for the insured (you) and mandate a waiting period. That being said, some companies are offering plans that are more attractive than others.

A Popular HSA Maternity Plan with a Reasonable Deductible

One insurance company offers a Health Savings Account (or HSA) with a maternity rider and a low $1,500 individual deductible. Once the deductible has been reached and the nine month waiting period has been satisfied, the plan would cover the balance of the pregnancy. In this example, you could fund the HSA account with at least the $1,500 and write that off against your income. The $1,500 could be withdrawn tax free to satisfy the deductible and then the policy benefits would kick in. Currently, this HSA plan is one of the more popular policies available.

Another popular plan has no waiting period and provides more benefits the longer the policy is held. The maternity rider will cover $2,000 toward a pregnancy in the first two years. During years three and four, the policy will pay up to $4,000 and years five and on the policy provides coverage up to $6,000.

Another option is to simply self insure for a pregnancy. Many consumers will purchase traditional health insurance or possibly an HSA qualified plan and save each month in order to cover maternity expenses.

How are Pregnancies Billed?

At this point, clients often ask about pre-natal care and doctor’s office visits. Fortunately, most Obstetricians do not charge as you go. Doctor’s visits, pre-natal care and delivery are all included as part of the pregnancy and usually subject to one, pre-determined charge. Thus, the final bill can be run through your insurance company (assuming you purchased a maternity rider) and then settled up.

When purchasing health insurance policies covering pregnancy, you must plan ahead. There are several options available, but you will get the most from your policy if you do your due diligence and purchase the policy ahead of time.

Request a Health Insurance Quote with Maternity

By: Adam Hyers