Posts Tagged ‘cobra’
Monday, October 4th, 2010
A job loss is always tough. In the US, the unemployment rate is still quite high. The experts tell us it will not go down soon. In addition to worry over money to pay bills, many people lose health insurance benefits when they lose their jobs.
There are some good unemployment heath plan choices though. It will be worth it to find out what resources are in your own area before you need them because of an urgent health need. The best choices for you and your family will depend upon your own unique situation.
Some terminated workers can extend their company health benefits because of COBRA laws. Some people should consider this option as their group benefits may be very good and hard to replace!
Not everybody gets a COBRA extension though. In addition, the premiums are high now. Instead of just paying the employee contribution, the terminated employee usually must pay the whole premium. This can be a big an unpleasant surprise to many terminated employees.
An individual health insurance policy may actually be a better alternative for many families. There are probably dozens of private insurance companies on the market in most areas. However, private plans may not provide the same benefits that you were used to with your old group policy.
Some people can get declined for individual health insurance because of a pre-existing health condition. This could be diabetes, high blood pressure, or even pregnancy! They may have to look for other options.
Some people who were declined by individual health insurance companies may get covered by a state or federal high risk health pool. The premiums could still be expensive. They vary by local area. However, it can be a solution for some people who have trouble getting health insurance.
If you would like to learn more about high risk health pools, search for your state website. They will have more details about the state plan, and they should also have updates about the new federal health reform plan.
If your income is very low because of a lost job, you may qualify for Medicaid. This is the federal heath insurance for low income people with few assets.
CHIPS is the national health insurance program for the children of low to moderate income families. It also covers pregnant women. This may be a good aternative to make sure that kids and pregnant women are covered.
There are also county health systems and federal clinics that provide some health care on a sliding scale fee. The Partnership for Prescription Assistance runs a website which helps people find low cost or free prescriptions. Their website, PPARX.org, is a great resource to find all sorts of medical help if you do not have much money.
Finding good health coverage, when you are out of a job, can be very tough. But there are some resources for you to use. Please look into your alternatives before you have an urgent medical problem.
Are you unemployed? Stop by to learn more about COBRA health alternatives. Find your job loss health insurance choices!
Tags: budget, CHIPS, cobra, economy, family, Finance, Health, health insurance, Insurance, job loss, layoff, medicaid, money, unemployment
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Monday, August 23rd, 2010
This is a story about health insurance. Actually, it’s a real life account of the difficult time that my wife and I had trying to get health insurance for our family. A few months ago, we found ourselves needing health insurance. After my employer filled for Bankruptcy, I decided to become self-employed. The health insurance that I had at the time (through my employer) only lasted through the end of that last month and then I was presented with the option of either letting our policy lapse, or going on COBRA. Problem was, the COBRA premiums were about 3 times more expensive than the original insurance payments. We were basically forced into having our policy lapse because we couldn’t afford the COBRA payments.
I got some quotes and applied for coverage with a local insurance agent. That agent had a website that I had to go on to fill out the online application. It was easy enough.
After I submitted the application we were informed by the agent that we had been declined. When I was filling out the application I listed a few minor medical issues that I had dealt with throughout my life. I guess the insurance company considered those “pre-existing” conditions and declined our application.
I wasn’t really sure what to do at that point. My family needed insurance but we couldn’t afford COBRA. I started researching health insurance online and found a site called Health Insurance Anthem Blue Cross. It’s a site that’s maintained by a local insurance agent named Tom McDonald. I filled out the form and then called Tom. He told me that I could get around the pre existing clause by getting a group policy. I guess if you get group insurance, the insurance company can’t decline coverage based on any pre-existing conditions. I had an LLC that my wife and I filled a few years back. She uses it to sell children’s clothes and blankets that she makes and I use it for some real estate investing work that I do. Tom told me that we would qualify for group insurance as long as we applied using our LLC instead of applying as individuals.
About a week after we subitted the application and all the supporting documentation to prove that we actually did own and opperate a business under that LLC, we had health insruance! I was very happy with the way things went and very greatful to have a knowledgeable agent to guide us through the process. The policy we got was great because it paid out at 100% after we met our deductable. We ended up not having to pay for about $20,000 in medical expenses that year! What a great decision that was.
I like that I was able to complete the application process online as opposed to turning in a hand-written application. It was also very important to me to have access to a knowledgeable insurance agent who could answer our questions and guide us though this process.
Learn more about California Health Insurance. Stop by Eric Sachs’ site where you can find out all about Blue Cross Health Insurance and what it can do for you.
Tags: anthem blue cross, Blue Cross, california health insurance, cobra, health care, health insurance, Insurance, medical insurance
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Sunday, May 16th, 2010
One age group that has trouble finding private major medical plans are those who are over 50, but not yet 65 so they can get Medicare. While people of any age can have trouble finding an affordable policy, this age seems to get hit particularly hard for a variety of reasons. This is the time of life where people start to develop some health issues that do not seem to affect 30 year olds as much. Insurers can preduct that they will have to spend more money on a typical 55 year old than a 35 year old person. So it can be harder to find affordable premiums, or even to be accepted at all.
However, we have not reached middle aged without learning how to work the system. Older people do have options, and we need to take the time to consider them.
Group health plans, through employers, are one good option for many people. Your company, or your spouse’s employer, may have a group health benefit which will allow you to get coverage. Most employers pay part of the premiums too. Besides, federal rules protect employees from being declined because of health risks. This is one option if you, or your spouse, have this benefit at work.
Have you lost your job recently? Some employers, especially bigger ones, have to extend benefits for several months under the COBRA law. The issue here is that coverage is not cheap. The employer does not have to keep paying part of the premiums, so you may be shocked by how high the bill is. Some smaller employers are not required to extend benefits either. This may be a good choice for you, but it is not for everybody.
People without group health insurance can still be coverage. Some people, with health issues like high blood pressure, may need to go to their state’s high risk plan in order to get covered though. All states have their own plans, and many of them still cost a lot. It is a way, however, to get covered if you have been declined by private insurers.
Some people get their coverage through a professional alliance. These plans may use their buying power to get higher benefits or lower prices than an individual could bargain for. If you are a member or any organization, check out this option.
Finally, there is the individual health insurance option. There has been some progress in terms of offerings of policies for the 50-65 year age group market mainly because insurers see this age group as a potential growth market. Many Baby Boomers are in good health and have higher income than younger people. Also insurance companies hope that retirees will still purchase their products, such as supplemental insurance, even after they’re eligible for Medicare. Some of policies currently offered may have premiums as low as $200 per month for people who are in good health and willing to pay a high deductible. Many insurance advice columnists recommend combining a high deductible individual health insurance policy with a health savings account. HSA contributions are made with pretax dollars, and any money left over in the account at the end of the year is rolled over for future use. Withdrawals are not taxed if used for qualified medical expenses.
Choose one of the best health insurance quotes with our fast and free online quotes.
Tags: baby boomers, cobra, Health, health insurance, layoff, major medical, over 50, unemployment
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Wednesday, May 5th, 2010
Healthcare costs have skyrocketed over the past decade. Even school children hear about the healthcare crisis facing the nation. Employers are being forced to turn over all the costs of company sponsored plans to the employees who, in turn, can’t afford to pay for it and drop it. Because of certain demographic mixes, some states are so expensive that the large majority of the residents are uninsured. When a population consists largely of the old, the poor and the government assisted, someone needs to pick up the slack, and it’s the remaining residents who have coverage.
Even though the Obamma administration is trying to put through some serious health care reform, these reforms are not due to take effect for another five years or so. And, even with these reforms in place, no one can agree on how affordable these options might be.
As any consumer knows, however, you get what you pay for. Whether it’s a used car, a pair of shoes, or medical insurance, there are good deals and bad when it comes to what you get for your money. And, as educated consumers, it’s up to us to make sure we know where the deals are what we are paying for.
Cheap insurance is available, but it’s cheap for a reason. In exchange for your premium you may get next to nothing. Your deductible could be absurdly high, your doctor’s payments might be laughable, and the services covered are minimal. Even a trip to the emergency room might not be covered if you don’t authorization before you go!
One of the first drawbacks to this type of cheap insurance is that there aren’t many doctors who will take what the company wants to pay. Any doctor who is willing to accept these very low unrealistic payments should be held as suspect. Why would a good doctor willingly work with a company who pays him less than all the other insurance companies?
If you do get involved with one of these plans, do some research on the doctors before committing to anything. This is public information available on each state’s licensing website. Type in the doctor’s name and you can find out his education and any complaints about him.
Yet one more reason they can keep their premiums low is that many companies won’t start paying claims for over six months! They’ll collect your monthly premiums, yet you get nothing out of it. Any medical related expenses you incur during this timeframe most likely won’t be applied to your annual deductible either.
And still another way for insurance companies to reduce premiums is by paying you, not your doctor. Doctors like this arrangement because they know they will be paid immediately. Unfortunately, this means you need to be able to pay for your expenses on your own, submit your claim, and hope you get reimbursed for the entire amount. It could take a few months to even get a check. Key here is to know that insurance companies, especially like these, are in the business to make a profit. Their goal is to pay out as little as possible. Keep this in mind when researching cheap insurance.
Pre-existing conditions are defined as an existing condition that was there before you applied for your health insurance. Ppo Healthcare There are many benefits to getting private health insurance. Just because you have a pre-existing condition does not mean you will be denied health insurance.
Tags: cobra, coverage, health insurance, hmo, Insurance, liability, life, medical insurance, ppo
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