The Advantages Of A Personal Health Policy

With unemployment on the rise and businesses scaling back, the individual, now more than ever, needs to take their financial security in their own hands.  Part of this responsibility is to purchase a personal health policy (also known as an Individual/Family health insurance policy).

Last year more than 1.5 million people filied for medical bankruptcy. Alarmingly, 75% of these people had inferior, temporary group health insurance.  Here's why: when you get too sick to work or loose your job you loose you medical insurance too (there is COBRA benefits but that is also temporary).

When you have a personal health policy it is

• Portable.  It goes with you, regardless of your employment situation.  Or if want to take an early retirement.
• Permanent.  Your rates can not be raised for claims submitted (rates can be raised because of age and/or general medical inflation).
• Customized.  Pick which plan works best for your needs and budget.  You can also choose a plan that has your doctor in its network.

Personal health policies are offered by the same Blue Cross Blue Shield providers in your state.  They typicaly have similar benefits to a group plan with a 1-7 million dollar lifetime maximum.

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What Questions Should You Ask When Looking For A Personal Health Insurance Policy?

Making sure that you understand what your health insurance policy covers in extremely important because you are not only protecting your health, but also your financial situation. The best way to protect yourself from this situation is knowing what questions to ask when buying health insurance.

Here is a list of questions that will help you find the insurance policy that is right for you:

HIPAA Guaranteed Issue & Federal High Risk Pool Individual Policies

 HIPAA Guaranteed Issue plans are offered to all individuals that are denied a personal health policy and have continuous coverage from a group health plan.  There are eligibility requirements.  They are as follows:

1. COBRA or Cal-COBRA benefits must be exhausted or not offered  

2. You must apply for HIPAA coverage within 63 days after termination of COBRA, Cal-COBRA or employment if no COBRA offered

3. You must have been covered for 18 months continuously prior to HIPAA effective date with the most recent coverage being employer-sponsored group health insurance with no gaps greater than 63 days between any prior coverage

4. Must not be enrolled in nor eligible for Medicare Part A or B, Medicaid or MediCal or covered by another group health insurance plan

Federal High Risk Pool information will be updated as it is made available by the federal government. 

Contact us today for more information, rates and plan designs.  Click on the link below.

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