In these troubling economic times most people are evaluating their health insurance coverage and everyone's situation is a little different. The main importance here is that it is important to maintain some type of coverage for your health and finances.
If you are currently on COBRA, you recently lost your group coverage, or have a preexisting medical condition that is un-insurable on the individual market, your best option is to keep COBRA. Un-insurable medical conditions include and are not limited to Cancer, Heart Attack, Stroke, Diabetes Type 1, Hepatitis C, Stint, Angioplasty, MS, or you have been recommended to have surgery and have not done so. In these situations, you must keep your COBRA the full 18 months, then you will have guaranteed acceptance to an individual plan through the Department Of Insurance or your state. If you are a
healthy individual on COBRA, it is a good time to look at individual coverage to see what is out there.
Traditional Copay Plans are expensive and many of us never use the copay function, but there are alternate plans on the market that can save you valuable monthly premium dollars. If you have an unlimited copay plan and do not use the copay function, many companies have plans that provide 2, 4 or 6 annual doctor visits and that could save you some monthly premium and still provide doctor visit co-pays.
In terms of HSA Plans - If you do not use doctors very often, maybe once or twice per year, an HSA Plan may be right for you. These plans usually have 100% coinsurance and only one annual deductible for your entire family. Once you hit your annual deductible, your entire family claims are covered at 100%. They have great tax advantages as well. In 2009 an individual can put $2,950 and a family can put $5,900 into a qualified Health Savings Account. If you are over 55, you can contribute an additional $900 per year. These funds are yours and gain interest, they can be used to fund your deductible as well as any qualified medical expense and if you don't use them, they roll over year to year and will provide monthly income after retirement.
Regardless of what situation you are currently in, it is a good idea to check with an Independent Health Insurance Broker to see what plans are available to you and your family. Going uninsured is never the best idea due to the financial exposure and potential to become uninsurable. Taking the time to compare prices and options on these plans now is a smart move toward your financial future. Give yourself and your family that extra bit of protection we all need and invest in a major medical plan today.
For more information about affordable life, major medical and supplemental insurance plans or for your free quote contact Cynthia Hearn at This email address is being protected from spambots. You need JavaScript enabled to view it.
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