Let’s go over some numbers that all Medical Insurance plans have in common. Getting Health Insurance Quotes for high deductible health plan, senior health plan, HSA’s, all Medical Insurance carriers have some common “rules” and a lot of those rules involve time frames or numbers.
COBRA is the Consolidated Omnibus Reconciliation Act which gives workers and their families who lose their health benefits the right to choose to continue group medical insurance benefits provided by their group health plan for 18 months. You may be required to pay the entire amount of any health premiums up to 102 percent of the premium. Cobra applies only to employers who have 20 or more employees. Once an employee qualifies for Cobra the employer must notify the carrier within 30 days. The employee should get an election notice from the carrier (sometimes referred to as the plan administrator) no later than 14 days after qualifying. The employee then has 60 days to elect coverage and 45 days after electing coverage to pay the initial health premiums.
Certificate of Continuous Coverage: also known as Certificate of Creditable Coverage is part of the HIPPA law. A CCC applies to group health plans. As long as a new employee has Medical Insurance with a gap of no more than 60 days he/she will have all pre existing conditions covered by the new employers’ group plan.
DUI: you must wait at least two years to get individual health plans with one DUI conviction. In order to get a standard rating you must wait (with most carriers) five years. Some carriers will not even issue individual plans before a five year clearance. More than one arrest and conviction and you will find it very difficult to obtain individual coverage.
Lapsed policy: Don’t do it! Health premiums must be paid on time. Most carriers will not cancel your policy until you are more than 30 days late. Under 45 days late they can re-instate you but you will have to go through underwriting again.
Medicare: You have 3 months before your 65th birthday and 3 months after your 65th birthday to purchase Medicare Supplement or Medicare Advantage plans with no underwriting. You may also switch plans during open enrollment every year without going through underwriting.
Pre-existing conditions: most carriers will ask about current health issues for a two year period and go back ten years on your overall health conditions.
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