Individual and Family Health Insurance - Here's the deal...
Where to get a quote, What to look for, and What happens once you apply...
More and More people are looking into Personal Health Insurance for various reasons here are some things to Know. Sometimes Personal Health Insurance on your family can be less costly then having group Health Insurance through your company. However group and Personal individual health insurance do not work exactly the same.
If you currently have a health plan, NEVER cancel your current plan until you have a new plan in place. If you have a health condition or one comes up while you are with out coverage this can possibly make you uninsurable so it is best to know you have new coverage before canceling your current coverage.
USE A BROKER they know the ins and outs of many of the Health plans in your area and YOU DO NOT PAY MORE by going this route. The rates are the same if you go through a broker or directly to the health insurance company. If you would like to look into some options on your own first to narrow down and then speak to a broker, you can take advantage of online quoting tools that give you rates for many companies’ plans in your area. For our instant Health Insurance quoting tool Click Here
The outcomes – best case scenario is you are approved as is but you could also have the following happen: approved with a rider/waiver(No Riders for Children 18 and under as of October 1st, 2010 as part of Affordable Care Act Rules) meaning they are going to give you coverage except for a certain condition. For example you have asthma ridered/waivered; you are covered for everything except anything that has to do with asthma. If you have an asthma attack you would pay for this out of your own pocket, Health Insurance would take no part in it. Approved with a Rate Up, meaning they are going to offer you coverage but are going to increase your monthly premium anywhere from 10% to 75%. Declined,(No Declines for Children 18 and under as of October 1st, 2010 as part of Affordable Care Act Rules, However There is No Child Only Coverage Anymore) meaning they will not offer you coverage at all. All health carriers do not medically underwrite the same, just because you were offered an asthma rider with one Health company does not mean all health companies are going to rider your asthma as well. This is where a broker comes in handy they can sometimes check around with the health companies and let you know possible outcomes with each and guide you in what may be the best direction at the time.(Asthma was just an example not everyone with asthma gets a rider/waiver, rate up, or decline)
The Time line – As more and more people are applying for Individual health insurance these days the processing time on an application is becoming more drawn out. Best case scenario is to allow 6 weeks for the whole process. Once you apply and submit your application you have to allow about a week or two for an initial outcome. If more information or doctors records are requested than this can add another one to three weeks to the process. If you find you have one week or a few days until your health plan cancels talk to your broker about a short term medical plan to keep you covered for emergencies while you are waiting for your application to be processed. Please keep in mind these timelines are on average what an application can do however it could be faster or longer.
Always read the fine print – when you get a benefit summary there is usually Limitations and exclusions listed at the very end. Under limitations and exclusions you will find what the policy does not cover or waiting periods for certain services also the pre-existing condition clause which most plans have. If you can not find the limitations and exclusions with your benefit summary, do not hesitate to ask your broker if they can get this information for you.
These are just some highlights and all health companies are not the same, very similar but with slight differences. If we can Help you, your friends, or your loved one navigate their way through the process of obtaining a personal health insurance plan or quote please do not hesitate to call us at 480-830-2595 or email us letting us know you would like someone to contact you regarding more info or a quote for some personal health along with your name, your phone number, and the best time to contact you. You can email that info to frontdesk@wearingtoomanyhats.com