While the health insurance market continues to raise the cost of the premiums the need for a solution to save a person from becoming self insured is in fact now a necessity. The rates are rising due to the Health Care Reform since private insurance carriers are pegged to the MLR or Minimum loss ratio. A certain amount of every dollar is going somewhere designated and everyone wants their fair share, although its far from fair.
Lets face it, with or without reform prices, premium rates have jumped up beyond anything we have ever seen over hte last 5-7 years so it is nothing new. People in fact are paying more for insurance than mortgage. While this is no new news, it seems that the down economy and loss of employment seems near not any end in clear site and President Obama has a lot on his plate.
In past performance however it is certainly no worse than the previous administrations we complained about other than when you step into someone else’s old mess and want to clean house…The White House might just get a little dingy during the cleanup. Certainly the new health care reform setting the stage from thewill be praised later but now (at the time of this writing) is under scrutiny. It paved the way for those with pre-existing conditions to get the help that is so desperately needed and law passed that the market place for those to not get declined come January 1 2014 will be going through Health Insurance Exchanges. Until such time that comes to pass the government has set a new program into place called the Pre-existing Condition Insurance Plan. Simple enough but long enough too. The PCIP program has $5,000,000,000 set aside allotted to all the states although some more than other depending on population and such. Get your application in now since the funds will mathematically only accept so many apps per state. This is great for those that have Diabetes, Cancer, Heart Conditions and diseases or past surgeries, lupus, copd, (and this list goes on) and cant get coverage… now you can from day one, and affordable.
In the case of those that have major medical with private insurance carriers already, you cant get off one to get the other, and you may be having to raise your deductible to lower and afford your premium payments. No surprises there the oldest trick in the book. What do you do though when your deductible you can not afford is $5,000-$10,000 or more?
Supplemental Health Insurance Saves
More than once yes! It saves you financially as in that is a life preserver, or a lifestyle protector. You can keep your health insurance and just when you think “why do I have insurance then if my deductible is so high, I will never get to use the insurance and I am just paying money out monthly for nothing?!” This is a natural reaction. Truth be told, near 90% do not get to use their policy they have for catastrophic situations but it is their for that, again, think catastrophic. What would happen if you wind up in the hospital and a $240,000 emergency surgery is needed? That wont happen to you? It happens to someone and check this stat…Harvard University report stated that above 60% of all bankruptcies were due to medical, and near 80%, had health insurance. Supplemental health Insurance to the rescue. A simple critical illness insurance policy will save tons later. If your main concerns are cancer, heart attacks, strokes, then you are right since nearly 3 million cases are diagnosed a year. A critical care policy will pay out directly to the insured and cost start at about $20 a month most however average about $35-$40. That will provide you with enough loot to get you through while you are off from work recouping. It will pay for your deductible , co-insurance, loss of income, home care, specialized clinics, transportation, basically whatever you need that you don’t have to declare bankruptcy or feel the deductible is so high that your on your own. Supplemental policies can actually save you money by raising your deductible you can save an easy $100 a month or $1,200 a year and your supplemental policy may only be $400 a year putting money back in your packet and getting more coverage than you had prior with only health insurance.
Accident Health Insurance
Another supplemental health insurance savior is an accident health insurance. Remember that your more likely to get into an accident than you are cancer. It occurs once every 4 seconds and with a high deductible your again on your own. An accident health insurance policy will cover you for $2500 -$10,000 typically and between $100 -$250 deductible. A lot better than just your health insurance with a high deductible, but how much is that now? Accident Health insurance is fairly cheap and about $30-$60 a month but depends on how much coverage. They also usually do not have a limit to the amount of times you can use it in a year if you are really accident prone. If you have a family you can look for a policy that covers one price for the whole entire family! Go to www.AccidentHealthInsurance.US to see what plans are available for your state.
There are a multitude of options to decide whats right for you, but do remember this; ALWAYS GET A SEPARATE INSURANCE POLICY FOR YOUR SUPPLEMENTAL HEALTH INSURANCES THAN THAT OF YOUR MAJOR MEDICAL CARRIER. If you have a trouble with a claim for your health insurance what is to say they will concede to pay the supplemental portion? If you leave your carrier your price will continue to go up every time you move to another, with your new attained age. If you develop a condition such as diabetes later on you will not qualify for a critical illness insurance policy as supplemental markets do not fall under the reform guidelines. Also supplemental insurance rarely ever (if ever) go up and regardless of anything else with your health insurance, you can always keep your supplemental policies for life. As long as you pay!