Health Coverage Deductible
September 2nd, 2008
Question: Which provides better health Insurance coverage? Traditional Medical Coverage or Short-Term Medical Coverage?
I just transitioned from a student to a worker! In school, my university provided insurance services to me so it was not a big deal. However now I have to look for one myself. My employer says that I can select any type of plan I want and he will pay 50% of it, subject to a $100 per month cap.
I have never fallen sick, touch wood, and have never used insurance.
So, for a person who seldomly visits a doctor, which is better. Traditional: $ 70 per month $1500 deductible $7500 max. annual out of pocket. Roughly 30% Co-Payments an most of the services.
Short Term: $ 30 per month $500 Deductible $1000 max. annual out of pocket. Roughly 30% Co-Payments an most of the services.
Traditional +s: No need to pay in bulk, includes dental, vision and life.
Short Term +s: Low premium, deductable and Annual OOP.
Traditional -s: High Premium, deductable, Annual OOP and Co-Payments.
Short Term -s: Need to buy every 6 months, no dent. no life.
Answer: This is an excellent question!
In America people are purchasing “Short Term” Policies are opening themselves up to a “world of problems”. You see in the United States we passed a law that enables employees be offered “Cobra” , Cobra is for your “protection”. Let me give you a couple of “What ifs”
a. I go work for ABC Corp. and call up a few “slick” agents who sell healthcare and they sell me a Short Term policy, sounds great!..11months into the policy the Doctor discovers a tumor in my body, and says it is Malignant- I have cancer. So I call my short term company, and they say well your policy ends in 30days, I ask the company can I convert to a Permanente policy, and they say “NO”, because of your medical conditions.
b. Second Ex. I sign up with my employers plan, and I am diagnosed 11months into the plan with Cancer, and I decide to quite employment, I am offered Cobra!. So lets keep going, lets say I pay for Cobra for 18months (until it ends) and I am still having Chemotherapy, and thus un-insurable by health companies. Here is the Good news!!!..I am eligible for HIPPA coverage !!!..”lifesaver”..any company offering health insurance will have to accept me into a HIPPA plan.
As you can see the only way a person can take a risk with a short term policy if they can “See the future”.. and if your crystal ball shows you not needing any health services over your lifetime, then just refuse coverage!..
Do not trust any salesperson, read articles and do your research, Paul Zane’s books are pretty good.
Items on Amazon Right Now for Health Coverage Deductible:
| | To amend the Internal Revenue Code of 1986 to expand health coverage through the use of high deductible health plans and to encourage the use of health savings accounts. $9.37 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover… |
| | Agents helping clients save money: cutting coverage not advised, but now may be time to look at deductibles.(Insurance & Employee Benefits): An article from: Mississippi Business Journal $9.95 This digital document is an article from Mississippi Business Journal, published by Dolan Media Company on March 9, 2009. The length of the article is 574 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Agents helping clients save … |
| | HSA eligibility when spouse has non-HDHP family coverage.(health savings account, high-deductible): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2005. The length of the article is 843 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: … |
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Short Term Health Insurance Plan 30 – 180 days Coverage
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