Short-Term Medical Insurance

It Could Save You from Ruin

Millions of Americans are uninsured today, many of who have lost their jobs and are first realizing the high cost of health care coverage that was previously provided by their employer. Rather than take on this new expense while unemployed, many are choosing to go without coverage all together – risking not only their health but also their financial well-being. What these individuals don’t realize is that affordable solutions do exist, such as Short-Term Medical Insurance.

The burden is on the laid-off worker to study health insurance options. The trouble is, many don’t realize they can choose to go the “short-term” insurance route. Short Term Medical insurance can help millions of people fill the gap between permanent health insurance plans, according to Raj Bal, Senior Vice President Specialty Products at Fortis Health.

So how to reduce debt? The answer isn’t rocket science– it’s just a dose of common sense mixed with a dash of will power. Here’s the recipe.

Continuing Coverage is Critical to Workers

“Continuing health insurance coverage is important for individuals and families, but sometimes with the high costs, they decide to go without, placing them at risk for financial ruin in the event of an unexpected major medical catastrophe,” says Bal.

One of the greatest advantages of Short Term Medical insurance is that it is a more cost-effective alternative to COBRA insurance (the coverage that employers offering group health coverage must offer by federal law). Furthermore, employer groups of less than 20 are not required to provide COBRA, so a large portion of small employer-based workers, along with the self-employed, do not have access to continuing coverage.

An Affordable Solution

Federal law requires that employers with over 20 employees, who also provide group coverage, offer COBRA to displaced workers. The coverage is costly, averaging approximately $3,000 for individuals and $8,000 per year for family coverage.

Short-Term Medical is a cost-effective alternative to maintain health care coverage at a fraction of the price of COBRA – typically about one-third the cost. The plans are designed for generally healthy individuals in a variety of situations. These include:

Workers who have been laid off or are in between jobs

Employees starting positions who are facing the health insurance “waiting period”

College students who are no longer covered under their parents’ plan following graduation

Employees in seasonal or temporary positions

Independent workers

Early retirees who have a short waiting period for Medicare

Speed Counts

Short-term medical insurance also allows the insured to choose the price of coverage based on the amount of the deductible in hand. (Note: short-term medical does not cover pre-existing conditions). As for speed, coverage (from companies like Fortis) can start as early as the next day.

Finally, and perhaps the most important of debt reduction strategies, develop a specific monthly budget for you and/or your family. This plan should address a plan of action that eliminates spending on unnecessary goods and services. This might include foregoing those Friday night pizzas, a few drinks at the bar, your premium cable package – or even that morning cup of java. Developing a clear picture of your financial situation will help pinpoint the areas where debt can be reduced, and with it, the financial stress in your life.

10 Simple Travel Health Insurance Tips

Travel health insurancehelps the travelers to know better the insurance policy and to reduce the premium. If travelers know the policy better, they can often save money on travel insurance. Here are top simple travel health insurance tips travelers should know.

Travel Health Insurance Tips

Tip1: Understanding Travel Health Insurance Policy First

Travelers should read travel insurance policy before purchasing any plan, and better understand the coverage the company has offered. Every policy has few limitations such as pre-existence health conditions and age limits which must be well known to travelers unless it could be a great problem.

Tip 2: Medical Assistance Services

When travelers are going to buy insurance policy, they should ask to the company if they have any assistance service for their clients. Experience shows that there are many assistance service companies which are disinterested to take to emergency calls to real doctors or nurse. But it’s not all the cases, there are some serious insurance companies which pay attention to their respected clients and provide assistance service. Though it is little bit expensive to receive calls from distance, but few companies take their responsibility because minutes can save lives. 

Tip 3: Understand the Preexisting Condition

Travel health insurance policy has few terms and conditions and the travelers should understand the preexisting condition clause of policy. And check these terms and conditions apply since travelers’ departure date, not while purchasing the plan. Suppose travelers buy an annual health insurance policy then these conditions apply to the departure date of every trip.

Tip 4: Buy Health Insurance That Cover Medical Conditions

Travelers who take medication will not congregate with the pre-existing clause and unfortunately you will not get any coverage for such conditions. So check the insurance policy and in case you do not understand compare among different agencies which offer health insurance plan compatible with your medication.

Tip5: Choose Affordable Deductible

Many travelers want to save money while purchasing insurance policy. However, there are various deductible choices in policy by which traveler can easily save money and has to provide fewer premiums.

So choose any deductable which only you can afford. While choosing plan you see there are few policies which have greater deductibles, do not fall into that trap because greater deductable means greater price.

Tip 6: Save Money In Multiple Trips

Generally insurance companies offer health insurance plan in different category such as single trip, multiple trips, individual trip, family or group plan etc., first determine that whether your trip is single or multiple in a year. If you are planning multiple trips then you need to buy annual plan rather than single plan. Annual insurance policy is comparatively less expensive, and you can save as much money as making another travel. 

Tip 7: Save Money Even In Higher Age Band

All know that higher age people have to give higher premium and lower age people have to give lower amount, but there is little trick to get lower premium yet you are in higher age band. It seems if your birthday will place before your trip, you have to give extra 20% - 40% premium more than earlier, but if you purchase health insurance plan and leave your country before birthday, you can save significant amount of money which you have to pay after your birthday. Even you can save money by purchasing insurance policy before birthday with lower age band.

Tip 8: Follow Doctor’s recommendations

Many people often do not take drugs or medicine even their doctor recommends them because they think it might affect insurance policy. This practice is bad, though it is true but traveler should follow the doctor’s prescriptions because health is important than money. When doctor gives change in medicine, you should take unless the insurance company rejects your claim in the ground of unstable preexistence medical conditions. It would be better while getting an insurance plan provide details about your medical conditions and the medicine you are using. 

Tip 9: Inform Your Insurance Company If Trip Plan Changes

Many people do not inform totheir insurance agency when they change in insurance plan and the most mistakes are that they forget or intentionally do not inform their departure time and arrival time. This is the worst case and most important reason to get rejected their claim. Logically why any insurance company covers you if they do not know where you are and what you are doing. They simple void you policy. So inform as soon as you are planning to change your plan r any part the plan.

Tip 10: Show the Proofs of Departure and Arrival

Travel insurance companiessometimes check the proofs of your travel and sadly few people forget to keep record of their medical expenses and other costs and get rejected. There are few ways to keep record such as use credit card on the first day and last dayof your trip. Some health insurance companies recommend using stamp on passport while departing from and arriving to your country.

These travel health insurance tips help travelers to purchase insurance policy properly, to get affordable health insurance, to know how to choose deductable which less premium and finally to know how to claim.

Low Cost Medical Insurance Secrets Which Save Your Money

Low cost medical insurance programs provide insurance policies at very lower price than any other insurance companies. Most of the time students, individuals who are out of work and small-income individualsappear to be the best applicants for low cost or cheap medical insurance. Families and individuals can select different medical insurance policies among the best low cost packages which offer coverage at a very low price.

 Low Cost Medical Insurance Secrets 

There are few individuals who would like to incorporate dental insurance into their insurance coverage and they may get some lower insurance quotes.  There are many insurance companies which have different lower cost medical insurance packages for college students.

If employer gets insurance plans for employees, companies offer lower premiums compare to any other policies because insurance companies have bulk policies with lower price for employers.A business has lots of employees and if authorities insurance for their employees, they buy insurance policies for all their employees whoareprofitable to insurance companies, so they lower the premiums.

Moreover, in some cases, the companies pay a part of the premiums. Though these insurance plans are not expensive, but the employees should careful that the plan covers all the necessary needs.

How to Get Lower Cost Medical Insurance?

The institutions which buy insurance policiesfor theiremployees may include free yearly full body or medical checkup. This opportunity helps employees to check if there are any serious medical problems without cost.

Medical insurance for employees is common phenomenon among manufacturing industries, industries where workers have to operate heavy machine, construction business and iron industries because in these industries the chance of accident is more than other business. Business which bears the insurance for their employees increases the self-esteem as they care to the employees.

Group medical insurance will be perfect for the groups because medical insurance companies offer better medical insurance quotes than individuals. There are many business proprietors who have small business but in order to get cheap insurance rates they show theirbusiness as large industry.

Group insurance policies are greatlycheap if you compare to individual plans that’s why employees try to get group insurance. In group insurance employees have deductibles, co pays, and some factors which are incorporated into insurance rates so it seems individual or family medical insurance will be quite likely same as group insurance in future.

There are some individuals who seek for short-term medical insurance policy when they are out of work. Insurance companies have such medical insurance plans for unemployed individuals at low cost and when they turn out to get a job, they can get medical and medical insurance through their employers mentioning that they have medical insurance.

There are some other ways to get affordable or low cost insurance rate and one is to be a consultant for medical insurance help. Many statistics say that if any consultant gets insurance policies for few groupsof people or employees through their employers, that consultant can get lower cost insurance rates compared to others.

Whatever you do inoffline the better way to get low cost medical insurance is to comparing medical insurance quotes online and by this process you get multiple options to choose.  To help you there are many informational websites which provides different medical insurance quotes, lower and cheaper rates and above these they can choose the best medical insurance suite for you after analyzing your affordability, income, medical history, travel experience, previous medical insurance records and premiums, employment history and nearest medical insurance companies. They are affiliated with so many medical insurance companies and they have expert insurance consultants, so they can offer cheap but quality insurance packages for you.