There are many queries that need to be answered prior to settling for health insurance. Health insurance rate falls as a primary concern, benefits and coverage falls on the second spot, and other supplementary concerns that likewise need equal amount of consideration falls last but definitely not the least. If you are one of those people who are still having second thoughts as to whether you would purchase a health insurance or not, the following questions might shed light to your health insurance concerns. Read through each question carefully and learn from the given answers as well:
Q: I am a pioneer employee of a small business. And so far, I’m the only worker as the rest are members of my employer’s family. Am I stuck buying an individual health insurance?
A: In point of fact, it is possible to purchase insurance for groups of one. Although you may have a difficult time finding an insurance company that will allow such condition as the specifics of the plans vary widely especially on your health insurance rate. What you need to do is to primarily determine and examine your overall physical condition. If you’re in a poor health state, then you really have to pursue groups of one policy to reduce your insurance rate. Keep in mind, insurance companies can’t simply reject their members for health reasons. So it’s better to be prepared than be sorry in the end.
Q: What does a stop-loss provision mean?
A: Most medical insurance companies would require their members to make co-payments and would regulate the amount that each member has to pay within a given period of time, usually on an annual basis. That said regulation or limitation is better known as the stop-loss figure, and it shows discrepancy on both the insurer and the policy they bear. Take for instance; if your stop-loss is $2500 in a year, you wouldn’t have to pay for anything in excess of $2500. Afterwards, your insurance company will pay a 100 percent of the expenses covered by the policy. Stop-loss provisions are generally the one that you should look for when you’re comparing insurance policies and rates.
Q: If I opt for an individual policy, will I be able to keep it forever?
A: Keep in mind, every term and condition is dependent on your policy, and that includes the renewal of your coverage. Guaranteed renewable policies can be kept forever, provided that you’re paying your premiums on time even if your insurer raises the amounts of premium rates that you have to pay. Optionally, renewable policies can be terminated but only for a short period of time (such is the anniversary or the date you purchased your policy). Conditionally speaking, your insurer has the right to terminate its coverage if you belong to a group plan in your company but decided to resign from work. Therefore, whether your policy is optionally or conditionally renewable, it is a must that you verify with your insurer concerning required procedures should a coverage is about to reach its expiry date. Also, you need to update if your policy can be converted from individual to individual-family plan. Remember, you have the power to know these things and they must be scrupulously checked for your own benefit.
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