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Whats A Short Term Health Plan?
This type of insurance provides coverage for a defined period of time and generally has a much lower monthly premium than other forms of major medical health insurance. These types of plans do not usually require an enrollment event and they last from 30 days to 90 days. You do need to re-apply for these plans each time your coverage term expires. These plans are helpful to add to help supplement your full coverage benefits.
What is GI Insurance?
If you have a qualifying life event, you have the availability to choose from ACA/Obamacare Plans. ACA policies are guaranteed issued, great for those who have significant health issues such as heart attack, stroke, cancer, etc. because they can still obtain coverage without worrying about their pre-existing conditions . These plans are going to normally cost much more if you don't qualify for a subsidy because these plans are priced based on income and the geographical location.
What Does It Mean To Be Medically Underwritten?
Approval-based or underwritten plans provide an option to lower rates and increase benefits since the insurance company is taking a much smaller risk on the individual that has been underwritten. With this type of policy, the insurance company can be selective on their applications which means you must be medically underwritten and approved before you're eligible for the policy. Beneficial for the low risk individual.
What Is A Deductible
What Is An Out Of Pocket Max
A deductible is an amount you must pay (besides your monthly premium) before any medical benefits kick in.
What Is An Out Of Pocket Max
What Is An Out Of Pocket Max
What Is An Out Of Pocket Max
The out of pocket maximum is the amount you are liable for in the year for your individual/family medical bills. This is also called a stop loss.
Health Insurance for Self-Employed
Do I only have the "Open Enrollment" time period to be able to set up private insurace?
This only applies to Public Marketplace/ACA/Obamacare plans. You can also get on these plans with a qualifying life event or during Open Enrollment. Public plans can also be canceled at any time. So if you were to find coverage somewhere else that fits you better, there is no issue switching. Private plans are available year-round! There are no limitations of when you can get on and off of private healthcare.
Is private health insurance really expensive?
Is private heath insurance really expensive? It is much less expensive than you think! Since the rates for private healthcare are based on health and not income, you will generally see lower prices AND better benefits if you can qualify. I personally saved $2400 a year alone.
ACA insurance, Employer Coverage, and private health insurance?
ACA/Obamacare is best for those with pre-existing conditions or those needing maternity coverage. It is affordable if you are under the income threshold that qualifies you for government subsidies. If you aren't getting government assistance, it is extremely expensive. These plans are mostly high premium/high deductibles because anyone can get on them. Most employer plans are great for the employee because the employer is legally responsible to pay 50% of the employee's monthly premium. The downside is that the employer is not responsible for paying anything towards family add-ons. This causes the price to jump up significantly when adding family members and can get pretty costly because the family will be paying full price to be added to the plan. Private insurance is medically underwritten, meaning you have to qualify based on your health. Since you are in a lower-risk pool of people, you get a lower premium and preferred rates, so they are more affordable than most plans with BETTER coverage.
Can I cancel at any time?
Yes, there is no contract for any health insurance plan, besides employer coverage. You can cancel at anytime for both the public and private health insurance plans.
What are health insurance prices based on?
Public Marketplace/ACA/Obamacare plans are based on income, zip code, and age. If you don't qualify for government subsidies, they can be very expensive.
Private plans are based on health, age, and zip code.
If health insurance is ever suspiciously cheap, it is usually not a fully comprehensive plan. These are usually short-term or cost-sharing plans with VERY limited coverage. These types of plans also have no coverage for pre-existing conditions.