Archive for May, 2009
Insurance is a monthly outflow for most of us. Whether it is auto, home or renters cover it is always there for us to deem. However, there types of indemnity that you should sidestep. Some are clear and others can be subjective and possibly even controversial.
First, the obvious types to avoid:
Extended warranties on small purchases. You might be able to make an instance for purchasing assurance on a device that you use in your issue and would be in dire straits if you were lacking, like a laptop, but you cannot justify export cover on a toaster or other like entry. Anything that is considered a ‘nonplus-away’ is not worthy of payments money on for indemnity purposes.
Flight indemnity. Ever amble through an airport fatal and see the standalone kiosks from which you can grasp life assurance? Not a good idea, especially if you have life assurance already on manually. Just keep walking.
Credit card assurance. This is another street that thanks card issuers try to get you to hold to boost their profits. It sounds fairly alluring to have your thanks card bills paid if you become disabled or inferior, but ask some who have tried to save on that assurance. It visibly has ‘opportunity currency’ printed all over it for believe card companies. Do not collapse for this one.
Some cover that you can make a good situation for avoiding:
Car leasing indemnity. Most automobile policies on your own vehicle cover you if you are forceful a payment car, but it is a good idea to delay with your agent to find out for convinced. And also, find out what limitations there might be. Coming from the rental car visitors, their policies are not comprehensive and can have loop holes in them as well. Be constant to read the slender motif before deciding about whether this is a good path for you to go.
Universal life or cash quantity indemnity. A long wonder concerning worldwide life policies and withstand they value purchasing rolls on. If you pick this style of document, make effective that you do not keep this as the only investment and/or long duration savings graph that you have. You can get much better returns for your investment cash by using a good investment shrink who can propose good buys in mutual income which can outperform any common life statement.
Pet indemnity. The problem to ask here is ‘what is the resolve of this insurance?’ If your pet is that important to your family because it has become a ‘family limb’ then you might feel stanchly about exchange pet insurance. Nevertheless what does it bestow for? The payment for a personal funeral and/or a convey off if the pet dies? This one has ‘emotions’ written all over it and if you desire to leverage this insurance you are not using your money cleverly. Nevertheless, if you have the disposable income with which you can afford the premiums, then it is your affair lonesome to make the choice to acquire this mode of insurance.
By: JO CIAVAGLIA
Bucks County Courier Times
Know your rights
The Health Insurance Portability and Accountability may also give you a right to purchase individual coverage if you have no group health plan coverage available, and have exhausted COBRA or other continuation of coverage. These are called conversion plans.
The HIPAA law guarantees access to individual insurance policies and state high-risk pools for eligible individuals. They must meet all of the following criteria:
+ Had coverage for at least 18 months, most recently in a group health plan, without a significant break;
+ Lost group coverage but not because of fraud or nonpayment of premiums;
+ Are not eligible for COBRA coverage; or if COBRA coverage was offered under federal or state law, you elected and exhausted it
+ Are not eligible for coverage under another group health plan, Medicare, or Medicaid; or have any other health insurance coverage.
How Pennsylvania Conversion rights work
In Pennsylvania, if you’ve lost your employer group health plan from an employer of any size, you may be eligible to convert that coverage to an individual health insurance policy. Not all employer group health plans are required to offer you this individual conversion plan policy; check with your employer’s insurance company to see if you are eligible under the state conversion rights.
Among the eligibility requirements is that the employee has to be covered under an employer’s group insurance plan for at least three months prior to termination and if COBRA benefits are available, the person must apply and exhaust the benefits first.
Also there is a 31 day deadline to submit your information or you will lose your state conversion rights.
A benefit under the state conversion policy is that an individual can backdate health coverage to when the group coverage ended and medical claims can be submitted to an insurer for consideration.
How HIPAA conversion policies work
If you are not eligible to extend group health coverage under the Pennsylvania conversion rights, you can apply for a HIPPA conversion/alternative mechanism policy. In Pennsylvania, only Blue Cross Blue Shield companies sell HIPAA conversion policies and offer two policies: a basic and one that is more comprehensive but neither plan covers preventive services; there is no preexisting medical condition exclusion as long as the individual has had group coverage for at least 18 months and enrolls before there is a break in coverage of 63 days or more. To qualify, also a person had to be enrolled in a group coverage health plan for the prior 18 months.
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Source: U.S. Department of Labor, Pennsylvania Insurance Commission, Independence Blue Cross
Hippa Conversion policies available through Independence Blue Cross
HIPAA Continued Coverage Option 1 (Hospitalization + Medical/Surgical + Major Medical)
-Hospitalization: $500 Copayment for Inpatient Admission or $75 Copayment per Outpatient Service
-Medical/Surgical UCR 100: After a $250 calendar year deductible*, no out-of-pocket costs for covered services when treated by a participating Highmark Blue Shield Provider. For a family contract, only three members are required to satisfy their individual deductible in one contract year for the family deductible to be met
- Major Medical: $500 individual/$1000 family deductible, 20% coinsurance after deductible up to plan’s lifetime limit. Coverage includes home and office visits, prescription drugs, ambulance services, durable medical equipment. The lifetime maximum benefit begins at $35,000 per year, and increases $50,000 for each year of continuous enrollment up to a maximum of $60,000
HIPAA Continued Coverage Option 2 (Hospitalization + Medical/Surgical only)
Hospitalization: $1,000 Copayment for Inpatient Admission or $75 Copayment per Outpatient Service
Medical/Surgical UCR 100: After a $250 calendar year deductible*, no out-of-pocket costs for covered services when treated by a participating Highmark Blue Shield Provider. For a family contract, only three members are required to satisfy their individual deductible in one contract year for the family deductible to be met
