Yes, all pre-existing conditions are allowed and can no longer be used to bar an individual from obtaining health insurance coverage. This provision of health care reform and guarantee of coverage went into effect for children in 2010 and will apply to adults in 2014. Premiums will not be allowed to use pre-existing conditions as a factor for establishing rates.
The cost of coverage can be adjusted using only these four factors:
1) whether the policy covers an individual or …
Health Savings Accounts (HSAs) can be established if you have a high deductible policy. The policies may be offered by employers or purchased privately. Individuals open the account at a local financial institution that offers an HSA option. Funds deposited into the account may be made privately or with contributions from employers. The funds cover the out-of-pocket expenses you are expected to pay with your insurance plan and can include vision and dental expenses that are not covered …
In order to be included in the Health Insurance Marketplace, each insurance company can offer four different types of “qualified” health insurance plans– Bronze, Silver, Gold, and Platinum.
A Bronze Plan will cover 60% of health care costs with the consumer responsible for paying 40%. For Silver plans insurance companies pay 70% of costs and the consumer pays 30%. For Gold Plans, the split is 80%-20% and for Platinum the split is 90%-10%. In general, the more the company …
If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.
Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …
The Patient Protection and Affordable Care Act, signed into law on March 23, 2010, was amended on March 30, 2010 by the Health Care and Education Reconciliation Act. Affordable Care Act (ACA) refers to the final version of the law.
Click “Read the Law” and check out the information and links at http://www.healthcare.gov/law/.
…
Health Insurance Plan costs can be broken into two categories: cost of having the plan and costs of using the plan. In order to purchase and continue to have health insurance coverage, you have to pay a premium. The premium is paid on a regular basis such as a certain amount monthly, quarterly or yearly. It is typical that when purchased through your employer, the plan premium is deducted from each paycheck. Basically, the premium buys you the health …
Because your premiums are deducted pre-tax, this means that you purchase your health insurance through your employer and are responsible for paying a portion of the cost. Health insurance is canceled when you quit paying the premiums.
Assuming that you will be receiving health insurance from another source in the future, work with your employer’s human resources office (in a small company that might even be the person who handles payroll) to stop paying the health insurance premiums.
Make sure …
In most instances, the answer is no. Premiums and deductibles are two separate payments related to an insurance policy. A premium is paid to simply have insurance coverage in place regardless of whether or not a claim is ever made. A deductible is paid if there is a claim and is the amount paid out of pocket by the insured before insurance benefits are received.
We would like your feedback on this Personal Finance Frequently Asked Question.…
