Guaranteed Insurance: Don’t Fail To Plan
If you fail to plan for your illness, then you might just end up with a mountain of debt. Incurring debt due to medical reasons is not just a possibility, it’s actually a fact of life for some people. Which is why you need to have the right kind of health insurance policy.
Low and middle-income earners may find that the bulk of health plans being offered in the market today are expensive. For people with pre-existing conditions or people who are not currently employed, their situation is worse off. Their chances of getting a health insurance policy are slim, because most health insurance companies decline applicants if they are found to have pre-existing illness or have changed their employment status.
Under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), it was determined that health insurance carriers may or may NOT provide guaranteed health insurance to clients with pre-existing conditions.
HIPAA defines pre-existing conditions as a physical or mental condition for which medical advice diagnosis care or treatment was recommended or received within six months period prior to the enrollment date. Examples of these pre-existing conditions are heart disease, heart attack, diabetes, cancer, stroke, liver disease, AIDS, pregnancy, depression, and kidney disease, among others. Insurers can exclude such people while determining eligibility for acceptance. They can also exclude people who have been without coverage for 63 days from a policy. Such a scenario is dreaded by people. For the most part, however, the dread stems from lack vital information on guaranteed insurance. (Insurance salesmen, however, see this as an opportunity to round up more health insurance leads for guaranteed health insurance.)
Guaranteed insurance is not just for people with pre-existing conditions or who do not have creditable coverage, they are also for people who are covered with a health plan provided by their employers, but due to change of occupation or retirement, these employees face a termination of the plan.
Insurance companies often refuse renewal of these health insurance plans without the employer's support. An employee is then faced with the dilemma of how to get a medical coverage in case of illness or accidents. This is where the concept of guaranteed insurance becomes important as it allows renewal irrespective of an employer's agreement with the insurance company and the employee.
Thus, guaranteed insurance becomes handy and helpful. No one is ever refused employment on grounds of a pre-existing health condition or employment status. Take note that this insurance plan has the following specific characteristics: The plan is renewable irrespective of changes in the employee's health and employment status. The plan reimburses doctor's fees and hospital charges.
Guaranteed insurance has no deductible, and covers the client in and out of hospital. A guaranteed insurance plan provides for short-term health care expenses as well as long term health care expenses. For those low and medium income individuals, a guaranteed insurance becomes a necessity, as it always pays to plan ahead before a major illness strikes. On the cost of a guaranteed insurance, individuals can choose their specific package that can sufficiently cover any future costs due to their pre-existing illness. A medical doctor can be of assistance to them at this stage, as the former can identify any future illnesses that may develop out of the existing ones. It would also give a clear idea of what type of coverage is only needed without spending for some type of illness that is unlikely to happen.
With guaranteed insurance, individuals are better prepared for any health problems that may occur and are confident that there are no future debts waiting for them because of poor planning or having the wrong health insurance plan.
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