Individual Health Insurance and Group Health Insurance
This product has complex features that can create serious confusion among policy holders.
There are lots of terminologies and features that you may not understand until you get hospitalized.
Feel free to read all the policy yourself but experienced insurance consultants that represent strong carriers can guide. There are different terminologies like deductible and out pocket that are different from one carrier to another. For instance, one carrier out pocket may include the deductible and another carrier may not include, therefore you have double out of pocket.
Individual or Family Health Insurance Policies
Individual or family health insurance policies are fully underwritten insurances (risk evaluated) by a company. The policy may have a rate up (extra premium due to a person’s health conditions, exclusions (pre-existing conditions) and the insurer may decline certain members. As of March 23, 2010, the new Health Reform law prohibits insurers from declining coverage to children under 19. However, the insurer can still charge an increased premium for children with health conditions.
Policies usually includes different benefits that may be subject to co pays, used for doctors or other outpatient visits; or deductibles for emergency/hospitalization. Sometimes a coinsurance is applied as well, so your out of pocket costs may be higher.
Temporary Insurance or “Short Term” Insurances
Temporary insurance or “short term” insurance guarantees coverage immediately for US citizen or non us citizen residing in the USA. The term of this type of policy typically ranges from one month to 22 months. Coverage excludes pre-existing conditions.
Group Insurance policies are usually for employees of small businesses business or corporations that are willing to provide coverage for their employees. The group insurance is guaranteed although some restrictions may apply. Group insurance can be set up at the state level or multi-state level. In other words, the policy may cover employees of the company working in different states. Group insurance requires having UCT6 and information about the employees.
International insurance is for foreign residents living overseas (not for US citizens). It is very popular in Latin America. Travel Insurance may include medical coverage for people traveling. When purchasing this insurance, check carefully to see if medical evacuation is included.
Insurance is complex but we will work with you to ensure that you know your options and provide a solution for your needs.
At Insurance Consultants International we have a variety of affordable heath insurance plans and we will assist you finding the one that fits your family’s needs!