Uninsurable Health Insurance
Un insurable Health Insurance
As an insurance broker I know and understand what it feels like to be uninsurable and be without insurance. My own body was ravaged by an auto accident that left half of it uninsurable. My limbs got so torn up they are the perfect example of a preexisting condition. But that’s just bones and joints so I’m the lucky one. Many of you have medical conditions that go way past the mechanical aspects of health. Your condition involves chemistry and can’t be fixed with pins, screws and plates.
In my years as a health insurance broker I’ve come across pretty much every condition that is considered to be anuninsurable health risk with a private health care plan. This would be opposed to group coverage, through an employer, where most preexisting conditions are covered by law.
Individual health insurance plans cost less than group because they are not required by law to cover preexisting condition, so they pass the savings on to the policyholders. Even so, private health plans are jumping in cost along with group that is seemingly on a never-ending spiral upwards.
Uninsurable Health Insurance – and COBRA
First, if you have a COBRA option available from your previous or soon to be previous employer, take it ! The cost is high but most preexisting conditions will not be picked up by non-group companies. Depending on the severity of the condition you will know if it is manageable without insurance or not. Also check out your states high risk insurance pool to see if you are eligible for that program. Again, the cost is higher than a regular health policy but your preexisting conditions are covered. You can stay on COBRA for up to 18 months. Once this runs out or if it and the state insurance program is unaffordable, then alternative healthcare options may be your only choice. Or if you can go back to work for an employer that provides group coverage.
Uninsurable Health Insurance Options
Plan designs for those with uninsurable medical conditions fall into a few areas. There are accident plans, accident plus indemnity benefits, PPO discount plans, straight indemnity plans and discount prescription drug cards. Most of these options are not insurance but discount benefit plans. Some are offering insurance in the form of indemnity plans. While indemnity plans are not a comprehensive major medical type of coverage they do provide some protection and cost savings. Uninsured healthcare options are on the rise.
Can Indemnity Health Insurance Plans Work for Uninsurables?
They can help a lot as they operate as reimbursement vehicles. You incur a medical expense and they reimburse you in accordance to the provisions of the policy you have with them. Indemnity plans are where health insurance started, so it’s an old concept, that is still with us and works. Depending on how you use these plans they can offer some good financial protection and save you a lot of money.
As we move forward into the Affordable Healthcare Act more options should become available to assist you in your hunt for uninsurable health insurance.