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Health Insurance Mistakes - Expensive Lessons


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Health Insurance Mistakes, Letting your coverage lapse
Paying for an HMO if you are healthy. Getting a High Deductible Plan if you are sick
Not planning pregnancy.Going over 62 days without coverage
Discount medical cards. Getting COBRA if you are healthy. Buying a limited indemnity policy. Check health insurance policy details
Not applying for Medicaid
Not enrolling in PCIP
Not shopping around.

Published in: Economy & Finance, Business
  • you can also add not going on Medi-Cal if you're pregnant, and in California. Many states understand if you're pregnant, that is health care that needs to be addressed.
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Health Insurance Mistakes - Expensive Lessons

  1. 1. Expensive Lessons Letting your coverage lapse Paying for an HMO if you are healthy Getting a High Deductible Plan if you are sick Not planning pregnancy Going over 62 days without coverage Discount medical cards Getting COBRA if you are healthy Buying a limited indemnity policy Check health insurance policy details Not applying for Medicaid Not enrolling in PCIP Not shopping around  Page 1
  2. 2. Esp. if you are not healthy Have your health insurance set on auto pay. Don‘t cancel if you have a high risk hobby or profession. Uninsured patients pay the several times the insured rates. Uninsured people die sooner since they delay early diagnosis. Cancel only as a last resort - you must choose between food, rent, or health  Page 2
  3. 3. No deductible plans if you are healthy Premiums average 15% higher than HDPs or PPOs. You are limited to in network services. HMO carriers continue to raise rates agressively, as people overuse their  Page 3
  4. 4. If you are sick You‘ll have to come up with the deductible before you get more coverage. Low or no deductcble plans are often available. Consider an HMO if you have a serious condition or are on expensive medications. With a chronic issue you may be stuck in your plan, hitting your deductible every  Page 4
  5. 5. Average delivery costs $20,000 Uninsured parents are charged up to 700% more. High deductible plans are a bad idea for a $20,000+ procedure. Once your child is born, the carrier will bill your child and spouse. Financially, HMO plans with no or low deductible are better for  Page 5
  6. 6. You‘ll lose HIPAA portability  Health plans can deny you coverage.  Your prior certificate or coverage won‘t help you.  A new plan may exclude pre existing  Page 6
  7. 7. It‘s not health insurance! Sold over the phone with lots of promises. Have strict limits and don‘t cover much. Offer negotiated rates you might be able to get on your own. Often has clauses where they do not have to pay anything. Just say no to discount medical  Page 7
  8. 8. Don‘t pay full freight! COBRA is often way more expensive than private health insurance. The insurer has to cover everyone eligible for COBRA. COBRA is only temporary, so you‘ll need other coverage after 18-36 months anyway.  Page 8
  9. 9. Serious limitations Used for low wage workers like Walmart & Frys. Pays out very low maximums ($1,000?) in medical costs a year. Hospital indemnity usually pay a fixed payment per day. Cancer policies only pay for care associated with the diagnosis and treatment of cancer. To be phased out because of cap  Page 9
  10. 10. The fine print, exciting stuff! Check limits on the number of covered visits for certain services like counseling or physical therapy. Receive authorization codes prior to a procedure. Some policies only pay up to a certain dollar amount. Electives like cosmetic surgery, etc. are not covered. Vision and dental care are often not covered.  Page 10
  11. 11. For hard times You may qualify depending on disability, income and assets. Pays for most medically needed procedures 100%. Medicaid may pay the premiums of your current health insurance under certain circumstances. Some services have small  Page 11
  12. 12. Pre Existing Condition Plan You may qualify depending if you’ve been rejected for health insurance. Waiting periods are usually 6 months. They have generous benefits and premiums vary. You must be a US Citizen or legal  Page 12
  13. 13. Compare Private Health Plans If your healthy and not on expensive meds, you may qualify. Plans vary in price and benefits, so pay attention to policy limits and exclusions. Get quotes on the website,  Page 13
  14. 14. Blogger, Athlete, Family Dude I became interested in finance when my dad would play the stock market. Husband, chef, dishwasher, gardener, wrestling coach, and blogger. Started on the web back in 1999. Former Stock Broker, Registered Principal and Independent Insurance  Page 14
  15. 15. Contact me, anytime! Craig Casey - Google Profile  Page 15