What aspects should I look out for when buying temporary insurance plans?
The duration of the coverage is important because temporary insurance policies usually last for only a few months to a year. Because of this short duration in health coverage, temporary insurance is bought by persons who are in-between jobs, waiting for the coverage of a permanent health insurance to start, or those who changed their status from minors to adults. It is also important to consider the date when your temporary insurance starts. Usually, you get immediate coverage upon purchase of the temporary insurance – either on the day itself or the next business date. But you have the option to begin coverage on a future date of your choosing, typically within 30 days of submitting your application. The out-of-pocket amount is another important factor to consider. With temporary insurance, the out-of-pocket amount includes both the deductibles and your co-insurance. Deductibles are the amount you pay before the insurance company covers your medical expenses. The co-insurance is the payment arrangement between you and the insurance company. The usual arrangement is 80/20 – the insurance company pays for 80% of your total medical bill, and you pay the remaining 20%. Once you have met the out-of-pocket amount, then the temporary insurance will be paying for the other medical expenses that you might have. To qualify for temporary insurance, you need to satisfy certain requirements. These requirements include your weight, history of insurance application, medical treatments that you might have had, test results, drug prescriptions, present medications, and other illnesses for the past five years. Many pre-existing conditions are excepted because a temporary plan excludes benefits for these. If your previous insurance applications were also denied, it is likely that your application will also be denied. As regards to the application for temporary insurance, you can look for application forms online, or through brochures displayed in strategic locations – colleges, universities, insurance agents’ offices, and others. You can also call a local insurance agent to discuss options and proceed with the application. Better yet, try to contact the company which sells the temporary insurance plans and apply to them directly. Like permanent health insurance plans, you can also process claims, under temporary insurance, directly with the insurance company. In some cases, the doctors and the hospitals submit the claims to the insurance company to make sure that the documents are not tampered with. Answer by BCAgentIdaho — June 16, 2009 @ 3:20 pm No CommentsNo comments yet. Leave a comment |
|
When you buy temporary insurance plans, you need to consider the duration and start of coverage, the out-of-pocket amount, the qualification requirements, the application procedure, claims processing, and the procedure for renewing the policy.
