How to Pick Health Insurance for Millennials Based On Life Events

May 09, 2020

Health insurance for millennials is very tricky terrain. If you are a millennial, then mortality seems like a far-fetched idea. It is already difficult to deal with day-to-day challenges of juggling brunches, managing your love life, and dealing with a micro-managing boss, etc.  Therefore, thinking about what may happen to you in the next few years is the last thing on your mind.

However, life comes at you in a wink, and suddenly you are in your mid-thirties. Just like any other stage in your life, in this phase, your life goes through a lot of changes. It may be getting married, a career change, or moving for various reasons. Maybe you are not quite there as of yet, but some version of these life-changing events are staring you right in the face.

Not everyone requires life insurance. However, the probability and practicality of having one increases as you hit significant milestones in life.

What Qualify as Life Events?

Typically various instances qualify as life events.

Changes in your household

Some events that may happen in your life may qualify as events to trigger the need for health insurance for millennials.

Birth of a child, Adoption

If you have an addition of a child to your family, you have sixty days from the event to apply for insurance coverage. The coverage will cover you from the day of the event, i.e., the birth or adoption of the child.

Death

You can buy insurance in case of the death of an insured family member who's insurance plan had you covered, and now you have lost coverage.  

Marriage, Divorce, or Separation

In case you got married, it is best to get medical insurance for yourself and your life partner. If you get a divorce or legal separation, you can get medical insurance for the lost coverage due to legal proceedings.

Changes in Residence

Whether you are moving due to work or relocating to a new state for university, you may want to get yourself appropriate health coverage for unforeseen circumstances.

Loss of Health Insurance

Were you covered under the insurance plan of parents or a spouse and lost it? Maybe you lost your health insurance by an employer. In all of the above cases, you should consider buying insurance of your own.

Other life events may include becoming a US citizen, starting or ending services, such as AmeriCorps State, NCCC or Vista member, and leaving incarceration.

How to Buy Insurance Based On Life Events?

You can start by looking at your recent medical history to predict your insurance needs in the future. You must consider the following factors.

  • How many times have you seen a doctor or been in an emergency?
  • How many times did you drop the idea of going to see a doctor or to an emergency because of the cost of treatment?
  • How much did you spend on prescription drugs, and if you have any ongoing needs?
  • Do you have any injuries known to cause problems later?

Once you have decided to go for insurance, the next step is to figure out your health insurance budget and shop around. Calculate your finance on how much you can afford to pay per month for your insurance premium and then consider how much you are actually willing to pay.

Health insurance for millennials’ costs and premiums has been volatile recently. However, you can get an idea by comparing different plans on the national healthcare exchange. Some of the states have their own health exchange, or you can also consider other insurance price comparison websites, just Google it.

If you are under 26, you can still stay under your parents' coverage; however, it is not always the best option. Once you turn 26, you have sixty days to get your own coverage, unless you have coverage by an employer (which is your best option).

 Although, some employers do pass off much of the premium cost to the employees, in which case you are better off getting your own coverage. If your employer does not offer you insurance coverage, you may qualify for a subsidy or the healthcare.gov insurance plan.

Prioritize your Health Insurance

When choosing health insurance for millennials, you must pay due diligence while comparing insurance plans to get suitable coverage at the best price. If you are a millennial, you are more likely to be a freelancer or self-employed, which means you will prefer retail clinics, emergency rooms, and urgent care centers. In this case, you must find a plan that offers to cover these types of medical expenses. You may also check plans offering telemedicine or e-communications for minor illnesses.

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Coronavirus Pandemic and Insurances for Small Businesses

May 09, 2020

With the outbreak of coronavirus pandemic, every business owner is wondering if they are covered to face the unforeseen circumstances. The fact is that the day your business opens its doors, it becomes prone to certain risks. A lawsuit by a customer or a business partner is enough to wipe out a small business.

However, no business had anticipated that a pandemic would be the biggest challenge in 2020. Since no one was ready for COVID-19 pandemic, there are no specific insurance plans for small business, or even for large corporations. But, you must know all the insurances for small businesses available in the market.

5 Must-Have Insurances for small businesses

Fortunately, there is a wide range of guarantees for small businesses to protect your investments. Here are the five most important ones that your business must-have.

Errors and Omissions Insurance (E&O)

It is also known as professional liability insurance that covers your business against negligence claims. For example, if a customer or a third party suffers due to your business’ mistake or failure to perform, they may file a negligence claim against you. However, this insurance varies from industry to industry, and there is no one policy fits all formula. Each business has its own concerns and practices, so this insurance policy is customizable as needed.

Property Insurance

It is a must, COVID-19 pandemic or not. Property insurance covers your business against damages to inventory, furniture, equipment, and your building in case of fire, theft, or storm. How will it help in these circumstances? Well, we often get the news of mass hysteria where people start breaking into businesses and shops. If such an incident occurs at your premises, it will count as vandalism or theft. However, property insurance does not cover earthquakes and floods. If you live in an area prone to such events, then discuss this with your insurance provider and get a policy that covers you against natural disasters.

Employees’ Compensation Insurance

The moment you hire your first employee, employees’ or workers’ compensation insurance becomes a must to safeguard the employees and the business. This insurance covers disability, medical treatments, and death benefits if an employee gets injured or dies due to his nature of work at your business. No matter if an employee’s work is low-risk, even a small slip or trip may cause a medical injury followed by pricey claims.

Insurance for Home-Based Businesses

If you are an entrepreneur operating a small business from home, you may still be eligible to get insurance for small businesses. Unfortunately, your home insurance will not cover any item, equipment, and inventory used for commercial purposes. Therefore, ask your insurer to extend their protection plan to cover your commercial items or look for additional insurance that does.

Product Liability Insurance

It is a must-have insurance cover that protects your business against any legal claims due to harm caused by your product. As a business owner, you may take all precautions to make your product safe for use. However, if you ever find yourself in the middle of a lawsuit due to damages caused by your product, then product liability insurance can save the day for you.

Do Not Delay

As the COVID-19 situation continues, it is high time to protect your business. If you are a new business in town, then do not delay getting these insurances for small businesses. If you are an established small business and lacking any of the above, then get yourself covered as soon as you can. There is fierce competition in the market when it comes to insurances for businesses. Therefore, do your research, compare the prices, and bag insurance that suits your needs and budget.

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All You Need To Know About Health Insurance Coverages

May 09, 2020

Health or medical insurance is a type of insurance that covers your surgical, medical, and in some cases, dental expenses. If you have health insurance, it either reimburses you for the costs incurred or pay directly to the hospital. You can buy one anytime. However, many employers offer health insurance coverage as a part of employee’s benefits to entice quality employees.

With the employee’s health insurance, the employer partially covers the premiums but often deducts it from the employee’s paycheck. The benefits received against health insurance are tax-free.

Health insurance: A Brief Guide

Health insurance is a complicated affair. Therefore, you must familiarize yourself with the basics of it. Whether you buy insurance from a broker or your state, you will have to choose a health plan according to the benefits they offer.

There are four plans to choose from, including bronze, silver, gold, and platinum. If you are under 30, you may be eligible to get a catastrophic plan with high deductibles. A deductible is an initial amount you pay every time you claim your health insurance

Each of these coverages is different, and there is no set standard. Therefore, the details of these plans may vary with health insurance providers. However, all these plans work on a basic principle where they cover a certain percentage of your bills, and you take care of the remaining percentage.

Types of Coverages

Bronze Coverage

The health insurer covers 60 percent of your medical bills, and you pay the rest.

Silver plan

 The health insurer covers 70 percent of your medical bills, and you pay the remaining 30 percent.

Gold plan

 The health insurer will pay 80 percent of your medical bills, and you will cover 20 percent.

Platinum plan

 Your health insurer covers 90 percent, and 10 percent comes out of your pocket.

Catastrophic plan

This plan covers you for both emergencies and preventive care. However, it has low premiums and high deductibles. The average deductible for these plans of plans was $ 7,148 as of Feb 2020.

Types of Plans

There is a multitude of health insurance providers available these days. Each of them offers one or more of the four types of plans.

Free-for-Service

It is also known as the “Traditional Indemnity Plan.” In this plan, you can simply book an appointment with your care provider without any prior permission from the insurer. You pay your bills, and the insurance company reimburses. However, you have to pay the high deductible from $200 to $2500 before the insurer steps in.

PPO

PPO stands for “Preferred Provider Organizations.” PPOs usually have a network of care providers and have lower fee agreements with them. You will have to stick with the doctors within their network, and it will cost you as low as $10 per visit. You can see a doctor from outside the network, but you will have to pay the bills out of pocket. You can then submit the bills to the insurer from 80 percent reimbursement.

POS

POS or Point-of-service work somewhat similar to PPO, but it employs a Primary Care Physician (PCP). To get a referral, you will see the PCP for an initial check-up, if the PCP refers you to a doctor. If the doctor is within their network, you are fully covered. In case if PCP refers you to a doctor outside the network, then most of the medical costs are covered. However, if you refer yourself to a doctor, then you will have to pay out of pocket and submit the bills to the insurer for reimbursement. You may also incur high deductibles in this scenario

HMO

Health Maintenance Organization is the least expensive and least flexible of all plans. It abides you to see their doctor only, and only this doctor can refer you to visit a specialist.

Choose wisely

There are a lot of health insurance providers out there. Therefore, do your research, read their terms and conditions, and confirm your coverage plan to know what you are getting to avoid any last-minute shocks or disappointments.

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Medical Insurance and Coronavirus

May 09, 2020

As the COVID-19 pandemic continues, the whole United States has started to suffer the effects of this endless battle. While coronavirus threatens to kill millions, people are losing their medical insurances in this hour of need, as the businesses shut down are laying off their employees. According to Vox, approximately half of the US citizens relied on their employer’s medical insurance. Others may either rely on independent self-funded insurance or even have additional protection in addition to employer’s provided health cover.

COVID-19 and Its Effects on Medical insurance and What to Do?

This coronavirus pandemic is affecting everyone, irrespective of their profession, education, or age. Not only does it mean losing your job and medical insurance, but also the spike in medical expenses. According to Time, coronavirus medical expenses may cost up to $35,000 per person. It will result in a hike in medical insurance premiums, leaving fewer to afford health coverage, let alone have access to it.

According to Forbes, many insurers may suspend their policies for existing subscribers and close doors for new buyers.

So, what you must do in such a dire situation? The best is to look out for an insurance provider that may provide decent coverage for you and your loved ones at an economical cost.

3 Components of Health Insurance to Consider

Here are some components to consider while you shop for medical insurance for COVID-19.

Coverage

It is the most critical component of medical insurance for coronavirus. Some insurers may provide you coverage for initial COVID-19 testing, but not the treatment; whereas, others may offer full coverage from testing to all expenses covered. Therefore, you must discuss this in detail with your insurance provider to avoid any last-minute shocks and disappointments. It is also crucial to know your coverage limit and how much you will have to cover from your own pocket, especially if you exceed your coverage limit.

Premiums and Deductibles

Premiums are the subscription price you pay monthly or annually towards your medical insurance. Of course, money matters, so it is wise to check what premiums you are paying and the protection you are getting in return.

On the other hand, paying premiums does not cover you alone. You are more likely to pay a deductible as well. A deductible is an initial amount you pay before your medical insurance kicks-in to cover you. Even when paying a low-premium, you may have to pay a high deductible before making a medical claim. Both your premiums and deductibles are a part of the quote for medical insurance, so check them before buying coverage.

Ambiguous Terms and Conditions

Read your terms and conditions properly before putting your name on medical insurance coverage. Make sure there are no hidden or vague terms and conditions, especially for pre-existing medical conditions. Some insurers do not cover pre-existing health conditions and cancel your claim. Therefore, if you have a heart condition or other illnesses, then it is better to find an insurer that accepts your existing medical history.

Make an Informed Decision

Stay positive, as there is still a massive competition in the medical insurance for coronavirus. Therefore, all you need is a bit of patience and research. Get online and search for your local medical insurance companies offering coverage for COVID-19. Compare their premiums, deductible, and coverages to choose that suits your needs, existing health condition, and budget.

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COVID-19 And Insurance For Millennials - What And How To Buy?

April 19, 2020

A huge number of workforce in the US consists of millennials. Many of them have lost jobs due to the coronavirus outbreak. Others faced a considerable reduction in working hours and drastic pay cuts, making it impossible to manage monthly premiums.

As the COVID-19 pandemic continues to develop in the United States, many continue to look for health insurance that covers them against coronavirus. Millennials, who were not taking it seriously, are now on the look for an insurance that gives them full coverage against the threat.

According to the New York Post, millennials may be at a higher risk of catching COVID-19. Millennials are people born between 1981 and 1996. It makes the oldest millennials reaching their 40s, and soon they will be prone to health problems that come with middle age, as the immune system weakens. On top of that, the COVID-19 pandemic has made it harder to obtain insurance to provide full coverage.

Do you know you may be able to keep your employer’s healthcare benefit plan, even if you lost your job? Yes – if you have lost a job, federal rules COBRA allow you to continue the plan you had with your employer.

Health Insurance against Coronavirus

If you are a millennial with no insurance, then you need to get one as soon as possible. However, if you already have existing insurance, then you have an option to either stick to it or consider an alternate policy with better coverage.

According to The Wall Street Journal, people have lost their health insurance coverage due to COVID-19. However, many insurance providers are offering a promising package for millennials. Here are some factors you must consider as you shop an insurance cover.

Coverage

It is the most critical aspect when buying your health insurance. You have to ensure what your insurance provider is offering in the name of covering coronavirus. Some companies may offer only to include the testing for COVID-19, and partially cover the treatment for coronavirus. Therefore, get a confirmation quote in writing and read the terms and conditions to know your coverage.

Pre-existing Conditions

According to the Centers for Disease Control and Prevention, people with pre-existing health conditions are at increased risk with COVID-19. Some insurance providers do not entertain such scenarios. Therefore, confirm with your health insurance company if they are providing full coverage in case of exposure to coronavirus with pre-existing conditions to avoid any disappointments.

Premiums

It is another matter that concerns millennials as many are losing jobs amidst this pandemic. Insurance providers offering a cover for coronavirus are more likely to hike up the prices of medical insurance. The New York Times predicted the insurance premium to increase by up to 40 percent.

Therefore, do your research and compare the prices with different insurance providers before buying health insurance. If you have health insurance and the existing provider has offered to cover COVID-19, check if they may spike the premiums in the near future to cover the cost of your treatment.

Employer’s Insurance

If you are a millennial covered by employer’s health insurance, check with both employer and insurance provider about your coverage. It is essential to know if you exceed your insurance limit, will your employer cover the cost, or will you need back-up health insurance to fall back on.

Make an Informed Decision

These are tough times for everyone. Therefore, you must not risk your health during coronavirus pandemic. Here is a list of insurance providers across the US offering health insurances coverages.  Search from one of these or Google other options that are more viable for you. Stay Home, Stay Safe!

Sources

Link 1

https://www.propertycasualty360.com/instant-insights/coronavirus-and-insurance/?utm_source=email&utm_medium=enl&utm_campaign=dailynews&utm_content=20200324&utm_term=pc360&enlcmp=nltrplt2&slreturn=20200302081433

Link 2

https://nypost.com/2020/03/18/millennials-may-be-at-a-higher-risk-for-catching-coronavirus-official-says/

Link 3

https://www.wsj.com/articles/what-to-do-if-you-lose-health-insurance-during-coronavirus-pandemic-11585578454

Link 4

https://www.cdc.gov/coronavirus/2019-ncov/need-extra-precautions/people-at-higher-risk.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fspecific-groups%2Fhigh-risk-complications.html

Link 5

https://www.nytimes.com/2020/03/28/health/coronavirus-insurance-premium-increases.html

Link 6

https://www.dol.gov/general/topic/health-plans/cobra

Link 7

https://www.ahip.org/health-insurance-providers-respond-to-coronavirus-covid-19/

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Life Insurance and Coronavirus

March 31, 2020

  • You are covered if you have an active health insurance policy and your beneficiaries will get the death benefit if you die because of coronavirus.
  • It is better to get a new health insurance policy before you contract the virus.
  • While you can get a health insurance policy after getting infected, things can get more complicated.

Restaurants are now switching to takeout only, and bars are closing, and life insurance companies across the US are fielding a flood of calls from tense consumers.As the new COVID-19 has been spreading fast across the US, many Americans are worried and unsure not only about exposure to the deadly virus and their health as well as the health of their family. They would also like to know how their active life insurance policy, or a policy they are thinking about getting, would help them financially.

The outbreak of the dangerous coronavirus has closed restaurants, schools, sports leagues, theme parks, and pubs, causing Americans to rush out and buy cleaners, sanitizers, soap, and other necessities, such as paper towels and wet wipes. 

Does Your Life Insurance Policy Cover The Coronavirus?

The good news is that you are covered. Most policies cover and adapt even in a pandemic, such as COVID-19.Life insurance has no pandemic or epidemic exclusion.It means that as long as you have an active life insurance policy and continue to pay premiums, your beneficiaries, such as your family, will receive the death benefit if you die from coronavirus or related health complications.

Therefore, if you have an active life insurance policy in place, and you were to die of COVID-19, your family would still receive the payout. This is true even if you had knowingly traveled to an area, such as France, with a known disease outbreak.

You can always take a close look at your insurance policy when in doubt. Or you can have somebody who you rely on to read it for you if you have any type of exception or an unusual clause in the insurance policy itself.

Applying For a Life Insurance Policy

Although the coronavirus is an evolving and lethal pandemic, it should not have an effect your ability to apply for a life insurance policy.However, it is better to get an insurance policy before you get sick.It is better to fill out an application while you are healthy. This is because the insurance company will review your medical records if you wait and contract an illness. The company might hesitate to approve your life insurance policy at the preferred rating.

And you may have to go through an underwriting process if you have any pre-existing conditions, like diabetes.This process can last over a month. And if you travel to a country with the coronavirus, such as China, it can delay your application. This depends on the life insurance company.

Keep in mind that while many life insurance companies in the US have no changes in their application approval because of the current spread of this virus, some insurers can postpone application approval in these cases:

  • You have visited China within the last thirty days
  • You have returned from Wuhan Province recently
  • You have plans to travel to China in the future
  • You have plans to go outside the US in the future

You might not want to spend time in a doctor’s office during a pandemic. However, some insurers require you to undergo a medical exam for approval. If that is a concern, you should shop around for insurers that do not require an exam or look for an insurer that will allow you to conduct the medical test at your house.

Sources:

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