Health Insurance Mistakes - Expensive Lessons

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
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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 insurance.



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 coverage.



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 year.



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 pregnancy.



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 conditions.



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 cards



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.



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 removals.



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.



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 co-payments.



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 resident.



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, COBRAhealth.com:



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 Agent.



Contact me, anytime!

 Craig Casey - Google Profile
 Twitter.com/InsuranceCobra
 Facebook.com/Cobrainsurance
 Youtube.com/COBRAinsurance
 Craig@COBRAhealth.com



Health Insurance Mistakes - Expensive Lessons

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