What Is an SEP?

What are SEPs? Do I need one?

I have been getting this question a lot lately. What is a SEP? SEP stands for Special Election Period. This is a time frame that Federal and/or State Governments allow individuals and or families to enroll into a Health plan or new health plans based on what’s happening with them.

There over a dozen of different SEPs to work with in the Health and Medicare insurance industry. They could be related to something as simple as moving into a new plan in area, or losing an existing or gaining a job or position, They could be related to attaining or losing a attained age. It could be related to special dates like your birthday or having their plan cancel doing business in an already existing area. These opportunities are there to help members to enroll into major medical coverage without having to wait for open or annual enrollment period.

Working with the correct SEP can help people get themselves and their families the Health and Medicare plans that they need to maintain a quality of life. It can provide the new or disenfranchised a chance to get the major medical health plans that they both

Understanding Policy Clauses In Health Insurance

The clauses that are related to limitations and exclusions may seem complicated at first but it is crucial to understand these before signing up. There could be some exclusions and limitations that may not affect you or your family at all while some may be important depending on your health history and hereditary family history. So while what is excluded for one person may not make a difference, it might make a huge impact for another. That is why it is important to understand what these are and how they impact and relate to you as an individual and to your family in general.

Exclusions are those conditions or expenses that are not covered by the insurance company. In such cases, the claimant will have to share a pre-specified portion of the expenses in the claim if it should ever arise. Some insurance companies will also impose a sub limit that is within the sum insured overall. Exclusions are those expenses that the insurance company need not pay for. The IRDA has standardized this with a list of expenses. There are also different waiting periods for different conditions.

One of the common exclusions for health insurance are pre-existing diseases. This is

Five Tips for Choosing the Right Health Insurance Plan

One of the best ways of safeguarding your personal well-being is by having a health insurance plan. Due to the large number of companies that offer this type of insurance policy, choosing the right one can be a daunting task. Here are five tips to help you find the best plan on the market today.

Check the Networks of Different Plans

If you have a select group of doctors whom you prefer, ask them which insurance networks they are part of. You can also use one of the many accredited online directories to know the networks that each plan on your list has. On the other hand, if you just relocated to a new city and you do not have a preferred doctor yet, choose a plan that has a large network of health practitioners.

Know the Maximum Premium Budget

Consider your average monthly expenses to know the amount of money that you can spend on the policy without compromising your financial capability. Low premiums often result in high out-of-pocket costs. Hence, what appears to be the cheapest plan may really be the most expensive, as you will be forced to pay for most of the services. One of the best ways of

Critical Illness Coverage: One of Health Insurance’s Best Kept Secrets

Before I jump into explaining what critical illness insurance is, and why I personally believe it’s a good investment, let me first confess that before I began working for a health insurance brokerage, I had NO idea what critical illness insurance was.

When I first started my job with the health insurance brokerage, I would hear agents talking to customers about plans that offered tens of thousands of dollars in coverage, should they wind up with something like a heart attack or a stroke. I was baffled and many-a-time wondered, “Does my health insurance do that, too?”

The answer was no, because the insurance they were explaining was a critical illness plan, which is frequently bought along with a major medical or short-term health plan. All I had was one plan, a major medical plan. So no, I did not have it, but I’ll tell you why I think it’s a great thing to have in a minute.

How Does This Plan Work?

First, what does critical illness insurance do? In the event of a major illness, like a heart attack, stroke, or cancer, the plan will pay out a lump sum of cash for that covered illness. The money could go to a

Protect With Dread Disease Cover

It is winter time in the Southern Hemisphere. Time for heaters, jerseys and of course the inevitable winter illnesses. All of us are susceptible to winter colds and flu, just as all of us are at risk of falling victim to a more serious illnesses or condition like cancer or a heart attack. Protect yourself with dread disease cover.

Even the healthiest person, one who works out regularly, eats the right foods and does not smoke or drink could fall seriously ill. How often do you hear of a young man struck down in his prime by a heart attack or a health fanatic that falls victim to cancer? While we must do what we can to protect ourselves against serious illnesses we must also face up to the reality that illness waits around the corner for all of us and that we must do what we can to protect ourselves financially against dread diseases.

What is dread disease cover? It is not an income replacement product or a medical aid or even a hospital plan. It is a type of insurance designed to help you overcome a dread disease. In the event that you are diagnosed with one of the illnesses

Retiree Health Care Benefits Continue to Decline

Employer-based retirement health care insurance benefits continue to decline, according to recent industry reports.

Many retirees have been able to rely on private or state employer-based retirement health benefits for supplemental health care coverage while on Medicare in the past, but this is becoming less common.

Employer-based health-related benefits can provide important coverage for the gaps that exist in Medicare programs. Additional coverage benefits can alleviate the cost-sharing requirements and deductibles associated with Medicare. Caps on the amount that can be spent out-of-pocket, often associated with supplemental coverage, are also often helpful for retirees.

Overall, supplemental retiree health and medical benefits sponsored by a private or municipal employer have helped many retirees cope with high medical costs often incurred in retirement.

The Kaiser Family Foundation recently reported, however, that the number of large private employers-considered employers with 200 or more employees-offering retiree healthcare benefits has dropped from 66 percent in 1988 to 23 percent in 2015.

Companies that do continue to offer retiree health benefits have been making changes aimed at reducing the cost of benefits, including:

  • Instituting caps on the amount of the provider’s financial liability
  • Shifting from defined benefit to defined contribution plans
  • Offering retiree health care benefits through Medicare Advantage plan contracts
  • Creating benefit programs through

Importance Of Health Insurance Portability

Choice is always good. In a globalized world, the consumer has a plethora of choices in everything, from airlines to automobiles. This is why nowadays even airlines make an announcement after the passengers land: “We know you have a choice. Thanks for flying with us!”

It’s rather simple. You have a choice – if you don’t like the product or service, switch! The same goes for health insurance policies as well. In India, people have woken up to the promise of health insurance, which has led to a proliferation of health insurance providers across the board. Because of this wide variety available, the policyholder doesn’t need to stick to an insurance provider if they feel dissatisfied with the services.

The Insurance Regulatory and Development Authority of India (IRDA) has a novel scheme for disgruntled policyholders to switch providers: health insurance portability. Now, what do we mean by this? Let’s elaborate.

What is health insurance portability?

Health insurance portability is the manner through which a health insurance policyholder can transfer his/her existing policies from the current provider to a new one. Portability offers a way for customers to opt for better service and product. That way, an insurance provider cannot take them for granted.