Health Care Insurance Options when You Leave Your Day Job Brandon FL

When a person is out of work, he or she operates on a tighter budget. Being faced with a major medical expense without insurance and no income to cover the care is only part of the problem. Read on to know more about this topic.

Brian Harner
4010 W Boy Scout Blvd
Tampa, FL
Company
Company: Principal Financial Group
Education
Pennsylvania State University
Years Experience
Years Experience: 15
Service
College Planning,Wealth Engineering,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Long-term Care Insurance,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Annuities,Alternative Asset Class Pla

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Citrus Health Care
(813) 490-8900
5420 Bay Center Drive Suite 250
Clearwater, FL
 
Insurance Office of America
(813) 262-2303
4915 West Cypress Street
Tampa, FL
 
HR Benefits Group
(813) 909-0035
24620 State Road 54
Clearwater, FL
 
Liliana Delara
250 International Parkway Drive
Lake Mary, FL
Service
Medicaid

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Norgard Insurance Group, Inc
(813) 454-5072
123 W. Bloomingdale Ave # 387
Brandon, FL
 
Blue Cross Blue Shield of Florida
(813) 886-1663
4350 W. Cypress St.Suite 400
Clearwater, FL
 
Ambica Insurance
(813) 870-2334
3928 W. Hillsborough Avenue
Tampa, FL
 
Freedom Health Insurance
(813) 909-2191
19809 Deer Lake Rd.
Lutz, FL
 
Mark Campbell C.R.P.C.
1401 Manatee W
Bradenton, FL
Company
Title: Vice President, Senior Financial Advisor
Company: Merril Lynch
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
University of Georgia
Years Experience
Years Experience: 16
Service
High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Health Care Insurance,Retirement Planning,Investment Consulting & Allocation Design,Busines

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Health Care Insurance Options when You Leave Your Day Job

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Insurance Options to Consider When You’re On Your Own for Health Care

By Steve Trattner, President & CMO of Cinergy Health

People need to insure their health at all times for different reasons. Experiencing a reduction in income is the most important time to protect oneself from spikes in expenses. American bankruptcies are climbing as a result of both unemployment and medical debt. When a person is out of work, he or she operates on a tighter budget. Being faced with a major medical expense without insurance and no income to cover the care is only part of the problem.

An extended illness or disability brings added expenses, such as physical therapy and expensive prescriptions, and it might even cause the other spouse to take a leave of absence from work. Additionally, without even basic insurance, people tend to put off important preventive care and are less likely to detect an illness at its earliest stages. The consequence is that when an illness strikes, it may be more serious, which may even prevent the person from returning to work. We have to invest in ourselves at all times to open up the best possible health insurance options.

If you lose job-based group coverage, you only have a short window of opportunity to make decisions that affect your health insurance options. Whether you choose to pursue private health insurance or COBRA, you only have 60 days from the point of losing your group health coverage to make a decision. Your employer may be eligible for subsidies that will significantly reduce your premiums for COBRA through December 2009.

Three Options to Consider
When you’re financially strapped, consider three options that can provide a temporary solution to the employment “gap”: 1. High-deductible major medical plans (HDHP); 2. Short term major medical insurance; and 3. Limited medical benefit plans.

HDHPs
HDHPs allow you to get the catastrophic protection that you expect from a major medical plan, but with a very high deductible, say $7,500. You’ll have to pay for most of the care you receive until you reach the deductible, but the premiums are much lower.

Short Term Major Medical Plans

Short term major medical plans are plans that cover you for a short duration of time, such as 6 or 12 months. If you’re out of work at the end of the term, you’ll typically have to re-apply. However, these plans provide a broad range of coverage at a low price by limiting the insurance company’s long-term exposure.

Limited Medical Benefit Plans
Limited medical benefit plans represent a growing segment of the health insurance market and are generally more affordable than traditional major medical plans. These plans reduce or even eliminate your deductibles and shorten pre-existing waiting periods. They are designed to pay for more routine and predictable medical expenses. Without deductibles, you are encouraged to seek care at the first sign of illness rather than putting it off until your situation worsens. 

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