Health Care Insurance Options when You Leave Your Day Job Glen Allen VA

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.

Duncan Blankinship
10900 Nuckols Road
Glen Allen, VA
Company
Title: Senior Consultant
Company: Senior Benefit Solutions
Education
Master's in Financial Services
Years Experience
Years Experience: 35
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Annuities,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Life Insurance,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Retirement Income Distribution Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Managem

Data Provided by:
Five Star Insurance Group
(877) 578-2751
PO Box 5540
Midlothian, VA
 
Gordon Green
47218 Longwood Ct
Potomac Falls, VA
Education
University of Maryland College Park, MD Campus Bachelor of Science Degree
Years Experience
Years Experience: 15
Service
Annuities,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Por

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Commonwealth Senior Solutions LLC
(434) 544-1251
103B Tradewynd Drive
Lynchburg , VA
 
Ningbo honor chemtech co.,ltd
0086-574-56118710
#12 east xintiandi,jiangdong district
Ningbo, VA
Prices and/or Promotions
$665

Custom HealthCare, Inc.
(804) 290-1632
12580 West Creek Parkway
Richmond, VA
 
Robin Wulff
7202 Arlington Blvd.
Falls Church, VA
Company
Title: Agent
Company: ABP Insurance Agency, Inc
Education
Washington State University - BA
Portland State University - MBA
Years Experience
Years Experience: 20
Service
Life Insurance,Health Care Insurance,Long-Term Health Care Planning,Disability Insurance,Annuities

Data Provided by:
Duncan Blankinship
10900 Nuckols Road
Glen Allen, VA
Company
Title: Senior Consultant
Company: Senior Benefit Solutions
Education
Master's in Financial Services
Years Experience
Years Experience: 35
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Annuities,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Life Insurance,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Retirement Income Distribution Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Managem

Data Provided by:
For His Glory Inurance Agency
(540) 937-4580
11375 Dutch Hollow Road
Culpeper, VA
 
Envizions Consulting
(757) 539-2075
Suffolk, VA
 
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Health Care Insurance Options when You Leave Your Day Job

Provided By: 

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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