Health Care Insurance Options when You Leave Your Day Job New Canaan CT

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.

William Martone
50 Main Street
White Plains, NY
Company
Title: President
Company: Martone Capital Management, Inc
Type
Registered Investor: Yes
Education
Pace College/BBA
American College/ChFC
American College/CLU
Years Experience
Years Experience: 37
Service
Fee Only Portfolio Management,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Estate Tax Planning,Fee-Only Comprehensive Financial Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,

Data Provided by:
Jeffrey Lewis, CFP, ChFC
7 White Deer Court
Huntington, NY
Company
Title: President
Company: Planning Financial Futures, Inc.
Type
Investment Advisor Rep: Yes
Education
SUNY Binghamton / Economics
College Of Financial Planning / CFP
Years Experience
Years Experience: 20
Service
High Yield Bank Accounts,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Health Care Insura

Data Provided by:
Healthcare Navigation LLC
(203) 655-2614
30 Old Kings Highway South
Darien, CT
 
MH & Assoc.-Independent Health/Medicare Ins.
(203) 972-6633
195 North Ave
Westport, CT
 
Opus Advisory Group, LLC
(914) 825-1010
2500 Westchester Ave
Purchase, NY
 
Jared Cutler
611 Pondside Drive
White Plains, NY
Company
Title: Vice President-Investments & Wealth Management
Education
University Of Arizona
Bachelor Of Science In Business Administration
Majors: Finance & Management
Years Experience
Years Experience: 10
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial

Data Provided by:
Nursing & Home Care/Mid-Fairfield Hospice
(203) 834-6341
P. O. Box 489
Wilton, CT
 
Netter Agency, LLC
(203) 341-9660
830 Post Road East
Westport, CT
 
Jetro/Restaurant Depot
(718) 762-8700
15-24 132nd Street
College Point, NY
 
Access Nursing Services
(914) 747-9696
411 Manville Road
Pleasanville, NY
 
Data Provided by:

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. 

Mo...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media