Health Care Insurance Options when You Leave Your Day Job Oak Park MI

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.

Gene Wittstock
2000 Town Center
Southfield, MI
Service
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 Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Po

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Christopher Mollan
31700 Middlebelt Road
Farmington Hills, MI
Company
Title: LPL Financial Advisor
Company: LPL Financial
Type
Registered Investor: Yes
Education
Michigan State University Bachelors of Arts, Business
Years Experience
Years Experience: 7
Service
IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Annuities,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Planning For Personal Finances & Budgeting,Retirement Income

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Yasmin Elrada
22200 Ford Rd
Dearborn Heights , MI
Company
Title: President, Financial Advisor
Company: LPL Financial
Service
Portfolio Engineering,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,Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternat

Data Provided by:
Gary Stec
13854 Lakeside Circle
Sterling Heights, MI
Company
Title: Safe Money Specialist
Company: ISMG
Service
Wealth Management,Disability Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicaid,Annuities,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Alternative Asset Class Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Pension for Highly

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Allstate Insurance Companies
(313) 794-0400
24409 W Mcnichols RD
Detroit, MI
 
Jeffrey Doud
2401 W. Big Beaver Rd
Troy, MI
Company
Title: Financial Advisor
Company: Wells Fargo Advisors, LLC
Service
Health Care Insurance,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Fee-Only Comprehensive Financial Planning,High Yield Bank Accounts,401k

Data Provided by:
Anthony Agbay
1450 W. Long Lake Road
Troy, MI
Company
Title: Senior Vice President - Investments
Company: The Agbay Group, A Wealth Advisory Company
Type
Investment Advisor Rep: Yes
Education
Drexel University, BS Finance
Years Experience
Years Experience: 15
Service
Fee Only Portfolio Management,401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income 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 Car

Data Provided by:
Gene Wittstock
4793 Berkshire Drive
Sterling Heights, MI
Company
Company: Wittstock Financial and Associates
Education
Walsh College of Accountancy and Business Administration, Michigan; MSF (Master of Science in Finance )
William Tyndale College, Michigan; BA in Psychology and Business Administration
Years Experience
Years Experience: 12
Service
401k Rollover From Employer,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Plannin

Data Provided by:
Jeffrey Smith
20750 Mack Avenue
Grosse Pointe Woods, MI
Company
Title: President
Company: Woodworth Financial
Type
Investment Advisor Rep: Yes
Service
Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Health Care Insurance,Retirement Planning,Real

Data Provided by:
American Heritage Insurance and Financial Services
(313) 341-2726
2405 W Mcnichols Rd
Detroit, MI
 
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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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