Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Healthy? Insurers don't buy it
Old 01-06-2007, 08:39 AM   #121
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Healthy? Insurers don't buy it

Quote:
Originally Posted by astroboy
Just a couple questions on the HIPAA option -
If you are HIPAA eligible, you can't be put on a waiting list for a state's high-risk pool, right?
And in same case, I would guess there is no time limit yo can be in pool as long as pay premiums or waiting times between intervals on it (say if you get a you get a PT job with bennies for a period of time)?

If you are HIPAA eligible you might jump the waiting list on the risk pool, it depends on the state. But, the state could offer other options. For example, in Florida the pool is closed so instead you have to get a conversion policy from your current insurer and if that is not available, you will be able to buy a HIPAA qualified plan from a private insurer. There is no cost limit and coverage may not be as good. But you are right, if you are HIPAA eligible there will be a product for you, you just might not be able to afford it.
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Healthy? Insurers don't buy it
Old 01-06-2007, 12:49 PM   #122
Dryer sheet aficionado
 
Join Date: May 2004
Posts: 44
Re: Healthy? Insurers don't buy it

Quote:
Originally Posted by Martha
If you are HIPAA eligible you might jump the waiting list on the risk pool, it depends on the state. But, the state could offer other options. For example, in Florida the pool is closed so instead you have to get a conversion policy from your current insurer and if that is not available, you will be able to buy a HIPAA qualified plan from a private insurer. There is no cost limit and coverage may not be as good. But you are right, if you are HIPAA eligible there will be a product for you, you just might not be able to afford it.
I understand the affordability issue, but would whatever alternative plan that would have to be offered to you have to be at least no more than the what the risk pool premium would be?
__________________

__________________
astroboy is offline   Reply With Quote
Re: Healthy? Insurers don't buy it
Old 01-06-2007, 01:00 PM   #123
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Healthy? Insurers don't buy it

Quote:
Originally Posted by astroboy
I understand the affordability issue, but would whatever alternative plan that would have to be offered to you have to be at least no more than the what the risk pool premium would be?
This would be a state law issue. I do know that Florida does not restrict the costs of the HIPAA eligible plans to what would be charged in the pool. I don't know about other states. What state are you thinking about?
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Healthy? Insurers don't buy it
Old 01-06-2007, 01:18 PM   #124
Recycles dryer sheets
tomz's Avatar
 
Join Date: Mar 2006
Posts: 251
Re: Healthy? Insurers don't buy it

Quote:
Originally Posted by Martha
This would be a state law issue. I do know that Florida does not restrict the costs of the HIPAA eligible plans to what would be charged in the pool. I don't know about other states. What state are you thinking about?
According to healthinsuranceinfo.net, however, Fl does restrict the costs of a conversion policy to "not more than 200% of the cost of the typical rate for an individual policy" and the company must offer you two "standardized policies that meet the state requirements for minimum coverage." I plan to retire at the end of 2007, use COBRA, move to FL, and get a conversion policy when COBRA runs out. As my retirement gets closer, I plan to contact the FL Dept of Financial Services and get more info. Megacorp just switched our health insurance again to United so I plan to wait until I get a better handle on COBRA costs before doing more research.
__________________
tomz is offline   Reply With Quote
Re: Healthy? Insurers don't buy it
Old 01-06-2007, 01:31 PM   #125
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Healthy? Insurers don't buy it

Tomz, I missed that for Florida conversion policies. Sorry! However, if no conversion policy is available there are no cost restrictions that I know of.

I don't know if a conversion policy would be available if you move from your insurance company's service area. Also, the insurance company may not be required to offer a conversion policy, it depends on the state law of the state where you obtained the insurance. For example, if your employer is partially self insured and only buys stop loss insurance, it may not have to offer a conversion policy. So be sure to check to see if you can get a conversion policy. I also don't know if the 200% limit would apply if you were insured in one state and then moved to Florida.

Note that the conversion policy may not offer as good coverage as your original policy so be sure to check the offerings and most importantly, the maximum out of pocket.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Healthy? Insurers don't buy it
Old 01-06-2007, 01:51 PM   #126
Recycles dryer sheets
tomz's Avatar
 
Join Date: Mar 2006
Posts: 251
Re: Healthy? Insurers don't buy it

Quote:
Originally Posted by Martha
I don't know if a conversion policy would be available if you move from your insurance company's service area. Also, the insurance company may not be required to offer a conversion policy, it depends on the state law of the state where you obtained the insurance. For example, if your employer is partially self insured and only buys stop loss insurance, it may not have to offer a conversion policy. So be sure to check to see if you can get a conversion policy. I also don't know if the 200% limit would apply if you were insured in one state and then moved to Florida.

Note that the conversion policy may not offer as good coverage as your original policy so be sure to check the offerings and most importantly, the maximum out of pocket.
I just found some more info on FL Guaranteed issue policies. The implication is that a few companies offer guaranteed issue policies if you are HIPAA eligible and they are not necessarily convesion policies. I.e, when your COBRA runs out, you could get a policy from more than one carrier and they couldn't do any exclusions. I plan to call the FL consumer helpline next week to get more info. In any event, I plan to be living in FL before COBRA runs out. Megacorp calls that a significant life change or something along that line and will allow me to continue COBRA in a new state. I'll report back here with what I find.

__________________

__________________
tomz is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buy a cheap call option? lazyday FIRE and Money 5 02-02-2007 10:37 AM
TIPS or IBONDS, To Buy or Not To Buy... ? ShokWaveRider FIRE and Money 7 06-25-2006 01:29 PM
How NOT to buy Happiness mickj Other topics 15 06-15-2005 01:38 PM
Housing: Rent vs. Buy BigMoneyJim Young Dreamers 45 01-19-2005 01:54 AM
Buy House Now w/Low Down or Save Bigger Down? BigMoneyJim Young Dreamers 11 07-14-2004 05:23 PM

 

 
All times are GMT -6. The time now is 07:33 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.