Possible Exclusions Include: Pre- Existing Conditions

Category: Finance.

ou do not want to wait until you are sick or injured to find out what your health insurance policy will not cover.

Possible exclusions include: pre- existing conditions. Read the policy carefully. "Exclusions" (also called" Impairment Riders" ) are certain injuries, or procedures for, conditions which an insurance policy will not pay any benefits. Suicide or other self- caused injury. Vision correction. Sexually- transmitted disease. Noncommercial airline travel.

One of the most common exclusions is for pre- existing conditions. Experimental treatments( ask how they are defined) ; and injuries from war. "Cosmetic Surgery" that is needed because of an injury or congenital defect is usually covered, but covered elective cosmetic surgery generally is excluded. A" Pre- Existing Condition" is a medical condition or injury that was diagnosed or treated prior to the start of the health insurance policy. Generally, this exclusion lasts for a limited" Waiting Period" after you start your policy. A policy with an exclusion for pre- existing conditions does not pay for expenses related to pre- existing conditions. Pregnancy is not considered a pre- existing condition. Further, employers in interstate commerce with 15 or more employees must provide the same benefits for pregnancy, and related medical, childbirth conditions as for any sickness or injury.

Also, health care costs for newborns and adopted children covered within 30 days should not be excluded during a waiting period. For plans offered by other size employers, you should check whether normal pregnancy and childbirth are covered- - not just complications. Unfortunately, waiting periods can also leave people without coverage for chronic conditions when they switch employers. Waiting periods for pre- existing conditions are intended to discourage people from only signing up for health insurance when they know they will need something expensive in the near future. To address this, the" Health Insurance Portability and Accountability Act of 1996" (HIPAA) helps people avoid duplicative waiting periods for pre- existing conditions when they switch form one insured employer to another. Insurers cannot exclude pre- existing conditions with a waiting period longer than 12 months. HIPAA says that employees can switch employers without losing group health insurance or having a new waiting period for pre- existing conditions.

Also, prior continuous coverage( without a gap of more than 62 days) must be credited toward this 12 months. If you had coverage for 12 months before switching employers, then your new health plan cannot impose any waiting period on you. For example, if you had continuous coverage for 5 months before switching employers, then your new health plan cannot impose on you a waiting period for pre- existing conditions longer than 12- 5= 7 months. If you are switching employers, then get a" Certificate of Credible Coverage" from your prior health plan to ensure credit for past coverage. Insurers who serve employer groups with 2- 50 employees must offer insurance coverage to all such groups. HIPPA also mandates the following. Insurers must cover inpatient coverage for mother and infant for at least 48 hours after a normal birth or 96 hours after a cesarean section.

Long term care insurance premiums are now tax exempt like those of regular health insurance. The tax deductibility of health insurance premiums for the self- employed was increased. HIPAA also created a federal pilot program for Medical Savings Accounts that we will discuss later. Or exclusion of a specific condition that generally would be covered by a standard policy. A" Rider" is a separate page attached to a standard policy that documents: coverage for a condition that generally would not be covered by a standard policy. An" Endorsement" is similar to a rider, but is included in the body of the policy.

Read more...

Another General Type Of Financing Is Debt Financing - Finance Articles:

Money is of extreme importance nowadays. The same is true. if one wants to venture into business or buy a home. which is one of the basic needs for survival.

This Enlightening Article Presents Some Of The Latest News On The Subject Of Student Loan Consolidation - Finance Articles:

If you have even a passing interest in the topic of student loan consolidation, then you should take a look at the following information. If you find yourself confused by what you ve read to this point, don t despair.

Almost All Credit Companies Have A Cash Advance Limit - Finance Articles:

Today, more so than ever, credit card companies are allowing cash advances to their customers.