Over the past couple of months, several people have asked me about the new Federal High Risk Pool that was created by the new health care reform law. For people in Georgia who have been declined coverage in the individual market and can’t qualify for the Georgia Assignment System or Enhanced Conversion option (after COBRA is exhausted), this was great news. For someone with significant pre-existing health conditions who has been declined coverage or had certain conditions excluded, this new option could be a life saver …
Two weeks ago, I received a call from a financial advisor (CFP) who I knew during my early years in the business. She had heard through other advisors that I was the “go to guy” for health insurance and medicare related questions.
This advisor had been working with a medical doctor, attempting to help her with her health insurance needs. After spending some time preparing quotes and discussing benefits, she realized that her client needed special attention. Like many financial advisors,
It’s termed “defensive medicine” and doctors admit to practicing medicine in this fashion. The main reason for this style of practice is due to medical malpractice suits.
According to an article in Newsweek , “physicians estimate that 35 percent of diagnostic tests they ordered were to avoid lawsuits, as were 19 percent of hospitalizations, 14 percent of prescriptions, and eight percent of surgeries, which amounts to some “$650 billion in unnecessary care every year.”
The health care reform legislation didn’t address tort reform,
I received word today that one of the health insurance carriers in Georgia has failed. The company – Imerica – offered very low rates and comprehensive coverage, but it had very weak financials. It is expected that Imerica will be liquidated within the next 30 days.
As an independent agent, I received several offers to represent Imerica, but I decided not to do it. I only purchase insurance from “top-tier” carriers and that is what I advise my clients to do as well.
Health insurance carriers will offer coverage to those who are not U.S. citizens, but most of them require residency in the U.S. for a certain period of time. The most common requirement is 6 months of living in the U.S.
Carriers will often require proof such as rent or mortgage payments, utility payments or employment. A few carriers require one year of residency in the U.S and one carrier (Humana) requires two years. Suprisingly, there is only one carrier that does not require a minimum period of residency.
Most parents understand the importance of dental health and hygiene for children, but they often neglect the importance of vision health.
A recent News Flash from Blue Cross Blue Shield of Georgia highlighted this overlooked aspect of children’s health. The following excerpt demonstrates the importance of vision exams:
“According to the Vision in Preschoolers Study, the National Institutes of Health, the National Eye Institute and NEI Clinical Studies, vision problems are the fourth most common disability in the United States,
Well, it finally passed. Whether or not you are pleased with the results, it is time to pay close attention to how to adapt to the changes that will take place.
Most of the major changes will not be implemented until 2014, however, there are some significant changes that take place this year. If you are a small business owner, with fewer than 50 employees, then you should speak with your tax professional about how the new tax credits will affect you.
There are lots of knowledgeable, experienced life and health agents in Georgia. However, there are many, many more unexperienced agents in the marketplace. I would venture to guess that the ratio is 1:10 at best. With our current recession and high unemployment rate, there has been a huge influx of people entering the insurance industry. There is an extremely low barrier of entry compared to other business start-ups. It’s almost too easy to get licensed to sell insurance. In a sense,
There is not a single “right way” to apply for health or life insurance. Although their are some general guidelines followed by most carriers, each carrier has it’s own set of unique underwriting guidelines. This is why it is very important to apply for coverage with the assistance of a knowledgeable agent. People who apply directly with a carrier or through an inexperienced agent are much more likely to get declined or receive an unfavorable underwriting decision.
As an example,
Recently, I helped a couple in their 60’s navigate through the maze of health insurance options. They are currently on COBRA, but they are moving to Alabama shortly (from Atlanta). After their COBRA coverage expires, they will still have a couple of years before they are eligible for Medicare. A couple of fairly serious pre-existing conditions will make it challenging to find adequate coverage in the individual market. So, I helped them determine what options they would have for State-Guaranteed Coverage in case it would be needed. |
