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1/6/2009
Tuesday morning
This topic is closed off and you will be taken directly to the website.
Topics taken from open source list. I hope you find this useful.
This site is for our clients only as an information resource.
| DIRECT CONVERSION of your medical insurance is available with most insurance
companies regardless of whether you use COBRA or not. If you are on a group
insurance policy, simply call your insurance company and ask them if you can
convert to an individual insurance policy. Do this as soon as possible
after you know that you are being laid-off. Sometimes this option is less
expensive than COBRA and may give you access to a wider range of plan
options like low cost, high deductible catastrophic coverage. But also be
aware that many auxiliary benefits like dental insurance will not be
available. |
| For the common person, figure take home pay of $800 per month, an average
house payment or rent of $500 per month, $150 per month for food, $100 per
month for transportation expenses, figure $50 for clothes, medicine, dental
and other medical expenses. Then find the $350 per month for Insurance. |
| SHORT TERM MEDICAL INSURANCE is easy to purchase in most states. This is
usually much less expensive than COBRA but it does not cover the expense for
any pre-existing medical condition. It would not be appropriate, for
example, if you were pregnant. Most of these policies today are purchased
directly on the Internet. www.MedSave.com offers short term medical
coverage to residents of 46 U.S. states and foreign countries. Despite the
name short term, you can usually re-apply for this insurance when it
expires and thereby continue to do this for as long as you need it. |
| in the event that you are self-employed, then the BEST
form of coverage in my mind, is to take advantage of the
Federally approved M S A program, where you set aside
certain sums of money, Income Tax Deductible, to be
used to pay your medical expenses. |
| The acronym COBRA was brought about by a tax law change that required
employers with more than 25 employees to offer temporary health insurance in
the event of lay-offs and other circumstances that interrupt coverage under
employee benefit plans. It simply means that an ex-employee pays the former
employer in order to continue to stay on the companys medical insurance
plan. You must make this election within 30 days of your job termination by
delivering the appropriate payment for your insurance to the employer.
COBRA ensures that you will have access to continued coverage, but usually
at a higher price than other types of medical insurance. COBRA is meant
only as a temporary solution, not as a permanent medical plan. And,
depending on the specific insurance plan, the COBRA coverage may not be
effective if you move to another residence away from the insurance plans
coverage area. |
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