What is Health Insurance and Why Do I Need It?
Under the Affordable Care Act, most of us are required to have health insurance. We work with Independence Blue Cross and Keystone Health Plan East to provide health insurance in the Philadelphia five county area for anyone under 65. Under the current law, health insurance is primarily rated based on two factors: your age and whether or not you use any tobacco products. There is no longer any consideration for prior medical conditions or pre-existing condition exclusions; however, there is a limited window each year to apply for coverage or change your plan.
Types of Health Insurance
Dental Insurance plans are designed to help you offset costs of dental work. Plans typically include two cleaning per year at no charge as well as payment of a percentage of additional work such as getting cavities filled or more expensive procedures like a root canal. Most plans come with a small deductible around $100 and cap annual benefits to around $1000-$1500 per year.
What is your most important asset? You might answer your home or your car, and these are important assets that you protect with Homeowners and Auto insurance; however, we would argue that your most important asset is your ability to earn an income. What would you do if you became sick or injured and could no longer work or earn an income? Disability insurance is a way to keep your bills paid and a roof over your head when you become sick or injured and cannot work for a significant length of time.
Medicare and Medicaid
Medicare is a federal program that provides health insurance to those who are at least 65 years old, under 65 and receiving Social Security Disability for at least 24 months, or under 65 and have End Stage Renal disease.
Medicaid provides health coverage to those individuals who are low income and meet the income qualifications. Medicaid is administered by the state.
Medicare Supplements and Medicare Advantage plans are the primary health insurance options for those on Medicare. Those who qualify for Medicaid typically enroll in a Special Needs Medicare Advantage plan; however, there are other options available.
When is Annual and Open Enrollment for Health Insurance?
The Annual Enrollment period for those on Medicare is from October 15th to December 7th every year.
The Open Enrollment period for the underage health runs from November 1st to December 15th every year.