Healthcare Law – Palm Beach Post Coverage

The week of March 25^th was one of the most significant weeks in United States Supreme Court History.  So began the case about whether the Patient Protection and Affordable Care Act of 2010 should be repealed.   Laura Green, Palm Beach Post Washington Bureau Reporter, interviewed me about the affect this law has on South Florida’s senior population, age range 50 – 64. http://www.palmbeachpost.com/news/state/post-exclusive-health-care-law-has-supreme-stakes-2261573.html

Each insurance carrier has their own guidelines regarding which medical conditions will be approved and which will be declined for individual major medical health insurance coverage.  The older we get, the more likely we will have attained certain medical issues that will cause us to be ineligible for individual major medical health insurance coverage.  That’s when individuals will need coverage the most until they qualify for Medicare.  Many clients I’ve worked with told me that they have to seek employment with a company that offers group major medical health insurance coverage.  The main difference between individual and group health insurance is that the group insurance is “guarantee issue”.  This means that an individual will automatically be accepted into the group even with certain medical problems.  This is because the risk is spread out over the group.  The philosophy is that when healthy individuals are mixed into a group, the cost in claims will be less.

If you are seeking individual major medical health insurance, the best time to apply for a policy is when you are healthy.  Not only will you be approved for a policy, you will get the best premium (usually the Preferred Rate).  I’ve received many calls from people who seek an individual health insurance policy when they are in a medical crisis situation.  This is like calling State Farm for example to buy a Homeowner’s Insurance Policy while your house is burning down.

The number one reason people go bankrupt in America today is from medical bills.  Be proactive!  If you are not currently covered by a group policy, you should secure an individual plan while you are healthy, before the need arises.