Health Insurance Update

One big issue with health insurance is how some things are not clearly specified. This vagueness can sometimes lead to a lot of confusion. For example, not all health benefits are included in health insurance plans. Fortunately, things are being rectified. There are now processes in place that will help find out what important health benefits should be included in health plans that will be offered by state based insurance exchanges three years from now. The Institute of Medicine panel is currently deliberating whether infertility treatments should be included as an essential benefit that will help manage a disorder or if it is just a benefit that is life enhancing but is not absolutely essential. The panel will be preparing its recommendations soon.

The main reason that people acquire insurance coverage is to protect them from any eventuality where they may require immediate medical attention. The loss referred to by insurance coverages of course means the financial loss and in certain cases even the loss of a life of the policy holder or a beneficiary. The belief is that any insurance policy, health or any other form can be used or applied as a shield only upon the maturity of the policy. What is not commonly discussed is that even if the policy has not yet matured, a policy holder can still gain some semblance of benefit from it by taking out what is known as a policy loan. Of course, not all health insurance policies come with this built-in advantage where the health insurance is tied up with a corresponding life insurance policy. But for those who have it, this can provide a short term solution for those immediate cash requirements where the insurance policy’s total value is used as the guarantee for the loaned amount.

There is a growing discontent amongst people and small business owners who may have to shell out more cash to pay for the government’s move to revamp the health care system. This has brought about by plans to further revamp the health care system as the new government takes office this coming 20th of January. Many are already feeling the pinch of the recession and hate this type of tax increases for they are already stretched to the limit, strapped of cash.
Most jobless, almost 12 million by the middle of this year if trends continue are getting more help but in the long run, even after recovery they still have to bear the brunt of the costs for the proposed health care overhaul. Big plans have been laid out and as the government grows its financial budget deficit who else would be paying for the said costs but consumers and regular citizens themselves. This is not a good sign form many who have already lost jobs due to downsizing, laid off as victims of the recession are having to go without health insurance in whatever form. Time will tell if the moves to revamp the system would be effective enough to decrease the gap of insured and uninsured as the recession takes hold.

A Pre-existing Condition is defined as any illness or ailment that you’ve been diagnosed with and treated for over a specific period of time. The time frame varies according to the insurance company, it can be illness you have been treated for prior to signing your contract. It may even be an illness that shows up within 6 months of your signing that contract, that is considered genetically inherited (like asthma or diabetes). Any claims or consultations for this condition is usually not covered by the insurance company. It’s a necessary protection for the insurance company, and a way to keep premiums down.

A common misconception is that until it is diagnosed, it cannot be considered pre-existing, and so people usually put-off having their check-ups until after they get the health insurance. Not so. The doctor would determine whether symptoms have already manifested itself, and how far along the disease has progressed.