Review the Most Affordable Health Insurance in Los Angeles Now at MajorMedicalBenefits.com
Options for Health Insurance: COBRA and HIPAA
If you find yourself in a situation where you’re no longer qualified for group health insurance from your employer because of a change of jobs, or some other reason, you need to know what options are available so you will still have affordable health insurance coverage in Los Angeles, or anywhere else in America.
COBRA is an acronym for Consolidated Omnibus Budget Reconciliation Act. It’s a program by the federal government that enables you to extend your coverage for affordable health insurance. You can do this by continuing to pay for the employer and individual premium options for at least 18 months after your disqualification. Your COBRA eligibility will be affected by non-payment so it’s vital that you maintain continuous health insurance coverage.
If you can qualify for a more affordable individual health insurance, then you don’t need to accept the COBRA offered by your employer. Otherwise, you need to find out what your options are once your COBRA coverage is exhausted. It can happen that your current health situation may prevent you from being accepted for an individual health insurance plan. In that case, there’s another Federal Government program that will allow you to continuously maintain your health insurance coverage.
The HIPAA (Health Insurance Portability and Accountability Act) laws were enacted for this situation. It’s the means for an individual to receive a guaranteed issuance of an individual health insurance plan, and not be denied for coverage, or for their pre-existing health conditions to be excluded from coverage. To qualify, you should have maintained continuous health insurance coverage. That’s why it’s very important that you don’t stop paying premiums. It gets more expensive in the long term.
Affordable Health Insurance in Los Angeles
One way to find affordable health insurance is to buy an HDHP (High Deductible Health Plan). You can even save more by coupling your HDHP with an HSA (High Savings Account). The premiums for HSA’s are much lower compared to copayments of traditional health insurance plans. Plus you get additional benefits in the form of tax deductions. The money you contribute to an HSA can be applied as a tax deduction above the line, up to the limits of your annual IRS. The money that accumulates in this account is tax free from year to year, and if you only use it to pay for qualified medical expenses then it is tax free also. When you reach your senior year (age 65) you can use the money for any purpose.
MajorMedicalBenefits.com is your source for affordable health insurance in Los Angeles.
Get Free Insurance Quotes Instantly with our Automated Insurance Quote Engine.
|
