Issue: Short-term, limited-duration insurance (STLDI) is a type of health insurance that provides coverage to policyholders for a period of as little as a month to as long as three years. The plans offer limited coverage and benefits. Short-term plans may offer coverage for some of the same types of health care services as traditional comprehensive health insurance, but they have very different plan designs and are not regulated with the same consumer protections as comprehensive health coverage. Federal regulations adopted in 2018 extended the permissible length of coverage for short-term plans and gave consumers the option of renewing plans. Due to the federal rule and the repeal of the...
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A health insurance policy means different things to different individuals. For some it is an investment, for others a protective blanket while many consider it to be a tax-saving instrument. But one sentiment runs as an undercurrent in all these meanings and that is peace of mind. A health insurance policy protects your finances from the effect of any medical emergency and thus secures peace of mind. So, a health insurance policy is a very important and a very essential part of everyone’s financial planning. Having said this, many of us commit grave mistakes when buying and continuing a health insurance cover. Having limited knowledge of the plan’s continued benefits; many of us err when...
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Millennials are now the largest segment of the adult population, and they have new priorities when it comes to the workplace. How will health insurance companies evolve to meet the unique needs of millennials? When it comes to health insurance, there are a plethora of options available, and sometimes, having too many choices can be overwhelming. What does each plan cover, specifically? What do health insurance terms mean in human terms? In a digital world full of information, transparency can be hard to come by. However, short-term health insurance can be an affordable, viable health insurance option for many different types of people, including: Those who do not receive health insurance...
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The Birth of A New Health Plan Borne out of a noble desire to provide quality health to a wide range of market from the low to mid up to upper class and prepare the aging HMO population for a comfortable life during their elderly years, a group of varied Filipino professionals banded together to fund Kaiser International Health Group Inc. Thus, the company was incorporated and registered with the Securities and Exchange Commission on June 8, 2004 with an authorized capital stock of Php:160M. Kaiser was also granted a clearance to operate by the Department of Health- Bureau of Health Facilities and Services last July 26, 2004. This is the same government agency that regulates and supervises...
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With coronavirus cases spiking across the country and the U.S. officially in a recession, it's more important now than ever to make sure you have health insurance to protect yourself and your loved ones. Unfortunately, with millions of Americans left unemployed due to COVID-19-related closures and with many others struggling financially, far too many people could find themselves without coverage. If you're one of the uninsured, you have a few different options for getting covered that you need to look into ASAP. Opt for COBRA coverage If you're without coverage due to a recent job loss, you may be entitled to remain on your employer's plan thanks to the Consolidated Omnibus Budget...
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What are the Limitations of Short Term Plans? What are the Limitations of Short Term Plans? Short term health insurance plans offer great coverage for many people, but there are some limitations to these products that you should know. If you’re facing a gap in health insurance coverage, a short term plan can help you get by. These plans are useful in certain situations, but they come with limitations that major medical plans aren’t allowed to impose. It’s better to learn up front what caps and exclusions you should expect with temporary health insurance than to end up surprised when a bill for non-covered services shows up in the mail. Coverage Limitations The Affordable...
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On June 10, the American Booksellers Association and a coalition of book and publishing industry organizations announced a health insurance partnership with Lighthouse Insurance Group (LIG) Solutions. See the full announcement here. To help members understand the partnership and what it means for their stores, ABA has created this frequently asked questions document. For questions not answered here, please contact David Grogan, ABA’s Director of ABFE, Advocacy & Public Policy, at david@bookweb.org. LIG Solutions is a division of Lighthouse Insurance Group, an insurance advisor with experience in the health, life, and Medicare insurance industry. LIG Solutions offers insurance...
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Theresa Condon, JD, MPH-HMP, responds You can buy a short-term health insurance policy from an insurance company, but, generally speaking, these plans are not good for people with diabetes. Although they tend to have lower premiums than COBRA coverage—offered through your former employer—or a policy purchased through your state’s marketplace (at healthcare.gov ), they also provide less coverage. What to Know Originally intended for people experiencing a temporary gap in health insurance coverage, short-term insurance plans can be renewed for up to three years. Unlike plans in your state’s marketplace, short-term plans are not required to comply with the Affordable...
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Guidance Finalized Allowing Extended Duration of Short-Term Medical Coverage The Trump administration has finalized guidance to extend short-term medical coverage options, creating an opportunity for you to offer a more competitive option to your clients. The new ruling will give consumers the opportunity to purchase this level of coverage in increments of up to 364 days (or 12 months). It also allows this type of insurance to be renewable for up to 36 months. This move reverses guidance that limited short-term medical plans to a maximum of 3 months coverage. However, “states remain free to adopt a definition with a shorter maximum initial contract term or shorter maximum duration (...
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When it comes to health insurance, Germany may seem to have a complicated system, but in fact, it's much more straightforward than it first appears. How does German health insurance work? The vast majority of residents in Germany are part of the statuary public healthcare insurance system (Gesetzliche Krankenversicherung, GKV) whereby contributions from employers and employees are paid via social security payments. This is paid to one of the main public healthcare insurers, such as Techniker Krankenkasse (TK), which hospitals and doctors make claims to whenever their services are used. The public healthcare system is heavily subsidized by the German government. Those with private healthcare...
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