subject: Big Mistake- Not Paying Your Insurance Premium [print this page] Health is often taken for granted. When you're healthy, you think you're going to stay that way and debate whether or not the exorbitant amount paid monthly for health insurance would not be better spent. In today's poor economy, many people are leaning towards this decision. However, one needs to think of the consequences if for some reason their health fails. Health costs are rising and will continue to do so; can you absorb 100% of those costs if you find yourself needing health care?
If a health insurance premium has not been paid for a period of 90 or more day, the policy is considered to have lapsed. If coverage is then desired, there may be difficulties getting another policy especially if there were any pre-existing conditions. Sometimes getting another policy after one has lapsed may cost more than the original policy that was in place.
After obtaining a health insurance plan you may find you will have a waiting period before certain procedures are covered. This is to determine if there are pre-existing conditions existing and in some cases the policy will specifically state there will be no coverage on a pre-existing condition or anything that relates to the condition.
The insurance companies need time to determine if during the period there was no coverage if any medical conditions were treated and are they diagnosed as on going. For example, treatment for a cold is different than being diagnosed with a serious condition that will require a great deal of medical treatment. The waiting period protects the insurance company from issuing a policy when the known risks are apparent.
If a person decides to drop their medical coverage, they are betting on staying healthy. While there are precautions one can take in staying healthy there are no guarantees that one will stay healthy especially as we age. If a sickness does occur while there is not medical insurance coverage one will be hard pressed to obtain a policy when one needs it most. Instead of dropping the policy, consider alternates. There are high deductible plans or hospital only plans that maybe a better option than dropping a policy altogether.
by: Ethan Kalvin
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