Canceling health insurance policy - Can I do it anytime?

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PostPosted: Thu Apr 21, 2011 6:49 pm   Post subject: GROUP VS INDIVIDUAL PLANS  

INDIVIDUAL PLANS ARE A LIST 30 TO 40 PERSENT CHEAPER BECOUSE REQUIERE U/W GROUP PLAN DO NOT REQUIRE U/W, THAT IS THE ONLY REASON, GROUP PLANS ARE MORE EXPENSIVE, NOW IF YOU HAVE A SERIOUS PREEXISTING CONDITION, YOU SHOULD THINK ABOUT CANCELING YOUR POLICY AND ALSO MOST OF EMPLOYER PAY 50% OF YOUR PREMIUN, MAKE SURE THAT THE AGENT THAT YOU PICK HAVE AND IDEA ABOUT INSURANCE MOST OF THEM DO NOT HAVE ANY IDEA ABOUT INSURANCE.


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ROY SILVA
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PostPosted: Fri Apr 22, 2011 4:53 am   Post subject:   

Aside from your poor spelling, your understanding of group and individual premiums is entirely backwards. Group insurance is less expensive because the insurance company underwrites ONE GROUP -- which could include 1,000 individuals -- instead of underwriting 1,000 individuals.



Funny that you would believe that agents mostly have no idea about insurance. If we don't, who does?



Mostly your advice is that of a fool who has no understanding of insurance at all. Pity the fool.



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PostPosted: Wed Jun 01, 2011 4:26 am   Post subject: OmbrtHhSMcPdUXRs  

Cancelling plan.. Slap-up Smile


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PostPosted: Fri Jun 03, 2011 3:07 pm   Post subject: tCAQRoVlAcdqq  

Cancelling plan.. Outstanding Smile


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PostPosted: Fri Jun 17, 2011 7:56 pm   Post subject: healthiness  

I wonder why it costs so much to go to the hospital? Probably because everyone is forced to hold on to expensive insurance in giant groups which lets hospitals and doctors charge pretty much whatever they want and know there is no way an insurance company is going to complain. They have too much paperwork as it is, and are easily rich enough to pay the absurd hospital fees.



Hooray Amerikka!


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PostPosted: Sat Jun 18, 2011 2:16 am   Post subject:   

Your post is evidence that you have no idea how health insurance works. Hospitals and doctors, like plumbers and electricians, have different fees for different services.



Unlike customers of plumbers and electricians who must pay whatever the tradesman charges, however, insurance companies typically pay only 20 to 30 cents on the dollar (or less) compared to the charges billed by hospitals and doctors. This is mostly the result of HMOs and PPOs and their contracted rates for procedures and treatments. In early 2009, my orthopedic surgeon told me that he was paid the handsome amount of $75 by Anthem Blue Cross of California for his 5-hours of time in an operating room saving the leg of a person who was injured in a traffic collision. $15 per hour? Is that what a surgeon with almost 30 years of experience is worth these days?



If you paid a large hospital bill it was because you had no insurance, and your bill reflects the fact that insurance companies (including Medicare) are NOT paying "absurd hospital fees" -- they are hardly paying anything at all. But if the hospitals and doctors don't bill everyone the same amounts, they will be in danger of being accused of overbilling insurance companies.



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PostPosted: Thu Nov 17, 2011 7:28 am   Post subject: insurance  

can you get out of the group policy anytime you want to?


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PostPosted: Thu Nov 17, 2011 8:37 am   Post subject:   

There is one sure way . . . quit your job.



Other than that, the answer is probably yes. Unless it is an employer's self-funded plan. In that case, the plan document will control when you can exit the plan. You might have to wait until the next open enrollment period to disenroll. Talk to the HR department or benefits person for the answer.



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PostPosted: Mon Nov 28, 2011 1:05 pm   Post subject:   

Along with knowing the periods where you cannot cancel, only cancel your policy if you have arrangements to be covered with another healthcare insurance provider for the sake of your health costs, any lapse in coverage depending on how long the lapse was will charge you as well.



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PostPosted: Mon Nov 28, 2011 1:07 pm   Post subject:   

"Group insurance is less expensive because the insurance company underwrites ONE GROUP -- which could include 1,000 individuals -- instead of underwriting 1,000 individuals.

"

MaxHerr is right, administrative costs are much cheaper for large groups - like employers and universities - than for the individual - that's why most insurance is employer sponsored in the U.S.



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PostPosted: Tue Nov 29, 2011 2:21 am   Post subject:   

Quote:
"Group insurance is less expensive because the insurance company underwrites ONE GROUP -- which could include 1,000 individuals -- instead of underwriting 1,000 individuals.

"

MaxHerr is right, administrative costs are much cheaper for large groups - like employers and universities - than for the individual - that's why most insurance is employer sponsored in the U.S.




There is only one problem with this. Group insurance is usually more expensive than individual coverage.



It doesn't matter that the insurance company is just underwriting ONE GROUP. This is a group of unhealthy and healthy people. The healthy people are subsidizing the unhealthy people and the young people are subsidizing the older people.



When a healthy 27 year old gets individual coverage, they are in a pool with other healthy 27 year old adults. This is cheaper for them than the cost of group coverage.

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PostPosted: Sat Dec 24, 2011 5:07 pm   Post subject:   

That will be a weird situation if a person is excluded from the plan, the extra burden will be on remaining beneficial.

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PostPosted: Sat Dec 24, 2011 5:07 pm   Post subject:   

That will be a weird situation if a person is excluded from the plan, the extra burden will be on remaining beneficial.

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PostPosted: Wed Dec 28, 2011 3:40 pm   Post subject:   

Quote:
There is only one problem with this. Group insurance is usually more expensive than individual coverage.


This statement is generally incorrect when benefits are compared on an apples to apples basis. If a particular group policy's coverage is more expensive it is because the group policy provides more benefits not available in individual plans.


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PostPosted: Sat Apr 21, 2012 2:32 pm   Post subject: Health insurance  

The company I work for is canceling our health insurance because come renewal the group policy is going to go up 40%. The owner of the company asked each of us to get our own individual policy's and he would pay a portion of the policy. I live in Virginia is this legal?


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