Global Insurance Industry

Pre-Existing Condition
An illness or condition which was treated or diagnosed before the policy was issued. Many policies will not pay benefits for pre-existing conditions, or will only cover treatment of them after the policy has been in force for a specified period of time. This varies based on whether the policy is group or individual coverage.

Renewal and Premium Increase
Determine the conditions under which your policy may be renewed or the premiums increased. Ask what type of renewal provision applies to your policy.

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Individual Insuance
Individual insurance includes health insurance coverage you can purchase on your own directly through an insurance company. Many health insurance companies offer individual health coverage to people who either are self-employed or work for a business that does not offer health insurance.

All Pennsylvania residents can buy individual health insurance through the Blue Cross and Blue Shield plans on a guaranteed issue basis. However, your choice of health plans may be limited and you may face a pre-existing condition exclusion period.

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Health insurance is available through two types of plans: group or individual. Group plans are offered through an employer or association; individual plans are purchased directly through an insurance company. (For purposes of this brochure, “individual” refers to you and, where applicable, your dependents).

If you work for a company that offers a group insurance plan, or even a choice of plans to its employees, obtaining health insurance may not be a problem. However, if you are not covered by a group plan, or if you want different or additional coverage other than that offered by your employer, you may want to consider buying individual health insurance coverage for yourself or your family, or determine your eligibility for association or government sponsored health insurance.

Source: ins.state.pa.us

Effective Period
The date health insurance protection begins.

Elimination Period
Specified number of days that you must be eligible for coverage or disabled before the policy begins to pay benefits.

Exclusions and Limitations
Conditions or circumstances in which benefits are not payable or may be limited. Some examples of exclusions are suicide or self-inflicted injuries, injuries resulting from war, on-the-job accidents covered by workers’ compensation, eye or dental treatment, cosmetic surgery, services for which no charge is made, and services that are not medically necessary. Some policies also may place limitations on or exclude treatment of mental illness or substance abuse.

Source: ins.state.pa.us

Coinsurance
The share of your covered expenses, usually a percentage, you must pay after the deductible is reached. For example, a policy may require you to pay twenty percent of the cost up to a certain dollar amount.

Conversion of Privileges
Allows the participant or beneficiaries to convert coverage to a different plan of insurance without providing evidence of insurability. The privilege granted by a group policy is to convert to an individual policy upon termination of group coverage.

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Interest rates have not plummeted down so low as it is for decades. This is why consumers are now more than ever tempted to make use of their trusty virtual cash at swipe. This is despite the fact that doing so may aggravate some people’s credit crises. The goal is to consolidate several better-interest balances, merging it into one, as it is easier to handle and is much less costly in terms of package.
If it looks to good to be true, it probably is. So be careful with a seemingly quick-fix solution with regards to credit card consolidations.
“You’re getting symptomatic relief, not a credit cure,” claims Chris Viale, general manager of Cambridge Credit Corp., a nonprofit credit counseling agency based in Agawam, Mass.
The battle with credit card consolidation can take various forms. There are debt-consolidation loans, balance transfers to a zero-percent credit card loans as well as home equity loans or more commonly known as lines of credit.

Q What is the first thing I should know about buying health coverage?

A Your aim should be to insure yourself and your family against the most serious and financially disastrous losses that can result from an illness or accident. If you are offered health benefits at work, carefully review the plans’ literature to make sure the one you select fits your needs. If you purchase individual coverage, buy a policy that will cover major expenses and pay them to the highest maximum level. Save money on premiums, if necessary, by taking large deductibles and paying smaller costs out-of-pocket.

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These 29 tips can help guide you through a sometimes bewildering array of options.

Access to health insurance is protected by federal law if your employer offers group coverage. But if you need to buy insurance on your own and you have a history of medical problems, finding affordable insurance can be a challenge.

Either way, you can take steps to control your health-care costs.

Get the most from your employer plan.

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