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Can an insurance company turn me down for medical insurance?
Yes. For individual plans, insurance carriers do have the option of denying coverage to any individual who does not meet their underwriting requirements. This means that the carrier can review your medical information and decide if your medical history poses too great a risk for them. An example of conditions that cause denials are when a person is applying for coverage when pregnant or if in the middle of treatment for a condition like cancer.
If I am turned down do I have any options?
Yes. If you have been turned down for individual medical insurance, you become eligible for the Oregon Medical Insurance Pool (OMIP) program. Oregon believes all people should be eligible for coverage and has created this plan for those who cannot otherwise obtain coverage.
As an employer, must I offer medical insurance to my employees?
While we strongly encourage employers to offer medical benefits to employees it is not required under Oregon law. However, if you do offer a medical plan it must meet the requirements established by the State and you must pay at least 50% of the cost of each employee who selects coverage. Typically at least 75% of your eligible employees must be covered.
Someone told me that my employees have to take insurance if I offer it. Is that true?
Sometimes. Some carriers require that 100% of all eligible employees, those with out other group insurance, must be on the plan. There are a few carriers that would write the group as long as you maintained 75% of the eligible employees. Oregon law allows employers to require the employee to be covered under their group plan if the carrier requires 100% participation and the employee is not covered by their spouses group plan.
I am leaving my company to take another job. What are my options to continue my insurance until the insurance at my new employer begins?
If you currently work for a company that has 20 total employees or more, you may be eligible for COBRA. This is a program that lets you continue your group benefits for up to 18 months. In some circumstances you may qualify for 29 or 36 months. You will be responsible for the premiums and have 60 days to complete a COBRA application and return it to your ex employer with the premium for the first month of coverage. You can stop COBRA at any time. Check with your companies HR department for specifics including cost.
If you work for a company that has fewer than 20 employees, you may be eligible for the State Continuation. Oregon has a 6 month continuation if you have been covered for at least 3 months. You have 30 days to complete the Continuation Application and return it to your employer with the premium for the first month of coverage. You can stop the Continuation at any time.
Another option that is often over looked is Portability. If you have been covered by your company’s health plan for at least 6 months, live in the State of Oregon, are younger than 65, and have no other health insurance available to you , you may be eligible for Portability. This is an individual plan with no qualifying health questions. Each insurance company offers two options- prevailing plan and low cost plan. You have 63 days after termination of your group health plan to complete a Portability application. These plans are age rated and can continue as long as you meet the eligibility requirements and pay the premium. Your current group health plan carrier will send you information on their plans once you have terminated coverage.
What if my new job does not have a medical plan?
We suggest you click on Get a Quote and look at what it costs for you to set up your own plan or contact us directly for information.
Why do I need life insurance? It feels like I'm gambling on my life.
If there is anyone who would experience a financial hardship if you die, you should have life insurance. Sometimes the hardship is only that someone would have to pay your final expenses, which is unavoidable. Most families need life insurance coverage on the parents, as the children depend upon their parents and their incomes to support them. As we grow older, life insurance is used to ensure that our spouse has adequate resources with which to retire. When we reach retirement, we find that life insurance is the most practical way to save our estates from the estate taxes. These have been dropping each year, but if congress does not make President Bush’s tax cuts permanent they will go back up to as high as 55% starting 2011.
Businesses use life insurance for many purposes. First, business partners often insure each other to protect the business from collapse if one should die. Second, owners often insure their lives if there is a large amount of business debt. Third, executives are often insured to protect the business from a catastrophic loss if the executive should die. Additionally, insurance can be used as an "executive bonus plan" as a way to show executives they are important members of the company team.
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