For more COVID-19 information,
see our posts Resources and Response Framework.
60 DAYS – that is how much time you have to get insurance after you lose your current insurance without any medical questions asked. SIXTY DAYS. If you miss this window, your choices become very limited and, in some cases, no insurance at all.
Losing your medical insurance
Losing your medical insurance provided by a previous employer or even your company, you qualify for either COBRA or State Continuation. Both are the same plan you had. The difference, COBRA lasts longer. You pay the premium price your company paid for you plus a 2% administration fee. That is the law.
Most of you will get sticker shock because you had no idea how much your insurance premium costs your employer every month. There is a better alternative.
The Federal Facilitated Marketplace
The alternative – The Federal Facilitated Marketplace or in some States, their State Exchange. A family of four making $70,000 this year [2020], could end up with similar if not better insurance than your employer provided, and you could end up paying $150 per month or less. In some cases, it could be free for you.
Why? The government picks up the tab for your insurance, especially as you are losing your medical insurance.
How? Call an agent. It costs nothing to use an insurance agent. The insurance company pays them, and the price is the same with or without an agent. Also, the price is the same no matter which agent you use. Why would you want to go at it alone?
VersaClaim Inc. & Ken Stephenson
DSV Consulting Inc. sometimes allows professionals who are helping our current clients contribute articles associated with topics that we are all interested in. This topic is apropos to the COVID-19 crisis time-frame [March – April 2020] as everyone is losing your medical insurance, but valid throughout the year.
For further information, think about having someone on your board of advisors with this information – or better yet, call Ken! Insurance is one of those basics of business that everyone needs.
See the original blog post h
Ken Stephenson, MBA, FHIAS at (512) 417-6058 – Is considered an authority in health group and individual benefits. He has a Group 1 license from the Texas Department of Insurance. He regularly provides expert testimony in court regarding insurance benefits. He built and ran the first HMO in Texas for commercial, Medicaid and Medicare Advantage products. A Fellow in Advanced Insurance Studies from the American Health Insurance Plans. Certified through the National Association of Health Underwriters as a Self-Funded Specialist, Voluntary Worksite Specialist and a Healthcare Reform Specialist. Certified by the Center for Medicare and Medicaid Services (CMS) in the Affordable Care Act and Marketplace Basics, Medicare, and the Federal Facilitated Marketplace.
He is passionate about health literacy when it comes to explaining the complexities of health care. A better understood health system helps save money and lives.
VersaClaim, Inc.’s website
About DSV Consulting LLC
DSV Consulting LLC is a management consulting and merchant banking organization helping emerging businesses structure and achieve growth. With over 45 years of experience with emerging businesses up to $10M revenue, our professionals have experience in diverse industries – custom software development, training, merchant banking, private equity, maritime, and oil & gas.
Our management consulting is wrapped in a simple format – checklist based, focused on client specifics, and built to provide long term value to our clients. Our merchant banking services combines our management consulting concepts with our extensive network of professionals spanning accounting (CPA), auditing, broker dealers, litigators, securities lawyers, among others.