Whether you are in the process of relocating because of a new job, or simply following your heart, transferring a health insurance policy isn’t difficult, but there are a number of factors to take into consideration when doing so. Here are some useful questions to consider when transferring your health insurance policy.
Do most Policies Include Major Medical Plans?
When transferring a health insurance policy it is important to understand that not all health insurance policies will cover major medical plans. Major medical plans will cover, once a deductible has been paid, the majority of your medical expenses as a result of serious illness, and or extended periods of hospitalization. Considering the fact that several days in the hospital can cost up to and beyond $70,000, a policy that includes a major medical plan is something that needs to be strongly factored in when transferring your health insurance policy.
Will Pre-existing Conditions Be a Factor?
Pre-existing health concerns will be the topic of conversation when transferring a health insurance policy. Insurance companies generally define a pre-existing health condition as any type of injury, illness, or disease occurred prior to your transfer. However, do not be discerned, as the exact definition varies from one insurance company to another, and each insurance company will have its on time frame. Pre-existing could be defined as anywhere from 3 months to 3 years. There are still health insurance policies that will accommodate your needs.
Are There Specific Enrollment Periods?
Insurance companies will have certain time frames in which they allow new and existing clients to transfer, and or change their health insurance policy. These are referred to as ‘open enrollment periods’ and will be clearly stated in the company’s policy package. These typically occur during spring, or fall. Once enrolled you will not be eligible to transfer or change your plan until the next enrollment period. Exceptions include changes of events such as a new baby, change of marital status, or loss of a spouse or dependant.
When Would my Benefits Take Effect?
When transferring a health insurance policy benefits will normally take effect immediately. However, if the new plan offers additional benefits there may be a waiting period of up to 6 months for those additional benefits to take effect. Depending on your specific medical needs this is certainly something to consider when transferring your health insurance policy. Do not let the waiting period put you off if is it a needed addition to your plan. Take full advantage of being able to update your plan when transferring your health insurance policy.
What if I Am Moving to Another State?
If you are moving to another state transferring your health insurance policy is still possible, just a little more research is required. If eligible, you will be able to transfer the general features of your plan over, but it is important to be familiar with the regulations pertaining to that particular state. Health insurance guidelines vary from to state to state, and when transferring your health insurance policy you will want, and need to find an appropriate plan that will meet both your needs, and the regulations of that state.
Transferring a health insurance policy is most certainly feasible. Don’t let the questions and paperwork deter you. If you take all of the above information into consideration, it will no longer be the daunting task it once was, but rewarding, knowing that you fully understand the new policy that you have chosen.
Think about also comparing quotes. You can find individual health insurance rates by filling out the form at the top of this page.