health insurance statistics 2009
health insurance statistics 2009
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Cobra Health Insurance Options for Small Business Owners
The Bureau of Labor Statistics, Department of Labor reported recently that employment continued to decline sharply in February (-651.000), and the unemployment rate has climbed from 7.6 to 8.1 per cent. Payroll employment has declined $ 2.6 million in the last 4 month. In February, job losses were large and widespread in almost all major industries. You or your spouse from 8.1% Are you anxious to join this group? If you own a small business or considering starting small businesses, then you must understand how COBRA can have a significant impact on your financial future. Here are 7 things you need to know now!
1. What is the health of COBRA coverage? Congress passed the landmark Omnibus Budget Reconciliation Act (COBRA) provisions for health benefits in 1986. The law amends the Employee Retirement Income Security Act, the Internal Revenue Code and the Law of Public Health continues to provide group health coverage that might otherwise be terminated.
2. COBRA What to do? COBRA provides certain former employees, retirees, spouses, former spouses, dependent children and the right to temporary continuation health coverage at group rates. Such protection, however, is only available when coverage is lost due to certain specific events. Health coverage for COBRA participants of the group is generally more expensive than health coverage for active employees, since usually the employer pays a portion of the premium for active employees while COBRA participants generally pay the entire premium themselves.
3. Who is entitled to benefits under Cobra? There are three elements that receive COBRA benefits. COBRA establishes specific criteria for plans, qualified beneficiaries and qualifying events:
Qualifying events for employees:
- Volunteer or involuntary termination of employment for reasons other than gross misconduct
- Reduce the number of hours worked
Events for spouses Rating:
- Voluntary or involuntary termination of employment of the employee covered by any other cause of misconduct
- Reduction of hours worked by employees covered
- Covered employee becoming eligible for Medicare
- Divorce or legal separation of covered employees
- The death of an employee referred
Qualifying events for dependent children:
- Loss of status of the child in the plan rules
- Or voluntary termination involuntary employment of an employee covered by any other cause of serious misconduct
- The reduction in hours worked by employees covered
- Covered employee becoming eligible for Medicare
- Divorce or separation covered employee legal
- The death of an employee referred
4. How a person becomes eligible for continuation COBRA coverage?
To be eligible for COBRA coverage, you must be enrolled in the health plan your employer when you worked and the health plan should remain in effect for active employees. Continuation of COBRA coverage is available to the occurrence of a qualifying event that except for COBRA continuation coverage, cause an individual to lose their coverage of health care.
5. What if I Want To Take Cobra? Group Health Benefit Plans are very rich. This means it is likely to have dental, vision, cooperation, low pay for doctor visits, etc. things we take for granted. His employer, although often pay 80% or more of your premium and the share of the premium is 20% or less. You you do not pay the real cost of their health plan until you qualify for COBRA and get the letter that your HR department gives Sticker Shock. Why? Because you see that your new monthly premium could be up to 400% more than they have withdrawn from their paycheques payment. What to do? You get on the computer and start looking for quotes for health insurance and see a bunch of quotes that seem attractive as an alternative, but you 're comparing apples and oranges.
Here are three major points that are unclear when you look at these quotes from the computer
- First Group Plans Georgia are "collateral given, which means that everyone should be accepted. Individual plans go through a subscription process, He therefore who are eligible and can not be accepted.
- Almost all insurance companies normally pre-existing conditions reducing significant as diabetes, cancer and heart disease. Axis of pre-existing weight, high blood pressure and high cholesterol, etc. are valued at what it means to charge you more. The underwriting process can take up to a month if done correctly.
- Also many of the benefits we take for granted in rich group plan benefits are additional or 'corridors' with different political increase your premium.
What are my options if I just lose my job?
6. How does the recovery and reinvestment Tax Act of 2009 affect COBRA and save me more money? The law provides a subsidy of 65% by government employees who are involuntarily terminated From 1 September 2008 and December 31, 2009. The reduction of the premium refers to the premium for the coverage period begins after the new law promulgated February 17, 2009. The law does not allow refunds of premiums to cover periods beginning before February 17, 2009. Qualified individuals May, however, qualify for subsidized premiums for a maximum of nine months. So, whether already on COBRA can get this grant up to nine months. Also, if you refused COBRA during that period you can enroll in the subsidized coverage. This is great if you are planning find another job that provides group health insurance, because you'll pay only 35% of the costs and can keep COBRA coverage benefits for the richest 18 months.
BUT … …
What if you decided to concentrate on his business full time now instead to get another job? Then you really need much more individual plans.
7. How to buy your own health plan to protect individual computers Portable your financial future? Let me tell you a story about how one of the more intelligent financial was surprised that life after rode his bike days in Florida. I lived in South Florida and played tennis with a friend who has retired from a Fortune 100 company when he was 49 years. After many years of hard work that has taken early retirement and built his dream house in Florida. After several years of his bored wife and wanted to move to Atlanta. He bought one of the most prestigious developments in Metro Atlanta. Six months after Construction began my friend on his bike and I need air. He called a neighbor and tennis partner who was also a cardiologist and physician said: "Come to my office and let me check that." The cardiologist sent him directly to hospital and discovered that one coronary arteries of my friend has been reduced and a heart stent was inserted to relieve the condition. Within days, my friend was playing tennis and riding his bicycle. Thinking about your next move in Georgia, my friend decides to call your Insurance Company sick to go to Florida. Note that this was not a fly by night company, but one of the most recognized names in the insurance sector today! You can imagine his surprise when the insurance company said it was "uninsurable" state Georgia. What happened? When he retired from elected COBRA my friend and when he moved to Florida had an individual in Florida. It is assumed that because the insurance company had a name so great that it was a national enterprise, but has been unable to obtain health insurance at any price, in Georgia, because there was this large pre-existing condition of heart disease.
You may be similar or worse consequences if you fall ill or have a serious accident during the period you are on COBRA. To avoid this type of situation or worse, we must work with an agent authorized Health who specializes in small business.
About the Author
Quentin Moses is a licensed Life and Health Insurance Agent in Georgia who helps Small Business Entrepreneurs in Atlanta protect their Family & Assets. Quentin has over twenty years experience working with business owners and their investments on Wall Street. He has conducted the workshop “Health Insurance for Small Business” for SCORE Atlanta.
Email quentinmoses@gmail.com if you would like a free consultation
Visit My Blog http://qtubeblogg.blogspot.com/
for more important tips
See My COBRA Video :http://www.youtube.com/watch?v=QnZsSCc666Q
Why people do not accept that we all have to die of something?
Here's an Associated Press article slamming the idea of universal health insurance health claims that in the UK "up to 15,000 people over age 75 died prematurely from cancer each year." Hello? Hate to break this news, but once you're over the age of 75, you could go at any time. The article said nothing about the only statistic that matters which is the rate of mortality. What difference does it make if you die of cancer or to die of something else in the same exact time? http://www.washingtonpost.com/wp-dyn/content/article/2009/07/04/AR2009070401458_2.html third-generation freethinker
I wonder why, if health care is so bad in the United Kingdom and Canada, why do so many Canadians spend their winters in Florida, be sure to keep your residence in Canada so they can get health care there. None of these items each time the address.
