Big Changes On The Horizon For Critical Illness Insurance.
For many Americans, the diagnosis of a serious or life-threatening illness is, at worst, an existential nightmare. Fortunately, most people will never need to decide between buying mouthwash and paying the rent. Luckily for those in an unfortunate position that choice is not as simple when you have to make it with your wallet being tied up with critical illness insurance.
Critical illness insurance policies are getting more expensive and changing how they offer coverage according to The New York Times . While this might be alarming news for some people who think their coverage may be about to change without notice it's good news for others who can now potentially find more affordable options.
The changes at issue stem from the Affordable Care Act's mandate that all insurers offer a critical illness insurance option. Some policyholders with plans offered by large companies may have coverage that covers them for a variety of medical expenses including those incurred during pregnancy and breastfeeding. Others who are covered through work may have plan options that are each tailored to their needs and those of their spouse.
Unfortunately, as some insurers now discover this variety of policies can be costly for consumers who benefit from them because they cover disproportionately higher health care expenses than other policies.
For example, it is enough of a problem that Blue Cross Blue Shield of South Carolina has been lowering its prices to reflect what the marketplace for these plans has become. Policyholders are being given the option to opt out of these plans because they don't meet their needs and are instead given more affordable policies that are tailored to their individual needs.
The New York Times reports that other insurers have been cutting healthcare coverage from expensive critical illness insurance policies and in some cases replacing them with less expensive alternatives. As an example, UnitedHealth Group recently struck a deal with Aetna to provide essentially the same benefits through much less expensive health care insurance policies.
The change in plans offered by health insurance companies can be a good thing for those who need it. For some, the reduction of coverage and premium is a test worth taking. The New York Times reports that insurers keep the difference when they settle claims on policies that they no longer have to offer because they don't meet their customers' needs. However, some policyholders might find out that it's cheaper to drop insurance altogether despite the personal consequences such as potential loss of medical coverage in case of an emergency or life-threatening injury. That should be a warning for anyone who has thought about dropping critical illness insurance this year because of changes in plans offered by their insurer.
Critical illness insurance policies are getting more expensive and changing how they offer coverage according to The New York Times . While this might be alarming news for some people who think their coverage may be about to change without notice it's good news for others who can now potentially find more affordable options.
The changes at issue stem from the Affordable Care Act's mandate that all insurers offer a critical illness insurance option. Some policyholders with plans offered by large companies may have coverage that covers them for a variety of medical expenses including those incurred during pregnancy and breastfeeding. Others who are covered through work may have plan options that are each tailored to their needs and those of their spouse.
Unfortunately, as some insurers now discover this variety of policies can be costly for consumers who benefit from them because they cover disproportionately higher health care expenses than other policies.
For example, it is enough of a problem that Blue Cross Blue Shield of South Carolina has been lowering its prices to reflect what the marketplace for these plans has become. Policyholders are being given the option to opt out of these plans because they don't meet their needs and are instead given more affordable policies that are tailored to their individual needs.
The change in plans offered by health insurance companies can be a good thing for those who need it. For some, the reduction of coverage and premium is a test worth taking. The New York Times reports that insurers keep the difference when they settle claims on policies that they no longer have to offer because they don't meet their customers' needs. However, some policyholders might find out that it's cheaper to drop insurance altogether despite the personal consequences such as potential loss of medical coverage in case of an emergency or life-threatening injury. That should be a warning for anyone who has thought about dropping critical illness insurance this year because of changes in plans offered by their insurer.
For more information click here http://www.njmcdirect.com/index.php?option=com_content&view=article&id=3814:low-cost-critical-illness-insurance&catid=35:company-news&Itemid=573.
For more information on any of these plans please call our office at 201 521 5270 or send us an email at info@njmcdirect.com for a free, no obligation, consultation. We will treat your personal information with care and respect and will never sell your information or pass it along to any third party. Â Â Â Â You can also visit us online at www.njmcdirect.com. Â Â
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For more information on any of these plans please call our office at 201 521 5270 or send us an email at info@njmcdirect.com for a free, no obligation, consultation. We will treat your personal information with care and respect and will never sell your information or pass it along to any third party. You can also visit us online at www.njmcdirect.com . For more information on NJM Insurance Company please visit our website http://www.njmcdirect.com/index.php?option=com_content&view=article&id=3814:low-cost-critical-illness-insurance&catid=35:company-news&Itemid=573 .
For more information on any of these plans please call our office at 201 521 5270 or send us an email at info@njmcdirect.com for a free, no obligation, consultation. We will treat your personal information with care and respect and will never sell your information or pass it along to any third party. You can also visit us online at www.njmcdirect.com . For more information on NJM Insurance Company please visit our website http://www.
Conclusion
As we begin our journey through 2015 I reflect on the top 10 things that I am most proud, proudest, proudest of. I hope you will take a few moments and look back at the progress my clients have made and how you can help keep them moving forward in 2015 as well.
Of course, there are those juicy headlines of the week that got me thinking about the things that got my attention and WOW! these were some powerful statements from some powerful leaders: Oprah, Kim Kardashian and President Obama come to mind. Their thoughts stated loud and clear what a difference you make in our lives when you open up your wallet to do something about it - especially if it comes from your heart.