Health Insurance Articles
How A Lapse In Payment Affects Your Health Insurance Policy
2010-01-30
In the U.S., the topic of healthcare has been a hot topic for some time now. Since we are not provided healthcare from the government like in a large number of foreign countries, we are left to fend for ourselves when choosing a private healthcare provider from the highly competitive market. Although each company is different, the healthcare industry as a whole is very similar, and almost all companies use the same guidelines and standard procedures. Insurance provider's main concern is limiting the amount they have to pay on healthcare, and will try to exclude you from coverage at all cost. For this reason, it is extremely important that you don't let a lapse in payment occur, as the potential outcome can leave you in financial disaster. Let's take a brief look at what you need to know in order to protect yourself and your bank account.
Most healthcare companies offer a grace period in which you can pay your premiums. If you do miss the grace period, it is possible that your insurer offers a reinstatement provision. You would have to contact your insurance company directly to find out if you qualify. Every policy and every state has different guidelines to able to apply for reinstatement, but at best, you may eligible for up to three years. If you lose your coverage due to lapse in payment, you will no longer be covered for any medical expenses acquired during this time period.
If you find yourself without health insurance coverage, here are a few tips to follow in order to make it through the break:
First of all, you will want to start saving as soon as possible. If you are able to put away just a few dollars a day, after a month or two you should have no problem paying for that doctor or dentist visit out-of -pocket. Make your healthcare a priority and fight the temptation to spend your savings on unnecessary clothes or accessories. If you are in good health and only need routine care, you may be able to last financially for a substantial period of time. Knowing that you do not have any to cover your costs in the event of an injury or accident, you may find it helpful to take a look at your lifestyle and if possible, limit risks. Maintain a healthy lifestyle consisting of regular exercise, eat plenty of fruits and vegetables, and avoid extreme activities such as bungee jumping or base jumping until you are fully covered again.
