e-Get Without Health Insurance Coverage

As the saying goes, "If you don't have your health, you don't have anything". This next pillar of insurance planning, health insurance, seems to elude so many of us. In 2008, there were nearly 47 million Americans or approximately 20% of the population under age 65 without health insurance. Furthermore, thanks in no small part to the 2008-2009 recession and the resulting job losses that accompanied it, unemployment has been hovering around 10%. This high percentage of unemployment means that nearly 60 million people will be without health insurance coverage! This of course can be detrimental to your financial freedom.

When searching for health insurance, keep in mind that "cheaper" is not always better. There are quite a few variables that go into making up your premium. Things like deductibles, co-pays, your use of in-network or out-of-network doctors and facilities, all contribute to your final monthly premium. If you are the "healthy" type, you can reduce your expenses by considering a plan with catastrophic coverage. Under this scenario, you would have a high deductible before the insurance kicks in. Presumably this will not matter at all because your health history shows that you do not use the system very much. If you are willing to withstand a $2,500.00 to $3,000.00 deductible or more, you could potentially lower your health insurance premium by about 50%.

Lowering your premium can also be accomplished by choosing a managed care plan. Deductibles and co-pays will decrease if you are willing to give up your choice of doctors and facilities. On the other hand, if you like your freedom, a traditional fee for service a.k.a., an indemnity plan, is the right choice for you. Ideally, you need to factor in the benefits that are most important to you while being mindful of costs and restrictions when putting your health insurance plan in place.

Let's not forget about tax breaks that are available for health insurance. Those that are self-employed can usually deduct 100% of the insurance premium from your pretax income. Employees, on the other hand, should check with their employer to see if they offer a Flexible Spending Account (F.S.A.), or Health Savings Account (H.S.A.). Both accounts allow you to set aside pretax income for certain qualifying medical expenses. This has the effect of lowering your taxable income. You will then reap the tax break of paying less taxes. There is no limit on how much you can set aside but you need to spend this account within the calendar year or you will forfeit the unspent funds.

Last but not least, if you lose your job, you can generally continue your health care coverage through C.O.B.R.A., (Consolidated Omnibus Budget Reconciliation Act), for up to 18 months, and sometimes longer if you meet certain qualifications. You would be able to stay on your ex-employers health insurance plan although they are allowed to charge you a small administration fee (2%). Do not be foolish and try to get by without health insurance. If you get seriously sick, your financial freedom will be in jeopardy if you have no health insurance coverage.

e-Get Supplemental Student Health Insurance

The Canadian Scholar's Guide to Student Travel Health Insurance
Studying abroad is a great opportunity for students as it allows them the chance to expand their horizons. Many find it a life changing experience. If you are a Canadian student planning to pursue your studies in a foreign county, you do not have to worry about issues regarding health insurance during your trip abroad. In this article, you will find some reassuring facts, as well as a few helpful tips on student travel health insurance. Be well informed before your journey begins.

What should I do to extend my health care coverage?
If you are leaving the country for an extended period of time, you might be wondering what steps to take in order not to lose your Canadian health insurance benefits. Before your departure, you must contact your provincial healthcare office to apply for a special insurance card. If you do not advise them of your travel plans, your insurance will lapse after 180 - 212 days from your date of departure. As a traveling student, you can remain eligible for healthcare benefits until your return to your province, as long as you keep your healthcare status updated.

To apply for a special annual health insurance card, you need to present a letter of admission from the school you are going to attend, a copy of your birth certificate and a letter requesting extended insurance coverage. Upon submission of these documents, you will receive a certificate confirming your eligibility for this type of coverage.

Note that Canadian provinces differ in terms of health insurance coverage. For instance, if you are a resident of Manitoba, the amount redeemed for a particular medical procedure performed outside the country would be equal to the cost of that medical procedure having been performed in Manitoba. So be sure to gather information on your own provincial healthcare coverage for traveling students.

Should I get supplemental student health insurance?
Whether you are going to study abroad or are just traveling to another province in Canada, you would benefit from having supplemental student travel health insurance. Such plans are designed to complement provincial insurance coverage. Because your provincial health plan often covers only a portion of the cost of medical treatment or service in other countries or provinces, you need to make up the difference from your own pocket; hence, supplemental health insurance can alleviate concerns over not only health issues, but also budget woes.

Most post-secondary schools require that their students be covered by a student health insurance plan. So before you begin your out-of-province studies, shop around and get quotes from several companies in order to compare rates and terms. Questions to ask should include:


For how long will I be covered?
Will it be possible to renew my policy from other parts of the world?
What will be the cost of my premiums?
What is my deductible?

There are a variety of student travel health insurance plans to choose from, and a little research will help you decide what best suits your needs.

What does my student travel health insurance cover?
Plans vary from company to company, but on average they generally cover treatment for sickness and medical care for accidents. Some plans will not cover pregnancy, pre-existing medical conditions, or annual medical check-ups. Read the insurance company's policy thoroughly (including the small print) before signing the document as your coverage may have certain limitations and/or exclusions.

Does student travel insurance cover flight cancellations or lost luggage?
If you want to ensure coverage for flight cancellations and/or insurance against lost luggage, you must purchase a travel insurance package that offers that specific type of coverage. Do not automatically assume that you are covered against such incidents during your travels. Always check the terms and conditions of your policy.

Do I need supplemental student travel health insurance if I am going to study in another Canadian province?

Medical costs vary from province to province and government healthcare insurance plans have limits on coverage of medical expenses incurred during your stay in another province. Therefore, it is wise to protect yourself, and any family member(s) staying with you during your travels outside your province of residence.

Do some medical emergencies have limits on coverage?
Ambulance costs, emergency dental work, prescription drugs for sudden illness, follow-up visits and out-patient visits, as well as other general medical services may not be covered, or may be only partially covered, under your plan.

Source: KlikInfoKita