California State Health Insurance
Connecticut Cracks Down on Illegal Health Insurance Plans
Susan James
The state of Connecticut cracked down on a number of unlicensed health insurance
plans and agents this month. The Insurance Department issued warnings to consumers
to check the licensing of any firm before doing business. The targeted illegal
heath plans were primarily offered to small businesses through their professional
industry associations. The health plans claimed that since they were not fully
insured and operated in multiple states Connecticut’s strict insurance regulations
did not apply to them. CT Insurance Department disagreed and closed the plans.
A list of the approximately 40 closed plans is posted on the Department’s Web
site. Since the affected health plans are offered in multiple states, consumers
in other states may soon be dealing with similar actions.
But the news is not all black and white. This crackdown closes the door to some
of the few remaining affordable health insurance plans for many Connecticut
small businesses. Connecticut’s past legislative blunders in regulating health
insurance are now costing its residents in sharply higher health insurance premiums.
The illegal low-priced health plans are actually quite legal and well accepted
in other states. The affected consumers are more likely to be irked by the “Big
Brother” attitude of their government than by the fact that their health plan
did not meet all applicable state laws. Most will be unable to find replacement
health coverage in the same price range.
Tony Novak, MBA, MT, Online Adviser at MedSave.com suggests that consumers keep
in mind the simple principal “If it sounds too good to be true, it probably
is…”. There are no bargains or great deals in health insurance. If one health
insurance plan costs less than another, that is only because it provides less
coverage. Make sure that you know specifically what coverage you are giving
up before enrolling in a low cost health insurance plan. As long as a plan is
fully insured and the agent is also licensed and insured, then it is OK to save
money by choosing a plan that eliminates coverage that you do not need. For
example, if you don’t need maternity coverage or pre-existing condition coverage,
then it is safe to buy a plan that costs only half as much as a health plan
that does include this coverage.
Novak emphasizes that these buying guidelines apply to residents of all states,
not just Connecticut. Unfortunately, too many small businesses buy the lowest
cost health plan they can find without really understanding the reason for the
cost difference or the risks they may be taking with the lower cost plan.
MedSave.com also adds that the Connecticut crackdown did not affect any of its
health plans. All MedSave.com health plans are fully insured and licensed in
the state where they are offered.
About the Author
Tax and Benefits Adviser
Freedom Benefits Association
International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
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