2007-01-29 09:03:47 · 3 answers · asked by Jeff W 2 in Business & Finance ➔ Insurance
I'm between jobs and I am wondering how wise it would be to let any health insurance coverage lapse until I start working again. I'm generally healthy, so that is not a concern. Thanks for any constructive feedback.
2007-01-29 09:10:04 · update #1
Even if you let your current coverage lapse, enrolling in your new employer's plan won't be a problem for you. What may be a problem is if, between now and then, you develop a pre-existing condition. While you won't be prohibited from enrolling, your condition won't be covered until you've been insured for 12 months (this may be less, depending on your state's laws).
No one plans to get sick or be injured; but that's the reason why a person takes out health insurance. If you're willing to take the risk, go ahead and cancel. I wouldn't recommend it, since the number one reason for personal bankruptcy in this country is unpaid medical bills.
2007-01-29 09:36:00 · answer #1 · answered by Suzanne: YPA 7 · 1⤊ 0⤋
If you let insurance lapse for any period of time, you run the risk of problems with getting claims paid by your new insurance. Most plans have what they call a Pre-Existing clause or a "waiting period" - meaning that if you have any medical claim, you need to prove it's not pre-existing and the easiest way is to give them the letter of termination provided by your previous insurance carrier.
2007-01-30 09:53:06 · answer #2 · answered by zippythejessi 7 · 0⤊ 0⤋
The only problem is, if you develope a condition while uninsured, the new employer's group health policy is probably not going to pick it up.
2007-01-29 20:09:07 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋