UnitedHealth, one of the country's largest insurers, has introduced a new kind of policy that insures your health insurance policy. That's something, huh? Insurance for your insurance.
The New York Times reports that UnitedHealth has named the new product Continuity. One company official stated that it is designed to allow you to keep your health insurance for the future, for a very modest premium.
Let's list a few red flags that go up. Continuity won't protect you against your premiums increasing as you get older. The premiums for Continuity will increase over time. You have to qualify for Continuity just like regular coverage, and you may be denied based on your health status. This won't help you get coverage if you have a pre-existing health condition. Most states have guaranteed renewability, which means an insurer can't cancel your policy anyway if you become sick or get injured. This coverage costs as much as 20 percent of your health insurance premium.
This plan doesn't sound like it is going to have much appeal for the masses. Continuity could be a good option for some, like contract workers for instance, who expect coverage gaps. But as a recent interview with an insurance broker revealed, it offers limited appeal for most.
Is Continuity really a health insurance plan? No its not, as reported in the Times article. And if not, then what's the point? Since most states already cover what it is protecting, then apparently for most of us will there will be no need for it. Those looking for that extra bit of comfort regarding their insurance will have to decide for themselves whether Continuity is for them. - 16955
The New York Times reports that UnitedHealth has named the new product Continuity. One company official stated that it is designed to allow you to keep your health insurance for the future, for a very modest premium.
Let's list a few red flags that go up. Continuity won't protect you against your premiums increasing as you get older. The premiums for Continuity will increase over time. You have to qualify for Continuity just like regular coverage, and you may be denied based on your health status. This won't help you get coverage if you have a pre-existing health condition. Most states have guaranteed renewability, which means an insurer can't cancel your policy anyway if you become sick or get injured. This coverage costs as much as 20 percent of your health insurance premium.
This plan doesn't sound like it is going to have much appeal for the masses. Continuity could be a good option for some, like contract workers for instance, who expect coverage gaps. But as a recent interview with an insurance broker revealed, it offers limited appeal for most.
Is Continuity really a health insurance plan? No its not, as reported in the Times article. And if not, then what's the point? Since most states already cover what it is protecting, then apparently for most of us will there will be no need for it. Those looking for that extra bit of comfort regarding their insurance will have to decide for themselves whether Continuity is for them. - 16955
About the Author:
Looking for medical insurance has always been a tough thing for me. There are so many choices and way too many options to navigate through and I know I'm not alone. Just this past month, on behalf of my parents in Miami, I've begun researching the best options for them to improve on their Florida health insurance. Bottom line: research before you buy.
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