COBRA health insurance is a federal law that
allows individuals and their families to temporarily continue their
employer-sponsored health insurance coverage after certain qualifying events,
such as job loss or reduction in hours, divorce, or the death of a covered
employee. It essentially provides a temporary extension of your existing
group health plan benefits, allowing you to maintain coverage until you can
find another suitable plan.
Medicare Hospital Indemnity coverage is a supplemental insurance that provides a cash benefit to help cover expenses related to a hospital stay, such as copays, deductibles, and other out-of-pocket costs. It's not a replacement for Medicare, but rather a way to supplement existing coverage like Original Medicare or Medicare Advantage plans. The benefit is typically paid as a daily cash amount for each day spent in the hospital, and can be used for any expenses related to the hospital stay or even other living expenses.
A waiting period is the time between when you sign up for insurance coverage and when it goes into effect. It can also refer to the period between starting a new job and gaining access to your employer-sponsored benefits, like health and dental insurance. While in a waiting period, you won’t be able to use some or all of your benefits—so it’s important to know how long it’ll last. When applying for insurance coverage, be sure to look through the waiting periods required by each provider to find the best option for you and your health.
How do insurance waiting periods work?
Waiting periods usually depend on your insurance carrier. Some insurers require a waiting period on the entire policy, while some might only have a waiting period that applies to specific parts. You’ll want to clarify how waiting periods affect your policy before you buy it.
For example, say you sign up for a dental insurance plan with a waiting period. You may be able to go to the dentist for routine care, but not for more complex procedures, like crowns or implants. Those benefits won’t be available to you until the waiting period is over.
Similarly, if your workplace utilizes waiting periods for employee benefits access, you may not be able to sign up for some or all of your benefits until a later date.
1. Your paycheck goes further with pre-tax contributions.
2. Your HSA doesn’t expire.
3. The HSA investment feature provides the opportunity to put your money to work for your future.
4. Your HSA is flexible to help you meet your needs and goals.
5. An HSA can help you take care of your loved ones.
In Medicare, IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional surcharge on Medicare Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds. This surcharge is calculated based on the beneficiary's Modified Adjusted Gross Income (MAGI) from two years prior.
