Limited medical insurance plans offer benefits for hospital stays, doctors visits, surgeries, accidents, emergency or urgent care. These types of health insurance programs are very popular now more than ever due to our current economic woes where so many people are unemployed and looking to cut-down on costs, have exhausted their COBRA benefits or have no other health coverage options. I absolutely don't recommend that you consider limited medical insurance plans if you currently have full coverage and can afford to keep it.
An individual limited-medical -guarantee-issue health policy accepts individuals regardless of the medical condition. The limited medical benefits plan is a type of health insurance; but,it is not comprehensive in its coverage. For example, on an 80/20 health plan, 80% of your medical benefits will be paid by the insurance carrier.
On the other hand, unlike full comprehensive benefits, limited medical plans with a hospital benefit of $1000 a day, will cover your hospital stay to $1000. Any expense beyond $1000 is your responsibility. Granted with the rising costs of medical care, it may not seem like much for a limited medical insurance benefit, but, wouldn't you take a $1000 over nothing-at-all to help you with the medical bill?
Private health insurance plans choose their clients through a health evaluation process commonly knowns as health underwriting. Insurance companies evaluate individual's health risk, but differ on their assessment on the risk. For example, assuming a male applicant is 25 pounds over the standard weight range for his age group, carriers may choose to accept or decline the individual for health coverage. The fact is that being overweight or obese can trigger other costly medical conditions that healthcare companies foresee as an expensive risk to absorb, such as diabetes, high blood pressure or heart ailments.
If you have been declined for major medical comprehensive health coverage by more than one carrier, you may want to consider guarantee-issue individual limited-medical insurance.
Be cautious, especially if you are one of the millions that is uninsurable or uninsured. In shopping for individual limited-medical insurance be attentive to the representations being made in particular by call-center sales personnel regarding these health plans.
I am concerned with the rise of ruthless individuals who pry on others' medical or financial situation to make a profit. Let me be perfectly clear, there are call centers that hire unlicensed sales personnel to pimp these forms of insurance products and misrepresent them as full health insurance coverage. These individuals hide behind their headsets and are oblivious to what is right or honorable including the business owners who look the other way towards greed.