A selection of IBD Insurance Services case studies regarding Individual health insurance coverage
CASE 1
“I am a dependent on my spouse's company plan and I want to know if I can get a less-expensive individual plan that is similar to my spouse's plan.”
Our Review: The individual was a healthy 43-year-old female. The spouse rate at the company was $370/mo, deducted from the paycheck on a pre-tax basis. An individual plan was estimated to be $278/mo.
Our Recommendation: Although the individual plan seems to be much less expensive, we did review the tax adjusted difference, which was about $15/mo less. The Blue Advantage plan was still less expensive, had better features, and was therefore the best option.
CASE 2
“My COBRA is expiring soon and I am concerned that individual rates will be very expensive, since I have some health issues.”
Our review: The individual was 36 years old with a history of high blood pressure, hypertension and high cholesterol. His COBRA premiums were $220/mo. His COBRA is to expire within the next twenty days. We have access to an extremely quick enrollment process and could have started a plan within the required timeframe. Due to our experience, we estimated his final cost to be about $320/mo and possibly higher with the known health conditions. After further investigation, we found out that the reason why he waited so long to begin the application was that he just started his own business and did not have time to address his health insurance.
Our recommendation: We investigated the group rate for a one-person company and found that the final rate, with a maximum underwriting code, would be about $226/mo. We therefore recommended that he begin a group insurance policy. Since a group policy would take about thirty days to start, we also recommended a short term health insurance plan to cover the time between the COBRA expiring and the group plan taking effect.
CASE 3
“My son who just graduated from college and needs health insurance.”
Our review: During our investigation of what the son needed, we found out that he was going to travel internationally for the next 6-12 months. Although the individual policy would cover short trips (less than two months), his travels could be longer, and we were not sure of where he would be traveling.
Our recommendation: We recommended an international travel policy that would be valid for up to two years and could be used if he traveled back to the U.S. for short periods of time. The rates would be less expensive than the U.S. individual rates. Upon completion of his travel, we would then meet to discuss job opportunities and which health plan(s) would need to be obtained.
CASE 4
“I have just had a child want to put him on the group plan at work. Is there anything I need to do?”
Our review: We reviewed the group rates at work and found that there are rates for employee/child(ren) which was about $180/mo. The baby was just two weeks old and will be covered by the group plan, as long as the employee files notice within the first thirty days.
Our recommendation: Since the individual rate was $70/mo less expensive than the group plan, we recommended that the child have an individual plan. To assure a smooth transition, we enrolled the child on the group plan and at the same time made application for the individual plan. Upon approval of the individual, we assisted the employee in removing the child from the group plan.
IBD Insurance Services, Inc.
3733 National Drive, Suite 232, Raleigh, NC 27612
Phone: 800 615-5980
FAX: 919 510-8876
http://www.ibdinsurance.com
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