If I take out Health Insurance am I Covered Immediately?

by Guest

It’s a requirement of the Affordable Care Act for you to have health insurance or face paying a penalty. The question is, once you have purchased health insurance how soon are you actually covered?

If you have to have health insurance then you’re going to want to be covered by it as soon as possible; you’ll need to make sure that you’re provided for should you encounter any health problems. This is especially the case given the high costs of health care today.

I’m buying a policy so when will it start?

The health insurance market place was created as place for people to be able to purchase affordable health insurance during a certain period each year (the enrollment period). If you buy your health insurance at the marketplace then the date it starts is dictated by the date on which you make the purchase.

Normally if you buy your health insurance policy between the first day of the annual enrollment period and the third week in December then the policy will come into effect on the first day of the new-year. If you purchase after this time then certain rules apply.
A policy bought between the 1st and the 15th of the month comes into effect on the first day of the month following the purchase. A policy bought at any other time of the month comes into effect on the first day of the month after the month following purchase.

What if you need life insurance outside of the enrollment period?

There are provisions in place that allow you to apply for health insurance in a special enrollment period in certain circumstances. These circumstances include the loss of your current health care provision. The special enrollment period lasts for 60 days and the same rules of entitlement apply as for the normal enrollment period.

You do have the option to apply for health insurance outside of the market place altogether; you should note that from 2015 your policy will need to cover the same basic requirements as those applicable within the marketplace.

If you apply outside of the marketplace then you will need to check with your insurance provider when the policy becomes effective. In most cases your coverage will commence in the month after you purchase the policy and you will need proof of coverage for when you have health care.

So you’re covered but what happens if the insurer refuses your claim?

If the insurer believes that your treatment isn’t a medical necessity, or if you’re claim is deemed to be out of time, then you may find your claim is refused. There are many reasons why a refusal can happen. You shouldn’t feel that this is the end of the matter as you do have the right to appeal the decision. The first part of the process is an internal appeal looked at by your insurer and the second part is an external review which is considered by a third party.


Tips When Applying for a Small Business Loan

by Mrs Money

When you are applying for a small business loan, lenders look at your credit. Since the business is likely owned only by you, no other factors play a significant role in credit worthiness. Lenders take several items into consideration, with the three most relevant being discussed below.

View your Credit Report First

Before you even complete a loan application it is important to review your personal credit report. If it is not perfect or near perfect, work on correcting the entries by making payment arrangements on larger sums. Pay off small balances first. This will help to quickly improve your credit score.

When a potential lender sees that you are making payments on larger sums, it shows financial responsibility in the efforts to recover your good credit standing.

Have a Specific Business Plan in Place

When you approach a lender for a small business loan, they need to see that you have a proper business plan. The plan should discuss the type of business it is, why the area needs your specific business, the potential for profit and how you plan to grow and market the business. If you have any promotional materials in place, product samples or prototypes, it is ideal to take these with you.

The business plan should be well-detailed, accounting for every penny that you are asking for.

The funding breakdown should include:

• Funds for space rental/mortgage payments
• Utility payments
• Supplies
• Payroll
• Additional business expenses

This should also be detailed enough to be broken down by the period of time these funds would cover upon estimations of demand in the area for your business.

Provide a Detailed Expense Sheet

Other than in the business plan, a detailed expense sheet should be supplied. This is an exact breakdown that includes costs for building if needed, costs of renovating an existing space, furnishing the space, technology and security features that are required and who you expect to contract for these jobs. Their quotes should be attached to this expense report.

When a lender sees that you are fully prepared to run a small business in a specific demographic area, they scrutinize every detail that you provide. There will also be a portion of the discussion that allows them to ask you specific questions about the business, why you want to start it in a certain area and what you plan or wish to achieve by bringing the business to that area.

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