Life Insurance Education 101

Life Insurance Education 101

Several people contemplate the idea of purchasing Life Insurance yet don''t understand the concept.

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A pre-existing condition is a condition, disability or illness (either physical or mental) that you had previous treatment by a medical professional before you enrolled in a health plan.

Yes—whether the state or the U.S. Department of Health and Human Services runs the program depends on the state. The program name, start, and design may vary depending on which state you live in.

If you live in a state where the U.S. Department of Health and Human Services is running the program, you can apply and enroll starting July 1, 2010. Coverage will begin August 1 if you apply and are approved for enrollment by July 15th. Generally, a completed application received on or before the 15th of the month will go into effect on the first day of the next month. A completed application received after the 15th of the month will go into effect on the first day of the following month.

You are not eligible unless you have been without health coverage for at least the last six months. For example, if you have Medicare or TRICARE, you shouldn’t apply. If you are uninsured and have been told that you may be eligible for other coverage programs like Medicaid and the Children’s Health Insurance Program, you should check out those programs first, as they may better meet your needs. If you have job-based coverage, or individual insurance coverage, you aren’t eligible to apply.

No, even if your COBRA or other continuation of coverage is about to run out, you won’t meet the requirement to be uninsured for at least the last six months. You also need to be meet the criteria for having a pre-existing condition and be a U.S. citizen or individual residing here legally to qualify for the Pre-Existing Condition Insurance Plan.

If you have limited income and resources (assets), you may be eligible for the Medicaid program in your state.