What To Do If Your Annual Maximum Health Insurance Cap Is Reached
Some health insurance policies have annual and life time caps on coverage. If you reach either one of these caps, the insurance company will no longer pay any of your bills. If it is an annual maximum then usually the insurance will kick back in on a certain date and you will be covered once again. Depending on your health insurance plan and how long it takes to reach the amount you could be left in the cold for a couple of days to a couple of months.
When it comes to health insurance most policy have a cap of some kind. The majority off what is known as a lifetime cap. This cap usually is around one or two million dollars. When this lifetime cap is reached your insurance coverage ends. When and if that you will need to purchase a new insurance policy which may be very difficult because you were actually able to reach that amount.
Some companies have a cap on certain services like hospital stays and prescriptions. The same thing occurs if you reach the caps for these you must pay the balance out of your own pocket.
There is a new breed of health insurance out there that has the government and many people up in arms. The policy is called
a limited care policy and if you have one it is time to look into another form of insurance. Many of the limited care policies it seems put a yearly cap of $1000 a year on services and even $100 per day for hospital stays. Since the average single trip to the doctor for an annual checkup could easily reach the yearly cap in one visit it is not surprising people are upset.
The best way to handle insurance caps is of course to purchase a policy that does not have an annual maximum, but that is not always a feasible solution. So if you do have an issue with annual caps and other caps on care perhaps it is time to look into health insurance GAP insurance.
A health insurance GAP insurance policy takes over where your regular health insurance policy leaves you hanging. When you reach your annual maximum or any cap in your policy you will have the peace of mind of knowing you are still covered thanks to a health insurance GAP insurance policy.
A GAP health insurance plan is difficult to find unless you are on Medicare but there are a few companies out there that offer it mainly for certain things like a GAP hospital plan. The best way to deal with insurance caps is with a better insurance plan.
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