Health Insurance Chicago Illinois
Reader’s Question:
I am a diabetic and I recently acquired a job-based health insurance from my employer in Chicago, Illinois. I would like to ask what a pre-existing condition exclusion period is. Apparently, I am most concerned, which was emphasized by the company nurse to me because of my pre existing diabetes.
Bart
Chicago, IL
Most life insurance companies in Chicago IL have imposed a pre-existing condition exclusion period with the objective of trying to discourage people from waiting until they get sick in order to purchase health insurance. This means that if you have a medical problem which exists at the time you got your health insurance from your employer in Chicago, the insurance company will deny all claims pertaining to this medical problem for a certain period of time.
So since you have a job-based coverage, the pre-existing condition exclusion period is limited to 12 months-18 months (depending on your insurer’s policy) and only applies to conditions for which you sought treatment in the 6 months leading up to enrollment. You may be able to apply creditable coverage to you insurance in order to offset your pre-existing condition exclusion period. Just like if you were on an individual policy before enrolling in your job-based coverage in Chicago, you may be able to subtract the amount of time you were covered on your individual policy from the pre-existing condition exclusion period.
The rules governing pre-existing condition exclusion periods in individual policies vary widely from state to state, which means that governing rules in Illinois shall apply to Chicago. As a general rule, they are very different from the rules limiting pre-existing condition exclusion periods in job-based coverage in all states. Check out these consumer guides which contain Illinois-specific information about pre-existing condition exclusion periods in individual policies.
Tags: health insurance, health insurance policies
Teen Auto Insurance Chicago Illinois IL
Reader’s Question:
How can I protect my teen driver from getting involved in road accidents and save on my auto insurance premium as well? Can my auto insurance provide in Chicago, Illinois help me with this effort?
Sandy
Chicago, IL
Auto insurance rates are based on statistics. Statistics show that young drivers have more accidents.
Here are some tips to help teen drivers:
- Staying on your parents’ car insurance policy could save you tons of money. It will surely increase your parents’ car insurance premium however that may be a lot cheaper than having your own car insurance policy. Motorists with experience may be eligible for insurance discounts having several cars, for owning a home, being married, etc.
- Some insurance carriers offer car insurance discounts to young drivers for being good student or taking a driving course. Although that might not mean that their car insurance rates are lower than an adult or motorists with more driving experience.
- As you get older car insurance rates lowers. You can see a drop by as much as 28% at the age of 19 and at age 21, it could drop an additional 31%.
You can compare insurance companies and compare car insurance rates in Chicago Illinois on here to check if you can find a lower car insurance rate.
Also, at a younger age with less driving experience other rating factors affect your car insurance rate proportionately higher. Try to maintain a good credit record, a good driving record, and don’t let your car insurance lapse so you are eligible for future auto insurance discounts for prior insurance.
So shop, shop, shop around to find the lowest car insurance rate!
Tags: auto insurance, car insurance, teen auto insurance
Health Insurance Chicago Illinois IL
Reader’s Question:
I would like to be perfectly clear about the differences between a deductible and coinsurance as these terms relate to my health insurance. Please explain. Thanks for your help for I don’t know much about health insurance in Chicago IL!
Wagner
Chicago, IL
Good day Wagner,
This is an important question. Health insurance deductibles and coinsurance are often misunderstood terms. Let’s see if we can clarify them for you.
A health insurance deductible is a defined amount that a subscriber must pay before his health insurance takes over. Take your prescription plan for example. Most health insurance policies in Chicago Illinois IL require the subscriber to pay an annual amount for prescriptions before their exposure begins. Therefore you will pay that amount when you make your first prescription purchases each year. When you have paid your full family or individual deductible for prescriptions, your health insurance carrier will pay the rest. Health insurance deductibles apply to individuals and families. You should review these amounts each year.
Many health insurance plans in Chicago Illinois utilize a coinsurance formula. This is generally an established percentage that determines the exposure for the subscriber and the carrier in Chicago IL. In the most common coinsurance formula, the subscriber pays 20% of a covered service and the health insurance carrier pays 80%. This formula is called 80 percent coinsurance. Other derivatives of this formula are available. Hope this clarifies these health insurance terms for you, Wagner. Take care in Chicago.
Tags: health insurance, health coinsurance
Chicago Illinois IL Auto Insurance
Reader’s Question:
I am not new to auto insurance coverage and policies. I am a little confused with mine in Chicago, Illinois. My coverage seems to have changed from what I thought was full coverage to modified coverage. Shouldn’t the auto insurer have told me?
Tyler
Chicago, IL
Howdy Tyler,
Something sounds awry! You should definitely contact your auto insurance agent in Chicago and have him review the auto coverage with you. If there is a misunderstanding, he can initiate the corrections. It sounds like you review your auto insurance at renewal, which is highly recommended.
The most important page of your auto insurance policy is the Declaration Page. You should check that thoroughly and verify with your insurer in Illinois IL. The details of your auto liability coverage and your auto comprehensive package will be spelled out in full on that page. If there is a discrepancy between what you thought you had for auto insurance and what the company has stated this is what you need to clarify with your agent in Chicago, Illinois.
Full coverage is an interesting term. My guess is that you have both liability and comprehensive auto insurance. That would qualify for full coverage. Perhaps the limits and deductibles have changed. These are important features of every auto insurance policy. Tyler, you need to get together with your insurance agent
Tags: auto insurance, car insurance, car insurance online
Auto Insurance Information Chicago IL
Reader’s Question:
A friend was involved in an auto accident in Chicago. He was telling me that the best auto insurance he ever purchased was his bodily injury coverage. Please give me the details?
William
Chicago, IL
Good question, William!
Bodily injury is a valuable feature of any auto insurance policy. If your friend was at fault, he might have been held responsible for all medical expenses by all injured parties, including his own passengers. Often these parties have to sue the faulty operator. Auto carriers offer bodily injury liability coverage to protect their clients from these actions.
Usually bodily injury coverage covers medical expenses for injured persons, emergency services at the scene of the accident, and medical expenses for related medical after-effects.
If an injured party will miss work, bodily injury will cover the loss of income. In drastic circumstances, funeral costs are also covered. Depending on circumstances the bodily injury feature of your auto insurance covers other injury related items, including your attorney if needed.
As an added feature to your auto policy, bodily injury will raise the premium. However, as your friend found out, it is well worth it. Talk with your auto insurance agent in Chicago. He will help you figure how much coverage you might need and what it will cost. Then, William, drive safely and let’s hope you never have to use it!
Auto Insurance Chicago
Reader’s Question:
I just got married and moved to a new place in a neat neighborhood in Chicago. I’m about to buy our first vehicle and someone told me to research for the right insurance company who will provide me the needed auto insurance. I’m not really fond of buying insurance but do I really need to? What is in the auto insurance?
Mark
Chicago IL
Hi Mark
As a vehicle owner, you definitely need to have auto insurance since this is one of the requirements in the registration of your vehicle. But you can actually maximize the use of auto insurance by upgrading its coverage. When you register in Chicago, you are only required at least the liability coverage. However, you can actually choose to upgrade it for more protection.
To give you idea of what to upgrade in your auto insurance, let me run you through the levels of coverage.
The basic coverage and one that is required by all state in the US is the liability. Liability coverage protects you from losses in times you caused injury to a person while driving. The authority will check your auto insurance for this basic coverage so it is best to carry it with you all the time. Otherwise you would be charged with considerable penalty if you were found not complying with the law. This coverage in your auto insurance is required because it is used to pay the financial obligation to the injured. It can be used to pay the medical bills or the funeral of the person with whom you are liable.
The next level of coverage in your auto insurance is the collision coverage. It obviously pertains to the vehicle damage due to collision with static object, animals and other vehicles. Collision coverage on your auto insurance can be bought on top of the liability coverage.
Finally, the last level of coverage for auto insurance is the most comprehensive of all. It includes the liability and collision plus damages or losses due to fire, hail, storm, theft and vandalism.
Having auto insurance is important because there are risks of accidents on the road and it will serve as a financial back-up in case these unexpected things happen. The highest coverage you have, the more protection you get.
Hope this helps!
Medical Exam for Life Insurance Chicago
Reader’s Question:
What’s up about life insurance and medical exams in Chicago? Do you have to have one? I don’t like needles.
June
Chicago, IL
Hey, June!
Who does? If you are looking for life insurance and you want more than $100,000.00 of coverage in Chicago, chances are good that you will need to have a medical examination. Your age can also determine whether or not you will be asked to have an exam.
Don’t be intimidated. The exams are not invasive. A nurse or a doctor working form the insurance company will oversee the medical exam. They will have access to your medical history and will ask the usual questions. You might be asked to walk on a treadmill. For large policies, EKGs are sometimes used. Urine samples are most often collected during life insurance medical exam. Blood is drawn sometimes, too. But, remember that medical examinations are conducted by experienced professionals who work for insurance companies that want to sell you a policy.
Most candidates try to sleep well the night before their exam. It’s not a bad idea to fast for eight hours preceding the test. You better watch your salt intake. Avoid alcohol, tobacco and caffeine before your medical examination.
If you are not feeling well on the day of the exam, go ahead and reschedule it. Think of your examination as just one step along the way to benefiting your loved ones. June, it’ll be over before you know it.
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