What is a Health Insurance Benefit Period of Centene Corporation?
What is the health insurance benefit period of Centene Corporation? That’s the question many consumers have asked after reading news reports about the company’s recent decision to delay the health benefits of a number of its employees in a bid to save money. But what exactly is a health insurance benefit period, and how can it affect your coverage?
A health plan is a contract between an individual and a medical insurance company. The individual agrees to pay a monthly premium and agree to provide medical coverage to a specified group of individuals. If the insured person becomes ill or becomes unable to continue to pay his or her premium, the medical insurance company pays for any medical expenses until the policyholder re-enacts the coverage. The individual, in turn, pays the medical insurance company in order to be covered.
Most health plans are designed to be long term. In many cases, the individual pays the medical insurance company until he or she reaches a certain age (usually 65), at which point the company provides health insurance benefits. Most health plans include coverage for dental care, prescription drugs, preventive care, and even maternity care.
Some health plans require that the person is working at his or her job throughout the benefit period. The plan administrator determines the benefit period according to the income of the employer. Some plans are also designed to pay benefits for the first 30 days after an individual begins employment. The plan administrator typically reviews the coverage agreement at the end of every month to determine the individual’s eligibility for continued coverage.
When you receive an offer for the continuation of your health plan, make sure to read through the terms and conditions of the coverage before you accept the offer. You may have to give up some services, like prescription drug coverage, to keep your plan, but you’ll be able to continue other services through a different health insurance company. If you can’t afford to keep your health plan and don’t mind losing some benefits, you can choose a different health plan. Just be sure to find out how much it will cost you to switch to a different plan.
If you’re concerned about what your insurance company will do if you become ill or injured, you may be eligible for a “guaranteed issue” health plan that will pay for your health benefits during a pre-existing condition. Even if you can’t get coverage through an employer, you may be able to purchase a high-risk health plan from a medical insurance company. If you’re self-employed and work in a small business, you may be able to purchase a health plan independently. If you’re employed in the medical field, ask your employer if they offer high-risk health plans. If you do have a health plan from your employer, you can contact Centene Corporation for information on what kind of insurance plan they provide.
It’s important that you read the terms and conditions carefully before purchasing a high risk health plan. Even if the coverage is described as a “guaranteed issue,” you may want to consider raising your deductible to lower your premiums. High deductibles, or co-pays, and other expenses, can lead to higher rates on your monthly premium.
If you’re not sure what type of health plan you want to purchase, ask your employer or the company that offers you the high-risk health plan about options. A high deductible health plan is often more expensive than a more traditional health plan, but it could save you hundreds of dollars over the life of the policy. Most health insurance companies allow you to enroll in both a standard and a high deductible health plan, but make sure you read the terms and conditions thoroughly before purchasing either type of policy.
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