When did your old plan end? When does your new plan start? Do you have the SAME plan with the Insurance Company. That is, one might be HMO the other PPO, etc. If you were given a prescription with a years worth of refills while you were covered by Aetna through your previous employer, and your new employer also uses Aetna but your benefits won't kick in until September, will they still cover the cost of your prescriptions? I don't see why not. Group plans are guaranteed issue and you get credit for prior coverage, so there's no pre-x clause. For more details see Regardless - just send in the claim. What do you mean by lapse? Even if you go to the identical plan with your new employer you have a new plan. Very often the new employer plan will give you credit for any deductible you have already met for the year but you will have to provide them proof. You can give them any Explanation of Benefits (EOB) forms you have for the year. Talk to your new employer HR department to see if there are any exclusions or conditions. If you had a period between the two jobs without coverage for 63 days you will be subject to any pre-existing conditions clauses from the new plan.
The new insurance company is asking for proof of prior insurance coverage. Some insurance companys have what they call a "proof of prior" discount. This means that you may qualify for a discount if you can prove you had previous insurance with no lapse in coverage. Be sure to ask your insurance agent for a further explanation.
You can contact any insurance company of your choice. Some companies will accept you and Some will not due to your lapse in coverage, and now prior claims history. The best option would have been to continue your previous coverage. Many homeowners make this same mistake in letting their policy lapse while a claim is pending. With a lapse in your coverage as well as a claim you will likely be paying more for your policy than you did in the past.
COBRA is a law that requires an employer to allow a (former) employee to continue his/her group health insurance after the cessation of employment. The election to enroll in COBRA coverage must be made within a fixed period of time. Upon the cessation of your employment, the employer is required to furnish you with instructions as to how to enroll and information as to the time frame for doing so. During your employment and participation in the group health insurance plan, the employer paid a part of the premium, and you probably had to pay a portion as well. Under COBRA coverage, you are responsible for paying the entire premium, which will likely be substantially more than your contribution toward the premium during your period of employment. If you do not enroll in COBRA during the requisite period of time, health insurance coverage will lapse. If that occurs, you will need to seek individual (private) coverage which will be medically underwritten. Whether or not you can obtain it, and the premium for it, will be determined by the insurance company's underwriting guidelines and then-current rates.
Technically, the policy lapsed. If a covered loss occurred before reinstatement, the insurer would arguably be justified in denying coverage. However, if the reinstatement was retroactive to the lapse date (which would probably occur if the reinstatement occurred quickly), and if you have been with the insured for some time, coverage may be extended to the intervening loss.
When an insured purchases an insurance policy they pay the insurance company money for the insurance coverage. This money the insurance company collects is called insurance "premiums". The insurance company, using the law of large numbers, collects more money in premiums than it pays out in claims. The insurance also makes alot of its money by taking the money earned from premiums and then investing it. As we all know that Life insurance policy cash values are accessed through withdrawals and policy loans. However, withdrawals are taxable to the extent they exceed basis in the policy. Loans outstanding at policy lapse or surrender before the insured's death will cause immediate taxation to the extent of gain in the policy and hence benefits the company.
Yes, of course. A lapse in coverage is a common occurrence due to so many reasons, usually it's just the the home owner forgot to pay the renewal bill, but yes there should be no problem replacing the coverage. You just have to buy a new Home insurance policy. With a lapse in coverage you will likely loose your prior coverage discount (usually not more than 3 to 5 % of the total premium) and may have to sacrifice some of the coverage previously enjoyed n the policy depending on the age and other risk factors of the home.
The general answer is no, Usually, a policy is written for a minimum term of 6 months. This is because the insurer and the State do not want someone to buy insurance for a very short period of time in order to circumvent legal requirements to have insurance to get a driver's license or register a vehicle. If the insured does not pay the next premium due and the policy lapses, the lapse will be reported to the State and a violation of the Financial Responsibility Law occurs. This can result in a license and registration suspension. Additionally, if the car is financed, the finance company will have required physical damage coverage on it. The lapse in coverage will also breach the finance contract. Usually, this will result in the finance company obtaining "forced placed" coverage, sometimes called "single interest" coverage. This covers the finance company's interest in the collateral, so that there is money availablle to repair the car in the event of a collision. The cost of this insurance is ultimately charged to the customer's account, and is usually more costly than customary collision coverage,
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