A waiting period is the time between when you sign up for insurance coverage and when it goes into effect. It can also refer to the period between starting a new job and gaining access to your employer-sponsored benefits, like health and dental insurance. While in a waiting period, you won’t be able to use some or all of your benefits—so it’s important to know how long it’ll last. When applying for insurance coverage, be sure to look through the waiting periods required by each provider to find the best option for you and your health.
How do insurance waiting periods work?
Waiting periods usually depend on your insurance carrier. Some insurers require a waiting period on the entire policy, while some might only have a waiting period that applies to specific parts. You’ll want to clarify how waiting periods affect your policy before you buy it.
For example, say you sign up for a dental insurance plan with a waiting period. You may be able to go to the dentist for routine care, but not for more complex procedures, like crowns or implants. Those benefits won’t be available to you until the waiting period is over.
Similarly, if your workplace utilizes waiting periods for employee benefits access, you may not be able to sign up for some or all of your benefits until a later date.
1. Your paycheck goes further with pre-tax contributions.
2. Your HSA doesn’t expire.
3. The HSA investment feature provides the opportunity to put your money to work for your future.
4. Your HSA is flexible to help you meet your needs and goals.
5. An HSA can help you take care of your loved ones.
In Medicare, IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional surcharge on Medicare Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds. This surcharge is calculated based on the beneficiary's Modified Adjusted Gross Income (MAGI) from two years prior.
Coverage:
Medigap policies offer standardized coverage, meaning policies with the same letter offer the same basic benefits, regardless of the insurance company.
Standardization:
There are different types of plans (A through N) with varying benefits.
Cost:
Medigap premiums vary based on the specific plan and the insurance company offering it.
Additional Benefits:
Some plans may cover additional benefits, such as emergency medical care outside the US, or may include benefits like vision, dental, or hearing coverage.
Eligibility:
You must be enrolled in Original Medicare Part A and Part B to be eligible for Medigap.
Open Enrollment:
You have a Medigap Open Enrollment period, which starts when you're 65 or older and enrolled in Medicare Part B. During this period, you can buy any Medigap policy without being denied coverage due to pre-existing conditions.
What are the parts of Medicare?
Part A – Hospital Insurance Helps cover:
Part B – Medical Insurance Helps cover:
Part C - Medicare Advantage
Medicare Advantage plans are a type of Medicare health plan offered by private companies that are approved by Medicare. It provides the same coverage as Original Medicare (Part A and Part B) and may include additional benefits like vision, hearing, and dental coverage, as well as prescription drug coverage (Part D).
Part D – Drug Coverage
Helps cover the cost of prescription drugs (including many recommended shots or vaccines). Plans that offer Medicare drug coverage (Part D) are run by private insurance companies that follow rules set by Medicare.
