|
There are various situations that an individual undergoes through. He might be having some difficulty in obtaining an appropriate heath insurance due to his current condition, have limited income or perhaps he is to have his health plan terminated for no fault of his. In such circumstances, such individuals are known to be eligible for the portable pension plan that is offered by his state. This type of plan is said to be specially designed for those individuals who have rather lost group coverage, from their respective employers, due to a loss in job, or have moved to another location, lost the number of work hours, or any other circumstantial changes. There are various elements, which determine the qualification of the individual for getting coverage on any of the portability plans. The following requirements need to be met by the individual for qualifying for the portability plan coverage. It is necessary for the individuals to be an inhabitant in the state, where they are requesting for coverage. Their most current coverage of health insurance needs to be a group plan, government sponsored or a church plan. The time amount that the individual had creditable coverage, from any single source needs to have an interval of a minimum of 18 months. The applicant for supplemental social security coverage should not have any other health insurance coverage or his group coverage is due to complete for reasons other than misrepresentation, failure to make payments or due to fraud. The individuals are not eligible for any coverage under other group plans, Medicaid and Medicare. Being eligible for COBRA, the individual must have opted for this choice, thus exhausting his option for getting coverage. His application for applying for the portability plans need to be within sixty three days of his previous coverage ending. It indicates his knowledge and understanding that getting adequate coverage once again, is quite important for him. He might qualify automatically for one of the ‘portability plans’, if he is eligible for the ‘Federal Trade Adjustment Act’ or the ‘Pension Benefit Guarantee Corp.’ assistance. Various other criteria are necessary, but the individual needs to have a minimum of 3 months of prior creditable coverage. If the individual had prior creditable coverage that has lasted for fewer than 3 months or if he has let his coverage to laps for further 63 days, and then he would be able to qualify. However, a twelve month pre-existing conditional provision might apply to the ‘portability plans’ that he is accepted into. This entirely depends on the fact that the individual qualifies for PBGC or TAA assistance. In order to avail the much important portable pension retirement plan, it would be better on the part of such individuals to seek assistance from professional agencies, which are adequately certified and have knowledge of the different plans and eligibility and have a proven track record of assisting such people to get the portability plans. Only proper, timely and professional help can assist the individuals out of his present situation and enjoy a secured life. About Author
supplemental social security have to face a lot of issues, when filing for the same. This is especially with people who face with various kinds of disability. Security is a benefit which is much needed. For more information visit: Supplemental Social Security Or Portable Pension Retirement Plan
Related Articles -
supplemental social security, portable pension plan, portable pension retirement plan, simple 401k retirement plan,
|
