Illinois Information for Alternative Method of Counting Creditable Coverage
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FAQ
Creditable coverage is a health insurance, prescription drug, or other health benefit plan that meets a minimum set of qualifications. Types of creditable coverage plans include group and individual health plans, and student health plans, as well as a variety of government-sponsored or government-provided plans.
Portability means, the right accorded to Individual health insurance policyholders (Including all members under family cover) to shift his / her policy to another insurance company along with transfer of credit gained for pre-existing conditions and time bound exclusions.
HIPAA creditable coverage -- The concept of HIPAA creditable coverage is that an individual should be given day-for-day credit for previous health coverage against the application of a preexisting condition exclusion period when moving from one group health plan to another, from a group health plan to individual
Creditable coverage is a health insurance, prescription drug, or other health benefit plan that meets a minimum set of qualifications. Types of creditable coverage plans include group and individual health plans, and student health plans, as well as a variety of government-sponsored or government-provided plans.
Effective January 1, 2015, group health plans and insurers are no longer required to issue a certificate of creditable coverage (HIPAA Certificate) to individuals who lost group health plan coverage.
Illinois law works in tandem with federal regulations regarding medical records, under the federal law known as the Health Insurance Portability and Accountability Act (HIPAA). HIPAA requires doctors and their staff to keep your medical records strictly confidential.
HIPAA's "portability" protection means that once a person obtains creditable health plan coverage, he or she can use evidence of that coverage to reduce or eliminate any preexisting medical condition exclusion period that might otherwise be imposed when moving to another health plan.
Some key benefits of health insurance portability are: The new insurer may waive off the minimum initial waiting period until no cover is provided. By and large, there will be no change in other bonuses and the minimum sum insured, when you switch to a new insurer. In addition, you can choose to hike up your sum
The Health Insurance Portability and Accountability Act (HIPAA) was developed in 1996 and became part of the Social Security Act. The primary purpose of the HIPAA rules is to protect health care coverage for individuals who lose or change their jobs.
