Health Insurance
Q: What is the difference between a HMO and PPO?
A: HMO and PPO plans are among the most common health care plans available. An HMO (Health Maintenance Organization) usually offers low premiums, requires you to see an in-network physician, and receive a referral from your physician to see a specialist. A PPO (Preferred Provider Organization) on the other hand gives members greater flexibility, allowing them to see non-network physicians (the insurance company will only pay a portion of the cost in this case) and specialists without needing referrals.
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Q: How can I save money on my health insurance?
A: There are many different health insurance plans that contain various limitations and deductibles, all which affect your premium. It is important to understand the coverage you have and ensure it provides you with everything you need. Speak to a licensed health insurance agent at no cost or obligation to see if you can lower your premiums and save money on your health insurance.
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Q: When should I buy health insurance?
A: When it comes to health insurance, the time is now. Everyone needs health insurance, even if you are healthy, financial stable or even unemployed; you never know when a medical expense will arise. Whether you currently have life insurance or you are looking for coverage, the easiest way to shop for the best coverage and lowest premium is online.
Click here to instantly find out your premium from a licensed agent
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Q: What is a deductible?
A: A deductible is a specified dollar amount that you are required to pay out of pocket every year, before your health insurance company begins to make payments. A deductible is usually chosen by you in advance, and influences your premium; a higher deductible (more out of pocket costs if something were to happen) results in a lower premium and vice versa.
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Q: What is a premium?
A: A premium is the amount of money that the health insurance company charges you directly for coverage. Premiums can typically be paid monthly, quarterly or annually. There are many factors that can affect your premium, including coverage type, deductible, and your current health and lifestyle.
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Q: What is coinsurance?
A: Having coinsurance allows you to ultimately split the cost of health care with your insurance company. For example, if you have 80/20 coverage, your insurance company will pay for 80% of the bill and you pay for 20% out of your pocket. Many insurance companies also have “caps” to what you pay out of pocket, ensuring that in the event of a major medical expense you only pay coinsurance up to a certain amount.
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Q: What is a Health Savings Account (HSA)?
A: A Health Savings Account (HSA) is a great way to save money for medical expenses and even lower your insurance premium. Most individuals who use an HSA lower their insurance premiums by choosing a higher deductible on their policy. This works by you depositing a portion or all of your savings on your premium into a HSA, which is completely tax deductible. The funds in your HSA can then be used toward your deductible or other medical expenses not covered by your health insurance, including dental and vision. Typically any funds in your HSA account that go unused carry over to the next year, or can be invested how you would like.
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Q: What is supplemental health insurance and do I need it?
A: Supplemental health insurance provides additional coverage to your standard health insurance plan and can include a variety of different benefits. Typically, supplemental health insurance fills in the gaps of your standard health insurance policy. A major accident or procedure could set you back thousands of dollars, even if you have health insurance; supplemental health insurance is designed to avoid this and some programs even give you cash if you’re hospitalized. Supplemental health insurance isn’t for everyone, but you may want to talk to a licensed agent if you have young children, are not financially prepared for a major medical expense, or are have Medicare.
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Q: What is COBRA?
A: COBRA (Consolidated Omnibus Budget Reconciliation Act) is an option provided to employees to continue health insurance coverage after leaving a job. Even though COBRA coverage is more expensive, it can still be very beneficial for those who have pre-existing conditions or need medical attention. COBRA designed to provide coverage temporarily, typically up to 18 months, but in some cases individuals may qualify for extended coverage.
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