Insurance FAQs and Information

Insurance FAQs and Information

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Do I need health insurance?
Will I be able to afford health insurance?
How can I save money on health insurance?
Is there a "one-size-fits-all" plan?
What is an insurance agent?
What is an insurance broker?
Does it cost me extra to work with a broker?
What is the difference between individual and group health?
What is an HMO?
What is a PPO?
What is an HSA?
How do I put money into my HSA?
What is a premium?
How much will my premium be?
What is a deductible?
What is a co-payment or co-insurance?
What is an out-of-pocket maximum?
What is a pre-existing condition?

Do I need health insurance?

Health insurance provides you and your family affordable access to high-quality health care. Accidents and illness can happen without warning, and medical treatments can be expensive. Having health insurance means knowing many of your health expenses will be covered.
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Will I be able to afford health insurance?

Health insurance offers numerous plans and while not extremely cheap, it saves you money compared to the cost of hospital visits. With our experienced staff and online quote form, it''s easy to find a plan that fits your budget.
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How can I save money on health insurance?

There are plenty of ways to save money on a health insurance plan. To save on premiums, show that you''re living a healthy lifestyle by not smoking and eating right. You can also get lower premiums if you choose a high-deductible health plan.

Another way to save on health insurance is to be a smart shopper. There are a lot of different health plans available. Take the time to compare rates to get the plan that fits your budget best.
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Is there a "one-size-fits-all" plan?

Because we all have different health needs, there isn''t one plan that will work for everyone. But there are a lot of health plan options available — and many different companies to choose from.
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What is an insurance agent?

An agent is either a direct representative of one insurance company, or an independent seller of health plans. Independent agents can be licensed to sell plans from several different companies.
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What is an insurance broker?

An insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her clients. Brokers must be licensed and usually work on a commission basis.
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Does it cost me extra to work with a broker?

Whether you work directly with the insurance company or through a broker, your rates will be the same. Brokers'' commissions are paid by the insurance company, so it doesn''t cost you any extra to work with a broker, and you enjoy the benefits of having your broker take care of much of the work for you!
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What is the difference between individual and group health?

An individual health plan provides coverage for one person, and can include children and your spouse. Group health insurance is coverage for a group of employees at a company, or members of an organization.
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What is an HMO?

An HMO is a prepaid health plan in which you pay a monthly premium and the HMO covers your cost of care to see doctors within their network at pre-negotiated rates. You must choose a primary care physician who coordinates all of your care and makes referrals to any specialists you might need. If you are an HMO member and you do not use the doctors, hospitals and clinics that participate in your plan''s network, you will usually bear the cost of those medical services.
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What is a PPO?

A PPO is an organization where providers are under contract to an insurance company or health plan to provide care at a discounted or negotiated rate. Typically, you can see any doctor in the PPO network without requiring special approval, and you usually do not need to choose a primary care physician. Most PPOs will also allow you to seek care outside of the PPO network; however, the benefits are usually reduced and the insured has a greater out-of-pocket expense.
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What is an HSA?

An HSA is a high deductible medical plan that includes a tax exempt savings account. The money from the savings account can be used to:

help meet the deductible
help pay early hospitalization/medical expenses
help pay for personal retirement savings
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How do I put money into my HSA?

An HSA works much the same as a regular bank account. Depending on where your accont is held, you have the option to fund your HSA through your company (payroll deduction with direct deposit), personally fund it at any given time, or set up a savings plan with periodic deposits from an alternate account. For more information on HSA''s, click here.
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What is a premium?

The premium is the monthly payment you make to the insurance company to keep a policy in effect.
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How much will my premium be?

The cost of your premium (for an individual policy) depends on the plan you choose, your age, and location. It also depends on whether or not you are adding dependents to your policy.
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What is a deductible?

The deductible is the portion of your medical bills per year you must pay before the insurance coverage begins. For example, if you have a deductible of $500, once you pay $500 of your medical bills, your insurance will start covering any remaining health care costs for that year.
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What is a co-payment or co-insurance?

A copayment is the dollar amount of a single medical bill you must pay to receive care. For example, to go to the doctor for a routine check-up, a copayment for the visit may be $30 for the visit. Your insurance will pick up the rest of the bill.

Coinsurance is very similar, but it''s expressed as a percentage. For example, an 80/20 coinsurance rate means you pay 20% of the bill and insurance covers 80%.
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What is an out-of-pocket maximum?

This is the maximum amount of money per year you''ll have to pay out of your own pocket for health care. Once you reach the out-of-pocket max, most insurance plans will cover the rest.
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What is a pre-existing condition?

Any health condition or illness that you had before your insurance coverage begins can be considered a pre-existing condition.
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