Health life annuities disability

Health life annuities disability dental and cash benefits
Individuals, Families and Self Employed

Understanding Health Insurance

Their are basically to types of health insurance, Individual and Group.

Group Insurance

Group is the type supplied by your employer. The employer pays part of the premium or may pay all off it. The employer is required to pay atleast half of the employee premium. If the employee has a famjily the cost for the rest of the family is quite often 100% the respondsibility of the employee along with half of his premium. On group insurance no one can be turned down regardless of health. In many cases an employee can find individual coverage the family at a much lower price.

Individual Health Insurance

Individual health insurance is underwritten, meaning you have to medically qualify. The insurance company can review your medical records and either Issue standard coverage, exclude certain named pre existing conditions or decline coverage all together.

Cobra

Cobra is the continuation of your current group coverage after you leave your job or are laid off. The law requires the your employer provide this coverage for 18 months. In most cases you have to pay the whole premium. Under current law the current employer may have to pickup 65% of the premium. This is a temporary program that may expire soon.

Hippa Law

Many people are confussed about the Hippa law and how it applies to them. The Hippa law allows people to keep health insurance after they lose their job if the follow certain rules.

You must take cobra for 18 months
When the 18 months is up you have to accept a conversion plan within 63 days. If you follow these rule you can be issued a policy with no pre-existing and they have to issue the policy regardless of medical conditions.
These plans are vary expensive, so if you can qualify for an individual plan you may be better off. If you are going to go for individual coverage it is important that you apply before your cobra runs out. You don't want to be in a situation where you are declined for an individual policy and the 63 day window has run out.

Common Health Insurace Terms

HSA (Health Savings Account)
A savings account that is setup in conjuction with a qualifing high deductasble Health Insurance policy. Money is put in before taxes and can be taken out tax free for medical expenses. Money left over when can be used for retirement.

Co-pay
The amount you pay per occurance. Example would be a $35 co-pay when you go to the docter. Many plans offer co-pays for docters and RX without having to satisfy the plan deductable.

Co-insurance
The percent of the cost you pay after the deductable has been met. Tipical plans are 100%, 80/20 (you pay 20%, and 70/30 (you pay 30%). Some plans offer other percentages also.

Stop Loss
Sometimes refured to as (the maxium out of pocket) is the amount you pay before the insurance company start paying 100%. Make sure any plan you are looking at has a stop loss. Some low cost plans don't

PPO

A PPO (prefered provider organization) is the most common type of health insurance. They have a large network of doctors to chose from. You can use any doctor on the list. You can go out of network if you want, but you will have a much higher out of pocket cost.

HMO

With a HMO (health Maintenance organization) you have to select a primary care doctor. If you need to see another doctor or specialist you must get a refurral from your primary care doctor.

Bryce Grimsley
Cape Coral Insurance Center LLC
Licensed Insurance Agent
Licensed to sell insurance in Florida Ohio and Indiana
239-357-6415
Fax 888-308-8394