Frequently Asked Questions
Health Insurance
Q. What is COBRA?
Q. What is the maximum benefit?
Q. What are co-pays and co-insurance?
Q. What is HIPAA?
Q. What is the difference between group or employer plans and individual plans?
Q. Where and when am I covered?
Q. What should I look for in health insurance?
Q. What deductible should I take?
Q. Should I get a temporary health plan?
Q. Should I have 2 or more people on the same plan?
Q. Why is health insurance so expensive?
HSAs
Q. What is new in health care?
Q. What is an HSA?
Q. What are the benefits of an HSA?
Other Insurance
Q. What about vision benefits?
Q. What about dental insurance?
Your Services
Q. What are your fees?
Q. How can I get more information?
A. The Consolidated Omnibus Budget Reconciliation Act, COBRA, was enacted by Congress in 1986. The Act enables certain former employees to have access to health coverage at group rates. COBRA, however, is not usually the best answer. Many times COBRA rates are higher and you may be better served having your own plan designed for you.
Back to TopA. Good plans have a $2,000,000 maximum benefit. That's the minimum we need today because of the high cost of health care.
Back to Top A. Co-pay is normally expressed
as a dollar amount, for example $25. You normally pay that at
your provider's office and pay that each time you visit.
Co-insurance is normally expressed as a percentage, for example 80/20 means the
insurance company is paying 80% and you are paying 20%. Different companies
express that differently so make sure you know what percentage of the bill you
are responsible for.
A. The Health Insurance Portability and Accountability Act affects you in many ways. It can be tricky to navigate and this is a very brief touch on it. It has to do with your ability to change plans in the future with no waiting period for pre-existing conditions. A HIPAA compliant plan may allow you to change with no waiting period, a non compliant plan never does.
Back to TopA. In general, there is not much difference. The single biggest difference is in prescription drug coverage.
Back to TopA. Every company is different and sometimes even within the same company there are different exclusions (things they won't cover).
Back to TopA. First look at the integrity of the company. Then look at the maximum out of pocket. The maximum out of pocket expense is the point where an insurance company is paying 100% of the bills for the year and you are paying 0%.
Back to TopA. In general, take the highest deductible you are comfortable with because the higher the deductible the lower the premium. The deductible is the amount you are responsible for, for those services that are covered subject to the deductible.
Back to TopA. Sometimes they can be ok, and sometimes I will recommend them but for the majority of the time they are a mistake.
Back to TopA. No one says everyone has to take the same plan, or even the same company. There are times when its better that people not be on the same plan. Other times, it's better to be on the same plan but with a shared annual family deductible.
Back to TopA. Most companies we use are not for profits, the cost of premiums to be a member are directly tied to the cost of health care.
Back to TopA. Health Savings Accounts, HSAs, are the latest in health care.
Back to TopA. A Health Savings Account, HSA, is composed of two parts. A Health Savings Account is like a regular savings account but contributions are tax deductible. The second part of an HSA is a high deductible health plan. Click here for more about HSAs.
Back to TopA. An HSA provides many benefits including:
- All contributions are tax deductible.
- Interest grows tax-deferred.
- Withdrawals for qualifying medical expenses are tax free.
- HSAs roll over every year.
- More individual control and power of own money.
A. Vision benefits include hardware and eye exams only. When there is no vision included that does not mean medical conditions of the eye are not covered, glaucoma, cataracts, or eye injury are covered.
Back to TopA. There are no great dental plans. There are some ok plans that we offer which normally are separate from the medical insurance plan.
Back to TopA. My services are always free to you.
Back to TopA. You can get more information by sending us an email at medicalinsurancepro@msn.com or call us toll free at 877-232-9757.
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