- How long is the process to get health insurance coverage?
- Are you able to offer health insurance in all states?
- What is a Preferred Provider Organization (PPO)?
- What is a Health Savings Account (HSA)?
- What is a deductible?
- What is co-insurance?
- What is a co-payment?
- What is "credit for prior coverage"?
- What is an Explanation of Benefits (EOB)?
- What is lifetime maximum benefit?
- Do I pay more for using an insurance broker?
Q. How long is the process to get health insurance coverage?
A. The length of time it takes to secure a policy can vary greatly
depending upon whether coverage is for an individual or a small group.
For most states health insurance is medically underwritten and is not
guaranteed issue. If the requested coverage is for one individual
and the applicant is extremely healthy the process can take as little
as two weeks. However, if the requested coverage is for a group of
employees and some applicants have medical conditions the insurance
company might have to secure medical records which can extend the process
to an average time of 4 to 6 weeks.
Q. Are you able to offer health insurance in all states?
A. For small groups (2 - 50 employees) we have options in 49 states and
the District of Columbia, coverage is not available in Hawaii and Puerto
Rico. For individual and family health insurance, coverage is available
in 43 states. States currently not available are: Hawaii, Massachusetts,
Maine, New Jersey, New York, Rhode Island, Vermont, Hawaii and Puerto Rico.
Q: What is a Preferred Provider Organization (PPO)?
A: A PPO is a network of doctors and hospitals that have agreed to provide
their services to insureds in the plan at a discounted rate.
Q: What is a Health Savings Account (HSA)?
A: Anyone who buys a qualified high deductible health plan, one that
meets the government’s requirements, qualifies for an HSA. A HSA is
an account that works very similar to an Individual Retirement Account;
however, the money placed in a HSA is earmarked for future health care
costs. Monies in the account can be withdrawn at any time to pay for
qualified medical expenses. Also, unused balances are rolled over from
year to year. One advantage of the HSA is that money deposited into the
account, as well as the earnings from that account, is tax-deferred.
Further, the HSA is portable should an employee change employers.
Q: What is a deductible?
A: A deductible is the dollar amount you pay each calendar year before
health insurance benefits are paid for covered medical expenses.
Q: What is co-insurance?
A: Co-insurance is the percentage of a covered expense that you are
responsible for after the deductible has been met. For example, an 80/20
plan means that the insured’s co-insurance is 20%.
Q. What is a co-payment?
A. A co-payment is the amount an insured must pay toward the cost of a
particular procedure or benefit. One example might be that the plan
requires a $25 co-pay for visiting a specialist.
Q. What is "credit for prior coverage"?
A. Credit for prior coverage means that for any pre-existing condition
for which the waiting period has been met under a prior (qualifying)
plan will be credited to the current plan, if any interruption of coverage
between the new and prior plans meets state guidelines.
Q. What is an Explanation of Benefits (EOB)?
A. An EOB is a insurance company's written response to a claim for
benefits.
Q. What is lifetime maximum benefit?
A. A plan's lifetime maximum benefit is the maximum amount a health plan will
pay in benefits to an insured.
Q. Do I pay more for using an insurance broker?
A. Health insurance rates are filed with and regulated by the insured's
state Department of Insurance. Whether you buy though Affinity, your neighborhood
insurance agent, or directly from the insurance carrier, you will pay the same
monthly premium for the same plan. You can enjoy the advantages and convenience
of comparing and purchasing a health insurance plan through us and be assured that
you are getting the best available price.