Frequently Asked Questions
What should I concern myself with when I select a health insurance plan?
- The company should be sound financially, having an A- rating or better.
- They should offer a multitude of coverage options to choose from.
- They should provide a significant amount of coverage, e.g. $2,000,000.00 and higher.
- They should have access to large PPO networks with local doctors and hospitals available.
- The price / premium should be competitive and your agent should show you alternatives.
A qualified insurance agent can quickly gather all of this information, saving you a lot of time and effort.
What if I have pre-existing condition when I apply for insurance?
Depending on the nature of a pre-existing condition:
- It could be viewed as a non issue in which case the policy would be issued without a waiver.
- In other cases a waiver will be added to the policy that would restrict coverage for that medical problem.
- The premium might be adjusted to reflect the increased risk of losses due to the medical problem.
- It may cause the application to be declined. Talk to your agent and get good advice prior to submitting an application.
Your insurance agent can guide you toward companies and plans that have a more favorable position on pre-existing conditions.
What about rate increases?
Rate increases are inevitable so find out what the company's history has been regarding routine rate increases. Companies vary on the manner and timing of increases. Your agent can provide insight into rate history for various companies.
Can I change aspects of my existing plan to help keep the premium down?
Most often you can reduce coverage or move to a higher deductible to keep premiums in check. This is normally done at renewal time. If you want to improve coverage you may have to resubmit a new application or answer questions regarding your current health status.
Do I need to find a separate health plan for my children after they finish high school or college?
In most cases insurance companies will not cover children over 22 years old, part time college students or graduating college students returning home. There are companies that will cover children living at home as long as they were on the policy prior to graduation or their 22nd birthday. Consult a qualified insurance agent for guidance.
What is a Health Savings Account HSA, and should I consider one?
Health Savings Accounts (HSA's) have some real advantages over traditional high deductible plans. The government allows a significant top line deduction from income taxes when you open an qualified HSA plan and deposit money into it. The money in the account can gain tax free interest and can be used to pay the deductible or other medical expenses not covered in the policy. The premium is generally lower than other health plans offered. Your insurance agent can help you decide if this type of plan best suits your needs.
Do you have other questions about insurance? Contact us today for a customized insurance quote and we will be happy to help you!
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