FAQ'S
Frequently Asked Questions
What are the different plan types?
HMO: Health Maintenance Organization - In most HMO Plans, you can only go to doctors, other health care providers, or hospitals on the plan's network except in an emergency. You may also be required to get a referral from your primary care doctor.
PPO: Preferred Provider Organization - In a PPO Plan, you pay less if you use the doctors, hospitals, and other health care providers that are in the plan's network. You pay more if you use doctors, hospitals, and providers outside of the network.
EPO: Exclusive Provider Organization - You can use the doctors and hospitals within the EPO network, but cannot go outside the network. There are no out-of-network benefits.
POS: Point of Service Plan - In a POS plan, you pay less if you use doctors, hospitals, and other health care providers that belong to the plan’s network. These plans also require a referral from your primary care doctor in order to see a specialist.
What are the different plan catagories?
Plans are broken up into four “metal” categories: Bronze, Silver, Gold, and Platinum.
Platinum - Insurance company pays: 90% You pay: 10%
Gold - Insurance company pays: 80% You pay: 20%
Silver - Insurance company pays: 70% You pay: 30%
Bronze - Insurance company pays: 60% You pay: 40%
The higher the plan (metal), the higher the premium but the lower your cost sharing portion.
What is a Special Needs Plan?
Special Needs Plans are limited to people with specific diseases or characteristics, and benefits, provider choices, and drug formularies are tailored to best meet the a specific groups.
What is a Critical Illness/Cancer Policy?
Critical illness policies, also known as a dread disease policy, is an insurance policy in which the insurer will typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of the policy.
What are the best options to help me save for retirement or college for my children?
LIfe Insurance and Annuities:
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Although people people usually only think about the death benefit aspect of life insurance permanent life insurance can also build cash value that grows and accumulates over time.
Immediate fixed annuities are the most common type of annuity. A lump sum up is paid up front, and in return, you receive a fixed monthly payment for life (or another pre-defined time period) resulting in a reliable stream of income for the rest of your life.