insurance Archives - Page 2 of 3 - Financial Security for All

May 30, 2019May 30, 2019

Is there anyone who can help me determine my best health insurance option?

Each state will have consumer helpers available to assist individuals with health insurance decision-making. Find these helpers at Healthcare.gov the official site which provides accurate information to guide you through health insurance decision-making, and which also connects you to the Health Insurance Marketplace in your state.

Beware of commercial insurance industry professionals offering “free advice” or “assistance;” their efforts may be just a ploy to get you to buy their company’s policy regardless of other options that may meet …

May 30, 2019May 30, 2019

Are all pre-existing conditions allowed?

Yes, all pre-existing conditions are allowed and can no longer be used to bar an individual from obtaining health insurance coverage. This provision of health care reform and guarantee of coverage went into effect for children in 2010 and will apply to adults in 2014. Premiums will not be allowed to use pre-existing conditions as a factor for establishing rates.

The cost of coverage can be adjusted using only these four factors:

1) whether the policy covers an individual or …

May 30, 2019May 30, 2019

Is a Health Savings Account (HSA) a good idea? What are the advantages and disadvantages?

SavingYour Dollars

Health Savings Accounts (HSAs) can be established if you have a high deductible policy. The policies may be offered by employers or purchased privately. Individuals open the account at a local financial institution that offers an HSA option. Funds deposited into the account may be made privately or with contributions from employers. The funds cover the out-of-pocket expenses you are expected to pay with your insurance plan and can include vision and dental expenses that are not covered …

May 30, 2019March 23, 2021

What is the difference between bronze, silver, gold and platinum plans?

In order to be included in the Health Insurance Marketplace, each insurance company can offer four different types of “qualified” health insurance plans– Bronze, Silver, Gold, and Platinum.

A Bronze Plan will cover 60% of health care costs with the consumer responsible for paying 40%. For Silver plans insurance companies pay 70% of costs and the consumer pays 30%. For Gold Plans, the split is 80%-20% and for Platinum the split is 90%-10%. In general, the more the company …

May 30, 2019May 30, 2019

Can grandchildren being taken care of by grandparents be on our insurance until age 26 and what if we go on Medicare?

Grandparent

If you are the legal guardian or foster parent, your grandchildren can be added to a healthcare plan you purchase on your own through your employer until they reach the age of 26. If you are not the legal guardian, they will not be covered in your individual or employer plans and you will have to look at other options.

Medicare is and will remain as individual health insurance only for those 65 and over. If you are on …

May 30, 2019May 30, 2019

What is the difference between a financial institution and an insurance company?

A financial institution is an organization that provides services that people need to manage their money. Financial institutions include different types of banks and credit unions.

Insurance companies are a type of “non-bank” financial institution that sell policies that provide protection from various kinds of risks. Risks that insurance policies cover include the loss of life, income, or possessions and the high cost of medical bills.

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May 30, 2019May 30, 2019

What is the difference between a peril and a hazard?

A peril is any event that can cause a financial loss. Examples include a car crash, death, disability, fires, floods, illness, theft, and tornadoes (wind). An insurance agent can help you calculate the potential loss that you might experience from various types of perils as part of the process of determining how much coverage you need.

For example, insurance agents routinely use worksheets to determine a family’s life insurance needs. You might also be able to estimate the cost of …

May 30, 2019May 30, 2019

What is a recurrent disability clause in a disability insurance policy?

Look for a “recurrent disability” clause when purchasing disability insurance. This means that if a person recovers from a disability but becomes disabled again from the same cause within six months of returning to work, the company does not start the policy elimination period all over again.

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May 30, 2019May 30, 2019

Does your health insurance premium go toward your deductible?

In most instances, the answer is no. Premiums and deductibles are two separate payments related to an insurance policy. A premium is paid to simply have insurance coverage in place regardless of whether or not a claim is ever made. A deductible is paid if there is a claim and is the amount paid out of pocket by the insured before insurance benefits are received.

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May 30, 2019May 30, 2019

What do the acronyms SUI and SDI on my paycheck stub stand for?

SUI is an acronym for “state unemployment tax.” This deduction from your paycheck is used to provide funds to your state for temporary support of workers who have lost their jobs. State unemployment benefits are generally limited to a specific time period, and those who receive them must be actively searching for a job.

SDI is an acronym for “state disability insurance.” Some states call it TDI for “temporary disability insurance.” Not every state has this tax, but those that …