HEALTH INSURANCE

Medical Insurance
Dental Insurance
Vision Insurance
Short Term Medical

Disability Insurance
Accident Expense Insurance
Critical Illness Insurance Hospital Indemnity Plans

Health/Medical insurance is coverage that provides for the payments of benefits as a result of sickness or injury. Policies can be purchased on an individual basis or part of a group through an employer.

Premium Tax Credit A tax credit that can help you afford health coverage bought through the Marketplace. Unlike tax credits you can only claim when you file your taxes, these tax credits can be used right away to lower your monthly premium costs.

Premium The amount that must be paid for your health insurance and is usually paid monthly or quarterly.

Copay/Copayment A fixed amount (for example $35) you pay for a covered health care service, usually when you receive the service. The amount can vary by the type of covered health care service.

Deductible The amount you owe for health care services your health insurance or plan covers before your health insurance plan begins to pay. Example: If your deductible is $1,000, your plan will not pay for anything until you’ve met your $1,000 deductible for covered health care service subject to the deductible. The deductible may not apply to all services.

Coinsurance Your share of the costs of a covered health care service are calculated as a percent of the allowed amount for the service. You pay co-insurance plus any deductibles you owe. Example: Doctor office visit is $100 and you have met your policy deductible, your co-insurance payment of 20% would be $20. The health insurance plan pays the rest of the allowed amount.

Out-of-Pocket Limit This is the most you will pay during a plan year for covered services. If you reach the limit, the plan will pay 100% of covered services for the rest of the plan year.

Dental insurance policies help many people effectively budget for the cost of maintaining a great smile. Dental insurance covers issues related to the teeth and gums, as well as preventative care such as annual cleanings.

Vision insurance covers routine eye health expenses such as eye exams, contact lens fittings, contact lenses, and eyeglass lenses and frames.

Short Term Health/Medical Insurance is an affordable solution for those looking for health coverage during a transitional periods in their lives for a few months or up to a year. Policy coverage varies based on the plan you choose. Most short-term plans cover emergency hospital visits, urgent care, and doctor’s appointments not related to pre-existing conditions.

Disability insurance is like insurance for your paycheck. If you become disabled and can no longer work, your disability insurance company pays out funds that roughly equal your take-home pay.

Disability insurance can cover everything from total disability to rehabilitation and even the short period after you recover from your disability. Some policies also offer partial disability coverage and coverage for presumptive disabilities.

Virtually every type of illness or accidental injury is covered by disability insurance. Some injuries or non-illnesses could be covered as well, including complications from pregnancy and childbirth.

Accident insurance is an extra layer of protection that pays you cash when you suffer an unexpected, qualifying accident. Nobody can predict an accident, which is why accident insurance is a good add-on for people who already have health and disability insurance coverage through their employer or individually. Accident insurance pays you a lump sum in cash after you suffer an accident like a severe burn, broken bone or emergency room visit. With health coverage becoming more expensive with higher co-pays, premiums, and deductibles, accident insurance can be a great, affordable way to supplement and cover the additional expenses your health and disability insurance doesn’t cover, including x-rays, ambulance services, deductibles, and even things like rent or groceries.

Critical Illness insurance complements your medical and disability income coverage. It can ease the potential financial impact of certain critical illnesses (cancer, heart attack, and stroke to name a few) by helping you pay for some of the expenses that are not covered, such as medical co-pays, transportation to treatment centers, childcare, and more.

Hospital Indemnity insurance is coverage you can add to your existing health insurance plan. This form of supplemental insurance pays you a predetermined benefit amount per day for each hospital confinement. The insurance company usually pays this daily benefit amount for up to a year. In general, most plan cover hospital confinement (with or without surgery), ICU and CCU confinement in addition to other benefits.