Health and Life Insurance
Health Insurance is a plan for sharing the risk of high medical costs resulting from injury or illness. Like other forms of insurance, health insurance reduces individual risk by spreading it among many people.
Disability Insurance is an insurance plan that makes regular payments (usually monthly) to replace income lost when illness or injury prevents the insured from working.
The most common type of health insurance is Group Insurance, in which all those insured have the same coverage and pay a set premium. It is most often obtained through employers.
The CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT, or COBRA, is a law that allows people who leave employment to continue their health insurance under the company plan for a limited period of time (usually 18 months). The purpose of this law is to give former employees time to obtain other insurance, either on their own or through a new employer.
The HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996 (HIPAA) limits the preexisting conditions that group plans may exclude. It also makes it illegal for an insurer to deny coverage based on health status, though it does not limit the amount the insurer may charge for coverage.
Cooridination is a group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim.
Flex 125 Plan, is an employee benefit program that allows employees to set aside money, pretax, to help pay deductibles, copayments, and other health expenses during the year that are not covered by insurance.
BASIC HEALTH COVERAGE includes medical, hospital, and surgical costs.
MAJOR MEDICAL COVERAGE provides protection against the catastrophic expenses of a serious injury or illness.
DENTAL INSURANCE covers basic dental services, such as exams, cleanings, X-rays, and fillings.
VISION INSURANCE often pays for exams for eye disease as well as for prescription adjustments and lenses.
A STOP-LOSS PROVISION is an insurance clause that caps or sets a maximum that the insured has to pay during any calendar year.
A health savings account, commonly known as an HAS, is used in association with a medical plan that carries a high deductible ($1,100 or more).
UNMANAGED CARE (traditional fee-for-service) PLANS allow participants to choose any doctor and to be reimbursed for a portion of the expenses (usually 80 percent) incurred after a deductible is met.
MANAGED CARE PLANS rely on a network of health care providers.
HEALTH MAINTENANCE ORGANIZATION, commonly called an HMO - is a group plan offering prepaid medical care to its members
PREFERRED PROVIDER ORGANIZATION, commonly called a PPO – is a group of health care providers who band together to provide health services for set fees
POINT OF SERVICE (POS) PLANS give people more choice and control over medical services.
GUARANTEED RENEWABILITY of coverage will protect you against cancellation if your health declines.
PORTABILITY – when you leave your employer, you are able to continue paying the premiums and convert your group policy into an individual policy
INCONTESTABLE CLAUSE – a provision of a life (or health) insurance policy stating that once the policy has been in effect for a stated period of time (usually two years), the insurer may no longer question items on the application in order to deny coverage.
DOUBLE INDEMNITY – the beneficiary is paid double the face amount of the insurance policy
TEMPORARY LIFE INSURANCE lasts for a specified period (20 years) and permanent life insurance lasts for life.
TERM LIFE INSURANCE is a life insurance policy that remains in effect for a specified period of time.
The following websites can assist you on health and life insurance:
Health Insurance
Affordable Health Insurance
Life Insurance Protection
Choosing the Right Life Insurance
Disability Insurance is an insurance plan that makes regular payments (usually monthly) to replace income lost when illness or injury prevents the insured from working.
The most common type of health insurance is Group Insurance, in which all those insured have the same coverage and pay a set premium. It is most often obtained through employers.
The CONSOLIDATED OMNIBUS BUDGET RECONCILIATION ACT, or COBRA, is a law that allows people who leave employment to continue their health insurance under the company plan for a limited period of time (usually 18 months). The purpose of this law is to give former employees time to obtain other insurance, either on their own or through a new employer.
The HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996 (HIPAA) limits the preexisting conditions that group plans may exclude. It also makes it illegal for an insurer to deny coverage based on health status, though it does not limit the amount the insurer may charge for coverage.
Cooridination is a group health insurance provision that specifies how the insurers will share the cost when more than one policy covers a claim.
Flex 125 Plan, is an employee benefit program that allows employees to set aside money, pretax, to help pay deductibles, copayments, and other health expenses during the year that are not covered by insurance.
BASIC HEALTH COVERAGE includes medical, hospital, and surgical costs.
MAJOR MEDICAL COVERAGE provides protection against the catastrophic expenses of a serious injury or illness.
DENTAL INSURANCE covers basic dental services, such as exams, cleanings, X-rays, and fillings.
VISION INSURANCE often pays for exams for eye disease as well as for prescription adjustments and lenses.
A STOP-LOSS PROVISION is an insurance clause that caps or sets a maximum that the insured has to pay during any calendar year.
A health savings account, commonly known as an HAS, is used in association with a medical plan that carries a high deductible ($1,100 or more).
UNMANAGED CARE (traditional fee-for-service) PLANS allow participants to choose any doctor and to be reimbursed for a portion of the expenses (usually 80 percent) incurred after a deductible is met.
MANAGED CARE PLANS rely on a network of health care providers.
HEALTH MAINTENANCE ORGANIZATION, commonly called an HMO - is a group plan offering prepaid medical care to its members
PREFERRED PROVIDER ORGANIZATION, commonly called a PPO – is a group of health care providers who band together to provide health services for set fees
POINT OF SERVICE (POS) PLANS give people more choice and control over medical services.
GUARANTEED RENEWABILITY of coverage will protect you against cancellation if your health declines.
PORTABILITY – when you leave your employer, you are able to continue paying the premiums and convert your group policy into an individual policy
INCONTESTABLE CLAUSE – a provision of a life (or health) insurance policy stating that once the policy has been in effect for a stated period of time (usually two years), the insurer may no longer question items on the application in order to deny coverage.
DOUBLE INDEMNITY – the beneficiary is paid double the face amount of the insurance policy
TEMPORARY LIFE INSURANCE lasts for a specified period (20 years) and permanent life insurance lasts for life.
TERM LIFE INSURANCE is a life insurance policy that remains in effect for a specified period of time.
The following websites can assist you on health and life insurance:
Health Insurance
Affordable Health Insurance
Life Insurance Protection
Choosing the Right Life Insurance