Find Affordable Health Insurance for Individuals, Families and Businesses
Finding affordable health insurance may seem like a daunting task. With the Affordable Healthcare Act and new regulations taking effect, people are more confused than ever. How do you sort through plans, deductibles, and networks, and choose a policy that makes sense for you, your family or your employees?
An independent insurance agent who specializes in health insurance can be an excellent resource when you want to evaluate health plans. You may discover that you can find a lower cost option through an independent agent than you can through your employer. This is because these agents can compare plans from multiple carriers to find the best fit and rates. Contact us today for assistance and get all your questions answered right away.
How to Buy Health Insurance for Individuals and Families
If you are self-employed or you are not obtaining healthcare coverage through your employer, you need at least a basic health insurance plan to ensure that you are prepared for an unforeseen health condition or injury.
A full-coverage health insurance plan may be more suitable for your needs if you have dependents, you are getting ready to start a family, or you have a family history of certain health risks, such as heart disease. You should ensure that your healthcare plan helps you to pay for the broader set of services you need.
Use the handy checklist below to help you decide what kind of coverage may be right for you.
NEEDS OR CONCERN
- Do you have cancer or any other major medical condition?
- Do you take medications or anticipate a condition which will require medication?
- Do you have a preferred physician you want to see?
- Do you have a family history of heart disease or stroke?
- Are you thinking of having a baby?
- Do you have dependents?
- Can your pocket book handle your deductibles, co-pays and coinsurance in the event of a major illness?
- Screening and lab testing.
- Choose a plan that has coverage for those medications.
- Make sure that medical professional is in the network connected with your plan.
- Get adequate coverage for health.
- Get adequate maternity coverage.
- Make sure you are covered for regular family checkups and existing or potential medical conditions.
- Talk with a qualified Independent agent who can help you sort through the terminology and the costs you may face if you or a dependent needs extensive medical care.
Healthcare Costs, Co-pays and Coinsurance
Your healthcare costs are an important factor to consider when you want to buy health insurance, and you have a number of options for managing those costs. You can choose to pay a higher deductible to lower your regular premiums, which means you need to pay that deductible amount for doctor’s visits and medical bills before your health insurance kicks in. Alternatively you can pay a higher premium in order to avoid a high out-of-pocket cost in the event of a serious illness.
Co-pays and coinsurance are two methods health insurance companies use to share the cost of healthcare. Co-pays are a small amount you pay for every doctor’s visit, whereas coinsurance is an amount you pay in the event you need additional care. Be sure to fully understand any coinsurance payments your health insurance plan requires. In the event of a serious illness or injury, these costs can become very high.
A local independent agent can help you compare medical insurance quotes and find the right healthcare plan to match your current and anticipated needs.
Health Insurance Coverage Plans
There are a number of different types of health insurance plans for individuals and families. The following table provides a brief overview of the most common health insurance plans.
Health Savings Account (HSA)
- You pay into an account with pre-tax dollars.
- You have a tax advantage savings account, much like an IRA.
- You typically have a high deductible.
Health Maintenance Organization (PSO)
- You choose a primary care physician in the plan network.
- You pay a set monthly amount which covers all care.
- You also pay a small co-pay at time of service
Point of Service (POS)
- You can choose a primary care physician in the plan network.
- You can obtain healthcare services outside the network.
- If you use services from outside the network, you must provide complete documentation and receipts for those services to be covered.
Preferred Provider Organization (PPO)
- You can choose a physician and care services from a list of preferred providers, generally at a significant cost savings.
- You can ask for referrals to providers outside of the network who offer services at the PPO rate.
- You can also select providers outside the network, usually at a higher cost.
Self-Directed Health Plans (SDHP)
- You pay regularly into and account, from which you can pay for health, wellness and preventive services.
- Money remaining in your account at the end of the year rolls over into your account in the following year.
- You must par for in-patient and emergency room services out of pocket.
Short Term Health Plans
- You can purchase short term coverage from 30 days to one year, when you have a lapse in coverage, to pay for regular doctor visits and major medical services.
- You can choose your health providers, clinics and hospitals.
- You pay a deductible and coinsurance.
An independent agent specializing in healthcare insurance can answer all of your questions. You can also learn more from the following Healthcare and Health Insurance FAQ.
Healthcare and Health Insurance FAQ
Q: Is it possible to buy good yet cheap health insurance?
A: Low cost health insurance plans are often sold by telemarketers and companies that sell volume, not quality. Unfortunately, what this means for many people is that they do not have the coverage they need in the event of a serious illness, hospitalization, or a condition requiring surgery and expensive medications. Talk to a qualified agent about ways to cut expenses without sacrificing needed care or putting your family at risk of a large burden of debt.
Q: How does the Affordable Health Care Act affect health insurance?
A: The Affordable Health Care Act is an extensive overhaul of the healthcare system designed to ensure that everyone’s basic needs are met and those with pre-existing conditions can get the care they need. To fully understand what this legislation means to you, talk to a qualified agent and get your questions answered.
Q: Does health insurance cover long term care?
A: Health insurance plans typically cover your regular health care and major medical care, such as hospital stays and surgeries, with costs and limitations varying considerably from one plan to another. Long term care insurance is a supplemental insurance policy that helps individuals get the care they need in the event of a chronic condition, such as an injury requiring rehabilitation in a care facility, or the onset of Alzheimer’s Disease.
Q: Does Medicare include long term care?
A: Medicare is a government health insurance program designed to help those over 65, and those with certain severe illnesses such as Lou Gehrig’s Disease. It helps to cover the costs of hospital stays, doctor’s visits, and prescription drugs. Long term care insurance is a supplemental insurance plan that helps to cover the costs associated with care for individuals with chronic conditions and disabilities.
Q: Can I get a free health insurance quote?
A: Yes. The agents in the Trusted Choice network offer free insurance quotes and can help you assess your needs as well. These independent agents work with multiple health insurance companies, which means they can compare a range of policies and options for you, and help you evaluate the right coverage for your needs.
Contact us today for assistance with your healthcare needs.
Is Life Insurance a Life or Death Matter?
You are not planning to have a heart attack tomorrow, or get a cancer diagnosis, or accidentally step out in front of a bus. For that reason, and especially if you are young and healthy and have no dependents, life insurance probably isn’t for you. Or is it?
Let’s look at what life insurance is, what it covers, and why people buy it. Then you can decide if now is the time to contact an independent agent like us who specializes in life insurance. Because these agents work with multiple life insurance carriers, they can compare policies and options on your behalf and help you make the best choice. Contact us for help meeting your life insurance goals.
Life Insurance Statistics
- 40% of American adults have no life insurance
- Over 50% of U.S. households lack adequate life insurance coverage
- About 40% of people surveyed say they would have immediate financial trouble if the primary wage earner in their household died
Why Buy Life Insurance?
As with all insurance, life insurance plans are about preparing for the unexpected. We don’t plan to have a heart attack or meet an untimely end. We may fret about the unforeseen, but there are few ways to prepare for it. Life insurance provides a way to be prepared and get peace of mind.
The main reason to buy life insurance is for financial protection for your family and dependents. If you are the sole income earner or the major provider in your family, then life insurance definitely makes sense. If you should die unexpectedly, your policy will help your loved ones pay your final expenses and potentially receive ongoing support. The amount they receive will depend upon the size of policy you buy.
Do You Need Life Insurance When You Are Young?
Most people don’t think about buying life insurance when they are young, healthy and single. However, if something should happen to you unexpectedly, a life insurance policy could pay for your student loans or other large outstanding debts, as well as your funeral expenses. These are never fun things to think about, but evaluating risks is a first step to preparedness.
Another good reason to consider buying life insurance at a younger age is to lock in rates. The affordability of life insurance is based largely on your age and risk factors, and life insurance for adults becomes increasingly expensive. While you are young and healthy, you will pay lower premiums. With short term insurance you can choose a lock-in term, such as 15 or 20 years at a preferred rate.
It is important to know that many term policies can be converted into permanent policies later on, without having to re-qualify. If you develop a severe or chronic condition at any point, your life insurance is already secured. Essentially you can insure your insurability.
Life Insurance Over 30
Most people begin seriously thinking about buying a life insurance policy at about the time they start a family. If you are like many people, the light bulb may come on at about the age of 30, when you realize that you are mortal, and that you have real financial responsibilities.
An important consideration for anyone who wants to purchase life insurance is that it will never be cheaper than it is today. It’s not too late at the age of 30, 40 or 50 or even later to buy life insurance that will protect your dependents from financial hardship or provide for you in retirement. But your costs will go up the longer you wait. If you do buy life insurance now, you can lock in a life insurance premium at a more affordable rate than it will be a few years down the road.
How Much Life Insurance Do You Need?
Choosing a life insurance plan requires a bit of math. You want to figure out how much your family needs for daily spending and major upcoming expenses in the event that you pass away too soon and cannot provide for them. Or, if you are young, single and healthy, you can look at the cost of paying off any debt you have accumulated, or the cost of care for an aging parent.
For the following simple example, we will pretend there is no interest or tax. But in reality those factors will affect the amount of benefit your beneficiaries receive.
- You purchase a $500,000 life insurance policy.
- Upon your passing, your family spends $10,000 for your final expenses, leaving $490,000 to be divided up over the payout period for your designated beneficiaries.
- If the payout period is 20 years, the payments would be about $24,500 per year, or about $2,040 per month.
Again, interest and tax are not figured into this simplified example. What makes life insurance so confusing is that there are several different types of coverage, including term life and whole life or permanent life insurance. Additionally, the details of the policy you choose will be unique to your personal situation.
Life Insurance Terminology
It can be difficult to make sense of life insurance terminology. Here is a brief overview of the most common terms:
- Accidental death insurance: Also known as accidental death and dismemberment insurance, or AD&D, this coverage pays you or a beneficiary a benefit if you are in an accident that results in your being killed or dismembered.
- Annuities: An annuity is a type of insurance that either pays income after your initial investment (immediate annuity) or accumulates income (deferred annuity). Either of these types of annuities can be fixed (guaranteed) or assigned a variable rate that pays out based on the policy’s associated investments. Life insurance companies typically offer annuities to help people obtain a stable income during retirement.
- Critical Illness Insurance: While not a life insurance policy, critical illness insurance is often available through life insurance companies. You might buy critical illness insurance (or CI) if you have a family history of heart disease or cancer in order to ensure that you have the financial resources to pay for your care if you are diagnosed with a severe illness.
- No exam life insurance: This is life insurance coverage that some companies offer without requiring a medical exam first. Typically, this option will be more expensive because without submitting the results of a medical exam to the insurance company, you are an unknown and potentially greater risk.
- Term life insurance: This is a life insurance policy that provides a death benefit only. Your annual premiums are locked in for a set term, such as 10 or 20 years. In the event that you pass away during this period, a death benefit is paid to your beneficiaries.
- Permanent life insurance: This is a long-term policy, such as universal life insurance or whole life insurance, that includes an investment component and can cover retirement expenses in addition to providing a death benefit.
- Universal life insurance: A permanent life insurance policy with a “liquid” account that accrues cash value, as well as interest, with each premium you pay. You can take out loans as needed for unexpected expenses or opportunities, such as a home purchase. You also can pay more than the scheduled premium, or take breaks from paying premiums.
- Whole life insurance: Whole life is a permanent policy with an investment component that provides for your financial needs similarly to universal life insurance, but without the liquidity of the funds. This life insurance policy accrues a cash value and pays out at the end of the policy, if it is kept current.
Finding the Right Life Insurance for You
Life insurance causes more confusion for people than perhaps any other type of insurance, partly because there are several different types of life insurance products, and partly because the best life insurance is unique to each individual. Should you buy term life or permanent life insurance? Do you need a broker or can you get life insurance from an agency? Should you buy life insurance coverage online or is that too risky?
While you can buy online life insurance, it may be difficult to know what you are getting and whether it will adequately meet your family’s needs. Buying life insurance is a very personal decision. You may want a policy that builds cash value over time, or you may simply want to purchase coverage that will provide a death benefit if you should pass away within a specific term.
Depending upon the ages of your children and how long it is until they graduate from college, a 10-year, 20-year or 30-year life insurance term policy might be appropriate for you. Or, you may need life insurance to cover only your final expenses. These choices are individual, and for this reason it is smart to consult with a knowledgeable life insurance agent.
How an Independent Agent Can Help Find the Best Life Insurance
Many people begin their search for life insurance by getting an instant online quote. But when it comes time to make a decision, they really want to talk with a professional who can guide them in choosing the best life insurance policy for their needs.
An independent agent like us who specializes in life insurance can help you learn about the various life insurance plans and provide all of the answers to your questions. Independent agents advocate for you, not for the life insurance carrier. This means they are dedicated to helping you make the best possible decision for your needs. You will have the opportunity to review various life insurance premiums and make an informed choice.
We will help you calculate your life insurance goals, answer your questions, and help you make a smart choice. Simply request a quote today to get started.