|
|
|
Insurance Terms: COBRA (Consolidated Omnibus Budget Reconciliation Act) - Federal legislation that requires group health plans to provide health plan members the opportunity to purchase continued coverage in the event their insurance is terminated. Cobra generally allows primary plan members to continue coverage for up to 18 months after leaving the job, and secondary plan members for up to 36 months. The total amount of time a person may continue coverage after leaving a job therefore varies. Cobra applies only to employer groups with 20 or more employees. Co-insurance The percent of each health care bill you must pay out of your own pocket. Non-covered charges and deductibles are in addition to this amount. (The amount you may be required to pay for services after you pay any plan deductibles. Coinsurance percentages add up to 100 percent. Example: If your plan pays 80 percent coinsurance, you pay the remaining 20 percent). Copayments Copayments are amounts you pay each time you go to the doctor, fill a prescription, or receive a covered health service. Deductibles The deductible is the amount that you must pay out of your own pocket for covered expenses during a calendar year before your plan will begins paying co-insurance benefits. Exclusions are expenses which are not covered under an insurance plan. See your policy for details. Free examination period Also known as "10-day free look" or "free look," it is the time period after a life insurance policy or an annuity is delivered during which the policy owner may review it and return it to the company for a full refund of the initial premium. Variable life policies are required to include a "free-look" provision. For other coverage, it is at the company´s option. Grace period(s) The time - usually 31 days - during which a policy remains in force after the premium is due but not paid. The policy lapses as of the day the premium was originally due unless the premium is paid before the end of the 31 days or the insured dies. HIPAA - Health Insurance Portability and Accountability Act of 1996, P.L. 104-91. This law relates to underwriting,
pre-existing limitations, guaranteed renewal, COBRA and certification requirements in the event someone terminates from the
plan. The new law, commonly known as the "Kennedy-Kassebaum Bill," establishes new requirements for self-funded,
fully-insured group plans (including church plans) and Individual Health policies. The purpose of the law is to: Material misrepresentation A significant misstatement on an application form. If a company had access to the correct information at the time of application, the company might not have agreed to accept the application. Preferred provider organization (PPO) Hospital, physician, or other provider of health care which an insurer recommends to an insured. A PPO allows insurance companies to negotiate directly with hospitals and physicians for health services at a lower price than would be normally charged. Rated policy A policy issued at a higher premium to cover a person classified as a greater-than-average risk, usually due to impaired health or a dangerous occupation. Underwriting The process an insurance company uses to decide whether to accept or reject an application for a policy. |
||||||||||||||||||||||||||||||||||||||||||||||||
|
your RESOURCES: |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
We value your time in reviewing our products and
will not make your information available to any other source. Only one insurance agent will contact you. Please
view our website policy information. Thank you. Areas we
serve best: Disclaimer: All information deemed reliable but not guaranteed. All quotes are subject to underwriting review and no guarantee of insurance implied by applying. Your application may be accepted as preferred, with waivers, rated up, another plan offer may be offered or you may be declined based on your medical history. Before selecting a plan be sure to read the plan summary, actual policy, check to see if your provider is in the network, read the exclusions and limitations and ask any questions that you have. This website and attached links provide a brief description of coverage, but it is not a statement of contract. Neither Susan Speciale, agent(s), insurance company nor information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless and do not endorse and cannot guarantee the accuracy of the websites in this directory. Information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective insurance plans consumers may be interested in purchasing. |
||||||||||||||||||||||||||||||||||||||||||||||||
over 50 Major Carriers to choose from simple, fast and no obligation....
