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Please click through to learn about the types of individual insurance we offer. Health Insurance Please click here for specific plan information. Health Insurance The major differences between indemnity and managed care plans concern choice of providers, out-of-pocket costs for covered services and how bills are paid. Usually indemnity plans offer more choice of doctors (including specialists), hospitals and other health care providers than managed care plans. Indemnity plans pay their share of the costs of a service only after they receive a bill. Managed care plans have agreements with certain doctors, hospitals and health care providers to give a range of services to plan members at reduced cost. In general, you will have less paperwork and lower out-of-pocket costs if you select a managed care plan and a broader choice of health care providers if you select an indemnity plan. The three basic kinds of managed care plans are PPO, HMO and POS. Preferred Provider Organization (PPO). A PPO combines elements of indemnity and managed care plans. Each time you need care, you choose among doctors who belong to the PPO network. You pay less when you use the network's "preferred providers." However, you can see any doctor not in the PPO network at any time you wish, but you will probably have to pay more for care. If you go to a doctor within the PPO network, you will pay a co-payment. If you choose to go outside the network, you will have to meet the deductible and pay coinsurance based on higher charges. In addition, you may have to pay the difference between what the provider charges and what the plan will pay. Health Maintenance Organization (HMO). HMOs require that you pay a small, set co-payment when you use the plan's HMO network doctors. You generally don't have to pay a deductible in an HMO. You usually select a primary care physician who manages all of your health care and serves as a gatekeeper for specialty care. If you go to doctors who are not in the HMO, you pay the full cost of the care (unless it's an emergency situation). Point-of-Service (POS) Plan. Many HMOs offer an indemnity-type option known as a POS plan, which adds an out-of-network benefit to HMOs. Like HMOs, you select a primary care physician who manages all of your care and is responsible for referring you to plan specialists. In a POS plan, however, you have the option of going outside the HMO network, although you'll pay more for care received outside of the network. Life Insurance Individual life insurance is underwritten separately for each individual who seeks insurance protection. Individual is the most widely used form of life insurance protection and is principally used for family protection. Term individual life insurance is life insurance for a specified period, usually greater than one year. This type of plan provides no further benefits when it expires, and no buildup of cash value occurs. If this insurance is not renewed at the end of its term, no payment would be made to the beneficiary in the event of the policyholder’s death Permanent individual life insurance provides protection for as long as the insured lives. This type of plan also has a savings component, which builds cash value that can help families deal with financial emergencies. With permanent life insurance, the annual premium remains constant. In earlier years, the premium is more than the cost of the insurance, but in later years it becomes much lower than the cost of the insurance. The excess amount is held in reserve as the policy’s cash value. Dental Insurance Indemnity/Fee-for-Service/ Direct Reimbursement. Like with general health care, this type of policy allows you to choose any dentist and will reimburse you based on dollars spent on your dental treatment. Instead of paying monthly insurance premiums, employers pay a percentage of actual treatments received. Preferred Provider Organization. PPO dental programs are plans under which patients select a dentist from a network or list of providers who have agreed, by contract, to discount their fees. In PPOs that allow patients to receive treatment from a non-participating dentist, patients will have to pay higher deductibles and co-payments. PPOs are usually less expensive than comparable indemnity plans. Dental Health Maintenance Organization. DHMO plans pay contracted dentists a fixed amount (usually on a monthly basis) per enrolled family or individual, regardless of use. In return, the dentists agree to provide specific types of treatment to the patient at no charge (for other treatments, a co-payment is required). DHMO models typically offer the least expensive dental plans. Disability Insurance The risk of becoming disabled in America is growing, making disability insurance a necessity. According to the American Safety Council, among Americans disabled as adults, more than 82 percent have problems working due to their disability—62 percent are unable to work, while 38 percent are limited in the amount or type of work they can perform. Disability income policies are generally offered as part of an employee group benefit package. Disability income policies commonly provide 50 to 70 percent of an insured’s pre-disability income while an insured employee is unable to work due to accident or illness. Many policies also include benefits to help people return to work following a disability. Both individual and group disability income insurance pay benefits as an indemnity – usually weekly or monthly. Disability income insurance may be offered by employers, purchased individually or used to protect a business. Individual disability insurance is most often purchased to protect against long-term disability. Personal individual disability covers occupational and non-occupational accidents and illnesses for a selected term. Since benefits are designed to replace earned income, most people don’t purchase this type of coverage beyond working years. Business individual disability replaces the income lost when an essential employee or owner is unable to work. Some policies pay benefits directly to the insured as a salary and others pay benefits to the business to protect the company from sudden loss of income. Businesses frequently obtain a disability income policy to cover business overhead expenses, including wages, in case the owner becomes disabled. Long-term Care Insurance Long-term care insurance is traditionally sold to older Americans; however, more and more young people are buying long-term insurance because the younger the purchaser, the lower the premiums. Individual long-term care insurance is tailored to meet the financial and lifestyle goals of the policyholder. Long-term care insurance is renewable with the same benefits as long as the premiums are paid on time. Medicare Supplement Health Savings Account |
