Frequently Asked Questions

Health Insurance

Can I still enroll for health insurance outside of Open Enrollment?

Yes, you can enroll if you have a Special Enrollment Period. There are numerous ways to qualify. A few examples are losing Medicaid, moving, getting married, having a baby, or losing employer health coverage.

 

Is there a tax penalty for not having insurance in 2019?

There is no longer a tax penalty for not having insurance. 

 

What do I need to know when selecting a health insurance plan?

The 4 “metal” categories: There are 4 categories of health insurance plans: Bronze, Silver, Gold, and Platinum. These categories show how you and your plan share costs. Plan categories have nothing to do with quality of care.

Your total costs for health care: You pay a monthly bill to your insurance company (a "premium"), even if you don’t use medical services that month. You pay out-of-pocket costs, including a deductible, when you get care. It’s important to think about both kinds of costs when shopping for a plan.

Plan and network types — HMO, PPO, POS, and EPO: Some plan types allow you to use almost any doctor or health care facility. Others limit your choices or charge you more if you use providers outside their network.

 

Medicare Insurance

How much does Part B cost in 2019?

In 2019, the standard premium amount is $135.50 or higher depending on your income. However, most people who get Social Security benefits will continue to pay the same Part B premium amount as they paid in previous years.  

 

Medicare Part A (Hospital Insurance)

Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. For 2019, there is a $1,364 deductible for each benefit period. 

 

Medicare Part B (Medical Insurance) 

Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services. For 2019, there is a $185 deductible per year.

 

Medicare Part C (Medicare Advantage Plans)

A type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Most Medicare Advantage Plans offer prescription drug coverage.

 

Medicare Part D (prescription drug coverage)

Part D is prescription drug coverage. These plans are offered by insurance companies and other private companies approved by Medicare. Medicare Advantage Plans may also offer prescription drug coverage that follows the same rules as Medicare Prescription Drug Plans.

 

What's Medicare Supplement Insurance (Medigap)?

A Medicare Supplement Insurance (Medigap) policy, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.

Some Medigap policies also offer coverage for services that Original Medicare doesn't cover. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.

Life Insurance

What is Term Insurance?

Term life insurance provides coverage for a specific period of time.

 

What is whole life insurance?

Whole life insurance is insurance that pays a benefit on the death of the insured and also accumulates a cash value.

 

What is Universal Life Insurance?

A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance)which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. 

 

What are the Benefits of Term Life Insurance?

Term life insurance is often considered to be the appropriate coverage when a financial responsibility exists for a specific period of time.

 

What is cash-value life insurance?

Cash-value policies—also known as "whole life: policies—provide a death benefit and a savings account. Insurance salespeople often highlight the "forced savings" aspect of cash-value insurance. Part of your premiums go into a reserve fund—or accumulation fund—that builds up over the years your policy is in effect.

 

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