|
Frequently Asked Questions (FAQs)
- Who fits into the category of "Self-Employed"?
- What carriers do you represent?
- I've been told Group plans are less. Is
that true?
- What if I've been declined with another
carrier?
- I know I need health insurance, but
what's the best way to get the best protection at the lowest cost?
- What about pre-existing conditions?
- Am I guaranteed that I can get coverage?
Anyone who owns and collects more than 24% of his/her income from a business
in which he/she has ownership. It doesn't matter how the business is setup such
as a corporation, sole proprietorship, LLC, or Sub-S, etc.
It changes from year to year based on what changes a carrier has made in
their plans offered or if their claims experiences have caused some sort of
major rate increases. Some of the carriers that have plans we have found to be
consistently good for consumers are Golden Rule, World Insurance, Empire Fire &
Marine, Fidelity Security, United American, Central Reserve Life, Chase Life,
AIG, Jefferson National, and Chesapeake Life. Some offer both health plans as
well and life insurance.
Not if you are paying the entire premium. Group plans are typically
less cost to you because someone is helping offset the total cost of the
premium, such as employer-based plans. Typically, employers pay 50%-100% of the
premium. If your employer is not paying a portion of the premium then you should
call us. In almost all cases we can put you on an individual plan that will cost
you much less than a group plan.
For those who are self-employed and are on a Business Group of One
type plan, many times we have found that those type of plans are more expensive
than individual or family plans. Unless a medical condition warrants that
you be on a Business Group of One (group plan) you should checkout the
individual and family plans.
When you understand that group plans are usually required by law to accept
even those with major pre-existing conditions, you can understand that the costs
must be higher on those type of plans because there are a significantly
higher number of claims processed. Our experience has shown group plans to
be 30%-70% higher than well-designed individual or family plans.
Each carrier has their own underwriting guidelines and will accept-and-reject
based on different criteria. We've seen many clients declined by one
carrier yet accepted by another. The important thing here is to be sure
your agent has all the pertinent information on you prior to placing an
application with a carrier. Be aware, if you do get declined by
a carrier there may be negative consequences that may seriously limit your
choices in the future.
As you probably know, insurance carriers have multiple plans. Today, many
carriers offer slightly different underwriting criteria from one plan to another
based on the deductible you select and the the medical conditions involved.
For instance, one carrier we work with will place an exclusion on
Asthma-related conditions (and Rx) if your deductible is below $2,000, but not
if it's above $2,000. You would not know that unless you were aware of the
underwriting guidelines and we can assure you that information is not part of
the sales literature you get. A professional agent should know which carrier
is best for you once time has been spent interviewing you. This is a big reason
we don't recommend nor support an online quoting system that simply provides you
with a premium based on your age(s) and where you live.
Another example is the zip code in which you live. We represent a carrier
that has great rates in one major metro area, but their rural rates are
25%-40% higher. That is something we take into consideration when quoting a
plan.
In cases where one carrier doesn't like certain pre-existing conditions,
others may not consider the condition to be a major obstacle and will offer you
coverage. For instance, many carriers will not accept you at all if you have
been diagnosed with SLEEP APNEA. Some will. Once again, you should speak with a
professional agent to get the best plan for you based on your medical history.
Not for private insurance. With the exception of a couple of States, most
carriers will review your medical history and determine if their underwriting
guidelines will allow them to accept you. In many cases they can accept you
under modified conditions called exclusion riders. For example, they say
they will insure for everything except that ONE thing. Or, they will accept you
but are required by their underwriting guidelines to place a surcharge on
you. Again, this is where a professional agent will help you by choosing the
right carrier and the right plan.
We do offer plans for both life insurance and health insurance that
will cover conditions that no other carrier will underwrite. Speak to one of our
agents about which plan would best fit your needs.
|
