Good to know ...
Health insurance can be confusing, so we worked hard to make it simple.
Business Insurance
Can I get a business plan for just myself
Sometimes. Generally , it's not worth it. There is a misconception that group health insurance plans are cheaper, they almost never are. The can offer better coverage and PPO options that aren't available to individuals and that can be worth considering. It's important to know that it will likely be more expensive and most group plans will have minimum participation requirements (like 5 separate employees on the plan).
I've heard of "self-funded" employer-sponsored plans, what is that?
Self-Funded (or Level-funded) plans are growing rapidly in popularity for companies big and small. They allow the business to have more transparency with their premiums and assume more risk by essentially self-insuring up to a certain amount )at which point you insurance for claims above xx amount). Most appear like a normal insurance plan to the employees, giving simple access to a common insurance network, but save money for the...
Am I required to offer health insurance to my employees?
It depends on the state, but most of the time you are only required to offer health insurance if you have over 50 Full-Time Employees. It has become more of an expectation than a requirement for small businesses and can be a significant recruiting and retention factor for smaller business. There are many flexible options for small businesses including "Reimbursement Methods" that allow more individual choice for your employees.
Individual Insurance
Can I get a PPO and go to whichever doctor I want?
There are options that allow much more flexibility than an HMO, but be very careful. The most common health insurance scams love to stress that you can get an "affordable National PPO". They will be nothing like the employer plans you may have experienced in the past and have benefit limits. HMO's are the most common option with most state marketplaces (Affordable Care Act), but some alternative solutions will allow much more flexibility when it comes to choosing providers.
Can I really get a plan for under $100 /month?
With the improved tax credits through the ACA (Affordable Care Act), plans are more affordable than ever. It is not uncommon for a family to qualify for a plan for under $100 per month in many states. These plans are income dependent and there are always more expensive silver and gold options, but we believe every one should consider these options first before looking at alternatives.
How are you paid? What does it mean that White Hat is free?
We are compensated by the insurance companies and health sharing groups directly. There is no "margin" with health insurance plans, so you don't have to worry about getting a better deal with the insurance company (or other broker). There are groups that pay considerably more than others, which is why many "brokers" push one option over others. We'll NEVER do this.
Senior Insurance
What types of senior insurance do you offer?
Just about everything. Medicare Supplements (MediGap plans), Medicare Advantage, Part D Prescription Drug plans, Dental/ Vision, Long Term Care, and more. You don't always need all of them, but we are happy to help with anything.
Will this plan cover my doctors and my prescriptions?
We dive deeper than most to explore your true out-of-pocket costs and coverage. We'll get your list of prescriptions, doctors, and health needs to ensure that you have the plan that best fits your needs. We'll send you multiple options to to compare; not just price, but true out of pocket costs and acceptance.
Are Medicare Advantage plans or MediGap plans better?
It is very dependent on each person's situation. There are many people that can benefit from a Medicare Advantage plan, but in some parts of the country, we don't believe it's a good option. If the plan does not give easy access to local providers and has limits on out-of-network covers, it may be worth looking at a MediGap plan. Medigap plans tend to offer the most fixed costs and dependable acceptance, both locally and out of state. Advantage plans ...
Life Insurance
What is the difference between Term and Whole Life?
Good question. Every life insurance plan will have an associated benefit (for example, $50,000). For Term Life, this means your designated beneficiary would receive a $50,000 benefit if you were to pass away within the chosen "term" of your policy. So if it's a 10-year term, the benefit is good for 10 years. You pay those premiums, and if all is well after 10 years, you can renew the policy (at your new age), but those premiums are essentially ...
What about annuities and "indexed" policies?
It is our opinion that about 95% of people simply need Term Life Insurance. Life insurance companies have always found ways to increase benefits (and therefore, found ways to increase premiums). There are life insurance plans that have cash values, some that allow you to reduce premiums and other flexible options. These types of policies get increasingly complicated, with more opportunities for agents to "sell" you on their benefits. There are some situations ...
How much Life Insurance do I need?
We recommend you consider your average annual income and what your family would need if you passed away. This is why term life makes a lot of sense for most people; that income replacement is generally only needed up to a certain age (say 65 for simplicity), at which point the financial reliance from other family members, or your income from a job, diminishes significantly. We recommend around 5 - 10X your income with a term that will get you around that retirement age (or a little past that age).