Questions
and Answers- Health Insurance Facts and Terminology
Before getting a health insurance quote for yourself or your
family you should know the facts
about getting a quote and the terminology
used by the health insurance industry.
Quote Facts
Does it cost anything to get a quote?
No, your quote is free.
Will any of my personal information be shared with
a 3rd party?
No, your information will be held with the highest level of
confidentiality and will not sold or shared with a 3rd party.
When will coverage begin?
Most effective dates are either the 1st or 15th of the month.
Your specific effective date will be determined by when you
apply and how quickly it can be underwritten.
Will I have a limitation for pre-existing conditions?
If you have had prior “credible” insurance coverage
you will be given a credit towards the pre-existing condition
limitation based on the length of time you had the coverage.
For example, if the pre-existing limitation on your new plan
is 12 months and you had prior credible coverage for the previous
12 months (without more than a 60 day gap), your pre-existing
condition limitation would be waived. If you only had the
prior coverage for 6 months, then 6 months would be credited
towards the 12 month pre-existing condition limitation.
How do I pay for the coverage?
Depending on the insurance carrier, you can pay by credit
card, preauthorized withdrawal (checking/savings), or direct
billing.
Will applying for coverage have any impact on my
credit?
No.
What if my spouse has coverage for our family through
an employer?
In most cases, it is not cost-effective to have dual coverage.
You should analyze what you are paying for the group coverage
compared to what the cost would be for a personal plan and
choose the plan that will best meet your needs. MillerWade's
DirectAccess
HSA is another affordable medical health insurance alternative
that is available.
After getting approved, how long before I get my
ID cards?
Generally, the insurance carrier will mail the ID cards to
your home within 10 business days of your approval.
Will a pre-existing condition have any impact on
getting approved for the health insurance plan?
Yes, current legislation does not require the insurance carrier
to insure everyone. One of the main reasons why a personal
insurance plan is so cost-effective is due to the fact that
the carrier can choose to accept or deny coverage.
Health Insurance
Terminology
What is a Co-Pay?
The amount you pay when receiving services in a physician's
office, urgent care facility or emergency room. Also applies
to prescription purchases at the pharmacy. However, co-pays
for prescriptions also vary depending whether they are generic
or name brand.
What is a Deductible?
The amount you must pay each calendar year before major medical
coverage begins. Generally subject to 2 or 3 per calendar
year per family.
What is Coinsurance?
The % you pay for services after the deductible has been met
up to an annual out-of-pocket maximum.
What is an Out-of-Pocket Maximum?
The maximum amount paid by each subscriber before
the insurance carrier pays 100%. Generally limited to 2 per
family per calendar year.
The fact is health insurance plans vary greatly. Let the
experts at MillerWade help in finding the insurance coverage
plan that is right for you.
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