Need the best quotes on insurance without haggling with the customer service of an insurance company? If you are a business owner, consider a fixed indemnity agent. They work for you to find the best rate specific to your needs. Fixed Indemnity agents are more likely to go the distance for you, the consumer. They can offer individual policies a business’ employees that they are able to carry with them in the event their job is terminated. Business owners can also take advantage of fixed indemnity insurance for themselves and their families.
Cobra only applies to interim insurance, applicable in the event of employment termination. Cobra is a federal law and not an insurance company. This law gives workers and families the right to keep an employer’s group plan up until the 90 days. Cobra is expensive in that you will be required to pay the previous employer’s portion of your policy. With fixed indemnity plans, you can carry your insurance from one employer to the next as it is a plan that is not owned by your employer. There is no waiting period as it is private insurance. It is a personal plan designed to meet your needs whether you obtained it through an employer or not.
Exclusive agents are often called captive agents because they work for a single insurance company. Indemnity Insurance agents are exclusive agents who work hard to get you the best rate within the insurance company that they work for. Bigger insurance companies often work with Captive agents because their products and services are usually well-known. They are not in the business of giving you a competitor’s rate but getting the best rate within their own insurance company. Exclusive health insurance agents generally work for traditional insurance companies with the exception of indemnity agents who are exclusive but work for non-traditional insurance companies.
Concierge health care is also called “boutique” health care. Traditional doctors take your health insurance and get paid a monthly amount for having you as a patient. Boutique is different in that you pay a retainer and are required to hold minimal traditional insurance often referred to as emergency insurance. Emergency insurance covers ER visits and any other emergency services you may need depending on your policy.
Traditional insurance is often offered as a group plan through an employer, but it is also possible to get a policy as a business owner or an individual. HMO is very strict about staying in the network whereas a PPO can be used anywhere. Business owners take advantage of fixed indemnity plans because the rates are not nearly as expensive as signing up with a traditional insurance company. Traditional insurance and Fixed indemnity insurance focus on one healthcare insurance company. Most employers offer a traditional group plan with one sole health insurance provider but can offer individual plans via fixed indemnity insurance plans.
The Patient protection and affordable care act of 2010 is Federal legislation enacted in an attempt to insure the uninsured and protect patients from certain practices by major insurance companies. The health insurance marketplace looks for the lowest premium to meet your needs and scans across participating insurance companies. They offer subsidies to low income individuals and families. The downside to having a subsidy in Obamacare is having a bigger deductible.
Obamacare eliminated pre-existing conditions in 2014 as a reason to be rejected for health insurance. You can no longer be denied health coverage based on a pre-existing condition. You cannot be denied health care nor health insurance. Obamacare introduced IRS fines if you did not hold any health insurance policy that met the mandates of the affordable care act. The fines were eliminated in 2019. It is still mandatory to carry health insurance but the IRS no longer imposes a fine for not carrying health insurance.
Traditional insurance can still deny coverage based on pre-existing conditions. If they do agree to insure you, they can raise your premiums based on any pre-existing condition. Fixed indemnity insurance also looks at your medical history but often offers plans that tailor to your needs. These plans are referred to as guaranteed issue plans. Guaranteed issue plans are offered to anyone without regards to pre-existing conditions.
A health savings account is another option but it usually functions in conjunction with traditional health-care plans. These accounts are set up in order to cover expenses such as co-pays at doctor’s offices, prescriptions at pharmacies, and deductibles. The only way to get a health savings plan is if your plan has a deductible.
Faith based plans are a co-op among religious individuals. Everyone shares the costs for each individual’s health-care costs. It is not insurance and there is no guarantee that the cost will be paid. Thus far, there have been no major problems with this arrangement.
With so many options for health care insurance coverage, you need to see what works best for you. Which is better? Traditional insurance, Fixed indemnity insurance, Faith-based Co-op, Obamacare? Again, it depends on your personal situation and how each option can work for you and your family and save you the most money and give you the best coverage. If you are a business owner, fixed indemnity insurance for you and your employees is a perfect solution. Not only will it save your company money, but your employees can carry their individual policy with them because they own them. With most insurance companies, workman comp is a requirement. Some fixed indemnity policies will pay Irregardless of workman’s comp if you get injured on the job.