FAQ
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Explore common questions about health and life insurance. Need more assistance? Schedule a call with our experts.
What is the difference between term life and whole life insurance?
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years, while whole life insurance provides coverage for the policyholder's entire life.
Term life insurance typically offers lower premiums but does not accumulate cash value, whereas whole life insurance has higher premiums but includes a cash value component that grows over time.
How does Medicare differ from Medicaid?
Medicare is a federal health insurance program primarily for individuals aged 65 and older, as well as certain younger people with disabilities. It consists of different parts, including Part A (hospital insurance) and Part B (medical insurance).
Medicaid, on the other hand, is a joint federal and state program that provides health coverage to low-income individuals and families. Eligibility and benefits vary by state, and coverage may include services such as doctor visits, hospital stays, and long-term care.
What is the difference between an HMO and a PPO?
Health Maintenance Organizations (HMOs) typically require members to choose a primary care physician (PCP) and obtain referrals from the PCP to see specialists. They usually offer lower out-of-pocket costs but have a more restricted network of providers.
Preferred Provider Organizations (PPOs) offer more flexibility in choosing healthcare providers and do not require referrals to see specialists. While they may have higher premiums and deductibles, they offer greater freedom to see out-of-network providers.
How do I determine how much life insurance coverage I need?
Several factors, including your age, income, debts, and future financial obligations, can influence the amount of life insurance coverage you need. Considerations such as funeral expenses, outstanding debts, mortgage payments, and future education costs for your children can help determine the appropriate coverage amount.
Can I purchase insurance coverage through the Health Insurance Marketplace?
The Health Insurance Marketplace, also known as the exchange, offers individuals and families a platform to compare and purchase health insurance plans. You may be eligible to enroll in Marketplace coverage during the annual Open Enrollment Period or a Special Enrollment Period if you experience certain qualifying life events, such as marriage, birth/adoption of a child, or loss of other health coverage.
How to verify my current health insurance coverage?
Contact your insurance provider directly or log in to your online member portal to review policy details, including coverage, deductibles, copayments, and out-of-pocket expenses.
Call one of our licensed insurance agents for assistance in understanding your coverage and exploring alternative options.
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