FAQ – Life/Health

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What Kind of Coverage Should I Offer my Employees?

There’s no one-size-fits-all approach to what kind of health coverage you should offer. Some factors to consider when deciding what to offer are what your company can afford, what your competitors are offering, your employee demographics, and what other benefits, like mental health coverage, you might want to include.

Plummer Insurance’s Benefits experts can tailor a plan to your business’s needs.

How Much Does it Cost to Buy Health Insurance for My Employees?

It depends on the plan you choose to offer and how much of the premium split you’re willing to take on, but generally speaking you can expect to spend between $550 and $750 per employee, per month for an ACA-compliant plan.

Keep in mind that these expenses are tax deductible – and there are a wide range of plan options available for you to offer your employees. Our Benefits Specialists can take a look at your business’ unique needs and tailor a policy just for you.

Can I get a Subsidy for My Company’s Health Insurance plan?

Companies that are part of the Small Business Health Options Program can qualify for a tax credit that may cover up to 50% of the company’s share of premiums. To qualify, your company needs to have 25 or fewer full time employees who make an average of $56,000 or less, you have to pay 50% of their premium costs, and you have to offer insurance to all of your full-time (or equivalent) staff.

See how you can best take care of your employees by talking to an agent to see what plans you qualify for.

How Do I Get a Health Insurance Subsidy?

Health insurance subsidies are based on your income level. If you make up to four times the Federal Poverty Level, you likely qualify for a subsidized policy. It’s best to apply through the Healthcare.gov website during open enrollment to see if you qualify.

Can I Get a Subsidy for Health Insurance if I am Offered Health Insurance at Work?

If your employer’s health insurance doesn’t meet the minimum standards under the ACA or costs more than 9.61% of your income, you can likely qualify for a subsidy on a Marketplace insurance plan.

Most employers offer coverage that meets these standards, so most folks who are offered health insurance at work don’t qualify for subsidies.

Does Health Insurance Cover Pre-Existing Conditions?

Under the Affordable Care Act, insurers can’t refuse to cover you nor charge you more if you have a pre-existing condition. The main exceptions to this are ‘grandfathered’ group plans that predate the ACA or short-term medical plans.

Do I Need Life Insurance?

If anyone depends on your income, a life insurance policy is a good idea. Parents, spouses, business owners, homeowners, and people with co-signed debts can all benefit from holding a life insurance policy. One of the biggest advantages to a life insurance policy is that while any capital gains left to your heirs will be taxed, the proceeds from a life insurance claim are not taxable.

The good news is there are a lot of policy options for Life Insurance – talk to one of our agents to see what fits your needs and budget.

How are Life Insurance Rates Calculated

Insurance companies take many factors into consideration when determining your rate. The most important among these are your age, your gender, the size of the death benefit, whether it’s a term or whole life policy and tobacco use. There are more aspects, like your occupation and your overall health, that can affect it too.

An experienced insurance agent can help you find the best rate for you.

Is Air Ambulance (Flight for Life) Covered on Health Insurance?

It usually isn’t covered unless you specifically add it to a policy, which usually requires a doctor’s formal recommendation. If you think you might need it, talk with your agent about your options for coverage.

Do I Need to Buy Life Insurance for My Kids?

We always recommend buying life insurance for your children if its financially feasible because that continuation of coverage will guarantee insurability later on. If you don’t, the onset of a condition early in childhood could disqualify them from a life insurance policy later in life.

Talk to an agent about your particular situation to see what plan fits you best.

What Does Medicare Cover?

It depends on whether you have an Original Medicare (Part A and Part B) or Medicare Advantage (Part C) plan. Generally speaking, all Medicare plans will cover hospital stays, doctor’s visits, care in a nursing home, hospice care, some medical supplies, and some home health care.

Explore the differences in Medicare plans at the Medicare website.

What is a Medicare Supplement?

Medicare is a government administered health insurance plan that is provided at low or no cost to persons who qualify. Medicare provides good, but basic coverage. A Medicare supplemental plan is an additional policy that can help fill in the gaps for things like dental care, hearing aids, and vision care, that your Medicare plan might not cover.

What is the Difference Between Term Life and Whole Life Insurance?

A term life insurance plan is active for a period of time, usually between 10 and 30 years.

A whole life insurance policy lasts for the insured’s entire life and can come in handy in more complicated financial situations, but their premiums are often significantly more expensive.

Both plans have their place, and in most scenarios a blend of the two is the best way to keep your beneficiaries protected. Our agents can help you go over the various live insurance plan options available.

Do I Need Whole Life Insurance?

Whole Life insurance coverage is always beneficial, and we recommend starting a policy early in life. One of the biggest advantages is that you are guaranteeing insurability for life, as long as your premiums are paid.

There are certain conditions and life events that can make it difficult if not impossible to obtain a new life insurance policy, which you will need to whenever a term-life policy expires. Whole Life Insurance policies don’t expire over the course of your life, so they cannot be taken away if these conditions occur (as long as you keep your premiums paid).

Additionally, there can be financial and tax benefits to having a whole life policy for certain individuals that term-life policies don’t provide.

Talk to an Agent to see what whole life insurance policies there are for you.

What is Accelerated Underwriting in Life Insurance?

Accelerated underwriting is a method of approval for a life insurance policy that doesn’t require the usual medical exams. It’s generally available to younger people with good health and good credit.