Health Insurance

     When you buy a health plan, the insurance company agrees to pay for preventive services to help you stay well (Affordable Care Act plans), plus part of your medical bills when you need a checkup, get sick or have an accident. These include things like doctor or hospital visits, prescription drugs, tests, maternity care and other medical services you may need. You may qualify for help from the government to pay part of your premium.

     Most health insurance plans will have a network, or a list of doctors, hospitals and other health care providers that you can choose from. These are called in-network health care providers. Going to these health care providers when you need care will generally save you the most money. If you go to a provider that is not in your plan’s network, you may have to pay more.

Source: How Health Insurance Works, by Florida Blue BCBS.  >>    

The National Flood Insurance Program (NFIP) was established with the passage of the National Flood Insurance Act of 1968. The NFIP is a federal program enabling property owners in participating communities to purchase flood insurance as protection against flood losses, while requiring state and local governments to enforce floodplain management ordinances that reduce future flood damage.

For more information: Medicare Guide, by Centers for Medicare & Medicaid Services. >>

For more information: Medigap Guide, by Centers for Medicare & Medicaid Services.  >>   >>

Life Insurance
  • Term Life Insurance provides life insurance protection for a specified period of time. Term life is sometimes convertible. Term insurance provides protection for a defined period of time and pays benefits only if death occurs during that period.

  • Whole Life Insurance is a form of permanent life insurance that can remain in force for your entire lifetime. Whole life (ordinary life) is the most traditional type of cash value insurance. Generally premiums and death benefits stay the same over the life of the policy. The policy’s cash value grows at a fixed rate.

  • Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums and face amounts. Universal life gives you flexibility in setting premium payments, underlying investment options (variable life insurance), and the death benefit.

For More Information: Life Insurance and Annuities, by FL Dept. of Financial Services.  >> (Obamacare)

     The Affordable Care Act (ACA) requires all healthcare plans offered in the individual and small group markets to cover ten categories of essential health benefits: ambulatory care, emergency care, hospitalization, maternity and newborn care, mental health and substance use care, prescription drugs, rehabilitative and habilitative services, laboratory services, preventive care, chronic disease management, and pediatric dental and vision care. The Act prohibits pre-existing condition exclusions.

     Premium tax credits may be available for individual/families with income falling below certain levels. Individuals who are eligible for public programs, including Medicare, Medicaid, CHIP, or for employer sponsored coverage that meets affordability and minimum value standards are not eligible for tax credit.


Source: Summary of the Affordable Care Act, by The Kaiser Family Foundation.   >>

Small Business Employee Benefit Plans (Tax-Advantaged Plans)

  A cafeteria plan (IRS Section 125) is a written benefit plan offered by an employer in which all participants are employees; and participants can choose cafeteria-style, from a menu of two or more cash or qualified benefits, using pre-tax contributions to pay for the premiums.

.A qualified benefit is a benefit that the IRS does not consider part of an employee's gross income. Qualified benefits include, but are not limited to:

  • accident and health plans (including medical plans, vision plans, dental plans, accident and disability insurance)

  • group term life insurance plans (up to $50,000)

  • dependent care assistance plans

  • certain stock bonus plans under section 401(k)(2) of the Internal Revenue Code


Source: Cafeteria Benefit Plans, by Social Security Administration.  >>

Personal Umbrella Policies

   An umbrella policy provides additional coverage or “excess liability” above the limits of your basic policies. Your umbrella insurance can come into play if you are found liable and need to pay damages, or if you are sued and need to pay for your legal defense – even if the result is that you are not found to be responsible.

     An umbrella policy only pays once your basic liability limits have been exhausted or the claim is excluded from the basic liability coverage. The claim will be made against you, the policyholder, on behalf of the wronged party. Then your insurance company may pay the settlement amount up to the limits of your coverage. If the settlement amount exceeds your coverage limits, then an umbrella policy is responsible for paying the remaining amount up to the policy's limit.

For More Information: Learn Umbrella Insurance 101, by Trusted Choice.  >>