SERVICES
Health and Life Insurance
HEALTH INSURANCE is a type of insurance coverage that generally pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured. Health insurance may reimburse the insured for expenses incurred for illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of attracting quality employees, with premiums partially covered by the employer but often also deducted from employee pay checks. The cost of health insurance premiums is deductible for the payer and benefits received are tax-free, with certain exceptions for S Corporation employees.
Increasingly, health insurance plans also have copays, which are set fees that plan subscribers must pay for services such as doctor visits and prescription drugs; deductibles that must be met before health insurance will cover or pay a claim; and coinsurance, a percentage of health care costs that the insured must pay even after they have met their deductible (and before reaching their out-of-pocket maximum during a specified period).
Insurance plans with higher out-of-pocket costs generally have lower monthly premiums than plans with low deductibles. When looking for plans, people must weigh the benefits of lower monthly costs against the potential risk of large out-of-pocket expenses in the event of a serious illness or accident.
Increasingly, health insurance plans also have copays, which are set fees that plan subscribers must pay for services such as doctor visits and prescription drugs; deductibles that must be met before health insurance will cover or pay a claim; and coinsurance, a percentage of health care costs that the insured must pay even after they have met their deductible (and before reaching their out-of-pocket maximum during a specified period).
Insurance plans with higher out-of-pocket costs generally have lower monthly premiums than plans with low deductibles. When looking for plans, people must weigh the benefits of lower monthly costs against the potential risk of large out-of-pocket expenses in the event of a serious illness or accident.
LIFE INSURANCE is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to designated beneficiaries when the insured dies. The insurance company promises a death benefit in exchange for the premiums paid by the insured. Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured.
A life insurance policy has two main components: a death benefit and a premium. Term life insurance has these two components, but permanent or comprehensive life insurance policies also have a cash value component.
Before applying for life insurance, you should analyze your financial situation and determine how much money would be needed to maintain the standard of living of your beneficiaries or to satisfy the need for which you are buying a policy.
For more information on types of life insurance, clauses, and more, do not hesitate to contact us.
A life insurance policy has two main components: a death benefit and a premium. Term life insurance has these two components, but permanent or comprehensive life insurance policies also have a cash value component.
Before applying for life insurance, you should analyze your financial situation and determine how much money would be needed to maintain the standard of living of your beneficiaries or to satisfy the need for which you are buying a policy.
For more information on types of life insurance, clauses, and more, do not hesitate to contact us.
