Coverage when it matters most.
As healthcare costs continue to climb in the US, it’s more important than ever to ensure that you have the right health insurance. For a more comprehensive approach, our agency also offers disability and long term care insurance as well.
There are 2 types of health insurance in the standard market- HMO & PPOs. Here’s a brief overview of the differences between the two choices. For more information, call our office today – (248) 427-9400.
HMO – Health Maintenance Organization
- Normally the least expensive health insurance option.
- No coverage for visits to doctors outside of the HMO network with the exception of emergency room care.
- You are required to choose a primary care physician.
- In order to be covered for specialist visits, you are required to get a referral from your primary care physician.
PPO – Preferred Provider Organization
- More expensive health insurance option.
- Gives you a choice of using doctors & other providers within the plan’s network.
- You are able to use doctors outside of the network for a higher out of pocket expense, but there is still coverage.
Disability comes in two main varieties: short term disability, and long term disability.
Short Term Disability
- Can start from day 1 of the disability occurring.
- It’s based on a percentage of your income, with a monthly maximum of $5,000.
- Can be right for you if you don’t have enough money saved up to continue your lifestyle for the next three months.
- Benefit periods of 3, 6, 12, or 24 months.
Long Term Disability
- Can start from day 60 of your disability.
- Benefit periods of 2, 5, 10 years or until age 67.
- Based on a percentage of your income, with a monthly maximum of $12,000.
Long Term Care
Long term care insurance provides coverage for either skilled or non-skilled care and can be delivered in either an at-home setting, or in a nursing home. Here’s a brief overview of how long term care insurance works.
- Long term care insurance provides a way to alleviate that cost for the family as well as the individual who needs the care.
- Long Term Care Insurance pays for in home care coverage, coverage at an assisted living facility, at a nursing home, adult day care, and hospice care.
- Benefit periods can be 3, 4, 5, 6, 10 years or even Lifetime.
- Waiting periods can be set at 30, 90, 180, or 365 days.
Call our office today to learn more about Long Term Care Insurance and the benefits it can provide.