Life & Health Insurance Home - Weis Insurance Agency

By: Weis Insurance  09-12-2011
Keywords: Insurance

Here are the most commonly asked questions about healthcare and health insurance quotes.

How do you buy health insurance?

The quickest and easiest way to buy healthcare is to get health insurance quotes from an independent agent that offers a variety of healthcare plans from a variety of carriers. This will allow you to compare products and find the best pricing for the best coverage.

Individual insurance is generally for those who don't have coverage at work or for those who are self-employed. When you purchase health insurance you pay the premiums completely, so take the time to review all options, including Health Savings Account compatible plans and traditional Preferred Provider plan.  We also offer a range of short term health insurance products to cover you during those “in-between” times, such as during a job transition. At Weis Insurance Agency, our experienced agents will take the time to compare benefits and prices for you so that you are confident that you are getting the best policy at the most competitive price.

Employer/Group Insurance is an employer sponsored plan for a business with a minimum of 2 full time employees.  Weis Insurance Agency has a team of agents dedicated to the sales and service of employee benefit plans, including medical, dental, vision, life, short term disability, long term disability, and long term care.  Because we are an independent agent, we are able to quote from an extensive lineup of carriers to make sure that you are getting the best coverage for the best price for your employees.  Our staff will work with you to match up a plan of benefits that will satisfy the needs of your employees, as well as the budgeting needs of the employer. 

Weis Insurance’s commitment to our customers does not end at the time you purchase your policy.  We take great pride in the level of service that we offer after the sale, both to you as the employer as well as your employees.  Let us show you the difference that a quality, service-based organization can make for your company.  Complete the link for an employer-based benefits quote, or contact one of our qualified agents.

Why do I need health insurance quotes?

Medical care has come a long way in a short time, and there are many treatment options that most of us would likely not be able afford unless we had health insurance. You buy health insurance to help pay for those costs. It will protect you and/or your family from financial ruin, should you become seriously ill or injured unexpectedly. It also ensures you'll be able to have medical treatment, even if you don't have the cash to pay for it. You are also much more likely to have regular treatments, which results in more preventative care, and you are much more likely to have an early diagnosis, should something arise.

How do I find health insurance quotes?

Health insurance quotes are as easy as filling out the simple form on the attached link. The form is immediately sent to our highly qualified agents who will usually contact you within the day to offer you the best health insurance quotes available.

It's that easy to save.  Quotes are always free!

What's the ultimate benefit for me to search for health insurance quotes and get coverage NOW?

Security and protection is definitely the key benefit, but also try to appreciate that you may have just saved yourself lots of money. The complicated and extensive process of health care reform will not only take long, but it may also cause the private companies' health insurance quotes to skyrocket. You really can't afford to wait. And you also never know what tomorrow holds.

Due to the quickly rising healthcare prices, finding health insurance quotes now instead of waiting may help you save lots of money and ensures your financial security in case of a medical emergency.

What is Medicare and how does it work?

Medicare is the health insurance program ran by the U.S. government. It's available to individuals who are U.S. citizens and who are 65 or older. It is also available to those under 65 who have final stage renal disease or those with disabilities. Medicare requires you to pay a monthly premium.

Medicare Part A provides hospital insurance. Part B provides doctor services, while Part D gives you prescription drug coverage.  Weis Insurance Agency offers a wide range of Medicare Supplement products and carriers.  We will also quote your Medicare Part D prescription coverage if you take out your Medicare Supplement business with us.

What is a health savings account?

A health savings account allows you to save money to pay for both current and future medical expenses. The perk is that the money is tax free as long as you spend it on qualified medical expenses. 

Health service expenses including deductibles, co-payments and services that are not covered can be paid through your health savings account. You can make contributions throughout the year with pre-tax dollars, or your employer can make deposits into the account. Any money not used in the current year can be rolled over.  These accounts are not “use it or lose it”.  Call Weis Insurance today to discuss how a Health Savings Account insurance plan can work for you or your business.

What is an HMO?

HMO stands for health maintenance organization. It is a type of health care that's affordable compared to other options. HMO contracts with heath care providers and hospitals, and you then obtain services from these providers. You must have a primary care physician, and that physician will refer you to a specialist, if you need to see one. Services outside your HMO network generally will not be covered.

What is a PPO?

PPO stands for preferred provider organization. This is a network of health care providers with whom your health insurer has negotiated contracts at discounted costs. It is similar to an HMO, but you have more flexibility if you choose to utilize an out of network provider (typically covered at a lesser percentage). 

What is a POS?

POS stands for point of service, which is one type of managed health insurance. It offers you a great deal of flexibility - much more than HMO's or PPO's. It is often called a hybrid plan. It recommends having a personal care physician, although it does not require it. You can use doctors from within a network of affiliated doctors, or you can go outside your service area and still have some coverage, although this will be significantly lower than that within your network. You will likely have a deductible and co-payments

Life Insurance offers a way to replace the loss of income that occurs when someone dies (usually the person who produces the majority of income in a family situation). It is a contract between you as the insured person and the company or "carrier" that is providing the insurance. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax — "cash benefits" — to the person or persons you name as beneficiaries.

A good life insurance program does more than just replace the loss of income that occurs if you die. It should also provide money to cover the new costs that arise after your death — funeral expenses, taxes, probate costs, the need for housekeepers and child care, and so on. And these cash benefits should provide for your family's future needs as well, including college education for your children and part or all of your spouse's retirement needs. In almost all cases, your beneficiary can use the cash benefits in the way he or she sees fit, without restriction.

Some types of life insurance —permanent life policies — have a cash value that you can obtain by cashing out the policy or by borrowing against it. Though it can seem attractive, most financial experts agree that this feature should be seen as a secondary purpose of life insurance. Another type of insurance is term life insurance, which does not accrue any cash value but is significantly less expensive than permanent life.  The qualified life agents at Weis Insurance Agency will help guide you through these options based on your own situation.

If there is someone who would suffer economic hardship if you died, then the answer is yes.. you need life insurance!  Families with young children have a clear need for life insurance. If both spouses work, the loss of one income will cause the family immediate economic hardship and make it harder for them to realize future goals, such as paying for the children's' education. But even if one spouse works "inside the home" and doesn't bring in a formal income, his or her death will require the surviving spouse to hire child care, housekeepers and other professionals to help run the household - and that can be a significant new expense.

If you are married without children or single, then you may need life insurance to protect your partner or surviving family members against the costs associated with your death.  Funeral expenses, probate and administrative fees, outstanding debts, special obligations to charities, and federal and state taxes are costs that all of us must consider.  And, they can add up quickly. Unless you already have sufficient financial resources, your survivors will probably need life insurance to cover these expenses.

Types of Life Insurance:

Term life insurance is called "term" because it provides coverage for a specific period or term (most often 1, 5, 10, 15 or 20 years). For this reason, it is also called "temporary" insurance. If death occurs during the term, the policy pays cash benefits to the beneficiary. However, once the term is over, and if the policy is not renewed, the coverage ceases. If death occurs after te coverage ceases, no cash benefits are paid out.

Whole life insurance covers the policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries).

The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.

Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum. This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.

Universal life insurance offers many features of whole life insurance, but allows greater flexibility once the policy is in force. Like whole life insurance, universal life insurance is a permanent policy. It protects the policyholder until death—however long that may be. Also like whole life insurance, universal life insurance accrues cash value over time.

Unlike whole life insurance, universal life insurance breaks the death benefit and cash value accumulation into separate components. This allows the policy holder to make changes in the policy. For example, if the policyholder wants to increase the death benefit, he or she puts more of the premium money into the insurance account and less into the cash value account. The reverse is also true. The policyholder can decrease the death benefit and increase the cash value contribution. To reduce premiums, the policyholder can pay only the insurance portion.

Once the cash value has accumulated, the policyholder can withdraw the money. The money must be paid back, or else the death benefit will be decreased. Some people use the universal life insurance policy as a savings account to draw on as they get older. Others use the accumulating cash value to increase the death benefit so they have more to leave their loved ones. Universal life allows these choices and decisions to be made throughout your lifetime.

Keywords: Insurance

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