Frequently Asked Questions

Individual and family health insurance Indiana is a type of health insurance coverage that is made available to individuals and families, rather than to employer groups or organizations. Given the option, most people would prefer to have their employer provide group health insurance Indiana coverage. But, if this is not an option for you, it is still important to seek coverage. You may be pleasantly surprised with the variety and affordability of the individual and family health insurance options available.

Individual and family health insurance policies are usually described as either “indemnity” or “managed care” plans. Put broadly, the major differences concern choice of healthcare providers, out-of-pocket costs and how bills are paid. Typically, indemnity policies offer a broader selection of healthcare providers than managed care plans. Indemnity policies pay their share of the costs for covered services only after they receive a bill (which means that you may have to pay up front and then obtain reimbursement from your health insurance company). There are several different types of managed care health Indiana insurance plans. These include HMO, PPO, and POS plans. Managed care plans typically make use of healthcare provider networks. Healthcare providers within a network agree to perform services for managed care plan patients at pre-negotiated rates and will usually submit the claim to the Indiana insurance company for you. In general, you’ll have less paperwork and lower out-of-pocket costs with a managed care health insurance plan and a broader choice of healthcare providers with an indemnity policy.

As a member of a PPO (Preferred Provider Organization) plan, you’ll be encouraged to use the insurance company’s network of preferred doctors and hospitals. These healthcare providers have been contracted to provide services to the Indiana health insurance plan’s members at a discounted rate. You typically won’t be required to pick a primary care physician but will be able to see doctors and specialists within the network at your own discretion.

You will probably have an annual deductible to pay before the insurance company starts covering your medical bills. You may also have a co-payment for certain services or be required to cover a certain percentage of the total charges for your medical bills.

With a PPO plan, services rendered by an out-of-network physician are typically covered at a lower percentage than services rendered by a network physician.

Though there are many variations, HMO (Health Maintenance Organization) plans typically enable members to have lower out-of-pocket healthcare expenses but also offer less flexibility in the choice of physicians or hospital than other health insurance policies. As a member of an HMO, you’ll be required to choose a primary care physician (PCP). Your PCP will take care of most of your Indiana healthcare needs. Before you can see a specialist, you’ll need to obtain a referral from your PCP.

With an HMO you’ll likely have coverage for a broader range of preventive healthcare services than you would through another type of policy. You may not be required to pay a deductible before coverage starts and your co-payments will likely be minimal. With an HMO plan, you typically won’t have to submit any of your own claims to the Indiana insurance company. However, keep in mind that you’ll likely have no coverage whatsoever for services rendered by non-network providers or for services rendered without a proper referral from your PCP.

A “co-payment” or “co-pay” is a specific charge that your Indiana health insurance policy may require you to pay for a specific medical service or supply. For example, your health insurance policy may require a $15 co-payment for an office visit or brand-name prescription drug, after which the insurance company often pays the remainder of the charges.

A “deductible” is a specific dollar amount that your health insurance company may require you to pay out-of-pocket each year before your Indiana health plan begins to make payments for claims. Not all health insurance policies require a deductible. As a general rule (though there are many exceptions), HMO plans typically do not require a deductible, while most Indemnity and PPO plans do.

Coinsurance is the term used by Indiana health insurance companies to refer to the amount that you are required to pay for a medical claim, apart from any co-payments or deductible. For example, if your health insurance policy has a 20% coinsurance requirement (and does not have any additional co-payment or deductible requirements), then a $100 medical bill would cost you $20, and the insurance company would pay the remaining $80.

Term life insurance Indiana will pay out a specified lump sum to the person that you name as beneficiary in the event that you die before the policy expires. The payout is subject to a few exclusions, most often suicide or other self-inflicted conditions.

Other than deciding if you want guaranteed or renewable premiums, there’s no need to worry about other bells and whistles. So, comparing policies is a simple matter of comparing premiums among the various life insurance providers.

If you have a question that is not covered, just contact Michelle Walters or Chrissy Henderson. They will be happy to answer any question you might have.

Insurance is about protecting what’s important to you, both personal and business, against the unexpected. Anytime you have significant events or changes in your life, it’s time to think about reviewing and updating your coverage. Here are some examples:

• Personal
• A change in marital status
• A new baby
• New drivers in your household
• Kids going away to college
• A new job or starting a home business
• Changes in your income
• Paying off a car loan
• Buying a home
• Moving to a new apartment
• Home improvements
• Approaching retirement
• Purchasing jewelry, antiques, computer equipment or other expensive items

As your life changes, your needs do, too. A common recommendation is that you should review Indiana life insurance protection at least every five years or sooner if a major life event occurs such as marriage, divorce, a new child, home purchase, new job, starting a business or retirement.

The biggest decision you’ll face is how much life insurance coverage you need. The general rule of thumb is that, at a bare minimum, you should provide at least enough to pay off your outstanding debts and cover your funeral expenses. The face value of your policy should cover any remainder on your mortgage and other debts, and provide a cushion to help your family get back on their feet financially after your death. If you have young children, you should also cover your expected annual salary multiplied by the number of years until the youngest is no longer financially dependent.

Tips to Help You Save Money on Life Insurance

• Only buy what you need
• Get the most appropriate coverage for a mortgage

There are a number of factors that may affect how much you pay for your policy aside from the amount of the death benefit you choose. These include your age, your gender, the state of your health and any pre-existing conditions, and whether or not you smoke. Smokers can expect to pay higher premiums than those who don’t use tobacco products.

Almost everyone can benefit from life insurance. It is the best way to provide financial assistance to your survivors. Life insurance serves several purposes.

• It can provide mortgage protection.
• It serves as replacement for income lost by a family wage earner.
• It can help pay for services provided to family members.

If you are the major breadwinner or a major contributor to family income, you should be insured. No one likes to imagine what will happen if they die, but it makes sound financial sense. Potentially, your Indiana life insurance benefit can mean the difference between your family keeping the home in which you live and losing it to debt if you are no longer able to provide for them. In general, if you are carrying a mortgage, you should carry at least enough insurance to cover the remaining mortgage so that your heirs aren’t left with an ongoing financial impact.

People are discovering that long-term care insurance in Indiana can help pay for extended care without exhausting personal finances. As the general population gets older, long-term care (including nursing home and in-home care) has become a costly necessity for many families. Without long-term care insurance, families can find their homes, savings, and other assets in jeopardy as they struggle to pay the costs. By planning and considering options to help pay for care, these situations can be avoided.