Insurance Explainations

Below you will find a list of the different types of benefits offered by IME's brokers. You will also be able to read a basic description of each product and its function. This may help you decide what type of insurance coverage will best fit your personal or business benefit needs. For more complete descriptions check out the Individual or Group links to the right. You can always call IME to speak with a broker at (719) 578-5570 or email info@imebenefits.com.

Click on one of these topics for details:

Health Life Dental Voluntary Disability Vision

 

Health Insurance: (Top)

Short-Term Health is an individual policy that is sold on a short-term basis, usually active for 0 - 90 days or 0 - 180 days (6 months is commonly the maximum). These types of policies are usually purchased by individuals and/or family members who are between jobs and cannot afford COBRA/State Continuation coverage, students no longer covered on a parent's policy, or an employee waiting for eligibility on group coverage to begin.

Individual or Family Coverage is a type of policy for you and your family members. These policies are offered both on the private market and through a federally regulated marketplace (also called "Obamacare"). There are specific enrollment dates, usually from November through February, each year. Once outside of the enrollment dates, individuals are not able to buy coverage unless they experience a Qualifying Life Event (QLE), that triggers a Special Enrollment Period (SEP). Examples of QLE: marriage, divorce, birth, death, loss of group coverage, non-renewal of current plan.

Small Group Coverage is a type of policy that is designed for businesses with two or more employees. This product, in many states, is guaranteed issue for groups with less than 50 employees. This type of policy does not go through the underwriting process. The group cannot be refused coverage based on the pre-existing health conditions of individual employees.

Large Group Coverage is a type of policy that is designed for businesses with more than 50 employees. This product is not guarantee issue and is subject to the underwriting process. The group's previous coverage, policy utilization and indivdual medical histories can be reviewed by an insurance carrier before a group is accepted.

Long-Term Care can be either individual or group coverage. It is a type of policy that covers health and social services needs provided under the supervision of physicians and medical health professionals for persons with chronic diseases or disabilities. Care is usually provided in a person's home or in a Long-Term-Care Facility. The facility must be licensed. Specialized care given in the person's home or at a medical facility is provided by skilled medical professionals. These policies are designed to kick in where health insurance and/or Medicare cost allowances are exceeded.

 

Life Insurance: (Top)

Term Life is a type of policy that provides protection for a specific period of time. It is also referred to as Renewable Term or Annual Renewable Term, meaning the policy may be renewed by the policy owner at the end of the term without evidence of insurability. Term Life Insurance premiums usually stay the same throughout the term of the policy, but the policy will only ever be worth the face amount (or death benefit) and does not accumulate any additional value.

Whole Life is a type of policy that is kept in force for a person's entire life and pays the death benefit upon the person's death or when they reach age 100, whichever happens first. A whole life policy builds cash value and may return dividends, depending on the specific policy that is purchased. Policy premiums may change throughout the life of the policy owner.

Universal Life is very similar to Whole Life Insurance. However, the policy pays a death benefit upon the person's death or when they reach age 125, whichever happens first. With Universal Life policies the owner has more flexibility on premium payments and coverage. Universal life policies also build equity and can be used as valuable tools when planning or building an estate.

 

Dental Coverage: (Top)

A dental policy's main function is to cover preventative care. However, some policies will cover major medical/surgical dental work and may also cover orthodontia, dentures, crowns and bridgework. Certain dental coverage is not true insurance, there are indemnity plans that provide discounts for dental procedures. Deciding which option is better for yourself or your group depends on how a plan is intended to be used. Dental insurance is not intended to cover major dental trauma, which would be covered under a medical health insurance plan.

 

Voluntary Insurance: (Top)

These are benefit products an employee can buy through their employer at a deep group discount. The employer does not make any contributions to offset costs, the plan is completely funded by the employees. Many voluntary insurance plans are portable, meaning the employee can remain covered even if they are no longer employed by the same business where the plan was originally purchased.

 

Disability Insurance: (Top)

Short-Term Disability can be either a group or individual policy that covers disabilities of 13 to 26 weeks, and in some cases for a period of up to two years. Short-term disability plans are set up to kick in immediately after the qualifying event or shortly after. These policies are different from Workman's Compensation because the disabiling event does not have to be associated with the work place.

Long-Term Disability can be either a group or individual policy that provides coverage 90 days after a disabiling event for up to 2 or 5 years or until the insured reaches age 65 or the Social Security/National Retirement Age. Policies are designed to replace up to 60% of the insured's annual income. These plans can also have built in incentives for returning to work and encourage rehabilitation, if at all possible.

 

Vision Coverage: (Top)

Preventative care is commonly the main reason to have a vision policy. These policies often supplement the cost of an annual office visit, lenses, frames and contact lenses. Some plans may also cover corrective eye surgery. Vision plans are not intended to be used for major eye traumas, which a medical health insurance plan would cover.

 
 
 

 

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