Individual or Family Insurance Information

Below you will find descriptions about different insurance options.
If you're ready for individual coverage, Get A Quote.

For assistance finding the best coverage options, send us an e-mail with our Individual Info Sheet filled out.
You can also fax it to (719) 578-5572.
With this information IME's brokers will be better able to help in the search and selection of coverage.

Click on one of these topics to read more:

Health Insurance 

Short-Term Individual or Family Coverage

  • This is an individual medical health policy that is sold on a short-term basis.
  • Coverage can be for an individual or the individual, spouse and/or family members.
  • Usually active for 0 - 90 days or 0 - 180 days (6 months is usually the maximum).
  • These plans can typically be renewed once, making coverage available for a total of 12 months.
  • These types of policies are commonly purchased by:
    • Individuals who are between jobs and cannot afford COBRA/State Continuation coverage,
    • Young adults no longer covered under a parent's policy,
    • An employee waiting for eligibility to begin on group coverage.

Individual or Family Coverage

  • An individual policy is best for people who don't have access to a group policy or benefits offered through their employer.
  • This is a medical health insurance policy for you and/or your family members (spouse, children, step-children, legal dependents).
  • These policies are initially issued for 12 months and are usually annual renewable policies.
  • As of 1/1/2014, these products are not allowed to decline coverage based on medical history or pre-existing conditions

Long-Term Medical Planning

  • Long Term Care policies can be issued as either individual or group coverage, but are transferable if issued under a group policy.
  • Each policy is designed by the insured to assist them in planning for their long-term medical needs if they become disabled, terminally ill or are unable to perform acts of daily living.
  • Usually these policies are put in place to transfer the responsibility of major medical care from a spouse or family members to a medical professional.
  • The policy provides for coverage of medical and social services needs provided under the supervision of physicians and medical health professionals for persons with chronic diseases, disabilities or terminal illness.
  • Medical care can be provided in the person's home or can also apply to specialized care received in a licensed long-term care facility.
  • These policies cover medical health costs that exceed coverage provided by Medicare, supplements to Medicare policies, or medical health insurance policies that don't cover long-term care or terminal illnesses. 

 

Types of Health Insurance
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There are other types of health insurance plans not described here; however, these plan types are the most common. Other more complex plans follow the same basic structures.

HMO (Health Maintenance Organization)

  • The focus of the HMO is preventive medicine.
  • An HMO is a medical service plan in which specified medical service providers (doctors, nurses, therapists, hospitals, urgent care clinics, etc.) contract with the HMO to provide services. These medical providers are commonly employed by the HMO.
  • HMOs usually require the insured to have a PCP (Primary Care Physician) who acts as the "Gatekeeper" and the HMO uses a referral system.
  • The referral system is how the insured gains access to different specialists, clinics, medical facilities, etc.
  • The HMO is able to control costs through specific contracts with doctors, facilities and pharmacies.

PPO (Preferred Provider Organization)

  • An organization of medical professionals and hospitals who provide services to an insurance company's clients for a set fee.
  • PPOs do not use the referral system and don't require the insured to designate a PCP (Primary Care Physician).
  • The PPO uses a network system instead of a "gatekeeper" and allows each member the freedom to choose providers - as long as they are in-network.
  • The insured MUST know their NETWORK.

HSA (Health Savings Account)

  • These are medical health policies which use HDHPs (High Deductible Health Plan).
  • Plans are designed to help individuals save for qualified health expenses.
  • The HSA offers the insured a tax incentive.
  • HDHPs put the initial costs of medical health coverage with the insured, this allows for decreased monthly premiums.
  • Bigger claims are covered by the insurance company once deductibles and OOP (Out-Of-Pocket) Maximums are met.
  • Insured is allowed to set up a savings account to help offset costs and pay for qualified health expenses out of the HSA using pre-tax dollars. 

 

Life Insurance
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Term Life

  • This is a type of policy that provides coverage for the length (term) of the policy and coverage expires unless the policy is renewed or converted.
  • Term policies provide the greatest coverage for the lowest premium.
  • These policies do not build any cash value and only provide a death benefit.

Whole Life

  • These policies are often called permanent protection policies - as long as premiums are paid, coverage continues for the life of the insured - or until age 100.
    • At age 100 the death benefit is paid out.
  • Whole Life policies build cash value and the policyowner can borrow against the policy's equity.
  • These policies are used in estate planning and are good tools for building long-term financial stability.

Universal Life

  • These policies are permanent protection policies - as long as premiums are paid, coverage continues for the life of the insured or until age 125.
    • At age 125 the death benefit is paid out.
  • The policy will build cash value and the policyowner can borrow against the policy's equity.
  • These policies are used in estate planning and can also be used as investment tools.
  • This is the best policy for someone interested in life insurance coverage with the most flexibility. 

 

Dental Insurance
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Dental plans can cover everything from preventative care to orthodontia, crowns and bridges to periodontics.
The type of coverage depends on the plan you select. Individual or Family dental plans are most commonly used for preventive care.

Check out this Web site for information regarding oral health.

Tooth IQ

For more information or to start a quote check out these links regarding Individual or Family dental options:

Delta Dental

humana

If you have any questions about dental insurance give us a call at (719) 578-5570 or send an e-mail to info@imebenefits.com

 

Disability Insurance
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Disability Insurance Insures Your Income.

Individual disability coverage is income protection insurance that helps cover costs and supplement the insured's income in the event of future disabilities, accidents, injuries, illnesses, pregnancy, etc. Disability insurance replaces the insured's income once a qualifying event occurs that prevents them from earning an income. Disability insurance is different from Workers Compensation in that the qualifying event does not have to be one that happens in the work place, although it can be work related.

To determine the length of coverage and when income replacement should begin after the qualifying event, the insured must decide on how comprehensive of a plan to put in place. An individual policy can be purchased to provide coverage from the beginning of the disability all the way through age 65 - if the disability persists and becomes terminal. The policy usually replaces up to 60 percent of the insured's average income.

If this type of coverage is not provided through an employer or group plan that you have access to participate in, it is a way to supplement income in case of personal impairment. It will assist in preventing you and/or your family from issues related to loss of income.

For questions and quotes on individual disability insurance please call (719) 578-5570 or send an e-mail to info@imebenefits.com.

 
 
 

 

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