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Frequently Asked Questions About Health Insurance

Questions and Answers – Health Insurance Facts and Terminology

Before getting a health insurance quote for yourself or your family you should know the facts about getting a quote and the terminology used by the health insurance industry.

Quote Facts

Does it cost anything to get a quote?

No, your quote is free.

Will any of my personal information be shared with a 3rd party?

No, your information will be held with the highest level of confidentiality and will not sold or shared with a 3rd party.

When will coverage begin?

Most effective dates are either the 1st or 15th of the month. Your specific effective date will be determined by when you apply and how quickly it can be underwritten.

Will I have a limitation for pre-existing conditions?

If you have had prior “credible” insurance coverage you will be given a credit towards the pre-existing condition limitation based on the length of time you had the coverage. For example, if the pre-existing limitation on your new plan is 12 months and you had prior credible coverage for the previous 12 months (without more than a 60 day gap), your pre-existing condition limitation would be waived. If you only had the prior coverage for 6 months, then 6 months would be credited towards the 12 month pre-existing condition limitation.

How do I pay for the coverage?

Depending on the insurance carrier, you can pay by credit card, preauthorized withdrawal (checking/savings), or direct billing.

Will applying for coverage have any impact on my credit?

No.

What if my spouse has coverage for our family through an employer?

In most cases, it is not cost-effective to have dual coverage. You should analyze what you are paying for the group coverage compared to what the cost would be for a personal plan and choose the plan that will best meet your needs. MillerWade’s DirectAccess HSA is another affordable medical health insurance alternativethat is available.

After getting approved, how long before I get my ID cards?

Generally, the insurance carrier will mail the ID cards to your home within 10 business days of your approval.

Will a pre-existing condition have any impact on getting approved for the health insurance plan?

Yes, current legislation does not require the insurance carrier to insure everyone. One of the main reasons why a personal insurance plan is so cost-effective is due to the fact that the carrier can choose to accept or deny coverage.

Health Insurance Terminology

What is a Co-Pay?

The amount you pay when receiving services in a physician’s office, urgent care facility or emergency room. Also applies to prescription purchases at the pharmacy. However, co-pays for prescriptions also vary depending whether they are generic or name brand.

What is a Deductible?

The amount you must pay each calendar year before major medical coverage begins. Generally subject to 2 or 3 per calendar year per family.

What is Coinsurance?

The % you pay for services after the deductible has been met up to an annual out-of-pocket maximum.

What is an Out-of-Pocket Maximum?

The maximum amount paid by each subscriber before the insurance carrier pays 100%. Generally limited to 2 per family per calendar year.

The fact is health insurance plans vary greatly. Let the experts at MillerWade help in finding the insurance coverage plan that is right for you.

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