HEALTH
INSURANCE
WHAT IS
HEALTH INSURANCE
Carriage Trade Insurance Agency has over 15 years of experience in Health Insurance. Our relationships and experience help us to meet your unique needs.
Affordable Health Insurance for you
There are essentially two kinds of health insurance: Fee-for-Service and Managed Care. Although these plans differ, they cover various medical, surgical, and hospital expenses. In addition, most cover prescription drugs, and some also offer dental coverage.
Fee-for-Service
These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice, and the claim is filed by either the medical provider or the patient.
​
Managed Care
More than half of all Americans have some managed-care plan. Various plans work differently and can include: health maintenance organizations (HM0s), preferred provider organizations (PPOs), and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.
Long-Term Care
Most health insurance plans provide in-hospital care, doctor visits, and preventive health care needs. But they may not cover many other health-related needs of older adults, such as long-term care, which is also not covered by Medicare. Today, the average monthly cost for nursing home care is nearly $5,000, and stays can exceed several years.
​
Several days after getting foot surgery, Jessica Mulgrew of Arlington, Texas, discovered two holes in the repaired foot. She immediately returned to the doctor, where he found two separate staph infections. Jessica nearly lost her foot and could have died from the infections.
​
The complications to her foot meant that she needed around-the-clock care. Fortunately for her, she was insured through a long-term care insurance policy.
​
"If you have to beg, borrow or steal, get it—you never know what's going to happen to you."- Jessica Mulgrew
The insurance is not just for those in assisted living centers or nursing homes. It can be used by anyone with physical illness, disability, or cognitive impairment that affects their ability to do basic activities of daily living (ADLs). For Jessica, her mobility was severely limited after her foot complications. Her policy helped her pay for the daily help she received to perform her ADLs.
​
Long-term care insurance is a good option for people who don't have family or savings to fall back on. It's especially helpful for those with a history of health problems or who live alone.
​
Premiums paid for a long-term care policy may be eligible for an income tax deduction, depending on the insured's age.
If you're considering long-term care insurance, know that its cost increases with age. Additionally, there are often waiting periods before payment for care can be reimbursed.
Disability Insurance
Short-Term Disability policies (STD)
have a waiting period of 0 to 14 days with a maximum benefit period of no longer than
two years.
Long-Term Disability policies (LTD)
have a waiting period of several weeks to several months. They have a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
​
-
Non-cancelable means the insurance company cannot cancel the policy, except for nonpayment of premiums. This gives you the right to renew the policy yearly without increasing the premium or reducing benefits.
​
-
Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
​
Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Therefore, your policy specifies a target amount you will receive from all the policies combined. That allows this policy to make up the difference not paid by other policies.
​
Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. Therefore, you will pay a higher premium if you select the COLA.
​
Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary, and receive a partial disability payment if you are still partially disabled.
​
Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period declared in the policy.
​
Waiver of premium provision
This clause means you do not have to pay premiums on the policy after you're disabled for 90 days.
Ready for a quote?
Reach out to us today to see how you can get personalized coverage. Let’s get your insurance needs met at the best price points today!
Call our office today at 516.358.5600 or contact us online and an insurance professional will get back to you promptly.