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instant group health insurance quote
Some thought needs to be afforded to the possibility of “total disability.” That definition is important as it is always defined in a policy and different companies may use different definitions.
Insured versus subscribers. Are participants considered insureds (the person who receives the benefit) or subscribers (the person who is paying the premium)?
HMOs, PPOs, and fee-for-service plans often share certain features, including pre authorization, utilization review, and discharge planning. For example, you may be asked to get authorization from your plan or insurer before admission to a hospital for certain types of surgery. Utilization review is the process by which a plan determines whether a specific medical or surgical service is appropriate and/or medically necessary. Discharge planning is an approach that facilitates the transfer of a patient to amore cost-effective facility if the patient no longer needs to stay in the hospital. For example, if, following surgery, you no longer need hospitalization but cannot be cared for at home, you may be transferred to a skilled nursing facility.
Here are some things to look for: Some policies pay benefits only if someone is unable to perform the duties of their customary occupation, while others pay only if the person can engage in no gainful employment at all. Make sure that you know the insurer’s definition of disability. Some policies pay only for accidents, but it’s important to be insured for illness, too. Be sure, as you evaluate policies, that both accident and illness are covered.
Some things to consider when determining disability income needs are: Establish the bare minimum required if income stops. Determine your retirement needs if work ceases and the ability to pay into the retirement ends. Allow for any benefit that might be offset by social security and workers compensation.
Premium: The amount you or your employer pays in exchange for insurance coverage.
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