North Wealth Insurance Agency, Inc
Health Insurance
Individual & Group Health Insurance
Individual Health Insurance
Individual or Personal Health Insurance is the recommended option for indiviuduals who do not receive medical insurance from their employers but still need coverage. Individual health insurance also applies to the self-employed, unemployed, and students.
One major drawback that people find of not being on an employer's group health insurance policy is that coverage is not guaranteed, and an insurance company can turn you down either partially or entirely for an existing condition.
Additionally, some insurance companies will charge higher premiums for applicants who are deemed higher risk (i.e. smokers) or who have pre-existing conditions. Your North Wealth Insurance Professional will work with you to find the most affordable individual insurance plan that offers the maximum coverage you and your family need.
There are many types of Health Insurance Plans, including:
Indemnity Plans
With an indemnity plan, you can go to the doctor of your choice and you, your doctor or your hospital submits a claim to your insurance company for reimbursement. Take note that the only expenses for which you will be reimbursed are those “covered” medical expenses found in your benefits summary.
Health Maintenance Organization (HMO) Plans
With an HMO you pay a set premium and receive a range of health benefits including preventative care. You will choose a primary physician, usually a general practitioner, who will coordinate all your care within a provider network.
Preferred Provider Organization (PPO) Plans
Like HMO plans, PPO plans give you and your family a network of physicians from which to choose. However, unlike the HMO, the PPO plan allows you to make self-referrals; which means you can see any doctor you want, inside and outside the PPO network, including specialists without a referral.
Point-of-Service (POS) Plans
Point-of-Service plans combine elements of both the (HMO) and the (PPO) in that while they require you to choose a primary physician within your network they also allow you access to specialized physicians outside the network or at the point-of-service.
Health Savings Account (HSA) Plans
HSAs provide an excellent alternative to the higher costs of traditional health care plans. They are typically higher deductible plans with lower premiums that allow you to save for current or future medical expenses on a tax-free basis.
Group health Insurance coverage is an employer sponsored policy offered to eligible employees of a company, which generally includes not only the owner but the employees and,often, their dependents. The majority of Americans either have individual or group health insurance coverage.
There are many advantages to offering group health insurance coverage:
It provides great incentive for employees. Especially those who may have a preexisting condition and would otherwise be ineligible for individual coverage.
Creates company loyalty as the employer shows concern for the well-being of employees.
There are special tax incentives available to businesses that offer group health insurance coverage.
North Wealth Insurance, Inc distinguishes itself in its unbiased approach to offering insurance services and providing quotes. We are able to quickly research the best and most affordable group health, dental and vision insurance plans to fit any sized employee group or budget from only the highest rated insurance carriers.
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