Understanding NC Insurance
With so many options, plan types and vocabulary words to describe the different things associated with health insurance coverage there is really no wonder that most consumers are confused or anxious about tackling their health insurance needs. It can be very daunting no matter what stage of life you are in. Most people do not have the time and patience to become one of the North Carolina Health Insurance Experts that you need in order to best figure out which plan and coverage will be the best for your individual, group or family situation. Here we have compiled some helpful information to make this process faster and less painless for consumers. At Al Crouse & Associates it is our goal to make sure that clients and future clients are educated and informed when making these important decisions regarding their health insurance coverage. Contact us if we can help you with your health insurance North Carolina needs or click and Get a FREE Rate Quote on NC Health Insurance Plans Online.
You may have heard these terms thrown around as you have been considering health insurance coverage in NC.
The percentage of total average costs for covered benefits that your plan will cover.
Affordable Care Act:
This healthcare reform law was enacted in March 2010. It was enacted in two parts: The Patient Protection and Affordable Care Act which was signed on March 23, 2010 and the Health are and Education Reconciliation Act which was amended on March 30, 2010. This phrase covers the amended, final version of the act.
The cap on the benefits that you insurance company will pay in a year while you are covered by a particular health insurance plan. After an annual limit is reached, you must pay all associated health care costs for the rest of the year.
The flat dollar amount that you must pay for a covered benefit in your program. You may have to pay a copayment for doctor visits to your primary care doctor, that are covered by your plan.
The dollar amount that you are required to pay for covered care before your insurance plan begins to pay. Deductibles vary from insurer to insurer and from plan to plan.
A new insurance marketplace where people and small businesses can purchase affordable North Carolina Health Insurance benefit plans. In 2014, Congress will be getting their medical benefits insurance through these Exchanges and consumers will be eligible to buy insurance through exchanges as well.
Your status once you have had 18 months of continuous creditable health coverage. To be HIPAA eligible, at least the last day of your creditable coverage must have been under a group health plan; you also must have used up any COBRA or state continuation coverage; you must not be eligible for Medicare or Medicaid; you must not have other health insurance; and you must apply for individual health insurance within 63 days of losing your prior creditable coverage. When you're buying individual health insurance, HIPAA eligibility gives you greater protections than you would otherwise have under state law.
Open Enrollment Period:
The period of time set up to allow you to choose from available plans, usually this is once a year.
A monthly payment you make to your insurer to get and keep insurance coverage. Premiums can be paid by employers, unions, employees, or individuals or shared among different payers.
There are lots of options and many other terms that are involved with the insurance industry. We are always here to help and assist you with discerning which health coverage plan is going to best meet your needs at this time and any time in the future. Find out more by browsing our website and learning more about Affordable Health Insurance North Carolina or contact us. We'd love to know how we can help you.
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