Open Enrollment for 2015 health insurance has begun! You may be wondering — EXCHANGE or NO EXCHANGE? Should you go through your state’s health insurance exchange (in Virginia, the federal marketplace) or purchase coverage directly from a carrier? The good news is, whichever route you choose, Virginia Medical Plans can help, as we are an authorized broker both on the exchange (in Virginia and DC), and off the exchange for
Understanding Health Insurance Deductibles
What is a health insurance deductible? A plan’s deductible is the amount of money you must pay for your medical care before your health insurance begins to pay. Here are 6 things you need to know about health insurance deductibles: 1. Unlike other types of insurance (e.g., auto or homeowners insurance) where claims are not covered at all until the policy deductible has been met, most health insurance plans do
Buying Health Insurance — Exchange or No Exchange?
We have entered the final weeks of Open Enrollment for 2014 health insurance. As such, many individuals are scrambling to meet the March 31 deadline to purchase 2014 coverage. If you are one of them, you may be wondering — EXCHANGE or NO EXCHANGE? Should you go through your state’s health insurance exchange (in Virginia, the federal marketplace, or healthcare.gov) or should you purchase coverage directly from a carrier? The
In-network vs. Out-of-network Care
What is a network? A network (also called provider network or preferred providers) is a group of medical providers (hospitals, doctors, specialists, pharmacies, etc.) that have contracted with an insurance company to provide medical care at an agreed-upon rate. What is in-network vs. out-of-network care? In-network care is medical care obtained from a provider within your plan’s network. Out-of-network care is medical care obtained from providers outside of your plan’s
What Types of Health Insurance are Out There?
How will you make the best choice for your health insurance? By understanding your options! Here is a high-level review of the different types of health insurance plans. The right fit is different for each individual. So please give our office a call to discuss which type of plan may be best for you! Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs) Coverage is limited to a certain list
Understanding Health Insurance Premiums
States are beginning to release premium rates for policies that will be sold on their health insurance exchanges beginning on October 1. The news can be confusing, however, and subject to interpretation — and “spin”. On a single day in July, for example, the Washington Post ran this headline: “Maryland Issues Insurance Rates That Are Among the Lowest in U.S.” On the same day, the Baltimore Sun ran this: “Premiums
Health Insurance Glossary
Shopping for health insurance? Deciphering the costs and provisions of the various plans out there can be very confusing. Here are some key terms that will help — whether you’re selecting a new plan or just trying to figure out your existing one. Quick-Reference Guide to Health Insurance Terms Allowed Amount – (also known as eligible expense, payment allowance, or negotiated rate) Your health insurance company has negotiated a pre-agreed
Why Do I Need an Insurance Agent?
People often ask this question. And with just cause. After all, it seems pretty straightforward to go online, click a few boxes, and purchase health insurance. Or, if your employer offers group coverage, you simply read the employee handout and make your selection. But, without professional advice, can the average person really understand all of the provisions of an insurance plan and navigate an often-complicated claims process? Sometimes, it takes
