Woodbury Insurance and Real Estate - CT Business Insurance

The health of you and your family or the health of any of your employees, is not an asset that can be measured in monetary terms. However, finding ways to protect and promote that health is often dependent upon affordable medical care. All of us know the value of a healthy lifestyle; however, even a healthy lifestyle can not protect you from unforeseen illnesses and accidents.

At Woodbury Insurance Agency, we can help you design, review, and implement your personal and business health coverage. We represent multiple health insurance companies for individual and group health plans. Plans include traditional doctor/office co-pays and newer high-deductible health plans and often incorporate prescription drug cards, preventative care and more. Dental plans may also be available depending on the company and company plan chosen.

We also offer Long Term Care Insurance, which covers persons needing assistance with the ordinary activities of daily living because of functional impairments and those requiring assistance or supervision because of cognitive impairments.

There are no single health or long-term care plans that fit everyone. Choosing a health insurance plan is like making any other major purchase: You choose the plan that meets both your needs and your budget. For most people this means deciding which plan is worth the cost. That's why we represent a number of financially strong insurance companies that can target your specific needs.

Types of Coverage?

There are many different types of health insurance. Each has pros and cons. There is no one "best" plan. The plan that's right for a single person may not be best for a family with small children. And a plan that works for one family may not be right for another.

For example, if your family includes just two adults, it may be less expensive for each of you to have individual coverage than for just one of you to have a family plan. If you have children, or if you might have children soon, you need a plan that will cover the cost of maternity and your family’s future needs. Because your situation may change, your health insurance needs to be reviewed regularly to make sure you have the protection you need.
What Are Your Choices?

Plans that allow you the most choices in doctors and hospitals also tend to cost more than plans that limit choices. Plans that help to manage the care you receive usually cost you less, but you give up some freedom of choice.

Fee-For-Service (or Traditional Health Insurance): reimburses your health care providers on the basis of a fee for each health service provided; you have more health care choices but it often costs more and takes more paperwork.
Health Maintenance Organizations (or HMOs): coverage is provided to you through a network of selected health care providers (such as hospitals and physicians); however, out of network coverage is usually not provided.
Preferred Provider Organizations (or PPOs): coverage is provided to you through a network of selected health care providers (such as hospitals and physicians); out of network coverage is provided, but at a greater percentage of the cost of coverage than within the network.
High-Deductible Health Plan (HDHP): lower cost health plan with a high minimum deductible in which coverage is provided through an HMO or PPO. The minimum deductible does not cover the initial costs or all of the costs of qualified medical expenses thereby causing the insurance holder to pay the first portion of a medical expense before the insurance coverage kicks in. Most HDHP will cover certain preventative care procedures outside of the plan deductible. HDHP are usually coupled with a Health Savings Account (HSA), which is an account created for individuals who are covered under HDHP to save for medical expenses that HDHP do not cover. Contributions are made into the account by the individual or the individual's employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, which include most medical care such as dental, vision and over-the-counter drugs. The HSA account has three major tax savings: the money contributed into the account is tax deductible, it grows tax free, and certain withdrawals are tax free if they are for qualified medical expenses.

Where Do People Get Health Insurance Coverage?

Group Insurance

Many Americans get health insurance through their jobs or are covered because a family member has insurance at work. This is called group insurance and in many cases, the employer pays part or all of the cost.

Some employers offer only one health insurance plan. Some offer a choice of fee-for-service plans, health maintenance organizations, or preferred provider organizations.
What happens if you or your family member leaves the job? You will lose your employer-supported group coverage. Federal law makes it possible for most people to continue their group health coverage for a period of time. The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost, to the plan.

You also will be able to get insurance under COBRA if your spouse was covered but now you are widowed or divorced. If you were covered under your parents' group plan while you were in school, you also can continue in the plan for up to 18 months under COBRA until you find a job that offers you your own health insurance.

Individual Insurance

Not all employers offer health insurance. You might find this to be the case with your job, especially if you work for a small business or work part-time. If your employer does not offer group insurance, if the insurance offered is very limited or if you are self-employed, you can buy an individual policy or you might be able to get group insurance through membership in a labor union, professional association, club, or other organization. Many organizations offer health insurance plans to members.

Individual insurance options are similar to the group insurance options of fee-for-service, HMO, or PPO protection. But you should compare your options and shop carefully because coverage and costs vary from company to company. Also, individual plans may not offer benefits as broad as those in group plans. Before you buy any health insurance policy, make sure you know what it will pay for...and what it won't.

Woodbury Insurance is dedicated to service and would consider it a privilege to guide you in choosing the right health policy. Please call or email us for more information.