1What is an insurance deductible?
An insurance deductible is an out of pocket cost that the insured must meet before an insurance company will pay a claim.
2Are health insurance premiums tax deductible?
There are two answers to this question. Yes, if, you alone pay for the entirety of your health insurance premiums. If you don't then the answer is no, you may not claim them as a tax deduction.
3What is the difference between insurance and comprehensive coverage?
Insurance will more than likely always make sure you're covered on the basics. Comprehensive typically goes above and beyond the basics and makes sure you're covered in less common, but still relevant situations. In car insurance, basic coverage will ensure you're financially protected in the event of an accident. Comprehensive coverage protects your wallet in the event of theft, natural disasters, and even falling objects.
4What is Medicare & who can get it?
Medicare is a federal health insurance program. It is offered to individuals that are 65 or older. Certain disabilities may qualify you if you are younger, and people with Final stage renal disease are also eligible.
5Are there different types of life insurance?
For the most part there are only two types of life insurance that are used. The first being term life insurance. For Term life you are opting into coverage for a chunk of time, typically between 5-30 years. Your premiums will be based on a number of factors including, age, health, physical condition, etc. Payouts are usually smaller, but can still get pretty high up there depending on What you're willing to fork up.
The other type is whole life insurance. As the name suggests this coverage does not expire but often costs a lot more than term life.
6What does life insurance cover?
Life insurance is designed to help your family & loved ones financially after you pass away. Whether it's existing debt, the remaining cost of mortgage/bills, or even funeral expenses.
7Have a question regarding one of your policies?
For a list of providers and their contact information, go here.
8Where do I file a claim at?
To file a claim go here. Click on your insurance provider and fill out the necessary information on their claims page.
9What is a broker?
A broker is an individual who serves as a trusted agent in commercial negotiations and transactions. Typically brokers are required to be licensed and specially trained in their designated field, such as insurance or real estate.
10Is there a fee to use a broker?
For individuals and micro groups there is a small setup fee. For employer groups with at least 5 or more benefits eligible employees the fee is waived.
11Can I change my broker but keep my current health plan the same?
Yes! A simple letter is all it takes. Health insurance companies transfer your plan information from one broker to the new one.
12Is it cheaper to go to a health insurance company directly?
No, the health insurance companies file their plans and rates with the department of insurance each year. Their rates assume broker commissions are being paid. The plans do not get discounted if you go to the insurance company directly. In other words, you could potentially be missing out on a great discount.
13Why should we pick (SBC) Seattle Benefits Consulting as our health insurance broker?
At SBC we believe in putting YOU first. Helping small businesses flourish in a competitive environment has always been at the forefront of our expectations. With over 10 years of experience working side by side with business owners just like you, rest assured there is no other company that is committed to getting you the right benefits plan as much as we are.