Commonly Asked Questions
Why should I use LifePlan Financial Inc versus another online website?
Although our rates are the same as the competition, we are local
and offer personal service with a standard of excellence.
How does LifePlan Financial Inc get paid?
We are compensated by the provider at no additional cost to you.
Your rates will be the same with our service as they would be without.
Can I contact someone if I need help?
Yes. We are just a phone call away and ready to answer any
questions you may have.
Do you offer the best prices?
Prices are filed and regulated by the state's insurance commission.
They are fixed prices and do not change from broker to broker.
If I apply for a health insurance plan, am I obligated to buy?
No. You are under no obligation to buy a health insurance plan
when using our site. After submitting your application you may cancel
it at any time during the underwriting process. When you submit an
application you will typically include your credit card number,
bank account information, or a check for the initial premium payment.
Most insurance companies will not charge your card, debit your
account, or deposit your check until you are approved. If you are
charged or your check is cashed and you are denied for coverage or
cancel your application prior to approval, the insurance company will
issue a refund to you.
A few insurance companies may charge an application fee. You will be notified in the application if the plan you chose requires an application fee. Please note that these fees are non-refundable.
When can my coverage start?
You can request that your Individual and Family health insurance
plan start anytime between 1 and 90 days in the future. However, the
insurance companies will typically need some time to process your
application so keep in mind that the actual date for the start of
your coverage may vary depending on the underwriting process.
Underwriters will receive your application much faster if you use
your "e-signature" on your application. Start times vary from plan
to plan, so call us for more specific information.
What health insurance plan makes sense for me?
We are happy to help determine the best plan for you and your
healthcare needs. Just call and speak to a member of our knowledgeable staff.
Glossary
Benefits: Included services that the policyholder is entitled.
Catastrophic Health Insurance: A high deductible health plan designed to cover medical expenses above the normal parameters of basic health insurance.
Claim: A bill submitted to a health insurance company or provider for payment.
COBRA: Consolidated Omnibus Budget Reconciliation Act of 1986. It gives certain employees and their dependents the right to continue their current coverage, at their expense and on a temporary basis, after their group health coverage would normally terminate.
Coinsurance: The amount of money, usually a percentage, that a policyholder pays for services or care. The remaining percentage or amount is the responsibility of the insurance company.
Comprehensive Health Insurance: Typically have lower deductibles with up-front benefits including maternity, prescriptions and vision.
Co-Payment: The amount of money paid by the policy holder at each visit for certain medical services.
Credible Coverage: Credit for recent prior coverage towards any pre-existing condition exclusion period imposed by the new plan. Credit on a day-for-day basis and recent coverage must have been within the last 63 days unless a longer period is allowed by state regulation.
Deductible: The amount of money that will be paid out-of-pocket by the policyholder before the health insurance plan will pay. The deductible is usually an annual dollar amount.
Disability Insurance: A type of health insurance that pays you when you are unable to work for an extended period of time because of an injury or other medical condition. Coverage can be short or long-term.
Exclusion Period: The period of time upon starting coverage on a new health insurance plan, during which coverage for a pre-existing condition is not provided.
Group Health Insurance: Health insurance offered through a group, usually an employer or organization, to a group of people. Group plans spread the cost among the members of the group, enabling such plans to typically cost less per person and offer broader coverage than individual health plans.
Health Savings Account (HSA): A high deductible health plan couple with qualified savings account that allows tax-free access for qualified medical expenses.
Health Maintenance Organization (HMO): A plan that consists of a network of contracted doctors and hospitals to provide treatment to their members. They are typically facilities dedicated facilities where all care is received. An HMO uses the Primary Care Provider (PCP) concept to coordinate all health care.
HIPAA: The Health Insurance Portability and Accountability Act of 1996. It is known for protecting health insurance for employees and their families when losing or changing jobs and privacy of information.
In-Network: Services received within the insurance plans network of approved or contracted providers.
Lifetime Maximum: The maximum dollar amount an insurance company will pay in claims during the lifetime of the insurance policy.
Long Term Care Insurance: A type of health insurance that provides for skilled, intermediate and custodial care in a private home, adult daycare setting, assisted living facility, or nursing home.
Medically Necessary Considered necessary by a physician to treat a medical condition and not to included preventative care or elective services otherwise covered by the insurance policy.
