FAQ – Frequently Asked Questions
Leave no question unanswered!
Who is eindividual and how long have you been around? why haven't i heard of you?
I eIndividual is a part of the Acrisure family of Insurance Brokers, which is one of the top 10 insurance brokerages in the world. Our team came together in 2019, a group of specialists designed to fit every day insurance needs. With the sole purpose to help protect lives and make an impact with what we feel is the most comprehensive options available on the market. We partner with the best insurance carriers, offering more plans, more savings, more options, and more alternatives.
I have life insurance coverage through work, isn't that enough?
There are many reasons why coverage through work is a great added perk but does it really fit your fit your long term financial goals? Do you plan to work at the same place until you retire? If not, let us craft a plan that better suits your needs.
Can I get disability insurance for maternity leave?
While group plans provide coverage for maternity leave, privately owned policies typically do not.
I was told I had State Disability, isn't that enough?
State disability programs are offered in California, Hawaii, New Jersey, New York and Rhode Island. According to Life Happens, an insurance industry trade group, the States typically provide short-term disability coverage, in most cases for six months up to a year.
What if I have a Health Savings Account at Work?
You need to be careful if your employer insurance takes the form of a high-deductible plan with a health savings account. Under IRS rules, you cannot continue to contribute to an H.S.A if you are enrolled in Medicare (even Part A). You can draw on funds already in your account, but you cannot add to them.
If your spouse has an H.S.A at work, and you are covered by that plan, whether you are enrolled in Medicare or not, you can still use the H.S.A for your medical and related expenses. The IRS rule applies only to the working employee who is contributing to the plan.
If you continue working beyond age 65 and remain on your employer’s group plan, you usually can defer or delay your Part B election until a later date, (for example when you retire), without late penalties. However, H.S.A compatible health plans are not considered creditable Rx coverage (i.e. not as good as Medicare Rx plans). So, when you do eventually leave the group plan, you will have a small late enrollment penalty for your Part D Rx coverage. It equates to around $4 per month for each year in the interim since turning 65. Example: If you work until age 67, you would pay an extra $8 per month for your Part D Rx coverage.
How will Medicare effect my Health Insurance at Work?
At age 65 employees have the choice to leverage their Medicare eligibility on their own with an individual plan, or they can choose to stay on the group plan as is. Individual plans are generally less than half the cost in gross premium and usually provide better coverage as well. To transition to individual Medicare, they would need to elect Medicare Part B, whereas in most cases employees who choose to stay on the group plan can delay their Part B election until a later date without penalties or waiting periods.
If you remain on your employer’s health plan, claims will be paid the same as always, no differently than any other employees on the same plan. Carriers are not allowed to pay the claim differently based on Medicare eligibility, that’s discrimination. That said, the carrier will often coordinate with Medicare when paying the claim, but that process is seamless to you the member and takes place behind the scenes. Example: with a hospital claim, the carrier will pay the hospital as per the plan benefit, but then they will send a claim to Medicare to cover any portion for which Medicare may be responsible.
i Just lost my job, what are my options?
If you lost your group health insurance coverage, we can provide assistance to understand your options. We will compare the different plans and find the right coverage to fit your needs. You can also use our simple enrollment tool; place the health insurance tool link here.
I never go to the doctor or get sick, why do I need to buy health insurance?
Being healthy is great, but does nothing to lower your odds of suffering injury from life: accidents, falls, spills and slips. Anyone that has ever had to pay for an x-ray and an emergency room exam knows how quickly the costs add up and exceed insurance premiums you pay.
I have disability insurance through work, isn't that enough?
Many insurance plans provided by employers still leave a financial gap. Employer-sponsored plans usually only pay for a portion of your base salary, up to a cap. We recommend you consider supplementing your group coverage.
HOW DO I KNOW IF I QUALIFY FOR A SPECIAL ENROLLMENT PERIOD?
If you’re not sure if you qualify, check out our download for details.