Personal Injury

Archive for January, 2012

You cannot be sure that you’ve gotten the best health insurance coverage unless you understand health insurance terminology. Here are some of the most commonly used terms in the health insurance industry. COBRA: The Act that allows for continuation of group coverage for a limited time after you leave the group. Co-insurance: The amount you must pay for treatment after copayments and deductibles. Copayment: The fixed amount that you must pay out-of-pocket for physician visits, medical procedures and prescription medications. Deductible: The out-of-pocket amount you must pay before your policy benefits start kicking in. Exclusions: Any medical conditions or illnesses whose expenses are not covered by your insurance policy. HIPAA: A health insurance Act that sets privacy standards in an electronic world and guarantees portability of coverage and new policy issue after COBRA benefits run out, as long as there has not been a significant break in coverage (varies by state but usually at least 63 days).

HMO: A type of insurance policy that allows only treatment within a set network of physicians and facilities. Lifetime limit: The maximum amount your insurer will pay out in benefits. PPO: The type of insurance policy that has a network of physicians but still allows you to visit physicians and facilities outside the network for a reduced benefit. Pre-certification: Some insurance companies require that you get preapproval from them before you have surgery or other medical procedures. This is called a pre-certification. Pre-existing conditions: Any illness, injury or chronic disease you suffered from before you took out your insurance policy is considered a pre-existing condition. Premiums: The fee that you pay to your insurance company monthly, annually or quarterly is your premium. Underwriting: The process of reviewing and evaluating the risk you pose to the insurance company based on your medical history. Waiting period: The amount of time you must wait before your pre-existing conditions are covered by your policy.

Most homeowners purchase insurance to cover their most expensive and valuable asset. Certain areas of the country present special challenges because of the terrain and weather that increase risk of ownership. Florida residents face special challenges when attempting to purchase sufficient insurance coverage at affordable rates. Knowing the special coverage types required and what insurance packages are offered by Florida Home Insurance providers is the best way to protect your home.

Every Florida home insurance policy must cover sinkhole damage. A sinkhole will open when limestone dissolves and creates an underground cavern that becomes progressively weaker until the ceiling collapses and opens to the surface. Certain areas of Florida are more vulnerable and homeowners must be aware of the rate differences when purchasing homeowners insurance.

Hurricane coverage is another special coverage for Florida homeowners. Most homeowners will carry deductibles up to 3% of the homes value to offset exorbitant insurance premiums. Saving for the cost of the deductible is essential to being prepared when a storm strikes.

Flood coverage is never included in the basic home insurance policy. Florida residents are encouraged to purchase flood insurance that will cover the cost of water pushed ashore as a hurricane makes landfall. Because most of Florida is near sea level, flooding is very common even with heavy rainstorms that can last for days at a time.

The Citizens Property Insurance Corporation was formed to underwrite home insurance policies for homeowners who reside within the wind-borne debris region, which covers the entire Florida beachfront area. Whenever a homeowner has become uninsurable by standard definition, the CPIC will assist the resident in constructing an affordable insurance policy to cover their property.