Farris Benefit Group

contribution is made with pre-tax dollars. The coverage offered is often a much better value than what individuals could purchase independently. With a group insurance policy, an employer can attract more talent. Group Insurance also promotes higher employee retention within the company as well.

Group health insurance policies typically have several features that make them attractive to employers and employees. These may include:

•  Cost sharing: The cost of the policy is shared between the employer and employee, with the employer typically covering a larger portion of the cost.
• Network of providers: The policy may include a network of healthcare providers that offer discounted rates to members of the group.
• Wellness programs: The policy may offer wellness programs, such as smoking cessation or weight loss programs, to help members improve their health.
• Flexibility: Group health insurance policies can be customized to meet the needs of the group, including the level of coverage, deductibles, and copayments.

• Medicare Part A: Also known as “hospital insurance,” Part A provides coverage for inpatient hospital care, skilled nursing facility care, hospice care, and some home health care services. Most people do not have to pay a premium for Part A.
• Medicare Part B: Medicare Part B is a health insurance program that is offered by the federal government of the United States. It is a voluntary program that covers a range of medical services and supplies, including doctor visits, outpatient care, preventive services, and some medical equipment.

  Medicare Part B is designed to provide coverage for medically necessary services that are required to diagnose or treat a medical condition. Some of the services that are covered by Medicare Part B include:

  Doctor visits
  Laboratory tests and screenings
  Outpatient surgeries
  Ambulance services
  Preventive services, such as flu shots and cancer screenings
  Medical equipment, such as walkers and wheelchairs

  In order to enroll in Medicare Part B, you must be eligible for Medicare. This generally means that you are either 65 years of age or older, or have a qualifying disability or medical condition. You must also be a U.S. citizen or legal resident.

  There is a monthly premium for Medicare Part B, which is based on your income. Most people pay the standard premium amount, but higher-income individuals may pay more.

  It’s important to note that Medicare Part B does not cover all medical expenses. For example, it does not cover prescription drugs, long-term care, or most dental services. However, you may be able to get additional coverage through a Medicare Advantage plan or a Medicare Supplement plan.

  In summary, Medicare Part B is a health insurance program that provides coverage for a range of medical services and supplies and is available to eligible individuals who are enrolled in Medicare.

• Medicare Part C: Medicare Part C, also known as Medicare Advantage, is a type of health insurance plan offered by private insurance companies that contract with Medicare. It provides the same coverage as Original Medicare (Part A and Part B) but often includes additional benefits such as vision, dental, and hearing services, as well as prescription drug coverage (Part D). Medicare Advantage plans may also offer benefits such as wellness programs, transportation to medical appointments, and fitness memberships. Some plans may also include coverage for services not covered by Original Medicare, such as acupuncture or chiropractic care. One key difference between Original Medicare and Medicare Advantage is that Medicare Advantage plans typically have network restrictions and may require beneficiaries to use doctors and hospitals within the plan’s network. However, some plans may offer out-of-network coverage for certain services, typically at a higher cost. Medicare Advantage plans may also have different cost-sharing requirements than Original Medicare, such as different deductibles, copayments, and coinsurance. It’s important to review the specific details of each plan to determine the costs and benefits.
• Medicare Part D: Part D provides coverage for prescription drugs. It is offered by private insurance companies that contract with Medicare, and beneficiaries typically pay a monthly premium and a portion of the cost of each prescription.
• Medicare Supplement: Also known as “Medigap,” Medicare Supplement plans are offered by private insurance companies to help cover the out-of-pocket costs associated with Original Medicare (Part A and Part B), such as deductibles, copayments, and coinsurance. There are 10 standardized Medigap plans, each with different levels of coverage, and beneficiaries typically pay a monthly premium for this additional coverage.

diagnosis of a covered condition, regardless of the actual medical expenses incurred. This lump sum payment can be used to cover a variety of expenses, including medical bills, living expenses, and other costs associated with the illness.

Unlike traditional health insurance, critical illness plans are not meant to replace comprehensive medical coverage. Instead, they are intended to supplement existing health insurance coverage by providing additional financial protection for specific, high-cost medical events.

Critical illness plans are sold by private insurance companies and are not affiliated with Medicare or Medicaid. Policy terms and benefits can vary widely between insurers, so it is important to carefully review policy details and exclusions before enrolling in a critical illness plan.

typically ranging from a few weeks to several months, depending on the policy. This type of insurance is designed to provide financial support to individuals who are temporarily unable to work due to an injury, illness, or medical condition. Short-term disability benefits typically cover a portion of the individual’s salary or wages, ranging from 60% to 80%, and can help cover expenses such as rent, mortgage payments, and medical bills.

Long-term disability insurance, on the other hand, provides benefits for a longer period of time, typically ranging from several months to several years or even until retirement age. This type of insurance is designed to provide financial support to individuals who are unable to work due to a long-term or permanent disability, such as a chronic illness or injury. Long-term disability benefits also typically cover a portion of the individual’s salary or wages and can help cover expenses such as ongoing medical care, rehabilitation, and other necessary expenses.

It is important to note that disability insurance policies can vary widely in their coverage, benefits, and limitations, so it is important to carefully review and compare policies before selecting one. It is also important to understand the terms and conditions of the policy, including any exclusions or limitations on coverage, and to make sure that the policy meets your specific needs and circumstances.