FAQ

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FAQ

FAQ
Q. What is the difference between "in-network" versus "out-of-network" benefits?
A. "In-network," or contracted providers, have agreed to accept fee schedules negotiated by networks. They are not allowed to charge you for covered services in amounts beyond your specified co-pay, deductible, and/or coinsurance amount. The combined amount paid by you and the plan must be accepted as payment in full. "Out-of-network," or non-contracted providers, may charge considerably higher amounts. Therefore, if the billed amount exceeds the Allowable Charges fee schedule, your provider may bill you the difference. It is best to utilize in-network providers whenever possible. If you should decide to go out of network, it is recommended you discuss additional charges with your provider before services are rendered.

Q. What is Term Life Insurance?
A. Term Insurance is designed to provide death benefits for during a specified period of time, such as 10 years, 20 years or 30 years. It may be used when the need is for a relatively short period of time such as a mortgage or other loan. Most term insurance products offer a level premium during the 10, 20, or 30 year period. They may be renewed after the level premium period for considerably higher premiums. If the need is for a longer period, Permanent Life Insurance should be considered.

Q. Should I buy Term or Permanent Life Insurance?
A. Which type of Life Insurance you purchase depends on how much coverage you need, how long you anticipate needing the coverage and what you can afford to pay for the coverage. BECKER BENEFIT GROUP is here to help you!

Q. What is Permanent Life Insurance?
A. Permanent Life Insurance is designed to provide death benefits for the rest of your life. The premium are generally higher than the premiums for Term Insurance, but may be set up to remain level for the rest of your life.

Q. Can an employee contribute to an HRA either directly or through salary reduction?
A. No, an HRA is soley employer funded.

Q. Must an HRA be combined with a high deductible plan?
A. No, HRAs can be independent of a major medical plan. If combined with a major medical plan, an employer is not restricted to a particular type of plan that accompanies teh HRA. However, an employer's savings may be maximized with a High Deductible Health Plan.

Q. What are Qualified Medical Expenses?
A. IRS Publication 502 has a checklist of expenses that can be itemized. Most of these expenses qualify for tax-free withdrawal from an HSA, unless the expenses were reimbursed by your healthcare coverage. One expense which cannot be reimbursed from an HSA is the premium for most healthcare plans.