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All
services offered by Gizmo Health are provided at no additional cost to
you. If you buy a health insurance plan through Gizmo Health, you will
only pay the regular monthly premium to the health insurance carrier.
There are no application fees*, hidden commissions or additional charges
for using our service. *some health insurance carriers require an
application fee when applying to short term insurance.
Some
health insurance carriers require an initial month’s premium when you
apply for coverage. If you are approved, the policy will start as of
your effective date and the initial payment will be applied towards the
first month’s premium. If you are denied coverage, or do not chose to
elect coverage the health insurance carrier will issue you a full refund
of the initial premium paid. When approved most health insurance
companies allow a 30 "free look" period during which you can cancel
coverage at no expense.
The
biggest difference between group and individual health insurance
coverage is the insurance carrier’s right/ability to deny, rate up, or
exclude any medical treatment, medication, condition they deem necessary
based on the individual applicant’s medical history.
Individual
health insurance products often cost significantly less than your group
insurance because of the structure of the coverage. Participants in
group health insurance coverage are paying for maternity coverage and
prescription drug benefits, while individual health insurance
participants can exclude or add coverage to fit their specified needs
An
applicant’s age and zip code directly impacts the cost of their health
insurance. The older you get, the higher the cost of the health
insurance. Gender has less of an impact on the price of the health
insurance coverage, unless electing maternity coverage. Electing
maternity coverage is can add 20% to 40% to the cost of the plan.
Finally, tobacco use may increase the overall cost of the policy with
some carriers because of the health risks associated with smoking.
No,
maternity is not included on every individual health insurance plan.
Each plan that has maternity coverage benefits clearly displays
"maternity coverage" on our website, www.gizmohealth.com.
Gizmo Health gives you the ability to sort based on maternity coverage
(left column on the third page). The terms, conditions, and pricing on
maternity coverage vary from carrier to carrier. Please carefully read
the details of the policy or call a Gizmo health representative for
clarification.
Insurance
carriers will typically insure children of the policyholder through the
age of 26, if they are enrolled as full-time students. Otherwise, they
are required to obtain their own health insurance when they reach the
age of 18.
The
prescription drug benefit for individual and family plans varies
greatly. Some plans limit the percentage contributed towards the
prescription drug. Other plans have a preset deductible amount that
must be satisfied before the health insurance carriers will contribute
to the cost of brand and non-brand name drugs.
Health
insurance prices are filed and regulated by the department of insurance
in each state. You will not find the same health insurance policy
(quoted) on our website at a lower rate anywhere else. The biggest
benefit of using Gizmo Health is our years of experience and our
dedication to excellent customer service. The prices are fixed.
Applying
online is the fastest method of obtaining health insurance. Some
carriers can take up to one month to make an underwriting decision.
Gizmo Health works closely with each insurance carrier to ensure quick
processing on all of our customer’s applications. Another quick method
of applying for health insurance is by phone. Please call 312-884-5150
and ask to complete a phone application.
Some
health insurance carriers only offer effective dates on the first or
fifteenth of each month. Other health insurance carriers will start
coverage on your requested effective date or the same day the
application is submitted. If applying online and your requested
effective date cannot be obtained, the health insurance carrier will
notify you of the earliest effective date available. If your policy is
already in force, you can request an effective date change by calling
1-312-884-5150.
Cobra
stands for Consolidated Omnibus Budget Reconciliation Act of 1985.
COBRA is a federal legislation that requires employers with more than 20
employees to allow employees who were involuntary terminated from the
company a chance to continue their health insurance coverage through the
company’s policy for up to 18 months or 29 months if deemed disabled by
the Social Security authorities. The employees are required to
reimburse the employer for the cost of the health insurance premium plus
up to a 2% administrative fee. New regulations put in place by the
American Recovery & Reinvestment Act (ARRA) will help subsidize 65%
of the employee’s COBRA premium cost up to 9 months for qualified
applicants.
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