Springer Insurance Agency is dedicated to providing quality insurance programs. Since we are not limited to any one company, we can shop the entire marketplace to give you the best protection at the most competitive price. We will work directly with you to create a unique insurance package that meets all your specific needs.
Here are some Frequently Asked Questions:
Health & Life Insurance:
What is a deductible, coinsurance, copays, and out of pocket maximum?
A deductible on your health insurance is the amount you owe for covered health care services and expenses before your health insurance company begins to pay. Coinsurance occurs normally after you have met your plan deductible and is the point where you pay a share or percentage of your health care services when filing a claim.
Copays are fixed amounts you pay for covered services typically at the time you have the service done. Copayments are usually a fraction of the actual cost for the services. Copays are normally limited to a specific number per year and do not apply to the plan deductible. Not all plans have copays.
Out of Pocket Maximum is the most you will have to pay for covered medical expenses in a plan year (includes your deductible, coinsurance, and copays)before your insurance plan begins to pay at 100%.
What is the Health Insurance Marketplace? What is a Premium Tax Credit/Subsidy?
The Health Insurance Marketplace is a resource where individuals, families, and small business can learn, compare, and purchase health coverage. If you don’t have health insurance offered through a job, Medicare, Medicaid, CHIP, or another source that provides qualifying coverage you can get health insurance coverage here.
Premium Tax Credit/Subsidy is dependent on your expected income for that particular year. Based on your Modified Adjusted Gross Income of your household, you could qualify for financial assistance to lower the cost of your monthly premium.
What is a Medicare Supplement policy? What is Part D?
Medicare Supplement Insurance also known as Medigap policies are sold by private companies and help pay some of the health care costs that Original Medicare doesn’t cover. These policies normally apply to those who are 65 and older. Part D coverage is Medicare prescription drug coverage. It is separate from a Medicare Supplement policy and is regulated by the Centers for Medicare & Medicaid Services.
Why are Provider Networks Important?
When you visit an out of network provider you will pay more or have to pay the entire bill altogether. Health plans are starting to migrate towards narrow networks meaning groups of providers, hospitals, and facilities is becoming more limited depending on the type of plan you may have.
What are auto liability limits?
The limit refers to the maximum amount your car insurance company will pay on a claim. You may notice 2 numbers associated with bodily injury liability limits. The first number is the limit covered per person in an accident. The second number is a total limit covered for the one occurrence (accident).
What are auto/home insurance deductibles?
An insurance deductible is the amount of money you have to pay toward repairs before your insurance covers the rest. For example, if you have a loss that causes $3,000 worth of damage to your car/home and your deductible is $500, you will only have to pay $500 toward the repair.
What is an umbrella policy?
Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways: Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.
What is the difference between comprehensive and collision?
Comprehensive insurance is also known as “other than collision” insurance or “OTC”. It covers damage done to your vehicle from things other than collisions, such as: vandalism, disasters, theft, fire, impacts with animals, etc.
Can I get a less expensive premium with your crop insurance company?
No, every company has the same rates with crop insurance. Premium rates and terms/conditions of the insurance are established by FCIC (Federal Crop Insurance Corporation) meaning the premium for the exact same coverage will be the same from company to company.
Is my crop insurance policy only for 1 year?
Your crop insurance is a continuous policy, unlike other insurance, it continues unless you cancel.
When can I make changes to my levels of coverage, changes to my insurance plan, add another crop, or cancel my policy?
The deadline for all these changes is March 15th for Spring Crops.
Does the price I get for my crop at the elevator have an effect on whether I have a harvest claim if I have a “Revenue Protection Policy?”
The spring price & harvest price for Revenue Protection Policies is based off of the average daily closing prices from the Chicago Board of Trade. Your Harvest Revenue is calculated using those figures and not what you sold your crop for at harvest time.
What is the difference in Replacement Cost vs Actual Cash Value?
Replacement Cost is a form of settlement paid to an insured, after a covered loss, to replace the
destroyed property with new property of a like kind and quality without deducting depreciation.
Actual Cash Value is a form of settlement paid to an insured, after a covered loss, to replace the
destroyed property but the property is valued per the depreciation that has occurred over time;
replacement cost less depreciation.
What is Employer’s Liability?
Employers’ Liability is designed to protect the employer from the injury, disease or death claims made by employees caused by workplace practices or conditions that are not covered by workers compensation.
Intentional Acts/Torts by the Employer
a. Coal mine operator who knows there is excessive methane gas in the mine, but sends the workers in anyway.
Third Party Cross Claims
a. Employee falls off a ladder, but instead of filing a work comp claim, files a lawsuit against the ladder manufacturer. The ladder manufacturer then files a third party claim against the employer for failure to properly maintain the ladder.
Duel Capacity Claims
a. Your company manufacturers farm machinery, the employee is driving the new combine off the assembly line; the seat falls off, the employee lands hard on the floor and files a product liability claim against your company.
Diseases or injuries excluded by the state workers compensation statutes
a. Employee develops arthritis from the repetitive aspects of his job. That jurisdiction does not recognize arthritis as a work comp injury
Consortium and other loss of services to family members
What is Business Income & Extra Expense?
Business Income is paid for the actual loss of income (net income plus continuing operating expenses such as payroll) during a period of restoration after a covered direct loss up to the limits of the policy; continue payroll to key employee until business is back up and running.
Extra Expense is used to help a business continue operating after their building is destroyed by paying the extra expenses incurred during the period of restoration up to the limits of the policy; renting a location to keep operating.