Health and Life Insurance in Oklahoma
Oklahoma Health Insurance
While there are numerous forms of health insurance, these are the two main policy categories: Traditional and Managed.
With Traditional Health Insurance, your medical bills are sent to the insurance company and you can see any doctor or use any hospital. You will probably have a yearly deductible and co-payment and if your policy does not pay your bill in full, you may have to pay the remaining charges. Managed care services limits the doctors and hospitals you can visit. However, you generally pay less for your medical care than you would through a traditional insurance policy.
There are several kinds of managed care services: Health Maintenance Organization (HMO) in which members pay a fixed dollar amount every month, giving them access to various health care services. They also have a co-payment. They must stay inside their HMO network. A Preferred Provider Organization (PPO) is where members are given a provider network. The providers in this network agree to charge less but require prompt payment. Providers agree to these terms to access more patients. In the Exclusive Provider Organizations (EPOs), insurance companies contract with certain providers and hospitals. To receive benefits, members are required to use these hospitals and providers. In Point of Service plans (POS), members may decide to use a physician within their network or go out of their network. This plan provides more coverage for health care expenses that are provided within the network. A POS plan usually requires members to pay coinsurance costs and deductibles for any care they receive out of their network.
If you reside in Davis, Ada or Sulphur, Oklahoma, Moon Baker Agency Inc. can help you find the policies that meet your needs.
Oklahoma Life Insurance
Life insurance helps your family take care of financial matters once you are no longer with them. There are three kinds of policies: Whole, Term and Universal.
A Whole policy provides a cash value and a death benefit. A benefit is paid if the policyholder dies or reaches a specific age, as determined by the policy when it is initiated. If the policyholder chooses to surrender the policy, he receives the accumulated cash value at that time. A Term policy does not build cash value. The function of this policy is to pay the beneficiary a lump sum upon the death of the insured individual. The policy and death limit are identical meaning a $200,000 policy pays out $200,000. If the insured individual is still living at the end of the term, the money is not returned. However, the policy can be renewed. A Universal policy gives the policyholder permanent protection for his dependents. It accumulates a cash value and pays a death benefit.