Frequently Asked Questions
At Analipo Insurance Services, educating our clients is at the core of what we do. Use this glossary to brush up on important terms related to Medicare.
Why choose to work with an independent insurance agent?
- Personalized service
Some companies make it difficult for a customer to reach a live person, much less one who is knowledgeable enough to address your needs. Connecting to one of our agents will give you access to a qualified professional with a genuine interest in guiding you and helping you find a solution.
- A more complete shopping experience
Independent agents represent several insurance carriers, allowing us to find you the right policy at competitive rates. We also advocate for you, making sure you’re getting the most competitive rates given the information you’ve provided them. Just as real estate agents know how to sift through properties and narrow it down to the ones that best meet your needs and budget, an independent agent can help streamline and simplify your insurance shopping experience.
- More customized, local knowledge and advice
Hawaii is unique compared to the rest of the country, and the island of Hawaii is unique compared to the rest of the state. Having worked in the insurance industry in Hawaii for the last 19 years, we’ve come to understand the local dynamics and industry patterns that have emerged, allowing us to give you advice that is better suited to the local market. An agent’s work does not stop after your initial purchase of the policy. Guidance and assistance in updating or changing your policy will continue year-round.
- More service for the same or less in cost
Many people think using an independent agent means adding a "middleman" will end up costing you more money. However, insurance carriers generally do not charge you more to use an independent agent and those that do will normally disclose it to you up front, before you finalize your purchase. Even if you do have to pay an extra broker fee, it is a minimal cost given the added value a good broker or independent agent can offer you. At Analipo Insurance Services, LLC, our carriers do not add a broker fee or build in a fee to your premium in almost all cases if you choose to use our services.
- Better understanding of how insurance works
Trying to understand how health or life insurance works and the terminology like deductible, face amount, etc. that goes with it can be a little overwhelming to many people. Independent agents will educate you on how your policy works and help you get the most out of it. We complete over 20 hours of continuing education every two years, allowing us to provide you with accurate, up-to-date advice. We will help explain your coverage in terms you will be able to understand.
Why can’t I just self-insure and not buy health insurance?
Health care is expensive. An average three-day hospital stay can cost $30,000 and treatment for a broken leg, $7,500. Health insurance can defray the costs for a set premium and may not be as expensive as you think.
If you live in Hawaii and are employed, working 20 hours or more per week for four consecutive weeks, you qualify for employer prepaid health insurance. You may be required to contribute towards the premium cost. Ask your employer for more details.
For most employer organizations, you must provide health insurance for eligible employees:
The Hawaii Prepaid Health Care law requires that you purchase qualified health care coverage for your employees who work at least 20 hours a week for four consecutive weeks. You have the option to require an employee contribution up to a maximum of 50% of the plan premium or 1.5% of the employee’s gross wages, whichever is less.
I'm eligible for Original Medicare. Do I need to consider purchasing additional insurance?
That depends on your individual situation, but for many people the answer is yes. Original Medicare out-of-pocket costs can add up quickly, especially if you need frequent, ongoing medical care and there is no cap on those out-of-pocket costs. Some may have other health insurance through their current or former employer as a retiree that will help pay for those Medicare out-of-pocket costs, but their premiums may be too high. You will likely want to consider a Medicare Supplement or Medicare Advantage plan. These plans give you a more affordable way to keep your out-of-pocket healthcare costs to a minimum. Contact us to discuss your options.
What is the difference between a deductible, co-payment, and coinsurance?
All three of these represent your out-of-pocket cost (cost sharing) as it relates to health insurance. The deductible is an amount you pay before the insurance benefit kicks in and the carrier starts to pay a portion of your healthcare costs. For health insurance, the deductible is usually annual. A co-payment is a fixed dollar amount you pay towards each covered medical service, such as a $20 copay for an office visit. Coinsurance is a fixed percentage you pay towards the cost of a covered medical service. For instance, you may pay 40% and the insurance policy covers 60%. All of these can vary a lot from policy to policy, so work with us to find a plan that will give you the lowest likely out-of-pocket expense.