What is a PPO?

Happy male medical doctor portrait in hospital. Portrait of a male doctor with laptop sitting at desk in medical office. Portrait of a happy young doctor at medical office desk.Are you trying to decide what type of insurance plan would best benefit your employee group? Let us help explain some options!

Preferred Provider Organization (PPO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals. Typically, costs are less when associated with providers that are within said network, however you can still use providers outside of the network for an additional cost.

As opposed to a PPO, a Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers, much like a PPO, however there is no coverage offered if you use a provider that is outside of the network.

What is the difference between a PPO and an HMO?

The main difference between a PPO and an HMO is that a PPO offers you more freedom to see the providers you want to, whether they are in your network or not. While a PPO still operates with a network of providers, there is still coverage offered if you choose not to go within network.

What are the benefits of a PPO?

· Flexibility to see a primary care physician you like whether in network or not

· Freedom to see doctors and specialists without the need of a referral, including those out-of-network

Who does a PPO work best for?

While PPOs are considered to be a more luxury option, don’t let that label fool you, according to the Kaiser Family Foundation’s 2019 Health Benefits Survey, “PPOs are the most common plan type, enrolling 44% of covered workers in 2019.” Even though they are the most common, those who benefit most from these plans would be people with chronic health issues, those that require to see a specialist often, or those who are elderly. Typically, the older you get, the more time you spend at the doctor, which is why a PPO is so appealing to people who frequent doctors, because they get a say in who they get to see. Maybe you are more comfortable with someone, or already have years’ worth of trust and experience with a specialist, sometimes these attributes can be seen as priceless.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

Are you trying to decide what type of insurance plan would best benefit your employee group? Let us help explain some options!

Portrait of a group of confident businesspeople standing together in an officeThe working world is ever changing, especially given the events of the past year. While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

How much do benefits cost per employee?

There is no one answer to that questions and are based on many factors, however according to the Bureau of Labor Statistics, the average cost of employee benefits for employers in December of 2020 was $12.07 per hour. As you know, there are companies that have extensive packages, and some that offer the bare minimum, so the real questions should be, “How much am I willing to spend on benefits for my employees?”

What benefits are critical?

The short answer, all of them! However, we understand that businesses and companies have a budget, and in order to give a proper recommendation, we would have to understand what your overall goals are, and what you are trying to accomplish. Are you trying to limit employee turnover? Are you trying to attract high level candidates? How much of an investment is it to fully train a new hire? These are just a few questions you can ask yourself in order to get a better understanding of where you currently stand, and how you can potentially improve. After all, the best prospect is an existing client, the same can be said about your employees!

That being said, while health insurance is a given, the other most critical benefit to include in your benefits package is disability insurance. Protecting your employee’s well-being in the event that something happens to keep them from being able to perform their job is increasingly being viewed as a necessity.

What benefits are a bonus?

Something that is pretty cost effective for the benefit it provides to your employees is Group Life Insurance. While most businesses that offer benefits to employees have a well-rounded approach, life insurance is an option that protects more than just your employees, but their loved ones as well. Offering life insurance can definitely be a way to set your business apart from the competition.

How Can I Obtain a Benefits Package for My Employees?

Give us a call! Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

Mother and toddler spending time in the playgroundWhat is the best age to get life insurance?

There is no right answer when it comes to the right time to purchase life insurance, however one thing will always remain the elephant in the room… your age!

There is a reason that cost of life insurance increases as you get older. As you age, the risk for underlying health issues increases, which impacts life insurance premiums, and could even disqualify you from being able to acquire coverage.

So, to put it simply, the best time to buy life insurance is now!

Who should buy life insurance?

According to Bankrate, “There are three groups wo always need life insurance: married couples, people with dependents, and co-business owners.” While that is a great model to follow, we feel that everyone should pursue a life insurance policy in order to lock-in rates now, potentially saving thousands by the time someone decides to pursue a policy after having a life changing event.

For example, if you decide to purchase life insurance as a 25 year old and are single with no kids, it can save you thousands of dollars of premium obtaining a policy now rather than waiting until you are 35 and have a family.

When to buy Term Life Insurance?

As you know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

· Did you just have a child?

· Do you have a mortgage?

These are 2 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, or until your debt is paid off.

When to buy Permanent Life Insurance?

With a permanent life insurance policy, also known as whole life insurance, the major benefit is that as long as you continue to pay the premium, the coverage remains in force until you die. Another benefit is that you can build tax deferred cash value as your premium contributions collect. While you obviously have a death benefit to cover loss of income, this type of life insurance gives you a benefit that you can use throughout your life depending on how early you purchase a policy.

· Did you just get married?

· Do you co-own a business?

The cash value that you build may be used for any purpose, such as a down payment to purchase a house, money for college, retirement, etc. and there could be tax advantages as well. From a business standpoint, having yourself and your business partner insured can help to continue operations in the event something were to happen to one of you. Perhaps allowing you to buy-out the other persons share of the business; however these are details that need to be worked out before pursuing a policy.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

There is no right answer when it comes to the right time to purchase life insurance, however one thing will always remain the elephant in the room… your age!

Happy multiethnic family having fun while using laptop together, video chat conceptReceiving benefits from your employer is something that all employees appreciate. The question is who is eligible to receive benefits, and when is it required for an employer to offer them.

Who Can Qualify for My Employee Benefits?

There is a short answer and a long answer. The short answer is “eligible employees”. However, there are many different scenarios where more people may qualify.

Eligible Employees

“Eligible employees” which is sometimes defined by the health plan and the group’s employee handbook. Generally speaking, it is full-time employees working at least 30 hours per week. Businesses have no obligation to offer health insurance to part-time employees. However, not every company is required to offer benefits to their full-time employees, but if there are more than 50 full-time workers on the books, then that company is required to offer healthcare benefits, covering 50% of the employee premium of the lowest cost health plan. Some businesses elect to cover even more of the premiums as an additional form of compensation.

Dependents

Per certain rules and laws, eligible dependents are defined as a “qualifying child” or “qualifying spouse or domestic partner”, but premium responsibility is based on the defined employer contribution. To claim a child as a dependent, they must meet the qualifying criteria, which means they must be a certain age, which is based on the selected policy and the home state of the group. An employer is not required to cover the premium of any dependents, and it is typically deducted from the employee’s paycheck. However, some businesses also elect to cover a portion or all of the premium as another additional form of compensation.

Spouse or Partner

In some places, the only way to get health insurance for your partner is if they are your spouse. Depending on the company and the health insurance, you may be able to add someone to your plan if they are your domestic partner. If that scenario applies to you, it’s important to clarify the requirements ahead of time, and ask questions!

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

There is a short answer and a long answer. The short answer is “eligible employees”. However, there are many different scenarios where more people may qualify.

Different ethnicity and age businesspeople gathered together at boardroom for negotiations and planning future collaboration lead by african smiling businesswoman or corporate training process conceptWhat are the four major types of employee benefits?

Medical

The main benefit that you can and should be offering your employees is medical insurance. There are several laws and regulations around group size and mandatory contribution rates, however no matter the rules, we have consistently seen that offering medical insurance to your employees promotes loyalty, increases happiness, and is one of the top motivators for a workforce.

Dental

Unfortunately, medical insurance offers little to no coverage for any dental procedures for adults. Also, a lack of proper oral care can lead to several overall health issues, which is why dental insurance is increasingly important. As you may know, even with regular trips to the dentist, and proper dental hygiene practices at home, one can still find themselves needing to have some work done.

Vision

Vision insurance is another important benefit for the overall wellbeing of your employees. After all, chances are that some of your workforce is looking at a computer for much of the day, which has been shown to damage our eyes. Having vision insurance allows for preventive measures to be taken such as annual eyes exams.

Disability/Life

Disability and Life Insurance coverage acts more as financial protection for your employees rather than an active benefit. Disability insurance offers coverage for an individual in case they are ill or injured and can no longer work. Depending on the plan, they will receive up to 66% of their wages for a number of years or until retirement.

Life Insurance offers coverage for an individual’s loved ones in the event an employee loses their life. There are great options for group life insurance where the benefit amount can be reflected based on someone’s salary or a set amount.

GAP

GAP Insurance isn’t included with the four major benefits; however we believe it should have an honorable mention. While GAP Insurance does not offer a particular benefit, it may be one of the most advantageous benefits you can offer your employees. GAP insurance is paired with medical. The purpose of GAP Insurance is to supplement a portion or up to the out-of-pocket costs of the medical plan, reducing the overall amount of medical expenses for your employees.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What are the four major types of employee benefits?

Parents carrying kids, playing on meadowWhat is no medical exam life insurance?

No medical life insurance is a life insurance policy that does not require an individual to go through the medical screening process to be approved for purchase. According to Forbes, “Over the past decade, more and more insurers have stated offering life insurance policies that don’t require medical exams.” This may seem strange, as you would l think that insurers would want to have as much information as they could obtain about you before deciding whether or not to insure you, however many people are turned off by having a stranger come examine them in their home (or elsewhere) in order to be approved to make a purchase. Also, insurance companies have access to health records through the Medical Information Bureau (MIB) and other resources to make an overall decision on the risk that you may present to them.

What is a life insurance medical exam?

The medical exam associated with life insurance is part of the underwriting process and is usually a simple medical screening, but can be more involved, especially for older applicants. The exam can take up to an hour or more and will check your height, weight, blood pressure, and include a blood and urine sample. The exam will look to confirm that your vital signs are where they are supposed to be based on age and look to confirm whether or not you may pose a higher risk in terms of overall health. It is part of the underwriting process, where the insurer decides how insurable you are, much like the lending process of trying to qualify for a loan.

Who benefits from not having to take a medical exam?

Not having to take a medical exam benefits people who are concerned about having an unknown medical examiner come to their home, or who are simply looking to save time. It can offer quicker coverage without having to go through the typical full underwriting process.

What are the pros of no medical life insurance?

· Quick approval

· Good coverage

· No need to go through invasive screening process

· Transparent pricing

What are the cons of no medical life insurance?

· Coverage amounts are limited

· Can only obtain a term policy limit of 20 years

· Fewer policies to choose from

· Higher potential premiums than policies that require medical exam

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

No medical life insurance is a life insurance policy that does not require an individual to go through the medical screening process to be approved for purchase. Read more!

Close up on shoe, Runner athlete feet running on road under sunlight in the morning.A new year is here, and now more than ever people are looking to either maintain the healthy habits they have adopted or look to try and start a new lifestyle to try and shed a few pounds or just feel better. Whether it is a new diet, new workout, or new way of living, this time of year is synonymous with people trying their best to lead active and healthy lifestyles. Yet there is one simple thing people can do that does not require expensive investments, trips to special facilities, or new gear… walking!

Why is walking important?

Walking is one of the best ways to get and stay healthy. Obviously going for a stroll is not as rigorous as going for a run or doing some of the latest fad workouts, but over time it can have the same benefits without the wear and tear on your body. According to the Better Health Channel, “Just 30 minutes [of walking] every day can increase cardiovascular fitness, strengthen bones, reduce excess body fat, and boost muscle power and endurance.” Walking is also known to reduce your risk of conditions such as high blood pressure, heart disease, and diabetes.

Should I track steps or miles?

Before you decide on how many steps or miles you should walk per day, first you need to decide what your goals are.

· Are you looking to lose weight or maintain weight?

· Where are you starting from, how is your current physical health?

· Are you looking to accomplish a milestone down the road?

After answering a few of these questions you should have a better idea of where you should start, and where you should set your sights.

Once you have that part figured out, it really is up to you whether you would prefer to track steps or miles. Experts say one mile is about 2,000 steps. So, will you be tracking your steps throughout the day? Or will you be allotting “walking” time to try and walk a particular distance?

Is it better to set a daily goal or a weekly goal?

It depends! Are you a person that has an extremely busy schedule? Or are you a person that has a lot of free time? At the end of the day, a goal is a goal, and there is more than one benefit to achieving them! Try not to over-extend yourself or set yourself for failure. It is important to be flexible, after all is there really a difference between walking 2 miles per day or 14 miles per week?

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

There is one simple thing people can do that does not require expensive investments, trips to special facilities, or new gear… walking!

Young happy couple and their insurance agent working on a computer during a meeting in the office.What is the difference between a broker and an agent?

The main difference between an insurance agent and an insurance broker is that agents represent insurance companies, and brokers represent customers. Knowing the difference can be extremely helpful when you are shopping for a new policy or in the market for new coverage.

Why do brokers have a stigma?

Insurance brokers are not evil, in fact they are quite helpful. It is a common misconception that brokers work for insurance companies, however that could not be further from the truth. As insurance brokers, we work for you, the people!

It is also incorrect that working through an insurance broker costs the client more money. In contrast, working with a broker can save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgement of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client.

What does a broker do that I cannot do myself?

First, they spend all day, every day dealing with insurance. They know the insurance industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Second, insurance brokers evaluate and research the marketplace on a regular basis. A reputable broker knows the dynamics of the insurance industry, what the headlines are, what is no longer relevant, and which carriers provide consistent service. Nothing is more frustrating than finding an insurance plan that fits your needs, only to realize at time of claim that the company does not deliver.

Finally, as stated before, a broker advocates and works on your behalf. When a situation arises where a helping hand is needed, you can turn to your broker for assistance, leaving you to continue to concentrate on your work.

How do you know if a broker is reputable?

Word of mouth is the best form of marketing for a business, as well as the best form of research for a customer. There is no better way to find something than by asking someone you trust who has experience with your issues or concerns. This is also the case when finding a good insurance broker. Generally, though, you want to look for a broker with experience and longevity in the health insurance business and one who certainly should be able to provide references. It is also important that the broker is specialized and experienced in the yacht crew area as it is quite different from the typical expat insurance market.

Having proper insurance is important. MHG is your specialized broker when it comes to marine specific insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Learn about the benefits of using an insurace broker, and why everyone needs to consider usig one.

What is an HMO?

Doctor's office clerk explaining insurance benefits to customer, patientA Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals. Typically, there is no coverage offered if you use a provider that is outside of the network.

As opposed to an HMO, a Preferred Provider Organization (PPO) is a type of health insurance plan that operates with a network of participating providers, much like an HMO, however there is still coverage, albeit limited, offered if you use a provider outside of the network.

What is the difference between an HMO and a PPO?

The main difference between an HMO and a PPO is that an HMO is more limiting in terms of having access to see certain providers. Yes, you always have to freedom to see whoever you want, but with an HMO, there is typically little to no coverage if that provider is outside of your network.

What are the benefits of an HMO?

· Lower premiums

· Lower Out-of-Pocket Costs

· Claims process is easier since all claims are in network

· Having a primary care physician lead your overall care

Who does an HMO work best for?

While HMOs are considered to be a less expensive option, according to the Kaiser Family Foundation’s 2019 Health Benefits Survey, “HMOs only account for 19% of covered workers in 2019.” Even though they are not the most popular option, HMOs are great options for those that do not require extensive medical care, those that are younger, and those that are overall very healthy benefit more. Partly because most young people do not require to see a doctor or a specialist as often as someone who is elderly or not in the best health, therefore they do not require as much thought or care for who they are seeing or being seen by, and benefit from the lower cost associated with the plan.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

A Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals.

A retired senior couple support family by babysitting. Three young children sit on their grandparents' laps. The group is reading a book together.Before applying for a life insurance quote and before answering the question, “How much life insurance do I need?”, we first need to investigate what type of life insurance policy is best for you.

What type of life insurance do I need?

There are essentially two basic options when it comes to life insurance:

· Term Life, also known as temporary life insurance

· Whole Life, also known as permanent life insurance

As you may have guessed, term life covers you for a period of time or a “term”, and whole life covers you for your “whole life”! Discovering what option is best for you and your situation can be tricky, and you may need to do some assessing to see where you are at in your life, what priorities you have, and financial goals you have set for yourself and/or your family.

· How old are you?

· Are you married?

· Do you have kids or other dependents?

· What are your financial goals?

· Do you have debt, and if so, how much?

You may think that these questions are somewhat independent of each other, but the answers can help you decide not only what life insurance you need, but how much. For example, do you need coverage until your kids are a certain age and able to be self-sufficient? Do you want your coverage to also act as an investment opportunity that can build cash value?

How much life insurance do I need?

Most people typically start out by deciding on a coverage amount that will be enough to cover their remaining debt so that it does not pass on to their loved ones in the case of their demise. According to CNBC, “the average American has about $38,000 in personal debt, excluding home mortgages.” Obviously that number will increase substantially if mortgages were included. Adding your remaining mortgage balance, student loans, car loans, and any outstanding credit card debt can help you decide this amount. Generally speaking the younger you are, the more life insurance you will want to obtain, and also the easier it will be to qualify for the best rates. It is not uncommon to apply for 20 times your annual salary if you are in your twenties or early thirties with a child, a spouse and a mortgage.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Before applying for a life insurance quote and before answering the question, “How much life insurance do I need?”, we first need to investigate what type of life insurance policy is best for you.