Jean Gray is a Licensed Insurance Agent and the branch manager for American Coverage Options in Portland Maine. Jean has over 15 years of experience working in the financial services industry, having worked in Management, Sales & Marketing, Education, and Quality Assurance. Jean has taught Life & Health Insurance pre-licensing classes for several companies and holds insurance licenses in several states.
Jean has lived through-out the United States, having grown-up in a military family. She graduated from the University of Maine with highest distinction and holds degrees in Law Enforcement and University Studies. Jean has lived in Kennebunk Maine for 18 years and has strong family ties with her four children and grandchildren.
People buy insurance when the cost of replacement is too much for them to comfortably handle. Most people’s pockets simply aren’t deep enough to just go out and replace a house. Or if they can replace the car, can they afford the possible liability of a serious accident? Can you self insure in the event of large hospital bill? And loss of income - from a week to a life time – can be devastating. If you cannot (comfortably) afford to replace it, you need to insure it.
The very name – Short Term Medical Plan – tells you a lot about it. It is only for the short term and usually written for a period of time covering one month to a year (some may go as far as 18 months). While it is not renewable, you can apply for a new policy if more time is needed.
An indemnity plan pays you a benefit to cover costs associated to healthcare. But there are two different ways the benefits are calculated. One is a fixed benefit – the amount is fixed. The other is an ‘up to’ amount – it pays based on the actual cost incurred for care, "up to" some certain amount.
Coordination of benefits refers to the order in which multiple plans will pay for a covered event. Usually whoever pays first, pays the lion’s share. That’s why there is such a to-do about it, nobody wants to be first.