Insurance terms and options shouldn't feel complicated. Explore our plain-language glossary of essential insurance terms, as well as answers to frequent questions about employee benefits, Medicare, and working with our Union, KY agency.
Clear explanations of everyday insurance terminology to help you understand your coverage.
A premium is the recurring monthly amount you or your employer pay to the insurance carrier to keep your coverage active. Paying the premium maintains your coverage regardless of whether you make a claim or visit a doctor during that month.
A deductible is the total dollar amount you must pay out-of-pocket for eligible medical services before your insurance carrier begins sharing the costs. For example, on a $2,000 deductible plan, you generally pay the initial $2,000 of covered expenses before coinsurance applies (routine preventive care is often covered before the deductible).
A copayment is a set, flat dollar fee you pay at the time you receive a covered healthcare service—such as a $25 copay for an office visit or a $15 copay for a generic prescription.
Coinsurance is your percentage share of the costs of a covered healthcare service after your deductible has been met. For instance, in an 80/20 coinsurance arrangement, your carrier pays 80% of allowed medical expenses and you pay the remaining 20% until you reach your out-of-pocket maximum.
A network is a roster of physicians, specialists, clinics, laboratories, and hospital systems contracted with your insurance carrier to provide care at pre-negotiated discount rates. Receiving care from an in-network provider ensures maximum coverage and lowest out-of-pocket costs.
Questions about group health, dental, vision, life, and disability plans for Northern Kentucky employers.
Captive agencies are restricted to selling only one brand's policies. As an independent agency, Beatrice Insurance Agency evaluates plans across multiple carriers to find the right balance of employee benefits and company budget.
We serve as an approachable extension of your HR or office management team. We prepare enrollment summaries, answer staff questions regarding doctor networks, and resolve billing or renewal inquiries directly.
Yes. You can structure core medical benefits as employer-sponsored while offering supplemental dental, vision, or disability as voluntary options that cost the company zero additional premium dollars.
Questions about navigating Medicare choices, eligibility, and enrollment periods.
We recommend starting your review approximately six months before turning 65, or a few months prior to retiring from employer coverage. This provides ample time to verify doctor networks, check prescription formularies, and choose a path with clarity.
If you or your spouse continue working and are covered under an employer group health plan at a company with 20 or more employees, you may be able to delay Medicare Part B without penalty. We help you compare your employer plan costs with Medicare options.
Original Medicare (Part A and Part B) typically does not cover routine dental cleanings, eyeglasses, or hearing aids. Some Medicare Advantage plans offer supplemental dental and vision allowances, or you can purchase standalone supplemental policies.
What to expect when partnering with Bob Beatrice and our Union, KY office.
Our agency office is located at 10796 Saint Andrews Dr., Union, KY 41091. We serve clients across Northern Kentucky, Greater Cincinnati, Dearborn County, IN, and Elizabethtown, KY.
Our office is open Monday through Friday, 8:00 a.m. to 5:00 p.m. We are closed Saturday and Sunday. Consultations can be conducted in person, by telephone, or via video meeting.
Beatrice Insurance Agency focuses exclusively on life and health insurance lines. We do not offer homeowners, auto, renters, commercial property, general liability, or workers' compensation coverage.
Speak directly with Bob Beatrice for personal, client-first advice regarding your health or life insurance.
