This is a new, completely online insurance company that has popped up recently. How are they different from existing insurance companies? Are they different from existing companies? Let's find out!
Major Differences of Lemonade From Existing Georgia Insurance Companies
1. Lemonade is totally online. There is no brick and mortar for you to say hello, or ask questions at. That has its pros and it's cons. The biggest benefit is it can save them and you money on the overhead of having an office in every downtown city square. The payroll, rent, and other costs they are saving can be passed onto you. The most obvious downside, is the loss of the personal neighborly feel. How much of a con depends on the person. Some people like knowing there insurance agent, in case something bad happens, they can be reassured. Others, could care less.
2. How they make there money: This seems to be a pretty big one. Traditionally insurance companies take your money, invest it, and make their money off the interest. Lemonade claims that they charge a flat fee onto your monthly premium, and that is how they make their money. Whether this will be sustainable, or profitable in the long run remains to be seen.
3. Give Back: The last thing that they seem to be doing differently relates to how they pay claims. As I said above, they make money off of a flat fee tacked onto your premiums. The premiums that Lemonade collects goes into a pool, that claims are paid out of. If there are any left over funds at the end of the year, they will donate those dollars to non-profits. It sounds like a great feature, but it is not guaranteed, depending on how many claims they have.
How is LEMONADE The Same As EXISTING GEORGIA INSURANCE COMPANIES
1. Lemonade is Not An Independent Agent. They offer you there insurance, with their benefits and features. If it happens to be the cheapest or the most expensive, you won't find out from them. So be sure to shop around!
2. They are currently Only Offering Home Owners, Renters and Condo Insurance: If that's what you need, and the price or the features match your needs awesome. If you need Life Insurance, Health Insurance, even Car insurance, your out of luck! Sometimes not bundling car and home can be more costly, even if there home owners prices are cheaper.
Accidents happen. People Get Sick, or hurt...
What do you do if that happens to you? Well, if you have a personal health insurance plan, or one through your work, you go to a doctor in your group and get treated... Right? But what if you lost your job? Or what if the plan you have doesn't include your doctor?
Well, these are some areas Short Term Health Insurance Can help. It is a way more affordable product than COBRA. And, in most cases, there are no restrictions on which doctors you can see. Keep reading, and by the end of this, you should have a pretty good idea of whether or not Short Term Health Insurance is a good fit for you or not!
What is short term health insurance used for?
Short term health policies are mainly designed to provide temporary health care insurance during unexpected coverage gaps. It does not meet the minimum essential coverage of the Affordable Care Act, (ACA or Obamacare), but is still a wonderful product for many.
Short Term Health Insurance plans usually offer what would be described as streamlined "major medical coverage" that covers healthcare costs in the event of accidents and illnesses. Most Short Term Health Insurance plans also cover doctor visits for routine illnesses and injuries.
How long can i keep a short term plan?
It depends on the plan, and your budget. There are some plans that cover up to 364 days! ( That's all but one day) Or if you need something shorter, that can be arranged too. 3 months, to 364 days of the year. You can cancel any time, and you can renew as long as you like. Next day coverage is available.
How Do I get Short Term Health Insurance Plan?
You can call us or apply online.
Is it ACa Compliant?
Short Term health insurance plans do not meet the minimum essential coveragerequirements under the Affordable Care Act (ACA), also known as Obamacare, and may result in a tax penalty. They are designed solely to provide temporary health care insurance during unexpected coverage gaps.
SOme Other Big Notes
It does not cover pre-existing illnesses. It also does not cover pregnancy costs. But, it will cover if you have a new baby, all those expenses!
If you still have some questions about short term health insurance, or if you'd like to get started on getting your coverage, feel free to email us or call us, or stop by our office in Uptown Hoschton, GA. And Remember, Stay Healthy!
Simpkins and Associates
4397 Highway 53
Hoschton Ga, 30548