FAQ
Frequently Asked Insurance Questions
Here are the most common insurance questions Transparent Insurance Solutions receives.
Our insurance brokers are always available to answer any questions and address any concerns you may have. Call us at (970) 946-6048 for any further inquiries.
My current insurance company has significantly increased my rate. How can I get a lower rate?
If your current insurance company has increased your rate, you can be sure we will do everything we can to find lower rates with Transparent Insurance Solutions. Our insurance brokers are here to find you the most competitive prices on the market today, and we’ll fit you with an insurance package that suits both your needs and your budget.
Is there a fee for getting an insurance quote?
With us, there isn’t.
Book a no-obligation consultation with our team, and you’ll receive free insurance quotes from different carriers so that you can easily compare and contrast. We work with you to find the right insurance quote, no strings attached.
What is a deductible?
A deductible is the amount you must pay out of pocket for healthcare services before your insurance company begins to share the costs. For example, if your deductible is $2,000, you are responsible for paying that amount in eligible medical expenses before your plan starts covering its portion.
What is coinsurance?
Coinsurance is the cost-sharing structure that begins after you’ve met your deductible. It’s usually expressed as a percentage. For example, in an 80/20 plan, your insurance pays 80% of covered expenses, while you are responsible for 20%.
What is a copay?
A copay (short for copayment) is a fixed dollar amount you pay for certain healthcare services, such as a doctor’s visit or a prescription drug. Copays are due at the time of service and do not usually count toward your deductible.
What is the out-of-pocket maximum?
The out-of-pocket maximum is the most you will pay in a year for covered healthcare expenses. Once you reach this limit through deductibles, coinsurance, and copays, your insurance will cover 100% of eligible expenses for the rest of the year.
What plan costs get applied to my out of pocket maximum?
First it is important to note that only expenses for covered services get applied to your out of pocket maximum. For example, if you use your insurance for a claim that isn't a covered service, no credit towards your out of pocket will be given. That said, any deductible amounts, copayments, and coinsurance amounts will be applied to your out of pocket maximum.
When should I review my insurance protection?
At Transparent Insurance Solutions, we believe it’s best to review your insurance protection at least once a year. REMEMBER, EVERY YEAR BEGINNING NOVEMBER 1 IS OPEN ENROLLENT! You will want to make sure you review your coverage, and make sure you secure coverage for the following year! In addition, if you have gone through a significant life change, it’s best to check in with us as soon as possible.
Get in touch with us now at (970) 946-6048 to schedule an appointment.
Able to save money on premiums by selecting policies with higher deductibles. Consult with our insurance professionals to see what’s in your best interest.
