Know the Facts on Medical, Life and Other Insurance Plans
Q: What is BDR, Inc.?
A: BDR is a licensed, independent agency that specializes in providing a variety of quality, professional and affordable medical insurance, life insurance and related products to meet the needs of individuals and companies.
Q: What geographic area does BDR serve?
A: From our office in Miami Beach, BDR serves customers in South Florida, including Miami, Fort Lauderdale and West Palm Beach. BDR is also licensed throughout Florida, Georgia and Texas.
Q: Does BDR employ agents or brokers?
A: BDR employs only independent insurance brokers.
Q: Why is this important?
A: Insurance agents only sell products from one company, and therefore must try to match your needs to one of the insurance products their company offers. The result might not be something that’s in your best interest. As an independent broker, BDR represents many insurance providers and has the freedom to choose different insurance products in order to find the insurance solution that best suits your individual needs, or the group needs of a company.
Q: What does it cost to use BDR’s services?
A: There is no charge to use our services or have us provide an insurance quote.
Q: Why is BDR better than buying medical or life insurance coverage online directly from the insurance company?
A: Insurance is one of the most important, but costly, expenses individuals and businesses must incur. BDR can provide individuals and businesses with many advantages:
- BDR can help you choose the right product from a number of companies
- With 25 years in the business, BDR has a broad perspective on which insurance product is right for you
- BDR can assist in the underwriting process to help make sure you qualify
- BDR provides you with ongoing claims, renewal and administrative services
Group or Business Healthcare, Medical and Related Insurance
Q:What is the difference between a group plan, business insurance or an employee benefit plan?
A: These are all the same; the terms are used interchangeably.
Q:How large must my business be to offer my employees insurance benefits?
A: If your company has at least two full-time employees, you can offer a group insurance plan.
Q: What constitutes full-time employment?
A: According to the State of Florida, a full-time employee must be permanent and work 25 hours or more per week. Large companies with 50 employees or more have some flexibility in this requirement.
Q: Are there other requirements to offer business insurance?
A: Yes there are. Contact us, and we can guide you so you can decide what’s best for your company and your workers.
Individual Medical Care Insurance
Q: Is it true that it’s difficult to get individual healthcare insurance?
A: It all depends on your health status. Companies base their decision on a process known as medical underwriting. At BDR, it’s our business to help you through this process, so you can get the coverage you need at the most affordable price available.
Q: When my employment was terminated, I opted for COBRA insurance, but now I find it’s very expensive. Are there more affordable options?
A: Normally, an individual healthcare policy costs less than COBRA coverage, but it all depends on your health condition. Contact us; we can help you decide whether it’s best for you to stay with your COBRA coverage, or get an individual healthcare policy.
Q: My COBRA coverage is expiring. What are my options?
A: Contact us now, before it expires, so we can help you obtain coverage without interruption. If your COBRA care already expired, contact us so we can help you arrange an individual policy.
Q: I’m over 50. What individual healthcare options do I have?
A: You may be eligible through one of the companies we represent, or through AARP, which sometimes accepts people with medical conditions that other insurance companies may reject. By purchasing AARP insurance through us, we can provide you with local service.
Q: What is life insurance?
A: Life insurance is a contract where the insurance company agrees to pay your beneficiary a lump sum upon your death. Your beneficiary, like your spouse or children, can then use this money to replace the income you would have earned, or to help pay off debts and other expenses.
Q: What is the difference between term life insurance and permanent life insurance?
A: Term life insurance provides coverage for a specific number of years. If you die even a few days after the term expires, though, your beneficiary receives nothing. Permanent life insurance, which is more expensive, remains in force until the policy pays out. BDR can advise you on which choice is best for you.
Q: What is “Whole Life,” “Universal Life,” and “Limited-Pay” insurance?
A: These are all different types of permanent insurance. Contact BDR and we’ll be happy to explain the pros and cons of each type.
Q: What is the best type of life insurance?
A: People’s life insurance needs vary, which is why there are a number of different types of policies. At BDR, we specialize in selecting the best type of insurance for our customers’ needs.
Q: What is the best time for me to buy life insurance?
A: To get the best rate, it’s good to buy life insurance when you are young and healthy, but there are affordable life insurance plans available for older people as well.
Other Types of Insurance
Long-Term and Short-Term Disability Insurance
Q: Why is long-term disability insurance so important?
A: Disability insurance provides people with the financial means to live in the event they become seriously ill or disabled. For this reason, disability is often called “the forgotten risk.” The bottom line is, if you’re working and you need money for bills and everyday necessities, you should strongly consider disability insurance.
Q: What does long-term disability insurance provide?
A: Generally, disability insurance provides up to 66.6% of your earned income before taxes. Unlike life insurance, there is a limit on the amount of disability insurance you can buy.
Q: What is the difference between long-term and short-term disability insurance?
A: Just as the name implies, short-term disability insurance covers you for a relatively short time (usually up to six months) and benefits usually kick in after your sick leave expires. Long-term disability covers you in the event of a catastrophic illness or injury, and benefits can continue for years, usually up until the age of 65.
Q: If I need disability insurance, won’t Social Security provide it for me?
A: Maybe, but it’s wise not to count on it completely. To collect Social Security disability payments, you have to document that you cannot work at all and claims can sometimes be turned down, although you can appeal.
Q: Is short-term or long-term disability best?
A: Again, this is a decision that is made according to the individual’s needs.
Q: Can a business purchase these types of insurance for its workers?
A: Absolutely. Both long-term and short-term disability insurance are generally considered part of a comprehensive worker benefits package. BDR offers guidance on choosing the best policies to meet the needs of either individuals or businesses.