Which Insurance Licenses Do You Need
The first step to getting your insurance license is choosing which licenses you need. The most common licenses new insurance agents get are the property & casualty license , life and health insurance license .
The types of insurance products and policies youll be selling will determine which licenses you need. Here are some examples of the types of policies you can market with each license:
- Life and Health Insurance License Life Insurance, Annuities, Medicare, Health Insurance, etc
Most insurance agents and producers choose to get both P& C and L& H licenses, but if you plan on specializing in only one category then you dont need every license.
Insurance adjusters require a separate license. You can find more information on becoming an insurance adjuster here: Florida Insurance Adjuster License
Florida Health Insurance Information Resources And Access To Online Health Insurance Quotes
As a Florida resident you can choose from health insurance plans offered to individuals and groups by private insurance companies. You may also purchase individual and family coverage from participating private insurers through HealthCare.gov, the federal exchange. If you are self-employed with no employees, you can also use the federal exchange to purchase coverage. You may also be entitled to certain state and federal programs such as Medicaid and COBRA.
Licensed Agent Or Broker
If youd like help, you may want to contact a local licensed agent or broker. They are trained professionals who consult with you, helping to determine your health care needs and then matching plans that best meet your needs and budget. Depending on the health plans they represent, these agents also have additional information on some of the special perks and savings available.
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No Mandatory Health Insurance: Advantages
The primary upside to health insurance no longer being mandatory at the federal level is the money you dont have to spend on premiums that remains in your pocket.
If youre young and healthy, its possible to get by without paying a monthly bill for health insurance, which saves you money, says Chane Steiner, CEO of Crediful, a personal finance website. That could be helpful if youre trying to pay off student loans or save money toward a down payment on a home.
Of course, if your employer offers some type of health insurance coverage as part of your benefits package, you may be able to get affordable coverage without having to shop around for it.
Christina Nicholson, owner of Media Maven, opted to cancel her health insurance and pay out of pocket for pregnancy-related medical expenses that her plan didnt cover. She first considered adding herself to her husbands health insurance, but their premiums would have increased by more than $1,000 per month, so she opted to pay her own medical bills.
Fortunately, she was able to negotiate discounts from her hospitals and doctors, which ended up costing her significantly less money than she would have paid had she been covered. In one instance, the difference between the cost of medical tests with insurance was $1,900 more than her negotiated fee without insurance.
What Is The American Rescue Plan
In 2021, the federal government passed the American Rescue Plan to provide COVID-19 relief. In addition to providing stimulus checks, the law also makes ACA plans more affordable by increasing financial assistance and making more people eligible to receive it. As part of the American Rescue Plan, consumers and ACA enrollees may benefit from higher subsidies. Amount of subsidy and savings is based on subsidy eligibility, annual income, age, county and the plan selected.
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Rhode Island Individual Mandate
- Effective date: January 1, 2020
- Requires individuals and their dependents have ACA-compliant health insurance
- Imposes a penalty on residents who go without health insurance but can afford it
- Provides state subsidies to help lower income residents afford health insurance
The penalty for failure to have ACA-compliant health insurance is the same as it would have been under the federal individual mandate. It will cost a family $695 for each uninsured adult and $347.50 for each uninsured child or 2.5% of the household income, whichever amount is greater. Penalties also increase annually with inflation. However, the maximum a household can be penalized cant be greater than the total annual premium for an average bronze plan in Rhode Island.
Rhode Island allows for exemptions in certain situations. And, as of December 31, 2020, Rhode Island expanded its eligibility criteria to include a COVID hardship exemption. This new exemption recognized the impact that the pandemic may have had on residents ability to afford and get health insurance. If you live in Rhode Island, you may be eligible to file a hardship exemption if, as a result of the COVID pandemic:
- You lost minimum essential coverage in 2020, or
- You experienced a hardship that made you unable to get minimum essential coverage in 2020.
Get Your Finra Securities Licenses
Individuals planning to market and sell market-based life insurance products also must obtain the proper securities licenses. As a securities license holder, you can offer securities as part of your services. Thatll make you a credible authority in addressing all of your clients financial needs.
To learn more, check out our Securities Licensing guide.
To obtain these licenses, youll first need to take and pass the Securities Industry Essentials exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority .
The SIE exam ensures every life insurance professional has a basic understanding of securities. While taking the SIE exam isnt a requirement for all insurance professionals, those who dont obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.
Once you get your securities license, FINRA will list you as a registered representative. By achieving the securities licensee designation, youll become a highly sought-after professional and set yourself up for a successful career in the insurance industry.
Series 6, 7, and 63 Licenses
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How To Apply For Health Insurance
Now that you know when to apply for health insurance, you should explore your options for how to buy your own health insurance. Outside of getting health insurance through an employer, these options include the Health Insurance Marketplace, a licensed agent or broker, directly from an insurance company, and an online health insurance brokerage.
What Does Health Care Reform Like The Aca And Arp Mean For You
Sometimes little things happen sometimes big things do. Sometimes theyre expected, sometimes theyre not. No matter what, a health plan can offer you the comfort of feeling like youre ready for any circumstance. And you may qualify for financial help paying for it thanks to the Affordable Care Act and the American Rescue Act.
Depending on your income, your monthly cost may be as low as $0 per month, if you qualify,* and you may pay less when you see a doctor. All without sacrificing quality of care.
Our agents can see if you qualify for financial help through the Health Insurance Marketplace to help pay your monthly premium.
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Take The Florida Life Insurance Licensing Exam
After you have applied for your life insurance license via your Florida MyProfile account, its time to take the Florida life insurance exam.
Florida uses Pearson VUE as its official testing service for delivering licensure exams.
The Florida life insurance exam outline contains a total of 85 scored questions that covers two sections: general and state-specific knowledge. The general section deals with basic life insurance product knowledge. The state-specific section covers insurance concepts and terms, rules, regulations, and practices specific to Florida.
Youll have 120 minutes to complete the exam. The Florida life insurance exam fee is $44, which you must pay at the time of reservation by credit card, debit card, or voucher. The exam is a proctored test, meaning an official proctor will closely monitor you in a controlled environment.
If you happen to fail the Florida life insurance exam, you must reapply by visiting Pearson VUE and pay another exam fee. Florida has a limit of five attempts for the same exam type during a 12-month period.
The best way to understand if you are prepared for the test is to take a Life Insurance Practice Exam.
What Is The Affordable Care Act
The Affordable Care Act is the name of the health care reform law and its amendments, which address health insurance coverage, costs, and preventive care. The Affordable Care Act is often referred to as Obamacare since it was signed into law in March 2010 by President Barack Obama.
Under the ACA, those who were previously uninsured due to preexisting conditions or financial circumstances and those who were insured in high premium plans or limited benefit plans may now be eligible for more affordable health plans with essential benefits. The ACA has given millions of people access to quality health care. ACA-compliant plans cover things like annual checkups, maternity and newborn care, prescription drugs, emergency services, mental health services, pediatric services and more.
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Health Insurance Coverage For Multiple Years
TriTerm Medical Insurance,4 underwritten by Golden Rule Insurance Company, is short term health insurance that offers coverage for preventive care, doctor office visits, and prescriptions.
- Apply once for insurance coverage terms that equal one day less than 3 years.
- $2 million lifetime maximum benefit per covered person on most plans.
- Eligible expenses for preexisting conditions are covered after 12 months on the plan.
Who Qualifies For Premium Tax Credits10
Families earning between 100% and 400% of the Federal Poverty Level can lower or cover the cost of premiums either in direct payment to the health insurance provider or expensed in their annual tax return. In 2021, eligible income is from $12,760 to $51,040 for an individual and from $26,200 to $104,800 for a family of four.
Premium tax credits may be applied toward any metal level ACA plan.
Ready to see how much you could lower your health insurance premiums? Visit the HealthMarkets shopping experience and well help you calculate.
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Why Have An Individual Mandate
These states have an individual mandate for the same reason the ACA originally did. Without an individual mandate, people would only buy insurance if they knew they were going to need it. Most often, this means the elderly and people with pre-existing conditions.
But those who use their health insurance the most are also the most expensive to insure. Before the Affordable Care Act, insurance companies would evaluate all applicants before enrolling them. Based on peoples age and medical history, the insurance companies would then deny them health care coverage, or charge them more for it. But the ACA made that kind of discrimination illegal. And then it took things one step further. An individual mandate is an incentive for everyone to get health insurance, even healthy people. That meant there was now a larger pool of people applying for health insurance. And with more healthy people getting health insurance, health insurance companies could lower premiums for everyone.
In other words, the individual mandate was meant to be one of the of cost-savings and consumer protections we associate with the ACA. It allows more people to be insured at a lesser rate per person. Even though there is no national individual mandate anymore, some states have passed their own mandates to help keep more people insured at lower costs per person. If the mandates help more people get insured, taxpayers in these states will have lower monthly premiums on average.
No Mandatory Health Insurance: Disadvantages
It takes a very savvy healthcare consumer to score discounts from providers, not all of whom will necessarily go along with such requests. Normally, insurance companies, not individuals, are the ones negotiating with hospitals and doctors to lower prices for large member groups.
However, the main drawback when health insurance isnt mandatory is the risk that you assume when choosing the self-pay route. The downside of going without health insurance could be substantial if you end up needing expensive medical care and you dont have the money to pay for it from savings or your monthly income.
Youre one major accident or illness away from falling into long-term debt, as medical bills can be quite excessive out of pocket, Steiner says.
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Lowering Costs With Aca Subsidies In Florida
Since costs are often a major factor in choosing a plan, keep in mind that there is help available to most Florida residents. You may not know that in 2020, 95% of Florida residents qualified for premium tax credits that reduced their monthly premiums, and 66% were eligible for cost-sharing that reduced out-of-pocket expenses.7
Comprehensive Long Term Care
Sunshine Health is the largest Comprehensive Long Term Care managed care organization in Florida. We offer comprehensive physical and behavioral health services and programs to support our members ability to age in place and remain independent for as long as possible. Long Term Care is for Medicaid enrollees 18 years and older who require a Nursing Facility level of care. This doesnt mean members must reside in nursing homes. We help members stay in the community whenever possible with long-term services and supports. We help can help members transition from nursing facilities into a home setting of their choice.
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Who Is Eligible For Medicaid In Florida
To qualify for Florida Medicaid health services, you must be a resident of Florida, a U.S. national, citizen, permanent resident, or legal alien. Individual income must not exceed $16,971 per year. A family of 4 must not exceed $34,846 per year. In addition, you must also be at least one of the following:14
- Responsible for a child 18 years of age or younger
- Have a disability or a family member in your household with a disability
- Be 65 years of age or older
For more information, visit the Florida Medicaid website.
Individual Health Insurance Tax Subsidies
Beginning 2014, individuals will have access to tax subsidies to buy private health insurance through the public exchange. These subsidies will be for those who enroll in a silver plan through the exchange. The subsidy caps the cost of individual health insurance at 2% – 9.5% of their household income if their household income is less than 400% above the federal poverty line. This equates to roughly $90,000 per year for a family of four.
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Uninsured Motorist Property Damage Coverage
Uninsured motorist property damage coverage is only available in some states. UMPD is less important than the bodily injury variation for most drivers, since it overlaps entirely with collision insurance.
The main advantage that UMPD has over collision insurance is that it usually has lower premiums, since it covers fewer situations. UMPD could also be a worthwhile purchase if you dont want your collision premium to increase in the event of a claim after an accident with an uninsured driver.
For more information and to see if UM is required in your state, check out WalletHubs guide to uninsured motorist coverage.
Do I need uninsured motorist coverage?
Yes, you do need uninsured motorist coverage if you live in one of the 20 states that require all drivers to have uninsured motorist insurance. Even if uninsured motorist coverage is not mandatory in your state and can be declined, it’s great to have coverage that protects you in the event of an accident with an uninsured driver.read full answer
Uninsured motorist coverage costs around $50 to $70 annually for both bodily injury and property damage coverage. Considering how affordable it is, its almost always worth the investment.
Health Insurance Florida Help From Healthmarkets
If youre ready to purchase a health insurance plan in Florida, or are just curious about whats available, shop and compare plans now. The HealthMarkets FitScore® can take your preferences and find plans that matchthe higher the FitScore, the closer the match. Shop, compare, and apply all in one place.
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Florida And The Patient Protection And Affordable Care Act Of 2010
The Patient Protection and Affordable Care Act became law in 2010. Provisions of the law have continued to be phased in following passage. As of January 1, 2014, most U.S. citizens and legal residents are required by law to have qualifying health care coverage or pay an annual tax penalty for every month they go without insurance. This is called the individual mandate. There is a grace period through March 31, 2014. Beginning in 2014, the penalty for not having qualifying coverage is $95 per adult and $47.50 per child or 1% of your taxable income whichever is higher . The penalty increases annually through 2017 and beyond.
Complete Continuing Education And Renew Your License
In Florida, you must take 24 hours of continuing education every two years to maintain your license in good standing. Of those 24 hours, five must cover Florida law and ethics.
If you have a non-resident license with good standing in your home state, you dont need to take CE courses in Florida. To find out if you need to take Florida CE courses, go to the Florida Department of Financial Services Bureau of Licensing Education Search tool.
Your Florida MyProfile account also will display this 24-hour CE requirement. You cant renew your license until you complete your CE hours and pay any outstanding fines.
While Florida doesnt require you to renew an insurance license, you need to keep your license current by completing the required CE credits. The CE course provider will report your course completion to the Florida Division of IAAS within 21 days of completion.
To check your CE requirement and status, go to your Florida MyProfile account, log in, and click on CE Status. Contact the Florida Division of IAAS at if you have any questions.
Learn how to renew your license with our Florida insurance license renewal guide.
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