What happens if my income changes while on Medicaid?

If your income increases beyond Medicaid’s eligibility limits, you may lose coverage and need to transition to a Marketplace plan. If your income decreases, you should report it to your state Medicaid office to determine continued eligibility or potential increased benefits.

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Do out-of-pocket maximums apply to all types of insurance?

No, out-of-pocket maximums are specific to health insurance plans and do not apply to auto, homeowners, or life insurance policies.

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How does blockchain prevent fraud in the insurance industry?

Blockchain creates immutable records, making it nearly impossible for fraudsters to alter claim histories or submit duplicate claims.

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How can someone become a member of the SOA?

Individuals can join the SOA as student members while pursuing actuarial exams. After earning the ASA or FSA designation, they become full members, gaining access to professional development resources and voting rights within the organization.

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What is agricultural weather-related insurance?

Agricultural weather-related insurance is a type of policy that helps farmers protect their crops and livestock from losses caused by extreme weather conditions such as droughts, floods, or storms.

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What does Workers' Compensation Insurance cover?

Workers' Compensation Insurance covers medical expenses, rehabilitation costs, lost wages, disability benefits, and death benefits for employees injured on the job. It also includes compensation for work-related illnesses and ongoing care in case of permanent disabilities. Coverage applies regardless of who is at fault for the injury.

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How does RBC impact insurance pricing?

Higher RBC requirements may lead insurers to increase premiums to maintain profitability and solvency. Conversely, insurers with strong RBC positions may offer competitive pricing while ensuring financial security for policyholders.

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How does riders or endorsements modify insurance coverage?

Riders or endorsements are policy add-ons that expand or customize coverage, such as adding earthquake protection, increasing limits, or covering unique risks.

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