Discussing Health Insurance
In the United States, health insurance has been a major topic of discussion over the past few years. It is an issue that many Americans must face in a time of economic decline and high unemployment nationwide. Even President Obama has recognized the problem and has battled Congress for a … [Read More...]
Medicare Supplemental Plans are sometimes refered to as “Medigap” policies because that is what they do – help fill the “gaps” in basic Medicare coverage for such things as hospital deductibles and physician services co-pays. For a very reasonable premium, depending on which plan a person chooses, the coverage will pay for deductibles and co-pays that basic Medicare leaves to the patient.
Medicare Supplemental Plans are differentiated by letters such as Plan A, Plan B, and so on. Not to be confused with Medicare coverages which are identified by “Part”, such as Part A, Part B, etc. By law all Medicare Supplemental Plans must provide the same level of coverage regardless of which insurance company a person buys the plan from. For example, Medicare Supplemental Plan F purchased from XYZ Insurance Company must provide the exact same coverage as Plan F purchased from ABC Insurance Company.
A person who is eligible for Medicare recieves Medicare Part A automatically by virtue of turning 65. Medicare Part B is optional coverage, but it is required before a person qualifies for Medicare Supplemental Plans. (Though Medicare Part B is optional, it is highly recommended that a person buy it even if they choose not to purchase a Medicare Supplemental Plan).
Medicare Supplemental Plan F is the most popular supplemental plan because it provides the most robust coverage, and the premiums are not much higher when the benefits are compared to the plans offering less coverage. A patient with Plan F can in many situations pay nothing additional out of pocket for doctor and hospital services. People eligible for a Medicare Supplemental Plan should compare the benefits and premiums of the plans and purchase the best coverage they can afford. For many patients, that is Plan F.
If you’re in the market for life insurance and have been diagnosed with diabetes, you know how hard it can be to secure affordable coverage.
Many agents will quote you premiums blindly without really understanding how to underwrite diabetes, so many diabetics are getting declined or given much higher premiums. So how do you buy term or whole life insurance at a fair price?
Easy. You find an independent life insurance agent or agency that has access to all the top rated life insurance company and specializes in helping diabetics secure the lowest rates possible. This makes all the difference in the world.
Securing affordable life insurance for diabetics comes down to using the right life insurance company. Every life insurance company looks at your risk diabetes differently so naturally, certain companies will offer better rates than others depending on YOUR unique risk.
So what are these life insurance companies looking at when it comes down to underwriting diabetes?
Control and compliance mostly. Control meaning your glucose levels and a1c levels have to be consistently within normal limits over at least a year. Better life insurance rates come to those who demonstrate control over a longer period of time with low a1c levels.
Compliance just means you’re following the doctor’s orders of medication. Whether you’re taking oral meds or injecting insulin, underwriters will review your medical records to make sure you’re taking them as prescribed. If you are, that will reflect in better life insurance rates.
Also taken into account is the age you were diagnosed. If you have Type 2 diabetes and were diagnosed over age 50, Standard rates are possible. If you were diagnosed prior to age 50, you’re most likely looking at a substandard rating. The hardest type of diabetes to insure are Type 1 diabetics that were diagnosed prior to age 30. However, it is doable if you’re diabetes is under control.
As you can tell, there’s a lot that goes into securing the best life insurance rates as a diabetic. So make sure you work with an expert who has experience underwriting your risk.
Many financially responsible people develop a long-term plan for providing financial security for their loved ones. This long-term plan often involves the basic financial principal of spending less than you earn and putting this money in cash and investments that will accumulate over time. While this is a sound financial strategy, it does not provide protection for a catastrophic event that can hit you at any point of time. Life insurance prevents the financial implications of your premature death. Obviously, your financial troubles do not follow you to the grave, but providing financial security for your loved ones after you pass away is of utmost importance for many people and obtaining a life insurance provides peace of mind for those who are worried about protecting their loved ones.
Another advantage of not delaying the purchase of life insurance is due to the increase in premium of your life insurance policy if you enter into a plan when you are older. When a life insurance company calculates the premium on your policy they assess your risk based upon several factors. There are different rates based upon your gender, your age, and your living habits. While you can’t control your gender, you can control the age when you enter into a life insurance policy. If you delay the purchase of a policy you will only lead to raise the amount of the life insurance premiums that you will ultimately pay.
Estate rules limit the amount that you can transfer to your heirs untaxed. The estate tax, or death tax as it has been nicknamed, generally includes life insurance proceeds (except when your spouse is the beneficiary). This is true even when your children are the beneficiary. There are ways to avoid these estate taxes by transferring ownership of the policy to an heir during your life. As such, a life insurance policy can be an effective way to avoid estate taxes. Be sure to contact a tax professional to learn all of the rules in place before making a transfer of your life insurance policy, as once this occurs you will no longer be able to change the beneficiary of your life insurance policy.
There are many benefits associated with buying life insurance today and not deferring it to some later date. Some of the major benefits include the comfort and financial stability you will provide to your loved ones, lower premiums then you would incur if you were to defer the entry into a plan, and the ability to effectively plan for future taxes. There is no excuse. It is so easy to get a free quote in just a few minutes, even from some of the best life insurance companies. Don’t delay your purchase of a life insurance plan and investigate them immediately to get the financial protection your loved ones may one day rely on!
Secondly, the cost of medicare supplement insurance will vary depending on where you bought it from. Although you will always be getting the same coverage no matter where you buy the plan, the plan may differ in pricing itself. So whether it is a Florida Medicare supplement or a Medicare supplement policy from Georgia, the coverage will be identical (unless you live in Wisconsin, Minnesota, or Massachusetts, where they have adopted their own plans). It is solely up to the insurance company you plan on buying it from to give you the price they want to sell it for. The biggest suggestion is to always shop around before jumping towards one company instantly.
The third fact I would like to share is that by law you should only need one medicare supplement policy, and that your plan only covers you alone. This was designed solely to just fix the gaps that did not have previous coverage. Once you pick a plan there should be know need to get another because the one you chose should have everything you need to fill the gap. Now unlike most insurance, you can not get other people covered underneath you. You can not have your spouse or family members underneath your medicare supplement insurance package. If for any reason your spouse does need coverage they will have to pay for their own separate plans and policies. You will not be able to cover other people under your own personal plan.