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 … [Read More]
Medigap commonly refers to Medicare supplement insurance. It is designed to help the elderly by helping to pay for part of the cost of the cost of medical care which is not covered by Medicare. The Medigap policies are offered by private companies. They cover things like coinsurance, copayments, and deductibles. It can also cover the cost overseas medical care and other things not covered by Medicare. Medigap works seamlessly with Medicare to ensure the patient’s medical bills are covered. When Medicare pays its portion of the medical bill, Medigap covers much of the balance.
Medicare is an excellent program. Unfortunately for many seniors, there are many gaps in the things it covers. Medigap plans are designed to provide coverage to fill those gaps. Medigap provides a great many benefits. Basic Medigap coverage provides to cover the cost of hospitalization, Hospice Care, the first 3 pints of blood during transfusions and coinsurance for Medicare Part B. This coverage can save seniors thousands of dollars each year. It can mean the difference of being able to afford necessary treatment and having to postpone or forgo it.
Another strength of the Medigap program is the comprehensive nature of the coverage it offers. In addition to all that is covered by Medicare, Medigap also covers coinsurance for skilled nursing, overseas health coverage. Medigap also covers the deductible for the use of Medicare Part A and B and any excess charges associated with the senior’s use of Medicare Part B. This is by far the most comprehensive and cost-effective coverage available to seniors today.
Many consider the access to the largest network of health care professionals and facilities to be the biggest reason to choose Medigap insurance. That means seniors are more likely to find a physician or facility that is covered by the plan to handle any medical issue they have. Also of vital importance to senior is the cost of the coverage. The wide range of plans and coverage Medigap offers means there is sure to be one to fit every budget. Although Medigap doesn’t cover dental care, hearing aids, eyeglasses, long-term care, vision or private-duty nursing, the policy is guaranteed renewable. No matter your health problems as long as you pay your premiums your policy cannot be canceled.
As the cost of health care continues to rise Medigap offers seniors the opportunity to be able to afford the medical care they need.
Medicare Advantage is a type of coverage that combines both Part A and Part B benefits. Instead of having to pick whether you want hospital coverage or doctor coverage, you simply get both with the same policy. With Medicare Advantage, you’ll also typically get access to Medicare Part D, which is prescription drug coverage. Many of these policies also come with other additional benefits that you can choose to add on.
When to Choose Medicare Advantage?
When it comes to picking a Medicare plan, it can be very difficult to decide which type of policy you need. When you are evaluating whether you need to get a Medicare Advantage plan or not, focus on your health history and see what you really need the most. For example, if you have a condition that will most likely cause you to be in the hospital at some point, then you obviously need Medicare Part A. If you make frequent trips to the doctor, then getting Part B makes sense too. If you would rather not have to deal with multiple policies, and you want other health benefits as well, then Medicare Part C makes a lot of sense for most people.
When choosing a Medicare Advantage policy, it is important to make sure that you look at all of the various options that are available to you. Some coverage areas include vision, medical testing, prescriptions, hearing, and health and wellness programs. You can pick and choose the options that fit the best for you, and see how they affect your potential premiums. As you continue to add more options, the premiums will go up.
Getting a Plan
When you decide that you want to sign up for Medicare Advantage, you can only join at certain times of the year. If you miss this window, you’ll have to wait until the next enrollment period. These plans are also available to individuals who have a pre-existing medical condition.
With the versatility and wide-ranging benefits that come with a Medicare Advantage plan, they make a lot of sense for most people who are eligible to start participating in Medicare. Look at the plans available to you and see which one fits your needs the best.
Whole life insurance offers a death benefit. A policyholder who dies while paying premiums on a whole life policy will have a death benefit go to his or her beneficiary or estate. This benefit will start at the face value of the policy on the date that the policy goes into effect. Therefore, a whole life policy with a $50,000 face value would pay out that amount should the policy holder die the next day with the premium payment up to date.
Whole life policies grow over time. Term policies will pay out the face value of the policy regardless of when a person dies, and this value can drop as a policyholder ages. A whole life policy uses investments to grow over time. Therefore, the death benefit that will be payable on an 80-year-old who dies after paying premiums for 60 years could be many times the face value of the policy.
Whole life policies have stable premium payments. Those who take out a whole life policy at 18 and keep the same policy will pay the same premium at age 75. The cost will vary based upon the age and health of a person when they take out the policy, but premiums will never increase. Term insurance will go up over time, and those who are about to reach their retirement years will have to pay much more in premiums for the same or even less coverage. You can shop online for quick and free whole life insurance quotes to compare with the cost of a term insurance policy today.
Whole life insurance can pay annual dividends in retirement. Many people have their life insurance work like an annuity as they hit retirement age. The insurance company will pay a certain amount to policyholders each year. This money can go toward enhancing income during retirement.
Whole life insurance provides a number of great benefits for those who hold a policy. It can not only pay a death benefit like term insurance, it can also provide income in later life and grow in value over time. All of these benefits are available without seeing an increase in premium costs.
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.
Life insurance is one of those things that people put off for years thinking that they are invincible. Nobody wants to think about their own mortality and the decision regarding whether or not life insurance should be purchased is often pushed far off down the road. There are numerous reasons why you should not delay the purchase of life insurance, which is the focus of this article.
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!