If you are concerned about critical illness, it’s natural to be worried about your future and how you will be able to cope financially. You may also be anxious about the welfare of your family and how to continue to take care of them and pay for your medical expenses. Your life expectancy can also be a very important reason to buy this coverage.
Some of the things people need help with when they are diagnosed with a critical illness include:
Note: If you're in a Medicare Advantage Plan or other Medicare plan, you may have different rules, but your plan must give you at least the same coverage as Original Medicare. Some services may only be covered in certain settings or for patients with certain conditions.
In general, Part A covers:
When you pay your insurance premium for a permanent life insurance policy, the money is generally allocated in three portions:
The cash value generally grows slowly in the first few years of the policy then experiences more significant growth later. The cash value accumulation then slows again as the policy holder ages and more of the premium is applied to the death benefits.
The life insurance cash value growth is dependent on both the premium and how well the life insurance company’s investments perform. Some forms of permanent life insurance policies offer a guaranteed minimum rate of return. You’ll benefit when the investments perform well; you earn a higher return on the investments, and can be protected if the policy has a guaranteed rate of interest when economic times are slower. Additionally, some insurance companies will also pay a dividend if fewer life insurance policies are paid out in a given year.
The rate of return on the investments made by any life insurance company varies for a variety of reasons:
What you can do during the Open Enrollment Period (OEP):
When is Open Enrollment?
Open Enrollment is from October 15th through December 7th every year. If you use the Open Enrollment period to choose a new Medicare Advantage or Part D plan, that new coverage will begin on January 1.
In its basic form, a life insurance policy provides death benefits and is designed to cover loss of income, end-of-life expenses, funeral costs and other financial needs that a family may have if you – the policyholder – should die unexpectedly.
While death benefits are often designated for funeral expenses and income replacement, life insurance is a very flexible type of coverage that can be used in numerous ways.
To get the most from Medicare — and your health care dollars — you need to carefully evaluate the costs and benefits of all of your plan options.
Open enrollment is the one time each year when you can make changes to your Medicare coverage.
Here are some questions to help you compare options and find the best plan for you.
1. How much will I have to pay for premiums, deductibles, doctor visits and hospital stays?
2. Will I have to choose hospital and health care providers from a network?
3. Will my doctors accept the coverage? If not, are there doctors near me who will?
4. Will I need referrals to visit specialists?
5. Will the plan cover me if I get sick while traveling in another state?
6. What will my prescription drugs cost?
7. Are my drugs on the plan's drug list (or formulary)?
8. Does the plan include the pharmacies I currently use?
9. Can I get my prescriptions through the mail?
10. Does the plan have a good quality rating?
Whether you are new to Medicare or are deciding if you should change plans during Medicare's Annual Enrollment Period, more commonly called Medicare open enrollment, you should gather information from a variety of sources.
Welcome to our new insurance agency blog!
This is our very first post. We're not quite sure what we're going to write about here, but the plan is to create helpful content for customers and prospective clients about information that is relevant to you.
We hope you'll come to view this as a top resource for keeping your family and your finances safe.
Here are a few of the topics we may be writing about: