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Enriching your life; informing your health. Life insurance, and other topics.


Answering Your Common Questions About Life Insurance
Answering Your Common Questions About Life Insurance
Purchasing life insurance can be quite overwhelming. There are many things to think about, including prices, coverage, and who will be your dependents. Here are some frequently asked questions concerning life insurance claims that will be beneficial in making your decision. 

How much life insurance should I buy?
This depends on how much you feel comfortable with buying, but generally speaking, it is a good idea to purchase a plan that is 10 times your annual income. Of course, start off with as small of a plan that you feel comfortable with, and then slowly build.

Is life insurance even necessary?
Across the nation, only about three in five people own some type of life insurance. While another 34% report a likelihood of making a purchase within the coming year, some individuals don't elieve life insurance is necessary. Simply put, the whole reasoning behind investing in different life insurance plans is to protect your family financially in case anything happens to you. Just having the sense of security that your family is protected in case of the worst will give you peace of mind for the future. 

How long of a term do I need to buy?
Depends on your age. For example, if you are in your 30s, then you should start out with a 30-year plan. This will give you about 30 years to create a stable nest egg to fall back on. If you have any questions, one of our life insurance specialists will be able to recommend a plan that will work the best for your needs.

Can you explain the process of underwriting to me?
When purchasing a life insurance claim, the company you are going through will need to complete an underwriting process. This is when they evaluate your lifestyle and determine how much it will cost to provide coverage. Some factors they consider include your age, your overall health and if you suffer from any long-term conditions, your family health history, and whether or not you work in a hazardous occupation such as construction work.

Have anlife insurance claim other questions about life insurance claims? Please contact our professionals today and we will help choose the right plan for both you and for family.

Are Millennials Buying Life Insurance?
Are Millennials Buying Life Insurance?
Starting in 2030, the last group of Baby Boomers will turn 65. This means that one-fifth of Americans will be older adults -- that is 72 million people, according to the 2013 State of Aging and Health in America report. While the Boomers were overwhelmingly the largest living generation, they are now rivaled by a younger group: The Millennials, also known as Generation Y. 

This large, diverse, digital-savvy generation has certainly been a hot topic of discussion. Taking the interpretation of Millennials a step further, a recent survey by Benenson Strategy Group dove into their take on health insurance. The researchers found that a vast majority of Millennials are not only insured but also take insurance seriously. 

According to the survey results, which reported the answers of more than 1,000 Millennials around the United States, 86% of respondents are insured. Furthermore, 85% said it is either "absolutely essential" or "very important" to be covered by a health insurance plan. Of those who have coverage, 39% are receiving it through their employer and 20% are receiving assistance from Medicaid. 

Are Millennials Buying Life Insurance?

The short answer: no. While Millennials are purchasing health insurance, they don't seem to be thinking that far in advance. In a 2015 study, LIMRA Research Institute looked at how many members of Generation X and Y were purchasing life insurance. The results showed that while the majority of members of these generations believe that they need more coverage, less than 20% reported being "very likely" to buy it.

"The study clearly shows that people recognize the value of life insurance and the risks they face being underinsured," Todd A. Silverhart, Ph.D., corporate vice president of LIMRA said in a press release. "Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance."

For Millennials specifically, interest was especially low in purchasing this type of insurance. Only 11% of respondents between the ages of 18 and 34 said that they were very likely to buy it. As insurance companies continue to grapple with the issue of attracting this generation to their policies, they should remember to be inclusive in their marketing and be transparent in the benefits of choosing a health plan.

New 2017 National Medicare Supplement Price Index Released
New 2017 National Medicare Supplement Price Index Released

Health insurance policies can be extremely complicated, especially in these polarizing times. Sadly, in 2014, according to the U.S. Centers for Disease and Prevention (CDC), there were roughly 3.7 million people without healthcare insurance. It's important to stay up-to-date on how to live a healthy lifestyle in the best way possible and what the best available health insurance policies are.

 

Yahoo! Finance reports that during March 2017, according to the 2017 National Medicare Supplement Price Index, costs for Medicare Supplemental Insurance showed little or no increase.

 

"In many places, costs for Medigap protection did not change and that's good news for the 10,000 Americans who turn 65 every day," said Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).

 

Medigap policies typically cover only one person. If an individual and his or her spouse wanted Medigap coverage, they'd have to buy separate policies, which can lead to even more insurance complications.

 

"Individuals mistakenly assume that all Medicare insurance options including prices are standardized," added Slome. "One can pay more than double for virtually identical coverage.”

 

CBS Money Watch reports that the Medicare Supplement Price Index compared various insurance rates for the top 10 metropolitan areas in the United States.

 

Slome did note, however, that the study did not factor in available discounts like household discounts, which have the potential to significantly reduce insurance costs.

 

The research found that monthly premiums during 2016 for the average 65-year-old man were about $444 a month in Manhattan (highest monthly premium). The lowest monthly premium was $126 in San Antonio.

 

Compared to the 9.7 million in 2010, there were approximately 13.1 million Americans that owned insurance in 2016. The Association study examined monthly rates for 65-year-olds purchasing various insurance policies.

 

As more and more Americans reach their mid-60s each year, a stronger emphasis will be placed on the importance of insurance coverage. These surveys are great for keeping Americans knowledgeable about what's going on in the health and insurance industry, which does or will directly impact nearly everyone in the country.

 

If you want to learn more about quality health insurance policies and Medicare Supplemental Insurance, contact Bankers Fidelity today.


5 Tips For Talking To Your Partner About Life Insurance
5 Tips For Talking To Your Partner About Life Insurance
If you and your spouse have not discussed purchasing a life insurance plan, now is the time. Life can be unpredictable, so it is best to plan ahead for your family's future. If you are feeling hesitant or nervous, there are strategies you can use to make this conversation feel natural and mutual. Follow these tips for bringing up life insurance with your partner.

  1. Keep your family central. Just like services such as medicare, life insurance aims to take a financial burden off of your family. When discussing this topic with your partner, frame it this way. Highlight how purchasing coverage will benefit your family members, both present and future.

  2. Be prepared with numbers. Even though the circumstances surrounding life insurance are emotional, it is important to include facts and figures in the conversation as well. If your current financial status is your spouse's concern, remind them that you can purchase life insurance within a range of benefit increments, from as low as $10,000 to millions.

  3. Be patient. You partner may not be on board right away, and that's okay. Be patient, yet persistent, going forward. Let them take the time they need to think, but don't let them brush the subject under the rug.

  4. Listen. Even though you are the one leading the conversation, be sure to take the time to listen to your spouse. They will likely have plenty of thoughts and questions. Practice active listening and make them feel understood.

  5. Know your options. As you and your partner age, it's important to fully understand how medicare and life insurance can benefit you, and what the appropriate package for your needs will be. Set up a meeting with an insurance professional to go over all of your options together.
If you attempt to discuss life insurance with your partner, and they are not receptive at all, consider making an appointment with a professional. This can be either an insurance specialist, a financial planner, or a counselor. During this meeting, the professional can guide the conversation, facilitating a discussion between you and your spouse in a calm, unbiased manner. As you and your partner age and grow together, so will your financial needs. Now is the time to make sure that your future is covered.

3 Reasons You Need to Enroll in Health Insurance Today
 3 Reasons You Need to Enroll in Health Insurance Today
Did you know that approximately two in five Americans under 65 have health insurance through their employer? Many companies offer health insurance to their employees, and for good reason. Health insurance is one of the most important services you can have. 

Whether you're completely healthy or suffer from frequent sickness, health insurance is an incredibly important part of living a healthy lifestyle. If you're uninsured, you're missing out on countless benefits that health insurance policies can offer you. Here are 3 essential health benefits of being covered. 

Pay Less for General Care 
Whether you like it or not, going to the doctor is important. However, going to the doctor without health insurance costs a lot of money that you may not have available. If you invest in a quality health insurance plan, you'll be paying much less for a trip to your primary care physician. Even if you're only visiting the doctor for your annual checkup, it's important to be covered. This service can help you pay for important procedures and vaccines that you should be getting every year. 

Better Prescription Coverage 
If you've ever looked at the price on one of your prescriptions, it's enough to make you want to never take the medicine again. Some prescription drugs are so expensive that it's just not possible for a single person to pay for them all alone. If you have health insurance, your insurance policy will help you pay for those medications that you absolutely need. It makes staying healthy much easier and less expensive. 

Avoid Tax Penalties 
If you're one of the individuals not enrolled in health insurance, you're not eligible for a tax exemption. As such, you'll be required to pay a hefty fine for your lack of insurance, which can hit you right where it hurts: your wallet. 

It might seem like an unnecessary precaution to take, but health insurance is one of the most important things you can invest in for yourself. Not only does it make health care more affordable, it provides you with the means to gain essential health benefits.

Maintain a Healthy Lifestyle as You Age With These 3 Tips
Maintain a Healthy Lifestyle as You Age With These 3 Tips

Maintaining a healthy lifestyle is important from the time you first learn to feed yourself until your last years on earth. No matter what your financial situation may be, where you're living, or how big your family is, you will always need to focus on your health.

 

As you grow older, however, your health becomes the single most important aspect of your entire life, and you should treat it as such. Not only do you need to do everything you can to maintain a happy and healthy lifestyle, but you need quality health insurance policies and life insurance policies as well.

Here are some tips to maintain that happy lifestyle well into your old age.

 

Eat Right

It is recommended that you consume at least one and a half to two servings of fruit a day and two to two and a half cups of vegetables every day. If you want to live a strong and healthy life in your elderly years, you're going to have to get serious about your diet. Not only do you need to eat a healthy dosage of good foods, but you also need to completely cut out unhealthy foods from your diet. Just because you eat the recommended amounts of fruits and veggies doesn't mean you're allowed to stuff your face with cake, candy, and fast food all day. Develop a healthy and realistic diet and stick to it, no matter what, because your health depends on it.

 

Get Rid of All Your Bad Habits

If you're still smoking, it's time to stop. You know how dangerous it is and even this late in life, if you fully quit smoking, you'll feel more energized than ever and much healthier. In addition to quitting smoking, try your hardest to change any other unhealthy habit that you've developed over the last few years. If you spend all day sitting on the couch in front of the TV, consider getting outside a bit more.

 

Get Plenty of Sleep

Your body needs to regenerate each night and getting enough sleep is essential in doing so. If you really want to stay healthy, you have to do everything together. You can't just exercise, sleep right, and eat right but still smoke a pack a day. You have to get a decent amount of rest each night, stop smoking and doing all your bad habits, and eat right every single day to ensure a happy and healthy lifestyle.

 

It's so easy to let the feelings of laziness overcome you as you grow older. You have to give yourself a fighting chance to have a happy and healthy life for as long as you possibly can. Don't think for a second that just because you're not as young as you used to be that you can't improve your health. Talk to a professional and determine and individualized diet that you'll be able to stick to, put an end to all your unhealthy habits, and get plenty of sleep. You're going to need all that rest, too -- you have a lot of life left to live.


Keeping Up With Your Responsibilities as You Age
 Keeping Up With Your Responsibilities as You Age

Health insurance and life insurance are essential aspects of life. A common misconception around the elderly population is that once a person grows older, they no longer have any responsibilities. That is simply not true. Although an elderly person might not have as many responsibilities as they did when they were in their 40s and 50s, they still have plenty of major responsibilities, they are just different responsibilities.

 

Living a healthy lifestyle, for instance, becomes the most important aspect of life as you grow older. Obviously, living a healthy lifestyle is important for people of all ages, but younger people can bounce back a little bit more easily compared to their elderly counterparts. Wholly 84% of the population of people 65 years and older die from heart disease.

 

In addition to focusing on living the most healthy lifestyle possible, another important responsibility you have to consider is what health insurance policies you're dealing with.

 

"Medicare is a great program but understanding options and choices is definitely not simple," said Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI). "Comparing options, plans, and some of the free perks insurers now include to benefit seniors can help reduce costs, secure care choices, and even offer no-cost bonuses.

 

Medicare supplemental insurance is becoming a popular option for seniors who are considering health and life insurance policies. In 2013, 39.7 million Americans were enrolled in Medicare. By 2015, that number reached over 55.7 million and experts predict that there could be 81 million enrollees by 2030.

 

According to Yahoo Finance, every single day in the U.S., 10,000 people turn 65, which is why it's so important for the elderly to start planning their insurance coverage policies as early as possible.

 

"Choosing the right Medicare insurance coverage at the beginning can be the most important financial and healthcare decision made before or during retirement," added Slome.

 

Just because you've reached your old age, doesn't mean you don't have a future to look forward to and plan. It's time to start taking your health insurance seriously and begin planning for the most important aspects of your future. If you want to learn more about Medicare supplemental insurance, contact Bankers Fidelity today.


3 Mistakes to Avoid When Choosing a Medicare Plan
3 Mistakes to Avoid When Choosing a Medicare Plan

If you're a senior, it's important to have comprehensive medical insurance coverage. But with so many options available to you, it's hard to know if you're making the right choice. Since around 10,000 Americans over the age of 65 enroll in Medicare for the first time every single day, it's important to be armed with accurate information about these plans. Otherwise, you could be stuck with an expensive plan that doesn't cover what you really need.

For many folks, Medicare supplement insurance is a must. Also referred to as Medigap insurance, there are several Medicare supplement insurance options available to you. But whether you go with an original Medicare plan or choose to work with a supplement insurance company in addition to your base policy, there are certain mistakes you need to avoid making. Here are just three of them:

  1. Not understanding the differences between plans

    If you're new to Medicare, grasping the differences between certain types of plans can be a challenge. But original Medicare is quite a bit different from a Medicare Advantage plan. With an original Medicare plan, you'll be signing up for a fee-for-service type of policy. Some seniors will cover the gaps in this type of plan with a Medicare Advantage or Medicare supplement insurance plan. Original Medicare plans will allow you to visit any doctor who takes this type of insurance, but a Medicare Advantage plan will typically let you visit only a certain network of doctors. The Medicare website is a very helpful source in dissecting the differences between the plans available to you.

  2. Picking a random plan out of frustration

    Granted, picking a medical insurance plan can be overwhelming. But the last thing you want to do is choose a plan at random just to get the process over with. Make sure you give yourself enough time to really compare plans and choose one that makes the most sense for your needs. If you're too hasty in choosing a plan (or choose one just based on cost), you'll likely end up paying more and won't have the coverage you really need. To reduce stress, start the process early and ask for assistance if you need it.

  3. Assuming you're covered

    Medicare plans may cover a lot of services, but they may not cover exactly what your specific circumstances require. The majority of original Medicare plans won't cover dental or vision, and long-term care and assisted living expenses aren't usually covered either. To fill in the gaps, most people find it worthwhile to get a Medicare supplement insurance plan, which can be particularly helpful for copayments and deductibles. Be sure to do your research and know exactly what your plan covers (and what it doesn't). Otherwise, you may be stuck with medical bills that are higher than they need to be.

If you're a senior or soon-to-be senior in need of supplemental Medicare insurance plans, Bankers Fidelity is here to help. We can help you choose a supplement plan that works for your financial and wellness needs. For more information, contact us today.

Sources:

Medicare.gov

Grandparents.com, via Huffington Post


Medigap 101: What to Know About Medicare Supplement Policies
Medigap 101: What to Know About Medicare Supplement Policies
Medicare helps countless individuals receive the health attention that they need, despite age or disability. But while medicare coverage is better than no coverage at all, there are still a number of health concerns that are not covered.

After retirement, a senior's income can drastically reduce, meaning that they often rely on medicare for their healthcare needs simply because they cannot afford a more expensive plan. That's why medicare supplement insurance services can be a saving grace for seniors who need any of these services, or cannot afford the cost of copayments, deductibles, and coinsurance that covered individuals would normally have to pay out of pocket. 

But in order to qualify for a medigap, or supplemental medicare plan, you'll need to meet certain requirements. Here are some things that you absolutely need to know about medicare supplements:

  1. You must be signed up for medicare parts A and B in order to be covered by a medigap policy. Parts A and B cover hospital insurance as well as medical.

  2. Medigap only covers one person, so if you and your spouse want coverage, you will have to purchase separate policies.

  3. You are able to purchase a medigap policy from any insurance agency licensed in your state of residence.

  4. If you're currently covered by a different policy, like the Medicare Advantage Plan, then you can still apply for medigap. However, before your medigap policy begins you should be sure to cancel your other plan. Having both plans will not give you additional coverage.
  5. You will not be denied medigap coverage if you start having health problems, as long as you continue to pay the premium.

  6. Legally, no one can sell you a medigap policy if you have a medical savings account (MSA) plan.
In most cases, medigap does not cover the costs of the six following medical needs: long-term care, at-home nursing services, vision, eyeglasses, dental, or hearing aids. However, with the money that an elderly person saves by enrolling in a medigap policy, these costs will not be such a financial burden.

Of course, when it comes to choosing, you want to make sure that you have the best medicare supplement policy possible. 

Finding the best medicare supplement is much easier than you may think, though. Bankers Fidelity has received an A-rating by A.M. Best for excellence, and our customers agree. If you need supplemental insurance, contact us today to talk through your options.

Cancer Care Insurance: Is It Right For You?
Cancer Care Insurance: Is It Right For You?
All across the nation, there's been a lot of talk about medical insurance coverage as of late. While some people feel health insurance rates are far too high, others say they owe their lives to the coverage they were able to get. No matter what kind of laws are passed in our country, managing health care expenses can be a real struggle. It is safe to say that making a decision about which type of life insurance or health supplement plan you need can be overwhelming, especially as more options for plans become available.

One option that has emerged in recent years is the implementation of cancer insurance policies. Most health insurance plans currently cover preventative exams like mammograms --which have been shown to reduce breast cancer-related deaths when women ages 65-74 have them performed at least every two years -- are already covered. But if you were to receive a cancer diagnosis, there are many treatments that might not be covered by your existing plan.

That's why many people opt to supplement their existing plan with a cancer insurance policy. As more people have to choose basic, less expensive health plans, their coverage for these types of treatments often decreases. Cancer care insurance can help you pay those high bills or help you afford in-home care, experimental options, or appointments with specialists who are out of your insurance network. These cancer care insurance plans can even help you pay for living, travel, or childcare expenses that are related to your treatment.

It is important to note that while these policies may help you pay for some or all of these expenses, not all policies are created equal. Be sure to read the fine print and find out exactly what a given cancer insurance plan covers. And if you've been diagnosed with a form of cancer in the past, certain insurance companies may deem you ineligible for this type of plan. However, if you have a history of cancer in your family, it may be worth your serious consideration.

If you're dealing with cancer, the last thing you want to stress about is money. For your own peace of mind and to help you handle the financial burden of a diagnosis and subsequent treatment, cancer care insurance may be the right choice for you. When your basic health plan leaves significant gaps in your coverage, you need to assess your risk and determine whether investing in a cancer care plan is worthwhile. For more information about our plans, please contact us today.