B-Informed Blog

B-Informed Blog

rss

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


Life Insurance Glossary: 5 Terms You Must Understand
Life Insurance Glossary: 5 Terms You Must Understand
Selecting life insurance can be difficult. Even beyond the typical struggles that many people face with estate planning and other related matters, the numerous terms and policy options for life insurance can make the buying process very difficult.

But despite that difficulty, life insurance is very important. In fact, 86% of respondents to a study agreed that the vast majority of people who should have at least some amount of life insurance coverage. 

In order to better help you navigate the difficult life insurance purchasing process, we've put together this glossary of terms that you should be familiar with.

  • Death Benefit: The death benefit is the money that your beneficiaries receive upon your death. When you're purchasing life insurance, you can select the amount of your death benefit coverage. Alternate terms include Face Amount Policy Value and Payout.

  • Term: The term term refers to duration of your policy. Most life insurance options have a set date, so it is important that you pay attention to the length of your term.

  • Premium: Just like with Medicare and other insurances, you are required to pay a premium. Think of it as your maintenance fee, something that you need to pay on a regular basis, although frequency that premiums are paid can vary, so watch out.

  • Beneficiary: Your beneficiary is the person who will receive your death benefits after you pass. You can choose one person to receive your benefits, or you may split your benefits among a number of people. Alternatively, you can choose an organization or charity to receive all or a portion of your benefits.

  • Risk Class: When it comes to life insurance plans, applicants are often sorted in terms of how likely they might be to die during the term of the policy. Factors that are considered include weight, height, family history, medical history, and tobacco use.

    The risk class you're in can have a direct impact on how much you're required to pay for your insurance. Maintaining a healthy lifestyle can improve your risk class.
Purchasing life insurance can be confusing: there's a myriad of considerations and terms that you're expected to contend with. Hopefully, this glossary has helped to ease some of that confusion and allowed you to make an informed decision.

Sources:

  1. BestLifeRates.org, "2016 Life Insurance Statistics and Facts"

Signs You Might Need Medicare Supplement Insurance
Signs You Might Need Medicare Supplement Insurance

Medicare is an amazing program, covering preventative costs, emergency visits, short-term care needs and more. According to the Kaiser Family Foundation in 2013, 6 in 10 Americans believe the program is working well, with 8 in 10 seniors giving it a positive review.

Despite its popularity, however, Medicare does not offer exhaustive coverage. Gaps exist in areas like traveling abroad and prescription drug coverage.

In order to rectify these short-fallings in essential health benefits, several Medicare Supplement insurance plans, or Medigap insurance, exist to help.

Below are reasons you may want to consider Medigap insurance:

If You Have Cancer
Cancer is a very difficult disease. It is especially difficult on the finances of the family. With Original Medicare, most of your inpatient and certain outpatient procedures may be covered; however, you may still experience a hefty co-payment on many necessary procedures.

Medigap insurance can help alleviate some of that burden, covering some of your co-pays and allowing you more options for the sort of medical attention you want.

If You Plan To Travel Abroad
For many seniors, retirement is the reward for a life of working and contributing to society. The so-called golden years are your chance to focus on your loved ones, see the world, pursue a passion, or generally relax. That said, if you do plan on seeing the world, it is important to know that your Medicare will not cover many medical expenses abroad.

The six standard plans that offer coverage for emergency care while traveling abroad are: Plans C, D, F, G, M, and N. These plans will ensure that you are covered in the case of an extreme emergency, but you still must plan ahead for your prescriptions.

Medicare Supplement options can go a long way to ease the burden of certain medical conditions and broaden your coverage but they are by no means the end all be all in managing health care expenses. Talk to your insurance agent to see what programs might be best for you. 

https://www.medicare.gov/Pubs/pdf/11034.pdf

Disclaimer: Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. 

B 0249 04


Air Pollution Still a Problem for Older Adults: 5 Steps to Mitigate the Risk
Air Pollution Still a Problem for Older Adults: 5 Steps to Mitigate the Risk

A new study published in the New England Journal of Medicine concluded that air pollution kills thousands of Americans every year. The study used data from millions of Americans on Medicare to determine the consequences of air pollution on older Americans.

The study was among the most comprehensive to date on the effects of air pollution. Led by Francesca Dominici, a Harvard T.H. Chan School of Public Health biostatistics professor, the study required researchers to synthesize data from federal air monitoring stations and satellites to create a map of air pollution. The map was so detailed that it could determine pollution for individual zip codes.

The pollution map was then cross referenced with data from 60 million Americans on Medicare from 2000-2013. The conclusion drawn was that even low levels of air pollution are lethal, killing around 12,000 Americans per year.

"We are now providing bullet-proof evidence that we are breathing harmful air," Dominici said in an interview with NPR. "Our air is contaminated."

But what can Americans do with this information? There are several concrete steps you can take to protect yourself.

1. Check Your Daily Pollution Forecast
The American Lung Association has an app that you can download that will let you know how much pollution to expect in your area on any given day. If the forecast is high, limit the amount of time you spend outdoors.

2. Avoid Exercising in Areas of Heavy Traffic
Cars create pollution. Even if you are going for a short walk down the road, the pollution has the ability to build up over time. State parks and gyms are a great alternative for a safer place to exercise.

3. Get Regular Check Ups
Air pollution can cause a number of diseases, including lung cancer. That is why it is important that you take full advantage of the preventative care options that your insurance offers. That way, you can catch any diseases early.

4. Stop Smoking
This one should be self-explanatory, but if you are worried about air pollution then you need to make a concerted effort to cut down on the amount of cigarette smoke you are exposed to. While smoking habits have decreased, 8.4% of the population still smoked in 2014, according to the State of Aging and Health in America.

5. Consider Medicare Supplement Insurance Options (Medigap)
If you live in an area of high pollution, you may decide to invest in a Medigap plan that can offer you more protection should the worst happen.

Air pollution is a serious problem for all Americans, but for seniors, it can have a more pronounced effect. Taking precautions can prevent you from experiencing the worst of the consequences. 

http://www.nejm.org/doi/10.1056/NEJMoa1702747

Disclaimer: Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. 

B 0249 03


Depression and Senior Citizens: What You Need to Know Part 2
Depression and Senior Citizens: What You Need to Know Part 2

Depression is a serious illness that affects a growing number of Americans, including seniors. The good news is that depression can be managed with the proper care.

In the first half of this series, we talked about some of the contributing factors for depression. We also talked common indications that you might need to reach out to a medical professional for help.

In this second half, we will talk about how you can use Medicare Supplement plans to help you fight back against depression. 

 

Original Medicare

Since 2012, Medicare Part B has covered one depression screening per year. This screening is entirely free if your doctor accepts assignments. The screening must be carried out by a doctor in a primary care facility, however they have the ability to write a referral to a mental health specialist if needed.

Part B also covers outpatient services, like psychiatrist or clinical psychologist visits -- again, so long as the doctor accepts assignments. For these services, you will have to pay a copay or coinsurance of 20% of the Medicare-approved amount.

 

Medicare Supplement Insurance Options

There are a number of benefits to owning a Medicare Supplement insurance policy. For starters, plans available in your state often help cover your copays and coinsurance.

 

Medicare Supplement insurance plans differ by allowing you to choose a plan better suited to your specific needs. If you have a history of mental illness, then you may choose to invest in a plan that has broader coverage of mental health-related charges.

 

Depression is one of the most difficult illnesses to diagnose and treat. But knowing what to watch out for and what resources are available to you will give you a big advantage.

 

http://www.gallup.com/poll/181364/reports-depression-treatment-highest-among-baby-boomers.aspx?utm_source=CATEGORY_WELLBEING&utm_medium=topic&utm_campaign=tiles

Disclaimer: Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. 

B 0249 02


Depression and Senior Citizens: What You Need to Know Part 1
Depression and Senior Citizens: What You Need to Know Part 1

Not all ailments are physical. In fact, 14% of baby boomers -- or one in seven -- said they were being treated for depression according to a 2015 Gallup poll. That rate is higher than any other generation of American adults.

Oftentimes, those suffering from non-physical illnesses are uncomfortable talking about their struggle, which might even prevent them from seeking therapy and getting the help they need.

This two-part guide is designed to help you better understand how depression can affect Medicare-aged individuals, and what they can do to combat the illness.

Part one will focus on risk and detection.

Risk Factors for Depression in Seniors
Many people who suffer from depression have lived otherwise healthy and pleasant lives. This is, in fact, part of why a stigma has developed around depression and other mental illnesses. Still, there are some things that have shown to increase the risk that you should bear in mind:

·       Physical disability

·       Changes in environment

·       Medication

·       Poor Diet

·       Loss of a loved one

Signs of Depression in Medicare Aged Individuals
While everyone feels under the weather from time to time, there is a serious difference between feeling sad for a day or two and depression. Whether you think you might be struggling with depression or you're a concerned caregiver, there are a few signs to be on the lookout for.

Persistent sadness: As we mentioned before, there is a difference between a bad couple of days and depression. That said, if the bad mood or sadness persists beyond two weeks, then you should strongly consider speaking to a therapist.

Withdrawing: Are you or your loved one suddenly not feeling up to large group gatherings or even intimate get togethers? A sudden change in the way you interact with the world should be a clue that something is wrong.

Lethargy: While slowing down might be a natural part of aging, if you or your loved one has suddenly started feeling too tired to get out of bed and carry on everyday routines, then there is cause for concern.

Irrational Guilt: Guilt is a useful emotion, and one directly tied to a sense of right and wrong and empathy. But if you or a loved one feels compelled to apologize for, and overreact to everything, then there might be something worth exploring with a professional.

Depression is a serious issue for many seniors. While certain things can help you prevent depression, like practicing a healthy lifestyle, it often will require medical assistance. In the next part of this series, we will talk about treatment and what Medicare Supplement insurance plans may be the best fit to help you combat depression.

Banker's Fidelity offers Medicare Supplement Insurance plans in states across the country. If you need help choosing a health plan or deciding which is the best Medicare Supplement for you, contact us today.

http://www.gallup.com/poll/181364/reports-depression-treatment-highest-among-baby-boomers.aspx?utm_source=CATEGORY_WELLBEING&utm_medium=topic&utm_campaign=tiles

Disclaimer: Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. 

B 0249 01