Are Millennials Buying Life Insurance?
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.
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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. The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance CompanyTM, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
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