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


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.

5 Important Questions You Should be Asking Your Life Insurance Company
5 Important Questions You Should be Asking Your Life Insurance Company
Life insurance is an important step in preparing to care for your family in the event that you pass away unexpectedly, but it's completely normal to have questions. In fact, it's encouraged. 

Approximately 86% of surveyed individuals reported that they believe most people require some amount of life insurance, but they may not know what questions to ask a life insurance company. Here are a few important questions to get you started. 

Why should I buy life insurance? 
The short answer is to provide for your family after you pass away, but if your employer already provides life insurance it may still seem odd to purchase more. The biggest reason in that case to purchase more life insurance is that your policy might not transfer between jobs, which isn't good. A personal policy ensures that you're covered no matter what. 

Will I be covered with disabilities? 
Most insurance policies have a number of optional benefits, or riders, that can be added to a plan. One of these is usually a disability rider, which makes sure that you will still be covered in the event that you become disabled due to an accident or an illness. 

Do I need a medical exam? 
Whether or not you need a medical exam really depends on the insurance policy your purchase. Some life insurance companies will require a medical exam before you can get coverage while others might not require an exam at all. It's important that you always ask your life insurance company about this. 

How much life insurance do I need? 
The amount of life insurance varies on an individual basis. You should pick a policy depending on your personal needs and the needs of your family. But if you're concerned about numbers, you should take your potential medical bills, children's education, retirement, and a multitude of other factors into account to help you decide just how much insurance you'll need. 

Life insurance is incredibly important, especially if you're concerned about your family's well-being. It's the best way to ensure that they'll be well-provided for after you pass away.

Family First: 3 Important Things You Need to Remember About Life Insurance
Family First: 3 Important Things You Need to Remember About Life Insurance
Approximately three out of five people have some form of life insurance, and another 34% have intentions of investing in life insurance plans within the next year. While life insurance policies are fairly common, many people don't quite understand just how important they are. 

There are countless great reasons to invest in a life insurance policy, but before you do, there are some important things for you to remember. Enrolling in a life insurance plan might seem like a smart idea even if you're living a healthy lifestyle, and here are some important points to think about before you invest. 

Taking Care of Loved Ones 
No matter the policy you choose, it's important to remember that it's not all about you. While having a policy as a single person is still incredibly important, the ultimate outcome is going to help those who outlive you. Having a family means taking on additional responsibilities, which is something that a good policy can help with. If you invest in life insurance, it will ensure your family will be protected and provided for. 

For the Living 
As previously stated, this insurance isn't for you because it won't take effect until after you pass away. As the name suggests, this kind of insurance exists to benefit those who are still living after you've gone. It exists for the sole purpose of providing financial security for those who otherwise would rely on your financially. 

Final Expenses 
Paying for a funeral and all of the related costs isn't an easy burden to bear. In addition to dealing with the loss of a loved one, the prices can often be very steep for such services. A good insurance policy will help your family pay for those final expenses so that you can have a beautiful, sentimental sendoff. Without an insurance policy, your family will be saddled with the big bills that often accompany events like a wake, funeral, and other related expenses. 

While you might be the one investing in the insurance policy, it is important to look at the big picture. This kind of insurance puts family first, which is important to remember.

5 Rookie Mistakes to Avoid When Buying Life Insurance for the First Time
5 Rookie Mistakes to Avoid When Buying Life Insurance for the First Time
Approximately 40% of millennials surveyed showed interest in a life insurance policy, and for good reason. Life insurance is important at any age, as it ensures that your expenses will be covered in the event that you pass away. 

But that's not to say purchasing life insurance for the first time is a simple task. In fact, there are many mistakes to be made. That's why we've compiled a list of five rookie mistakes to avoid making when you purchase life insurance for the first time. 

Missing the "free look" period 
After your policy has been issued, you'll have a number of days to look over it and make any changes you need, or even reject the policy altogether. The biggest mistake you can make is not taking advantage of this period of time because it means that you'll be locked into a policy that you may not even want. 

Not comparing apples to apples 
If you're shopping around for life insurance, it's important that you take the time to compare similar products. Looking at a life insurance company's term insurance plan and comparing it to another company's permanent policy isn't going to do you any good. 

Misunderstanding the purpose of life insurance 

Before you purchase any life insurance, you need to understand why it's important. Your main purpose in purchasing a policy from a life insurance company should be to provide for your beneficiaries in the event of your passing. It helps to identify specific costs that would be covered for your family under life insurance policies. 

Ignoring policy riders 
Policy riders are another way in which life insurance companies allow you to adjust your policy. So if you're concerned about being covered while disabled, you can add a disability policy rider to your plan. 

Not researching reputable life insurance companies 
Always, always do your research before you purchase life insurance from just any company. Taking the time to properly research different policy providers could ultimately mean the difference between a great life insurance policy and a sub-par one. 

No matter what age you are when you purchase life insurance, make sure you're avoiding these rookie mistakes.