B-Informed Blog

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


3 Major Life Insurance Mistakes to Avoid
3 Major Life Insurance Mistakes to Avoid

Life insurance is extremely important if you're in your 40s, 50s, 60s, and beyond. In 2015, about 55% of Americans would recommend affordable term life insurance to someone else and in 2016, after an increase of 11%, about 66% of Americans recommended policies.

You have to be careful, however, to not make any mistakes when it comes to these insurance policies. Here are a few common insurance mistakes that people make.

Waiting to Get Covered

Remember to consider that these insurance policies are actually insuring your life. Just because it's your life, that doesn't mean it doesn’t impact others involved in your life like your family and close friends. Waiting too long to get insured will leave your family vulnerable and at risk of struggling financially should you unexpectedly pass -- on top of the emotional stress -- and that can be extremely overwhelming. It’s never too early to ensure that your family will be taken care of in the future, should anything ever happen.

Forgetting About Your Policy

Just because you've made your policy effective doesn't mean that you can’t maintain it. Life is always changing and specific relationships as well as family issues arise and can alter your future. You should always review your insurance policy and adjust it accordingly after any major changes happen to your family or in your life to ensure your insurance policy reflects your current situation. Even if you have had the same coverage for 15 years, you can easily go back and have it adjusted.

Having No Insurance Policy At All

Waiting too long or never adjusting you policy are mistakes people certainly make, but the worst mistake anyone can make involving insurance is by simply not having any. You might think that since you and your family are happy and healthy, that you don't really need any insurance. If you look at it like this, it's difficult to justify spending the extra cash for something that you don't really think is necessary. If you think about your life or your family's future, however, you'll realize how important it is for you to have a great policy.

If you want to learn more about health and life insurance policies, contact Bankers Fidelity today.


5 Things You Should Know About Diabetes
5 Things You Should Know About Diabetes

In the U.S., one-third of adults have pre-diabetes, and the majority of them aren't even aware of it. Because diabetes is such a problem in the U.S., it's essential for patients to have affordable term life insurance plans and all the essential health benefits that you'll need.

 

Here are some of the important aspects of diabetes you should know about.

 

Diabetes Can Be Quite Expensive

Every year, diabetes ends up costing overall roughly $174 billion. Approximately $116 billion was used for direct medical expenses. That's why it's important that you find quality insurance policies that come with the essential health benefits you'll need as you get closer to retirement and old age. Talk to Bankers Fidelity today to learn about essential health benefits.


Not All Blood Glucose Monitoring Meters Are the Same

Every person is different and every case of diabetes is unique in its own way. Certain aspects or features of blood glucose meters vary significantly, so it's important that you're aware of each aspect of your specific meter. Consult with a medical professional and diabetes expert before purchasing any blood glucose monitoring meter.

 

You Should Talk to Your Pharmacist as Much as Possible

Your pharmacist can help you out tremendously, especially if you are still adjusting to being diagnosed with diabetes. Getting to know your pharmacist has its advantages from understanding the frequency and dosage of your medications to being able to anticipate your next refills. In addition, they have thorough knowledge of your medication(s) and will be able to answer any questions you may have, which may avoid calls to your doctor. 

 

Keep Your Cholesterol In Mind At All Times

Diabetes and high cholesterol may go hand in hand. Because high cholesterol can cause serious damage to blood vessels in your eyes among other problems, it's important for you to keep your cholesterol in check with healthy habits. Talk to your doctor about testing for high cholesterol and the frequency you should do so, especially if it runs in your family.


You Don't Always Have to Be Overweight to Develop Diabetes

It's a common misconception that diabetes is linked to obesity. However, according to Women's Health, 15% of people with Type 2 diabetes aren’t considered overweight.

 

Make sure you regularly consult with your doctor whether you have diabetes or not. It's your life and it's up to you to live it in the healthiest way possible.


No Health Insurance? Expect to Pay a Fine This Tax Season
No Health Insurance? Expect to Pay a Fine This Tax Season

Tax season is underway, and while some Americans are looking forward to a nice refund, others are dreading the day they get slammed with penalties and additional payments. And if you didn’t sign up for health insurance last year, you may be kicking yourself.

 

In 2015, the uninsured rate among working-age adults was 13%, which was a 7% decrease since just 2013. Ultimately, the Affordable Care Act (ACA) made it easier for a lot of Americans to purchase health insurance policies; however, not everyone signed up. Since the government mandates that every U.S. resident must have health insurance (unless they qualify for an exemption), individuals who are uninsured are penalized.

 

Of course, that might eventually change now that there's a new administration in the White House. For now, you should prepare for the 2017 tax season as if the individual mandate and associated penalties for not having health insurance are still in effect.

 

If you are uninsured for a full three months in a row, you will be required to pay a tax penalty that is calculated in one of two ways: It is either 2.5% of your total household gross income, or a flat rate of $695 per adult and $347.50 per child. You will pay whichever is higher.

 

Some individuals may be exempt from the Obamacare penalty. Those who don’t have health insurance coverage may not have to pay a penalty under the following circumstances:

 

  • The cheapest health care policy costs more than 8% of your household income

  • Having health insurance is against your religious belief

  • You are incarcerated

  • You have lived abroad for more than 12 months

  • You qualify for a hardship exemption due to homelessness, bankruptcy, etc.

The easiest way to avoid the penalty is to simply sign up for health insurance. You can look into Obamacare health insurance policies at Healthcare.gov or purchase coverage through your employer or a private insurer.

 

When you file your 2017 taxes, the government doesn’t care if you’ve been living a healthy lifestyle and don’t believe you need insurance coverage. Likewise, the taxman won't care if you are happy to pay for your own health care expenses out-of-pocket. The reality is that every eligible U.S. resident must have health insurance. The question is: what policy will you sign up for?

 

For more information, talk to an expert at Bankers Fidelity about your insurance coverage options.


How Does Suicide Affect a Life Insurance Policy?
How Does Suicide Affect a Life Insurance Policy?
A loved one’s suicide can be one of the most painful situations to face. With all the questions and uncertainties that come with such a terrible loss, the last thing you need is to worry about the future because of a denied life insurance claim. Unfortunately, there are a number of factors that affect how a life insurance policy will pay out in the case of a suicide.

The truth is that an insurance company may reject a life insurance claim in the event of a suicide based on two particular clauses: The Suicide Provision and the Incontestability Clause.

The Incontestability Clause 
The Incontestability Clause allows an insurance provider to deny a claim during the first two years of life insurance coverage. The purpose of this, of course, is to deter people from purchasing a life insurance policy before a planned death in order to leave a large sum of money to their beneficiary.

If the individual dies within the first two years, the insurance provider may investigate the claim and deny payout if the cause of death is determined to be suicide. Suicide is not the only reason an insurer can deny a claim under this clause, however. A claim may be rejected if the death occurred during an illegal act, for example. However, once those two years are up, the life insurance claim becomes “incontestable,” with the exception of serious criminal offenses like fraud.

The Suicide Provision 
A life insurance policy may also include an additional provision that regulates the terms and conditions of the payout. In other words, a policy may state that no death benefit will be paid if the insured individual commits suicide.

If a life insurance policy does not include any active clause related to suicide at the time of death, then the beneficiary can still receive the payout in many cases. After all, it would only be fair that family members receive their financial benefits after any kind of unforeseen loss.

Life insurance policies can be obtained at virtually any benefit increment, from as little as $10,000 to payouts in the millions. For more information about life insurance policies, contact Bankers Fidelity today.

4 Simple Ways to Manage Your Health Care Expenses
4 Simple Ways to Manage Your Health Care Expenses

Even if you live an extremely healthy lifestyle, you may still have to visit the doctor once or twice a year. Most people seek medical help more frequently than that, though, and those costs can add up quickly. According to The Commonwealth Fund, about one in five Americans paid out-of-pocket health care expenses upwards of $2,000 in 2014. That is money that, with the right health insurance and a few smart strategies, you shouldn’t have to pay.

Four Tips for Managing Health Care Expenses

1) Select the right health insurance policy for your needs

Bronze plans look good from afar because of their low monthly premiums, but what you may not think about right away is the inconvenience of these plans’ high deductibles, coinsurance, and copays on top of the overall lower level of coverage. This type of plan might be ideal for someone who rarely visits the doctor (and therefore deals with fewer copays), but if you have a medical condition or must purchase monthly prescriptions, you may want to choose a plan with better coverage and lower copays. Basically, it is important that you read through the plans carefully and choose the one that is best for you.

 

This can be especially important for seniors. While Medicare provides a great deal of benefits, a Medicare Supplement Insurance policy may also need to be added depending on your needs.

2) Make sure your doctors are in network

Health insurance plans change from year to year, which means that they don’t always cover the same physicians and medical facilities. Always review your plan for changes and check with your doctor ahead of time to make sure that they accept your specific insurance plan.

3) Stick to generic drugs

Speaking of prescriptions, remember that there is usually more than one choice when it comes to most drugs. Brand-name prescriptions will often cost more than generic brands, so shop around and compare prices. Talk to your doctor about prescribing brands with lower costs.

4) Take advantage of free services

ACA-compliant health insurance plans offer a number of important screenings with no copay, and you can always find medical facilities in your community that offer free tests for conditions like diabetes, HIV, and other STDs. By law, insurance companies must cover preventative care, so get your free flu and shingles shots.

These are just a few of the many ways you can save money on health care this year. Do you have any other tips or suggestions? Feel free to post in the comments section below.