Accident Policies - Regular medical insurance won’t cover all the expenses that result from injury—at the very least, you will likely owe a deductible and copays—and accident insurance can help fill in those coverage gaps as you pay out-of-pocket medical bills.

Critical Illness and Cancer Policies - Critical illness insurance provides coverage for acute illnesses that can be financially catastrophic.


Hospital Confinement Policies - Hospital Indemnity Insurance plans (sometimes called “bridge”) pay a set amount if you’re confined in a hospital. The plan can pay benefits based on per confinement, per day, per week or per month. Some plans can pay for outpatient benefits as well.
These plans are different from the major medical insurance since these plans pay regardless if the hospital is in the network and these plans pay the policy holder directly, NOT the provider.

Telemedicine Plans - As costs of co-pays increase and technology becomes more accommodating telemedicine is becoming more and more prevalent. Telemedicine is the use of telecommunication and information technologies in order to provide clinical health care at a distance. As we all know many of us will put off seeing a doctor because we don’t want to take the time off work or are unable to fit an appointment in. Telemedicine is a solution that not only saves on the copay, but also saves time and effort of getting to the doctor. Many times even prescriptions can be handled with this alternative.

Short Term (Long Term) Disability - The purpose of short-term disability insurance is to protect your income during short periods of disability. The benefits paid under short-term disability are usually for terms of 3 months up to 1 or 2 years. If you are disabled, short-term disability will provide you with weekly or monthly payments of either a fixed amount or a set percentage of your regular income thus providing income replacement when you are disabled for a limited time.

Dust Off Your Life Insurance Policy!

When was the last time you reviewed your life insurance coverage?

Has it been awhile since you've reviewed your life insurance policy?

You could be missing out on policy benefits, opportunities and product improvements that may enhance your wealth and security.

Take advantage of these benefits now by contacting us for a policy review with one of our insurance experts.

 

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary , so long as the insured's premiums are paid current.

 

Purpose

People take out life insurance policies for a number of reasons. Such insurance provides security to family members upon the loss of a loved one. For instance, if the primary wage earner dies in his or her prime, the death benefit received from the policy will assist the surviving family members in overcoming the burden of the tragic loss. The proceeds can also help pay for funeral costs when the death is unexpected.

Life insurance can be purchased by individuals, but is also offered as a perk by many employers. Often times, large employers and government employers offer group life insurance at no cost to the employee. Should the employee wish to obtain additional coverage from the employer's insurance company, they can usually do so at reduced rates. In most circumstances, the insurance becomes once the employee no longer works for the company.

 

Cost

The cost of life insurance varies depending on such factors as the insured's age, health, and occupation. Essentially, the more likely a person is to die at an earlier than average age, the higher that person's premium charges will be. For example, the premium for a 25-year-old, male, non-smoker in excellent health will be far less expensive than a similar policy for a 65-year-old male smoker. Similarly, a sky dive instructor would have to pay much higher premiums than would a librarian.

 

Options

Life insurance is available in a number of different forms from several companies. Each company has financial representatives who help customers select the best insurance products for their needs. Some of the typical forms of life insurance policies include: whole life, variable life, and term life. 

Whole life: With whole life insurance, a portion of each premium pays for the insurance and the remainder serves as a tax-free investment. A whole life policy sets a premium at the beginning of the policy and that premium does not change over the life of the policy. This form of insurance allows for a cash build-up during the insured's life. This cash build-up can be used during the course of the policy or it will simply serve to increase the death benefit in the end.

Variable life: Variable life products begin with low premiums during the initial stages of the policy and these premiums increase steadily as the insured grows older. There should be a cash build-up as long as the various mutual funds selected by the insured perform well.

Term life: Term life policies have premiums that remain the same over the life of the policy, which typically ends when the insured reaches a specific age. There is no cash build-up in a term policy and, accordingly, the death benefit will not increase.

 

(From: WiseGeek)

Health insurance is an option for making health care more affordable for you and your family. Purchasing health insurance for you and your dependents will make it easier for you to get proper health care when you need it, because your insurance will help defray the cost.

Group or Individual

Health insurance is available through two types of plans, Group Plans and Individual Plans. A group plan and individual plan may provide identical coverage. The difference is in the way the two types are accessed. Group Plans are offered through an employer or association; individual plans are purchased independent of any affiliation.

Although most group policies are suited to the average person, often with provisions to cover family members, group policy premiums usually cost less than premiums for individual plans.

Choosing Health Coverage

Consider the following features when comparing health care coverage.


How much will you pay out-of-pocket?

Deductible: This is the initial dollar amount you must pay before your insurance company begins paying for health services. Usually, the higher the deductible, the lower your premium. However, do not choose a deductible so high that you cannot afford to pay it. The contract will dictate the specific amount you pay per year for your family. You must pay a deductible each year, which will vary depending on the number of people covered by the policy.

Coinsurance: Coinsurance is the share or percentage of covered expenses you must pay in addition to the deductible. For example, your policy may pay 80 percent of covered charges after you pay the deductible. You would then pay the remaining 20 percent as coinsurance.

Copayment: A copayment is a specified dollar amount you pay, as a subscriber to a managed care plan, for covered health care services. It is paid to the medical provider at the time the services are rendered.

Premium: The monthly or annual amount you will pay for your insurance policy.

Coordination of Benefits Provision: Even if you have more than one group policy, you cannot receive more benefits than your actual hospital and medical expenses.

Even if a husband and wife each have family coverage under separate group policies, they cannot collect on the same claim twice, even if they have paid two premiums.

Renewal and Premium Increase Provisions: These provisions determine the conditions under which you lose your eligibility, without a medical exam to prove you are in good health.

 

Questions and Answers about Premiums

Q. Why do companies raise premiums?

A. Insurance companies raise premiums when the cost of claims they must pay increases at a faster rate than expected. One main cause of premium increases is medical cost inflation, which measures how much more a particular procedure costs each year.

Medical Utilization, or the number of times doctors perform a procedure each year, can also cause premiums to increase.

Cost Shifting is also responsible for an increase in premiums. Cost shifting occurs when hospitals charge paying patients more money for their stay in the hospital. This offsets their cost of caring for non-paying or indigent patients.

New technologies and medical malpractice claims also increase the cost of health insurance.

 

Q. What do your premiums pay for?

A. Premiums help pay policyholders' claims, and other expenses, such as producers' commissions, premium taxes, and administrative expenses.

 

Q. How are premiums determined?

A. An insurance company considers many factors when setting premiums. Some of these include:

  • Medical care costs
  • Coverage
  • Age of policyholder when policy is issued
  • Current age
  • Health
  • Habits (such as smoking)
  • Geographic area
  • Waivers (a waiver of premium if you choose this option, you would pay more each month in premiums. In return, if you became sick and could not pay your premium, the company would pay it.

 

(From: ALDOI Explanation of Health Insurance)

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