The Benefits Of Medicare Supplemental Insurance

You are more apt to become critically ill or become affected by a long-term health issue as you age. These problems take a toll on more than one’s body; it can wreak havoc on one’s wallet, as well. Seniors are finding it nearly impossible to pay for doctor appointments and medications, causing them to feel stressed out.

medigap quotesA lot of folks think that having Medicare means they won’t have to deal with medical expense. But, what most people do not realize is that Medicare pays for just 80 percent of medical bills. When one is on a budget, paying for the other 20 percent may be hard, especially if they need to seek medical attention on a regular basis. What can be done to reduce these expenses and in turn, the stress a person feels?

Filling the Gaps in Medicare with a Medicare Supplement

Medigap is the answer for many individuals. It is a supplemental insurance that coincides with Medicare to cover the costs Medicare won’t pay for. There are many kinds of levels of Medigap policies and upgrading at any point is no problem. So, if your health begins to fail, you can feel better knowing your coverage will increase to a more secure level. For most people, paying the premium is worth the amount the policy pays for.

Medigap policies are available for those who are 65 years of age or older. Most insurers and health insurance brokers can help get your set up with a policy. In order to be sure you are getting the best deal possible, it is wise to receive many Medigap quotes before you make your ultimate choice. Also, you should speak with your current Medicare provider. Most companies want to do whatever they can in order to keep their current customers happy, so they will be more than willing to come up with a great deal. Having the best policy for your needs will make you feel much better.

Higher Life Insurance Premium Rates For Smokers

If you happen to be someone that smokes cigarettes, you will end up paying a bit more for the premiums on your life insurance policy. All of the different rates for life insurance policies are partially based upon mortality tables, which are statistics. The companies dealing with life insurance keep track of millions of people at all different ages and note just how many people end up dying each year from a variety of health conditions.

When looking at the statistics, the life insurance companies are able to see that smokers do not live as long as others who do not smoke. They will charge a higher premium rate for life insurance for smokers because of this factor. For example, when looking at lung cancer, it is easy to see that the rate is much higher in those people who smoke. The facts go even further to show that once a patient is diagnosed with lung cancer, their life expectancy drops dramatically.

As a smoker, a person will inhale thousands of chemicals with each and every puff of a cigarette. Over 200 of the chemicals found in cigarette smoke are actually known carcinogens. Believe it or not, cigarette smoke is well known for containing both cyanide and arsenic, both of which can be fatal. Along with that, the tar that comes along from smoking can end up caked on the lunch and cause cancer to progress and shut down the ability to transfer oxygen into the blood stream.

In most cases, you will find that using tobacco in any shape or form will put you in the tobacco rating category with your life insurance company. This is because of the many studies relating to the dangers of nicotine including high blood pressure and the potential for heart failure.

Sometimes, if the patient has been tobacco free for about a year or longer, they can end up qualifying for a non-tobacco rate with their life insurance company.

Buying Term Life Insurance With Multiple Sclerosis

As a rule of thumb, you always want to secure life insurance while you’re young and healthy, but that’s easier said than done.  All too often, health conditions sneak up on us without and signs or warnings.  Multiple Sclerosis is one of those health issues.

Having MS (aka Multiple Sclerosis) can make finding life insurance a tough task.  Since the disease effects everyone differently, getting an accurate quote on life insurance is tough – even for the most savvy life insurance agents that specialize in high risks.

We can tell you that the best life insurance rates with multiple sclerosis are given to those whose first attack was at a younger age and only experienced minor symptoms in the last few years.

A life insurance agent will need to know the age of diagnosis, medications you’re taking, type of MS and number of attacks with dates of the most recent ones.  With this information a life insurance agent can shop the market for you.

Which brings us to the best advice we can give someone in the market for life insurance that has MS.  You ALWAYS want to use an independent life insurance agent since they can use any life insurance company on the market.  They work for you and don’t prefer and specific life insurance company.  More importantly you’ll want to seek out a high risk life insurance expert.

Securing affordable life insurance with MS is like securing life insurance for any other high risk.  Some companies look at your MS more favorably than others.  The key is finding the company that will view your risk most favorably which will in turn give you the best life insurance rates.  An experienced agent will know which companies provide the lowest rates for people with varying degrees of Multiple Sclerosis.

So if you’re in the market for life insurance and have MS – don’t use an instant quote engine because those rates are generic.  There are certain companies you’ll need to seek out and only an experienced high risk life insurance agent would be able to help you.   Interview a few agents and ask if they’ve had any experience with Multiple Sclerosis and start your search there.

Medigap Plan F

Millions of seniors in the United States rely on Medicare for their health insurance needs. However, Medicare by itself only pays 80% of any medical bills. To have total coverage, people need what is called a Medigap policy. This policy pays for whatever Medicare Parts A and B do not, letting people have peace of mind by knowing their medical bills will be covered.

There are eleven different Medigap plans offered to consumers, but by far the most popular choice amongst people is Medicare supplement Plan F. Why Plan F? In addition to covering what Medicare doesn’t such as copayments, deductibles and coinsurance, Plan F also offers basic Medigap coverage like Part A coinsurance and paying all hospital costs after Medicare hospital coverage is exhausted. Also covered is Part A hospice care and coinsurance or copayments and Part B coinsurance or copayments. Preventative Care Part B coinsurance is also covered.

The main items Medigap policies don’t cover are vision or dental care, long-term nursing home care, private-duty nursing, hearing aids and eyeglasses. These would have to be paid for privately or have other insurance plans pay for them. However, Plan F does cover skilled nursing coinsurance payments and health emergencies that arise if traveling in a foreign country. For retirees who love traveling, this is a great feature.

Plan F also covers any excess charges not covered under Medicare Part B. An excess charge is when a doctor doesn’t accept assignment and charges more than Medicare will pay for the service. As entitlement programs such as Medicare become hot political issues regarding their funding, more doctors are taking a second look at accepting Medicare patients or how much they can charge for their services. Medigap policies such as Plan F can help guard seniors against higher health care costs and the risk of not being able to find affordable care. For those seeking high-deductible options, Plan F does offer this. The drawback is the patient must pay the first $2,070 of Medicare-covered costs before the Medigap policy kicks in. When in need of Medigap coverage, Plan F is the best option.

Shopping For Life Insurance

Life insurance is a necessary part of any plan to secure the long term financial security of your family.  Understanding how the insurance companies look at you and your health and the types of life insurance available will help you get the best life insurance rates you can.

What Type of Life Insurance Do I Need?

When you are looking at life insurance the two most common types are term life insurance and universal life insurance.  All of the best life insurance companies will carry both types.  Universal life is a policy that is made to last until you turn 100.  It has an investment account tied to it that gains a cash value as you pay your premiums.  You continue to pay premiums until the cash value reaches the face value of the policy.  Term life insurance is a much more basic form of life insurance.  You lock in a monthly premium for a specified amount of life insurance over a specific period of time.  These plans are very simple so the cost of the monthly premium is much less expensive that with universal life insurance.  Because of the low cost and the access to very large face values term life insurance is by far the most popular of the two types of life insurance.

How Do I Get the Lowest Rates?

No matter which type of life insurance you choose getting the lowest rates is the same.  People who are younger, in good shape, in good health, and who shop multiple companies will get the best insurance rates.  If you are smoking now, then quitting is the best choice you can make.  Life insurance for smokers is much more expensive than that for non-smokers.  Having high blood pressure or high cholesterol will also push you up into higher rate categories.  The best advice I can give is for you to get your weight down, and body in as good a health as possible before you go through underwriting.  By getting your health in order and making sure you are not participating in any unhealthy activities you can make sure that you get the absolute lowest life insurance rates.