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Life and Health

Aug 05
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Health Insurance Tips For Athletes

By Life and Health

Do you love playing basketball, doing karate or riding your bike? You need health insurance that covers all the injuries you might sustain while doing the activities you love. Here are a few tips that ensure you’re covered.

What Injuries Are Common Among Athletes?

Every sport has unique risks, including leisure spots like badminton. In fact, more than two million adults will suffer a sports injury this year. Common injuries include:

– Bone fractures
– Concussion
– Rotator cuff injury
– Anterior knee pain
– Tennis or Golfer’s Elbow
– Sciatica

Which Athletes Are at Risk?

Of course, certain sports are more dangerous than others. For instance, rugby and lacrosse cause an average of one injury during every 33 hours of play, and basketball causes one injury every 71 hours of play. And don’t forget the dangers of extreme sports like mountain climbing, motocross and boxing. Studies show that 90 percent of boxers suffer brain injuries. However, common sports carry risks, too. Aerobic dance class causes one injury every 100 hours. Make sure you have health insurance as you enjoy your favorite sport.

Update Your Health Insurance Coverage

Does your current policy cover your favorite sports activities? Some exclude treatment for injuries sustained while performing extreme sports or while visiting overseas locations. You’ll want a rider or a different policy if you need coverage for these activities.

Get Prompt Treatment

Waiting even a day to “see if the swelling goes down” can be disastrous after certain injuries. Be sure your health insurance allows you to see the doctor immediately. It should also allow for out-of-network treatment if you travel away from home to play sports.

Make Sure Your Doctors are Covered

Some athletic injuries may require emergency room care, orthopedic surgery, physical therapy and regular visits to a primary care physician. Check your health insurance policy to make sure you can access these and other treatments you may need after a sports injury.

Knowing that sports are risky probably won’t make you give up your favorite pastime. That means, though, that you have to have updated health insurance. Talk to your agent today to make sure you’re covered.

Aug 05
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Do You Need Life Insurance If You’re Retired?

By Life and Health

life insWould you cancel your auto insurance if you didn’t make a claim in 10 years? Of course not. Yet some retirees cancel their life insurance because they think they don’t need it. Consider several questions as you decide whether or not you need a life insurance policy if you’re retired.

Will Anyone Experience Financial Loss After You Die?

If you’re the primary breadwinner for your family, then yes, you need life insurance. It pays a death benefit to your beneficiaries and ensures they can pay daily living expenses or bills until they get on their feet.

If you don’t hold primary responsibility for your family’s finances, then you may not need a life insurance policy. Remember, though, that the policy’s death benefit can pay a beneficiary’s college expenses or help your favorite charity.

Do Your Survivors Need Money?

Your survivors may be fine without your life insurance payout. However, if they have a medical condition, college loan or young family, your life insurance policy payout could improve their quality of life.

Do You Own a Large Estate?

After you die, the tax bill on your estate could total thousands of dollars. Instead of dipping into savings, your survivors could use money from your life insurance policy to pay this bill and protect your assets.

Do You Have Adequate Retirement Income?

Your retirement accounts can determine whether or not you need life insurance. Talk to your financial planner and determine if you have adequate retirement resources. If you started saving late or didn’t save enough, you may need life insurance to fill in the gap
your survivors will face after your death.

Can You Afford the Monthly Policy?

For some retirees, money is so tight that paying even a small life insurance premium isn’t possible. However, if you can swing the few dollars, purchase a term life policy that will cover your funeral, repay your mortgage and relieve your spouse’s financial worry.

Despite what you’ve heard about life insurance, it can be beneficial during your retirement years. Discuss your needs and options with your insurance agent as you prepare financially for the future.

Aug 05
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How To Review Your Life Insurance Policy

By Life and Health

Whether you recently bought a life insurance policy or have had one for several years, now’s the time to review it. Make sure you have adequate coverage and know exactly what’s covered.

Understand the Summary

Your paper policy or online life insurance account will include a one-page summary that outlines the type, amount and coverage your policy offers. Look at it and make sure you understand each line. If you don’t, contact your insurance agent for an explanation.

Verify the Death Benefit or Cash Value

Because life circumstances change, verify that the death benefit is adequate. You might need to increase coverage, and now’s a good time to do that.

You’ll also want to verify the accuracy of the policy’s cash value. Also, understand how it’s calculated as you prepare for the future.

Check the Term

Let’s say you bought your 15-year term life insurance policy five years ago when your kids were young. Now, though, your family has grown or your health has changed, and you need a longer term. Use this review to make sure the policy’s term is long enough for your needs.

Read the Restrictions

Does your policy require a waiting period before benefits can be paid or must you undergo an annual health exam? Know the restrictions to reduce surprises, ensure you’re following the guidelines and not inadvertently doing something to void the policy.

Drop or Add Riders

Spousal benefits and a premium waiver if you become disabled are two of several life insurance riders. Update the riders on your policy and drop or add them as needed.

Change the Beneficiaries

Has your life insurance policy beneficiary changed? If so, update the policy to ensure the right person gets the money from your policy.

Reviewing your life insurance policy should be something you do at least once a year. This task ensures your policy is current and accurate. For help meeting your life insurance needs, talk to your agent today.

Jul 01
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As Costs Rise for Common Procedures, Make Sure You’re Insured

By Life and Health
Between 2011 and 2013, hospitals raised patient costs for various common procedures by as much as 20 percent, well over double the rate of inflation. Learn more about the increases and ways you can save money if you need one of these procedures.

Common Procedures and Cost Increases From 2011-2013

The following medical procedures saw an increase in costs between 2011 and 2013. For comparison, the cost Medicare covers is included. 
1. Atherosclerosis (arterial disease)
Average cost: $19,219, a 17.1% increase, Medicare pays $3,188
2. Back and neck procedures, excluding spinal fusion
Average cost: $36,215, a 22% increase, Medicare pays $5,818
3. Chest pain charges 
Average cost: $19,867, an 18.1% increase, Medicare pays $3,029
4. Circulatory disorders, except acute myocardial infarction with cardiac catheterization
Average cost: $39,093, a 15.1% increase, Medicare pays $6,189
5. Degenerative nervous system disorders 
Average cost: $28,033, a 17.2% increase, Medicare pays $6,020
6. Fractures, sprains, strains and dislocations other than femur, hip, pelvis and thigh
Average cost: $22,041, a 17.3% increase, Medicare pays $4,100
7. Medical back problems 
Average cost: $26,214, a 17.5% increase, Medicare pays $4,825
8. Percutaneous cardiovascular procedures without a coronary artery stent
Average cost: $75,331, a 17.2% increase, Medicare pays $12,743

How Can You Combat These Price Increases?

Despite cost increases, you can receive medical treatment at a reduced cost when you follow two steps.

First, use in-network providers who contract with your insurance company to offer services at a reduced rate. Since many insurance companies now feature narrow networks, check your policy carefully so you know exactly which doctors and procedures are covered.

Second, update your insurance policy. Choose a plan that covers the procedures you need or plan the procedure to take full advantage of your deductible. If you know you’ll need a costly procedure done in the future, shop around now for insurance that will cover it.

Talk to your insurance agent today to discuss your needs and the best coverage for you. With the right coverage, you can ensure you’re adequately insured despite rising medical costs.

 

Jul 01
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A Guide to Health Insurance Hardship Exemptions

By Life and Health
According to the Affordable Care Act, most United States citizens must purchase health insurance or be penalized with a fine. However, certain hardship exemptions exist and can eliminate the fine for qualifying individuals.

How to Qualify for a Hardship Exemption

Three basic qualifications can exempt you from purchasing health insurance. They include: 
1. A sudden increase in living expenses that makes purchasing insurance impossible.
2. Purchasing health insurance would deprive you of necessities like food, shelter or clothing.
3. Another legitimate circumstance that prevents you from obtaining health insurance.
Additionally, you may qualify for an exemption if you meet one of these criteria. 
  • You recently experienced a disaster like a fire or flood that substantially damaged your home.
  • You are a recent domestic violence victim.
  • Your close family member recently died.
  • You care for an ill, disabled or aging family member and face an increase in living expenses.
  • You’ve filed for bankruptcy within the past six months.
  • You have incurred significant medical expense debt in the past 24 months.
  • You’ve received a shut-off notice from a utility company.
  • You’re facing eviction or foreclosure.
  • You’ve been evicted from your home within the last six months.
  • You’re homeless.
  • Your state does not offer expended Medicaid coverage so you are ineligible for Medicaid.
  • You win an appeal for an exemption and become exempt from paying the fine for the months in which you did not have coverage.

How To Get the Hardship Exemption

To qualify for a hardship exemption, fill out the application on your state’s health insurance exchange. Be prepared to provide proof of the incident that prompts the hardship exemption. It must be legitimate and have happened fairly recently.

You may also contact your health insurance agent for details. He or she can walk you through the process and discuss alternatives like catastrophic health insurance. It covers major medical and typically includes low premiums that may be affordable despite your situation.

 

Jul 01
Love0

5 Life Insurance Rider Options You Might Need

By Life and Health
Life insurance gives you peace of mind since it provides your survivors with financial resources to pay everyday expenses, repay debt or fund education. However, you might need five riders that enhance your life insurance policy and add a further layer of financial protection.
1. Accelerated Death Benefit Rider
Receiving a terminal illness diagnosis is emotionally and financially devastating. With an accelerated death benefit rider, you receive 40 percent of your benefits now to pay for treatment or other expenses. While this early payment reduces the amount of money your survivors receive in the future, it can ease your current financial burden and potentially prolong your life.
2. Guaranteed Insurability Rider
You might be in good health today and eligible for affordable life insurance. A change in your health condition could make you uninsurable in the future, though. With a guaranteed insurability rider, you never have to worry about needing a medical exam to qualify for life insurance.
3. Waiver of Premium Rider
Add a waiver of premium rider to your life insurance policy and receive a free pass from paying your premium. You can use this rider if you become ill, injured or unable to work. It’s a beneficial option for sole earners or anyone who doesn’t wish to lose life insurance coverage during a health or other crisis.
4. Spouse Insurance Rider
When you have life insurance but your spouse doesn’t, you’re both taking a risk. Provide your spouse with coverage, too, when you purchase a spouse insurance rider. Select the same amount of coverage as you currently have or a lower amount as you buy peace of mind and reduce your future financial risk.
5. Long-Term Care Rider
Health care expenses during your senior years can quickly drain savings, especially if you live a long time or have serious medical challenges. A long-term care rider finances your nursing home care. Although the payout reduces the benefits your survivors receive, you receive essential care in your senior years.
If any of these riders interest you, talk to your life insurance agent. Adding additional coverage increases your peace of mind and provides essential protection for you and your loved ones.

 

Jul 01
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7 Ways to Save Money on Your Life Insurance Policy

By Life and Health
As many as 57 percent of all Americans had a life insurance policy in 2014, reports the Insurance Information Institute. That’s good news because life insurance pays for funeral expenses, medical bills and debt an individual may accumulate. Unfortunately, some people don’t purchase this beneficial coverage because of its cost. Don’t make that mistake. Save money on life insurance in seven ways.
1. Purchase term life instead of whole life. Term coverage is cheaper than whole life. It also covers you for a set time period like as long as your kids live at home, for example.
2. Stick to basic coverage. Multiple riders that cover your kids or allow you to purchase more insurance later on can enhance your life insurance coverage. If saving money is your primary goal, though, skip these options and purchase basic coverage only.
3. Choose a lower coverage amount. Experts recommend consumers purchase a life insurance policy that’s 10 times your annual salary. If a policy of that amount is too expensive, try to at least cover your mortgage and debt repayment, monthly expenses, funeral costs and any educational expenses your survivors may incur.
4. Buy while you’re still young. Young people often receive better insurance rates than older adults. The sooner you purchase life insurance, the better your chances of saving money on a policy.
5. Stay healthy. Insurance companies often charge higher rates to people who are in poor health or who suffer from certain conditions like diabetes or heart disease. Other health conditions that can affect life insurance rates include: gender, tobacco use, overall health, family history and lifestyle.
6. Bundle policies. By purchasing life, auto and home insurance from the same company, you can save money. Ask your agent for more information about bundling your various insurance policies.
7. Comparison shop. Numerous companies offer life insurance, so comparison shop as you find affordable rates.
Every individual’s life insurance needs are unique. You can find affordable coverage, though, especially when you apply these seven tips. Talk to your insurance agent for additional ways to save money on life insurance.

 

Jun 01
Love0

Vision Insurance Options for Your Entire Family

By Life and Health
Annual eye exams diagnose your eye health and ensure you have the right corrective lens prescription. Most standard health insurance policies don’t include vision coverage, though. Instead of paying high out-of-pocket expenses for optometrist visits and eyeglasses for you and your family members, investigate a few options that improve and protect your eyesight without breaking the bank.
1. Add supplemental group coverage offered by your employer’s health insurance plan. You’ll pay a monthly or annual premium for coverage, and visit copays are your responsibility. In return, your benefits include a pre-determined number of eye exams or a dollar amount for eye exams and corrective lenses. If your treatment exceeds the covered limits, you pay the difference.
2. Purchase private vision insurance. It provides either a set number of eye care visits and eyeglasses or contact lenses annually or a pre-determined dollar amount. Despite paying monthly premiums, this option is usually a money saver if you have a large family.
3. Join a discount program. Your eye doctor, travel club or civic organization might offer a discount program that pays a portion of your eye care needs. To join, you pay an annual fee and then receive a certain dollar amount in free exams or corrective eye wear. You pay for any costs that exceed the limit. Also, your choices of eye care professionals is limited to those that participate in the discount program you join.
4. Apply for Medicaid or Medicare. Income-based, these two options can include vision coverage for you or your children.
Maximize Your Vision Coverage
Vision insurance provides numerous benefits to your family, especially if one of you wears glasses or contacts. Often, insurance covers each family member’s annual eye exam, bi-annual eyeglasses, ongoing contact lens needs and cataract removal. You may also be eligible for discounts on eyewear, LASIK surgery or other eye surgeries. As with all insurance policies, read the fine print on your policy to determine exactly what’s covered. For additional assistance choosing vision insurance or to compare available plans and coverage options, talk to your insurance agent today.

 

Jun 01
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Health Insurance Shoppers Look to Narrow Networks to Save Money

By Life and Health
Would you rather buy health insurance that reduces your annual costs or gives you access to a wider network of doctors? Since you do have a choice, learn about the trend of choosing low-cost narrow networks.
What is a Narrow Network and How Does it Work?
Almost 40 percent of available public health care exchanges choose to be part of a narrow network. They contract with a limited pool of doctors, hospitals and specialists who agree to discount their services in exchange for the potential to treat a large number of patients.
Consumers who choose narrow networks also receive lower premium rates, making this health insurance option affordable to many families and employers. Health insurance companies also argue that narrow networks allow them to choose better providers for their members.
How to Save Money With a Narrow Network
By seeing the medical providers your insurance covers, you save money since your insurance will likely cover a large portion of the bill. Narrow networks also only raised rates by an average of four percent from 2014 to 2015, which helps to keep your annual costs low.
However, you’ll need to see in-network providers. You’ll pay high out-of-pocket expenses if you choose to see a doctor who does not participate in your health insurance plan. Read your policy carefully to find out exactly what’s covered. Call the customer service hotline before you schedule any appointments or tests, too, and make sure the provider is listed on your coverage.
Should You Switch to a Narrow Network?
A McKinsey survey found that customer satisfaction with narrow networks is high. Less than 20 percent of patients who used a narrow network in 2014 switched plans in 2015. You, too, might consider switching to a narrow network, so talk to your insurance agent or shop online. Find out which plans cover your favorite doctors, specialists and hospitals. Then take a look at the costs, including deductibles and copays, as you decide if a narrow network makes financial sense for you. If so, you join many consumers who enjoy the financial advantages of narrow networks.

 

Jun 01
Love0

Four Reasons Why You Should Join Your Employer’s Group Life Insurance Plan

By Life and Health
Your life insurance policy provides financial provision and peace of mind to your family after you die. While you could buy a private policy, many employers offer a group life insurance option that offers four important benefits.
1. Protect Your Dependents
As the primary provider for your family, you ensure their needs are met. What happens if you were to die, though? With life insurance, your beneficiaries receive funds that pay bills, cover cost of living expenses or pay for college. Instead of hoping nothing happens to you or believing that you’re too young to die, select a life insurance policy offered through your employer’s group plan, and protect your dependents.
2. Cut Your Policy Costs
When buying groceries, items sold in bulk are cheaper per unit than items sold in individual packages. The same principle applies to life insurance. Because more people participate, insurance companies can offer group policies at lower premiums. Although a group life insurance plan does not offer as much flexibility as an individual policy, group policy costs are cheaper, making life insurance affordable.
3. Pay the Premium With Ease
Participate in a group life insurance plan offered through your employer, and enjoy easy premium payment. That’s because your employer will typically deduct your policy premium directly from your paycheck. You receive important coverage, and you have one less thing to think about each month.
4. Stay Covered After you Retire, are Disabled or are Laid Off
Although your employer’s group plan is designed for employees only, you can sometimes keep the policy after you retire, are disabled or are laid off. Typically, retirees or former employees who are disabled or laid off must pay the full premium or transfer coverage to an individual policy. However, the extra cost is worth the peace of mind life insurance provides.
Talk to your human resources manager or insurance rep today about group life insurance. Choosing this option means you protect and provide for your family at a price you can afford.

 

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