Life and Health

A mediclaim insurance policy is a financial agreement wherein the insurer agrees to cover an amount of money that is spent by the insured person for his or her health during hospitalization. Who is covered under this type of policy? Anyone from age 5 to 75 can have a mediclaim policy set up in his or her own name. Children three months up to five years old can also get coverage under a mediclaim policy with a guardian. In most cases, private and public limited companies have these medical policies available for employees in their group. These groups usually consist of at least 50 people.

There are several benefits of setting up a mediclaim insurance policy.

* A mediclaim policy offers reimbursement of hospitalization expenses including the doctor visit, surgery, anesthesia and medical tests.

* A mediclaim policy can be considered an exemption under the Income Tax Act.

* With a single mediclaim policy, you can get a 10 percent discount off of the full premium if the policy is for your entire family.

There are two ways to have your bills paid. First, they can be claimed by a cashless facility wherein your bill is paid to the hospital directly, or you can pay the bill yourself while at the hospital and submit the expense for reimbursement to the insurance company. A mediclaim policy can be a lifesaver for some people because it keeps them from suffering a huge financial loss in case of hospitalization for an accident, sickness or disease. Therefore, the cost of mediclaim is significantly higher than that for other insurance policies and rises in proportion with the rising costs of the treatment received in hospitals.

Costs associated with chemotherapy, dialysis and radiotherapy can also be covered by a mediclaim policy. If a person is taken to a nursing home or hospital and discharged the very same day, the treatment is covered under the hospitalization benefit scheme. This type of policy is available for both long and short-term coverage and is similar to other traditional mediclaim insurance policies. It covers medicines, doctor’s fees, blood work, nursing expenses, surgical appliances and much more.

Remember that it is always important to determine exactly what is covered by a particular mediclaim policy before you take it out. Certain preexisting conditions may not be covered, depending on your specific situation.

Many health insurance plans do not automatically include maternity care. If you plan to have children in the relatively near future, this is an important issue to address. Following these tips can help ensure that you pick the right maternity coverage for your situation.

Rely on Professional Advice

Comparing the difference between the maternity coverage offered by different plans can be overwhelming, to say the least. To help you accurately compare apples and oranges, you will likely benefit from the advice of one or more insurance professionals. Until the new healthcare laws are fully implemented, not all plans will cover maternity needs — especially if you have an existing work health plan. When shopping for your own plan, an insurance professional can help you better understand the pros and cons of each insurance plan and can make sure that you have enough coverage.

Examine the Details

Remember to check the details of the coverage provide by whatever plan you choose. When comparing plans, consider whether your child’s first few doctor appointments will be covered, check whether there is a reimbursement limit and make sure that an extended hospital stay (should it prove necessary) will be covered by your plan. Issues like these can be easy for new parents to forget until it is too late. You can never fully anticipate what your medical needs will be before birth, so plan for the unexpected while you have the chance.

Consider Purchasing Independently

You should know that with new regulations in place, if your current job does not offer insurance, most new plans that you purchase on your own will include some form of maternity coverage. However, you should still shop around to compare other aspects of each plan before making a final decision. Just because the plan offered by your employer states that it covers maternity expenses does not mean that it will be right for your situation, whether for maternity or for other issues. Purchasing coverage independently may help you choose a plan that is more specifically tailored to all your needs.

With health insurance premiums skyrocketing, you may wonder what you can do to lower the amount you pay for your policy. Some factors that influence your health insurance are outside of your control, such as your age and any pre-existing conditions you may have. However, you can control some reasons for higher premiums, potentially lowering your price.

# 1: Gaining Excess Weight

Individuals who are overweight or obese based on their Body Mass Index, or BMI, will typically pay premiums much higher than those of their average-weight counterparts. If you are overweight, make a commitment to losing the extra pounds; after all, the cost of hiring a nutritionist or personal trainer pales in comparison to the added insurance premiums and medical bills associated with being overweight. However, if you are heavier than average due to activities like weightlifting, but are actually healthy, some insurance companies will waive the extra costs by using a body fat measurement. Check with your specific provider for details.

# 2: Not Participating in Wellness Programs

Some insurance providers will actually give you a discount on your premium if you get a yearly physical or attend health-related workshops to address any potential health issues like smoking, excessive stress or diabetes. Wellness programs can help prevent health emergencies before they become serious, saving both you and your insurer plenty of money, so they are well worth taking for multiple reasons.

# 3: Not Updating Personal Information

If you used to lead an occasionally risky lifestyle years ago, your health insurance company may still be charging you an elevated rate. For example, horseback riding and skydiving can both garner a higher premium. Call your insurer to make sure you are not being unfairly charged if you have given up your high-risk hobbies.

As you can see, while some factors that influence your health insurance premium are beyond your control, there are some that you can change. Making a call to your health insurance provider and asking about possible discounts could potentially save you hundreds of dollars each year.

Some type of health exam is a requirement before you can take out many life insurance policies. The result of this exam can have a significant impact on your rates, and even on whether you qualify for a particular policy at all. Following these simple tips can help ensure that your health exam goes smoothly.

# 1: Eat a Healthy Diet

As soon as you know you are going to be taking the exam, start doing your best to eat a healthy diet. Many people feel that if their diet has been less than perfect in the past, there is no point in improving it before a health exam — but nothing could be further from the truth! In particular, try to minimize or eliminate your intake of fried, salty or sugary foods, as well as sodas and alcoholic beverages. Instead, eat a balanced, nutritious diet containing plenty of fresh fruits and vegetables, complex carbs and lean proteins.

# 2: Stop Smoking

Never smoking at all, or at least stopping permanently, is of course the best course of action for your long-term health. However, if you do smoke, you can improve your exam results simply by not smoking for at least 24 hours prior to the exam; this will help improve your blood work, blood pressure and heart rate.

# 3: Cut Back on Physical Exertion

Normally, of course, physical exercise is very good for your health. However, for two to three days before the exam, avoid hard physical work and exercise. Such exertion can elevate the protein in your urine and be erroneously flagged as a kidney issue.

# 4: Rest

Go to bed early the night before your exam. Fatigue can negatively impact certain components in your blood, giving the appearance of a chronic health problem you do not actually have.

# 5: Avoid Caffeinated Beverages and Stimulants

Finally, avoid caffeine as much as possible during the days leading up to the exam. Caffeine can elevate your heart rate and blood pressure, negatively impacting the results of your exam.

“Term” and “whole” life insurance are phrases thrown about quite frequently in the insurance world. You may well have some idea of the definitions of each without really understanding their effect. So what is the actual impact on daily life of each type of life insurance?

Whole Life Insurance

Put as simply as possible, whole life is an insurance contract that combines life insurance with a savings plan. You may also hear whole life referred to as permanent insurance. Whole life premiums are higher compared to those for term insurance due to their cash value option (savings). You see, after 30 years of paying on this type of policy, you can either cash it out as a lump sum, or you can use the cash value to continue paying the premiums. Thus, you can keep the insurance policy for your entire life.

Term Life Insurance

Term insurance, on the other hand, is life insurance which has a start and stop date –hence the name “term life insurance.” A typical term policy has a term of 15 to 20 years. The premiums are much lower than those for whole life for the same insurance coverage simply due to the fact that there is no savings option; you are paying for insurance coverage alone. Some term policies offer the option of renewing for another term once they expire, but of course the premiums will be much higher at that point because of your age.

Whole vs. Term

The practical differences between term and whole life insurance come down to need. If you need insurance for only a specific time frame, then term insurance is your best bet. However, if you are looking for life insurance with level premiums for 30 years or more that will accumulate cash value during that time, then whole life insurance may be a better option. Your financial adviser can help you decide which is the best choice in your unique situation.

Lee Dorman of Fountain Valley, CA recently got a phone call offering the 72-year-old a new Medicare card in return for providing some basic personal information.

Unfortunately, calls like this are all too common, as crooks throughout the nation troll for access to Medicare numbers, which they use to scam Uncle Sam. Whatever the scheme, fraud and abuse in this nationwide health care program for senior citizens costs taxpayers an estimated $60 billion to $80 billion a year.

Experts offer seniors these tips to avoid becoming a victim of Medicare fraud:

• Protect your Medicare and bank account numbers. In most cases, your Medicare number is the same as your Social Security number, so you should guard it the same way.
• Don’t fall for the call. Many people don’t realize that Medicare will never call you. So anyone on the line telling you that they are from Medicare or the federal government is almost certainly lying.
• Keep track of your appointments. Monitor your Medicare account for possible fraud by reviewing the program’s quarterly summary, which lists all the medical services you’ve received. (However, people receiving benefits through a Medicare Advantage plan will not receive this document). You can also track your Medicare billing at www.MyMedicare.gov.
• Report suspicious activity. Fake claims submitted for services or equipment you don’t need might prevent you from getting care you’ll need in the future. Also a suspicious level of billing might cause Medicare to stop or deny payment on legitimate claims, leaving you with hefty unpaid medical bills. If you suspect fraud, contact the Office of Inspector General at the U.S. Department of Health and Human Services: 800-HHS-TIPS or http://www.oig.hhs.gov.

The answer depends on the circumstances and financial situation of your family.

However, industry experts recommend using this five-step approach to come up with an estimate:

1. Calculate your final expenses. The national median cost of a funeral in 2012 came to $7,045; other costs include uncovered medical bills and estate-settlement fees. As a rule of thumb, total expenses will be about $15,000.
2. Add up your debts: credit card balances, car loans, mortgage or home equity loans, student loans, etc.
3. Estimate the ongoing expenses your family will need. Start by determining how much a year your loved ones would need to maintain their lifestyle, subtract family income from other sources (such as your spouse), and then multiply the result by a factor based on the number of years they would need this income. According to financial analysts, the multiple will vary between 10.8 for 10 years to 20.4 for a 30-year period.
4. Factor in long-term financial needs of your family. For example, the average annual cost of a child’s college education in 2013-2014 varies between $8,893 for in-state students at state schools to $30,094 at private colleges, according to the College Board. The younger your children, the longer until they reach college – and the more they’ll have to pay.
5. Add the total of the first four steps, and then subtract the financial resources of your family: other life insurance policies (such as group life through your employer) and savings and investments you won’t need for retirement.

The result should give you a good estimate of how much life coverage you need to provide financial protection for your family. We stand ready to help you select the policy that offers the best value for your insurance dollar.

Millions of people have a history of mental illness. If you’re one of them, and are concerned that your condition will make it harder to obtain a life policy at an affordable premium, not to worry. Unless this problem affects life expectancy by increasing your risk of death by suicide, most insurance companies will be happy to provide coverage at standard rates.

For example, if you’ve been taking prescription medication to treat “reactive depression” (a condition triggered by a tragic or traumatic effect) , you should be able to buy a life policy, as long as you can show that you’re in treatment and have control of the situation. In general, the same holds true if you’re suffering from more serious depressive condition– such as bi-polar disorder. However, if you’re being treated for mental illness, wait for a month of two before applying for life insurance, so that your body will has time to adjust to your medication.

Before writing coverage, the insurance company will need to know your medical history, when you were diagnosed, the nature of your condition, the name of your health care provider(s), the treatment you’re receiving, and how your condition is progressing.

If your history shows one or more suicide attempts, the company might wait a year or two before issuing a policy, even if you show that you’re getting appropriate treatment, can function in society and hold down a job. The premium will probably be higher during the first few years, and the policy might include a clause that denies death benefits if the insured commits suicide within the first two years of coverage.

The life insurance specialists at our agency would be happy to provide you with more information.

If you haven’t made your resolutions for health care for the new year, now’s the time! Here’s how to tap into the resources that your insurance company, employer, and community-based services can provide:

• Tap into preventive benefits. The Affordable Care Act requires health insurers to pick up the tab for such preventive services as vaccinations, screenings, and especially annual wellness visits – which provide an excellent baseline for setting your health goals.
• Get the most out of your health coverage. For example, most plans pay for weight loss programs and weight loss surgery when appropriate. You might also have full coverage (or a discount) for stop-smoking programs, dietitian services, and treatment for such chronic conditions such diabetes.
• Get health screening at work. Employee wellness programs usually offer rewards for participation in health screening that can pinpoint your risk for certain diseases. Says Helen Darling, President of the National Business Group on Health, “Many people don’t actually know their health status, and if you ask them, they almost always self-report as healthier than they are.”
• Use Employee Assistance Programs (EAPs). These programs offer a wide array of resources that workers and their dependents can use to help them through hard times that often lead to health-related problems (such as hypertension due to stress from a divorce or financial pressures).
• Check out community-based programs. Such healthcare organizations as the Centers for Disease Control and Prevention, American Heart Association, and American Cancer Society provide a wealth of free information and resources to help people stop smoking, lose weight, or reach other goals that improve their short and long-term health.

To learn more about keeping yourself and your family as healthy as possible, just give us a call.

We’re in the depths of flu season – which makes it more important than ever for you and your family to stay as healthy as possible.

Although your first step should be to get immunized for influenza, you should also focus on keeping your immune system strong. Dr. Bruce Underwood, a certified nutrition and preventive care specialist with Healthy Futures, Inc., recommends these “best practices” for maintaining wellness:

• Get enough rest. To keep your immune system as robust as possible, experts recommend six to eight hours a night of sound sleep.
• Exercise regularly, but don’t overdo it. The Surgeon General urges adults to walk at least 10,000 steps, or about four miles a day. However, Underwood notes that both lack of exercise and over-exercising can weaken the immune system – so exercise common sense.
• Make sure you get the right amount of essential nutrients. These include: 1) about 1,000 milligrams a day of vitamin C (from fruits vegetables, and certain cuts of meat) to counteract such toxins as cigarette smoke and air pollution, and the physical and psychological effects of stress; 2) 10 to 40 milligrams a day of zinc (from meats, seafood, dairy products, nuts, legumes, and whole grains) can help maintain a healthy immune system, however, taking more than 100 milligrams a day can lead to fever, fatigue, and other problems; and 3) 440 milligrams a day of fatty acids, especially omega-three acids of the EPA and DPH types (from fish, fish oil, and flax) for overall health, according to the International Society for the Study of Fatty Acids and Lipids.

An ounce of prevention!