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Having high-quality healthcare coverage is important for everyone, whether you're young and single, seasoned and married, in good health or poor. Sometimes, though, it can be beneficial to have extra coverage. Life is good about throwing curveballs. And unfortunately, no one is able to predict what they will be or when they will happen.
Fortunately, there are many “security nets” now that people can take advantage of when unfortunate circumstances do happen. While they can seem like unnecessary, added expenses when we are in good health, they can be financial lifesavers when accidents or tragedies occur. That is where supplemental insurance comes in.
Our financial professionals can help you understand and choose between the following plans and services: Long-term Care Insurance, Medicare Supplement Plans, Marketplace Consultations, Life Insurance & Disability Income Service.
Read on to learn more about these services and how our financial professionals can help you find the best coverage for you.
Financial professional planning services can help you sort through all the different types of ancillary coverage, providers, and details of plans. Like most health insurance policies, sifting through the fine print can be confusing or even misleading. At Benefit and Financial, we want our clients to be as informed as possible before making any decisions, ensuring they acquire the best plan to cover their unique needs.
Supplemental insurance comes in many different forms, such as life insurance and disability income plans. Unfortunately, most employers do not offer these types of coverage. That is why it's important as an individual to research options yourself and reach out to professionals when you need clarification.
Medicare is very convenient for those who have reached retirement and no longer receive health insurance through their employers. While it covers most general medical expenses, it does not cover all of them. Luckily, private insurers offer supplemental coverage to make up for these gaps. In fact, this coverage is known as Medigap. This can cover things like copayments and deductibles.
Like Medicare, there are several different plans to choose from. Plans F, G, and N are the most commonly used ones. F and G are the most comprehensive, covering everything from copayments to Medicare Part A deductibles. Part N covers most of the same with the exception of Part B deductibles and excess charges. You can compare all of the Medigap plans on the Medicare website by clicking on “See benefits of each plan”.
One type of coverage that most people don't think of until it's too late is long-term care (LTC) insurance. This special insurance covers costs that regular medical insurance does not. Most people purchase this type of coverage in their mid-50s to 60s. This is because once you already have a debilitating condition or reside in an assisted living facility, you no longer qualify for LTC. This type of insurance covers a number of specialized care types, including:
Assisted Living Facility Care
Home Health Care
Basic care tasks, such as assistance with bathing and dressing.
Still not convinced you will need LTC insurance? Consider this: Almost 70% of 65-year-olds will, at some point, need long-term care services. Medicare, while helpful with regular health costs, only covers short-term assisted living facility stays, home health care, and rehab. While Medicaid and other government programs can provide some financial assistance to low-income individuals, long-term care can quickly become a financial burden.
Of course, general medical insurance is a top priority for everyone. If your employer doesn't offer it, you still have plenty of options to choose from. However, with over 900 health insurance providers in the U.S., it can be confusing to know which company to choose, let alone what kind of coverage to acquire. Sadly, many people avoid medical care or coverage altogether for this reason and due to confusion over what their insurance covers. Don't let this happen to you. Benefit and Financial is happy to help our clients find the right medical insurance plans for families and individuals.
A health insurance marketplace consultation can get you the medical coverage you need. Contrary to popular belief, not all of these are government ran. There are also private marketplaces. With the various options, you are sure to find one to fit your budget. And, depending on family size and income, you may qualify for a reduced-cost plan.
Purchasing a life insurance policy is one of the best things you can do to ensure your family's financial well-being after your death. Thinking about our own mortality is often not the most pleasant, but investing in life insurance will:
It might be the last thing on your mind at the time, but it is suggested to get life insurance early in life. This way it has time to accumulate as many funds as possible. Other than obvious times to get a policy, such as when you get married or start a family, it's also wise for people with dangerous jobs and hobbies. It is also beneficial to those who have a parent who needs home health care or lives in a nursing home. Plans with a long-term care rider will help defer the costs of this care.
What happens when you can no longer work due to a disability, chronic illness, or accident? Where will the money come from you need for bills, groceries, and other living expenses? One such way to be sure you're covered is by investing in disability income (DI) insurance.
DI is sometimes available through employers, but you can also purchase policies through private insurers. Short and long-term coverage is available. Payouts are received on a monthly basis with premiums based on age, occupation, and numerous other factors.
Disability income insurance can be particularly important for some groups of people to look into. These include:
People with physically demanding occupations
People with recurring injuries
People with chronic health issues
You can even purchase DI policies if you are self-employed or already have coverage through an employer, but feel you may need more coverage due to a chronic health condition.
Retirement Account Manager
Certified Financial Planner
Intern-Client Service Representative
Group Benefits Account Manager
Managing Partner, ChFC®, Financial Professional
Although it can be easy to balk at the extra cost of healthcare coverage, keep this in mind: You and your family’s qualify of life will be improved when you are in good health and financially sound. No one can predict accidents or even illnesses. It is already a trying time for everyone involved when you or a loved one is sick, injured, or otherwise incapacitated. The last thing you want is for your loved ones to worry about finances.
Ready to explore one or more of the supplementary insurance types more in-depth? Or maybe you've already done your own research, but just need a little extra support in figuring out the details of a policy? The professionals at Benefit and Financial are here to help. Give us a call today so we can get started on finding the best health insurance plan for family or individual coverage for you.