RVG8zAqqpoObC5gI9qaWuRa656l62Jri: December 2012

Friday, December 7, 2012

Medicare Advantage Health Plans Offer the Benefit of Predictable Costs

No one likes uncertainty, especially when it comes to money. If you are enrolled in Medicare, you know all to well that Medicare has some gaps in coverage. Medicare is a safety net and was never intended to pay 100% of covered services. Cost sharing with original Medicare includes hospital deductibles, co-pays and co-insurance for outpatient services. The biggest area of uncertainty is outpatient services. Medicare beneficiaries are required to pay 20% of medical costs.

One of the main reasons that individuals enroll in Medicare Advantage health plans is because of the predictable cost. With an Advantage plan, you know ahead of time what your costs will be for any services rendered.

Many Advantage Plans have predetermined co-pays for covered services. Although plan design varies from one Medicare Advantage health plan to the next, medical services with co-pays, may include:

Primary care doctor visits Visits to a specialist Urgent care visits Emergency room visits Some outpatient testing Ambulance service And other Medicare covered services

Knowing your costs ahead of time can bring peace of mind. In addition, if you have an idea what your responsibility will be, you may be more likely to seek medical treatment.

Medicare Advantage health Plans can mean certainty.

The biggest benefit that an Advantage plan has to offer, is the feature that ensures beneficiaries have an annual maximum out-of-pocket amount. Original Medicare does not offer a maximum out-of-pocket amount. In the case of outpatient services, you are responsible for 20% of the charges for covered services no matter what that may be.

Medicare Advantage health plans typically give a dollar amount indicating your maximum annual responsibility. When you have reached that amount, through deductibles, co-pays and co-insurance, your responsibility stops and the plan pays covered expenses at 100%.

Advantage Plans often include coverage for additional services not covered by Medicare, such as; dental, vision, hearing and sometimes health club memberships. When on a fixed income, these benefits can make a big difference.

If you are looking for a plan that will ensure predictable costs, you may want to consider a Medicare Advantage health plan.

Medicare Supplement Insurance - How is it Priced? New 2010 Modernized Medicare Supplement Plans What to Watch Out for in Medicare Supplement Coverage How Can You Find Best Medicare Supplemental Insurance Plans? Medicare Supplement Plan N - Smart Alternative To Medicare Advantage

Medicare Supplement Plans That Make Sense

Most of us would not be able to afford medical coverage if it weren't for the Medicare program. There are many different advantages to using Medicare, and more than likely you are already enrolled in Medicare part A and part B, which covers your hospital stays and doctors visits along with general medical coverage. There may be some gaps in coverage, however, and these generally show up in the form of annual deductibles and co-pays. If you would like to have additional Medicare supplement insurance which will cover these gaps, it is available in a type of insurance that is known as Medigap.

Medigap is a Medicare supplementary policy that helps to pick up any out-of-pocket expenses when you are using Medicare. It is important for you to look at these various policies that are available and to do a comparison in order to choose the one that is going to be right for you. The reason why this is the case, is because there may be some things that are covered under some of these policies that are going to be unnecessary for you. The best way to keep your premiums as low as possible is to compare Medicare supplement insurance in this way and you choose one that will result in the lowest premium and the lowest out-of-pocket expenses in the balance.

This can be a little bit difficult, but the Medigap insurance makes it a little bit easier because it is regulated. Regardless of which insurance company you happen to go with, the policies are going to be standardized and you will get the same exact coverage. For example, if you went with one insurance company and chose Medigap plan C, you're guaranteed to get the same exact coverage with any other insurance agency when choosing Medigap plan C.

One thing that is not regulated in Medigap insurance is going to be the amount of money that you're going to spend. As a matter of fact, there is going to be quite a variation in the cost of these policies, even when you are choosing the same one. That is why it can benefit you to do a little bit of comparison shopping, either by calling the various companies or by doing so on the Internet. In that way, you'll be certain to be getting the coverage that you need without paying too much for the policy.

Medicare Supplement Insurance - How is it Priced? New 2010 Modernized Medicare Supplement Plans What to Watch Out for in Medicare Supplement Coverage Medicare Supplement Plan N - Smart Alternative To Medicare Advantage How Can You Find Best Medicare Supplemental Insurance Plans?

Medicare Supplemental Insurance: Is It For You?

Medicare Supplemental Insurance, also known as Medigap, covers voids left behind by Medicare coverage. Supplemental insurance is designed to assist with copays, coinsurance, and deductibles. Medigap is provided by private insurance plans approved by Medicare, but the cost of Medigap coverage is paid by the insured party only. Parties who are participants in Part C Medicare coverage (aka Medicare Advantage Plans) are not eligible for Medigap coverage. In fact, it is illegal for insurance representatives to sell Medigap coverage to any individual enrolled in a Medicare Advantage Plan.

Medigap can be of great assistance to parties with healthcare costs. The supplemental coverage can help with preventative care costs, blood administration costs, Medicare Plan A and B deductibles and extra costs not covered by Medicare. There are 12 different Medigap plans approved by Medicare (labeled A-L), and each have their own level of comprehensiveness. There are numerous options that are designed to meet the needs of each individual Medicare recipients. For example, Medigap Plan E assists Medicare A recipients with deductibles, but Medigap Plan F assists with Medicare B deductibles.

Medigap plans F and J are "high deductible" plans that carry a $2000.00 deductible. The cost advantage to these plans is lower premium rates when compared to other plans, but the ailing party must pay a higher deductible once Medigap coverage kicks in.

Private insurance companies cannot, by law, refuse to sell Medigap to eligible parties if: the plan is offered in the purchasing party's state; the plan is offered in a state where the purchasing party is moving to; have dropped Medigap for a Medicare Advantage Plan, and want to switch back within one year; the eligible party moves out of an area where Medicare Advantage is offered, or if Medigap A, B, C, D, F, K or I is sold by any Medigap provider in the eligible party's state. These rules protect potential Medigap purchasers from discrimination by Medigap providers, regardless of preexisting conditions or medical history.

The cost of these plans vary by the breadth of coverage. The only difference between the plans is the premium as offered by the private insurance companies. The amount of coverage amongst like plans does not change. Since the cost can vary greatly among insurance providers for the same coverage, it is important to comparison shop for the best rate.

Medigap plans K and L are the only plans that cover partial hospice costs, as well as skilled nursing costs. Plans K and L are best for those with terminal illness or those eligible for hospice care. Medigap plans A-J are best suited for members of either Medicare A or B plans.

Medigap plans do not cover prescription drug costs. The only exceptions are for parties who purchased a Medigap prescription drug plan prior to January 1, 2006. Otherwise, Medicare D offers prescription drug coverage to parties receiving Medicare, and therefore there is no need for Medigap to cover prescription drug costs.

Medicare urges all eligible participants to purchase Medigap during his or her open enrollment period. Medigap's greatest asset is in its ability to assist with high copayments and with acute care procedures not covered by Medicare A and B. The US federal government urges all Medicare recipients to enroll in Supplemental Medicare Insurance as a vanguard for the unexpected.

Why You Need Supplemental Insurance

Insurance, as a whole, is important. A person needs to be covered in every way possible just in case something were to happen. What many people fail to realize is that health insurance does not cover all of the medical treatments that may occur. There are a lot of out of pocket expenses that can occur with an unexpected accident or sickness. Let's take a look at a few reasons why supplemental insurance is important.

1.) Most insurance policies cover only a portion of the bill. So if you have a deductible that has not been satisfied for the year that has to come out of your own pocket. If there is a co-payment, you have to pay a percentage of the bill out of your own pocket. Take for example if you have 80/20 coverage, 80% of the bill your health insurance and 20% has to come out of your own pocket. If the bill is large, you have to pay 20% of the large bill out of your own pocket.

2.) If you are married or have children that you have to take care of and your spouse or child gets sick or becomes injured then chances are there is lost income. If your child gets sick, you may have to take off work in order to take the child to and from the hospital. There are also gas expenses that can go along with that. If your spouse is laid up in the hospital, you may have to take of work to care for him/her and remember, your spouse isn't working either. Two incomes are being adversely affected. If the spouse is hurt on the job, workman's compensation may cover some of the income if you make under a certain amount, but it still doesn't make up for the spouse's lost income and the hospital bills that still have to be paid.

Supplemental insurance is relatively inexpensive and for the cost of the premium, it's definitely worth the piece of mind to protect you and your family. It's not meant to replace health insurance or cover all of the costs but it definitely can help pay bills and give your family money when in need.

National Medicare Supplemental Insurance

Medicare supplemental insurance is one of the many types of private insurance plans for health that are intended to provide a supplement for the original plans in Medicare. If this insurance plan covers you, it will pay off some of the costs you will incur in seeking healthcare. Most of these costs are not covered by the initial policy that you took.

Medicare supplements are very important. This is because we all find that we need health care and medication at some point in time. Hence the reason why we need to insure ourselves so that in the eventuality that we become sick, get admitted into hospital or have other medical needs, we will not have to look for money. The insurance plan will cover all the incurred costs to enable our quick recovering by providing the best medical services possible under our cover.

These plans, however, only pay for cases which they deem to be most necessary, medically speaking. The premiums for each insurance policy will vary. However, they are determined using three primary methods. First, the policy writers will check the age that has been attained. This contains the lowest premiums especially for senior citizens over the age of 65 years. The older you get, the higher the premiums. Adjustments are normally made annually, after 3 years or 5 years. The adjustments also entail inflation that also increases the premiums to be paid.

The age of issuance is also another method that is factored in to the premiums to be paid by the insured. This is where the premiums are chiefly based on how old you were when you purchased that insurance cover. The premiums do not increase the older you grow. They will only increase due to the adjustments that the supplement makes to factor in the inflation.

The final method that is used to determine the premiums that you will pay is the community rated method. With this method, everyone who is found within the same geographical location will pay standardized premiums. This is regardless of their age.

To conclude, after you have picked to plan that suits you best, ensure you purchase the policy for supplement of your Medicare that has the lowest premiums. It may prove expensive at first but the premiums will not increase each year as you grow older.

How Much Does Medicare Part A Pay?

Most of us know that The Part A program provides compensation for healthcare or medically needed services for hospitalization, however there are certain caps in benefits you should be aware of in order to make precautionary arrangements. To conceptually grasp and understand Part A, you need basic information about the programs payment allocation, for hospitals, nursing facility, or home health care, as well as benefit periods and coinsurance amounts. How much Medicare Part A pays depends on how many days of inpatient care you have during what is called a benefit period or spell of illness.

A benefit period or spell of illness refers to the time you are treated in a hospital or skilled nursing facility, or some combination of the two. The benefit period begins the day you enter the hospital or skilled nursing facility as an inpatient, and continues until you have been out for 60 consecutive days. If you are in and out of the hospital or skilled nursing facility several times but have not stayed out completely for 60 consecutive days, all your inpatient bills for that time will be figured as part of the same benefit period.

Hospital Reimbursement.

Medicare Part A pays only certain amounts of hospitalization for any one benefit period.

The Deductible.

For each benefit period, you must pay an additional amount before Medicare will pay anything. This is called the hospital insurance deductible. The deductible is increased every January.

First 60 Days.

For the first 60 days you are an inpatient in a hospital during one benefit period, Part A hospital insurance pays all of the cost of covered services. However, non-essentials, such as televisions and telephones, are not covered. You pay only your hospital insurance deductible within this time frame. If you are in more than one hospital, you still pay only one deductible per benefit period and Part A covers 100% of all your covered cost for each hospital.

Days 61 - 90.

After your 60th day in the hospital during one spell of illness, and through your 90th day, each day you must pay what is called a coinsurance amount toward your covered hospital cost. Part A of Medicare pays the rest of covered cost.

Reserve Days

Reserve days are a last resort coverage. They can help pay for your hospital bills if you are in the hospital more than 90 days in one benefit period, however the payment is quite limited. If you are in the hospital for more than 90 days in any one spell of illness, you can use up to 60 additional reserve days of coverage. During those days, you are responsible for a daily coinsurance payment. You do not have to use your reserve days in one spell of illness, however you can split them up and use them over several benefit periods. You have a total of only 60 reserve days in your lifetime. Whatever reserve days you use during one spell of illness are gone for good. In the next benefit period, you would have available only the number of reserve days you did not use in previous spells of illness.

Psychiatric Hospitals.

Medicare Part A hospital insurance covers a total of 190 days in a lifetime for inpatient care in a specialty psychiatric hospital. If you are already an inpatient in a specialty psychiatric hospital when your Medicare coverage goes into effect, Medicare may retroactively cover you for up to 150 days of hospitalization before your coverage began. In all other ways, inpatient psychiatric care is governed by the same rules regarding coverage and co-payments as standard hospital care. There is no lifetime limit on coverage for inpatient mental health care in a general hospital. Medicare will pay for mental health care in a general hospital to the same extent as it will pay for other inpatient care.

Skilled Nursing Facilities.

Despite the common misconception that nursing homes are covered by Medicare, the truth is that it only covers a limited amount of inpatient nursing care.

For each benefit period, Medicare will cover only a total of 100 days of inpatient care in a skilled nursing facility. For the first 20 of 100 days, Medicare will pay for all covered cost, which will include all basic services excluding television, telephone, or private room charges. For the following 80 days, the patient is personally responsible for a daily co-payment; Medicare pays the rest of covered cost. Reserve days, available for hospital coverage, do not apply to a stay in nursing facility. After 100 days in any benefit period, you are on your own as far as Part A hospital insurance is concerned. However, if you later begin a new benefit period, your first 100 days in a skilled nursing facility will again be covered.

Home Health Care.

Medicare Part A pays 100% of the cost of your covered home health care when provided by a Medicare approved agency, and there is no limit on the number of visits to your home for which Medicare will pay. Medicare will also pay for the initial evaluation by a home care agency, if prescribed by your physician, to determine whether you are a good candidate for home care. However, if you require durable medical equipment, such as a special bed or wheel chair, as part of your home care, Medicare will pay only 80%.

Hospice Care.

Medicare pays 100% of the charges for hospice care, with two exceptions. First, the hospice can charge the patient up to $5.00 for each prescription of outpatient drugs the hospice supplies for pain and other symptomatic relief. Second, the hospice can charge the patient 5% of the amount Medicare pays for inpatient care in a hospice, nursing facility, or the like every time a patient receives respite care. There is no limit on the amount of hospice you can receive. At the end of the first 90 day period of hospice care, your doctor will evaluate you to determine whether you still qualify for hospice, meaning your disease is still considered fatal and you are still estimated to have less than 6 months to live. A similar evaluation is made after the next 90 day period, and again every 60 days thereafter. If your doctor certifies that you are eligible for hospice care, Medicare will continue to pay for it even if it exceeds the original six month diagnosis. And if your condition improves and you switch from hospice care back to regular Medicare coverage, you may return to hospice care whenever your condition warrants it.

By knowing exactly what Medicare Part A pays, an educated decision can me made as far supplementing the gaps.

Medicare Supplemental Insurance Plans for Senior Citizens

For senior citizens, having medical coverage through the federal government's Medicare program is literally a lifesaver. Many of these senior citizens would not be able to afford the basic medical care that they need without Medicare. This social insurance program allows them to stay healthy and enjoy a longer life than they might otherwise enjoy without the assistance of Medicare. But as great as the program is, it's only designed to cover the basic insurance needs of our nation's elderly. That's why the option of being able to purchase a Medicare supplemental insurance plan is so key to the health and well-being of American senior citizens.

A Medicare supplemental insurance plan is designed to cover holes and gaps in basic Medicare coverage. Since most senior citizens are beginning to deal with aging-related issues by the time they turn sixty-five years of age and are eligible for Medicare, most of them need more than just the basic coverage offered by Medicare. This means that left with only Medicare coverage, most of these senior citizens will be left with inadequate coverage, which they may not realize until they suffer a health emergency and realize that they can't afford the care that they need.

While Medicare is federally subsidized, Medicare supplemental insurance is administered by the state governments and is sold by private insurance companies. If you're interested in purchasing a Medicare supplemental insurance plan, first make sure that you understand the Medicare regulations in your state. You don't want to settle on a plan only to find that it's not available in your state. And be sure to shop around. You won't get the best price if you don't take the time to get at least three price quotes from different companies to compare and see what deals are available to you.

If the task of researching Medicare supplemental insurance seems too daunting to tackle on your own, you're not alone in feeling overwhelmed. That is why so many quality insurance brokers are able to stay in business. They make it their aim to understand not only the different Medicare supplements that are available through different insurance companies, but also to understand the needs of the senior citizens in their area so that they can recommend the best insurance products to their clients. With the help of a good agent and a basic understanding of the Medicare supplement, you're sure to be able to get the coverage you need.

My Medicare Advantage Plan is Not Renewing For 2011 - What Should I Do?

Insurance companies that offer Medicare Advantage plans engage in a familiar ritual every fall. Beginning in early October, they introduce their plans for the coming year. This is also the time, if plans are not being renewed for the following year, that notices are sent to those plan members informing them of their plans renewal status and detailing the options that they have available.

If your Medicare Advantage plan is not renewing for 2011, there are certain things that you need to be aware of and several steps that you need to take to make sure that you are properly protected in the coming year.

Understanding the realities of your plans renewal status and knowing what steps to take can give you the piece of mind required to make an informed decision for the following year.

Why do insurance companies choose not to renew their plans?

Often, when Advantage plan members receive a notice from their insurance company informing them that their Medicare Advantage plan will not be renewed, the first response is anger. Most of us like some degree of certainty. Having the rug pulled out from under our feet, especially when it comes to our insurance and health care, is unsettling.

If we understand the reality of how an Advantage plan works, we should be able to anticipate possible changes. When an insurance company contracts with CMS (Centers for Medicare and Medicaid), they agree to an annual contract in a defined County or service area. By design, you should be aware that things can change from year to year. Understanding this can alleviate any anger.

Beginning in January 2011, companies that offer PFFS (private fee-for-service) Advantage plans, will be required to allow those members access to a provider network should they decide to utilize it. A PFFS plan is not a network based plan, but rather members are able to visit any provider that accepts Medicare assignment. The provider must agree to accept the plans payment terms and conditions, as well as having the right to accept the plan on a visit-by-visit basis.

If a company decides not to renew your Medicare Advantage plan for 2011, this could be due to not having a credible network in place for your County or service area. If an insurance company only has one plan available, and it is a PFFS plan, it may be an easier and a more cost efficient solution for them to merely pull out of the market.

What do I need to know?

First, you need to be aware that the insurance company has a contractual obligation to honor their commitment to you. Your plan is still a valid plan for you to use for the remainder of the calendar year. Claims will still be paid and customer service will still assist you with any issues that may arise.

In addition, you now have a guaranteed enrollment period to apply for a Medigap insurance policy. If you decide to apply for a Medigap policy, which is also known as a Medicare supplement, the company cannot refuse to sell you any plan that they offer. Health conditions will not prevent you from purchasing a Medicare supplement during a guaranteed enrollment period.

What do I need to do?

If your Medicare Advantage plan is not renewing for 2011, you need to assess you options. It is comforting to know that you have several choices.

Return to traditional Medicare and purchase Part D drug coverage. Enroll in another Advantage plan. Purchase a Medicare supplement and Part D drug coverage.

If your Medicare Advantage plan is not renewing for 2011, start exploring you options early. Your current Advantage plan will end at midnight December 31st. You are not required to stay with the same company should they have an alternative plan available. It is in you best interests to take this time to look at all available options. Armed with knowledge, you can choose the right coverage and be protected for the following year.

Injury Insurance Plan - Supplemental Injury Insurance Policy FAQ

1. Injury insurance plans have what type of eligibility requirements to get approved?

Accident plans are guarantee issue up to age 65 or 70. Online applications have no health questions or underwriting and everyone gets approved.

2. How much do personal injury insurance supplements cost each month? (Estimates)

(Rates from the leading plan) Individual policy - $5,000 benefit - $22 USD each month. Individual - $7,500 benefit - $28 USD per month. Individual - $10,000 benefit - $34 a month.

Family policy - $5,000 benefit - $35 USD each month. Family: $7,500 benefit - $41 USD per month. Family: $10,000 benefit - $47 a month

3. What doctors and hospitals accept this accident health insurance supplement?

Accident policy can be used at any licensed doctor, hospital, emergency room, medical clinic, or urgent quick care facility. Plans also compensate for bodily injury related expenses while traveling abroad (one to two months outside the United States).

4. What are the specific emergency room related benefits covered?

-Doctors fee for surgery (inpatient and outpatient) -Hospital emergency room care (miscellaneous ER bills) -X-Rays -Doctors visits inpatient and outpatient. -MRI's -Lab Services -Prescription drugs -Registered nurse expense -Dental treatment for injured sound natural teeth -Hospital room and board -Crutches, Splints, Casts, etc. -In or Outpatient surgery -Anesthesia expense -Operating room -Physical Therapy -Ambulance expense

5. What are the personal accident insurance supplement policy benefit levels?

$2,500, $5,000, $7,500, $10,000 US dollars per covered injury.

6. Do these policies covers youth sports injuries?

Yes, some plans can be used as a youth sport insurance supplement for kids sport injuries. If you're a parent looking for a plan to serve as a youth sport insurance plan double check the fine print on the policy explanation of benefits page. Policy should say it covers organized youth sports up to age 18. Organized sports meaning youth soccer, little league baseball, and high school football.

7. Who is the medical insurance company underwriting or selling this plan?

A lot of injury insurance plans in the United States seem to be underwritten by Guarantee Trust Life Insurance Company in Glenview, Illinois. Guarantee Trust Life has been around for 70 plus years.

8. Is this plan health insurance or a supplement?

Plans are not insurance rather an indemnity. Indemnity means to compensate. So look at these supplements as a accident medical expense compensation. Policy holders are compensated up to the policy benefit level per injury. Typical policy benefit levels again are $2,500, $5,000, $7,500, and $10,000.

9. What are some other names for this type of supplement?

Depending on who's sales brochure you pick up: Emergency room insurance plan, 24 hour accident coverage, accident medical coverage, supplemental accident coverage, and accident medical expense benefit. Thousands of health insurance agents sell these supplements and they are often packaged together with dental, vision, and other discount services. The prices listed in this article are for the accident only coverage. So other plans you'll find online could be more expensive because other benefits might be tied into it.

10. What are the plan deductibles?

Most policies have a $100 to $200 US dollar deductible. Deductible= Out of pocket expense you have before health insurance plan pays. Example: Someone has a $10,000 benefit injury plan and subsequently has a $10,000 dollar emergency room bill from a broken collar bone. The policy holders total out of pocket expense for the ER bill is the deductible of $100 dollars. The deductible of $100 dollars resets for each claim. Each injury is treated as a separate event and the policy benefits reset for each mishaps. Plans pay out per injury and per accident subject to new deductible.

11. Can this plan be used for college or pro level sports injuries?

No. College and professional level sports injuries are not covered on this style of plan.

12. What is the catch or rules?

Personal accident insurance supplements only pay for bodily injuries that occur after the policy effective date. To receive benefits the policy must be in force prior to injury.

13. Does the plan cover emergency room visit bills relating to sickness or disease such as heart attack or stroke?

No. Supplements are accident only coverage for bodily injuries.

14. How soon does someone need to seek treatment for the injury for the plan to pay?

Within 12 weeks from date of initial injury. Benefits period is 52 weeks after date of injury.

15. Who gets paid the accident medical expense compensation?

Some personal injury insurance plans pay you (the policy holder) directly. Other plans will compensate the doctor or hospital that treated your bodily injury.

16. What type of bodily injury accidents aren't covered on these plans?

Injuries sustained under the influence of drugs and alcohol, professional / college level sports injuries, during act of war or committing a crime, trying to kill yourself or self-injury, wing suit base jumping, and other extreme activity related accidents.

Understanding Medigap Supplemental Insurance

Have you just retired from your job? Did you just lose it? Did you just have a vehicular accident? Do you have a child who is about to enter college? These are some of the questions whose answers are going to play a huge part in your financial situation. Having insurance is a good way to start preparing for your future needs, but sometimes this is not enough. There are some medical bills or health care costs that your original medical insurance won't cover and this is going to be difficult especially if you cannot even pay for basic health care. If you're having a problem with this, Medigap can provide some good solutions.

Medigap is a supplementary insurance that will help you pay some of your medical bills that your original health insurance won't. It may be considered secondary insurance that will pay for whatever excess there will be in your hospital bill beyond your Medicare coverage. Medigap offers different plans ranging from basic health care to those involving complicated scenarios and preexisting conditions. Of course, Medigap only works when you, at least, have your standard Medicare policy.

Just as there are different standardized Medigap policies, there are different companies that offer this policy. Of course, the premiums will vary as well and most differences will depend on the age, marital status, financial capacity and existing health condition of the member.

It is important to have something to rely on in times of emergencies and there is no question about the benefits of Medigap for someone who needs to pay hospital bills that come up to an amount in excess of what his existing Medicare plan covers. Choosing and knowing the right policy for you before you enroll will give you an idea on what program will suit your needs and how much you will need to pay.

When people don't take the time to review each policy, they tend to waste their time, money and effort on the wrong one. The worst consequence of this is not being able to enjoy any benefits due to minor technicalities such as misreported age. For this reason, it is very important for one to carefully go through each policy when determining which one among the different types is going to work for them when the need arises. It is easy to take these things for granted, but a small, unexpected error can cost the person a big sum. Thus, one should always take the time to research on the various plans before coming up with a final decision.

Medicare Health Plans - Knowing Your Options Can Save You Money

If you are new to Medicare, you may find your Medicare health plan options and some of the terminology confusing. When choosing a plan, a little knowledge can keep you from making some costly mistakes. First, you need to know the difference between a Medicare supplement and a Medicare Advantage plan. Many people just assume that any plan that is offered by an insurance company is a supplement. This is not the case. An Advantage plan is not a supplement.

An Advantage plan is offered by a private insurance company as another way to receive your Medicare benefits. The insurance company offering the plan has a contract with CMS (Centers for Medicare and Medicaid Services) to administer your benefits. Some features of an Advantage plan include:

You will have cost sharing by way of co-pays, co-insurance and deductibles. Plans are often a PPO or HMO and have a network of providers. May have a low, or in some cases, no monthly premium. Will often include the Part D Medicare drug coverage. May offer benefits beyond original Medicare, i.e. dental, vision, and gym memberships.

A Medicare supplement, or Medigap insurance plan, fills the gaps left by original Medicare by paying your share of the charges. This is typically the hospital deductible, hospital co-pays if required, and the 20% outpatient charges that Medicare does not pay. Some features of a supplement include:

They are standardized plans that may require some medical underwriting. May be more costly the older you are. You pay your monthly premium, which is typically higher than an Advantage plan, but have less out-of-pocket expenses when services are rendered. Stand-alone Part D Medicare drug coverage will be necessary. Benefits beyond original Medicare are not included.

Once you know the difference between the types of Medicare health plans, you need to ask yourself some questions. The questions typically revolve around your health and your budget. Other considerations will include your choice of medical providers and whether you require or can pay out-of-pocket for the extra services not offered by Medicare.

Can you afford a monthly premium for a supplement, even if you do not use it? If not, you may want to consider an Advantage plan. Do you have health problems and are not in an open enrollment or guaranteed issue period? If so, you may need to consider a Medicare Advantage plan. Are you willing to accept a provider network? If not, you may want to consider a Medicare supplement. Can you live with the fact that insurance companies that offer Advantage plans, can change benefits annually or discontinue the plan? If not, you may want to check out a supplement.

Everyone has different circumstances and these are just some of the questions you will want to answer before you choose your Medicare health plan. Once you decide which type of plan is best for you, you will then want to compare plans that are available to get the best possible plan for your health and money.

Insurance Covers the Protection of Health and Wealth

In India insurance is a federal matter. Insurance is the protection against financial loss due to accidental event. Insurance policy helps in not only extenuating risks but also offers a financial cushion against adverse financial burdens suffered. It is contract between two parties like the insurance companies and the insurers. In this contract the insurer agrees to pay the financial loss arise due to accidental events.

The insurance plans are also called as risk cover plans that means financial financially recompense for loss which happens uncertainly through accident, theft, and natural disasters, illness.

Most of the people are not aware of the good wills of insurance as it is attractive investment. This is introduced for risk cover of life including jewelry, automobiles, homes etc. Today you can see that a large number of companies are providing insurance like Bajaj Allianz, New India Assurance Company Limited, Tata AIG, Kotak Mahindra, ICICI Prudential and Reliance.

You can acquire insurance on several things besides health like critical illness, life, car, endowment, hospital cash plans, pension plans, and whole life insurance. It offers a comfortable future. Once you insure your health and wealth you can take a deep sleep without worrying about the loss of any thing because insurer compensates your loss. Life insurance covers the risk involved in a person's life, while General Insurance provides financial protection against unforeseen events, like accident, flood, earthquake, disease, etc.

Development Authority & Insurance Regulatory is development and regulatory authority under Government of India for protecting the interests of the policyholders and to promote, ensure and regulate orderly growth of the insurance industry.

General insurance provides much needed protection against accidental events. It is not mean returns but is a protection against contingencies. Most of the thing that has a financial value in life and has a probability of getting damaged, lost, or stolen can be covered through General Insurance policy.

Travel and tourism is one of the most fast growing sectors around the world. With rise in standards of living, more and more people are embarking on journeys and exploring new places. Home insurance is common and even general. Everybody has a dream to have house one day. For an ordinary person it takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. So you must have to insure your homes.

Getting Contents Only Insurance

Getting insurance is very vital today because no one can predict any future contingencies and it is always beneficial to stay on the safer side. If you are the owner of a house it is easy to get homeowners insurance which cover the entire house and also the contents in it. Nowadays by law it is essential to get your home insured so that all the damages and repairs can be paid for when the need arises. The proverb it is better to be safe than sorry applies beautifully to this issue because through this one can get all the coverage they desire and more.

If you own a house you can get a home and content insurance together and you will even have to pay lesser premiums, but if you are renting a place all you own in that place are your belongings. this is why it is better to keep them protected because the value of your belongings can add up to more that you predict. There are several companies that provide content only insurance to renters or tenants. It is very vital to avail this facility as you never know what will destroy everything that you own.

You can get this insurance on the internet now, so you don't have to go all the way to the company to render their services. you can also pay your premiums online through credit cards or internet banking. This will make your work easier and you will also be able to pay your premiums on time so that you remain in the good books of the company. To make your work easier you can make a list of everything you own so that when you get a policy done nothing is left out.

When getting your contents only insurance the company will add up all the expenses and you will be asked to pay the premiums accordingly. They have an individualistic approach because the belongings of one person differ from the others. It is essential to protect the very important and valuable items so that even if they are damaged you will experience lesser heartache. You should choose the right company so that you have to pay lesser premiums and all your belongings are covered. Once you have found the right company you need to approach an agent who will attend to you and give you all the information you require so that you can make a final decision.

Purchasing Medicare Supplement Insurance in Missouri

Purchasing a Medicare supplement in Missouri can be somewhat overwhelming if you are not familiar with the process. You must be at least 65 years old or approved for Medicare disability. You must also be enrolled in Medicare Parts A and B with the federal government.

There are ten modernized plans available to choose from (A- N) as well as high deductible Plan F. It is important to request an outline of coverage from your agent so that you know what each plan covers. All plans are not offered by all insurance companies. Traditional Plan F is most comprehensive and usually most popular with those who are Medicare eligible.

All other plans will cover some of the gaps in Medicare and therefore you will have more potential out of pocket expenses. Should you choose a less comprehensive plan, you may end up with larger medical bills.

Missouri Medigap Anniversary Rule

What makes Missouri unique when compared to other states is the yearly anniversary rule. Each year, you can switch Medicare supplements in Missouri without medical underwriting. You can switch to like or lesser coverage with a different company in order to lower your premiums.

If for instance you have Plan G coverage, you could switch to another Plan G or any plan with less benefits without underwriting. However, because Plan F provides greater benefits than G, you would need to be underwritten in order to switch to a F Plan.

Your yearly anniversary is unique and occurs within a month of your effective date. It does not necessarily occur during the month of your birthday, but rather when you were enrolled into the Medigap coverage. The window of time to take advantage of this rule encompasses the the 30 days on either side of your effective date.

In order to enroll in a new Medicare supplement during this time, you only need to provide the new insurance company with a copy of the effective date of your old policy.

Medicare Supplements Under Age 65 - Disability Coverage

The state of Missouri also allows for individuals who are on Medicare disability to enroll into a supplemental plan. Just like those who are Turing 65, you must enroll during your open enrollment period to be issued a policy on a guaranteed basis. Open enrollment encompasses the three months before your approval, the month of your approval, and the three months after.

It is important for those who are on disability to take advantage of this window of time. Otherwise, you can be denied coverage later on if you need to be medically underwritten. Those on disability can also take advantage of the yearly anniversary rule.

Purchasing a Supplemental Policy

If you are in need of supplemental insurance, it is wise to shop through an agent. There is no mark up for their services and you can compare prices from several companies at once. By learning the plan designs and shopping for the best rates, you should have no problems finding a suitable Medicare supplement insurance plan.

3 Reasons You Should Consider Supplemental Cancer Insurance

Why not take a look at how you can have supplemental cancer insurance? A lot of people have seriously considered it. Some actually did it. Most never got serious about it and just drifted onto other things, basically staying how they were. Some are still just considering it and still have not even begun to take action. Others have gotten stalled for not enough information and still have not even begun to seriously consider it.

Well, kick back here. Let's think this through. Here's 3 reasons why you should have this coverage, which you might consider.

First off, in its favor, allow me to point out that with supplemental health, specifically cancer insurance, pay you - not the doctors! This allows you to pay for household bills, co-pays, deductibles...basically all of the unexpected costs that come with being sick. Sure, I recognize your objection that you may never get cancer, but did you know that one out of every three women and even scarier...one out of every two men will be diagnosed with cancer - odds no one can ignore!

Second off, you truly need to consider that most cancer plans pay you to take care of yourself by promoting early detection with unique wellness benefits that are already included. Think about it...no other insurance plan out there will pay you to go get an annual physical, mammogram or regular cancer screenings. And, additionally, consider that if one of those tests comes back positive you'll have peace of mind knowing you caught it early with getting regular exams.

Third and finally, health insurance only covers half of the expenses related to getting sick. People every day, with health insurance, are putting themselves into debt because of surprise "out of pocket" expenses. For the cost of eating one dinner out a month you can protect your finances from these devastating costs. And, moreover, in addition to that, you get money back from the wellness exams...tests you should be doing in the first place...thus cutting the cost of cancer insurance in half and sometimes even more than that!

Whenever you consider the reasons and evaluate them, I expect you will probably have to admit that a compelling case can be made for thinking about how you can have this as an inexpensive back plan to the worst case scenario.

Friday, December 7, 2012

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