What Are My Life Insurance Options With a Pre-existing Medical Condition?

Finding life insurance for the medical patient is not as frustrating as many individuals may think. Some insurance companies may deny a policy immediately under the right circumstances, but most companies choose to insure the client with preexisting conditions for a lower amount. Being patient is a virtue when shopping for life insurance. There are many companies in the market, so it is important to request as many quotes as possible.

One important decision will be choosing a whole life policy versus a term life policy. Many term life policies do not pay fully until after two years, but many also do not require medical information. Mant insurance companies will still perform a medical information investigation before making a decision on policy approval. It is a good idea to have recent medical information at hand, including a recent assessment letter from your doctors. Even heart and cancer patients can be approved for life insurance if treatment has been effective in stabilizing the problem.

For many insurance customers with prior conditions, finding a company that does not request medical information may be the best option. It is much easier to receive a quote initially, but they rarely come with premium guarantees. Premiums rates will almost assuredly be higher than whole life or screened term life insurance.

Some insurance companies may request more recent medical information in the event the potential client has not been to the doctor recently. However, most individuals with serious conditions see a doctor regularly because medications are often lifetime therapies and are necessary for patient maintenance. Assembling all medical records is always a good preparatory step before requesting premium quotes, including condition stability analysis from all medical professionals who have requested testing. When a pre-existing condition is properly treated many insurance carriers are willing to downgrade the risk associated with insuring those individuals. For example, there are a lot of life insurance options for diabetics who properly manage their condition.

The primary option may well be to contact a licensed insurance broker who is associated with a large number of companies who can provide multiple quotes and explain exactly what the coverage provides. Consulting with a professional life insurance agent can help with having necessary medical information at hand when the agent processes the premium and parameter inquiry. In addition, agents who cannot locate an affordable policy that provides a sufficient level of coverage may be able to refer the customer to another agency which specializes in life insurance coverage for clients with preexisting medical conditions.

Life Insurance Basics

Many people who think about buying life insurance for the first time wonder if buying a policy is worthwhile. They have enough bills to pay already. Why add anything else, especially if it is for something they may never use?

It is tempting to skip paying for a life insurance policy altogether. Without a life insurance policy, however, an individual stands to put his or her family in more financial difficulty. In the event they die, they leave their family without a stream of income they were not only used to, but that was crucial to keeping up with their rent, car payments, groceries and other living expenses.

In addition, the family would have to pay several thousand dollars to plan an unexpected funeral. This could cause the family without life insurance to endure extreme financial difficulties and face foreclosure or bankruptcy as a result. The tragedy is that a nominal life insurance premium payment would have been all it would have taken to avoid this.

You want to make life insurance as affordable for you as possible. There are two types of policies to choose from – term life insurance and whole life insurance. You can choose how much coverage you would like depending on your family’s financial needs.  The more coverage you purchase, the more the policy is likely to cost. Term policies are generally less expensive than whole life policies and are great for young families, smokers looking to get life insurance coverage, or anyone in a high risk life insurance situation. Whole life policies build cash value a policyholder can use, while term policies do not.

Other factors that go into the price paid for life insurance is a person’s health and age at the time of applying for coverage. Talk to a life insurance agent to find out which types of policies and coverage limits are best for your budget, age and plans for the future.

Things You Should Know About Medicare Plan F

Healthcare is an important part of life, and we all want the best out of both. This is because they are often inversely related. The fact is, the better healthcare, the better quality of life we have, and the more we will get out of it.

Even for those that have private health insurance, you may want to get a Medicare supplement plan. Also known as Medigap polices, these plans are designed to fill in holes in the coverage between what Medicare will pay and what the patient is billed. Many doctors now accept such plans, making them an invaluable investment. Other things Plan F covers is a whole year of hospital costs after your Medicare benefits have run dry.

Plan F in particular is an attractive choice, covering co-insurance for Medicare Parts A and B. Those who like to travel will be pleased to know that another benefit offered by this plan is coverage for health emergencies that arise abroad. In short, Plan F is the most popular because it offers the most benefits and coverage amongst all of Medicare’s supplemental plans. As you might expect, it is also the most expensive since cost is generally proportionate to cover in the world of insurance. However, it is money well spent.

Before you begin shopping, consider whether or not you are able to afford Plan F. Bear in mind that this plan may require you to pay up to a $2000 deductible before it pays for the rests of costs incurred in a hospital or doctor’s office. Planning ahead will ensure that you don’t have to terminate use of Plan F at a later date if you find that it is just too expensive. It is possible that Plan F is not suitable to you, but there are many other Medigap plans out there that may be more tailored to your needs and budget. If you have to stop use, you will have to qualify for another Medicare plan all over again. Talk to someone who knows more about these plans before purchasing, and you’ll be sure to make the right choice, along with having peace of mind as you get older.

Saving Money On Life Insurance

Purchasing a life insurance policy is a wise decision for most people. The death of a loved one can impose severe financial burdens on the surviving family members. The deceased’s funeral expenses are just one of the financial concerns following a death. The loss of the decedent’s income severely affects the lifestyle of the surviving spouse and children. A life insurance policy will ensure that your dependants will be provided for financially in the event of your death. A life insurance policy will provide the money to pay for necessary expenses such as house payments, college tuition and the continuing financial support of a spouse and children.

Choosing a life insurance policy can be confusing. There are a wide variety of life insurance products on the market, ranging from permanent life insurance policies, which build a cash value, to renewable term life policies. Deciding which type of insurance policy is right for you will depend upon your personal situation and preferences. Regardless of which type of insurance policy you choose, you can save money by doing some and research and by comparison shopping for the best insurance value and best life insurance for your needs. However, remember to only compare similar types insurance policies to each other when considering prices.

Learning a few insurance basics can help you save money on any insurance policy. Generally, term life insurance policies are cheaper than insurance policies that build up a cash value. Term life insurance covers you for a stated period of time. Term life insurance policies can be purchased with fixed premiums over 5, 10, 20 or even 30 years. Since term life insurance policies are cheaper, you can use the money you save on the monthly premiums to make other investments.

Your health has a significant impact on insurance premiums. Insurance rates are based on risk. The better your health, the lower the risk you pose to an insurance company. Insurance companies consider many factors when evaluating your health. Smoking, obesity and high blood pressure are just a few relevant factors an insurance company considers when pricing a policy. You can lower your insurance premiums and save money by getting healthier. Stop smoking. If you are obese, lose weight. Take active measures to get your blood pressure under control. In addition to saving money on your life insurance, you will reap the benefits of being a healthier person.

Carefully consider the type of insurance policy you are purchasing. Evaluate the agent commissions and other fees that are associated with the insurance policy. Many insurance policies are front loaded with fees. You can save money by avoiding insurance policies that charge high fees and commissions. Many insurance companies offer policies with guaranteed acceptance. Guaranteed acceptance policies are high priced with limited benefits. These types of policies are riskier for the insurance companies, and they pass this risk on to you in the form of higher premiums and smaller payouts. You can save money by avoiding these kinds of policies. Take the time to shop around online for the best deals on an insurance policy.

What Is Medicare Open Enrollment?

medicare open enrollmentFiguring out how to navigate through Medicare is a bit of a challenge for even the most financially savvy individuals. If you’ve never dealt with Medicare before, there are a lot of different sections and different terminology that you have to get familiar with. One of the terms that often confuses people is “open enrollment.” What exactly is “open enrollment” and how does it affect you?

Open Enrollment

Open enrollment is a period of time that occurs every year, in which eligible individuals can choose to participate in Medicare plans. This is the time of the year in which you can change your plan if you want. The open enrollment period can change from one year to the next, although it is typically in the last few months of the year. For example, it may run from around October or November through December.

Guaranteed Coverage

During the open enrollment period, you are guaranteed to get accepted into the insurance plan. They cannot base your rates on your previous health conditions either. That means a beneficiary with diabetes can opt to enroll in Medigap Plan F (which covers nearly all of the gaps left by Medicare) and will pay the same premium as a perfectly healthy beneficiary. This makes it possible for everyone to get health insurance coverage, regardless of what kind of condition they have been in.

Compare Everything

When you start shopping around for a Medicare plan during the open enrollment period, it is common to just look at the plan with the cheapest premiums. While the cost of the premium is definitely important, it is not the only factor that you need to look at. You need to look at the out-of-pocket maximum as well. If you are going to be using the medical services frequently, this is the amount of money that you could end up spending each year.

Look at the Details

During the open enrollment period, you may be considering getting a Medicare Part D plan. This helps pay for your prescription drugs. During this stage, it is important to make sure that the plan you choose has the type of medications that you need. Not all Part D plans cover the same things. If you choose a plan that doesn’t have the drugs you need, then it’s going to end up costing you a lot of money out of pocket for the prescriptions that you need later on.

Overall, there are a lot of factors that you have to consider when choosing a policy during the open enrollment period. If you don’t take the time to look carefully at every single component of your policy, then it will come back to bite you.