Consumer Questions (Medicare Supplement Insurance Series)
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Medicare is health insurance for:
– People age 65 or older
– People under age 65 with certain disabilities
– People of any age with end-stage renal disease (ESRD: permanent kidney failure requiring dialysis or a kidney transplant)
These different parts of Medicare help cover specific services:
– Is run by the Federal government
– Provides your Medicare Part A and Medicare Part B coverage
– You can join a Medicare prescription drug plan (Medicare Part D) to add drug coverage
– You can buy a Medigap (Medicare supplement insurance) policy sold by private insurance companies to help fill the gaps in Medicare Part A and Medicare Part B coverage (such as coinsurance, copayments and deductibles)
Medicare Part A (Hospital Insurance)
Original Medicare helps cover inpatient care in hospitals, skilled nursing facility, hospice and home health care
Medicare Part B (Medical Insurance)
Original Medicare helps cover doctors’ services, outpatient care and home health care as well as some preventive services to help maintain your health and to keep certain illnesses from getting worse
Medicare Part C (Medicare Advantage Plans, like an HMO or PPO)
A health coverage option run by private insurance companies approved by and under contract with Medicare: Includes Medicare Parts A and B but can charge different amounts for certain services.
May offer extra coverage and prescription drug coverage for an extra cost.
Costs for items and services vary by plan.
If you want drug coverage, you must get it through your plan (in most cases)
You don’t need a Medigap policy.
Medicare Part D (Medicare Prescription Drug Coverage)
A prescription drug option run by private insurance companies approved by and under contract with Medicare helps cover the cost of prescription drugs. May help lower your prescription drug costs and help protect against higher costs in the future.
Steve Savant is a national insurance columnist, financial color commentator and host of the daily Internet talk show, The Business Insurance Zone. Steve’s special guest is Sam Corey the Third, National Medicare Supplement Specialist.
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Can You Get Life Insurance if You’re Diabetic?
Many are suffering with diabetes. Diabetes can be debilitating even if it’s managed well. It’s important to eat right, get plenty of exercise and take the medication that the doctor prescribes in order to be a part of a well managed health plan. In spite of being seriously ill, most diabetics manage to lead a full life by following their doctors advice.
Insurance companies understand that many do manage their diabetes well, for this reason, they don’t always worry about their clients dying young or becoming seriously ill. Many insurance companies do offer Life insurance to diabetics.
Anyone with this medical condition may find life insurance, the issue is, will the rates be decent and reasonable? Just as smokers and others with serious health conditions, diabetics can find life insurance, however, they’re going to have to pay a higher premium for this insurance.
If the diabetic is doing what they need to do for their health, they’re going to qualify for a more reasonable policy.
Here is what they need to be doing:
- Lead a decent lifestyle avoiding alcohol, smoking or weight gain
- Have no other serious health issues
For those who wish to find good rates for life insurance, they’ll need to shop around and talk to their insurance agent about a good policy or go here for diabetic help. Insurance agents keep up on the latest trends and policies available and will be able to assist in finding a decent rate that is affordable for the coverage the person desires. In many cases, the insurance agent already has a company in mind for the person. It’s important to take care of your health and guard it well. Follow the doctors advice and keep the blood sugar under control at all times. Diabetes shouldn’t stop anyone from having a good life insurance policy, it may make it more challenging however. Call your insurance agent today and find out what they can offer you.
Why Is Life Insurance Necessary?
Most people are not very sure if they have acted wisely while considering the purchase of life insurance. People are constantly agonizing about the extra monthly expense that life insurance calls for, and wonder whether they would be better off if they saved their money for other things. This is not an advisable move to make, and could lead to a lot of disadvantages, especially in case you are the only earning member in a family.
You can never be very sure that you will not have to experience some tragic circumstances that can lead to an untimely death. When you have the necessary life insurance cover, your family will be benefited because they will have access to funds that can provide for their future, besides paying for the funeral and other additional expenses that are not foreseen. It is not a pleasant thought to think about one’s own death, but you definitely have to give thought to how your family will manage expenses that you have left them with, after your death. When you have a life insurance policy that can cover all these expenses, you do not have to spend time worrying about them.
An adequate policy will be one that takes care of burial and funeral expenses, but also has a sum left over, enough to help your family to get over the next year’s expenses. This gives them sufficient time to make other arrangements to find fresh sources of income. If you feel like your agent is pushing you toward too much or too little life insurance then do a little research at Term Life Go, the best life insurance information we have seen.
Researching your Life Insurance Options
When you are considering options for life insurance, it can help to research the matter and compare the different avenues for insurance that are available to you. If you have reasonably good health and are also a non-smoker, you can go online to find a lot of very affordable options. You can always talk to insurance brokers, and they will be able to guide you to the policy that is the most suitable for you. There are policies that do not cost the earth and will be fairly affordable. This small extra amount spent every month will ensure financial security for your family in case of your untimely death.
How You Can Avoid Lambasting Life With Financial Literacy
Most people go through life feeling that life is against them, mostly because their financial lives are a mess. But when you come to really think about it, you can avoid feeling like a victim by arming yourself with the knowledge that successful people have. We’re talking about financial literacy, or education on how you can become financially free. In this article, we’re going highlight some finance-related tips to help you get on the road to financial freedom.
If you are in debt, getting out of debt should be your priority. Remember that debt isn’t something that you can wish to magically go away. They are hard-crunched figures that you need to face and pay – FAST. Your worse enemy when it comes to debt are late payment charges and interest rate (read: compound interest). If you don’t prioritize your payments, your $100 debt can balloon to thousands of dollars fast. This is especially true for credit card debts.
Prioritize paying off the debt with the highest interest rate. If you’re having difficulty paying on time, talk to your creditors to work out a payment plan that won’t affect your monthly living expenses. Avoid burying yourself deeper in debt by avoiding payday loans, unless if it’s a real emergency. Most people go take out payday loans in order to maintain a lifestyle they can no longer afford to maintain.
Getting out of debt is really just the first step towards financial freedom. Side by side with getting out of debt, you should make provisions for the future. Save money by living below your means. If you’re prone to emotional spending, become aware about what triggers you. Some women will waste money on double lattes or shop for shoes they never going to wear.
As you can see from above, the basics of financial literacy is really simple. It’s all about getting out of debt and spending less than what you earn.