Choosing the right insurance policy

You have probably found yourself in a situation where you have to choose a company which will provide this service. It is a normal thing because you will give your money to them in case something goes wrong with your health. Keep in mind that it is a good idea to choose the highest package or option possible because you never know what can happen to you. Illness is unpredictable, and there are things that can happen in a blink of an eye. A good insurance policy can help you with your life. If you don’t have the right policy and something needs to be operated or treated, you are in a pickle. There are things you need to understand if you want to protect yourself from situations that can happen in real life. First of all, you know that medical care won’t cover all expenses especially those that are extra expensive.

For those situations, you need to have insurance policies that will cover the cost of your treatment and operations. You need to understand that these things are serious and the only thing you need to do is to choose the best possible package and be responsible. Keep in mind that there are packages that are one time only and of course there are expensive ones that can take care numerous occasions. You need to precise everything in your contract. The contract you sign with your company is the number one source of your rights and obligations. The same thing goes for the company that provides the service. Some people think that misfortune won’t happen and they don’t even think about this social and health insurance policies. And once disaster strikes, they are in a problem.

Be responsible

responsibleIf you want to be a responsible person, you know what you need to do. There is nothing better than to feel that you family has insurance and you don’t have to worry a thing. If something happens, the medical expenses will be covered by the company. Medical insurance is probably the biggest thing when you are choosing a job or a profession. Your employer needs to offer some form of insurance for you, or at least options you can choose according to the law. So it is imperative that you know your rights and obligations.

Conclusion

Health insurance is the number one factor in your peaceful life. To have a normal life, you need to know that everything will be ok if something happens with your health or with the health of your loved ones.

Disability Insurance

Disability insurance is the only type of insurance that protects your earning potential. You have probably known a friend or relative who has suffered a major injury or illness and came close to being bankrupt as a result. Disability insurance is designed to protect you from such occurrences.

Who should purchase disability insurance?

The best candidates for disability insurance are self-employed people and people whose employers do not offer group disability plans. If you own your own business and rely on the income that you generate personally, you need disability income insurance. If you are unable to work, how will you be able to pay your mortgage or car? If your employer does not offer disability income, how will you pay your bills if you have a protracted illness?

How do you buy disability insurance?

disabilityElimination Period – The elimination period is the amount of time that must expire before a disability check is issued. The longer the period you choose, the cheaper the policy. For example, if you choose a 180-day elimination period, you must wait close to six months before you receive a check. If you don’t have six months worth of savings to pay your bills until you satisfy your elimination period, the disability insurance will be worthless to you. Therefore, you need to be realistic about how long you can last before you need the disability check. For many people, 90 days is the limit.

Benefit period – This is the length of time that you will be entitled to receive a monthly benefit. Disability insurers usually offer the following benefit periods: 2 years, five years, age 65. So when you buy disability insurance, you buy it for a period. If you buy a two-year benefit and end up being permanently disabled, you will only receive benefits for two years. Monthly Benefit – This is the monthly amount of income that you will receive from your insurer. Usually, the insurer will insure up to 66.6% of your monthly income. For example, if you earn $3000 per month, the insurer will only agree to pay you up to $1998 per month. Finally, The benefit period and amount of benefit you can purchase will be determined based on your occupation. For example, if you are a carpenter, you are more likely to be injured and disabled than if you are a software engineer. Insurers will be less likely to offer a longer benefit period if you are in an occupational class that may be prone to disability claims.

If you would like a quote for Disability Insurance, please click here to email us.

This is probably the most important insurance out there. This is the type of insurance for the worst scenario. There are situations when you can’t work, or you won’t be able to work anymore. If this situation occurs, it is a good idea to have this by your side. We don’t want it to happen, but just for your sake, it is wise to have it.

Insurance policy and how to use it

This is probably the best way to secure yourself from injuries or any other problems that you may face in life. Insurance policies are insurance packages that will offer health treatment or any other treatment that is in correlation with your injuries. You need to understand that not all policies are all-inclusive. There are cheaper ones, and there are those who take care of everything. Those who take care of many situations will cost more. But if you are a responsible person, you know t hat these situations could end your life. There is one thing that people usually don’t consider. If a situation occurs that you can’t work anymore, or simply you can’t work for a long time or a short period, you will need to have some insurance. There are many companies that offer different conditions with different offers.

Your job is to find the best company out there that has good offers for the smallest amount possible. Yes, we know, this isn’t the thought of the day, but you don’t have to pay a lot of money for an average policy if you don’t have to. The thing is, if certain situations occur, you need to be prepared and of course, you need to know what are your rights and obligations. That is why you should always ask for detailed answers when you sign the contract for a certain policy. You can secure your whole family, and of course, you can do it for a lifetime or a certain period. There are different offers or packages that you can choose. Keep in mind that those who are good and for a lifetime, usually cost some money. When we mean some, we mean a certain amount of money.

The price

PriceWhen we talk about the price, really, the sky is the limit. There are different packages, and even those offers are negotiable. This agencies and companies want clients. If they hear your case, and if they manage to change the offer that is good for your side of the deal, then you will choose them. Psychology is that simple. Their real cause is to have you as their client, and they will even choose to give you special offers if they see that you are sincere and you want their help. Of course, not all companies are like that. Some will be very strict. But then again, we are not sure if they have a lot of clients. Those types of companies are very rare. Usually, they have different targets. They have some other primary things to do, and this is their side service.

Conclusion

Choosing the best company is not easy, but we know that you will make the right decision. After all, the market is free, and you are more than welcome to explore and choose the best option for you and your family. Keep in mind that sometimes it is not easy to choose the right company and there will always be that one question. Is there a better and cheaper option than the one I just signed? You will never know, or at least it will be too late to know. But you can always use different insurance for your family member of even if that is possible, you can break the contract and start or choose another policy. Breaking a contract is not recommended because you will have to pay the penalty for it. So always read everything and choose carefully.

Individual Health Insurance Plans

Individual plans differ significantly from a group of one (self-employed) plans and small group plans. Individual plans are not guaranteed issue, which means you can be declined or ridered. In other words, you could apply for an insurance plan and be refused. Therefore, if you have ongoing medical conditions that require regular medications or physician consultations, an individual plan may not be available to you.

The major advantages of individual plans are that they are portable, not tied to employment, and sometimes, very affordable. Individual plans tend to be less expensive than group insurance plans and self-employed groups of one. There are several reasons why they are less expensive.

Insurers can refuse you or limit the treatment of medical conditions, thus eliminating or reducing financial risk.

Individual plans do not, as a rule, cover maternity.

riskThey usually do not cover mental health or chiropractic.

The premium rates for individual plans can fluctuate wildly from one year to the next.

You need to review policy information closely for limitations and exclusions.

Who Is A Good Candidate For An Individual Plan ?

Individual plans work well for anybody in good health who does not take a large number of prescription medications.

Who benefits from individual plans?

Young College students

People who cannot afford company plans

People who cannot afford to insure their dependents under company plans.

Healthy adults who want insurance with high deductibles and low premium rates.

If you fall into any of these categories, an individual plan may work for you.

We offer a variety of plan options. We can help you build a plan that covers your insurance needs to include:

Office visits Extensive provider networks

Addiction and Recovery benefits for Colorado Drug Rehab.

Prescription coverage Affordable premiums

Wellness benefits Variety of plan options to meet your specific insurance needs

Accident benefits Dental Hospitalization Vision benefits.

As you can see, it is very important to have a policy according to your needs. We recommend having the best possible option because your health depends on it. In this modern world of diseases, you need to watch yourself, and of course, make sure you have the best health policy out there.

Medicare Supplements

Medicare Supplements, also known as “Medi-gap” plans, are designed to help seniors & the disabled pay for medical treatment and services that are not covered by standard Medicare – the “gaps” in its coverage.

There are 10 different plans, identified by the letters A through J. Starting with Plan A, the number of services covered increases with each letter designation.

Preferred Insurance offers the complete spectrum of plans, choosing from a variety of companies. We understand how important and how serious this decision is for you, and we will work closely with you and your family to get you the best protection for your budget.

Our initial consultation will include:

We will give you an overview of the primary Medicare coverage plans, Medicare A and Medicare B.

We will review the new Medicare Advantage plans with you.

We will explain what each level of care, A through J, does and does not cover.

We will go over the benefits and costs for the new Medicare Part D.

We will give you exact quotes on each for Medi-gap, Medicare Advantage and Part D prescription plan available.

We will help you determine which level best suits your specific needs.

plan

In addition to the traditional Medicare Supplement plans A through J, we also offer the new Medicare Advantage plans that include both office visit co-payments and prescription benefits. If you would like to keep your existing Medicare Supplement plan and just add prescription coverage, we can help you select a Prescription Drug Plan (PDP) under the new Medicare Part D program on a stand-alone basis. Please remember that you only have until May 15, 2006, to select a Medicare Part D prescription benefit. If you are currently covered by Medicare, and you do not elect a Part D benefit by May 15, 2006, you may have to pay a higher monthly premium as a result of being a late enrollee.

If you want to use supplements, the best option is to consult with our experts. Using these things can lead to some problems if they are being used in a wrong way. So it is a must to check with our experts before using anything. Your health is important to you and us, so it is vital to use these supplements with caution.

Long-Term Care Insurance

Long-Term Care Insurance has grown in popularity over the years. More people are buying this type of insurance because they are concerned about their ability to afford the high costs of nursing home stays and home care assistance. Medicare only covers nursing home stays and home health visit under certain circumstances.

Long-Term Care Insurance is designed to pay for short or long term nursing home expenses and custodial care at home. Long-Term Care benefits will cover an array of living situations that may include some assisted living and adult day care settings. The policy will define very clearly what inpatient and outpatient alternatives are covered. Most current policies, however, offer great flexibility.

ADL’s are usually defined as:

Ability to dress.

Ability to eat.

Ability to the toilet.

Ability to bathe.

Ability to transport yourself without a wheelchair.

Continence.

Ability to move in and out of a bed or chair.

Cognitive impairment.

Depending on the policy, benefits will commence once two or three of the ADL’s are impaired.

Cost of Care

If you have not been exposed to the costs of nursing care or home care custodial visits, you may be shocked. On average, it costs about $ 120 to $150 per day to be in a nursing home in Colorado. On average, nursing home care will run about $36,000 per year. In the United States here are some general long-term care statistics.

43% of people who reach age 65 will require some long-term care.

1.3 million people are in nursing homes, and 7.5 million people require some form of home care or community care.

About 22 million families are providing some form of unpaid home care for a relative or friend.

Over 50% of nursing home stays are for one month or less.

Over 27% of nursing home stays are for over a one year period.

About 30% of the elderly will become impoverished by a three-month stay in a nursing home that is uninsured.

Who should buy a long-term care policy?

You want your children or grandchildren to inherit some of your wealth. You have enough monthly income to pay for a long-term care plan. You are not living at the poverty level. You have assets of $50,000 or more.

long term insuranceIf you find that you or your parent does not meet the above criteria, you may be best off meeting the Medicaid criteria. In Colorado, Medicaid will pay for nursing home care once you or your parent meets the poverty criteria. However, if you or your parents have the funds to pay for a long-term care policy, why would you want to lose all your assets to forgo paying an insurance premium?? There are Federal and State laws that address divestment to meet Medicaid eligibility. You want to be very certain that you are not intentionally divesting assets to qualify for Medicaid. In fact, if Medicaid staff feel this has occurred, assets that were divested will be pulled back into your financial picture, and you may be deemed ineligible for Medicaid until you spend down your income or assets.

How do I buy Long Term Care Benefits?

There are three factors that are used in purchasing long-term care benefits:

Daily Benefit Amount – Do you want to be paid $100 or $110 or $130 per each day of nursing home care? You can purchase from $50 to $250 of daily benefits that are paid to you, the insured.

Benefit duration – How long do you want to purchase benefits for? Do you want a two-year benefit, five years or a lifetime unlimited benefit? Naturally, the longer you want benefits to be paid, the more expensive the policy.

Home care benefit – Home care or custodial care is always a part of the policy.

However, you have a choice of having the home care benefit being paid at 50% of the nursing home daily benefit or 75% of the daily benefit. In any case, this is an essential part of long-term care insurance.

When quotes are developed for long-term care, we will use a $120 daily benefit and get quotes for two years, five years and unlimited lifetime. We will also procure Cost of Living adjustments so that the daily benefits keep pace with inflation of nursing home costs. If you would like a quote for Long-Term Care Insurance, please click here to email us.

The best option for you is to take the best possible insurance out there. Our offer is probably the best one out there. Long-term social insurance has many benefits. It is cost effective, and you will have a policy that will take care even for most expensive procedures and treatments. This is for your health and your sake so don’t look at the price.

Health Savings Accounts (HSA’s) & High Deductible Health Plans (HDHP’s)

High Deductible Health Plans (HDHP’s) are designed to accompany Health Savings Accounts (HSA’s). Under this arrangement, you can combine the benefit of a lower monthly cost from a high deductible health plan, with the benefit of a savings account that is designed to accumulate funds to pay your deductible. For example, assume you purchase an HDHP that has a $2000 deductible. After the deductible, the health plan pays 100% of all expenses. You can combine the HSA with the HDHP. Under HSA legislation, you can fund the HSA on a pre-tax basis. You can fund the account monthly, quarterly, or annually. The funds in the HSA account are meant to cover expenses that apply to your deductible. So, essentially, you pay your deductible with pre-tax, rather than after-tax, dollars.

The funds that are in an HSA are designated for medical and dental use only. If you use the funds for any other type of purchase, you WILL be assessed a 10% penalty on the use of the funds. This provision is similar to IRA provisions. If you have an HSA with an account balance, and you reach the age of 65, you can withdraw the funds and pay ordinary taxes, but no penalty applies.

If you enroll in an HSA as a single, your HDHP WILL NOT cover any medical or prescription costs until you satisfy the deductible. After the deductible has been satisfied, your HDHP will either cover 100% or some other agreed-upon percentage. If you enroll as a family, you must completely satisfy the family deductible before your HDHP pays ANYTHING. Normally the family deductible is equivalent to two (2) individual deductibles. For example, an individual might have a $2000 deductible; a family would have a $4000 deductible before the underlying insurance pays anything. After the HDHP deductibles and out of pocket maximums have been met, the health plan pays 100% of additional medical expenses.

Rationale for HSA Style Health Plans

hsa-piggyIf the funds in an HSA are your own, you will be more prudent in how you use your own money. If the doctor suggests an MRI, one of the first questions you might ask is; ‘how much does it cost?’ and ‘who can offer me the best price?’. This is exactly the type of consumer behavior HSA’s are designed to encourage. HSA’s are designed to encourage more prudent shopping of medical and dental services. As more consumers embrace the HSA model, it is felt this may have a dampening effect on the inflation in medical pricing. For more information click here to email us.

Of course, you can always choose one of the plans and options in our offer. The point of our program is that you can accumulate the money you haven’t spent. This is the option for those who didn’t use them at all. So as you can see, we are very flexible because life is hard in these days and we are here for you.