The Benefits Of Dealing With Independent Insurance Agents

Just about everyone, at some point in their lives, is going to need to purchase some type of insurance, whether it is Easy supplement, health, long-term care, or life insurance. When you are just starting to shop for any of these, the process can be very tedious considering that you have to wade through all of the options presented to you. You get overwhelmed with all of the terms that get thrown at you and you walk away oftentimes more confused than when you started. Fortunately, there are a number of independent insurance agencies that can help you.

Compared to dealing with the big name insurance carriers, the independent insurance agencies can offer a number of benefits that they cannot which provide additional value including:

• Flexibility - when it comes to addressing your personal needs and solving your problems the independent agent has a great deal of flexibility that you may not find with their brand name competitors. If for any reason you become dissatisfied with your current policy, the agent will shop around for another one for you.

• Freedom - independent insurance agencies represent numerous insurance carriers, sometimes even hundreds - not just one. Some even offer (Medicare supplement insurance).

• Industry knowledge - independent agents are just as knowledgeable as the big name carriers, sometimes even more so. The key reason for this is that all of the companies they represent send them informational newsletters and regular updates regarding current events and how they impact the insurance agency as well as your wallet. They get to view the market from all the major insurance carriers and not just the view of one.

• Resources - for the most part, the independent insurance agencies contacts network are substantially larger than your brand name companies. All of the insurance companies that they work with have their own research departments. Since they deal with multiple insurance companies, they have more contacts so they get more insight and listen to more opinions.

• Unbiased opinions - whenever you are working with an independent insurance agent or broker, you want have to worry about a biased or prejudiced opinion or review about the insurances that they sell. Since commissions are the same throughout the industry, the agent has nothing to gain by selling you on a particular company. A good agent will match your needs to the company that best fits your particular situation.

On a closing note and in addition to the convenience and numerous options given to you by shopping with them, independent insurance agencies can save you considerable money compared to the big name companies. Because the independent agent tends to shop the market of all the major carriers, you usually get the best value for the money. The best part is their service is completely free to you.

What Is Long-Term Care Insurance And Why Is It Important?

What Do We Mean By Long-Term Care Insurance?

Long-term care insurance is a specific insurance product in the United States that helps individuals pay for care costs that exceed a pre-set period of time. It is oftentimes abbreviated as LTC or LTCi. In any case, this type of insurance covers what health insurance, Medicaid, and Medicare typically do not including your assets in certain situations. The key advantage that this type of insurance provides is that it alleviates the burden of your children having to take care of you the rest of your life.

In most cases, it is provided to those individuals who can no longer perform those activities and tasks that are required in everyday life. This includes:

• adult day care

• Alzheimer's facilities

• assisted living

• hospice care

• nursing home facilities

• respite care (interim, short-term care occurring prior to being admitted to long-term care)

It can also pay for in-home care should that be needed and in most instances, from the first day that it is needed. It also pays for live-in or visiting:

• caregivers

• companions

• housekeepers

• private duty nurses

• therapists

Additionally, coverage up to the maximum policy benefit is provided 24/7. So as you can see, the coverage provided is very comprehensive.

Why Is Long-Term Care Insurance So Important?

It is extremely important because of the above benefits that it provides the policy holder. However, it provides additional benefits as well, including:

It helps cover out-of-pocket expenses so the individual does not have to feel embarrassed or uncomfortable about their children having to care for them. Savings accounts can be quickly depleted if an individual or his/her family has to pay for those long-term care expenses.

In some cases, the premiums paid for the policy can be deducted on the person's income taxes. The age of the individual determines the size of their income tax deduction. Plus, the benefits paid by the policy can be omitted from the person's gross income.

The amount of premium deductions for businesses is usually determined by the particular type of business. Those premiums are usually 100% deductible for the corporation paying them provided they have not included them in the taxable income of the employee.

Just remember that without long-term care insurance, you (or one of your children or other family members) will have to incur all your expenses (up to $70,000 annually for nursing home care). If you don't have Long-Term Care Insurance then what assets will you liquidate when you need care? What if you need that care for 2-4 years? We are living longer and with better quality of life, due to great medical advancement, which means you may just want help at home. Home care is growing and preferred in most cases. Most of us will want to live in our own home as long as possible. At some point it may make life easier and lengthen the number of years we can live at home by simply having long-term care benefits.

The Benefits Of Having Good Dental, Hearing, And Vision Care

Although many people realize the importance of having a decent health care plan, there are other aspects that are oftentimes neglected because of the costs involved, especially for those individuals who are classified as seniors. You only have one set of permanent teeth, two ears, and two eyes to last you as long as you live, so the importance of good dental, hearing, and vision care cannot be over emphasized. Studies have shown that proper dental care can add as much as 8 years to a person's life, so you can easily see the importance of this issue.

What You Need To Know about Dental, hearing, and vision care

The actual Medicare plan does not cover dental, hearing, and vision care. However, you can purchase a policy to go along with your Easy Supplement that will cover the following:

• cleanings & dental x-rays

• routine dental care, extractions & fillings

• fittings for hearing aids

• hearing aids

• routine vision screenings, glasses or contacts

A quality dental, vision & hearing plan will not have a network which means you can see any dentist you like. You should also get immediate coverage for exams and cleanings with no wait period. In addition, there are no health questions so everyone qualifies for the plan.

Most individuals purchase Easy Insurance plans in order to cover the gaps in their basic Medicare coverage. As it currently stands, there are 12 different Easy insurance plans to choose from, including Parts A and B, up to Plan N. In many cases, the gaps that are covered may include certain deductibles, co-insurances, and some of your co-payments. Coverage plans are all identical. However, the price you pay for them will vary from one insurance company to the next.

Easy Plan Insurance Benefits

 Just about anyone can purchase a Easy Insurance plan. The plan provides additional benefits to a person's current coverage so that those unexpected health care expenses will be covered should they arise. However, they do not cover dental, vision and hearing so that is why it's a good idea to look into an additional policy for those benefits. Costs are determined by the amount of coverage that the individual needs. Most importantly, there are few if any restrictions associated with coverage qualifications. However, this does depend on the insurance company chosen.

One of the most important decisions that you will ever need to make may just involve selecting a Easy insurance plan that addresses your specific needs and fits within your budget along with a quality dental, vision and hearing plan.

What You Need To Know About Medicare Supplement Plan J

Should you keep your Medicare supplement Plan J or compare other plans?

Oftentimes referred to as Easy Supplement Plan J, Medicare Supplement Plan J covers certain costs that are not covered in basic Medicare benefits coverage. Unfortunately, Plan J is no longer available (effective May 31, 2010). However, the plan will remain in effect for those individuals who were enrolled in it by the 1st of June, 2010.

What Does Plan J Cover?

As with any Medicare Advantage or Easy Insurance plans, Plan J covered certain gaps in Medicare Part A and B coverages. This includes:

• at-home recovery

• care provided by skilled nursing facilities

• emergency care when traveling overseas

• excess Part B charges/expenses

• Medicare co-insurance (Part B)

• Part A and B deductibles

• up to $120 of preventative care that Medicare does not cover

What The Plan Does Not Cover

Unfortunately, there are certain health care issues that are not covered by Plan J (according to the Centers for Medicare and Medicaid Services) including the following:

• dental care

• eyeglasses

• hearing aids

• long-term nursing home care

• private-duty nursing

• vision care

The bottom line is that the elimination of Plan J resulted from the need to modernize the entire Medicare Insurance infrastructure.

Elimination By Default

It has oftentimes been said that Plan J was simply eliminated by default because there were two benefits covered that were similar to the ones covered by Plan F. Plan F has oftentimes been considered the most comprehensive of all the MA/Easy plans. The two specific benefits that set Plan J apart from Plan F are at-home recovery and preventative care. The Centers for Medicare & Medicaid Services have eliminated these two coverages due to a lack of use. Therefore, Plan J was eliminated because of this duplication.

Additional Considerations

It is important to note that existing Plan J policy holders who are not affected by the above will be subject to what is referred to as a "closed block of business", meaning that no new policies will be offered after the June 1st eligibility date. There is considerable speculation that the rates for Plan J coverage are going to increase as a result of the above. Although this does make sense to some, the impact on current policy holders remains to be seen. It is a good idea for anyone who has Plan J to evaluate the current v Plans available and compare the benefits and premiums to what they are currently paying. They may be surprised to learn they can save money and get comparable benefits to Plan J.

4 Facts Regarding Medicare Supplement Insurance

By B. Loughead

 

Although Medicare supplement insurance has become an extremely popular topic of discussion, there are certain misconceptions about it that everyone needs to be aware of. There are 4 facts about this insurance that need to be taken into consideration before you sign up for any particular plan.

Fact #1: Medicare supplement insurance costs will vary from one carrier to the next - despite the fact that these plans are identical, regardless of who you purchase them from, the cost of your premium will vary from one insurance carrier to another. So be sure that you shop several companies before committing to buy. No insurance carrier is required to offer all 12 plans so one insurance company may try and talk you into the plans they sell when another plan may be what you actually need.

Fact #2: No matter who you purchase Medicare supplement insurance from, it is the same coverage - this insurance covers the gaps found in Medicare. There are different levels of benefits provided by this comprehensive 12-plan program labeled as Part A through Part L and many private insurance carriers may provide one or more of them. However, no matter who you purchase these plans from, the coverage will be identical. So if a company tells you that their plans offer certain unique benefits over other companies, don't believe them.

Fact #3: Only one Medicare supplement insurance plan is needed - according to the law, you only need one supplement insurance plan. You can easily cover the gaps in your Medicare coverage by purchasing Medigap insurance. So if Plan D covers your specific needs, you will not need to purchase any other supplemental plans. As it currently stands, trying to sell you additional plans is illegal according to the Federal Government.

Fact #4: You are the only person who can be covered by a Medicare insurance policy - your Medicare policy covers you and no one else, unlike traditional insurance policies that oftentimes include coverage for your husband or wife. Married couples have to purchase individual policies should they want Medicare coverage. So if a private insurance carrier tries to tell you that you can purchase a Medicare insurance policy that covers both of you, they are not on the level and you should keep shopping other providers.

In closing, remember that up to 80% of some hospitalizations, equipment, and treatments will be covered by Medicare. The exact amount will be determined by whether you have Part A only or Part B as well. Choosing the right medicare supplement insurance policy will determine if you are covered 100%.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Michigan, Texas and Colorado to name a few.

Definitions Of The Most Common Medicare Terms

By B. Loughead

There are a number of Medicare terms that everyone should know if they are policy holders or are about to be. We have listed the more common ones below.

Appeal - a formal complaint that an individual files if certain drugs and services are not covered by their particular Medicare plan when they feel that they should be.

Co-pay - the portion of any medical services and/or prescription medications that you are responsible for paying.

Deductible - the amount of money that must be paid by the insured for medical care before Medicare covers any such expenses.

Doughnut hole - the coverage gap found in some Medicare drug plans (scheduled to close in 2020).

Dual eligibility - refers to being eligible for both Medicaid and Medicare.

Enrollment period - the limited time period that an individual can enroll in a health care plan or switch to a different one.

Grievance - a formal complaint made to Medicare when your health care plan or the person administering medical treatment to you has treated you improperly or poorly.

Home health care - short-term care provided while you are recovering at home from an illness or injury. Occasional part-time skilled care as well as some medical equipment, services, and supplies are included in a home health care plan.

Hospice care - care administered to those individuals with a terminal illness or medical condition (covered in Part A). Counseling and physical care are included.

Long-term care - Medicare does not cover ongoing health or personal care that an assisted living facility or a nursing home would provide.

Medicaid - federal and state programs that are separate from Medicare. This assists those individuals with limited assets and low incomes to pay for their medical expenses.

Medicare Advantage - alternative health care for Parts A and B that are provided by a private insurance carrier.

Medicare Part A - pays for hospice care, hospital stays, and some home health care.

Medicare Part B - pays for lab tests, medical equipment, physician visits, and some medical services.

Medicare Part D - coverage that is provided for some brand name and generic medications.

Medigap - private insurance that covers the gaps in Part A and Part B coverages. It is also sometimes referred to as Medicare Supplement Insurance.

Out-of-pocket expenses - those expenses that you are responsible for and are not covered by Medicare insurance.

Premiums - payments for health care coverage that is usually made on a monthly basis.
Skilled nursing care - medical care provided by licensed LPN's (Licensed Practical Nurses) or RN's (Registered Nurses).

For more information, the entire Medicare glossary is available online at the US Government Site for Medicare or you can click Medicare supplement information.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many people in Florida, Georgia, North Carolina, South Carolina, Texas, Colorado and Michigan to name a few.

Deadline Approaching For People Who Had Universal Healthcare To Sign Up For A New Medicare Plan

Deadline Approaching For People Who Had Universal Healthcare To Sign Up For A New Medicare Plan

By B. Loughead

  

The time is now for people who had Universal Healthcare to sign up for new Medicare Supplement Insurance or Medicare Advantage Plan. The Special Election Period (SEP) is almost over. This past February (2013), Florida state regulators chose to put two subsidiaries of Universal Health Care Group Inc. into receivership as it was announced that the financially troubled company had filed for Chapter 11 bankruptcy. The future of the St. Petersburg-based health care corporation is clouded and uncertain due to continued financial struggles and state regulatory commission challenges. The shutdown will affect both employees and members alike in the state of Florida, but there is some speculation regarding those individuals in the states of Georgia, Nevada, North Carolina, and Texas as well.

As it currently stands, there are approximately 100,000 members (40,000 Medicare and 60,000 Medicaid) while there are roughly 37,500 Medicare policy holders covered by the Universal Health Care Insurance Company. Although the states of North Carolina and Texas both have HMO facilities, it is speculated that the receivership orders in Florida will not affect them. However, there is still a great deal of concern for members as some 900 seniors in the St. Pete area alone will be affected and will need to find another health care provider as a result of the bankruptcy filing.

In addition to the thousands of Universal Health Care members that will be impacted by the shutdown, hundreds of employees will also be out of a job and add to the current economic woes of the country. Interestingly enough, and despite this "doom and gloom" scenario, those members who are impacted by the Universal Health Care shutdown now have the opportunity to be covered by Medicare supplement insurance. Current Universal members are enrolled in Medicaid or Medicare as it is. However, they were assigned to original Medicare Part A & Part B if they had not chosen a new plan as of the April 1st deadline.

As it currently stands, the company is continuing to operate while negotiations with lenders continue and the proposed reorganization under Chapter 11. For now, this protects them from any lawsuits and/or collection efforts. Additionally, Universal Health Care has agreed to a merger with America's 1st Choice for the Florida, Nevada, and Texas HMO's as well as part of their Universal Health Care Insurance Company. According to several news articles, Universal will seek the bankruptcy court's permission to continue with the sale of the company and have not yet consented to receivership. What is important is the fact that those members who feared the worst do have other options to consider.

CMS has granted these beneficiaries, along with other impacted Universal Health Care Inc. (HMO) and Universal Health Care Insurance Company Inc. (PFFS ) plan members a Special Election Period (SEP), to enroll into another plan of their choice. Valid effective dates for this SEP are March 1 - May 31, 2013. It is important that people impacted by this contact an independent agent quickly to make the deadline.

Summit Medigap is an independent insurance agency that specializes in Medicare supplement insurance. We make Medicare seem easy™. For more information about Medicare supplement insurance or to compare plans visit http://www.SummitMedigap.com/ or call us at 1-888-40-Summit (888-407-8664). We have helped many clients in Florida, Georgia, North Carolina, South Carolina, Michigan, Colorado and Texas to name a few.