How Insurance Products Ensure Financial Security During Uncertain Times
Navigating the complex world of insurance can feel like venturing into uncharted territory, but understanding the basics is the first step toward securing your financial future. Delve into the fundamental aspects of insurance, from healthcare to long-term care, life insurance to supplementary plans, and beyond. Be better equipped to protect yourself and your loved ones from life's uncertainties with financial security.
Understanding the Basics of Insurance
Understanding your options is the first step to understanding the basics of insurance. Informed choices offers expertise on the following healthcare and long term care options:
Medicare Health Plans
Original Medicare is made up of Parts A and B, and is managed by the federal government:
Part A helps cover inpatient hospital care, inpatient mental health care, skilled nursing services and hospice care.
Part B helps cover physician services, outpatient hospital services, ambulance, outpatient mental health, laboratory services, durable medical equipment (wheelchairs, oxygen, etc), outpatient therapies and some preventative care.
Rather than Original Medicare, some opt for Medicare Advantage Plans (Part C). These plans are offered by Medicare approved private insurance carriers. They cover the same services as Original Medicare A and B, and may include prescription drug coverage (Part D) and additional benefits.
Part D of Medicare is prescription drug coverage that can be obtained through private insurance agencies.
For more information on Medicare Health Plans visit Informed Choices’ Medicare Insurance Service page or determine the key difference between Medicare Advantage and Medicare Supplement plans.
Long Term Care Financing Options
While there are many ways to financially plan for the future, long term care insurance is highly recommended. Long term care insurance covers expenses related to home care services, nursing homes, and assisted living facilities. A long term care insurance policy may help to protect your assets and may give you greater control over your future health care options.
There are two common types of long term care insurance policies:
Standalone Policies, also known as traditional policies, follow the simple annual premium model, with a set amount of services.
Hybrid Policies combine long term benefits with annuity or life insurance.
In short, long term financing options include coverage above and beyond health insurance that helps reduce long term care costs. Learn more here about Long Term Care Insurance.
Life Insurance & Burial Trusts
Life insurance and burial trusts can provide support and security for you and your loved ones.
Life Insurance is available in two options:
Option 1: Permanent Life Insurance, or Whole Life Insurance, provides coverage for the entire lifetime of the insured and includes a cash value piece.
Option 2: Term life insurance covers a specific period (term) of time and does not accumulate cash value.
Burial Trusts, also known as Funeral Trusts, are designed to enable you to pre-plan both burial services and expenses. These trusts allow you to set aside funds for funeral and burial services in a legally binding financial arrangement. Explore the ins and outs of Burial Trusts here.
Supplementary Insurance
Supplementary insurance plans cover those costs that regular insurance plans will not cover or help offset the cost of deductibles and coinsurance. These plans ensure that clients are well-prepared for a diverse array of potential scenarios, prioritizing their well-being and recognizing their unique needs.
Navigate supplementary insurance plan options with the help of Informed Choice.
Health Insurance
The healthcare insurance landscape is intricate and expansive. As you search for a health insurance plan fit to your unique needs, you may need to:
Navigate the Affordable Care Act stipulations
Understand your COBRA policy
Find the right short term health insurance plan
Carefully assess your own health insurance needs, both present and potential, to find your best fit. Learn more about different health insurance options available to you. For assistance in exploring your choices, contact the experts at Informed Choice.
Cancer + Critical Illness Insurance
Cancer Insurance is a supplemental health insurance that can pay for cancer treatments. Policyholders of cancer insurance receive monetary benefits directly. This money can be used for almost anything; from out-of-pocket medical costs, to meals, travel and lodging during treatment, as well as child care, deductibles and lost wages.
Similar to Cancer Insurance, Critical Illness Insurance plans supplement your health insurance coverage by offering protection against major diagnoses beyond cancer, such as stroke or heart attack. Visit the Comprehensive Guide to Cancer Insurance here or learn about Informed Choice Cancer and Critical Illness Insurance plans.
The price of healthcare services has steadily increased over the years and will continue. The U.S. Centers for Medicare & Medicaid projects healthcare spending to reach $16 trillion by 2030. While considering your future financial goals, health care needs and the options available to you must be taken into consideration.
Protect Yourself from Unexpected Events
While the ebb and flow of the economy and stock market may not be in your control, how well you are prepared for the unexpected is. Informed Choice suggest you prepare with the following steps:
Clarify your healthcare needs and what is important to you.
Ascertain the insurance types and options available to you.
Refine your goals based on instance availability.
Demystify the top potential instance plans.
Determine the best fit for your unique needs.
Once you have a better idea of your healthcare needs and what is important to you, the simplicity of the breakdown of your plan options works more in your favor. There are so many options when you are perusing through the Marketplace that it is easy to lose sight of what you want your plan to cover. Book an appointment today to review your plan options with one of our agents.
Conclusion
By taking proactive steps to clarify your needs, explore your options, and refine your goals, you can build a solid foundation for your future well-being. As the landscape of healthcare and insurance continues to evolve, it's more important than ever to be prepared for the unexpected.
With the guidance and expertise of Informed Choice, you can navigate the complexities of insurance with confidence. Contact Informed Choice today to embark on the journey toward financial security and peace of mind.
Do you have more questions? Visit Informed Choices’ Frequently Asked Questions, or book an appointment today with an expert.
