Final Expense Insurance...
Q: What is the application process like for a Final Expense Life Insurance Policy?
A: There is a simple application that needs to be completed and a follow-up phone interview. Coverage may be guaranteed regardless of health issues. The application helps determine which plan is appropriate.
Q: Do the premiums ever change on a Final Expense Insurance Policy?
A: No. The premiums are level. They will stay the same until the policy is paid up. Additionally, the death beneift will never decrease over the life of the policy.
Q: Are there any restrictions on how the death benefit can be used?
A: No. Beneficiaries can use the death benefit to pay for funeral costs, credit card debts, car payments, etc. This provides your loved ones with security and flexibility.
Q: Can the policy be cancelled?
A: No. The insurance company can not cancel the policy except in case of fraud or failure to pay premiums.
Q: Is Final Expense Life Insurance a Term or Cash Value Policy?
A: A final expense life insurance policy is a cash value policy or whole life policy. The cash value builds within the policy which may give you financial flexibility in the future.
Cancer Insurance...
Q.What is cancer insurance?
A.Cancer insurance conceptually is very simple. Benefits are paid directly to you regardless of any other insurance you may have. You can then use the benefits to help pay for all of the extra costs associated with your cancer treatment. Cancer insurance policies supplement existing health insurance policies or income.
Q. Why purchase cancer insurance?
A.The National Institute of Health estimates the overall costs of cancer in 2007 in the United States waws $219.2 billion. Of that, $89.0 billion was due to medical costs and $18.2 billion was due to lost productivity costs.
Cancer treatment costs present a significant financial burden for almost all patients. Even if the patient has health insurance, there will most likely be deductibles, co-pays, and annual or lifetime caps to pay.
There are medical and non-medical expenses associated with cancer. Examples of medical expenses are physician and hospital charges, medications, surgery, and treatment costs. Examples of non-medical expenses are loss of income, transportation, lodging, child care, and increased living expenses. Most health insurance plans cover only the medical expenses associated with cancer. Cancer insurance benefits can be used for your medical and non-medical expenses.
Q.What are the risks of cancer?
A. According to the American Cancer Society, it was estimated that 569,490 Americans were expected to die in 2010; that is about 1500 people a day. Men have a 1 in 2 chance and women have a 1 in 3 chance of developing cancer.
Cancer risk increases with age. 77% of all cancers occur in individuals age 55 and older.
Cancer is the second leading cause of death in adults, after heart disease.
Cancer is the second leading cause of death in children, after accidents.
Q. What is the survival rate of cancer?
A. Approximately 9.6 million Americans with prior cancer were alive in 2000 according to the National Cancer Institute.
The 5 year survival rate for all cancers combined is 68%
Medicare Supplement Insurance...
Q.What is Medicare?
A. Medicare is a federal health insurance program for people 65 years of age or older and certain people with a disability or end-stage renal disease (permanent kidney failure). It pays for much of your health care, but not all of it. There are some costs that you will have to pay yourself. These are called out of pocket costs. Costs that you must pay, like coinsurance, co-payments, and deductibles, are called “gaps” in original Medicare plan coverage.
Q. What are Part A and Part B of Medicare?
A. Part A (Hospital Insurance) helps pay for inpatient hospital care, some skilled nursing facility care, hospice care, and some home health care. Your exposure with Medicare Part A includes a fairly hefty deductible per benefit period and co-pays for days 61+ in the hospital. The part A benefit period is your stay in the hospital and 60 days after your release. So, you could conceivably have to meet multiple part A deductibles within a calendar year. The co-pays for days 61-90 is $267/day and the co-pays for days 91+ is $512/day. So, as you can see it can get rather expensive if you have multiple hospital stays or extended stays in the hospital.
Part B (Medical Insurance) helps pay for doctors' services, outpatient hospital care, and some other medical services that Part A doesn't cover. Part B helps pay for such covered services and supplies when they are medically necessary. The part B deductible is relatively inexpensive compared to the Part A deductible and is a calendar year deductible. However, once the deductible is met you will be responsible for 20% of your Medicare Part B-related expenses. This can also get rather expensive if you are having to undergo major medical treatment.
Q. What is a Medicare Supplement plan?
A. A Medicare supplement insurance policy is a health insurance policy sold by private insurance companies. These Medicare supplement plans must follow federal and state laws. These laws protect you. The front of the Medicare supplement insurance plan material must clearly identify it as a “Medicare supplement insurance” plan.
You might want to consider buying a Medicare Supplement Plan to cover the above described gaps in Original Medicare coverage. Some Medicare supplemental plans also cover benefits that the Original Medicare Plan doesn’t cover, like emergency health care while traveling outside the United States, At Home Recovery Services, and Preventive services that might not otherwise be covered by Medicare. A Medicare Supplement insurance plan may help you save on out of pocket costs. If you buy a Medicare supplemental insurance plan, you will pay a monthly premium to the private Medicare supplement insurance company that sells you the policy. Medicare supplement plans do not have an open enrollment period. This allows you to switch another Medicare supplement plan at any point throughout the year as long as you qualify medically.
Q. Why do I Need a Medicare supplement or "Medigap" policy?
A. You may need to supplement Medicare Coverage for one or more of the following reasons:
- Medicare was never designed to pay all the health care costs of the elderly.
- Medicare coverage has many gaps.
- Medicare deductibles increase every year.
