What You Need to Know About the New Medicare Advantage Plans. What Type of Life Insurance Plan Suits You? So, you are thinking about getting life insurance for yourself or a family member – what’s next?
Selecting the right type of insurance is vital to accommodate your needs and preferences. Deciding on a type of coverage relies on several factors, including how much you want the policy to last, how much you are capable of paying, and whether you want to use the policy as a form of investment vehicle. Hence, today’s blog will discuss the different types of insurance plans available to help you make the right choice: Term insuranceTerm insurance is usually provided in lengths of five, ten, fifteen, twenty, twenty-five, or even thirty years. Although the coverage will depend on several factors including the policy, the amount can go as high as millions. Considering all of these factors can make the decision-making process overwhelming to endure alone. Compelling Reasons Why You Need Life Insurance. Although you may not consider it necessary or useful at the moment, life insurance is one of those things you need to think about at some point in your life.
You may be young and healthy today, but the longer you put off finding the right plan, the greater the chances of something untoward happening before you get adequate coverage. As a trusted and highly experienced insurance advisor in Troy, Michigan, we will share a few compelling reasons why you should get this type of insurance: You’re getting married soon If you are planning on getting married soon once the country recovers from quarantine and infection control policies, it’s best to get insurance before getting married.
This is especially true if your spouse-to-be relies on your income for their daily expenses and lifestyle. Factors to Consider When Choosing Health Insurance. Health insurance is important as it helps protect your savings and your family members from the high cost of health care services.
Similar to life insurance, health insurance can greatly benefit your family by lowering the cost of hospitalization and other medical services due to chronic medical conditions and the like. Without an adequate health insurance plan in Michigan, you will be held responsible for paying for all your health care bills out-of-pocket. Is a Medicare Advantage Plan (MAPD) Right for You? Benefits of Working with an Independent Insurance Agent. In a time where convenience is a selling point for almost everything, it’s only natural to view insurance companies as the driver of convenience you’ve been looking for when shopping for an insurance plan in Michigan.
These types of insurance companies have captive agents working for them, agents who carry only one insurance provider. On the other part of the spectrum are independent agents. As the name suggests, these are agents working independently and, as such, are not bounded by multiple insurance carriers. Is It Time to Change Your Medicare Plan? Here's How to Know.
As we near the opening of the annual Medicare Open Enrollment Period this coming October 15, you may be thinking about dropping your current Medicare plan and enrolling in a new one.
So, should you? In my 20 years as an insurance advisor in Troy, Michigan for American Insurance Advisors, I have met no shortage of clients who have either sworn off switching and who have deemed the move to be one of the best decisions they’ve ever made. Researching a New Medicare Plan? Start Here! So, you’ve reached the great 65!
It’s a milestone that’s worth celebrating with Medicare health insurance. After all, being healthy is the first requisite to a well-lived life. But how do you actually how to go about it? Fortunately for you, there is no shortage of information about health and life insurance. You would probably even have more problems navigating through this wealth of information than running into accessibility issues.
Clarifying the Terms for the Annual Open Enrollment Period. The annual Medicare enrollment period is referred to by a lot of names—Annual Enrollment Period, Annual Coordinated Election Period, Annual Election Period, the list goes on.
For many Medicare members, the slight difference isn’t much to talk about as it’s generally understood to mean the same thing. But if you have just acquired your insurance plan in Michigan, these variations can cause a little more than an inconvenience. Thus, as we enter the annual Medicate Open Enrollment period or AEP this coming October 15 to December 7, it’s a good idea to take the time to go back to the basics, at least insofar as the clarifying the different terms used are concerned.
The different terms used for the annual enrollment traces back to 2005 when ‘annual Open Enrollment Period’ and ‘Medicate Open Enrollment’ were used instead of the commonplace ‘Annual Election Period’ and ‘Annual Coordinated Election Period’ to describe the Medicare Part D and Medicare Advantage Plan enrollment period. Deadline Checklist for Enrolling in Medicare Parts and Plans. As an insurance advisor in Troy, Michigan for American Insurance Advisors for over 16 years, deadlines are a big deal not only because they have hefty penalties when my clients miss them, but also because missing out on health insurance may well be a matter of life and death when the right circumstances allow.
As such, on today’s entry, I will be running down with you a checklist of deadlines for enrolling in the different parts and plans of your Medicare insurance plan in Michigan. Need help with putting everything together? Original Medicare or Medicare Advantage Plan? Consider These First Before Choosing. If you are a Medicare user, you would either have the choice of Original Medicare and Medicare Advantage Plan for your health coverage.
But, how do you know what’s right for you? Sixteen years dealing with just about any insurance plan in Michigan at American Insurance Advisors has taught me that when it comes to insurance plans, having as much information as possible so you can compare them accurately is the key to determining what is most appropriate for your needs. This said, here are the provisions of the two types of Medicare: Original Medicare is the federal government’s solo program offering: Part A or inpatient/hospital coverage and Part B or outpatient/medical coverage Limitations with how you, as a patient, can be charged regardless if your healthcare provider is ‘participating’ (accepts Medicare and always takes assignments) or ‘non-participating’ (accepts Medicare and may take assignments on a case-by-case basis). Interested in getting a plan? Tips to Prepare Yourself for the Upcoming Medicare Annual Election Period. Do you receive your insurance through Original Medicare and would like to switch to a Medicare Advantage plan?
There are only certain enrollment periods known as the Annual Enrollment Period (AEP) or the Medicare Enrollment where you are allowed to do so. Examining the Regulatory Changes Made to Medicare in Response to COVID-19. Life as we know it has effectively ended with the surge of the COVID-19 pandemic. Expectedly, the healthcare industry bore and is still bearing the brunt of its effects. To accommodate these effects, several major changes were made to the current Medicare regulations as a federal health insurance program. As your trusted insurance advisor in Troy, Michigan, allow me to walk you and your family through the changes made and discuss with you what these entail, how it looks applied right now, and what the future holds with these changes implemented among beneficiaries like you. So, what were the changes for exactly? Spearheaded by Congress and the Trump administration, these changes which encompassed legislative, regulatory, and sub-regulatory levels were primarily made to allow flexibility in the agency’s processes.
For instance, with alternative care sites, beneficiaries will have the ability to choose their preferred place to receive care.