WHAT IS LIFE INSURANCE?

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.

WHAT IS LONG TERM CARE?

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage.

WHAT IS HEALTH INSURANCE?

 Insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment” (pg. 225).

Each Medicare Prescription Drug Plan has its own list of covered drugs (called a formulary). Many Medicare drug plans place drugs into different “tiers” on their formularies. Drugs in each tier have a different cost.

A drug in a lower tier will generally cost you less than a drug in a higher tier. Sometimes, if your prescriber thinks you need a drug that’s on a higher tier, you or your prescriber can ask your plan for an exception to get a lower copayment.

A Medicare drug plan can make some changes to its formulary during the year within guidelines set by Medicare. If the change involves a drug you’re currently taking, your plan must do one of these:

• Provide written notice to you at least 60 days prior to the date the change becomes effective.
• At the time you request a refill, provide written notice of the change and a 60-day supply of the drug under the same plan rules as before the change.

DENTAL VISION HEARING

Insurance to cover routine care as well as the unexpected, which can be inconvenient and expensive

RECOVERY CARE OR HOME HEALTH CARE

Insurance coverage that provides benefits for stays in a Nursing Facility or Assisted Living Facility or Home Health Care services due to injury or sickness, usually less than a year. This is not a Long Term Care policy. It is a limited benefit health policy. Benefits are supplemental and are not intended to cover all medical expenses.

SHORT-TERM DISABILITY

Insurance to replace a portion of your income if you can’t work because of an injury or illness. Short-term disability insurance can pay benefits up to 24 months.

CANCER, HEART ATTACK & STROKE

Insurance to provide cash after the diagnosis of cancer, heart attack or stroke. The cash provided and be used as you see fit, but is typically used to pay for things such as travel, room and board or meals while traveling to doctor appointments or hospitals.

MEDICARE ADVANTAGE

You can get your Medicare benefits through Original Medicare, or a Medicare Advantage Plan (like an HMO or PPO). If you have Original Medicare, the government pays for Medicare benefits when you get them. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by private companies approved by Medicare. Medicare pays these companies to cover your Medicare benefits. If you join a Medicare Advantage Plan, the plan will provide all of your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage. This is different than a Medicare Supplement Insurance (Medigap) policy.