Final expense insurance

What is final expense insurance?

Final expense insurance is a type of life insurance policy in which the death benefit covers funeral and burial expenses.

This is why the death benefit is usually $25,000 or less.

Final expense policies are also easier for seniors with health issues to acquire.

Let’s go over some basic information on this sometimes misunderstood policy.

Final expense insurance basics

Other types of life insurance like term and whole life are meant to replace loss of income should the breadwinner of a growing family passes away.

Instead, final expense is simply meant to pay for funeral, burial, and smaller, leftover bills for a person who is retired and has major expenses like mortgages paid off.

It’s an important option for individuals to consider because of the rising costs of funerals and burials, which are expected to enter the average of tens of thousands of dollars soon.

Afraid you won’t qualify? Don’t be.

Final expense insurance is meant for people who may not qualify for fully underwritten life policies. There are two types of final expense life insurance policies:

  • Simplified issue — Simplified issue life insurance has a detailed medical questionnaire for applicants, but no medical exam.
  • Guaranteed issue — Guaranteed issue life insurance policies ask only a few questions to make sure you are not terminally ill.

This ensures almost everyone can qualify for a final expense policy so their families aren’t burdened with funeral or burial costs in an already stressful point in their lives.

How much is it?

Because everyone has a different level of health in their senior years, it’s very hard to quote an average price of policy. Everyone also has different wishes when it comes to their funeral and burial.

So, the best course of action is to call a trusted life insurance agent like the ones at Expert Insurance Team. We can shop your final expense insurance policy to find the best price of coverage.

Medicare Supplements

How Medicare Supplements can save you money

Medicare Supplements, also known as Medigap, are insurance plans offered by private insurance companies to help you save money on your healthcare costs.

Medigap plans cover costs like deductibles, coinsurance, copayments, hospital costs beyond the coverage of Original Medicare, skilled nursing facility, and more.

But many Medicare beneficiaries wonder, “Do I really need this much coverage?” There are many factors to consider before this question can be answered.

Costs covered by Medicare Supplements

Essentially, Medicare Supplements cover your out-of-pocket costs associated with Medicare Parts A and B. These costs include:

  • Deductibles — Part A’s deductible is $1,364 in 2019. Part B’s is $185.
  • Copayments and Coinsurance — Part B covers 80% of outpatient medical services, equipment, and supplies. Medigap can cover the remainder. Part A copayments vary but lengthy hospital stays extending beyond 60 days can start to rack up a bill in the thousands.
  • First three pints of blood — If you have to have a blood transfusion, you usually have to pay for the first three pints of blood and any expenses associated with the process of receiving it.
  • Part B excess charges — In certain states, a doctor is legally allowed to charge a certain amount above what Medicare pays for.

How much money will Medigap save you?

If you know you will spend some time in the hospital, Medicare Supplements are generally a good idea.

Did you know Medicare Parts A and B also don’t have a limit on how much you will pay out-of-pocket? That’s another thing certain Medicare Supplement insurance plans can offer.

The best thing you can do is talk to a licensed Medicare agent about your healthcare needs and see if a Medigap plan will save you on your yearly healthcare costs.

If you do so during your initial enrollment period, insurance carriers are required to allow you to enroll even if you have existing health conditions. This Medicare Supplement Open Enrollment Period is a six-month time-span that starts when you’re at least 65-years-old and you are enrolled in Medicare Part B.

However, if this time has passed, you are allowed to enroll at any time. So, be sure to talk to a licensed agent at Expert Insurance Team about Medicare Supplements today!

Why Medicare Open Enrollment is important

Medicare Open Enrollment is the one time of year when you can add or change a:

  • Medicare Advantage plan
  • Medicare Supplement plan
  • Part D prescription drug plan

For the most part, this is the only time you can make these changes. So, if you have been dissatisfied with your coverage in any way, this is the time to get a licensed Medicare agent on the phone to review your options.

New plans during Medicare Open Enrollment

Every year insurance carriers review their prescription drug formulary (the list of drugs they cover under Part D plans) and renegotiate their provider contracts. So, even if you are happy with the plan you have, you need to make sure your providers, prescriptions, and etc. are still an option with your plan.

Also, you need to make certain there’s not another plan that better fits your needs and budget. Any changes made from year to year can affect your copays, deductibles, premiums, and services you require.

If you still decide you want to stick with your current coverage, you do not need to do anything. Your plan will automatically renew.

Adding beneficial plans

If you decide you are interested in a standalone Part D plan, or a Medicare Advantage plan, there are some changes to be aware of for Medicare Open Enrollment 2020.

Medicare Advantage plans provide Medicare beneficiaries the same benefits as Original Medicare Parts A and B, but also some additional things like dental, vision, and hearing.

This year, some plans may offer adult day care or caregiver support. These extra benefits may not be available to everyone, but if this would be beneficial to you, you should speak to a licensed Medicare agent.

That’s not to mention the average premium, if you pay any, is expected to dip this year.

Speaking of cheaper premiums, the same is expected to be true of standalone Medicare Part D plans.

So, again, be sure to speak to a licensed Medicare agent like the ones here at Expert Insurance Team to see if a change or addition to your healthcare coverage would be beneficial to you during Medicare Open Enrollment.

Medicare Supplements vs. Medicare Advantage

Original Medicare leaves behind some gaps in coverage making policies like Medicare Supplements and Medicare Advantage necessary. But which plan is the best?

The answer will come down to personal preference. Medicare Supplements (also known as Medigap) provide more coverage, but have a higher premium. Medicare Advantage doesn’t have as much coverage as Medigap but does bundle prescription drug coverage (Part D) in a convenient all-in-one plan.

Let’s discuss both of these plans in more detail so you can make an informed decision on your Medicare coverage.

Medicare Supplements

There are 10 Medigap plans currently available in most states each designated by a different letter. Coverage is standardized, so the only difference between plans offered by different carriers is the premium.

Medicare Supplements cover the out-of-pocket costs not covered by Original Medicare like copays, coinsurance, and deductibles. Each plan will cover a different percentage of each of these costs for a different premium.

A licensed Medicare agent, like the ones at Expert Insurance Team, can take a look at your needs and show you your options to make sure you’re getting the right blend of coverage while also staying in your budget.

Medicare Advantage plans

Medicare Advantage plans offer coverage similar to Original Medicare but give you additional benefits like dental, hearing, vision, health and wellness programs, and even prescription drug benefits. Sometimes these plans can come at no additional cost to you.

Also known as Medicare Part C, Advantage plans combine everything into one convenient plan. But they do still leave behind some of the gaps in coverage that a Medicare Supplement plan would pick up.

Which plan is right for me?

If you’re looking for the most amount of coverage, a Medigap plan is going to be your best bet. If you’re looking for just a small increase in coverage and the possibility of not paying any extra premium, a Medicare Advantage plan may be right for you.

Still not sure what you need? A licensed Medicare agent with Expert Insurance Team can help by looking at your healthcare needs and provide a quote!

So, whether it’s Medicare Supplements or Medicare Advantage plans you are looking for, be sure to ask for our FREE Medicare Strategy Session!

Everyone Should Be On A Group Policy

 

If you can FOCUS for a few minutes, I’m going to share with you how you can save a lot of money on those crazy monthly health insurance premiums…

A couple housekeeping things before we really dive deep…

  1. Be sure to stick around for the whole webinar because I’ll give you all the information you’ll need to save hundreds of dollars every month and possibly thousands of dollars every year…
  2. If you’re eligible for subsidy through Healthcare.gov and already get your insurance for a very low monthly premium…This webinar isn’t for you…

    This webinar is for those who aren’t eligible for tax credits through the ACA and have to pay the full premium for their health insurance…

  3. I’m sure the misinformed haters and trolls will leave their comments without sticking through the whole webinar and that’s perfectly ok…

You’ll be able to notice who they are…

Again, be sure to stick around for the whole webinar because you’ll have all the knowledge you need to make this happen and be on your way to save a lot money every month…

So I’m going to confess to you right now…

I’m not the smartest man in the world but I’ve learned that success leaves clues…

There are many successful and smart people in this world and what I’m going to show you is how those people save money on their health insurance premiums…

So together, let’s be like the smartest people in the world, and let me give you the most valuable experience that I could ever share…

Now this is not going teach you how your health insurance works or where to shop for health insurance…

You can find those videos on my website…

www.ExpertInsuranceTeam.com

Rather this is sharing with you the experience that has taken me several years to realize in a short webinar…

Now before I get into the secret, I want to caution you not to assume as I reveal this strategy, that it’s not for you…

Because there are terms you’ll hear that you’re somewhat familiar with that will make you think this is not an option for you…

Try to resist turning the webinar off and remain engaged because you will see later that there is more to this than your initial impression might suggest…

You and I are going to focus on why a group insurance plan is better than an individual plan you can purchase through the marketplace or directly from the insurance carriers…

You see, there are a several differences between an individual plan and a group insurance plan…

So let’s quickly check them out…

It’s very simple…

Group plans have larger networks of doctors and hospitals…

Most doctors still accept group health insurance because they get paid well by group insurance companies…

And you can still find PPO plans if you’re part of an employer group plan…

Nowadays, an “Individual” or “Private” PPO plan in most areas across the country is a thing of the past…

Most carriers that still offer private health insurance only offer HMO plans…

So these are some of the big differences between group and individual plans…

Now let’s really concentrate on what you’re about too see and the biggest difference of all…

A group plan is simply more affordable than an individual plan now…

Let me give you some history so that you can understand how and why this is true…

In the past…

If you wanted to purchase a health insurance plan, you had to fill out a health insurance application and answer a bunch of medical questions…

After submitting the application into the insurance carrier it would end up in the hands of the underwriting department…

The underwriting department would pull your medical records and line them up with the way you answered your medical questions…

How you answered the medical questions and what they saw in your medical history would determine whether or not you would be a new member of their health insurance plan…

In other words, underwriting would decide if you could join the risk pool…

If you were too risky…

Guess what…

You weren’t going to join and you weren’t going to be a member of the plan…

This happened all the time…

In our agency, almost 30% of the applications that we sent in were denied coverage because of their medical history…

Now times have changed and it’s a different process…

That same person that was denied because of the way he/she answered the medical questions and the history that came up in their medical report, can now get coverage 100% of the time…

Because now, insurance plans are what the insurance companies call guaranteed-issued…

You’re smart, so stick with me and let me tell you how this all came to be true…

Before March 23 2010, when then president Obama signed into the law the Affordable Care Act…

Which we’ll refer to as the ACA…

A group health insurance plan was more expensive to purchase…

It was more expensive because it was Guaranteed-Issued…

This meant that anyone that was eligible to jump in a group plan could do so without having to answer any medical questions…

Regardless of one’s health status…

If you had cancer, diabetes, COPD, or any other pre-existing condition…

If you were sick and needed health insurance desperately…

You could find a job that offered health insurance and you could get covered as soon as you were eligible…

Because of the guaranteed issued rule, group insurance premiums were more expensive than most plans you could purchase privately…

Well, now we are living in different times and many things have changed…

Individual insurance plans are, on average, about 30% more expensive than group plans…

And the future doesn’t look to be getting any better here soon…

When the ACA was signed into law, the individual plans that were purchased privately started to look like the group insurance plans…

From March 23rd 2010 through the end of 2013, slowly, different parts of the ACA, were being implemented and enforced into society…

Like preventative care had to be covered 100%…

Children were able to stay on their parent’s plan till they were 26 years old…

But the most important and most significant change happened on January 1, 2014…

Every plan now had to be ACA compliant…

Which meant that every plan had the have the 10 essential health benefits…

We can talk about the 10 essential health benefits in another webinar but the benefit that had the most impact on health insurance premiums…

Was the one that said all pre-existing conditions had to be covered…

This meant that everyone was now Guaranteed-Issued…

Men, women, and children could now get health insurance regardless of their health status…

In 2014, millions of people who previous couldn’t get health insurance now had insurance and lives were being saved…

But, as good as this is, this caused health insurance carriers to lose millions of dollars…

So many carriers have lost so much money that not even the other products they sell could keep them afloat…

So many insurance carriers have exited the individual health insurance market like United Healthcare, Anthem, Humana, and more have exited and many more are exiting as we sit here today…

The carriers that are still around with one foot in the grave are the carriers that have increased their premiums 99% since 2013, the year before the ACA…

Family premiums have increased 140% according to eHealth…

And this year won’t be any different…

On January 1 of next year, everyone will see a huge increase in their insurance premiums…

This increase in premiums over the past few years has now made group insurance premiums more affordable…

The tables have turned, now group insurance premiums are on average 30% less expensive than individual health insurance plans…

Now I’m going to tell you how you can get a group insurance plan…

I know you guys are the smart ones because you’ve stuck with me this far…

By this time, those who aren’t looking to save money on their premiums have logged off…

But we’ll continue because you’re going to save money like the smartest people in the world…

Now here’s where my friends would say stop talking and show me what you’re saying is true…

More specifically they would say don’t talk about it be about it…

So let me show you how I went about it…

At the end of 2016 my wife and I were shopping for health insurance and like everyone else we were worried about how we would be able to afford the coverage we needed…

We knew that having health insurance was very important but we were worried that we weren’t going to be able to afford it…

Let me show you how starting a group plan with my wife’s employer at that time saved us money…

Keep in mind that prices for health insurance are determined by age, tobacco use, and area that you live in…

So the numbers I’m about to show you are based on what is particular to me and my family…

But the idea is the same for everyone across the country…

Let’s take a look at the most affordable BCBS plan for me and my family that’s available through the marketplace or otherwise known as healthcare.gov…

As of the date of this recording, the most affordable BCBS plan is an HMO plan priced at $902.38 for my wife, myself, and my two little girls…

Now let’s look at the cost of a group plan…

The most affordable group plan with BCBS is an HMO plan priced at $677.94…

That’s a difference of $224.44 a month…

That’s $2693.28 a year…

The numbers don’t lie and this is why starting a group plan with your employer is vital to saving a lot money every year…

Just to reaffirm what I’m sharing with you…

Let’s look at the most affordable PPO plan available in my area through the marketplace this year…

It’s with BCBS and the premium is $1065.96…

Now let’s look at the most affordable PPO group plan with BCBS and it’s $837.62…

That’s a difference of $228.34 a month…

That’s $2740.08 a year…

Let me now give you some proof…

Ok so now you’ve seen proof…

The last few years has shown me that this is true for everyone across the country…

Your employer is the only one who can start a group policy so we have to show him this webinar or hand him a letter that I will email to you at the end of this webinar if you give me your email address…

Now I know what your next question is…

How do I get my employer to consider this group strategy if my employer is a small business…

He wants to offer health insurance but he can’t afford it…

It’s too expensive…

Here’s the golden nugget I want to share with everyone…

There is a provision within the ACA that allows small businesses with 1-50 employees the opportunity to create a group insurance plan without the typical restrictions…

Normally, there is a percentage or amount that an employer has to pay toward the employee’s insurance premiums…

In addition, there are a certain number of employees that must enroll to meet the participation requirement…

These requirements are waived from November 15 – December 15 for plans starting January 1…

In other words, the employer does not have to pay anything toward the employee’s premiums nor does there have to be a minimum number of employees that get insurance…

So whether he wants to pay the full premium for his employee’s, or just $100, or nothing at all…

He can do whatever he wants…

So during this Special Enrollment Period (SEP) for small groups, which again is from 11/15 – 12/15, we can submit an application for group insurance and we’ll get it whether he wants to help pay or not…

We can all get a group policy…

So we need to get this video in front of your employer and ask your employer a very simple question…

Do you like to save money…

Here are 3 reasons why starting a group plan will help your employer’s bottom line…

  1. It will save your employer money on his/her own insurance plan as we saw earlier in my personal example…
  2. Your employer can write off any premiums he pays towards the plan at the end of the year…
  3. And finally the best one of all, your employer will save money in FICA taxes without lifting a finger…

FICA tax is the United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare and other programs…

When you pay your insurance premiums directly from your payroll check you are paying with pre-tax dollars…

Before Uncle Sam takes his cut, you get to pay your insurance premiums…

When you pay your insurance premiums with pre-tax dollars, the employee’s taxable income is lower which lowers everyone’s FICA tax…

You see…

Let me show you an example and I’ll keep it simple…

Let’s say your monthly income is $5000…

And let’s say the insurance plan you want for you and your family will cost $1000 a month…

If you pay that with pre-tax dollars from your payroll check, that’s $1000 less a month that you and your employer have to pay 7.65% FICA tax on…

That’s a $74.50 savings in FICA every month…

That’s $894 a year extra cash…

Let’s multiply that by 10 employees…

That’s a $8940 extra cash your employer will have for that year…

You can see now how starting a group plan will help your employer’s bottom line…

Your employer will offer you a benefit that you can appreciate plus it helps you and your employer save money…

So let’s recap…

  • Save money on your health insurance premium
  • Pay less FICA tax
  • More disposable income
  • Larger network of doctors and hospitals
  • More plan options
  • Group market much more stable
  • During SEP regular requirements are waived
  • Employer can write off the premiums
  • Employee benefits they appreciate which increases employee retention
  • Attract top quality personnel
  • Improves morale
  • SMART!!!

So here is the assignment I have for you after this webinar is over…

If you want to save a lot of money…

You have to share this video with your employer and everyone else you know…

Tell your employer you want to save money on your health insurance premiums like the smartest people in world, but you need their help…

We have a very short window of time to make this happen…

Our window of opportunity is only from November 15-December 15 every year…

December 15th is a hard deadline…

We cannot take it slow…

By mid-October we should have a group census ready to go…

Every application has to be in and processed by December 15th

Every employer who knows about this special enrollment period for small groups will be scrambling to get their applications in on time…

We need to start game planning and attacking now…

Let’s get the ball rolling so that we’re not the ones left out…

If you see the link below, send me your email and I’ll send you a group census form that we’ll need to get started…

Share this video with your employer, your friends, and your family…

Have them call us at 800-808-0209 or email us at support@expertinsuranceteam.com

We have a group of expert insurance agents licensed in 48 different states and we speak 9 different languages…

Wherever they are we will hold their hand and guide them through the process…

There’s nothing like having and expert that does this day in and day out on your side…

Thanks for giving me your time today and I hope you understood that starting a group insurance policy is the most obvious choice to saving money on your health insurance premiums…

Like, Share, Post, whatever…

Get this video out there…

We look forward to speaking with you soon…

 

Expert Insurance Team

Pregnant? Just had a baby? You only have 30 days! Watch and Share

Hi Everyone!

It’s been a few weeks since we’ve talked…

But a couple days ago I had a call from a new mother trying to get insurance for her 3-month old daughter…

I thought I would share the experience I had with her and tell you how she came to this point…

So when she was still pregnant she spoke with her insurance company about having a baby and whether or not the baby would be covered…

The insurance carrier told her that her baby would be covered for 30 days…

BUT, what they failed to mention was that they would cover the baby for 30 days only if she adds the baby to the policy within those first 30 days…

Watch the video below because I explain what happened and what her options were…

What is a Pre-Existing Condition?

When considering a health insurance policy… find out if they cover your pre-existing condition.

A pre-existing condition doesn’t mean you can’t get health insurance.

Determine the severity of your condition and determine if you are ok with a plan that wont cover it.

Talk to a professional insurance broker about what plans may be available for you.

Check out 50 Health Issues That Count as a Pre-existing Condition  from Money.com

Wishing you good health

-EIT

Aye Yai Yai! Do you have a marketplace plan and are you turning 65 soon? Listen Up!!!

If you have a marketplace plan and you are turning 65 soon or maybe you already turned 65… get your medicare all set up.  If you delay your medicare enrollment you might have a huge gap in coverage in the future.

THE RISKS YOU RUN

Your carrier may find out that you’re eligible for Medicare and they may not pay claims.

If you try to apply for another marketplace plan you will no longer be eligible.

You will have to apply for Medicare during the General Enrollment Period (GEP) which is every year from January 1 – March 31.

Your Medicare wont be until July 1 and you will have a gap in coverage from January 1 – June 30.

Some carriers who offer GAP coverage will no longer offer you coverage because you are now 65 years of age.

DON’T DELAY YOUR MEDICARE ENROLLMENT

Make an appointment with your local Social Security office to enroll in Medicare Parts A and B or enroll online at www.SSA.gov.

Call us at 800-808-0209 to find out your Medicare supplement options and your Part D prescription drug plans.

-Wishing you good health

EIT

What Will Happen to the ACA with the New Administration in Congress

What Will Happen to the ACA with the New Administration in Congress

So much has happened but so little has been accomplished.  I’m not going to talk about opinions I’m just going to present some facts as of today because I have very little brain cells left and I want them to last me till I’m 100 years old.

This republican congress will likely never be able to repeal the ACA entirely.  That’s because in order to repeal a law you need a super majority vote in the senate.  That means 60 votes are needed to vote repeal which they currently do not have and it’s highly unlike for 8 democrats to vote repeal. Unless the republicans can win those 8 seats in this upcoming 2018 midterm elections the ACA is not getting repealed any time soon.

So what’s been going on with all the noise in congress?  What’s up with all the bills and acronyms being thrown around in congress lately. All those bill and acronyms being thrown around are what you call reconciliation bills.  These bills are budget related bills that can pass with a simple majority which they do have in the senate.  These budget reconciliation bills have to originate in the house and they can only make changes that impact federal spending and or revenue. They do have the power to change and shape the law but these bills cannot make it go away all together.  Some of the ACA provisions that could be changed include the individual mandate, employer mandate, exchange subsidies, Medicaid expansion, Cadillac tax.  These provisions all have to do with money. They are either taxes, penalties, or government spending. These are the types of things congress can change with a simple majority votes on a budget reconciliation bill.

Let’s talk about some of the reasons why so many republicans and some democrats want to repeal the ACA.

  1. Insurance markets are collapsing.
    1. As of this the date of this blog, CMS has reported there will be 45 counties with no coverage in 2018.
    2. 1/3 counties have only 1 insurer offering exchange plans
    3. 18 out of 23 Co-Ops have failed
  2. Premiums and deductibles are increasing
    1. 25% average premium increase for exchange plans across the country.
  3. Increase in the underinsured population
    1. Those buying plans with lower premiums have higher deductibles with narrow networks that prohibit access to care
  4. $1 trillion in new taxes, mostly falling on the laps of families and job creators.

There are definitely reasons why the ACA needs to be fixed and definitely reasons why it needs to stay.  Here are some of the other republican deeply felt underlying reasons why the ACA needs to be replaced. Federal deregulation – republican legislatures and their voters are really against the idea of big government. They don’t want the federal government to have too much control over their lives.  In fact, they want to give that control back to the states.  The reason here is that the states know their populations the best so they should be the ones making these types of decision for their people.  The ACA has over 45000 pages of rules that need to be followed and some people are concerned that there is just not enough freedom left in the market.  This inhibits innovation.  They also believe that we can drive prices down by allowing insurance companies to compete across state lines which is not really allowed at the moment.  Eliminate the healthcare taxes imposed by the ACA and expand HSA’s.

Expert Insurance Team is here to guide you through the complexities and challenges of the health insurance marketplace.

-EIT

What type of income is counted on your marketplace (Healthcare.gov) application?

Are you doing your marketplace (Healthcare.gov) application soon?  Know what type of income is counted toward your eligibility for Advanced Premium Tax Credits (APTC).

Open Enrollment will be November 1 through December 15 this year

We have a shorter period of enrollment.  Be prepared before you dive in.  Contact us today.

Resources

www.healthreformbeyondthebasics.org

www.healthcare.gov