Obtaining Life Insurance With Pre-existing Conditions

It is important for everyone to have a life insurance policy that will cover their final expenses and care for their family during their time of grieving and transition. Unfortunately, many do not believe it possible to obtain life insurance when they have pre-existing conditions. However, there are many companies that are willing to work with individuals to make certain they have the right coverage.life insurance with pre existing conditions

If you have an illness, you must be honest with the company before obtaining the policy. In almost every instance, if they discover the policy was obtained deceptively, they can cancel the coverage. You do not want to waste your money on a policy that will not pay out. It would make the grieving period even more stressful for your family if you did so.

In addition, you need to let them know about what treatments you are undergoing. If there is a good chance that you will make a full recovery, you may be able to get better rates than if you leave out this vital information.

If you use tobacco products, you should quit before getting a life insurance policy. Most companies will want to run some blood tests prior to giving coverage. If you are found to have nicotine in your system, it will make the policy much costlier than if you do not. Speak with your primary care physician to find out what you can do to give up the addictive habit today.

It is possible to get life insurance with pre-existing conditions. You need to be doing everything possible to take care of yourself and to be completely honest with the representative before you get the policy finalized. If you do, you will be able to sleep easier knowing that you have done what you can for your loved ones.

Do I need final expense coverage?

Determining whether or not you need final expense coverage can be a difficult decision, especially since it depends a lot on the wishes and abilities of your friends and family members. If you’re trying to decide whether or not to purchase a final expense insurance policy, consider these questions.

1. What is the cost of the funeral I want? Some people want a very simple ceremony, while others want a large one. Small ceremonies aren’t necessarily the cheapest, however. No matter the size or expense of your arrangements, keep in mind that there might be a lot of extra expenses, such as travel for friends and relatives or a funeral plot, that can increase costs dramatically. Many people make the mistake of assuming that simply because they can afford a ceremony that they don’t need insurance.
2. Where would the money for these expenses come from if your family needed it today? Many people assume that they will be able to save enough money to pay for their own final expenses, and skip buying coverage. Until the money is saved, however, a family can be vulnerable to having to pay for a funeral without any money. This means that relatives and friends will be forced to rely on charity or take out loans. If the money for your final expenses is saved, make sure that your close relatives know about this. Many people choose to put the money into a separate account or CD in order to ensure that the money is not spent on something else before it is needed.
3. Can your family carry out your final wishes? A growing number of people do not have close family members who can assume the responsibility of carrying out their final wishes. This means that more and more people are relying on friends, who might not be financially prepared to deal with the expenses involved. By buying insurance, it’s possible to compensate someone who needs to take time off of work, plan a ceremony, and deal with the final wishes of the deceased.
Final expense insurance is relatively inexpensive, but it isn’t the right choice for everyone. Carefully consider if you need this coverage.

Medicare Supplements Help Fill Medicare Gaps

Medicare supplemental insurance or Medigap, as it is sometimes called, does just what it says.

The policy supplements the coverage provided by original Medicare, Parts A and B by paying cover the deductibles and co-pays.

Medicare supplemental plans cannot provide prescription-drug coverage. That coverage is provided under Part D of Medicare.

Medicare supplement plans will be honored by any facility or doctor who accepts original Medicare. Therefore, there is no restriction on which doctors or specialists you see and no restriction on which hospital, after hours care or other health facilities you might need, as long as it accepts Medicare.

Medicare supplemental policies are offered by private companies and there is a monthly premium. In addition, each person under Medicare must have their own policy. Therefore, if both husband and wife are covered by Medicare and want supplemental coverage, they must both purchase individual policies.

Simply put, Medicare supplemental policies pay what Medicare will not pay. The wording here can get tricky. Before the Medicare supplemental policy kicks in, the expense first has to be approved by Medicare.

Medicare ill, like private insurance, determine how much of the charge meets the coverage guidelines and will then pay 80 percent of that reduced amount. The patient or the Medicare supplemental policy will pay the remaining 20 percent. As an example, a person goes to the doctor, and the charge is $150. Medicare decides it is only going to allow $100 of the charge. The patient is not responsible for the portion that Medicare does not approve. Therefore, Medicare pays 80 percent of the portion it approved, such as in this example, $80. The patient or his supplement insurance carrier will pay the remaining 20 percent or $20.

There are other plans such as Medicare Advantage, which operates much like a Health Maintenance Organization (HMO) or Preferred Physician Provider (PPO). The biggest difference is that the Advantage plans limit your choices to doctors and hospitals in that group and usually can is only to be used within a certain geographic area. Some policies offer exceptions or limited exceptions for emergencies.

Medicare supplemental Policies do not pay for prescription-drug coverage. Medicare Advantage Plans can offer prescription coverage, but there are special steps to follow.

Regardless of which plan you choose, make sure you read the policy and get answers to any questions you might have.

Protect Your Family With Life Insurance

Life Insurance is designed to pay money to a beneficiary at the time that it is needed the most, when someone dies. The most traditional use of life insurance is in the case of a family situation, where the husband is the breadwinner, and the wife is at home raising the family. In recent years, we have both husband and wife working, so the emphasis on coverage will be on each spouse.

If a breadwinner dies, whether it is either the husband or the wife, there is an immediate loss of income, which puts the entire economic situation of the family in jeopardy. Items that come into play in determining life insurance needs are the amount of the mortgage, or rent payments, final expense needs and potential college funding. The other factor that should be included in the planning, is income replacement.

Consumer pundits are always arguing about which type of life insurance is the best. But both term life insurance and permanent life insurance have their place in the overall scheme, and many life insurance plans will have a combination of both.

The real factor in planning of this sort revolves around the price that the family can afford, in order to place in force the amount of life insurance that the family will need in order to stay in their own financial world, if a breadwinner should die. Competition in the market has driven prices down, and usually a family will not have a difficult time finding affordable life insurance that fits their needs.

Another consideration should focus on the establishment of a will and a life insurance trust for the family. In a situation with young family, it provides security for the children should both parents suffer a simultaneous death. Statistically, it is not that often both the father and the mother die together, but when it does happen, the result can be catastrophic.

In order to properly set this up, an attorney should be consulted to set up the plan. The life insurance and the property all go to the trust, and a predetermined guardian raises the kids, with the will being the guiding document under the law, for disbursement of the funds, with the best interest of the children in mind.

How To Find Life Insurance with Prostate Cancer History

If you are a survivor of prostate cancer, then you have already been through an ordeal that most people couldn’t even begin to imagine happening to them. Between going back and forth to the doctor, radiation, chemotherapy, and everything else, having prostate cancer is probably not something you would wish on your worst enemy.

To make things even worse, when it comes time for you to start applying for life insurance with prostate cancer, many people feel like they are running headfirst into a brick wall as far as their options go. Fortunately, things don’t need to be quite that difficult for them.

As you can imagine, life insurance companies are not jumping at the opportunity to insure cancer patients, whether they currently have cancer or are already in remission. While frustrating, this is certainly understandable, because having had cancer at any point of your life represents a huge risk that not all insurance companies are willing to take. Thankfully, there are many companies out there who are willing to work with you and your unique situation to get you a plan and sometimes even at a great rate as well.

When it comes time for the insurance company’s underwriters to assess the risk that you present to them, they will be looking at a few things in particular. This includes the stage and grade of the cancer, what type of treatment has been used to treat it, the success of the treatment and how long it has been since the last treatment.

It is also important to understand that obtaining term life insurance with prostate cancer may not be a very quick or speedy process. There are many different things the underwriters will have to look into in order to gauge whether or not you are insurable and what sort of rates will apply to you.

It should also be noted that life insurance with prostate will almost certainly be more expensive than for people who have never had prostate cancer. The rates will of course be based upon your condition, so if your type of prostate cancer has never been overly severe, you may find that you can still get very affordable rates. Obviously if your situation is more complicated, then you can expect the rates to be a lot higher. Just make sure you are working with an insurance company who knows how to deal with your particular situation.

Who Qualifies for Medicare Supplemental Insurance

In it’s most simple terms, medicare supplemental insurance assists people with paying medical costs that aren’t covered by Medicare. Also called Medigap insurance, these policies are sold by private insurance companies. Medigap will help pay for deductibles, co-payments and co-insurance.

People with Medicare will have the costs of medical care paid for by Medicare. If there are additional medical costs above and beyond what Medicare pays, the medicare supplemental insurance will kick in and pay those costs.

Policy owners will need to make monthly payments to an insurance company to get Medigap coverage. It should also be noted that Medigap insurance will only cover one person. In other words, each individual must pay for his or her own medicare supplemental insurance.

Here are a few other facts about Medigap insurance:

* You can buy Medigap coverage from any insurance company in your state that is licensed to sell these policies.

* Medigap policies can be renewed in perpetuity.

* The insurance company may not cancel these policies for health problems.

* Prescription drugs are no longer covered in Medigap policies after January 1, 2006. Prescription drug coverage must now be handled through the Medicare Prescription Drug Plan, Part D.

* If you carry a Medicare Medical Savings Account, insurance companies are not allowed by law to sell you Medigap coverage.

* Medigap insurance will not cover dental care, eyeglasses, hearing aids, private nursing or long-term care.

It must be stressed that buying a medigap policy will not replace Medicare coverage, including Medicare Parts A and B. All your rights and benefits under Medicare still stand.

When buying a Medigap policy, all companies will offer the same benefits. The difference will be in the price and quality of the service. It’s encouraged, then, that you shop around and find a company that you like.

To qualify for a <edigap coverage, you must be:

1. 65 years of age or older.

2. Enrolled in Medicare Parts A and B.

3. A resident of a state where you apply for coverage.

Each person applying for Medigap coverage should read the rules in their state. Some rules vary from state to state.

Five Things You Need to Know About Your Health Insurance in 2014 Through Obamacare

­It is hard to believe but we are not all that far away from the end of 2013. With the end of the year approaching, you will be required to have health insurance coverage starting in the new year. With the full implementation of Obamacare nearing, there is still quite a bit of confusion on how insurance will be bought, sold, and how much it will cost. Here are five things you need to know to prepare for the changes next year in health insurance.

Where Will You Buy Health Insurance?

Insurance will be bought in the same places you are buying it now. It will be purchased through large employers, small employers, individual coverage, or public programs. The significant change in 2014 is that large employers will be required to offer coverage or pay a fine for not doing so.

Some of these large employers will begin offering coverage if they have not in the past. Others will elect to pay the fine because it is cheaper.

The good news for employees is that if your employer does not offer coverage, you will be eligible to purchase your own coverage on the health insurance exchange and will not have to worry about being turned down or sold a substandard policy.

My Employer is Not Offering Coverage – Where Can I Purchase Health Insurance?

If your employer has elected not to offer health insurance coverage, you will be able to buy coverage through the health insurance exchange. Policies will be standardized, much like Medicare supplemental insurance plans, which will make them very easy to compare from carrier to carrier. Massachusetts has already implemented a version of Obamacare and their exchange has functioned very well.

Only Four Factors Determine Pricing

And bad health is not one of those factors. I get questions about health insurance all of the time, but most of those questions revolve around the cost. Whereas the cost of health insurance coverage may have made it prohibitive for many people with pre-existing health conditions in the past, that will not be the case going forward. Premiums will be based on four factors:

  1. Age – The older you are, the higher the cost is going to be.
  2. Rating Area – People who live in high cost health areas (generally big cities like Philadelphia, New York, Los Angelos) will pay more than people who are living in lower cost health zones like small towns and rural areas.
  3. How Many People Are In Your Family – Pretty much a no-brainer there.
  4. Tobacco Use – Tobacco users will pay up to 1.5 times more for health insurance than non-tobacco users. This is still being debated and some states have made the decision that tobacco status will not be used in pricing.

Will My Health Insurance Costs Be Expensive?

I hear this debated a lot, and it really is all relevant to your situation and what you feel is “expensive”.

A broken bone with an accompanying trip to the emergency room can easily run $10,000. Being diagnosed with and treating cancer can be an expense well in excess of $1 million. So is $5000 a year worth it to potentially cover a $1 million expense?

If your income is less than 400% of the poverty level, you will receive assistance paying for your health insurance. At 138% of the poverty level, you are eligible for Medicaid.

An interesting provision in Obamacare is it will take into account how your state regulated insurance in the past. If your state had a good record of oversight and providing good coverage for its population, you will not see much of a change in premiums. However, if your state allowed cherry picking of healthy populations in the individual market, and you have individual insurance, you might see a significant increase in your premiums. Florida comes to mind.

When Do I Enroll in My Health Coverage?

For individual coverage, open enrollment will begin on October 1, 2013. It will be hard to miss as it will likely be advertised everywhere. You need to shop during this period. If you wait, and develop a serious illness, you will be on your own until the next enrollment period.

It is really not that far off until 2014 is here. Do not wait to educate yourself and ensure that you are covered for healthcare expenses.