A single claim against a group health policy can cause a significant monthly rate increase for a small business.  However, by changing plans to a competing carrier, a business owner can oftentimes purchase coverage at a lower rate without sacrificing benefits.  A knowledgeable agent will be able to illustrate an affordable plan with relative ease.  Additionally, recent legislative changes allow small groups to participate in health savings accounts – also known as HSA’s.  These qualified accounts typically are less expensive and will also provide tax advantages.

A strong benefits package is an important part of any business plan.  Owners need competitive benefits to maintain key employees while also attracting new ones.  However, owners also need to balance their offerings with the costs associated with such plans.  It can be done with a little help from a qualified agency.

At Hyers and Associates, we continually strive to meet our customer’s demands concerning affordable group and business health insurance plans.  Contact us to learn how we can help your company.

Medicare Supplement Issue Age (Community) Plans 

Senior consumers can purchase plans A through J based on their age at issue.  This means the insurance provider cannot increase premiums for the insured as he or she grows older.  In essence, the insured is locking in a rate based on his age when the policy is issued.  These plans are sometimes referred to as community plans. 

Consumers, however, should be aware that the insurance provider can raise premium rates by class for all policies issued in their state.  An insurance company might increase rates due to significant claims experiences they have encountered. 

Traditionally, issue age plans will be more expensive to the insured at issue.  In the long run, the insured hopes to pay less in premiums by not experiencing rate increase with every birthday.  Popular companies offering issue age plans include Anthem, Bankers Life and Fidelity, and United Health Care.

Medicare Supplement Attained Age Plans 

Attained age plans will automatically increase in price as the insured grows older.  Most companies will increase the insured’s rates every year while others will increase rates based on age bands. 

Prices can also increase based on changes in the Medicare program as well as increases in health care costs affecting the insurance provider.  Attained age plans will be less expensive to the insured at onset.  The insured is hoping that less expensive premiums in the beginning will offset future increases when compared with an issue age plan.

There are several carriers offering supplemental plans that will increase with age including: Anthem, Aetna, Mutual of Omaha – United World, United of Omaha Life, Golden Rule and others.

Which Plan is Right for You? 

It is difficult to predict which plan might be most beneficial to the consumer.  It usually comes down to personal preference.  Some consumers will like less expensive plans from the onset while others will want to lock in a more stable rate.  It is worth noting that many companies offer discounts to consumers applying during their open enrollment window on their 65^th birthday.

When choosing a supplemental insurance provider, it is wise to ask about past premium increases.  There is no absolute method of predicting future rate increases, but past experiences can be a good barometer for what may be ahead. 

Most importantly, an applicant cannot be denied supplemental coverage during open enrollment due to poor health.  There is no health underwriting necessary and applicants will have all Medigap plans offered in their state available to them for purchase. 

(Contact us to compare several Medicare supplement quotes today.) 

Advantages of Enrolling at Age 65 

There are a few supplemental insurance providers who provide discounts during open enrollment.  In some cases, the discount can be as much as 15% to the applicant.  The savings will carry over into subsequent years helping to keep premiums lower as the insured grows older.  Additionally, some insurance companies will require underwriting for popular supplements, like Plan J, if the applicant is more than three months past their 65th birthday.  Applying during the six month window will require no underwriting for Plan J. 

Other Guaranteed Periods of Eligibility 

There are other time periods of guaranteed eligibility for a Medigap policy if the applicant is outside of their six month period.  Consumers age 65 or older and who are involuntarily losing group health insurance coverage will also be guaranteed a supplemental policy.  However, they may have to go through underwriting for certain plans, like Plan J, and they might not be afforded any discounts on their plan choice.

Medicare Disability and Open Enrollment 

In some states, acceptance into Medicare disability is a qualifying event.  Consumers under age 65 who are approved for government disability will have a six month window to purchase a Medicare supplement regardless of health history.  (Missouri is one such state.)  It is very advantageous for these consumers to enroll in a plan during their six month opening.  Otherwise, they will have to go through medical underwriting and it is unlikely that they would qualify for supplemental coverage due to their health concerns.

Contact us for:

Medicare Supplement Quotes in Georgia, Illinois, Indiana, Missouri, and Ohio

Should You Wait Out Another Correction? 

Unfortunately, many investors are suffering through similar pains to those experienced during the market slide from 1999 to 2003.  Most (not all) brokerage accounts regained their losses from that period of time, but this recent downturn has quickly undone that progress.  But, it is business as usual from the brokers – telling clients to wait it out.  Yet, these same brokerage houses are busy selling stocks, trying to lock in profits while their individual clients absorb the losses.  For many years the brokerage industry has shunned the safety of fixed annuity accounts while investor portfolios decline.

It begs the question, why should mom and pop investors participate in this turmoil again?  Do they experience a higher standard of living when the market increases?  Usually not, but they certainly feel the financial pain when the market contracts by ten or twenty percent.  Maybe younger investors can weather this storm, but there are those who cannot afford to experience these kinds of losses.  Many senior investors are in retirement and counting on their nest egg to produce regular income.  Or maybe they are near retirement and trying to decide how to best protect their IRA’s, 401(k) or 403(b) accounts for future income.

Is an Annuity the Answer? 

Annuity accounts are very beneficial for investors who need reliable growth, guaranteed income, and protection of their principal.  Maybe the brokerage industry is winning the battle in the media, but annuity investors have been winning battle of asset preservation for the last ten years.  Annuity owners have been protecting their principal and earned interest while experiencing above average returns on their investment. 

You might ask yourself, “Have I not investigated annuity accounts because of what I know, or what I think I know.”  If you are not sure, it may be worth learning more.  A fixed or indexed annuity account can be a valuable alternative to a volatile brokerage account.

View annuity interest rates

Learn more about annuity accounts today

What’s Covered? 

Our most popular dental insurance plan has no deductible, no waiting period and provides 100% coverage for preventive services.  Preventive services include periodic exams, x-rays, and cleanings.  There is no network of dentists to choose from.  The insured can use any dentist they wish to – including a current provider
 

Compare Multiple Plans and Prices 

In most cases, the group coordinator only needs to request multiple quotes from a licensed agency.  The agency (us) will need detailed information about the group such as the number of participants, gender, age, and health history.  With this information, the insurance carriers can establish a risk factor for the group.  Once the carrier is satisfied they have a good understanding of the plan participants, they are able to provide an accurate quote.

There are several major players in the group health insurance market in Ohio - including Aetna, American Community, Anthem, Kaiser, Medical Mutual of Ohio, United Health Care, and others.  It is surprising to see the differences in premiums from one company to the next.  Depending on group size, location and previous claims experience - one insurance carrier might be much more competitively priced than another.  The easiest way for a business owner to lower their premiums is to simply shop their plan around.

Group Health Savings Accounts 

Often times groups might change to a different health plan altogether.  Recently, health savings accounts (HSA’s) have become a popular alternative to traditional coverage.  HSA’s can shift more of the responsibility to the insured, thus reducing the employer’s cost.  The business owner might choose to mitigate a perceived reduction in coverage by contributing tax deferred dollars to the employee’s health savings account.  Factoring in the employer contribution, HSA group health insurance plans are still less expensive than their more comprehensive counterparts.

In summary, it is wise for business owners to request new quotes on their group plans every few years.  By working with an independent agency like Hyers and Associates, they can compare several plans and usually achieve significant savings by changing carriers or negotiating with their present insurance provider.

If your business is in need of a group quote, contact us today!

The increased contribution amounts can be used as a tax deduction in the year they are contributed.  The deposit will grow tax deferred and can be withdrawn tax free for a qualified medical expense.  Qualified medical expenses are large in scope and can include payments used to meet the deductible, co-insurance amounts, prescriptions, doctor’s office visits, etc.  Unspent dollars rollover from year to year and are always owned and managed by the insured.

If you need a health insurance quote or would like more information on health savings accounts, contact us today.

Medicare Supplement Plan J 

Generally, Plan J is slightly more expensive, but it offers the most comprehensive coverage available to those on Medicare.  All eight gaps in Medicare are filled by purchasing this coverage including preventive care.

Many seniors are surprised to learn that some routine wellness visits to the doctor are not covered by Medicare.  Plan J is the only plan designation that will pay benefits for preventive care not covered by Medicare.  The J plan also differs in that it pays benefits for recovery time at home - a home visit from a physical therapist for example. 

It is also worth noting that some companies offer a preferred discount to those who are in their Medicare open enrollment window and thus guaranteed eligible.  Healthy consumers can also receive a preferred rating if they meet certain criteria.  Seniors who desire complete coverage usually select this coverage.

Medicare Supplement Plan F 

Plan F is usually a little less expensive as it does not cover “At Home Recovery” and “Preventive Care Not Covered by Medicare.”  It fills in the other six gaps not covered by Medicare including Basic Benefits, Skilled Nursing Facility Coinsurance, Part A Deductible, Part B Deductible, Part B Excess (100%), and Foreign Travel Emergency.  Seniors operating on a tighter budget who desire beneficial coverage may select the F plan.

Other Supplemental Plans 

Of course, there are various other plans to choose from including Medicare supplement plans A, B, C, D, G, E, K, and L.  These plans are less expensive than their more comprehensive counterparts, but will provide benefits for the most common claims.  Additionally, some carriers also offer high deductible Medigap plans.  (Supplemental coverage with a high deductible won’t pay benefits until the consumer has reached his or her deductible.)  The J and F plans however, remain most popular with seniors who wish to have affordable and reliable insurance coverage.

Contact us to receive a quote today!

While some resolutions will not come to fruition in the new year, purchasing health insurance should not be one of them.  Quotes can be obtained online and coverage can be purchase with minimal effort by speaking with an agent.  Maybe you desire a high deductible health plan with a health savings account or you might want a traditional plan with a low copay and a small charge for doctor’s office visits.  Whatever your needs, the agents of Hyers and Associates are available to help you compare and contrast health insurance plans in Ohio, Missouri and Georgia.  Contact us today and you will soon have one less thing to resolve in 2008.

Ohio Health Insurance Quotes

Missouri Health Insurance Quotes

Georgia Health Insurance Quote

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Once such account is the equity indexed (also referred to as a fixed indexed) annuity account.  As oppose to reading another article on the merits of safe annuity investing, we have created two online presentations (posted below) where consumers can obtain an in depth annuity education.  It is past time to debunk the myths and misinformation spread by those who benefit from investing consumer’s life savings in the stock market.

Our first presentation entitled “Consumer Annuity Boot Camp” will discuss the differences between qualified and non-qualified money.  From there, we offer a closer look into the types of annuity policies on the market today.  Also explained are the differences between fixed, immediate and indexed policies.

Click here for the Consumer Annuity Boot Camp Presentation

Our second online presentation provides a detailed description of indexed annuity accounts.  Topics include interest crediting examples, growth illustrations and an explanation of the mechanics associated with an indexed account.

Click here for the Online Indexed Annuity Presentation

The simple fact is that annuities can be an extremely beneficial option for investors who desire safe, guaranteed investments with the potential for high interest.  Investors who do not wish to expose their retirement accounts to the whims of the stock market can rest easy knowing their wealth is protected.

Contact us to get an annuity illustration or quote today!