Health Insurance Plans with Maternity Coverage
Many families are in search of affordable health insurance that will provide maternity or pregnancy benefits. Health carriers offer such plans, but they vary in the amount of coverage provided. Most insurers provide no benefits for at least three to nine months and at least one insurance company will not cover a pregnancy for 18 months.
As with all things insurance related, you must plan ahead. Occasionally, people call our agency once they are pregnant and are disappointed to learn insurance cannot be purchased to cover the pregnant spouse. Insurers simply will not take on this risk. However, a health plan can be purchased for a healthy mother and child after delivery.
When is My Pregnancy Covered?
Generally, policies will provide benefits for maternity after the insurance has been in force for at least three to nine months. If you were to purchase a plan, then shortly thereafter conceive a child, and the child was delivered before the policy had been in force for nine months, then your pregnancy would not be covered. Again, it is prudent to plan ahead and purchase a policy with a maternity rider some months before conception.
It might be helpful to look at this from the insurance provider’s point of view. Typically, when a couple desires and pays for a maternity plan, then they are likely to use it. The insurance company is relatively certain that a claim will come in the near future. Thus, they will build the cost into the premium for the insured (you) and mandate a waiting period. That being said, some companies are offering plans that are more attractive than others.
Popular HSA Maternity Plans with a Small Deductible
One insurance company offers a Health Savings Account (or HSA) maternity plan with a $1,500 individual deductible. Once the deductible has been reached and the nine month waiting period has been satisfied, the plan would cover the balance of the pregnancy.
In this example, you could fund the HSA account with at least the $1,500 and write that off against your income. The $1,500 could be withdrawn tax free to satisfy the deductible and then the policy benefits would kick in. Currently, this HSA plan is one of the more popular policies available.
(Our apologies – as of 2011 this plan is no longer offered)
Three Month Waiting Period
Another popular plan has a three waiting period and its own maternity specific deductible. This coverage is typically more expensive as the maternity coverage beings earlier than most other plans.
(Our apologies, as of 2010 this plan is no longer offered)
The insured would have their own deductible, but both amounts might need to be covered under certain circumstance – like complications due to pregnancy. It is important to speak with a knowledgeable agent to understand the coverage.
At this point, clients often ask about prenatal care and doctor’s office visits. Fortunately, most Obstetricians do not charge as you go. Doctor’s visits, prenatal care and delivery are all included as part of the pregnancy and usually subject to one, predetermined charge. Thus, the final bill can be run through your insurance company (assuming you purchased a maternity rider) and then settled up.
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The bottom line with health insurance policies and especially ones that cover pregnancy is that you must to plan ahead. There are only a few options available, but you will get the most from your policy if you research and purchase it ahead of time.
Editors note: By law, all plans must now cover maternity related expenses subject to their deductible. There are no longer waiting periods for the insurance to being, but you can only purchase health insurance during open enrollment unless you are experiencing a qualifying life event.
Category: Health Insurance
Wealth Transfer Using Life Insurance
There are several strategies you can use to pass assets to the next generation while mitigating taxes. This article will focus on life insurance for wealth transfer as it’s one of the most efficient. Life policies immediately create a fully valued tax-free asset upon first premium receipt.
Our clients ask about cost effective ways to maximize the distribution of assets to their spouses, future generations and favorite charities. There may be no better asset class than life insurance.
Why Use Life Insurance For Wealth Transfer?
There are many reasons, but the most common ones are cost and tax avoidance. With life insurance, you are paying pennies on the dollar. When you consider that a healthy 60 year old can create a $100,000 death benefit with a one-time deposit of around $25,000, the numbers make sense.
And of course, life insurance proceeds are income tax-free to beneficiaries. Additionally, these policies can be structured to avoid federal estate and state inheritance taxes. There are very few asset classes that can do this much. That’s why life insurance policies are used so often in estate planning.
What Types Of Life Policies Work Best?
The two most common types are whole and universal life insurance. You rarely see term life insurance used as these types of policies have a defined ending point. A policy that expires after a 10-30 year term will have no benefits if the insured is still living.
Whole and universal policies each have their own advantages. Whole life policies are more conservative and generally offer more cash value. Universal life policies may have little cash value, but can create much larger death benefits with smaller premium deposits. And both types can be guaranteed to cover the entire life of the insured.
Single Premium Life Insurance & Life Pay Plans
Single premium life insurance is an often used strategy for wealth creation and transfer. With this type of life insurance, a single premium is deposited creating an immediate death benefit. The death benefit is guaranteed until the owner passes away. Typically single premium policies provide larger death benefit amounts when compared to lifelong or multi-pay policies.
Multi-pay or lifelong policies are just what you would guess – policies that are funded over a set number of years or a lifetime. These types eliminate the need for large upfront sums of money and can have additional tax advantages to the insured. One size does not fit all.
Accelerated Death Benefits – Access For The Insured
Single premium life insurance can also benefit the insured during his or her lifetime. The cash value in a fully funded policy will grow quickly and can provide income to the if needed. In turn, the owner can also surrender the policy for its cash value. Other policies have an option of an accelerated death benefit that can be to pay for long term care expenses.
By using this rider, the owner can access their death benefit while living. It might be used to cover long term care expenses or other costly healthcare needs. Many policies include an accelerated death benefit at no charge to the owner. This allows consumers to transfer wealth while also accounting for future healthcare costs.
Simplified Underwriting – Easier Setup & Enrollment
Many elderly consumers feel that they are not healthy enough to purchase life insurance. This is not always true. Simplified underwriting allows many seniors to qualify for life insurance. With simplified underwriting, there is no physical or blood work needed.
So long as the proposed insured can answer no to a few health questions, medical underwriting can be done with the application and a quick telephone interview. The fact is single premium life insurance is not difficult to purchase. Those who feel they are in extraordinary health can choose to go through advanced underwriting and may qualify for increased insurance benefits.
The Tax Advantages Offered By Life Insurance Policies
Certainly the advantage of life insurance over an annuity, a savings bond, a certificate of deposit or other investment is its favorable tax treatment. The entire death benefit is passed income tax free to the beneficiary. However, the death benefit can count toward the gross value of an estate for estate tax purposes.
To avoid estate taxes, some policies are owned by the beneficiaries or an irrevocable life insurance trust. It is crucial to work with a knowledgeable agent and attorney if estate taxes are a concern.
Often single premium life is considered a modified endowment contract or MEC by the IRS. The policy can be taxable to the owner if gains are withdrawn- just like an annuity or savings bond can be taxable to the owner. If the owner is under the age of 59 ½ the IRS can access a 10% early withdrawal penalty. Thus these policies are best utilized when the funds are likely not needed in the immediate future.
Contact Us To Learn More
In conclusion, life insurance is a safe and dependable asset for many families. Life insurance is especially valuable due to the favorable tax treatment and guaranteed returns associated with these policies. It is important to choose a well-rated company and an informed advisor to select the best policy for your wealth transfer needs.
Category: Life Insurance, Wealth Transfer
Medicare Supplements for Individuals Under Age 65 On Disability
Currently there are only a few states allowing insurance companies to offer Medicare Supplements to those under the age of 65. Due to legislative changes, California, Georgia, Florida, Illinois, Missouri, Pennsylvania, Texas, and Tennessee are such states.
Just like those reaching age 65, those who qualify for Medicare due to disability will have an open enrollment window available to them where most supplemental plans can be purchased without medical underwriting. It is wise to purchase a plan during this period.
Likewise if you are losing credible coverage (like a group health insurance plan), then you may also qualify for a supplement without underwriting. In very few states, Tennessee for example, losing Medicaid (TennCare) is also a qualifying event.
Medicare Disability Insurance Offerings
So long as you are in your open enrollment window (three months before or after your acceptance into Medicare Part A and B) then you can purchase most supplemental policies.
Rates will vary between insurance companies so it is wise to speak with an independent agency like ours to compare rates. In most states, Medigap insurance providers are allowed to charge higher premiums for someone who is under age 65.
Two states where this is not the case are Pennsylvania and Tennessee.
In states like Missouri and California, those on Medicare disability and under age 65 can switch to like or lesser coverage on their anniversary or birthday respectively. This does not mean that the insurance can be upgraded, just that similar or lesser coverage can be obtained without underwriting.
Medicare Supplement Insurance Medical Underwriting
If you miss your open enrollment window, then you will need to go through underwriting with most companies. This can be very difficult for someone on Medicare Disability with ongoing health concerns.
Thus, it is wise to explore all of your options as soon as you have been accepted into Medicare due to disability or if you are involuntarily losing credible (group) coverage from an employer or elsewhere.
Medicare Advantage Insurance Coverage
In states where Medicare supplement insurance is not available to those under age 65 (like Arizona, Indiana and Ohio for instance) you may want to consider Medicare Advantage insurance coverage. These are private insurance plans offered by companies like Aetna, Anthem Blue Cross and Blue Shield, Humana, United Healthcare and others.
Typically Medicare Advantage plans have the potential for higher out of pocket expenses than a traditional supplement, but they are less expensive and can be a better alternative to Medicare alone. And most MA plans also include prescription drug coverage as part of the overall policy. Our agency can help you better understand MA policies.
Contact Us For Quotes & Information
We are an independent Medicare supplement insurance provider working in several states including California, Florida, Illinois, Missouri, Pennsylvania, Tennessee and elsewhere. We can help you apply for Medigap insurance as well as Part D prescription coverage direct and at no additional cost.
Category: Medicare Supplements
How to Purchase Health Insurance Online
There are several resources available if you are looking to purchase individual or family health insurance plans online. Most of the major carriers offer online health insurance quoting links that independent agents can post on their personal websites. These links will describe all of the plan offerings in great detail and then allow you to make application immediately using their software.
Newer technologies provide a single quoting engine where you can compare several plans from competing carriers. What plans pop up will depend on who the agent is licensed with and what plans they choose to make available. Quoting using individual links will usually allow you to do so anonymously while multiple carrier technologies can require you to provide personal contact information.
Do I Need a Health Insurance Agent?
What really matters here is to what extent you want to be contacted. You might unknowingly fill out forms you think will provide an immediate quote from several carriers. Unfortunately, those quotes may not appear. In fact, that site simply might be a business that collects your information and then sells it to multiple agents. At this point your phone will be ringing quite a bit and your e-mail inbox will be full with messages for the next few days.
The reality is that a few large companies have produced several optimized websites designed specifically to collect your information. These sites are not provided by insurance agents, but rather technology companies. And selling leads to agents can be a very profitable business model. Most agents do not have the resources or know how to compete with such technology. Thus, they buy the leads and do their best trying to separate themselves from competing agents.
Ultimately, it may be you the consumer who looses in these situations. Most consumers are very annoyed by the multitude of phone calls and with the number of emails received – so annoyed that they might not want to work with anyone right away. Thus, they may not get the insurance help they needed.
Using an Independent Health Insurance Agency
The principals of Hyers and Associates have tried to make the process a little easier for you. We have provided online links where you can search through the major health insurance carriers; including Aetna, Anthem Blue Cross and Blue Shield, Assurant Life, Golden Rule, Humana, Medical Mutual of Ohio, United Health Care and others.
You can search anonymously and then when you are ready to talk with an agent, simply give us a call. We can then speak knowledgeably about the different plans, send out descriptive brochures and help find a plan that suits your needs. This is done at no additional cost.
Let me repeat – there is no surcharge or extra fees created by working through our agency or any other for that matter. If you want to work with only one independent agency, then you have come to the right place. We will be happy to assist you when you are ready.
Contact Us for quotes and/or information today.
Category: Health Insurance
An Annuity for Long Term Care Expenses
One America/State Life offers this hypothetical case study. It details an innovative way to pay provide funds for long term care expenses while also creating a tax write-off under the Pension Protection Act.
While many seniors own deferred annuity contracts, some are unsure what to do with underperforming or mature contracts. If you would like to discuss your personal situation, please contact us.
A case-study example:
Client: Marjorie Jones, age 71
Status: Married to husband Ned (age 71) Situation: Marjorie is owner/annuitant of a non-qualified annuity out of surrender charges purchased. The current cash value is $103,500 (the cost basis/premium paid was $65,000). Their annuity has not been used for income, and based on cash flow projections, will not be required for income. The couple has no long-term care coverage, but has identified this annuity as a source should expenses be incurred.
Option 1: Keep the annuity where it is
Pros:
- No surrender charges apply for withdrawals Cons
- Withdrawals for any purpose would be taxable to extent of gain in the contract
Option 2: Move to Annuity Care ® (or other LTC Annuity Policy)
Pros:
- Withdraw money for qualifying long-term care expenses tax-free
- Using eligible person provision and add husband Ned to the policy for long-term care purposes
- Money withdrawn for qualifying long-term care expenses is tax-free as a reduction of basis
- 10 percent free withdrawal provision for non-LTC withdrawals
- Can purchase optional Lifetime LTC provision with guaranteed premiums
Cons:
- New contract with new surrender charge period
- Have to be in good or fair health to qualify (medically underwritten)
Withdrawal example 1:
Short LTC claim situation:
What if Marjorie (or Ned) had a $3,000 per month LTC expense for six months? How would this impact:
1. Their existing annuity for the short term:
Any amount of money that comes out of their existing annuity, regardless of purpose, would be taxable to the extent of gain in the contract. Since they have a gain of more than $18,000, the entire amount withdrawn would be taxable.
2. Annuity Care for short term:
If the expenses are eligible for LTC payment under the Annuity Care contract, it could be withdrawn without having to pay taxes on the $18,000. This, and any future LTC withdrawals, would not be subject to taxation.
1. Withdraw example for a longer LTC claim situation
What if Marjorie (or Ned) had a $3,000 per month LTC expense for three years (36 months)? How would this impact:
1. Their existing annuity for the long term:
Any amount of money that comes out of their existing annuity, regardless of purpose, would be taxable to the extent of gain in the contract. The money withdrawn would be taxable to the extent of gain, up to the cost basis of $65,000. So, at least $43,000 would be taxable to the Jones family ($3,000 x 36 months = $108,000 – $65,000 cost basis = $43,000 taxable).
2. Annuity Care for long term:
If the expenses are eligible for LTC payment under the Annuity Care contract, it could be withdrawn without having to pay taxes on the $108,000. This, and any future, LTC withdrawals would not be subject to taxation. If the optional Annuity Care Plus extension of benefits option/rider was purchased, it will continue to provide LTC benefits after the depletion of Annuity Care’s base coverage due to LTC withdrawals.
It is always important to review your overall financial picture before reallocating existing assets. However, if you have an old annuity that is not accessible for long-term care expenses, or cannot provide you with tax-advantaged access to your money for those expenses, it could be time to ask your insurance representative about Annuity Care from The State Life Insurance Company.
1. Tax-free LTC withdrawals are available effective January 1, 2010, as stated in the Pension Protection Act law of 2006. Marjorie and Ned are fictitious and not the individuals in the picture. The specifics of all cases are hypothetical and were used for illustration purposes only.
Annuity Care is a single premium deferred long term care annuity, medically underwritten and issued by The State Life Insurance Company in most states across the U.S. It is a medically underwritten product. All who apply may not qualify. It may credit additional interest to amounts withdrawn for qualifying long-term care expenses.
There are other comparable policies on the market with companies like Global Atlantic and Guaranty Trust Life. We can help you compare all of your options at our independent insurance agency, Hyers and Associates.
Category: Long Term Care Insurance
Health Savings Account Enhancements
In an attempt to make health insurance and health savings accounts more attractive to consumers and businesses, Congress has revised HSA legislation in 2007. The new laws make HSA’s for individuals, families and businesses more beneficial which may likely increase the popularity of these plans.
The intended result may be that more Americans purchase high deductible health insurance/HSA plans over traditional insurance. The affordability of these plans could decrease the number of uninsured consumers across America.
1. Account Holders Can Contribute More Money
HSA contributions are no longer limited by the deductible of the health insurance policy. Individuals account owners can contribute up to $3,050 while families can deposit up to a maximum of $6,150 as of 2011. Each year these amounts will increase.
Additionally, deposits are no longer limited by the 1/12th systematic contribution rule. Account holders can deposit the maximum allowance in a lump sum no matter when their insurance plan was purchased.
2. Account Holders May Transfer Tax Deferred Funds From an IRA to a HSA
HSA owners can now make a lump sum distribution from a qualified plan like an IRA (Individual Retirement Account). This would not be considered a taxable event by the Internal Revenue Service.
This way funds will be available immediately for qualified medical expenses. Should the owner not have access to a qualified plan, then s/he can contribute ordinary post-tax, non-qualified funds and write the contributions off for that taxable calendar year.
3. Employer/Employee Account Holders May Fund with Lump Sum Deposit
Employers and employees may make one-time, lump sum contributions to a qualified account such as a FSA (Flexible Spending Account), HRA (Health Reimbursement Arrangement) or Health Savings Account. As a result, qualifying group health insurance plans will be easier to manage.
This will be appealing to employers who are switching over from traditional plans as they will no longer need to make systematic contributions, but rather can do so one time per year. Again, funds will be available immediately for qualified medical expenses.
Request Quotes and Information
These are the main benefits of the new legislation. They should make Health Savings Accounts less complicated to setup and maintain for individuals, families and businesses.
Additionally, increased contribution limits and funding options will allow consumers to save more for qualified health expenses on a tax advantaged basis.
Contact Us for a free health insurance consultation today.
Category: Health Insurance, Health Savings Accounts
The Ease of Purchasing Health Insurance Online
The Internet has changed many industries for the better. Consumers want accurate and timely information at the touch of a button.
The Internet is playing a major role in the insurance industry and in the process making more information are real time quotes available with the click of a mouse. Even better, consumers can enroll in coverage direct and online at no additional cost!
We embrace this change at Hyers and Associates. As independent insurance brokers, it suits us and our customer’s interests to allow several competitive plans to be compared quickly and accurately. We hope to earn your business and you might be happier with the speed and simplicity of the process.
Does It Cost More To Purchase Insurance Online?
The short answer is no. It does not cost the consumer a penny extra to purchase coverage online through us, direct through the carrier or anywhere else. Prices are controlled by law and these same laws prevent discounting.
The migration to the Internet is slow in some areas, but quick in others. Health insurance is the first prominent coverage that can be easily purchased online. Most carriers allow brokers like us to post direct links to out site so consumers can compare, quote and purchase an individual or family health insurance plan direct.
This is a benefit for those consumers who simply do not want to sit down with an agent who only has one or two companies to present. Depending on your needs, one company might be better than others. For instance, Aetna will not automatically increase your rates if you smoke, where as Anthem Blue Cross is one of the few to offer maternity coverage.
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We imagine that purchasing other insurance policies will eventually be as easy as obtaining health insurance coverage. Medicare Supplement plans might be next. These policies are a nice fit for Internet purchases as web savvy baby boomers turn 65.
Long term care and disability insurance could be right around the corner as well. It will ultimately depend on the demands of the consumer and the innovations of the insurance providers.
We are an independent agency and realize that in many cases you may need help purchasing medical coverage.
Contact Us to day for all of your insurance needs.
Category: Health Insurance
Affordable Health Insurance Coverage
The most common question I am asked as an insurance broker is: “Who has the most affordable insurance plans?” My stock answer is: What benefits are you looking for? To which the customer might reply: “I want the best benefits I can purchase at the most affordable price.”
We live in a county where consumers want the best, but do not want to overpay unnecessarily for products or services. Fortunately, in the health insurance market there is ample competition among the insurers. With the recent introduction of health savings accounts, insurance premiums have decreased even more.
Health Insurance Benefits Determine Price
The benefits that you select, presumably the ones most important to you and your family, will determine the cost. Some consumers want a dental and vision plan, others want a maternity benefit and still others are looking for prescription drug coverage. With such a wide array of choices, it can be difficult to sift through the health insurance plans on your own.
In order to make this process easier, we have direct health insurance links on our site for consumers. Those looking to purchase health insurance in should find the process a little less intimidating. We will be happy to email you brochures from the various insurance providers and discuss a plan tailored to your needs and budget.
Our Health Insurance Providers
Not all plans are created equal, so if there is one benefit that it is very important to you, we can point you in the right direction. In addition, you can use our links to Aetna, Anthem Blue Cross Blue Shield, Assurant Life, Golden Rule, Humana, Medical Mutual and United Healthcare to research on your own.
The insurance industry is changing rapidly as the days of the door to door broker slowly fade away. The popularity tablets, laptops, and smart phones make it easier and quicker than ever for you and your family to obtain quality comprehensive health insurance coverage. Contact us today!
Category: Health Insurance, Health Savings Accounts
Medicare Insurance Options At Age 65
Yes, you should consider all of your options when turning age 65. However, if you have group insurance through work, you may be able to defer your Medicare and supplemental enrollments until retirement. Your group size matters here.
When you enroll in Medicare Part B, consider secondary insurance too. You’ll want to supplement what Medicare Parts A and B do not cover. Whether it’s an Advantage plan or a Medicare supplement insurance, you will likely benefit from secondary coverage.
In our experience, traditional Medicare supplement plans are the more comprehensive insurance policies. You might pay higher monthly premiums, but your out of pocket exposure will be less than with most Advantage policies. And there are few, if any, network restrictions with a Medicare supplement.
Your Medicare Open Enrollment Window In Focus
The reason to explore your insurance options at age 65 is you only have a seven month window to choose and enroll in a plan. This includes the 3 months before your 65th birthday, month of, and three months following your 65th. If you do nothing, then you might miss your open enrollment window.
If you miss this window, you may be have to go through medical underwriting to buy a Medigap plan. If you have poor health, you can be turned down. You usually only get ONE open enrollment – and this is when you first enroll in Medicare Part B. Most people do that at age 65, but some do defer if they have qualifying group health insurance (20 or more employees) at work.
Furthermore, if you miss your window, you make have late enrollment penalties added to your premiums. Late enrollment penalties can affect your Part B and Part D Drug premiums. These penalties are to be avoided as they can be for a lifetime.
And if you find an insurance company that accepts you outside of your 7 month Open Enrollment window, your coverage can cost more. It’s best avoid medical underwriting, enrollment delays and premium increases by being on time.
What About Medicare Advantage Plans?
Medicare Advantage plans can be tricky. When you enroll in this coverage, you are allowing a private insurance company to cover what Medicare normally would through Parts A & B. Advantage plans insure you for what Original Medicare usually covers and part of what it does not. Most include Part D drug coverage as well. By law, you cannot be enrolled in both a Medicare supplement and an Advantage plan at the same time.
If you’re in good health, you may not worry about your insurance as much. In fact, you can save money by enrolling in a Medicare Advantage Plan as the premiums are usually lower than most Supplements life F, G & N.
However, if you get sick and have major claims, Advantage plans will typically have larger out of pocket expenses. In the long run, you may not have saved any money at all. In fact, you could be spending more.
The other issue with Advantage plans is they are network driven plans. If you choose Humana or United Healthcare, then you will want to make sure your doctor(s) accept that coverage. Going out of network can expose you to even more out-of-pocket costs.
This is what you’re weighing: You can pay more for a Medicare Supplement and reduce your out of pocket exposure and network limitations – or pay less for an Advantage Plan and potentially face larger cost sharing and some network restrictions.
Extra Benefits Associated With Advantage Plans
There are fewer restrictions on companies offering Medicare Advantage plans. This means they are allowed to offer extra benefits. It’s not uncommon to see dental, vision and hearing benefits included at not extra cost.
Others can include Silver Sneakers, other gym memberships, transportation to doctor’s appointments, meals during recovery, wellness benefits, nurse hotlines and quarterly over the counter benefits. And a newer feature is the Part B Giveback. With this benefit, your Part B premiums owed to the government can be reduced!
These extra benefits can save enrollees quite a bit of money overall. Of course, the plan itself must be suitable overall for your medical needs.
Can My Health Be A Factor When Purchasing Coverage?
There are no restrictions at age 65 for preexisting conditions when purchasing a supplemental Medigap plan. There can be after your six month open enrollment window has closed, however.
Like most insurance policies, you need good health to purchase and be accepted into a plan when not in open enrollment. If you have enrolled in an Advantage plan and the insurance company leaves your area – and your health has deteriorated – you will have fewer opportunities to purchase a supplemental policy.
Of course, there is a place for Advantage plans. Seniors on a tight budget might consider an Advantage plan. Those who cannot qualify for a Medicare supplement due to health, age or missing their Open Enrollment window might choose this option. And with the advent of Medicare Medical Savings Accounts, some Advantage plans contribute to a savings account for your health.
If you have health issues and have the financial means, a Medicare Supplement might be your first choice. Advantage plans are growing in popularity however and enrollments are up. They are a good choice and work well for many consumers.
It should be noted that in some states, like Ohio for instance, those under age 65 who are eligible for Medicare due to disability cannot purchase a traditional Medicare supplement. In these cases, a Medicare Advantage plan is the only other option to Original Medicare.
Request Agent Guidance & Assistance
Hyers and Associates is an independent agency specializing in Medicare supplements, Advantage plan, and Part D insurance coverage across the U.S. Contact us today to discuss your options in more detail as you near age 65.
Category: Medicare Supplements, Retirement Planning
The Need for Medical Insurance Coverage
As the race for Governor heats up in Ohio, there is some tough talk from both camps on the need to get Ohioans insured. In our mind, it is doubtful that health insurance will become mandatory or that our state government will subsidize plans anytime soon, but opening a dialogue on this important topic is a start.
Editors Note: We were wrong. Health insurance is mandatory now.
It was not long ago that Massachusetts passed legislation requiring its residents to purchase health insurance and it may be that other states follow this groundbreaking precedent. Time will tell, but clearly governments are beginning to rethink their positions on this topic as large health related bills cut into their tight budgets.
Compare Medical Insurance Coverage Plans & Options
We have made it easier than ever to purchase coverage online and direct. By working with several carriers direct, we can offer plans with very basic benefits as well as plans which provide comprehensive coverage.
Additionally, we provide high deductible plans combined with health savings accounts for consumers wanting to utilize policies with tax advantages. Whether you shopping for a student, individual, family or a small business we can find an appropriate plan for you.
Insurance companies have made it very easy to compare plans by providing agencies like ours with links that allow consumers to research plans, compare prices, choose networks and ultimately purchase coverage online with no need for visits by the insurance man (or woman) or time consuming paperwork.
Contact us for more information today!
Category: Health Insurance, Health Savings Accounts
Short Term Health Insurance Quotes
You may need short term health insurance coverage in Ohio for any number or reasons. You might be between jobs, laid off, a recent college graduate, waiting for employer coverage to begin, outside of Open Enrollment, a seasonal employee or looking for a lower cost alternative to COBRA.
We can help. There are several companies offering short term plans and most can be purchased for a maximum of 3 months. These plans are desirable as stop gaps due to their flexibility and low cost.
Purchase Short Term Health Insurance Plans Direct
We offer coverage direct from several different providers. Medical Mutual, United Healthcare – Golden Rule and National General all offer individual and family short term health insurance plans. The plans are very affordable for those who simply need health coverage for a known, short amount of time.
It should be noted that short term health insurance does not satisfy the ACA requirements and those above certain income thresholds must buy Obamacare coverage or face a tax penalty. Short term plans work best for those who are waiting for open enrollment to open up and for those who know they will have insurance in a few months.
Obamacare allows for a maximum of 3 months of short term coverage without facing any tax penalties. This amount of time is ideal for those who are waiting for employer coverage to begin. You can renew a short term plan for another 3 months, but the penalty will still apply.
Short term plans can be paid for on a month-to-month basis and cancelled at anytime should other health insurance become available. Any unused premiums will be returned to you if you cancel your coverage during the middle of a payment cycle.
The Most Affordable Short Term Coverage In Ohio
All plans are designed somewhat differently. You will receive the best prices on services if you use a network doctor or hospital however. Some plans include prescription drug coverage while others do not. Still others will offer a small doctors office copay for routine services, but not all provide this benefit.
The bottom line is that if you are not sure how long you will need coverage it is best to purchase a permanent plan and pay for it on a month-to-month basis. Permanent insurance plans can be cancelled at anytime, and just like short term plans, any unused premiums are completely refundable.
You will need to be experiencing a qualifying life event to purchase permanent coverage outside of open enrollment, however. If you have not experienced any such event – or missed your 60 day Special Enrollment Period, then a short term health insurance plan may be the only coverage available to you.
Request Quotes and Enrollment Assistance
With plenty of choices and benefits, Ohio residents looking for short term health insurance can find a plan that fits their needs using our independent agency. Contact us today to discuss your best short term options.
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Category: Health Insurance
Welcome
Welcome to the Hyers and Associates, Inc Insurance Blog. This is a place designed for consumers and insurance professionals to exchange information regarding trends in the insurance industry.
We discuss all types of insurance here. Our focus is primarily on Medicare, annuity, life, health and long term care policies. There are plenty of changes to discuss.
Whether it’s the Affordable Care Act, new edicts from the Centers for Medicare and Medicaid Services, or changes to life and long term care requirements, we’re on it. We’ll discuss rules, regulations, innovations, changes both big and small on the insurance plans our clients want most.
Enjoy and happy blogging!
-H&A Staff
Category: General Insurance