Health Insurance Agent
Notice: Undefined index: set3page in /mounted-storage/home6/sub002/sc13185-YVAG/HIDomain/tos/configuration.php on line 491
Health Insurance for Seniors on the Web
Terry J. Rigg
Health Insurance For
Seniors On The Net
When a good friend of mine inquired where he could obtain information about
medical insurance for his out-of-state, elderly mother, I told him to try the
Internet.
He reported back to me about a week later, in desperation: "I am giving up,
I am too confused." He had taken on an overwhelming project with his widowed
mother, living in another state. As the only child, and following the sudden
death of his father, it was his responsibility to care for his mother.
In this world of technology, the family unit is often living in different geographical
areas and the family members are usually quite involved with their own lives,
careers, and families. In addition, when both parents are alive, often one or
both parents are quite independent and do not require a lot of assistance. As
time goes on things, of course, change, and sometimes change very suddenly.
There can be a crisis, with regard to the health care needs of one or both aging
parents.
With our baby boomers facing this problem in ever increasing numbers, and with
the information highway in full bloom, there is a definite need for planning.
Protecting your parent's assets and health is a huge and daunting undertaking,
which requires a tremendous amount of education and practical application. Our
seniors face many diverse responsibilities upon reaching age 65. To name just
a few: Estate planning, taxation, Medicare, social security, wills, insurance,
and various other legal and financial matters. All of these different areas
require expertise from accountants, lawyers, estate planners, insurance agents,
home brokers, financial advisors, and others.
The Internet is a good starting point for most people to find resources for
questions and solutions for your problems. There is, however, no replacement
for good solid intelligent advice from an expert.
Twenty years ago, insurance for elders was sold by "senior insurance specialists",
with just a handful of companies in each state. The programs were most often
Medi-gap or Medicare supplemental policies, which covered the expenses not covered
by Medicare, including hospital and doctor deductibles, durable medical devices,
and non-approved Medicare costs. Ironically these specialists did not sell a
lot of nursing care policies, even though Medicare paid a national average of
less than 2% of these expenses. With the advent of "financial and estate planning"
and more insurance companies entering this market, a more broad and diversified
product line became available to agents, brokers, planners, and seniors.
Part of this new diversification was the "home health care plan", sold by itself,
and in conjunction with senior health insurance products. The appeal of the
"home health care policy" was that a senior could stay at home and still receive
medical and custodial benefits, allowing a person to recuperate in the comfort
of their own home.
This was the answer to a huge problem. The last place an older person wanted
to go was a "retirement home", or "rest home", or, God forbid, the "nursing
home." It appeared that seniors could now rely on this new innovation without
worry of having to move out of their home environment in the event of a health
problem.
As with most things," if it is too good to be true".... The home health care
policy is no exception. The problem is, there is not enough coverage for a lengthy
illness or recuperation time. The fact is, the new trend is toward an "all in
one" type facility, allowing for a variety of levels of care all in one location.
In other words a senior could start off with little or no health care concerns
in an independent, less expensive area, and then go to an assisted living, or
nursing care facility, all within the same compound.
A "nursing home" requires a nurse on the premises 24 hours per day, assisted
living is just eight hours. The advantages to this are financial. The patient
or senior is only charged according to the care level required during the time
he or she is admitted to that facility. Another benefit is it alleviates a lot
of planning because the care is delivered, as it is needed. The medical attention
is available to all residents regardless of their current health.
Some people are offered a lifetime package, which covers their care for the
rest of their life, regardless of their current age. It also allows for social
outlets to an otherwise somewhat isolated group. On-line shopping services have
become a huge business. It is definitely here to stay and many insurance policies
are purchased from Internet quotes and on-line applications.
There are literally hundreds of thousands of insurance agents and brokers advertising
on the Internet. Most of them will provide instant on-line quotes and even applications
for the potential insured. I highly discourage a layperson to purchase insurance
in this fashion. A little knowledge can be dangerous.
The federal government has mandated to all states through legislation, the standardized
senior health insurance policy guidelines, which are governed and regulated
by each state insurance department.
There are plans for almost every level of health. Some are designed and priced
for a less than healthy individual. Others are for a person with minimal health
concerns. . The whole concept of insurance is to provide protection for "unanticipated"
sickness or injury, especially catastrophic expenses, which would devastate
a person's net worth. The more small expenses a person is willing or able to
pay (self-insure), the lower the rate. I recommend this strategy when evaluating
your insurance options.
Another consideration when reviewing various insurance plans is to look at the
company itself. How long has the company been selling this type of insurance?
Do they have a lot of complaints filed with the local department of insurance?
Are the rates stable? Does it pay claims on time? Service? Most agents talk
about the rating. These ratings are as follows: A+, A, A-, B+, B, B-, C+, C,
C-, or "not rated".
Do not be fooled by rating alone. It is good to have a high rating, but it is
far better to have a company that has longevity, stability, innovation, service,
and expertise. The problem is that some companies enter into a market and quickly
leave without explanation. This does not give security to the policyholder.
The most important consideration should be a review of the profit/loss ratio
for that product. This will establish stability, and longevity in the market.
An insurance company with a moderate profit in a particular line of business
will remain in that market. On the other hand, a company with losses will make
changes and possibly even withdraw. This is information not normally available
to Internet users.
Before entering into an insurance contract, the senior person, the family, and
other advisors must be realistic, and a careful evaluation of the entire picture
must be examined. The age, the health of the senior, the financial resources,
the personality and attitude of the senior, and most importantly the desires
of the senior, should all be considered.
Early planning is important, as qualification becomes increasingly more difficult
as the applicant's health declines. The senior health care market is complex.
I will offer some words of advice to attempt to alleviate potential pitfalls.
*Choose a well-informed, seasoned, and service oriented agent or broker to assist
your decision making process. The professional can offer invaluable information,
but do not be afraid to ask a lot of questions and even get a second opinion.
*Do not wait until your parent or loved one is sick, or injured. Plan ahead
and take the time needed to cover all the options. *Choose an experienced insurance
company. A Company that has been in the marketplace for a significant time and
has maintained a balance of rates and benefits and sound risk selection with
moderate rate increases over time is your best bet. *The plan should be flexible,
with a broad range of options and benefit selections to the insured. There should
be no tricks, or complicated language for the coverage. An incredibly low rate
is a red flag for trouble in the future. *Do not rush or be rushed by an over
aggressive sales person.
This policy will not be inexpensive and will need to be read and reviewed for
a clear understanding of the contents. This is one advantage to the Internet.
You are allowed to read indefinitely before you act.
A long-term care program, with or without insurance coverage, will only work
if the senior has input into the care selection process. If there are any questions
about the accreditation of a facility please call the "Continuing Care Accreditation
Commission at 202-783-7286.
As I have mentioned in my article, the best way to avoid potential problems
are to plan ahead. I have found a company, that I highly reccommend as they
are professional senior care specialist's and offer sound, practicle, individualized,
advice
for caregivers, family members, seniors, and guardians. They will advise on
tax, legal, financial, health care, and other family issues, and are available
nationwide.
author: William H. Pritchett Jr.
About the Author
Mr. Pritchett is a certified estate planner with over 25 years of experience in long term care, medicare, and custodial care health insurance products. Mr. Pritchett was a pioneer in this market and developed the first "Home Health Care" insurance plan available in the United States in 1983. He has written many articles, is a national public speaker on the subject and sits on the board of directors for several large corporations.
Notice: Undefined index: set4page in /mounted-storage/home6/sub002/sc13185-YVAG/HIDomain/tos/configuration.php on line 491
International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
Health Insurance Agent Important Resources:
|
|
Find the Best Low Cost Life Insurance Rate and Apply Online At FindmyInsurance we make it simple to find a term life insurance quote online. Click here to apply online! |
|
|
PAGE: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] >>
Other Health Insurance Agent Resources:
|
|
The nation's oldest and largest national association of independent insurance agents & brokers with more than 300,000 members...
|
|
|
An industry-sponsored site which offers educational information concerning life and health insurance. Its content is both informational and...
|
|
|
... insurance sales agent. These workers help individuals, families, and businesses select insurance policies that provide the best protection for their lives, health ... Health insurance ...
|
|
|
Search All Yahoo! Health The Web. Health Insurance Guide. Feature Article. Find the right balance between coverage and cost. ... by state insurance regulators, health insurance companies ...
|
|
|
Visit the link for details.
|
|
|
Blue Cross and Blue Shield of North Carolina (BCBSNC) Health Insurance Agent Thacker Agency.com is a North Carolina health insurance advisory agency in the Triad of North Carolina (NC). Our ...
|
Health Insurance Agent News Releases:
Invalid RSS Equalizer license.
Click Here To Purchase