Have you heard about Critical Illness Insurance and Accident Coverage?
- Critical illness insurance is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy (usually cancer, heart attack, or stroke).
- Accident Coverage is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is involved in an accident at work or play (examples include: broken bones, stitches, sports related injuries and general clumsiness).
Since preventative services come standard with ALL plans you are more likely to use your deductible due to a critical illness or injury. The purpose of these plans are to use the funds towards your deductible.
Rates depend upon age and amount of coverage but can start as low as $2.75 per month with $10,000 in coverage.
I will be participating in multiple events during open enrollment.
*Healthcare Reform/”Obamacare” Open House
Every Saturday starting October 5th-December 14th 10am-2pm
Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477
-The open house will be closed November 30th-
*Medicare Open House
Every Tuesday October 15th-December 3rd 10am-2pm
Additional dates added December 5th and December 7th 10am-2pm
Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477
*Medicare Community Event for United Healthcare/AARP Plans
October 29th and November 13th 10am-11am
Prime Realty: 17208 Oak Park Avenue Tinley Park, IL 60477
*Healthcare Reform and Medicare Educational Booth
CVS 8811 W 87th Street Hickory Hills, IL 60457
October 16th 2pm-6pm
November 6th 2pm-6pm
December 4th 2pm-6pm
January 15th 2pm-6pm
March 5th 2pm-6pm
March 19th 2pm-6pm
*EVERYONE can expect to see a 3-5% increase on their health insurance premiums. This is the cost associated with the new tax to fund the Healthcare Reform.
*Those that have purchased coverage on their own can expect to see a 40-60% rate increase on current rates.
* BCBS is renewing ALL plans effective January 1st. Those with BCBS can expect to see the increase and the essential benefits added at that time.
*Humana, United Health, and Assurant plans will not see the rate increase or the essential benefits added until your plan renewal date.
PLEASE NOTE, if your plan effective date was prior to March 23, 2010 your plan is considered “grandfathered” and you will not be required to accept the new essential benefits. In turn you will have lower rates; however if you make ANY changes to your plan you will lose your “grandfathered” status.
*EVERYONE will have the option to view plans on or off the exchange. Selecting a plan on the exchange will qualify you for the subsidy or cost sharing. Pricing for both options has been released this week. I am certified to review plans to determine which route is better for you and your family.
*The subsidy is based on household size and annual income. If you qualify for the subsidy, you can elect to have the funds applied towards your monthly health insurance premium or you can have the funds applied towards your tax return.
*9.23.13 Health Insurance Carriers released a letter to those that have purchased coverage on their own, explaining options. The letter requires that you return it by 12/15/2013 if you are choosing a different plan. I would be happy to discuss your options, please contact me before returning this letter.
These are just a few of the details of this new law. I will be available to answer your questions or get you signed up every Saturday in October from 10am-2pm. I will be located at my office in the Prime Realty Building at 17208 Oak Park Avenue Tinley Park, IL 60477. Please stop by so we can get you headed in the right direction.
1. Open Enrollment begins October 1st and lasts through March 31st. If you do not enroll in a plan or your plan does NOT meet the government’s standard for qualified coverage, you will NOT be allowed to purchase a plan unless you trigger a special election period (marriage, child birth, loss of employer-sponsored coverage, etc).
2. A qualified health plan (QHP) must offer at least 60% co-insurance and the essential benefit categories. Plans that qualify can be purchased through the exchange, include Medicaid or Medicare, CHIP, TRICARE, or an employer-sponsored plan.
3. Those with pre-existing conditions will NOT be denied coverage and will NOT be subject to a higher premium.
4. During Open Enrollment, plan effective dates are as follows
*October 1st-December 15th = January 1st
*December 16th-January 15th = February 1st
*January 16th-February 15th = March 1st
*February 16th-March 15th = April 1st
*March 16th-31st = May 1st
5. Essential Benefits will be added to all plans in 2014. The benefits include
*Emergency Services
*Pediatrics
*Mental Health/Substance Abuse
*Prescription Drugs
*Maternity/Newborn Care
*Ambulatory Patient Services
*Preventative Care/Wellness
*Rehabilitative Services and Devices
*Hospitalization
6. The subsidy (also known as cost sharing) is based on household size and annual income. If you qualify for the subsidy, you can elect to have the funds applied towards your monthly health insurance premium or you can have the funds applied towards your tax return.
Those are probably the two questions I get asked the most on this topic. Many people don’t want to plan for that unfortunate loss of a family member, but avoiding the hard realities of life may leave your family with negative financial consequences in the future.
Life insurance is there as a “safety net” for your family so that they would not suffer financially if you were to die. Anyone that relies on someone financially should have a life insurance policy. Life insurance is the one policy that is guaranteed to pay out one day. According to MSN, “40% of households with children under 18 say that they would have trouble paying their living expenses immediately if the primary breadwinner passed away.” Yet 30% of Americans don’t have life insurance, according to MSN!
In order to know how much you need there are a few ways that you can go about finding that out.
*CNN Money says that one rule of thumb is to purchase enough coverage to replace 5-7 years of your salary or 10 years if you have children. That’s not always the case with everyone.
*Evaluate all of your family’s needs while taking into consideration all of your debts (i.e. house, auto loans, credit cards, etc.). Add up your total debts and take out an insurance policy for that amount at a minimum. That way your family at least has peace of mind knowing that the bills will be covered. Either way is a great idea, but it all depends on what each family can afford financially.
If you have more questions about life insurance or would like a no obligation review, please feel free to contact me so we can discuss how to protect your family’s future.
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