Monday, August 23, 2021

Idaho Medicare Advantage Insurance Plans & Coverage

Medicare Advantage Plan Insurance | An All-In-One Coverage For Your Medical Needs

Humana Medicare Advantage plans

Medicare Part A & B premiums are not included with the plan but can be added at any time during the year. You will pay a monthly premium to cover this part of your health care costs. The amount that you pay depends on which plan you choose.


The Humana Medicare Advantage Plan offers many benefits including:

• No deductible or coinsurance required until you reach $1,350 per person


How do Medicare Advantage Plans work?

Medicare Advantage Plans, sometime s called "Part C" or "MA Plans," are offered by private companies approved by Medicare. If you join a Medicare Advantage Plan, you still have Medicare. The page includes information about covered services, rules, and costs for Medicare Advantage Plans.

It also includes information about drug coverage in Medicare Advantage Plans and how Medigap Plans work with Medicare Advantage Plans. Covered services in Medicare Advantage Plans


The following is an overview of the types of health care services that may be included as part of your plan benefits:

  • Hospitalization - You can stay at most hospitals if they meet certain requirements. Your doctor must approve hospital stays longer than three days. Some plans cover outpatient surgery, but not all.
  • Physician Services - Doctors who accept assignments from your plan will provide medical treatment to you when needed. They usually charge lower fees than doctors outside your network.


Rules for Medicare Advantage Plans

Medicare Advantage Plans must follow rules set by CMS. They have a lot of flexibility when choosing which parts of those rules they want to follow. However, all plans must comply with four basic requirements:

  • The Plan has to be offered through private insurance companies licensed as insurers under state law. This means that the company offering the plan is not owned by an HMO or other government agency.


Costs for Medicare Advantage Plans

Each Medicare Advantage Plan can charge differently. The cost of Medicare Advantage Plans varies depending on where you live. The price is based on many factors including whether you're healthy enough to be eligible for Extra Help paying premiums and other costs. You'll pay less when you sign up early because prices drop as enrollment increases. If you wait until later to join, you could end up paying higher rates than someone who signs up earlier. You should check out all available options so you know which one works best for you.

Drug coverage in Medicare Advantage Plans

Each Medicare Advantage Plan can charge differently. Some Medicare Advantage Plans include drug coverage as part of their package. If this is true, they usually require you to take a generic version of brand-name medications instead of paying higher prices for them. This means lower out-of-pocket expenses when filling prescriptions. You still have to pay copays and deductibles, but not all plans do so at the same rate.


**You should check with your plan to find out whether it covers prescription medication.


What Are the Advantages and Disadvantages of Medicare Advantage Plans?

Advantage Plan Benefits

The advantage plan is a private health insurance option for people who qualify for both Medicare Part A and B. The advantage plan offers more benefits than traditional Medicare, but it also costs more. It's important to understand what these additional benefits include before choosing an advantage plan. Benefits Include...

  • More Coverage Than Traditional Medicare
  • You can choose from several different benefit options in your advantage plan.

.

Key Takeaways

Medicare Advantage is not the best solution for everyone. With Medicare Advantage, most costs are paid when you use health care services. With Original Medicare and Medigap, most costs are paid in advance. In some circumstances, a Medicare Advantage plan helps people save money and get more coverage.


Medicare Advantage plans are most beneficial if you are healthy and/or receive assistance paying shared costs. Where available, Medicare Advantage Special Needs Plans are affordable for those who qualify for both Medicare and Medicaid Medicaid is a public health insurance program that provides health care coverage to low-income families and individuals in the United States.


If you qualify for Medicare and don't know where to start, we have licensed Medicare insurance agents (TTY 711) who can answer your questions and help enroll you in Medicare Advantage, Medicare Supplement Insurance, and Prescription Drug Part D plans.


Why Do So Many People Feel Medicare Advantage is Bad?

In our experience, the question comes up because people ask their friends, neighbors, and healthcare providers about Medicare plans, and that brings up the horror stories and a litany of reasons why people dislike their plan.


But, is it true?


Over the years, we've heard from many people, healthcare providers in particular, that they dislike Medicare Advantage plans, but that does not mean they are bad.

These are the 7 most common reasons we've documented that make people feel Medicare Advantage plans are terrible:

  • Free plans are not really free
  • Hospitalization costs more, not less
  • They make you pay multiple copays for the same issue
  • You are more likely to see a nurse practitioner than a doctor
  • They make you get a referral
  • Plan benefits, costs, and providers change every year
  • High maximum out-of-pocket limits


A Review of Medicare Advantage vs. Original Medicare and Medigap

One of the best ways we've discovered to figure out if a Medicare Advantage plan is right for you is to compare them directly with Original Medicare and a Medigap plan. So, let's do that by digging into the advantages and disadvantages of Medicare Advantage plans so we can figure out what is real and what isn't, and help you find the best Medicare plan for you and your situation.


Only then can you understand if Medicare Advantage plans are good for you. We'll also answer these popular questions:


Is it better to have Medicare Advantage or Original Medicare and Medigap?

There is no debate when it comes to which plan offers better coverage. Original Medicare and a supplement plan offer the best coverage, but it costs more up-front. For a complete breakdown of the differences between Medicare Advantage plans and Medigap plans, read:

How to find the best Medicare Advantage plan for you


The first step in finding the right Medicare Advantage plan for you is understanding what type of coverage you want: HMOs, PPOs, POSs, FFS, or MSA’s. Each option has its own set of benefits and limitations so it pays to do some research before making any decisions.


All-in-One Coverage Options

Many Medicare Advantage plans combine both Parts A & B into one package. This means fewer out-of-pocket expenses because you only pay deductibles and copayments once per year instead of twice. You can choose from an All-in-one option which includes hospitalization, skilled nursing facility, home healthcare, durable medical equipment, outpatient therapy, vision, hearing aids, and much more.


Hope You Learn More About Medicare Insurance.



Original post here: Idaho Medicare Advantage Insurance Plans & Coverage

Indexed Universal Life Insurance

Everything You Need To Know About Indexed Universal Life Insurance

What Is Indexed Universal Life (IUL) Insurance?

The indexed universal life, also known as variable universal life, is one type of whole life insurance that offers both investment and protection benefits.


The IUL provides for a guaranteed minimum level of coverage in exchange for a premium paid overtime. This means you can build up your cash values without having to pay any upfront fees. You may be able to use these funds toward retirement goals like purchasing a home or paying off debt.


How Does Indexed Universal Life (IUL) Insurance Work?

When a premium is paid, a portion pays the cost of insurance based on the life of the insured. Any fees are paid, and the rest is added to the cash value. The total amount of cash value is credited with interest based on increases in an equity index (but it is not directly invested in the stock market).

Some policies allow the policyholder to select multiple indexes. is usually offer a guaranteed minimum fixed interest rate and a choice of indexes. Policyholders can decide the percentage allocated to the fixed and indexed accounts.


The value of the selected index is recorded at the beginning of the month and compared with the value at the end of the month. If the index increases during the month, the interest is added to the cash value. The index gains are credited back to the policy either on a monthly or an annual basis.

For example, if the index gained 6% from the beginning of June to the end of June, the 6% is multiplied by the cash value. The resulting interest is added to the cash value. Some policies calculate the index gains as the sum of the changes for the period, while other policies take an average of the daily gains for a month. If the index goes down instead of up, no interest is credited to the cash account.


The gains from the index are credited to the policy based on a percentage rate, referred to as the “participation rate.” The rate is set by the insurance company and can be anywhere from 25% to more than 100%. For example, if the gain is 6%, the participation rate is 50%, and the current cash value total is $10,000, $300 is added to the cash value (6% x 50% x $10,000 = $300).


IUL policies typically credit the index interest to cash accumulations either once a year or once every five years. IUL insurance policies reduce risk because no cash is directly invested in the stock market. Source:
investopedia.com


Advantages of Indexed Universal Life (IUL) Insurance

IUL insurance policies offer tax-deferred cash accumulation for retirement while maintaining a death benefit. Advantages of Indexed Universal Life Insurance Policies:

  • Indexing allows you to invest your savings without risking them in stocks. This means that there will always be some return even when the markets go through turbulent times.
  • You don't have to worry about losing all your investment capital due to the poor performance of the stock market. You also won't lose any principal if the stock market crashes.
  • If you want to diversify your investments, this type of plan offers many options. It's easy to add new funds into the mix.


Disadvantages of Indexed Universal Life (IUL) Insurance

  • Cash value accumulation: Amounts credited to the cash value grow tax-deferred. Most IUL insurance policies offer a host of optional riders, from death benefit guarantees to no-lapse guarantees.
  • Death benefit: This benefit is permanent, not subject to income or death taxes, and not required to go through probate.
  • Disadvantages of Indexed Universal Life Insurance Policies
  • No guarantee of return: Unlike whole life insurance policies that provide guaranteed returns, there is no assurance that the investment will increase over time.
  • Taxes: Because the money used to purchase the policy is taxed when it leaves your hands, you may owe additional federal and state taxes on withdrawals made before retirement.
  • Lack of liquidity: Withdrawals cannot occur until after the insured has died, which means they must wait until then to access their funds.


The Bottom Line

Cash value accumulation: Amounts credited to the cash value grow tax-deferred. Most IUL insurance policies offer a host of optional riders, from death benefit guarantees to no-lapse guarantees.


Death benefit: This benefit is permanent, not subject to income or death taxes, and not required to go through probate. Indexed universal life insurance has been around since the 1980s. It offers many advantages over traditional term life insurance.


However, it also comes with some drawbacks. Because there isn't a direct investment in stocks, the returns aren't always positive. Also, the rates may fluctuate depending on how well the underlying index does. In addition, the benefits are taxable when they're withdrawn. Finally, the cash value grows slowly unless you make additional investments.


Riding an Index

Indexed universal life insurance was invented by John Hancock Financial Services Inc., which launched it as part of its first index mutual fund back in 1989. It became popular because it offered investors access to both stocks and bonds through a single investment vehicle.

The idea behind indexed universal life insurance is simple: Investors buy shares in an underlying portfolio of securities such as U.S. Treasuries, corporate debt, real estate investments, and other assets.


Trying to Play It Safe

Indexed universal life insurance was invented in the 1990s when it became clear that people wanted protection without having to pay high fees for term insurance. The idea behind IUL is simple: You put up some capital — typically between 5 percent and 15 percent of your total wealth — and then get paid back over many decades based on how much the stock market goes up.

If the market rises faster than expected, you make out better; if it falls slower, you lose less.


Fees Can Drain the Policy

One problem with these types of investments is that they come with fees. Fees vary depending on how much money goes into the policy and what type of options are being bought. Some policies charge monthly management fees ranging between 0% and 1%. Others may charge higher upfront costs when the policy is purchased. Then there are transaction fees charged every time something changes in the portfolio—such as adding new securities or selling existing ones.


These fees threaten to drain your policy's cash value during adverse periods when the market or whatever index the policy is tied to plunges. If internal costs cause the policy account value to drop too much, your policy is at risk of lapsing and you'll have to pay more in premiums just to keep the policy intact.


One problem with these types of investments is fees. Indexed universal life has high upfront costs — typically between $1,000-$2,500 per person depending on how much coverage they want. Then there are ongoing expenses: commissions paid to brokers; management fees charged by the insurer; taxes levied on dividends and capital gain distributions; and any charges imposed by the broker.


In addition, some people may find themselves unable to afford the payments required under the contract when the policy matures.


The IUL Sales Problem

Insurers like Prudential charge between 3%-5% of the total amount invested annually in their IUL plans. This means that even though they're not charging anything upfront, there will still be some sort of a fee associated with the purchase.


There are two main problems with selling these products: The commissions charged by agents can add up quickly, and there isn't enough competition among insurers to drive prices lower.

For instance, the average annual cost per insured for a single-life policy with no medical benefits is about $1,500, according to the American Council of Life Insurers. For a family plan, the price tag rises to around $3,300 annually.


Dealing with the Unexpected

If your IUL doesn't perform well enough to cover its expenses, you'll likely face higher monthly payments. But there isn't any guarantee that you'll get back what you put in. The best way to protect yourself is to make sure you understand the risks involved before buying.

You should also know whether the company has been sued for fraud or misrepresentation. You might want to consider getting some advice from someone else about which companies offer good value for money.


Key Takeaways

• Indexing is the process by which an insurer increases or decreases its investment in stocks based on changes in their market value.

• The index used for this purpose can vary from company to company.

• An indexed policy may offer more flexibility than traditional term policies because you have access to your money at any time without penalty.

• You must pay premiums regardless of whether the stock market goes up or down.


Indexed Universal Life Insurance: How It Works

An indexed universal life policy is a form of whole life insurance that combines features from both term and variable life insurance. The main difference between an index universal life policy and other types of whole life insurance is how it invests your money. Index universal life insurance uses indexes such as S&P 500 for its investments instead of actively managed mutual funds. This allows you to invest in stocks without having to worry about picking individual companies. You can also choose different investment options within each fund category.

Rate Of Return Potential 

These policies leverage what is called call options to obtain possible upside gain to equity indexes without the risk of losing your investment. While whole life insurance policies and fixed universal life insurance policies provide a smaller potential of return that may not even be guaranteed. Of course, the annual return that you see with an IUL insurance policy will depend on how well its underlying index performs. But your insurance company can still offer a guaranteed minimum return on your investment.

Tax-Free Capital Gains

For example, returns may be linked to the Standard & Poor's 500 composite price index, which tracks the movements of the 500 largest U.S. companies by market capitalization.


If you have taxable income, then you'll want to consider investing in tax-free bonds instead of stocks for maximum gains. However, if you don't pay taxes now, why should you start paying them later? That's where IUL comes into play. You could use the proceeds from selling shares in an S&P 500 fund to purchase an IUL policy.


What Is Indexed Universal Life (IUL) Insurance?

The indexed universal life, also known as variable universal life, is one type of whole life insurance

life insurance for seniors

  • term life insurance
  • universal life insurance
  • variable universal life insurance


Variable universal life insurance is a type of whole-life policy that combines the features and benefits of both term life insurance and variable life insurance. It provides protection against death, disability, or other contingencies while allowing you to invest your premium payments in an investment portfolio with tax advantages similar to those available through traditional IRAs. The flexibility offered by this product allows it to be tailored to meet individual needs.


That offers both investment and protection benefits. The IUL provides for guaranteed lifetime income payments in exchange for premiums paid overtime. These payments are made from two sources: interest on your investments and dividends from the insurer’s portfolio. As you invest more money into the plan, so does the amount of monthly payment you receive.

Thank You For Reading!



Original post here: Indexed Universal Life Insurance

Idaho Medicare Advantage Plans | How Does It Works | Choose Between Our Medicare Plans & Coverages


Watch on YouTube here: Idaho Medicare Advantage Plans | How Does It Works | Choose Between Our Medicare Plans & Coverages
Originally published by Boise Health & Life Insurance Agency

Indexed Universal Life Insurance In Idaho | What You Need To Know About It | How Does It Works


Watch on YouTube here: Indexed Universal Life Insurance In Idaho | What You Need To Know About It | How Does It Works
Originally published by Boise Health & Life Insurance Agency

Sunday, August 22, 2021

Idaho Medicare Insurance Agents

Finding What's Medicare Insurance Options For Your Healthcare Needs

The Parts of Medicare

Medicare is a federal health insurance program for people who are 65 or older, disabled persons under age 65, and certain younger individuals with end-stage renal disease.


 It also provides coverage to some children up to the age of 18 through Medicaid. The parts of Medicare include Part A - Hospital Insurance; Part B - Medical Insurance Benefits; Part C - Supplementary Health Coverage; and Part D - Prescription Drug Benefit Program.


Should I Sign Up For Medical Insurance (Part B)?

If your income is below certain limits, you may be eligible to sign up for Medicare part b. If you have any questions please contact us!

What Is The Difference Between Medicare And Medicaid?

Medicaid is an assistance program funded jointly between the federal government and states.


Special Enrollment Period (SEP)

You might need to take advantage of a SEP if: You had no medical insurance when you turned 65; You lost employer group health insurance because of job loss or retirement, Or You moved into a new area where there is little or no local provider network.


In these cases, you'll get special permission to join Medicare right away without paying any premiums. The first 60 days of coverage won't count against your waiting periods.


How To Apply Online For Just Medicare Parts A & B?

You can use this link to get started applying for just Medicare Parts A and B. The process takes about 15 minutes. Once you've completed the application form, click Continue to proceed to payment options. After completing the payment section, you'll receive an email confirmation stating whether you qualified for free credit reports.


**To see if you qualify for a free credit report service, read our article How Do Free Credit Reports Work?


What Is My Eligible Monthly Premium? Already Enrolled in Medicare

If you have Medicare, you can get information and services online. Find out how to manage your benefits If you are enrolled in Medicare Part A and you want to enroll in Part B, please complete form CMS-40B, Application for Enrollment in Medicare – Part B (medical insurance). If you are applying for Medicare Part B due to a loss of employment or group health coverage, you will also need to complete form CMS-L564, Request for Employment Information.


You can use one of the following options to submit your enrollment request under the Special Enrollment Period: Go to “ Apply Online for Medicare Part B During a Special Enrollment Period ” and complete CMS-40B and CMS-L564. Then upload your evidence of Group Health Plan or Large Group Health Plan. Fax or mail your CMS-40B CMS-L564, and secondary evidence to your local Social Security office (see list of secondary evidence below).


Note: When completing the forms CMS-40B and CMS-L564 State “I want Part B coverage to begin (MM/YY)” in the remarks section of the CMS-40B form or online application.


If possible, your employer should complete Section B. If your employer is unable to complete Section B, please complete that portion as best as you can on behalf of your employer without your employer's signature and submit one of the following forms of secondary evidence:

  • Income tax form that shows health insurance premiums paid.
  • W-2s reflecting pre-tax medical contributions.
  • Pay stubs that reflect health insurance premium deductions.
  • Health insurance cards with a policy effective date.
  • Explanations of benefits paid by the GHP or LGHP.
  • Statements or receipts that reflect payment of health insurance premiums.


You'll have Original Medicare (Part A and Part B) unless you make another choice. You can decide to add a drug plan (Part D) or buy a Medigap policy to help pay for costs that Original Medicare doesn't cover. You can choose to join a Medicare Advantage Plan (Part C) and get all your Medicare coverage (including drugs and extra benefits like vision, hearing, dental, and more) bundled together in one plan. Source: ssa.gov


What Happens After I Apply?

Find out how to manage your benefits If you are enrolled in Medicare Part A and you want to enroll in Part B, please complete form CMS-40B, Application for Enrollment in Medicare – Part B. If you are applying for Medicare Part B due to a loss of employment or group health coverage, you will also need to complete form CMS-L564, Request for Employment Information.

Go to “ Apply Online for Medicare Part B During a Special Enrollment Period ” and complete CMS-40B and CMS-L564. Fax or mail your CMS-40B CMS-L564, and secondary evidence to your local Social Security office.


What Happens After I Apply?

After you've applied, we may contact you about additional documents needed to process your claim. We may ask you to provide copies of certain records from your doctor or hospital. These include bills showing what was covered by your current health care plan; any other relevant paperwork related to your condition; and proof of income if you're self-employed.


We review your claims file after it has been processed. This includes reviewing your eligibility based on the information provided during the application process.


CMS news, Healthcare.gov, HHS Office of the Assistant Secretary for Planning and Evaluation, National Quality Forum, Quality Measures, The National Committee to Preserve Social Security and Medicare, Office of Inspector General, Patient Safety Organization, Public Health Service Commissioned Corps,U.S. Department of Veterans Affairs, Veterans Benefits Administration, CMS program websites for beneficiaries


Medicaid Program Integrity Toolkit: A tool kit designed by HHS’ Office of Inspector General to help states identify fraud or abuse within their Medicaid programs. The toolkit provides a list of questions to ask when reviewing claims submitted through state Medicaid agencies.


HHS Caregiver Support Portal: Provides tools and resources for caregivers who need assistance caring for themselves or someone else. Includes caregiver education, financial aid, legal services, and more.


In general, Part A covers:

  • Hospital care
  • Home health visits
  • Nursing facility stays


Part B covers:

  • Medical equipment like wheelchairs, walkers, crutches, canes, oxygen tanks, etc.


The Parts of Medicare

Social Security enrolls you in Original Medicare (Part A and Part B).

Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care. Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.


Other parts of Medicare are run by private insurance companies that follow rules set by Medicare Supplemental (Medigap) policies help pay Medicare out-of-pocket copayments, coinsurance, and deductible expenses. Medicare Advantage Plan (previously known as Part C) includes all benefits and services covered under Part A and Part B prescription drugs and additional benefits such as vision, hearing, and dental bundled together in one plan. Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs. Source: ssa.gov


Should I Sign Up For Medical Insurance (Part B)?

With our online application, you can sign up for Medicare Part A (hospital insurance) and Part B (medical insurance). Because you must pay a premium for Part B coverage, you can turn it down. If you're eligible at age 65, your initial enrollment period begins three months before your 65th birthday includes the month you turn age 65, and ends three months after that birthday.


If you choose not to enroll in Medicare Part B and then decide to do so later, your coverage could be delayed and you may have to pay a higher monthly premium for as long as you have Part B. Your monthly premium will go up 10 percent for each 12-month period you were eligible for Part B but didn't sign up for it, unless you qualify for a " Special Enrollment Period If you don't enroll in Medicare Part B during your initial enrollment period, you have another chance each year to sign up during a “general enrollment period” from January 1 through March 31. Your coverage begins on July 1 of the year you enroll.


Read our Medicare publication for more information.

If you have a Health Savings Account (HSA) or health insurance based on current employment, you may want to ask your personnel office or insurance company how signing up for Medicare will affect you. Source: ssa.gov


How To Apply Online For Just Medicare

Parts A & B?

You can use this link to get started applying for just Medicare Parts A and B. It takes about 15 minutes to complete an online application.


To learn more about other ways to apply for Medicare, visit www.medicare.gov/apply/ .


What Is The Cost Of Medigap Policies And How Do They Compare With Other Plans?

What Happens After I Apply? Find out how to manage your benefits If you are enrolled in Medicare Part A and you want to enroll in Part B, please complete form CMS-40B, Application for Enrollment in Medicare – Part B. If you are applying for Medicare Part B due to a loss of employment or group health coverage, you will also need to complete form CMS-L564, Request for Employment Information.


Go to “ Apply Online for Medicare Part B During a Special Enrollment Period ” and complete CMS-40B and CMS-L564. Fax or mail your CMS-40B CMS-L564, and secondary evidence to your local Social Security office.


What Happens After I Apply?

After you've applied for Medicare, we send an acknowledgment letter telling you whether your application was approved. We may ask you some questions about why you're applying for Medicare. The next step depends on what type of benefit you selected when you first signed up for Medicare.


Medicare Supplement Plans

When you select this option, we start sending you letters asking if you'd like to continue paying into your supplement plans.


Medicare In Idaho Can Be Confusing

But don't worry Chris Antrim Insurance Brokers are here to help you with the maze of finding a great Medigap, Medicare Advantage plan that fits your needs.

Thank You For Reading!



Original post here: Idaho Medicare Insurance Agents

Idaho Medicare Insurance Agents | The Parts And Components Of Medicare Plans Which Is Right For You


Watch on YouTube here: Idaho Medicare Insurance Agents | The Parts And Components Of Medicare Plans Which Is Right For You
Originally published by Boise Health & Life Insurance Agency

Thursday, August 19, 2021

Long-Term Care Insurance In Idaho

Understanding Long-Term Care Insurance Before Acquiring One

Why Buy Long-Term Care Insurance?

Nearly 70% of 65-year-old people will need long-term care services or support, according to 2020 data from the Administration for Community Living, part of the U.S.


Department of Health and Human Services. Women typically need care for an average of 3.7 years, while men require it for 2.2 years.


Regular health insurance doesn't cover long-term care. And Medicare won't come to the rescue, either; it covers short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab only.


It doesn't pay for custodial care, which includes supervision and helps with day-to-day tasks

If you don't have insurance to cover long-term care, you'll have to pay for it yourself. You can get help through Medicaid, the federal and state health insurance program for those with low incomes, but only after you've exhausted most of your savings.


People buy long-term care insurance for two reasons:

To protect savings. Long-term care costs can deplete a retirement nest egg quickly. The median cost of care in a semiprivate nursing home room is $93,072 a year, according to Genworth's 2020 Cost of Care Survey. Source: nerdwallet.com


Questions That You May Ask? 

  • Why buy long-term care insurance?
  • How much do premiums cost?
  • What types of benefits can I get?
  • Who pays my premium?
  • Can I keep working while receiving long-term care benefits?
  • Will I lose money buying long-term care insurance today?


If you're considering purchasing long-term care insurance, there are several things to consider before making a decision. Here are five questions to ask yourself:


1. Why should I purchase long-term care insurance now?

2. What type of policy should you buy? 


Long-Term Care Insurance Explained

If your parents or grandparents have long-term care insurance and they die before the policy expires, their beneficiaries can receive a lump sum payment that may cover nursing home costs, assisted living expenses, hospice services, physical therapy, speech therapy, occupational therapy, medical equipment, transportation, housekeeping, meals, laundry, medication management, personal assistance, respite care, and other benefits.

The amount of money available depends on how much was paid into the plan when the insured person died.


Annual Median Costs Of Long-Term Care In 2020

Qualifies as long-term care insurance in Washington.


  • Nursing Home Room Median Annual Costs - $93.072
  • Assisted Living Facility Median Annual Costs - $67.856
  • Adult Daycare Center Median Annual Costs - $33.928
  • Home Healthcare Median Annual Costs - $18.632

Source: Genworth Financial Inc., 2019 Cost of Care Survey

In addition to protecting money, buying long-term care insurance gives you


How popular is long-term care insurance?

According to AARP, nearly half of Americans aged 55 to 64 own at least one type of long-term care insurance. That compares with just 28% who had such policies as recently as 2010. AARP also found that women are much less likely than men to carry long-term care insurance — 29% compared with 48%. But among younger adults ages 25 to 44, there was almost equal interest in buying this kind of protection.


What types of plans are available? How popular is long-term care insurance?

According to AARP, nearly half of Americans age 55 and older say they're likely to use long-term care benefits at least once during their lifetime. That compares with just 28% who said so five years ago.

A recent survey by MetLife found that one out of every four adults ages 45 to 64 has purchased long-term care insurance. Among seniors, the figure was even higher — three out of 10 had bought such policies.

What are the options available?


Cost Of Long-Term Care Insurance

Long-term care costs vary widely depending on where you live, how old you are and what type of care you require. For example, nursing home stays average $4,000 a month nationally but range between about $1,500 and more than $20,000 a month in some states.


In addition to monthly payments, many plans include annual fees ranging from several hundred dollars to thousands of dollars. These charges cover administrative expenses like marketing and underwriting.


Tax advantages of buying long-term care insurance

Long-term care insurance can have some tax advantages if you itemize deductions, especially as you get older. Federal and some state tax codes let you count part or all of long-term care insurance premiums as medical expenses, which are tax-deductible if they meet a certain threshold. The limits for the number of premiums you can deduct increase with your age.

2021 federal tax-deductible limits for long-term care insurance. Source: IRS Revenue Procedure 2020-45


Age at the end of the year Maximum deductible premium

40 or under $450

41 to 50 $850

51 to 60 $1,690

61 to 70 $4,520

71 and over $5,640

Only premiums for tax-qualified long-term care insurance policies count as medical expenses. Such policies must meet certain federal standards and be labeled as tax-qualified. Ask your insurance company whether a policy is tax-qualified if you're not sure.

Source: nerdwallet.com


1. Traditional policies have fewer fans

by Ellen Stark, AARP Bulletin, March 1, 2018, Only 7.2 million or so Americans have LTC insurance, which covers many of the costs of a nursing home, assisted living, or in-home care expenses that aren't covered by Medicare. “Long-term care is the unsolved problem for so many people,” says Christine Benz, director of personal finance at Morningstar, an investment research firm in Chicago. Traditional LTC policies were once considered essential protection against the cost and indignity of needing help with daily tasks like bathing, dressing, and eating. But they're no longer as popular as they used to be. In fact, only 4% of adults under age 55 now own traditional plans, according to Genworth Financial Inc., a provider of life insurance products based in Boston. That compares with nearly 20% who owned them in 2000. The reason? They can get pricey fast.


Long Term Care Insurance Companies

1. AARP Life & Health Insurance Company

2. American Benefit Administrators

3. Ameriprise Financial

4. Anthem Blue Cross

5. AXIS Capital Management

6. BancorpSouth

7. Bankers Life

8. Benefis

9. Berkshire Hathaway

10. Boston Mutual

11. Brookdale Senior Living

12. California Pacific Group

13. Caremark

14. Centene

15. Charles Schwab

16. Chubb

17. Citigroup

18. Columbia Casualty

19. Coventry

20. Diversified Group 


  • General American Life Insurance Company
  • Genworth Financial Incorporated
  • Great-West Life Assurance Company
  • Guardian Life Insurance Company of America
  • Guaranteed Issue Life Insurance Company
  • Health Care Service Corporation
  • Hudson Valley Life Insurance Company
  • Illinois National Life Insurance Company
  • Independent Agents Mutual Life Insurance Company
  • Interstate Fire And Casualty Company
  • International Paper Company


Best Long-Term Care Insurance

New York Life offers the best long-term care insurance We publish unbiased product reviews; our opinions are our own and are not influenced by the payment we receive from our advertising partners. Learn more about how we review products and read our advertiser disclosure for how we make money.


Long-term care insurance is a specialty type of insurance that helps pay for costs that are typically associated with long-term care (LTC). These costs can include things like care given in a hospital, nursing home services, medical services provided in your home, and treatment for diseases such as Alzheimer's.


The best long-term care insurance will be offered by reputable providers with high ratings and positive overall reviews. It will offer competitive prices, multiple types of coverage, and discounts. Some providers will also provide discounts and won't require any waiting periods. Source: investopedia.com


Final Verdict

If you're looking to buy LTC insurance, it may seem overwhelming at first glance. But if you do some research on different companies' policies and compare them side-by-side, you'll find out which one works best for you.


How Much Does Long-Term Care Cost?

You might think that buying an expensive policy would mean getting better benefits or lower premiums. However, this isn’t always true.


Comparing Long-Term Care Insurance Providers

When comparing different policies, consider their benefits, pricing, and other factors before choosing one over another. For example, some plans have higher premiums than others because they charge based on age instead of health status. Also, keep in mind that many insurers only sell certain kinds of policies, so check which ones are available where you live. You should always compare rates across several carriers when shopping for LTC insurance . This way, you'll get the most affordable price possible.


Does AARP sell long-term care insurance?

AARP Long-Term Care Insurance AARP does not sell long-term care insurance.


What is Genworth Financial?

Genworth Financial In terms of the number of long-term care insurance policyholders, Genworth is the largest in the nation. The Federal Long Term Care Insurance Program is a voluntary program that provides long-term care insurance for individuals who are not eligible for Medicare. The FLTCIP was established in 1983 by Congress as part of an effort to provide affordable, quality health and long-term services and supports. It offers benefits to people with disabilities or chronic illnesses who need help paying for their LTSS needs but do not qualify for Medicaid coverage because they have too much income.


Genworth Financial

Your mid-50s is the ideal time to apply, according to the American Association for Long-Term Care Insurance, when you're in good health and can qualify for a well-priced plan. Genworth Financial Inc., founded in 1859, offers two types of coverage: traditional long-term care insurance and supplemental benefits. The latter covers additional medical bills not covered under the former. Both have annual premiums ranging from about $1,200 to more than $3,500.


Traditional long-term care insurance pays monthly benefit checks directly to qualified caregivers who provide personal assistance to insured individuals. Supplemental benefits pay for extra medical treatment beyond what would normally be covered by a typical policy.


  • Mutual of Omaha

Your mid-50s is the ideal time to apply, according to the American Association for Long-Term Care Insurance, when you're in good health and can qualify for a well-priced plan.


- Mutual of Omaha

- Municipal Employees Retirement System

- Metropolitan Life Insurance Company

- New York State Teachers' Retirement System

- North Carolina Public School Employees’ Retirement System

- Ohio Public Employees Retirement System

- Pennsylvania General Assembly Pension Trust Fund

- Tennessee Department of Finance & Administration

- Texas Teacher Retirement System

- United Services Automobile Assn.


Cons

Lack of transparency around prices makes it difficult to compare quotes

Nationwide

availability

Cons

Waiting time between application submission and approval varies from two weeks to three months depending on where applicants live

Some customers report difficulty getting approved due to poor credit scores

AARP Foundation Life Insurance Company


This California-based insurer was founded in 1946 and provides long-term care insurance to more than 2.5 million people across the U.S., Canada, and Puerto Rico. AARP members get access to discounted rates compared to nonmembers.

Buy Long-Term Care Insurance at the Right Age to Get the Best Value


That's why getting insurance to cover a chunk of the costs for in-home care, an assisted living facility or a private room in a nursing home is a personal finance move to consider. The key, though, is getting the most bang for your insurance premium bucks.


The catch? The price of long-term care coverage can be cost-prohibitive The national median daily cost for a private bed in a nursing home in 2019 was $280 a day, or $102,200 a year up nearly 2 percent from a year ago, according to insurance company Genworth's 2019 cost of care survey. A yearlong stay in your own room at an assisted living facility runs $48,612. Those are big numbers that can eat through a retirement nest egg quickly. The average 401(k) balance was $105,200 at the end of September 2019, according to Fidelity Investments. Source: aarp.org

Thank You For Reading!



Original post here: Long-Term Care Insurance In Idaho

Reasons To Buy Long-Term Care Insurance | Advantage Of Having LTC Coverage For You & Your Loved Ones


Watch on YouTube here: Reasons To Buy Long-Term Care Insurance | Advantage Of Having LTC Coverage For You & Your Loved Ones
Originally published by Boise Health & Life Insurance Agency

Wednesday, August 18, 2021

Idaho Dental Insurance Options

How Dental Insurance Works For Individuals & Families

Dental coverage Is Available In Two Ways

1) Through a plan that covers all of your dental expenses, including preventive care and routine checkups; or


2) By paying for some services out-of-pocket with an annual deductible.

If you have questions about how to get covered by dental plans offered through the health insurance marketplace, call 1-800-318-2596.

Or visit www.healthcare.gov/dentalcoverage .


Dental plan categories: High and low

High Deductible VS. Low deductibles. HD means your out-of-pocket costs will be higher if you have an expensive medical condition or need more care than average.

LD means your out-of-pocket cost will be lower if you don't use many healthcare services. You may qualify for financial help from Medicaid or other government programs. To find out how much assistance you might get, call 1-800-318-2596.


What's covered? What isn't covered?

Dental plan categories: High & Low

High deductible vs Low deductibles. HD plans have higher out-of-pocket costs than LD plans. The difference between these two types of plans depends on how much money your family spends each year on medical care.

You may be able to get lower premiums if you're willing to accept more risk by choosing an HD pla n. If you don't need extensive or expensive treatment, it might make sense to go with an LD plan.


Adult & Child Dental Insurance In The Marketplace

The high coverage level has higher premiums copayments deductibles. You may be eligible for adult or children’s dental benefits through your employer if they offer group dental insurance. If so, check whether it offers dental coverage for adults ages 18–64 years old as well as older adults 65+ years old. Some employers also provide individual dental coverage. Check with your human resources department to learn more.


Medicare helps cover most doctor visits and other healthcare expenses.

The nation's leading provider of dental insurance We're committed to helping people live healthier lives, so we've made our plans easy to understand. Learn about what each option covers today.


Looking for dentists near me? Find local providers who accept new patients with no waiting period. Claim Forms Our online form builder makes submitting claims fast and simple. You can also download PDF versions of all available forms. National ERA


Individual Dental Insurance

Dental plans for individuals and families. We offer a variety of options to meet your needs, including:

  • Individual coverage with no deductible or co-payments
  • Family coverage that includes children up to age 18
  • Dental savings accounts which allow you to save money on future visits
  • Flexible payment arrangements such as pre-payment and pay in full
  • Health Savings Accounts where funds can be used at any time without penalty


The Value Of Dental Insurance

Dental insurance makes dental care more affordable! With a focus on prevention, dental insurance typically covers professional services like routine check-ups, cleanings, and exams at 100%. This helps reduce out-of-pocket costs, so you pay less for the dental care you need.


  • Improved overall health: Research shows good oral health has a positive effect on overall health and well-being. During an oral exam, your dentist can detect signs of 120+ diseases just by examining your mouth!
  • Encourage routine dental care for long-term benefit: During preventive check-ups, your dentist is better able to detect problems early on and help you avoid more costly and complex procedures in the future.
  • Cost savings and budget management: Dental insurance helps you save money by covering up to 100% of preventive cleanings and check-ups and portions of more extensive procedures.
  • Coverage for the unexpected: Oral health problems can appear unexpectedly. Dental insurance makes it easier and more cost-effective to get the care you need so you don't have to worry about the future.

**Source: deltadental.com


FAQ

What does "PPO" mean?

In general terms, this means that if you visit any participating provider within their network, you will be covered without additional charge. You may also choose to add other providers outside the network as needed.


How much would I pay per month?

Your monthly premiums vary depending upon which plan you select. The average annual deductible varies between $100-$500. Your copays range from 0%-20%, with most


To help you out through your dental problem and preventive care we compile some of the most amazing dental clinics here in Boise.

  • Boise Dentistry Co.
  • Value Dental Boise
  • Aspen Dental
  • Boise Family Dental Care
  • Ackerman Family Dentistry Boise
  • Emergency Dentist USA
  • Maple Groove Dentistry
  • Boise Dentists
  • All About You Dental

These companies are all devoted to their clie nts a wonderful experience with their oral problems. 

Thank You For Dropping By To Our Website.



Original post here: Idaho Dental Insurance Options

Navigating Boise's Health Insurance Coverage Solutions

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