Life Insurance
When choosing a life insurance product, we help determine the best for each individual with regard to your financial needs, budget, and long-term goals then selecting the most suitable option for themselves and their beneficiaries. Most common are Term and Whole Life but there are others as well.
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Indexed Universal Life Insurance
Life insurance products can also include additional riders or options for enhanced coverage, such as:
- Accelerated Death Benefit Rider
- Waiver of Premium Ride
- Child Term Rider
- Accidental Death Benefit Rider
Disability Insurance
Disability insurance is a type of insurance that provides financial protection to individuals who are unable to work due to a disability or illness that prevents them from performing their occupation. It offers income replacement in the form of regular payments to help cover living expenses, medical bills, and other financial obligations while the insured is unable to work.
Two primary types of Disability Insurance are
- Short-Term Disability Insurance: Provides benefits for a limited period, typically ranging from a few weeks to a few months, after a waiting period.
- Long-Term Disability Insurance: Offers coverage for an extended period, often until retirement age, if the insured remains disabled. The waiting period for benefits to begin is usually longer than with short-term disability insurance.
Disability insurance policies vary in the level of coverage they offer. Some policies cover disabilities resulting from any cause, while others may be more specific and cover only disabilities resulting from accidents or illnesses.
Disability insurance benefits may be subject to income tax if the premiums were paid with pre-tax dollars. However, benefits received from policies purchased with after-tax dollars are usually tax-free.
Health Insurance
Individual health insurance provides medical coverage for individuals and families who are not covered by group health insurance plans through employers or other organizations. Individual health insurance typically covers a range of medical services, including doctor visits, hospitalization, emergency care, prescription drugs, preventive care, and some specialty services. The specific coverage varies depending on the plan and insurer.
Types of Plans:
- Health Maintenance Organization (HMO): Requires individuals to choose a primary care physician and obtain referrals to see specialists. HMO plans often have lower out-of-pocket costs but require members to use a network of healthcare providers.
- Preferred Provider Organization (PPO): Offers more flexibility in choosing healthcare providers and does not require referrals to see specialists. PPO plans generally have higher premiums and deductibles but provide coverage for out-of-network care, albeit at a higher cost.
- Exclusive Provider Organization (EPO): Similar to PPO plans but only covers care received from in-network providers, except in emergencies.
- High Deductible Health Plan (HDHP): Features lower premiums and higher deductibles than traditional plans. HDHPs are often paired with Health Savings Accounts (HSAs) to help individuals save for medical expenses tax-free.
- Catastrophic Health Insurance: Provides coverage for major medical expenses after a high deductible is met. Catastrophic plans are typically available to individuals under 30 or those who qualify for a hardship exemption.
Premiums and Cost Sharing: Individual health insurance premiums vary based on factors such as age, location, plan type, and coverage level. In addition to premiums, individuals may have to pay out-of-pocket costs such as deductibles, copayments, and coinsurance when receiving medical care.
- Open Enrollment and Special Enrollment Periods: Individual health insurance plans are typically purchased during open enrollment periods, which occur annually. Outside of open enrollment, individuals may be eligible to enroll in a plan or make changes to their coverage during special enrollment periods triggered by qualifying life events such as marriage, birth/adoption of a child, or loss of other coverage.
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Coverage Requirements: Under the Affordable Care Act (ACA), individual health insurance plans must cover essential health benefits, including preventive services, maternity care, mental health services, and prescription drugs. Insurers are also prohibited from denying coverage or charging higher premiums based on pre-existing conditions.
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Subsidies and Financial Assistance: Depending on income level and eligibility criteria, individuals may qualify for premium tax credits and cost-sharing reductions to make individual health insurance more affordable through the Health Insurance Marketplace established by the ACA.
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