Life & Health Insurance
Life & Health Insurance Information
If you are looking to take care of your self throughout your life, personal insurance can help you do so without putting your financial security at risk. With coverage including health or life insurance, you can protect your specialized personal needs.
What is health insurance?
Often times, medical care, even for basic needs, is incredibly costly. With health insurance, you are able to get coverage for some, more or all the care you receive. Your plan may assist in paying for:
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Surgical procedures and hospitalizations
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Prescription medication
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Assistive devices like diabetic testing items, wheelchairs and more
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Testing services like labs or x-rays
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Preventive services like vaccinations, diet counseling or cholesterol monitoring
Each plan will vary in which services it covers depending on the provider. Talk to your insurance agent to help determine which plan is right for you.
How does health insurance pay?
The health insurance market varies pretty drastically. However, most plans pay in one of two ways.
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Managed Care Plans:Can include health maintenance organizations (HM0s), preferred provider organizations (PPOs) and point-of-service (POS) plans. These plans provide services to their members and offer financial incentives to patients who use the providers in the plan network.
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Fee-for-Service Plans: These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
Depending on your plan and the service you receive, you may encounter different out-of-pocket costs:
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Visiting an out-of-network provider will usually cost more than staying in-network.
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Most plans will have co-payments. These are small fees you pay before seeing a doctor. Your insurance will often cover all or most of the remaining costs of care.
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You’ll often face a deductible. You’ll have to pay the cost of a deductible before your plan starts to pay other costs. However, you can often receive many covered services without paying anything towards the deductible.
Protect Your Family with Life Insurance
You may not be aware of the personal benefit of life insurance. Though it may not come into effect until after your death, it provides important services for your survivors.
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Term planslast a set number of years. Coverage will issue payment if you die during the term.
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Whole-life policies remain active indefinitely, as long as you continue to pay your premiums. Many offer cash-accumulation and interest benefits
On your life insurance plan, you will determine a beneficiary who will receive a death benefit when you pass away. The benefit will help survivors pay for:
You are able to leave money to almost anyone (including charities) and the money won’t go through probate. Due to this, survivors will get a settlement before anyone else. You can work with your insurance agent to determine the appropriate legal framework for the use of your money. You also may want to establish trust or other beneficiary stipulations to govern payouts.
In the end, your personal insurance options will be important in protecting your overall wellness and solvency. Don’t hold back exploring your options for coverage. You may get enrollment options privately and from your employer.
Contact our agents to help carefully determine which path is right for you: 415-928-2886
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