Benefits Advisor by Health Management Insurance Network Services

                               "The time has come to help bridge the gap"

 

Ok, it's bound to happen sometime.  You get sick or you're in an accident.  Sure your health insurance helps pay for the doctors and hospitals. But who pays you?  You still have to buy Groceries, Gas, Pay Utility bills, Pay a Mortgage or Rent.  And don't forget about driving the kids to soccer games, mowing the lawn and feeding the dog or cat.  These are just a few of the everyday things that your health insurance doesn't cover but you'll still need to take care of when you get sick or hurt.  

 

This is where supplemental health insurance comes into play.  Supplemental health insurance fills the gaps that have opened in basic coverage. It provides for lost income and it also can cover out of pocket expenses caused by deductibles and co-payments.  Supplemental health insurance is the Insurance Industry's solution to a problem that they recognize, but is not something that is talked about.  It gives an individual affordable options.  It puts control back in your hands.  

 

In todays world, everyone that has health insurance of any kind bear a greater financial responsibility for medical costs with increased deductibles, bigger coypayments and shrinking coverage.  The plans are 100% voluntary so you have the control to pick what best fits your needs.  They are 100% portable which means, if you change your current employment or planning for retirement or just a change in career, you can take the programs with you.  

 

So, should you buy supplemental health insurance, and how much should you buy?  The answer to this question involves the application of the financial planning and risk management decisions that are geared to your own situation.  Everyone is different, and income level, number of dependents, and even overall health are all factors that must be considered. What is important is that you recognize that most basic health insurance policies are full of pitfalls and gaps that can derail even the most careful financial plan.  

 

With so many different types of insurance out there, it's easy to become overwhelmed.  Because some does more advertising doesn't make them the best.  Each of them offer different needs to policy holders.  The knowledge will empower you to take more control of your money and make smarter decisions about your health care decisions. And, a little more peace of mind couldn't hurt either.  The following are simple explanations of the various types of insurance plans.

 

ACCIDENT:   

DO I NEED IT?

You might, especially if you're active person.  Great to have if you have children.  And remember, accidents such as broken bones, burns, breaking a tooth while playing sports, torn or pulled muscles can happen to anyone.  Health insurance will help you with the doctor or ER visit, but you will have other expenses to worry about including transportation to get to your doctor's appointments, crutches, physical therapy or loss of pay while you gone taking care of a love one.  And then there are costs associated with the follow-up visits to consider.  Accident coverage can help you and your family deal with expenses related to a variety of unexpected accidents on or off the job.  Great for those with large deductibles, as it works as a great Gap plan and pays directly to you.

 

HOW DOES IT WORK?

You'll get cash benefit amounts for injuries you've sustained in a covered accident such as a slip and fall, sports injury or a car accident. And you'll have the flexibility to spend the money you receive the way you want. Pay for the expenses health insurance might not cover, even towards your deductible … whatever you think is important, It's cash when you need it most--when accidents happen.

 

HOSPITAL INDEMNITY:

DO I NEED IT?

Hospital admissions can range from heart surgery to cases of hernia or appendicitis.  Regardless of the cause, a hospital stay can be expensive. No matter how short your stay is, the entire bill may not be covered by your health insurance.  Let's face it, most health insurance plans are now with a high deductible.  On avg it is around $5,000.00, so it works great with any HMO or PPO because regardless of what they cover, you are still left with deductibles.  Supplemental hospital indemnity insurance can provide cash to help you pay for groceries, transportation, child care … not to mention it can help protect your savings and can be applied toward the deductible.  

 

HOW DOES IT WORK?

You can choose a policy by the daily cash benefit amounts paid and how you spend that money. The benefit is paid directly to you, or someone designated by you, based on the number of days you spend in the hospital. Use the cash to help with out of pocket costs like, physical therapy costs, housekeeping, time spent away from work or anything else you need while you recover.

 

DISABILITY:

DO I NEED IT?

How long could you maintain your lifestyle if  you were unable to work due to an injury or illness?  Many people relate freak accidents to causes of long-term disability.  Keep in mind this will give you complete protection against injuries off the job or illness.  Health insurance can help pay for the doctor and treatments.  But, who will help pay for all the expenses that are covered by your paycheck if you couldn't work?  Disability income insurance can help protect your most important asset, your ability to earn an income, in case you were not able to work due to an illness or injury.

 

HOW DOES IT WORK?

If you're unable to work due to a covered sickness or injury, disability income insurance can typically pay up to 50-70% of your income. You have the flexibility to use the money in any way that you choose. You can use it to help cover some of your medical expenses, regular bills or to pay for those other out of pocket expenses.

 

CRITICAL ILLNESS/CANCER:

DO I NEED IT?

Chances are you know someone who has experienced cancer, heart disease or another serious illness. If this happened to you, do you think you could handle the financial burden that comes with it?  If you have health insurance, you know that some of your medical costs will be covered. But there are expenses, such as uncovered treatments, that can add up. You'll want to focus on getting better and not worry about how you will pay for those bills, time away from work and help around the house. Critical illness coverage pays you cash benefit amounts which you can use to help pay for things that will maintain your lifestyle during a difficult time.

 

HOW DOES IT WORK?

If you are diagnosed with a critical illness such as cancer, a heart attack or a stroke, it pays you a large initial diagnosis benefit amount which you can use to help cover expenses not covered by health insurance or on anything else you choose.  It will also covers hospitalization benefits, continuing care benefits,

ambulance, transportation, lodging and other benefits.

 

LONG TERM CARE:

DO I NEED IT?

As you get older, you may need some help with everyday tasks that become more challenging but don't want to compromise your sense of independence. If you want more control over your independence in your golden years but don't have a plan to pay for assistance beyond your savings or 401(k), long term care insurance can provide the cash to help pay for your options and you decide on how you receive that help, whether it's a family member in your own home or an assisted living facility.  Between the age of 40 and 60 you should consider purchasing a form of long term health insurance, that way the cost is lower and you won’t be denied later in retirement when you or a spouse may need it.  While health care costs vary by age, gender, health, income and state of residence, a recent white paper issued by HealthView projected average lifetime retirement health care premium costs for a 65-year-old healthy couple retiring in 2015 would total $266,589.

 

HOW DOES IT WORK?

You can choose the daily benefit amount and the maximum benefit depending on your budget. Long term care policies are flexible and offer options to cover in-home care by a nurse or family member or various types of assisted living facilities. Remember, Medicare doesn't pay for help with everyday things such as eating, bathing or dressing when you are unable to do so.  Keep in mind that in your golden years your savings, 401K and pension are your life-line to independence.  Long term care policies can help protect that.

 

TERM LIFE:

DO I NEED IT?

"You know the saying,"  everyone knows they need it and want it, but no one wants to go through the process to apply for it.  Nothing is certain but death and taxes.  Even though we don't like thinking about it, some planning can give you more peace of mind to help take the financial burden off your loved ones. A life insurance policy can help your family maintain their lifestyle without them dipping into savings, risking penalties by borrowing from a 401(k) or sacrificing the kids' college funds.

 

Keep in mind that the average funeral costs are now between $10-$20,000 for basic services.  Why leave that responsibility of burden on your family during this emotional time?

 

HOW DOES IT WORK?

You'll pay a premium and in the event of your death, a benefit will be paid to whomever you'd like. Generally, you want to make sure current and future debts and expenses are covered and that enough money is left over for your family to maintain their lifestyle.

 

Let RMG help put a Individual program together for you.  If your company does not offer Voluntary Benefits, we would be happy to talk to them about putting a group program together for them.

Understanding your health care options and knowing what supplemental benefits you need. 

 

 

 

 

 

 

 

 

 

 

 

 

 

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