What Types Of Coverage Are Available And Why Do I Need Them?

Medicare Supplement

Medicare supplement, or Medigap, insurance, is health insurance sold by private insurance companies to fill gaps in the Original Medicare Plan coverage. This type of medical insurance helps pay for costs such as coinsurance, co-payments, or deductibles not covered by Medicare Parts A or B. There is a wide variety of Medigap policies offered for different types of costs (labeled Part C – J), but all insurance companies are required to offer the same type of coverage for each plan. Your Schultheis Insurance Agent can help you to determine which of the Medigap plans is most appropriate for your needs and to locate a policy provider offering the most cost-effective coverage.

Long-Term Care Insurance

Medicare and most health insurance policies cover only limited long-term care coverage. If you should have an illness or condition which would require you to stay in an extended care facility or nursing home, or to have nursing care in your home, your financial resources could be quickly depleted. Long-Term Care Insurance provides coverage for health related care either in a health-care facility or in your own home, if appropriate. The best time to buy this type of coverage is in your middle-age years, before you actually need the care. However, if you are not currently disabled, you would still qualify for long-term care coverage, and having this coverage protects your family’s financial resources in the event of long-term illness or disability. Your Schultheis Insurance Agent can help you sort through the options and decide on long-term insurance that provides you the best coverage options at the lowest cost.

Guaranteed Issue Life Insurance

If you have been turned down for life insurance coverage because of pre-existing conditions or other risk factors, it may still be possible for you to have life insurance with a guaranteed issue life insurance policy. You are usually asked few questions about your current health and not required to have a health check-up before you receive your insurance coverage. However, guaranteed issue life insurance usually has limits on face value and term, and the premiums may be comparatively high. Ask your Schultheis Insurance Agent to help you locate the life insurance coverage that will protect your family from devastating financial situations.

Annuities

Annuity accounts can be established to provide a regular income to supplement your pension and Social Security income. This type of account allows you to invest in your future with the possible addition of a life insurance feature. Your Schultheis Insurance Agent can help you determine the type of annuity that best fits your financial planning situation.

How much coverage should I plan for?

Your decisions about the types and amounts of insurance coverages will depend on many factors. As a general rule, you should review your financial situation and the amount of income and insurance coverages you have and what you are likely to need in addition. Then you should purchase the coverages you will need. Your Schultheis Insurance Agent will spend the time with you to help you determine your needs and then will review what is offered by a number of insurance companies to get you the coverages you need at the most cost-effective rates.