Obtaining life insurance is a necessary way to ensure that expenses are covered after the death of a loved one. This is certainly a benefit of any life insurance policy. Another benefit, not often considered, is the benefit to your estate plan.

Life Insurance Concerns

In the current challenging credit market, concerns have been raised about the solvency of life insurance companies and the chances of not receiving full policy benefits. This may be another barrier keeping both attorneys and clients from recommending life insurance as an estate planning tool.

There are several ways to evaluate the strength of an insurance company before investing in a policy. Generally, you will pay more in premiums to be insured by a stronger company. You and your estate planning lawyer may also evaluate a company’s economic capital. This involves doing research into whether analysts think the company has enough resources to meet their actual obligations. In addition, third parties like Moody’s and Standard & Poor evaluate life insurance companies and can provide useful information.

Advantages of Using Life Insurance

There are three types of life insurance: whole life, term life and variable life. Whole life does exactly as its name implies, covering you for your entire life as long as premiums are paid. Term life covers you for a specific period of time that is specified by the policy “term.” Variable life insurance has variable returns and a variable investment component because the policy holder, not the insurance company, determines where the appropriate portion of their premium is invested.

Regardless of the type of policy, life insurance benefits are paid directly to a beneficiary in full upon your death. Because of this, your beneficiary receives all assets immediately without having to go to probate court or pay taxes. Also, since the full policy amount is available upon death, life insurance is a good way to ensure a certain amount of money will be available at any time even if an unfortunate or sudden event should result in unexpected death.

For federal estate tax purposes, life insurance benefits are considered to be part of your estate. Fortunately, the beneficiary to a life insurance policy does not have to be a person. You can name an irrevocable trust as the beneficiary to your life insurance policy, in which case the money will pass directly into the trust and avoid all estate taxes.

Even facing an uncertain economic environment, life insurance can be a useful and effective aspect of your estate plan. Each type of life insurance policy contains differing levels of complexity and benefit, so it is important to consult with an estate planning lawyer when deciding which plan is best for you.

By Guest Writer: Bernard Krooks

For seniors who want supplement insurance, many private insurance companies offer Medicare Advantage plans with low premiums. Eligible seniors include those enrolled in Medicare Part B. Premiums are offered at lower rates because the federal government provides insurance companies subsidies to enroll seniors in the medicare supplement plans.

The Medicare Advantage medical coverage is offered by private insurance companies and is an alternative to Medicare. The following types of Medicare Advantage plans all offer medical and drug coverage together, making it simpler to purchase one policy instead of several separate policies.

1)Medicare health maintenance organizations are less expensive, but there are limitations about going outside of the network of doctors and hospitals for medical treatment.

2)Preferred-provider organizations, have a network of preferred doctors and hospitals within a state. They allow patients to see providers out of the network at increased copayments.

3) Private fee-for-service plans allows the most freedom by letting the patient see any doctor of choice that accepts the health insurance. If you already have a doctor, make sure they participate as a provider before deciding on this type of coverage.

Many Medicare Advantage plans also include vision and dental coverage and have lower copays than Medicare. Although the co-pays for more expensive services such as hospitilization and surgery tend to be higher. If seniors have had hospitalizations in the past, make sure to check out the limitations on hospital coverage with the Medicare Advantage plans.

It is important to understand all the restrictions for Medicare Advantage plans before choosing. Take the time to ask a reputable insurance agent about all the Medicare options available and compare them with other types of supplemental insurance to make an informed decision about your medical coverage.

By Guest Writer: Elliot Bigman

A major or catastrophic medical insurance plan, although being rather speculative, is fairly cheap but is also deductible. The money that you pay up from your own funds before the insurer meets the balance is the deductible.

As an example: if you have a deductible set at $5000 and your visit to a hospital results in a bill of $12, 000 your insurance provider will pay $7,000 only towards the bill and you meet the balance. On this type of cover, the larger your deductible is, the smaller the premium. By taking up this option, you will be gambling on not needing any major medical expense soon.

It would be a reasonable gamble. One survey that was conducted showed that in the US, 90% of the population has medical expenses less than $2000, and for 73%, their expenses were less than $500 per annum.

Two main groups favor the catastrophic health insurance: the young who are in their 20’s who feel their health is not at risk and elderly men between 50 and 65 who would be waiting on Medicare eligibility.

The catastrophic health insurance plan is designed to cover only against major hospital expenses rather than day-to-day medical expenses. It will not normally cover doctor’s visits, maternity care, or prescription drugs. The cover usually excludes mental health conditions, substance abuse and some pre-existing medical conditions.

This catastrophic health insurance plan can be bought as a group plan or on an individual basis. Of late, many organizations have started to encourage their employees to take up this type of cover. The highest lifetime limit can be as much as $3 million.

Rates do vary on age and the area in which you live. In some states the savings on premiums can be up to two-thirds. As an example: a female of 21 years, non-smoker, could have a monthly premium of only $30.

Before taking a decision to select this cover, get some professional advice from agents, insurance companies or both and compare quotes.

By Guest Writer: Jack Adams

Our older years are supposed to be our golden years, yet many seniors are faced with financial burdens they shouldn’t have to deal with – especially after long lives of education, taking care of families, working, and paying taxes! Where’s the fun in the golden years if they’re spent worrying about how to pay for the left over health care costs that Medicare failed to pick up?

That’s where affordable supplemental health care insurance for seniors comes into the picture. By purchasing an affordable supplemental health care insurance policy, seniors can rest assured that all of their health care costs will be covered, and not just the health care Medicare covers.

When seniors purchase an affordable supplemental health care insurance policy, they can stop stressing about the next health care bill the mailman drops off. After all, if you already have health care insurance, you shouldn’t have to worry about health care coverage and costs, right? Wrong. Some health care insurance, such as Medicare for seniors, doesn’t cover all health care costs. Luckily, with an affordable supplemental health care insurance policy, seniors won’t have to stress anymore.

Many health insurance companies offer affordable supplemental health care insurance policies that are perfect for seniors; however, Medicare offers several affordable supplemental health care insurance policies for seniors as well. When choosing an affordable supplemental health care insurance plan for seniors, the goal is to choose a plan that isn’t going to cost anymore than paying for the additional health care costs out-of-pocket would cost. Many seniors are on limited incomes as it is, so considering one of the plans Medicare offers is a good start.

Medicare plans include the original Medicare with Medicare Supplement plan; the Medicare Part D plan which offers prescription drug coverage; the managed care plan, which includes HMOs, PPOs, POS, and cost plans; the Medical Savings Account Plan; the Religious Fraternal Society Benefit Plan; and the Private Fee-for-Service plan.

By Guest Writer: Elizabeth Newberry

For seniors who want supplement insurance, many private insurance companies offer Medicare Advantage plans with low premiums. Eligible seniors include those enrolled in Medicare Part B. Premiums are offered at lower rates because the federal government provides insurance companies subsidies to enroll seniors in the medicare supplement plans.

The Medicare Advantage medical coverage is offered by private insurance companies and is an alternative to Medicare. The following types of Medicare Advantage plans all offer medical and drug coverage together, making it simpler to purchase one policy instead of several separate policies.
1)Medicare health maintenance organizations are less expensive, but there are limitations about going outside of the network of doctors and hospitals for medical treatment.

2)Preferred-provider organizations, have a network of preferred doctors and hospitals within a state. They allow patients to see providers out of the network at increased copayments.

3) Private fee-for-service plans allows the most freedom by letting the patient see any doctor of choice that accepts the health insurance. If you already have a doctor, make sure they participate as a provider before deciding on this type of coverage.

Many Medicare Advantage plans also include vision and dental coverage and have lower copays than Medicare. Although the co-pays for more expensive services such as hospitilization and surgery tend to be higher. If seniors have had hospitalizations in the past, make sure to check out the limitations on hospital coverage with the Medicare Advantage plans.

It is important to understand all the restrictions for Medicare Advantage plans before choosing. Take the time to ask a reputable insurance agent about all the Medicare options available and compare them with other types of supplemental insurance to make an informed decision about your medical coverage.

By Guest Writer: Elliot Bigman

In the state of Florida, almost one quarter of the residents are over the age of 60. Quality long-term care is very important for many of these older Floridians. The Florida Agency of Health Care Administration (AHCA) regulates Health Care Facilities throughout the state and also administers Florida’s Medicaid program.

Below are a few of the long term care facilities regulated through AHCA:

Assisted Living Facilities: Provides housing, meals and some personal services for residents. Residents have to meet certain functional criteria and must be ambulatory and able to perform daily living activities like eating and able to care for basic bodily functions. Bed ridden residents are not accepted. Medicaid will pay for such a facility if both the resident and facility are eligible.

Adult Day Care: These are less than 24 hour care facilities. They offer therapeutic programs impaired adults. These centers offer many activities such as exercise, education, health screening and behavior modification. These centers also serve as a reprieve to the primary caregivers. These programs may be covered by Medicaid.

Adult Family – Care Homes: These family-type living arrangements provide a private home for up to 5 aged or disabled people (not related). The owner lives with the residents. The residents must not be bed ridden and are subject to other criteria as described in Florida law. Adult family care homes are for residents that do not require more care than can be provided by the owners. In some cases Medicaid will pay if both the resident and the AFCH are eligible.

Hospice: Hospice is a program that coordinates professional services including nutritional counseling, pastoral services, social work, and many other services for the terminally ill. These services can be provided at the hospital, hospice facility or the patient’s residence.

Medicare or Medicaid will pay for these services if the patient is eligible.

By Guest Writer: Jessica Farrell

Medicare will not cover primary dental health care! Medicare does not pay for routine check-ups, cleanings or fillings. Medicare will cover some dental services if they are required to protect your general health, or if you need dental care in order for another health service that Medicare covers to be successful.

What will Medicare cover then?

*Examinations to determine the presence of gum disease prior to having major surgery.

* Surgery to treat fractures of the face or jaw.

*Examinations to determine the presence of diseases of the jaw, or any oral cancers.

Some Medicare Replacement policies cover routine dental services. Check with your plan to see what may be covered.

A good idea to supplement your overall health care would to purchase a stand alone dental plan. There are both PPO as well as HMO plans that can offer you low cost alternatives to the high cost of dental care. Most have detailed schedules of benefits, so you can see your costs before the procedure is done. These plans are available any time of year, can be purchased annually or month to month, and are extremely affordable.

For a free estimate, call or go to the online calculator to see how you can get the care you need at the price you feel comfortable with.

Tom

When its time to choose an individual health plan, or if an employer is offering one, it is crucial to choose the coverage that best suits the needs of you and your family. Here is a list of important questions you should ask:

* What is my monthly cost?

* What are my deductibles and out of pocket expenses that I will need to pay before the insurance starts paying?

*After I have met my deductibles, what is my percentage of co-insurance?

* What are the cost differences between network and non-network doctors?

*Are the services that i am most likely to use covered under this plan?

* Do I need referrals to see a specialist

* How are pre-existing conditions treated?

* If I want to start a family, does this plan cover pregnancy?

* Does this plan have office visit co-pays?

* Does this plan offer prescription coverage?

* What will not be covered?

These are just a few of the many important topics you need to discuss with your agent when deciding if a particular plan is right for you.

Choosing a professional agent may be as important as choosing the correct plan. Were here to help!

Call today for a free personal consultation.

Tom

Medicare / Medicaid Dual Eligibles

Dual eligibles are individuals who are entitled to Medicare Part A and/or Part B and are eligible for some form of Medicaid benefit.

Medicare – Medicaid Relationship

The Medicare Program (Title XVIII of the Social Security Act) provides hospital insurance, also known as Part A coverage, and supplementary medical insurance, also known as Part B coverage. Coverage for Part A is automatic for people age 65 or older (and for certain disabled persons) who have insured status under Social Security or Railroad Retirement. Most people don’t pay a monthly premium for Par A. Coverage for Part A may be purchased by individuals who do not have insured status through the payment of monthly Part A premiums. Coverage for Part B also requires payment of monthly premiums.

People with Medicare who have limited income and resources may get help paying for their out-of-pocket medical expenses from their state Medicaid program. There are various benefits available to “dual eligibles” who are entitled to Medicare and are eligible for some type of Medicaid benefit. These benefits are sometimes also called “Medicare Savings Programs” (MSP).

For people who are eligible for full Medicaid coverage, the Medicaid program supplements Medicare coverage by providing services and supplies that are available under their states Medicaid program. Services that are covered by both programs will be paid first by Medicare and the difference by Medicaid, up to the states payment limit. Medicaid also covers additional services (e.g., nursing facility care beyond the 100 day limit covered by Medicare, prescription drugs, eyeglasses, and hearing aids).

Limited Medicaid benefits are also available to pay for out-of-pocket Medicare cost-sharing expenses for certain other Medicare beneficiaries. The Medicaid program will assume their Medicare payment liability if they qualify. Qualified Medicare Beneficiaries (QMBs), with resources at or below twice the standard allowed under the Supplemental Security Income (SSI) program and income at or below 100% of the Federal poverty level (FPL), do not have to pay their monthly Medicare premiums, deductibles, and coinsurance. Specified Low-Income Medicare Beneficiaries (SLMBs), with resources at or below twice the standard allowed under the SSI program and income exceeding the QMB level, but less than 120% of the FPL, do not have to pay the monthly Medicare Part B premiums. Qualifying Individuals (QIs), who are not otherwise eligible for full Medicaid benefits and with resources at or below twice the standard allowed under the SSI program, will get help with their monthly Medicare Part B premiums, if their income exceeds the SLMB level, but is less than 135% of the FPL.

Individuals who were receiving Medicare due to disability, but have lost entitlement to Medicare benefits because they returned to work, may buy Medicare Part A. If the individual has income below 200% of the FPL and resources at or below twice the standard allowed under the SSI program, and they are not otherwise eligible for Medicaid benefits, they may qualify to have Medicaid pay their monthly Medicare Part A premiums as Qualified Disabled and Working Individuals (QDWIs).

To learn more about Medicaid eligibility and/or the Medicare Program, see Related Links Inside CMS at the bottom of the page.

Screening Tools

Screening tools are available to help assess an individual’s eligibility for a variety of governmental programs, including Medicaid and/or Medicare, by accessing the GovBenefits and BenefitsCheckUp websites. (See Related Links Inside CMS and Related Links Outside CMS at the bottom of page.)

Integrated Medicare and Medicaid Models

CMS has created a specific website to provide information about our initiative for Integrated Care programs. This website provides valuable resources regarding integrated Medicare and Medicaid programs for States, health plans, and providers.

Source www.medicare.gov

Medicare / Medicaid Dual Eligibles

Dual eligibles are individuals who are entitled to Medicare Part A and/or Part B and are eligible for some form of Medicaid benefit.

Medicare – Medicaid Relationship

The Medicare Program (Title XVIII of the Social Security Act) provides hospital insurance, also known as Part A coverage, and supplementary medical insurance, also known as Part B coverage. Coverage for Part A is automatic for people age 65 or older (and for certain disabled persons) who have insured status under Social Security or Railroad Retirement. Most people don’t pay a monthly premium for Par A. Coverage for Part A may be purchased by individuals who do not have insured status through the payment of monthly Part A premiums. Coverage for Part B also requires payment of monthly premiums.

People with Medicare who have limited income and resources may get help paying for their out-of-pocket medical expenses from their state Medicaid program. There are various benefits available to “dual eligibles” who are entitled to Medicare and are eligible for some type of Medicaid benefit. These benefits are sometimes also called “Medicare Savings Programs” (MSP).

For people who are eligible for full Medicaid coverage, the Medicaid program supplements Medicare coverage by providing services and supplies that are available under their states Medicaid program. Services that are covered by both programs will be paid first by Medicare and the difference by Medicaid, up to the states payment limit. Medicaid also covers additional services (e.g., nursing facility care beyond the 100 day limit covered by Medicare, prescription drugs, eyeglasses, and hearing aids).

Limited Medicaid benefits are also available to pay for out-of-pocket Medicare cost-sharing expenses for certain other Medicare beneficiaries. The Medicaid program will assume their Medicare payment liability if they qualify. Qualified Medicare Beneficiaries (QMBs), with resources at or below twice the standard allowed under the Supplemental Security Income (SSI) program and income at or below 100% of the Federal poverty level (FPL), do not have to pay their monthly Medicare premiums, deductibles, and coinsurance. Specified Low-Income Medicare Beneficiaries (SLMBs), with resources at or below twice the standard allowed under the SSI program and income exceeding the QMB level, but less than 120% of the FPL, do not have to pay the monthly Medicare Part B premiums. Qualifying Individuals (QIs), who are not otherwise eligible for full Medicaid benefits and with resources at or below twice the standard allowed under the SSI program, will get help with their monthly Medicare Part B premiums, if their income exceeds the SLMB level, but is less than 135% of the FPL.

Individuals who were receiving Medicare due to disability, but have lost entitlement to Medicare benefits because they returned to work, may buy Medicare Part A. If the individual has income below 200% of the FPL and resources at or below twice the standard allowed under the SSI program, and they are not otherwise eligible for Medicaid benefits, they may qualify to have Medicaid pay their monthly Medicare Part A premiums as Qualified Disabled and Working Individuals (QDWIs).

To learn more about Medicaid eligibility and/or the Medicare Program, see Related Links Inside CMS at the bottom of the page.

Screening Tools

Screening tools are available to help assess an individual’s eligibility for a variety of governmental programs, including Medicaid and/or Medicare, by accessing the GovBenefits and BenefitsCheckUp websites. (See Related Links Inside CMS and Related Links Outside CMS at the bottom of page.)

Integrated Medicare and Medicaid Models

CMS has created a specific website to provide information about our initiative for Integrated Care programs. This website provides valuable resources regarding integrated Medicare and Medicaid programs for States, health plans, and providers. This website can be accessed under Related Links Inside CMS below.

MINNEAPOLIS (April 10, 2008) – UnitedHealthcare Children’s Foundation (UHCCF) announced that new grants are available to help children who need critical health care treatment, services or equipment not covered or not fully covered by their parents’ health benefit plans.

UHCCF provides grants to families to help pay for child health care services such as speech therapy, physical therapy, occupational therapy sessions, prescriptions, and medical equipment such as wheelchairs, orthotics and eyeglasses.

Parents and legal guardians may apply for grants of up to $5,000 for child medical services and equipment by completing an online application at www.uhccf.org. Tax-deductible donations can also be made online.

To be eligible for grants, children must be 16 years of age or younger. Families must meet economic guidelines, reside in the United States and be covered by a commercial health benefit plan.

“We are taking action to improve access to health care in America and are dedicated to helping more children and families this year and beyond,” said Matt Peterson, UHCCF president. “We encourage families who need assistance paying for their child’s medical needs to visit the UnitedHealthcare Children’s Foundation Web site and apply today.”

“My son Bryson was born with Down syndrome and a heart defect, which would require open heart surgery,” said Jane Baker. “With the stress of knowing that our precious son was going to need major surgery, along came the worry of medical bills. Our caseworker told us about the UnitedHealthcare Children’s Foundation. We were given a generous grant to help with our medical expenses. What a blessing UnitedHealthcare Children’s Foundation has been for us. I am so thankful that there are people out there willing to help and give in times of need.”

The foundation aims to help more children by increasing awareness of the foundation through fund-raising events, partnerships, newspaper and Web advertising, and a revamped multimedia Web site, www.uhccf.org.

About UnitedHealthcare Children’s Foundation
The UnitedHealthcare Children’s Foundation is a nonprofit 501(c)(3) organization that strives to enhance either the clinical condition or quality of life of children who have health care needs not fully covered by commercial health insurance. The Foundation provides grants of up to $5,000 for costs associated with medical services and equipment. Foundation funding is provided by contributions from employees of UnitedHealth Group as well as individuals and corporations. While UHCCF receives contributions from UnitedHealth Group and its employees, individual and corporate donations to help provide assistance are deeply appreciated. To donate or learn more, please visit www.uhccf.org.

Source: United Health Care