Medicare Supplemental Insurance Basics

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If you are 65 years of age or older, you want to know what Medicare supplemental insurance is. Once you qualify to receive Medicare, Parts A and B take care of most of your health costs. They cover approximately 80% of your total health care services.

That means that the remaining 20% is up to you to pay for out of your own pocket. This is not an easy thing for many older individuals who are living primarily off fixed income to do. It is difficult to budget for, since many health expenses are unexpected.

To ensure you get the best care for the rest of your life, consider purchasing a supplemental insurance plan. There are many supplemental plans available and they cover a wide range of specific health care issues.

These plans are also called Medigap plans. These are sold by the same companies that sell regular health insurance plans to individuals. Some of these plans offer dental coverage, and some even offer vision care.  While Medicare supplement plan G is the most popular, you will want to get all the facts you can about all 10 types of plans that are available. Speak with an insurance agent or broker to get the details on these plans before deciding on which one to buy.

Some Medigap policies require that you meet a deductible before medical charges are covered. Most Medigap policies, however, are a more affordable option than going without any supplemental coverage. Without supplemental coverage, you risk having to pay 20% of charges that go beyond what Medicare covers.

If you are married, you need to purchase a separate supplemental plan for your spouse. Supplemental insurance plans are designed to help you manage unexpected health care costs and get the most out of Medicare. Talk with an insurance professional to find the right one for you.

Life Insurance Options for Diabetics

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Life insurance for diabetics is attainable. There are several factors that will influence rates and the type of coverage a diabetic can get. The first step is understanding how rates are determined. Next, an individual must find a quality company that understands underwriting for diabetes.

How Rates Are Determined

There isn't a one size fits all rate for diabetics. There are many variables to consider when it comes to life insurance options for diabetics. A recent diagnosis will usually mean lower rates than if the diagnosis came many years earlier. A diabetic taking oral medication is considered less of a risk than one taking insulin. A diabetic controlling his or her blood sugar through diet is considered the least risky of all. A company will probably want to know the diabetic's HbA1c numbers. Diabetics who smoke, have uncontrolled high blood pressure, or other serious health conditions along with the diabetes will almost certainly pay higher premiums than those with controlled diabetes who are otherwise considered healthy. In general, the type of life insurance you'll receive and the type of premium you'll pay depends on factors such as what type of diabetes you have, the medications you're taking, and overall health.

How Insurance Companies Work

Each company has their own set of guidelines to determine what rates each policy holder will pay. A combination of factors including weight, blood pressure, or blood sugar will be part of the formula when determining coverage and rates. What individuals need to remember is that they must be ready to meet the guidelines when they apply so they can qualify for the best possible rates. If their weight or blood pressure or HbA1c numbers are even a few points off from the specified guidelines for a particular rate, they will receive higher premiums. Individuals need to be in the best health possible when applying for life insurance. They also need to be well informed. There are companies that specialize in covering diabetics. The guidelines that determine a certain rate at one company may not be the same at another company. Make sure you know exactly what is required to qualify for each policy and premium. If a diabetic doesn't qualify for standard rates, sometimes a company will charge an extra premium to cover the risk. Costs will also be determined by the kind of coverage an individual is seeking. 

Life Insurance For The First Time User

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Even though life insurance can be a confusing subject for those new to the subject, it is actually quite simple and easy to understand.  The decision to buy life insurance comes into play when a person gets married and plans to have a family, or would like to pass a benefit on to someone else in the event of the person's death.  The concerns as to the financial well-being of the family, should the main breadwinner pass away, usually prompts the purchase of life insurance.

Insurance coverage comes in two main types, with optional add-ons, depending on the terms and conditions of the policy.  These two types are:

Term Life Insurance Policies

These policies are more suitable to young families just starting out, as the sooner you start investing in life insurance, with lower monthly installments and the higher eventual pay-out for the dollar.  Therefore, a term life insurance policy is the cheapest type of life insurance policy and is based on the amount of coverage, the term of the policy, and the age and health of the policy holder.  A term can be 10, 20 or 30  years, depending on the age or the personal choice of the individual taking out the policy.  At the end of the term, this policy has retained no cash value.

Whole Life Insurance Policies

The second main type of life insurance policy is a Whole Life Insurance Policy, which operates in exactly the same way as a Term Life Insurance Policy, except that at the end of the term, it offers a cash payout.  The cost will be higher and the coverage lower than on Term Life Insurance.

Discussing your life insurance needs with a specialized agent will ensure that you make informed choices regarding this very important decision in your life.  As you will be paying a monthly contribution towards your life insurance policy for a period of minimum 10 years and up to 30 years, it would be to your advantage to give careful thought to the choice of company, and the right type of insurance policy for your particular needs.

Medicare Plan F Facts

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Life and health are opposite sides of the same coin. When our health is good, we can have a good life. This makes healthcare vitally important since the better healthcare we get, the better the quality of life we will ultimately have. Health insurance policies can make or break us as we age so choosing a health insurance plan is vitally important.

People who are on Medicare have the option to purchase a Medicare supplemental plan to help them bridge the gap between what Medicare actually pays and what the doctor charges. Most doctors accept these valuable Medigap policies. People who have their own private insurance should consider purchase a plan. The most popular of these Medicare supplemental plans is Plan F.

Plan F offers a variety of benefits to the insured, including hospital coverage for an entire year after regular Medicare benefits have been exhausted. Travelers love this plan for its extended emergency coverage in case they get sick while they are abroad. Everyone who uses it appreciates the fact that coverage for co-pays is available. But this coverage is the most expensive of all the supplemental plans available even though most consider the money to be well spent.

Before making your decision to purchase a Medicare supplemental policy, you must calculate the total costs. This plan may require you to pay your deductible of $2,000 before it will pay any of the costs you incur either at the hospital or during a doctor visit. It is possible that these costs place this supplemental insurance out of your reach financially.

Other Medicare plans may work better for you. If you start with Medicare Plan F and cancel it because it is too much money for your budget, you will be required to qualify for those plans. There is an eligibility period of time when you first become eligible for Medicare that you must be insured with a supplemental plan. However, once that period ends, the insurance companies are under no legal requirements to give you insurance without qualifying you.

This is why it is so important to make a solid choice during your period of eligibility. Talk over your budget and Medicare supplemental plans with someone that you trust. Having the right insurance policy will give you peace of mind as you age.

Protect Your Family With Life Insurance

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Life insurance is the single most important financial planning tool that you need to ensure that your family is protected. If you have been putting off purchasing life insurance, now is the time to learn just how important of a purchase you have been delaying. Life insurance is not just a piece of paper, it is an intangible product that will provide support and payoff your debts long after you are gone. By purchasing the right type of life insurance policy with the right features, you will have peace of mind in knowing your family's fundamental needs will be met after you take your final breath. You can easily obtain a few life insurance quotes online and see how affordable it is, especially in regards to the peace of mind it offers. Here are just some of the many reasons why everyone has a need for life insurance coverage.


Do Not Pass on Financial Burden

Almost everyone has some type of debt. If you do not have any debt in your name, you do have to consider the cost of final expenses to bury you, arrange a funeral, and fly out close family members. Losing someone close to you is not just an emotional experience, it can become a financial burden when the person who passes away does not leave money or life insurance. By purchasing a sufficient life insurance policy that will pay beneficiaries who will take care of your estate, you never have to worry about passing one financial burden in the back of your mind.

Give Your Family Peace of Mind During a Difficult Time

Death may be one of the only things in life that is certain, but that does not make experiencing death any easier to cope with. Through times of loss and grief, dealing with loss of income and the possibility of losing a home can make the weight ten times heavier. By purchasing life insurance, you can give your family time to grieve, time to cope, time to plan for the future, and the finances that they need to replace your income, payoff the mortgage, and to cover other expenses. You never want to imagine needing to use life insurance, but you also do not want to envision a life where you chose not to buy it.

Life insurance is a very affordable product that can help you in a variety of different situations. Assess your life insurance needs, come up with a death benefit amount, and start pricing the cost of insurance today. Once your qualify for coverage and bind your insurance, you will feel like a weight has been lifted off of your shoulders.

Is it okay to increase your credit limit?

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It is often assumed that increasing your credit limit will hurt your credit score. Some consumers only make a request to increase the limit on their credit cards or a line of credit when they have already accrued balances right up to their limit. Other people request credit increases on a whim. There are some myths floating around about increasing your credit limit and ways to go about asking for an increase.

When should you increase your credit limit?

Believe it or not, increasing your credit limit can actually have a positive impact on your credit score. Almost a third of your credit score is determined by your credit utilization percentage, according to MyFico.com. In other words, when you take your current balances and divide them by the actual amount of credit you have available, that percentage impacts your score. The lower the percentage, the better. A high utilization percentage will decrease your score.

There are two ways you can go about increasing your limit. The first, obvious one, is to apply for and open a new credit card. The second is to call your creditors and ask for a limit increase. Having a higher limit will not hurt your credit score. It is a good thing to have available credit.

However, be careful. If the only reason you are requesting an increase is so that you can purchase more things and charge it, you might want to rethink your priorities. Doing so will not reflect positively on your financial management and will likely see your credit score drop as a result.

What are the downsides to increasing your credit limit?

Before the housing crisis of 2008, and subsequent economic downturn, it was easy for consumers to get an increase on their credit cards. A simple phone call would almost always result in a bump up on their limit. During the recession, things changed. Creditors had to take less risks. They often took the approach that if a customer was calling for a credit limit increase, that customer was quite possibly about to lose their job or were falling into financial trouble. Often instead of an increase, the phone call would result in a decrease or an account that was now closed. Credit card companies have eased up on that approach somewhat, but you still want to carefully look at your situation before making a phone call.

If your credit score is just average, you are probably better off opening a new credit card instead of trying to request a credit limit increase. If you have a score around 750 or above, you will probably find your request for a credit increase greeted positively.

Asking for the increase.

If, like many consumers, you have multiple credit cards, you are going to have a better chance of getting your limit increased on a card you use a lot and have a solid payment history with. If you have a card that rarely gets used and never carries a balance, there really is no incentive for the creditor to raise the limit.

If you ask for a relatively small increase, such as $500 or $750, and you have a spotless payment history, many creditors will approve the increase without pulling a credit report. If you are asking for a larger increase, they will most likely treat it as an application for credit and will run a full credit inquiry. Remember that inquiries do count against your credit score. Their impact is minimal, but if you have a lot of inquiries, their impact adds up.

Take a moment and think through the reasons you are looking for a credit increase and judge which creditor is going to be the most likely to approve you. If you think getting the limit increased might be an issue, but you have a decent credit score, take the route of applying for a new card instead.

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