Common Health Questions
"Do I NEED Health Insurance? It's so Expensive"
What? There's a 10% Penalty if I don't sign up for Medicare in Time!
"Will my Major Medical cover all of my expenses?"
Major Medical is the #1 reason for Bankruptcy. It will kill your credit. Medical debts can prevent you from buying a home. Medical debt can follow you and even prevent you from living in a decent rental home. If you care about your health and your standard of living, think of health as wealth. It should be your 1st investment in a financial plan. An ACA aka The MarketPlace , aka ObamaCare Insurance plan with always have 10 essentisl benefits:
Here is a list of the 10 essential health benefits and what they mean.
- Prescription Drugs
- Pediatric Services
- Preventive and Wellness Services and Chronic Disease Management
- Emergency Services
- Hospitalization
- Mental Health and Addiction Services
- Pregnancy, Maternity, and Newborn Care
- Ambulatory Patient Services
- Laboratory Services
- Rehabilitative and Habilitative Services and Devices
Any one of these items for a catstrophic condition could gravely effect someone's finances if health insurance was not bound. The financial savior to health insurance is the Stop Loss that is also required of ACA plans. These benefits will all be the same in any Federal, state, and qualified employers health plans.
"Will my Major Medical cover all of my expenses?"
What? There's a 10% Penalty if I don't sign up for Medicare in Time!
"Will my Major Medical cover all of my expenses?"
The most common expenses that are not covered by your major medical plan would be your dental and vision coverage. Dental & Vision Insurance is ordinally purchased with Major Medical insurance. If you are under the age of 65, with a medical condition in your background, a Critical Illness policy for protection for a specific peril such as cancer or a stroke may be peace of mind. If you chose a High Deductible and a High Max Out of Pocket policy on your major medical policy or a high risk occupation such as a bulder, then an Accident policy is a great way to protect yourself from the catastrophic limits on your medical plan or rehabilitation costs that may not be covered. It is also a good idea to look into disability insurance which can replace your income. Some companys will offer disability in group plans by their employees. If your company does not offer it, you may buy a private plan. Call me for further questions and clarification on any supplemental products.
What? There's a 10% Penalty if I don't sign up for Medicare in Time!
What? There's a 10% Penalty if I don't sign up for Medicare in Time!
What? There's a 10% Penalty if I don't sign up for Medicare in Time!
It is so important to get Medicare in time. The good new is that if you are already receiving Social Security it will be automatic. However, If you have not yet started your social security, you have 3 months before and 3 month after age 65 or you are looking at a 10% Penalty for every year you postpone. There are exceptions to the rule; such as if you are still working. To find out more about Medicare download the handbook here:https://www.medicare.gov/medicare-and-you
That will cover Medicare part A & B. Well I bet you're wondering about the rest of the alphabet that everyone is talking about when it comes to Medicare. Yes, it can be confusing. There are options to include Dental, Vision, Coverage for Gaps in Your Coverage, EVEN Foreign Travel. That is if you plan to travel in retirement. Medical expenses on vacation are not often thought about but can be the most costly! Medicare provides limited help:•Covers Skilled Care Only •Pays less than 25% of cost* Per the Congressional Budget Office•