Medicare Supplement Insurance
Seniors have 2 choices for health insurance:
1.Medicare Supplement- Medicare the government only pays 80% of the bills…Medicare Supplement company fills the gap or pays the 20%.
- Use any doctors any hospitals no restrictions.
- No co-pays, No co-insurance, No deductibles
- The best insurance option for seniors if you can afford the monthly premiums
2.Medicare advantage (MA)
- Healthcare 100% managed by the private company (Cigna Health Spring) not medicare.
- Very Low monthly premiums.
- Like an HMO plan Restricted to use doctors and hospitals only in the network
- Can be a headache/hassle sometimes to request a referral from your primary doctor just to visit a specialist.
- Less expensive in monthly premiums but expect to pay high co pays , co-insurance for major major services.
2 Types of Dental Plans to Choose from:
1. Dental Insurance –
HMO plan which means you can use only dentist, orthodontist, surgeons, etc within the network.
Plans are little cheaper in monthly price compared to a discount plan
2. Dental Discount Plans
Use any dentist,orthodontist, sugeons,etc…no restrictions
Usually more expensive in monthly premiums
Life insurance are sold as term or whole life insurance.
Under age 50 years old the ideal coverage is term insurance (temporary coverage).
Over age 50 years old the ideal coverage is term or whole life insurance (permanent coverage).
- Benefits never decrease
- Premiums never increase
- Policy never cancels as long payments are made.
- Beneficiary receives tax free lump sum check