Rabu, 23 November 2011

Take Advantage of the Medicare Open Enrollment Period

If you aged in to Medicare this year, you had some important options available to you. Now, with the Open Enrollment Period, from October 15th to December 7th , if you have Part A and Part B Medicare, you have even more choices.

When you aged into Medicare, you had the option to choose a Medicare Advantage Plan, keep your Original Medicare plan and choose both a Medicare Supplement and a Prescription Part D Plan or keep your Original Medicare plan and choose a Part D Prescription plan. To be clear, Medicare has a Part A, Part B, and Part C. The Prescription Drug Plan is Part D.

During this Open Enrollment Period, you have multiple opportunities until December 7th to make whatever changes you want to make sure you have the Plan that best meet your health care needs.

Here are some areas of consideration when it comes to making the best choice for yourself. Your Original Medicare Plan has several deductibles and co-insurance elements that can hit you hard in the bank account if you experience a serious illness and have to be hospitalized. This is where a Medicare Supplement Plan can save you from this dire economic circumstance. Keep in mind that if you choose a Medicare Supplement Plan, each provider must, by law, offer you the same exact Plan. Don't get hung up on the name of the company, just consider the cost of the plan and both the letter designations (Plans A, B, C, D, F, G, and K) and the coverage associated with the letter.

If you are fine with choosing a doctor from within a Network, and don't want to shop around for a Part D Prescription plan, the Medicare Advantage Plan may be your best bet. The primary negative in a Medicare Advantage Plan for most Medicare recipients is that if you currently have a doctor that you're satisfied with and your doctor is not within the Network, you will have to change. However, if you are concerned by keeping your cost of health care low, than it might be better to choose a doctor from within a Network.

If you choose a Medicare Advantage Plan, depending upon your income and the benefits you choose, you may have a small monthly premium. Nevertheless, it would be small in comparison to the monthly Medicare Supplement Plan's premium. Also you can choose a Medicare Advantage Plan without the Part D Plan if you already have a Part D Plan and just choose a stand-alone Part D Plan. Take the time to consider your options carefully.

Finally, after December 7th you have an opportunity prior to February 15th to go back to Original Medicare and a stand-alone Part D plan.

This Open Enrollment Period is a significant time for you as a Medicare recipient to carefully consider your choices. Remember that except for certain circumstances, once you make a choice you are locked in until the next Open Enrollment Period.

Selasa, 08 November 2011

Why Term Life Insurance Quotes Are Better to Get Online

The is no denying that insurance has become an important part of modern living, helping to protect us in a variety of possible situations. Arguably, the most important to have is protection in the case of accident or death, ensuring loved ones have financial security. But the need for cost effective insurance has seen term life insurance quotes become the most widely sought after.

Not everyone is aware that universal insurance policies are not the only option. For those seeking low cost insurance, online brokers provide some of the best term insurance policies available, which do not require a lifetime of commitment and fits snuggly into practically any budget.

Of course, coverage is the most important factor, and as a life insurance option, term policies offer excellent coverage. However, there are pros and cons to the choice too.

How Term Life Insurance Works

So, what is important to know when seeking term life insurance quotes? Well, what sets this kind of insurance policy apart is that it is offers only temporary coverage. So, after the agreed term is over - be it for one year, five years or 20 years - the coverage ends and the contributions are lost.

Because of the temporary nature of the coverage, brokers market the policy as low cost insurance. Online brokers will charge competitive rates, but are prepared to pay out adequately should the insured party die within the coverage period.

And of course, should the insured party not die, he or she gets nothing. But while the monthly life insurance contributions may be higher in sum, much more is paid to a universal life insurance policy over the 30 or 40 years of its term. So, on balance, there term option is a better one.

How To Find a Quote

The website brings practically every kind of term life insurance quote within reach very quickly and very efficiently. Thankfully, the process involved in finding the best quote is pretty simple too, with comparison sites bringing all the leading offers to the forefront.

To get the right one, however, a little bit of probing is necessary. For example, once making a shortlist of premium options for the low cost insurance online brokers are offering, send a quote request directly to them. Simply fill out their online form detailing your basic information, like age, health status and income, and then click on the submit button.

Responses from brokers can be received in a matter of minutes, so that after only a half an hour, quotes from the top five or six brokers can be examined. Simply read the small print and find out whether the deals are really as good as they seem. But make sure to understand the extent of coverage before choosing the life insurance policy.

Pros and Cons to Consider

There are a lot of positive aspects to consider when seeking term life insurance quotes. One of them is that, with fixed rates set, they are suitable for even the strictest budgets. Another is that the size of a payout versus the monthly contributions, makes it highly cost effective.

But there are some negatives to consider too. When getting low cost insurance online, much of the responsibility is left in the hands of the insured party. It is up to them to renew the policy when it ends. Also, because the chances are the insured party will not die during the term of relevance, the policy can be seen as a waste of money.

Still, the importance of a life insurance policy in today's world cannot be overestimated, and being without coverage for even a few months can prove extremely costly.