Life & Health Insurance

1. Fee-for-Service
   These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
    
2. Managed Care
   More than half of all Americans have some kind of managed-care plan. Various plans work differently and can include: health maintenance organizations (HM0s), preferred provider organizations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.

Medicare Supplement Plans

A Medicare Supplement plan also known as (“Medigap”) provides additional coverage beyond Original Medicare. Here are the main features these plans offer:

• Help reduce or eliminate money paid out of pocket for care received (deductibles, co-pays, and coinsurance)
• Standardized plans that are identified by letters – A through N (Massachusetts, Minnesota and Wisconsin have their own standardized plans)
• Are only offered through private insurance coverage

What these plans can do for your clients:

• Help manage out-of-pocket costs
• Give freedom to choose any doctor that accepts Medicare
• Free from paperwork with virtually no claim forms to file
• Provide national coverage so your client can use benefits anywhere in the U.S. and if they move, their coverage moves with them
• Provide foreign travel coverage for emergency services, depending on the plan
• Provide guaranteed renewable coverage, meaning the plan automatically renews or is guaranteed to continue from year to year as long as premiums are paid when due

Medicare Advantage Plans

• Help pay for hospital costs, doctor's visits, and other medical services
• May also include built-in Medicare prescription drug coverage (Part D) often at no additional premium
• Typically provide additional benefits, like preventive care, that Original Medicare doesn't cover
• Have plan premiums not based on age or health
• Combine all benefits and services in one plan
• Come in several different forms:
  • Health Maintenance Organizations (HMOs)
  • Preferred Provider Organizations (PPOs)
  • Point of Service (POS)
  • Private Fee-For-Service (PFFS)

Medicare Part D Plans

Medicare Part D Plans help cover the cost of your client's prescription drugs. Here are some of the main features of a Part D plan:

• Provide help with the cost of prescription medications
• Are only offered through private insurance companies
• Are usually offered two ways:
  • As a standalone plan to add coverage to Original Medicare Parts A and B and to complement a Medicare Supplement plan
  • As part of a Medicare Advantage (Part C) Plan
• Have a specific list of approved drugs they cover (called a formulary or drug list)

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.