Older couple reviewing documents

Final Expense Life Insurance: Everything You Need to Know

Planning for the future involves preparing for unforeseen expenses, especially those related to end-of-life costs. Final expense life insurance is a specialized type of insurance designed to ease the financial burden on your loved ones. In this blog, we’ll delve into the details of final expense life insurance, including its purpose, costs, and how to choose the right policy.

Final Expense Life Insurance Overview

Unlike traditional life insurance policies that may offer broader coverage, final expense life insurance is a type of whole life insurance designed for older adults, and typically provides a guaranteed payout to help loved ones cover the costs of a funeral, burial, or cremation – which can average $10,000 or more. Coverage amounts can range from a few thousand dollars to $40,000. This insurance can also help pay off outstanding medical bills, settle debts, leave money to family members, or cover any other end-of-life expenses.

These policies are easy to qualify for, with no medical exam required. As long as you fall between 50 and 85 years old, you can often get approved for a policy within days.

How Much It Costs

Final expense life insurance premiums typically range from $30 to $100 per month. The exact amount depends on various factors, such as:

  • Age: Older individuals generally face higher premiums due to increased health risks.
  • Health Status: Those with existing health conditions may encounter higher premiums or limitations on coverage.
  • Coverage Amount: Higher coverage amounts will naturally lead to higher premiums. Keep in mind, policies generally top out around $40,000.

When evaluating final expense life insurance, it’s important to weigh the cost against the benefits. Consider the monthly premium payments, but also the peace of mind and financial security it provides your family. For many, the reassurance that their loved ones will not be burdened with financial hardship during a difficult time makes final expense insurance a worthwhile investment.

Types of Plans

There are two types of final expense insurance:

  • Simplified issue final expense insurance: This type is best for people in relatively good health who are looking for a way to cover end-of-life costs. The application includes a few health questions, but there is no medical exam requirement. Coverage amounts for simplified issue policies typically go up to $40,000.
  • Guaranteed issue final expense insurance: This type is best for people whose age or health prevents them from buying other types of life insurance coverage. There are no health requirements at all with guaranteed issue policies, so anyone who meets the age requirements can typically qualify. Coverage amounts generally go up to $25,000.

How to Choose a Policy

It’s often advisable to purchase final expense life insurance earlier in life to lock in lower premiums. But if you’re starting this process late, many insurers offer policies for individuals up to age 85.

To determine a policy that’s right for you and your family, start by estimating the total costs you want to cover – including funeral expenses, medical bills, credit card debts, and any other costs a loved one may incur when you pass.

Once you have an idea of the coverage amount you’ll need, you can start comparing plans and carriers. Below are some of the factors you should take into consideration:

  • Application Processes: Evaluate the application process for different policies. Some may require you to answer health questions, while others offer guaranteed issue options.
  • Coverage Amounts: Make sure the carrier that you select offers the amount of coverage that you’re looking for.
  • Premium Payment Options: Look into the payment options available from each carrier – such as monthly, quarterly, or annual premiums.
  • Provider Reputation and Customer Service: Research the reputation and customer service of the providers you’re considering. Look for reviews and ratings to ensure you choose a reliable company.
  • Options: Some final expense policies come with optional add-ons or riders that can enhance your coverage – such as a Living Benefit Rider (allows you to tap into your policy’s death benefit if you are diagnosed with a terminal illness), Inflation Protection (helps keep the coverage amount in line with rising costs over time), or Waiver of Premium (waives your premiums if you become disabled and are unable to work).

Evaluating these factors will help you determine which plan type aligns better with your needs and budget, balancing accessibility, cost, and coverage.

Conclusion

Final expense life insurance is a valuable tool for managing end-of-life costs and providing financial relief to your loved ones. It’s important to understand the coverage options, costs, and factors influencing premiums to make an informed decision. By assessing your needs, comparing plans, and choosing a reputable provider, you can secure peace of mind knowing that your family will be supported during a difficult time.

If you’re considering final expense life insurance, obtaining a quote is a great first step. Explore your options to find the best plan that fits your needs and budget.

Learn more about the Final Expense Life Insurance plans available to you.

Deciphering Dental Insurance Terminology

Navigating the world of dental insurance can sometimes feel like deciphering a foreign language. With a myriad of terms and verbiage to understand, it’s no wonder many people find themselves confused when trying to make sense of their coverage.

By gaining a better understanding of key terms, you can empower yourself to make more informed decisions about your dental health and insurance coverage. In this blog, we’ll break down some of the most important terms you should know when it comes to dental insurance.

Key Terms Used in Dental Insurance

  1. Premium: The amount you pay to your dental insurance company or third-party administrator, usually on a monthly or yearly basis.
  2. Deductible: This is the amount you must pay out of pocket before your dental insurance kicks in. For example, if your deductible is $500, you’ll need to pay $500 for covered services before your insurance starts to cover any costs.
  3. Covered Services: This refers to the specific treatments, procedures, and preventive care that are included in your insurance plan. These services are typically outlined in your policy and may vary depending on the type of plan you have. When you receive covered services, your insurance provider will pay a portion of the cost, as specified in your plan, while you may be responsible for copayments, coinsurance, or any amounts not covered by your plan.
  4. Copay: A copayment, or copay, is a fixed amount you pay for a covered service, such as a dental visit or procedure. Copays can vary depending on the service provided.
  5. Coinsurance: Coinsurance is the percentage of costs you share with your insurance company after you’ve met your deductible. For example, if your coinsurance is 20%, you’ll pay 20% of the covered expenses, and your insurance will cover the remaining 80%.
  6. Annual Maximum: This is the maximum amount your insurance will pay for covered services within a plan year. Once you reach this limit, you’ll be responsible for paying any additional costs out of pocket.
  7. Lifetime Maximum: Similar to the annual maximum, the lifetime maximum is the total amount your insurance will pay for covered services over the lifetime of your plan.
  8. Coordination of Benefits: If you have more than one dental insurance plan, coordination of benefits determines which plan pays first and how much the secondary plan will cover.
  9. Exclusions: These are services or treatments that your dental insurance plan does not cover. It’s important to review your plan’s exclusions carefully to understand what services you may need to pay for out of pocket.
  10. Maximum Plan Allowance: This is the maximum amount your insurance will pay for a specific covered service. If your dentist charges more than the maximum plan allowance, you may be responsible for paying the difference.
  11. Waiting Period: Some dental insurance plans have waiting periods before certain services are covered. It’s essential to understand any waiting periods associated with your plan to avoid unexpected costs.
  12. Preauthorization: The process of getting approval from the dental insurance company before receiving certain dental treatments or procedures, often for more expensive or specialized treatments.
  13. In-network: Dentists who have agreed to accept negotiated rates from the insurance company for covered services. Using in-network providers usually results in lower out-of-pocket costs for the insured individual.
  14. Out-of-network: Dentists who have not agreed to accept negotiated rates from the insurance company. Using out-of-network providers may result in higher out-of-pocket costs for the insured individual.

Navigating Deductibles, Copayments, and Coinsurance in Dental Insurance Plans

Understanding how deductibles, copayments, and coinsurance work can help you manage your dental expenses more effectively. Here are some tips for navigating these aspects of dental insurance:

  1. Understand how deductibles work. Take note of your plan’s deductible and plan your dental care accordingly. Consider scheduling routine check-ups and cleanings early in the year to help meet your deductible sooner.
  2. Manage copayments and coinsurance for various services. Familiarize yourself with the copayment amounts for different services covered by your plan. Knowing what you’ll need to pay out of pocket for each service can help you budget accordingly.
  3. Minimize out-of-pocket expenses. Take advantage of preventive services covered by your plan, such as routine cleanings and check-ups, to maintain good oral health and avoid costly treatments down the road. Additionally, consider using in-network providers as it will typically result in lower out-of-pocket costs.

Conclusion

Understanding dental insurance terminology is essential for making informed decisions about your coverage and managing your dental expenses effectively. By familiarizing yourself with key terms like deductibles, copayments, and coinsurance, you can navigate the complexities of dental insurance with confidence. Remember to review your plan’s coverage details carefully. Empower yourself with knowledge and take control of your dental health and insurance coverage today.

Visit the dental & vision insurance page to see current rates, review plan details, and enroll in minutes.

Medicare Terms Arranged In A Puzzle

The Medicare Puzzle

Over the next three years, more people in the US will turn age 65 than any other time in the history of the country. This marks a major milestone in most people’s lives as they are faced with an extremely important healthcare decision.

As people approach their 65th birthday, most are confronted with the same issues:

  1. They must decide and act on Medicare by a certain date.
  2. They are inundated with information.
  3. They have no idea what to do.
  4. They don’t know who to talk to.

There are plenty of Medicare products on the market; however, what most people are looking for is an understanding of how Medicare works and how it applies to them. Let’s take a look.

Overview

Medicare is broken down into four parts: A, B, C, and D, with parts A and B commonly referred to as “Original Medicare”. (The primary reason many people favor Original Medicare is due to the open access of care. There are no networks, so this coverage is accepted anywhere in the country by any provider or facility that accepts Medicare. If you move, your coverage goes with you.)

Medicare Part A

This covers a portion of the costs for hospitalization and skilled nursing care. It includes deductibles and co-insurance costs to the insured. Most people receive Part A at no cost if they have been employed at least 40 quarters during their lifetime. You must make application with Social Security to receive Part A.

Medicare Part B

This is the medical insurance portion of Medicare, which covers physician services and other ancillary healthcare benefits. It also carries a $226 annual deductible, and a 20% co-insurance with no cap. Part B has a monthly cost of $164.90, with higher premiums for higher income earners. You must also apply for Part B through Social Security.

Medicare Part C

Also known as “Medicare Advantage”, this is another way to get Part A and Part B coverage. These plans are offered and managed by private insurance companies. These “bundled” plans include Medicare Part A (Hospital Insurance) and Part B (Medical Insurance) and usually Part D (Drug Coverage). There is no cost for many of these plans, although the Medicare Part B premium must still be paid. They often offer coverage for benefits not covered by Original Medicare such as vision, dental, hearing and health club memberships.

While these plans offer a zero upfront cost along with additional benefits, care is limited to the providers within the carrier’s network. They operate much like group or individual coverages for those under 65, with HMO and PPO options. Generally, an HMO offers a lower out of pocket cost along with a smaller network, while a PPO offers a larger network with a higher out of pocket costs. If you move out of the coverage area or the carrier discontinues the plan, new coverage will need to be obtained.

Medicare Part D

This is a prescription plan that helps pay for the cost of prescription drugs. Medicare.gov provides a very useful tool to determine the most cost-efficient plan, based on your current medications. This is separate coverage from Medicare and while not required, there are substantial penalties for signing up after the initial enrollment period.

Important Notes

  • If you are receiving Social Security Benefits prior to age 65, your Medicare Part A and B will be issued automatically, a couple of months before your birth month.
  • In addition to Original Medicare, most people purchase a Medicare Supplement or Medigap plan. These plans pay for most of the costs not covered by Part A and Part B. To further confuse things, these plans are also identified by letter: A, B, G, K, L, and N. The most comprehensive and popular one is Plan G, which pays for all costs not covered by Part A and B except for the annual Part B deductible.

As you approach age 65, find an advisor who can give you a clear picture of how Medicare works for your individual situation. An understanding of these basics should precede any discussion relating to products and will make your decision-making process much easier. Visit the Medicare Solutions page to connect with a specialist.

optometrist performing eye exam

Everything You Need to Know About Astigmatism

Astigmatism may sound intimidating, but it’s more common than you’d think. According to the American Academy of Ophthalmology, approximately one in three people experience astigmatism. It is often misconstrued as an eye disease or an eye health problem, but is, in fact, an eye focusing condition that can distort or blur your vision.

The normal curvature of the cornea (the outer portion of the eye), and the lens (the inner part of the eye) are smooth and parallel. The typical shape of the eye is often compared to a basketball. People with astigmatism have a cornea and a lens with an irregularly curved shape. The irregular shape is often compared to a football.

Similar to nearsightedness and farsightedness, astigmatism is a refractive error. When light enters your eye, it is unevenly distributed on the retina, which causes blurred vision.

Who is at risk for astigmatism?

Astigmatism can occur in both adults and children. Your risk of being affected by astigmatism is higher if you have any of the following:

  • a family history of astigmatism
  • previous eye surgeries, such as cataract surgery
  • a high degree of nearsightedness
  • a high degree of farsightedness
  • a thin or scarred cornea

What are the signs and symptoms of astigmatism?

Symptoms may vary from person to person. Some people may not experience any symptoms, whereas others may experience one or more of the symptoms listed below:

  • blurry or distorted vision
  • headaches
  • eyestrain
  • fatigue
  • impaired vision at night
  • squinting
  • eye irritation

How is astigmatism diagnosed?

An optometrist will diagnose astigmatism through a dilated eye examination, similar to the eye examination used to diagnose nearsightedness and farsightedness. A keratometer is then used to measure the curvature of your cornea by calculating how much light reflects off of your cornea. This will determine the extent of your astigmatism. If your optometrist deems it necessary, they will test how you respond to light as your eyes focus. This part of the exam is simple, painless, and will help determine your best treatment plan.

What can I do to treat astigmatism?

If your astigmatism is mild, it may not require any treatment. However, depending on the result of your diagnosis, your optometrist will choose the best treatment option for you. Below is a partial list of common treatments:

  • Wear specialized glasses. The irregular curves in your eyes are treatable with specialized glasses that help reduce your blurry vision symptoms.
  • Wear contact lenses for astigmatism. Similarly to the glasses, you can choose from hard or soft lenses and daily or extended-wear lenses.
  • A non-invasive procedure where you temporarily wear hard contact lenses every night to correct your vision. These lenses are worn only at night.

Contact your professional optometrist if you believe you may have any symptoms pointing to astigmatism.

Did you know that you can get vision insurance as an add-on when you’re enrolling in one of our MetLife dental insurance plans? View plan details and enroll today.

Is Term Life Insurance Right for You?

According to a recent study done by LIMRA’s Life Insurance Barometer, “there are 102 million uninsured and underinsured Americans who know they need (or need more) life insurance coverage” and yet, only 52 percent actually have it. But then the question becomes, what form of life insurance is right for you and your family and could it be term life insurance?

Life insurance, by nature, has been designed to act as a financial safety net for your family in the event of your death. But when researching the differences between whole and term life insurance policies, the options can seem confusing.

What is the difference between Term Life and Whole Life Insurance?

When most people think about life insurance, they are more than likely thinking about whole life insurance. Unlike term life, whole (or permanent) life insurance is for your entire life span or up to age 100 in some cases, whereas term life is designed to provide coverage for a pre-specified period of time often ranging anywhere from 1 to forty years.

Cost is another key difference between the two policies. While most whole life insurance policies tend to have a higher premium from the start, many times your rate will not go up. Term life insurance, on the other hand, determines premiums based on the age of the policyholder, therefore a policyholder in their forties, for example, would have a higher premium than an individual in their twenties.

Whole life insurance also accumulates a cash value over time that grows at a guaranteed rate and is tax deferred. As the policyholder, you are able to borrow against the policy but you must be ready to pay the money back with interest. This is a feature of whole life insurance that term life does not offer.

Why Term Life May Be Right For You

While term life insurance might not be right for everyone, it may end up being a better fit for you, your budget, and your family when compared to whole life insurance.

Due to the fact that term life policies tend to be less costly overall (especially for those in younger age brackets), they might make more sense for new or growing families. Many who opt for a term life policy are entry to mid-level in their careers and may not have the kind of saving habits or capabilities to cover their family or debts in the event of an early death.

With a term life policy, your payout benefits could give your family and dependents the financial support they would need to not only pay for funeral expenses, but also supplement the loss of your income, and help put your children through college in the event of your death.

As term life policies generally provide you with coverage for a pre-specified period of time, once your term of coverage is over, the policyholder would then need to renew their current policy at higher rates or seek out a new life insurance policy should they wish to maintain their coverage.

Ultimately the decision between term life insurance and whole life insurance is a personal one and should be discussed with your family, agent, or both. When you truly examine your finances and current situation, you may find that a term life insurance policy would be a better fit for you in the long run and save you money in the short-term.

Are you ready to learn more about the Term Life policies that are available to you? Visit our term life insurance page for more information, or contact us to speak with a benefits counselor who can assist you.

Ten Medicare Terms You Need to Know

If you’re on the cusp of turning 65, you may be feeling overwhelmed with the Medicare system right now. Plans, parts, options, supplements, enrollment periods, deadlines, regulations – it’s a lot to take in.

To help make sense of it all we’ve compiled a list of basic Medicare terms and names that you’ll need to know before making your selections.

1. Medicare Part A (hospital coverage)

This will help recipients cover inpatient hospital care, skilled nursing facility care, hospice care, and home health care.

2. Medicare Part B (doctors and outpatient services)

This helps cover medical services from doctors and other health care providers, outpatient care, additional home health care, and medical equipment such as wheelchairs, walkers, hospital beds, etc. It will also help cover many preventive services (screenings, vaccines, and routine exams).

3. Medicare Part C (Medicare Advantage)

Medicare Advantage Plans are offered by private companies and provide all of the Part A and B benefits, with the exception of certain aspects of clinical trials (which are covered by Original Medicare). Medicare Advantage Plans include:

  • Health Maintenance Organizations
  • Preferred Provider Organizations
  • Private Fee-for-Service Plans
  • Special Needs Plans
  • Medicare Medical Savings Account Plans

4. Medicare Part D (prescription drugs)

These plans are sold by private insurance companies that follow rules set by Medicare, and they help enrollees cover the cost of prescription drugs and many recommended vaccines.

5. Original Medicare

Original Medicare includes Medicare Parts A and B and can be used to visit any doctor or hospital that accepts Medicare. It does not include Part D and will not cover any out-of-pocket costs associated with Medicare (such as the 20% coinsurance).

6. Medicare health plan

Medicare health plans are offered by private companies that contract with Medicare to provide Part A and B benefits. They include Medicare Advantage Plans, Medicare Cost Plans, Demonstration/Pilot Programs, and Programs of All-Inclusive Care for the Elderly (PACE). PACE plans can be offered by public or private companies and provide Part D and other benefits in addition to Part A and Part B benefits.

7. Benefit period

This is how Original Medicare tracks your use of hospital and skilled nursing facility services. A benefit period begins when you’re admitted to a hospital or skilled nursing facility as an inpatient, and ends when you haven’t received any care for 60 consecutive days. If you are admitted to a hospital or a skilled nursing facility after one benefit period has ended, a new benefit period will begin. There’s no limit to the number of benefit periods you can experience but you will still be expected to pay the inpatient hospital deductible for each benefit period.

8. Medicare-approved amount

Referring to Original Medicare, this is the amount a doctor or supplier agrees to be paid for services and may be less than their non-Medicare rate. Of this agreed-upon amount, Medicare will pay part of it and you will be expected to pay the difference out-of-pocket.

9. Medicaid

Medicaid is a joint federal and state program that helps enrollees who have limited income pay for medical costs.

10. Medigap

Also referred to as Medicare Supplement Insurance, Medigap is sold by private insurance companies to help Medicare enrollees fill the “gaps” in their Medicare coverage.

 

Whether you’re turning 65, already have coverage, or helping a family member with their decision, getting the right Medicare advice is critical.

As a benefit of your membership, you — as well as your spouse and parents — have access to a team of Medicare Specialists. These experts can answer your questions, review all your options, and help you navigate the process so that you can make the best decision based on your specific circumstances.

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Visit our Medicare Solutions page to connect with a Medicare Specialist.

Top Dental Issues to Watch for in Children

Lifelong oral health problems often begin in childhood, which is why it’s important to develop good oral health habits when your child is young. While there are many different types of dental issues, here are some of the most problematic to look out for in children:

Tooth Decay

This is the most common dental problem found in children. Baby teeth are especially prone to decay because they’re softer and more fragile than permanent teeth. Tooth decay occurs when acids and bacteria break down enamel and penetrate deeper layers in the tooth. This penetration leads to a cavity, which can then cause pain, infection, and if left untreated — an abscess formation.

According to a 2019 report from the CDC, 80% of children in the U.S. begin brushing their teeth later than dentists recommend. To prevent this problem, begin a twice-daily brushing regimen (using fluoride toothpaste) with your child as soon as their first tooth appears. It’s also important for parents to teach their kids to eat a balanced diet and avoid excessive sugary drinks and candy.

Pediatric Gingivitis / Gum Disease

Gum disease, also referred to as gingivitis or periodontal disease, is caused by bacterial infections and can lead to bleeding gums and bad breath. Children who develop gum disease may need antibiotics or other medications. The best way to prevent gum disease is with regular visits to the dentist every six months.

Broken Teeth and Grinding

From the playground to the soccer field to backyard hide-and-seek, children are prone to accidents — and are therefore more susceptible to breaking or chipping their teeth. A fractured tooth can be extremely painful, so contact your dentist right away if this happens to your child.

Surprisingly, teeth grinding often begins during childhood or adolescence. If you are seeing patterns of headaches, neck pains, jaw pain, or earaches in your child, they could unknowingly be grinding their teeth. If left untreated this can cause long-term damage to enamel and dentin, so let your child’s dentist know if any of these symptoms come up.

Thumb Sucking

Thumb sucking is one of the most common behaviors associated with early childhood. Excessive thumb sucking can have lifelong effects such as improper jaw alignment, overbites, crossbites, crowding of the teeth, malocclusion, and speech difficulties. If you notice your toddler excessively sucking their thumb, attempt to change their behavior by replacing it with pacifiers or finger foods such as carrots, celery, or apple slices (when they are old enough). If your child continues thumb sucking past age three, consult your dentist.

Dental Anxiety and Phobias

Some kids may experience extreme fear or anxiety over going to the dentist. This is normal but if it becomes too much, there are ways to help them overcome their fears. Scheduling regular checkups with your child’s dentist from a young age can help normalize the experience and ensure that any dental problems are caught and taken care of early on. It may also help to talk to them about oral health at home and set a good example by taking good care of your own oral hygiene.

Ready to take the first step on your family’s road to great oral health? Members have access to group rates on PPO dental plans! Visit our dental page to view plan details and enroll today.

Why Employee Benefits Should Be Your #1 Focus This Year

More than two years in, and companies around the world are still learning how to navigate the COVID-19 pandemic. In addition to the ongoing threat of new virus variants, employers now face another unforeseen reaction to the pandemic that the media has dubbed as The Great Resignation.

According to the most recent report from the Bureau of Labor Statistics, U.S. workers quit their job in near-record numbers in November of 2021, and employers followed up by posting 10.6 million job openings.

The pandemic has forced millions of individuals and families to re-evaluate their priorities, and a startling number of them have yet to return to the workforce. So how can businesses hang on to their existing staff while attracting new talent?

In a word, benefits. The employee benefits landscape is changing, fast. For starters, a base salary, alone, is no longer enough to stay competitive. Companies leading the way have added perks such as flexible working arrangements, increased paid time off, mental health support, parental leave, and even education assistance. And if the pandemic has taught us anything, it’s that taking care of one’s health has never been more important. Businesses embracing this are presenting their employees with more group health insurance options than ever before. For instance, some groups are electing to increase their employer contribution amounts toward health insurance plans from 50% to 100% and are even offering richer benefit plans. And what were once voluntary ancillary group benefits, such as dental and telehealth, are now part of many companies’ standard offering.

Your employees invest a lot into your business, and you invest the time and money to train them to be successful in their positions. Over time, you’ve come to value and rely on their consistency, dedication, and hard work. Make sure that they value you just as much.

Our team of licensed benefits counselors can help you curate an employee benefits package that stands out from the rest. Visit our group health & employee benefits page today to schedule an appointment or request a free quote.

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