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Planning for the future is so important, especially if you have a family that you provide for financially. That’s why being familiar with what life insurance offers and understanding the different types of policies available will benefit you!
Making sure that you have the right policies for your situation will provide you with peace of mind and the assurance that you’re making the right preparations for the future!
Medicare Part A provides inpatient coverage. If admitted into a hospital, you pay nothing in coinsurance if your stay is 60 days or fewer after paying the $1,484 deductible.
Part B handles outpatient services (e.g. screenings, ambulance services, medical equipment, and clinical research). It covers 80% of your bills once you’ve met the $203 annual deductible.
Part D is Medicare’s drug plan. Costs and coverage vary since this comes from private insurance. These plans work to find you the lowest prices for your medications while keeping your expenses to a minimum.
Lastly, there’s an option (also sold via private insurance) that gives you Part A, Part B, and in many cases Part D, all within the same plan. That’s Medicare Part C, also known as Medicare Advantage.
One big difference to take note of between the different types of life insurance policies is how long a policy lasts. The length of a policy will typically categorize them in one of two ways: term life or permanent life insurance.
Term life insurance will last for a certain amount of years. A permanent life policy, such as whole life, will never expire. Picking between these policies is extremely important, as it could have a big impact on whether or not the death benefit is provided to your beneficiaries.
If you have a family that depends on you, you should highly consider a life insurance policy. Even if you don’t have a close family and still want to provide a sum of money for a charity or organization you support, life insurance could be the right choice for you.
Life insurance is complicated, and that’s why we’re here. Make an appointment with us today to learn more about your options.