Again as I continually mention, the better educated consumers can become about insurance and the different types, the better decisions you can make. Another certification that I completed in December of 2007 is called a Certified Senior Advisor. This is an educational certification for those individuals working in the aging industry. It provides a very broad background in all aspects related to aging including not only Medicare, Medicaid, and long term care insurance but also reverse mortgages, financial planning, home and community based services, home care, facility care, relocation and moving etc. Although many who obtain this certification are specialized, the education provided at least gives the individuals some background information on other topics that may affect their clients. The
Archive for February, 2008
Ever tried to figure out the differences between the different Medicare plans? Medicare is available to persons 65 years of age or greater. Part A is considered “hospital coverage” and pays expenses related to hospitalization. Part B is coverage for “physician’s services”. This also covers lab expenses, home health care and outpatient hospital treatment. This is an optional part of Medicare that has a separate monthly premium but is highly recommended. Medicare Part D is “prescription drug coverage”. These descriptions are just the beginning in working with Medicare. There are also Medicare Advantage plans and gap plans that offer different coverage.
Still continuing on the insurance education subject, did you know that if you leave a place of employment and have life insurance coverage that you are able to personally convert this insurance to an individual policy within 31 days? Most employers offer what is called “group life insurance”. This type of insurance is convertible to “whole life” without a physical exam and rates are based on your current age. Again, most employers do not do a good job of explaining this ability to convert to terminating employees. Just the simple fact that you can convert to a whole life insurance policy without a physical exam can be a significant benefit. Perhaps most employers believe that the employee will be covered by their next company life insurance plan. However if you leave employment to become self-employed or simply take time away from the workplace and need life insurance, this opportunity to convert may be beneficial to you.
How many times have you been solicited for AD&D insurance, otherwise called Accidental Death and Dismemberment? I myself have been offered this type of insurance through employers and other associations and can tell you that I subscribed because it seemed like a good idea. After becoming more educated, I can tell you there are two camps. One that will advise that AD&D policies are so restrictive in what they pay that it’s not worth your money. The other will tell you that if you travel it’s a good idea to purchase travel accident insurance which is a type of AD&D. To give you an idea of exclusions under this type of policy, accidents or injuries sustained while under the influence of drugs or alcohol are excluded as are occupational related injuries. Loss of limbs fall under very specific restrictions such as loss of a hand must occur above the wrist or loss of an arm above the elbow. If you are really interested in this type of policy, talk to an agent as there may be better options for you that are life insurance related or accident insurance provided by insurers such as AFLAC that pay flat rates for different type of accidents or injuries. Becoming better educated will put the dollars you allocate to insurance in the best plan for you.
The topic at least for sometime is going to be my experience with the Life and Health course, upcoming exam and information I can share with you that agents omitted in discussions with me and probably many others. I’ve been diligently studying the Life and Health course so I can pass the exam the first time. This will then allow me to then to become “appointed” with a company or companies to educate and sell life and health insurance to my clients. While this is not the primary service that I offer, it will make reviewing this information for my clients much easier and will allow me to solve problems must easier being a licensed agent. The level of detail in this business, as you can imagine, is substantial. I would even suggest the course to individuals in the general public who wish to become more educated about life and health insurance for themselves.
So, more about life insurance from my weekend of education previously mentioned including one very common explanation regarding policy delivery that most people don’t know and are not told. Did you know that when you complete an application for a life insurance policy and are accepted by the insurer, that the agent should personally deliver the policy? I always wondered why agents wanted to meet with me to deliver policies; I thought it would be just as easy to mail the policy. However, there is a good reason called “Free Look” that was never explained to me and is probably not explained by the majority of insurance agents. The free look allows the insured (you and me) time to examine the policy after delivery. In Colorado for new life insurance policies the free look period is 15 days from the date of delivery. If during this time period you are not satisfied or comfortable with information in the policy you may return the policy and receive a full refund of premium. The coverage under the policy is then voided. I’m curious, how may people with life insurance remember their agent explaining the free look period?
In my work with older adults I frequently come across individuals who ask about life or health insurance. As you might know, it is extremely difficult to get information about either topic from companies when you call. Just getting through the phone tree can be an impossible feat and heaven forbid if you choose the wrong number and are transferred to the wrong department and have to start all over again. As I was talking to a friend of mine about this, she suggested I become licensed in Life and Health to better serve my clients. It was one of those suggestions that I wondered why I hadn’t thought about before. After some investigation, I enrolled in a 2-day weekend class on the subject. The benefit was not only knowledge that I can share with clients but even more, knowledge that I can use for myself in planning. It is said that knowledge can be dangerous. Now I can tell when someone is giving me incorrect information about life or health insurance. More about this later.
Do you know how much money you need to take care of yourself in retirement? Statistics show that most individuals try to plan for their own financial retirement and have no idea of how much money they really need. I recently met a group of financial planners at World Financial Group who provide analysis and advice to clients without a fee. The companies whom they represent pay them. You might then think that they are being paid by companies for whom they “sell” securities, stocks, mutual funds to clients and that they skew their recommendations only to these companies. True in part, however they represent top companies like Fidelity and others and the client always has the last say in how their money is invested. Even more interesting is that an individual can have an account with WFG for a minimum investment of $50 per month. Their goal is to make financial planning accessible to everyone, not just the rich.
Approximately ten percent of older adults are anemic. Most anemia is caused by nutritional deficiencies, chronic kidney disease or chronic inflammation. Some times it is associated with the diagnosis of another condition. Anemia is typically associated with tiredness, general weakness and lack of energy. It affects daily activities and quality of life. It is most often diagnosed by a blood test. An excellent source of information for many diseases and associated treatments is the Mayo Clinic at www.mayo.org
If you have an older family member who attends frequent medical appointments it might be a good idea to accompany them to the appointment. Being organized and planning for appointments delivers the best results. Take a list of current medications. Write down any health questions or concerns. And most importantly, take notes when you visit the physician. Many individuals walk in and out of an appointment with questions unanswered or forget advice given. Often a team approach results in the best outcome.
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