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There are two different types of life insurance, term life insurance and permanent life insurance. Term life insurance is the easier of the two plans. This plan supplies you with death protection for a pre-determined amount of time, anywhere from one to 30 years. If you happen to die while paying on this type of policy your beneficiary will be paid the amount of money you specified when purchasing the policy. If at the end of the term you are still living your death protection coverage will cease unless of course you renew the policy. You can purchase this policy on a minimum budget and it is particularly perfect for providing coverage while your children are still in the home or while paying off a mortgage or other large loans.

This plan is merely a “quick fix.” It is similar to leasing a vehicle. You pay a lower cost for the privilege of driving the car knowing you will return it after a short period of time. However, just like when leasing a vehicle there is an option to buy. If you are purchasing term life insurance because you need protection now but can’t afford the higher payments of permanent protection in most cases you can switch your plan over to permanent protection when your situation changes (be sure to verify this before purchasing any policy). You can also look at term life insurance as an efficient means of protecting your family while using your remaining finances for savings or other investments.

Although this type of coverage is less expensive than permanent life insurance your premiums will increase at renewal periods as you grow older. Normally at renewal periods you will also be required to obtain a physical in order to qualify for the lowest rates.

There are four different types of term life insurance policies one of which is renewable term insurance. This policy will delete your need to submit to a physical when renewing your policy. The company agrees to renew your policy even if your health has declined however, be prepared to pay higher premiums with each renewal when purchasing this plan.

Convertible term insurance will allow you to switch from term to permanent life insurance without succumbing to a health exam first. Of course this convenience will more often than not come with the expense of higher premiums. On the bright side once you convert to permanent your premiums will not increase as with the renewal of the term plan.

Level term insurance presents a permanent premium for a pre-determined number of years, usually 10 or 20, and the death benefit remains the same. With this policy you will lock in a particular price for the duration of the policy. The down side to this plan is that the rate will rise significantly if you decide to renew with subsequent level policies.

The remaining plan is the decreasing term insurance policy. Throughout the term of this policy the death benefit will decrease. You may start out with $250,000 worth of coverage however for the first 10 years each year your benefit will be reduced by $10,000. The premiums on this policy will also vary over the term of the policy, it is for these reasons that this policy is not highly recommended nor sold very often.

Timothy Gorman is a successful Webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers free money saving auto, home, health and life insurance quotes that you can research in your pajamas on his website.

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Short term insurance costs less than traditional major medical insurance plans. However short term insurance has limitations that need to be considered before purchasing. One major limitation is the fact that short term insurance does not cover pre-existing conditions. Pre-existing condition is defined as any medical condition that was diagnosed or treated prior to the effective date of the short term insurance plan.

For example, if an individual has been taking high blood pressure medicine prior to taking out a short term insurance plan, the high blood pressure would be considered a pre-existing condition. In this case any treatment including medicine and doctor’s office visits for high blood pressure would not be covered due to its status as a pre-existing condition. Any new condition would be covered under the new short term insurance plan. This is one reason that short term insurance costs less than traditional health plans.

Short term insurance is a good alternative to more expensive plans in many cases. Healthy students graduating could save money and maintain catastrophic medical coverage with a short term insurance plan during the time they try to find employment with health benefits. People between jobs may find short term insurance more affordable than COBRA benefits as well. Short term insurance also satisfies a need for people on a restrictive HMO who travel outside of the coverage area on vacation.

If you think that short term insurance might be a more affordable option for you or your family’s needs, ask your local agent or go to sites like http://www.short-termhealthinsurance.com for information, quotes, and applications. Remember that short term insurance generally does not cover pre-existing conditions when considering this option. If that is not a concern for you, you could save a significant amount of money with short term insurance for your temporary medical benefit needs.

http://www.thackeragency.com
http://www.short-termhealthinsurance.com
Brian Thacker uses the internet to allow his visitors to have the experience of an agent without the hassle of one. Call the agency toll free if you have questions about anything concerning insurance and insurance related products 866-373-4948

Tags: benefits, health, insurance, medical, plans, short, temporary, termbenefits, health, insurance, medical, plans, short, temporary, term

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Imagine your horror when you discover your emergency surgery is not covered by your health insurance. You have no idea what to do. AND you’re a recovering patient!

The moral is that if you, or your company for you, purchased a health insurance policy more than five years ago, it would be prudent to review your benefits. You might find quite a few very unpleasant surprises. Wouldn’t it be better to know now rather than later, when you need your benefits and it’s too late to make changes.

The costs for medical services have soared. Many of the benefit amounts in health insurance policies do not cover the current charges.

I recently learned of a case where the patient bought his policy many years ago when medical costs were far less than they are now. His policy stated that his coverage for anesthesia services was one-third of the surgeon’s fee. Meanwhile, the cost of anesthesia services has greatly increased.

The maximum or “cap” in his policy was $1,000, leaving him with a significant - unexpected - out-of-pocket amount for the anesthesia service.

This same patient also found that his deductible was not an annual charge. He learned that he would have to pay the sizeable deductible for each medical event and/or procedure. Unfortunately, he found this fact right before his surgery, too late to make any changes in the policy.

He also found that lab charges would not be covered at all. His policy states that the cost of lab work would not be paid if it is billed from a site outside the hospital; only lab charges billed from the hospital itself were covered. Nowadays, many hospitals outsource some of their services and patients are stuck with more out-of-pocket charges.

Had this patient carefully read through his policy - and done so annually to remind himself - perhaps he could have made changes in his plan to better protect himself.

If your policy is through your company, they likely have an annual Open Enrollment period during which you can make changes to your health insurance plan. Use this annual event as the time for reviewing your policy.

Another reminder: check the pre-authorization, or pre-certification, requirements in your policy. This means calling the insurance company, describing what’s going to happen, and receiving approval for the procedure prior to the actual procedure. Often the physician’s office will handle this step. Make sure that it occurs.

Keep good records of your conversations. Note the date, the time, to whom you spoke, and what was said. Until you know for certain, assume any medical treatment requires pre-certification (often called “pre-cert”).

I hope this information has encouraged you to review your health insurance policy at least annually. You surely don’t want the financial surprises this patient found.

After fighting her own health insurance company, Leland Draper founded The Draper Forum to assist clients as an advocate for Georgia citizens regarding medical insurance. She deals with claims departments and agencies, overseeing claims, including Medicare, Explanations of Benefits, and supplemental policies. On behalf of the client, she copes with physicians’ offices, service agencies, hospitals as well as auxiliary labs and services. She provides this service for her clients because managing, on your own, the chaotic muddle of bills and insurance paperwork is emotionally exhausting and can affect recovery.
Ms. Draper can be reached at http://www.thedraperforum.com and at mld99@juno.com.

Tags: benefits, charges, costs, health, insurance, patient, policy, review, surgerybenefits, charges, costs, health, insurance, patient, policy, review, surgery

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