Life Insurance

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The most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit during the term.  

Universal Life Insurance is a life insurance contract with flexible premiums that has both an insurance and cash value component. Universal life insurance works by providing lifelong coverage as long as premiums are paid. It includes a cash value component that grows over time, which can be accessed while the policyholder is alive. Unlike whole life insurance, universal life allows the cash value to grow at a variable rate. 

Whole Life Insurance is a life insurance contract with level premiums that has both an insurance and a cash value component. Whole life insurance works by providing lifelong coverage as long as premiums are paid.  The insurance component pays a stated amount upon death of the insured. Policyholder can withdraw or borrow against the cash value component of the policy. 

Loans, credit card debt, estate costs, the funeral... most people leave behind unpaid expenses when they die, expenses that, if left unattended, burden their families tremendously. Final expense coverage is life insurance that pays off these debts, ensuring that everything will be taken care of if you pass.

Hospital Insurance: Helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care. 

Medical Insurance: Helps cover services from doctors and other health care providers. Outpatient care, Home health care, Durable medical equipment (ie. wheelchairs, walkers, and other equipment). Many preventive services (ie. screenings, vaccines, and annual “Wellness” visits)

Drug coverage: Helps cover the cost of prescription drugs. Choose a Medicare drug plan in addition to Original Medicare, or you get it by joining a Medicare Advantage Plan with drug coverage. Plans that offer Medicare drug coverage are run by private insurance companies that follow rules set by Medicare.

Medicare Supplement Insurance Plan is used with original Medicare. Any caregiver that accepts Medicare will take a Medicare Supplement Insurance Plan because they only need to bill Medicare. Medicare pays their part (generally 80% of Medicare covered benefits) and sends the remainder of the bill to the Supplement which pays their part (generally 20%). It is important to note that Medicare Supplement Insurance Plans do NOT include Prescription Drug Coverage (Part D, PDP) and for those that do not

Medicare Advantage Plans, sometimes called "Part C" or "MA Plans," are an “all in one” alternative to Original Medicare. They are offered by private companies approved by Medicare. If you join a Medicare Advantage Plan, you still have Medicare. These "bundled" plans include Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance), and usually Medicare drug coverage (Part D) 

Medicare Prescription Drug Plan (Part D). These plans (called "PDPs") add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, & Medicare Medical Savings Account (MSA) Plans.

Medicare Prescription Drug Plan has its own list of covered drugs (called a formulary). Plans place drugs into different "tiers" on their formularies. Each tier have a different costs. Lower tier drugs generally cost less than a drug in higher tier.