Discover More About Different Types of Insurance

Medicare Advantage Plans are another way to get your Medicare Part A and Part B coverage. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private companies that must follow rules set by Medicare. Most Medicare Advantage Plans include drug coverage (Part D) Dental & Vision. In most cases, you’ll need to use health care providers who participate in the plan’s network. These plans set a limit on what you’ll have to pay out-of-pocket each year for covered services. The most common Medicare Advantage Plans are HMO & PPO Plans. Call today to speak with a licensed Independent Agent.

Medicare supplement insurance (Medigap) fills in the gaps between what original Medicare pays and what you must pay out-of-pocket for deductibles, coinsurance, and copayments. Medicare supplement policies only pay for services that Medicare says are medically necessary, and payments are generally based on the Medicare-approved charge. Some plans offer benefits that Medicare doesn’t offer, such as emergency care outside the United States. Medicare supplement policies are sold by private insurance companies that are licensed by Texas Department of Insurance. Medicare supplement benefits are set by the federal government.

A final expense plan, or as it is commonly referred to, burial insurance is designed to help provide affordable protection that pays immediately and tax free at the time of your death. According to The National Funeral Directors Assn. the median cost of a funeral is just under $9,000. If you do not have insurance in place or a savings account that someone has legal authority to access with this amount of money, friends and family will be stuck with the bill. Is that the way you want to be remembered?

The best part about final expense insurance is that most do not require a medical exam. You can apply for these plans by simply answering a few health questions. If you can truthfully answer no all of the questions, your policy should be issued quickly.

Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of  term Life Insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).

Hospital indemnity insurance is an insurance plan you can purchase in addition to your health insurance plan sponsored by your employer or a private insurer. You pay a monthly premium, just as you do for other insurance, and if you end up spending time in the hospital, you receive a fixed benefit amount directly to you to help cover the expenses. Depending on the plan you purchase, you could use the benefits for your deductible, coinsurance, transportation, medications, physical therapy or home care costs, as well as expenses incurred as you recover.