Know Your Options Life Insurance and Medigap Plans
Have you been researching life insurance companies to learn more about your insurance options? Recent surveys have shown that 86% of the individuals polled believe that most people will need to have some form of life insurance coverage.
It’s important to note that life insurance policies have a broad range of coverage. They can be purchased at benefit amounts that range from $10,000 to millions of dollars.
When polled, 40% of Millennials indicated that they might be interested in a combination policy, such as life insurance and long-term care insurance. In addition, 25% of the individuals within this multi-aged survey stated that they were also interested in combination insurance products.
It’s interesting to note that three-out-of-five people already have some type of life insurance. Furthermore, 34% of the individuals polled stated that they were planning to purchase a life insurance policy within the next year.
In 2015, it was found that 55% of those individuals polled would recommend life insurance. In 2016, 66% of those polled stated that they would recommend life insurance to someone else, such as a friend, family member, or colleague.
In addition to purchasing policies from life insurance companies, many individuals have also shown interest in purchasing Medicare Supplement Insurance, or Medigap plans. As its name implies, this type of insurance is intended to cover medical costs that Medicare does not cover. According to the official Medicare website, this would include copayments, coinsurance, and deductibles.
These Medigap policies, however, only cover one person, according to a 2015 announcement from Centers for Medicare and Medicaid Services. When both spouses want to have this type of coverage, separate policies will need to be purchased.
When determining which types of additional coverage may be needed, the 2015 announcement from the Centers for Medicare and Medicaid Services indicates that Medigap does not usually cover the following products and services:
- Long-term care
- Dental care
- Hearing aids
- Private-duty nursing
When people travel out of the United States, however, there are six Standard Medigap plans that will cover emergency healthcare needs, according to the Centers for Medicare and Medicaid Services’ 2015 report. There is a lifetime coverage limit of $50,000 for foreign travel emergencies.
Whether you’re seeking affordable term life insurance, Medigap insurance, or another type of supplemental insurance, your life insurance company representative will be able to discuss a variety of options with you.