Individual Medical

Short Term Medical – in between jobs or just aged off your parents’ policy – Short Term Medical can provide an answer until you become a member of a group plan or get your own individual plan.

Individual Medical – as companies are looking to cut costs, employees are either paying more for their employer sponsored plan or finding themselves without coverage. Individual medical can be the answer. You decide what benefits you want to pay for not someone else.

Life Insurance

Term - is usually purchased to satisfy temporary needs. It is the lowest cost insurance available. It does not build cash value or dividends. It eventually runs out and the premium can increase based on the terms of the contract.

Universal Life - is a flexible insurance plan. The premiums and the face amount of the contract can change. You must watch the annual statements to make sure the premiums are enough to carry the insurance amount.

Whole Life - offers permanent protection as long as the premiums are paid. This type of life policy has cash values and may have dividends. Whole life coverage is the lowest cost policy of a permanent nature.

Disability

Disability Income - is to replace the income lost when an insured become disabled and is unable to work. The maximum disability policy available is usually based on 50-70% of the insured’s gross income at the time of purchase.

Long Term Care

Long Term Care covers a variety of services that help people with health or personal needs and activities of daily living over a long period of time. Long term care can be provided at home or in different types of facilities. Long Term Care insurance is used as part of financial planning to protect your hard-earned assets.
Long Term Care insurance would take care of expenses not covered by Health Insurance or Medicare.

Medicare Supplement

Medicare Supplement - is a private insurance policy that covers many of the gaps in Medicare coverage.

Medicare Advantage

Medicare Advantage - is a Managed Care Plan which involves a network of doctors, hospitals, and other health care providers who have agreed to provide care to Medicare beneficiaries in exchange for a fixed amount of money from Medicare every month. These can include HMO’s, PSO’s, PPO’s and PFFS plans. The beneficiary will pay a co-payment at each doctor’s visit and at each medical service provided. If the rules of the plan are not followed, the beneficiary will have to pay more.

PFFS

PFFS – Private Fee For Service plan. The Medicare beneficiary elects a private
Indemnity-type insurance plan. The insurance plan, not Medicare, decides how much to reimburse for services provided. Medicare pays the private plan a premium to cover traditional Medicare benefits. Providers are allowed to bill beyond what the plan pays (up to a limit), and the beneficiary is responsible for paying whatever the plan does not cover.

Part D Prescription Drug

Part D – prescription drug coverage for Medicare beneficiaries.

Annuity

Fixed Annuity – the principle is guaranteed.
There is a minimum guaranteed interest crediting rate.
Most companies pay an additional excess rate on top of the minimum rate.
Surrender charges apply upon early withdrawals or surrender.

Fixed Indexed Annuity - the principle is guaranteed.
Different carriers offer different investment options.
Ex.- S&P 500 Index, Nasdaq Index, Russell Index, Euro Stox Index, etc.