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When Do You Get Long Term Care Insurance?

The time to get DI is different for everyone depending on your occupation and health. The best answer is ... as soon as possible. DI is cheaper the younger you are, plus you never know if you might become sick or injured. If you're worried that you might make more money in the future, you can add a rider on your policy that will make you eligible for more coverage at a later date, or you can simply try to buy more DI when the time comes (assuming you don't have any serious medical issues when that time does come).

Does Homeowners Insurance Cover A Burst Pipe?

Annuities require an application. In the application you must clearly identify yourself, the proposed annuitant and a beneficiary and perhaps a contingent beneficiary. You must identify the source of the money and your experience as an investor. If the annuity is being used in an existing plan, such as a school sponsored 403(b), the details of that plan must be included.

Will Life Insurance Know If I Smoke?

That is a great question! The answer is simple, the cost of your auto insurance for your imported car is higher because the cost to repair it, should you damage it, is more expensive than a domestically made car would cost. The expense for parts and the specialized mechanics would cost the insurance company more, so they pass that expense on to you. Thanks for asking!

What Are The Coverage Characteristics Of Home Insurance?

A home is the largest single purchase that most people make in their lifetime. There are two characteristics that make home ownership difficult. The first is that the ownership of a home creates a situation of responsibility where you become responsible for personal injury and property damage that comes out of home ownership. For example, someone enters you home, slips on a rug and falls. Injuries can be minor or severe. It is quite possible that you could be sued to recover the loss sustained by the person who fell. This is a liability loss. The second is that you have an enormous amount of your money and the mortgage companys money invested in the home. It is usually a multiple of your annual income and would represent a great financial loss were the home to be destroyed. Your mortgage company is particularly concerned about losing their collateral and will require hazard insurance to protect their interests to the greatest extent possible. The list of things that could happen to damage a residence is lengthy but most of the causes or perils are contained in the HO-3 Homeowners policy. There are notable exceptions which should be restated. You are probably not covered for damage caused by earthquake or flood. These coverages are available but in slightly different forms and often with different policies. Because an individual cannot sustain the personal loss of a law suit or the destruction of their property they turn to an insurance company to pool their risk with hundreds of thousands of other residences. This recognizes the probability of damage and spreads that risk over a large number of residences. The insurance company charges enough to be able to pay those losses when they occur. Your state insurance commissioner is very concerned about the adequacy of the insurance companies admitted in your state. While there are various types of home insurance policies, I will confine my comments to the most common, the HO-3 Homeowners policy. Coverage A in a homeowners policy covers your residence. The coverage includes additional items but does not cover land or water. It doesnt cover trees except as covered in incidental coverages. Coverage B covers related structures on the property. It has the same restrictions as Coverage A and doesnt cover any business structures, except for a residence on the property that you lease to others. It covers you garage Coverage C covers the personal property that you either own or are responsible for. This is a very important coverage and contains internal limits on selected classes of property such as money, securities, jewelry, guns and watercraft. Misunderstandings often arise about this coverage and it should be discussed thoroughly with your insurance agent. Modifications of this coverage are relatively inexpensive and an unpaid claim is an expensive way to discover that you werent adequately covered. Coverage D pays the necessary and reasonable increase in living cost you incur when your household meets with an insured loss. The company will try to get you back into your residence as quickly as possible but will make sure that you are able to maintain your normal standard of living during the repairs. Coverage D also covers the loss of rents you might experience in the event of a covered loss. If you have an apartment on the premises and it is damaged by a covered loss, this section would apply. There are other limits and extensions in this section that require your attention if you are leasing property. There are number of ancillary coverages including credit cards, trees, fire department charges, debris removal, emergency removal of covered property and grave markers. There are several pages of definitions and exclusions which should be read. Most confusion arising from a homeowners policy come from this part of the policy. Many people think that a homeowners policy pays for routine maintenance or deterioration. Coverage L covers personal liability and provides that the company will pay up to the limits for expense that you are liable for because of bodily injury or property damage that happens on your premises. Coverage M covers medical payments to others and provides necessary medial expenses if they are incurred on your property and result in bodily injury. There are several pages of definitions and limitations on liability coverage. The policy then defines your responsibilities. You must notify the company of a loss, you must cooperate and many other responsibilities. At the back of the policy are a number of endorsements which changes the policy. These apply to specific types of property such as trading cards, animals, a roof and others. Together the HO-3 Homeowners policy is a package of protection that is sufficiently broad to meet the requirements of both lenders and homeowners. Special additional coverages are offered and should be considered. Many of these additional coverages can be included in the basic policy.

How Does A 401K Work If You Quit?

You have to pass the medical requirements and have the financial where withal to pay the premiums. The long term care insurance company will require your medical records from your attending physician and a depending upon your age a paramed exam that may include a blood and urine analysis.

Where To Get Health Insurance With A Preexisting Condition?

Starting January 1, 2014 you cannot be denied coverage or charged more for health insurance on individual plans purchased either off or on the government's Marketplace Exchange. If you are eligible for Medicaid or CHIP, those programs cannot refuse you either with a pre-existing condition. Open enrollment is now going on for these plans. The only exception is grandfathered health care plans that you purchase yourself, not through an employer. These plans must have been purchased on or before March 23,2010 and not have changed or reduced their benefits to the insured to be considered grandfathered plans.

What Is The Penalty For Cashing Out A Life Insurance Policy?

Homeowners insurance will cover water damage from a roof leak if the roof sustained damage from a recent storm and the damage to the roof resulted in damage inside the home. If the roof has issues that have gone unrepaired, water damage in this circumstance would not be covered. The roof damage and the water damage must have occured at the same time. Keith Prim - Dallas, TX 214-435-0791

What Company Has The Best Long Term Care Insurance?

The best long term care insurance company and its product must be determined by gender, age, smoking status, health history and current health condition. That being said, there are only a half dozen or so long term care insurance companies in the brokerage market. Genworth should be considered as a leader in the long term care insurance market.

What Is The Exclusion Ratio In Annuities?

The exclusion ratio usually refers to taxation of the payments or proceeds. What they do is take what you paid in, divided by what you are paid out. This will come up with a percentage ratio. This ratio will be applied to the funds paid to you and that portion of the funds would be 'excluded' from taxation. Consult with a tax professional to see how this may apply to your individual situation.

What Is A Fully Paid-Up Life Insurance Policy?

A fully paid up life insurance policy is one in which the premiums are paid up, or paid in full. At that point, the insurance company is liable for paying the death benefit, and you do not need to pay any more premiums to keep the policy in effect.

Who Can Purchase Life Insurance?

Anyone who can prove insurable interest between the insured and the beneficiaries as well as justify the amount of coverage may apply for life insurance coverage. The second condition is your health condition. Life insurance is a mortality product. Your premium will be a function of your health, the healthier the insured, the lower the premium.

Can You Switch Car Insurance Mid Policy?

Insurance policies can be cancelled. Many companies charge you for the number of days that you were covered. Some use another system that penalizes you a bit for cancelling before the end of the term. All you need to do is notify the company or your agent. All coverage ceases. This should not be done unless you no longer have the vehicle, or you are immediately placing insurance coverage with another company.

Is Property Insurance The Same As Homeowners Insurance?

Homeowners Insurance is a form of Property Insurance. The Insurance Services Office publishes Insurance Forms which are basic coverage contracts sold asinsurance policies by insurance companies. Homeowners Insurance is the most common form of Property Insurance; this form is generally written for Owner Occupied Single Family Homes but in some cases, it could apply to an Owner Occupied Duplex. To complicate matters further, mortgage companies do not differentiate the coverage form; they simply define required insurance as 'Hazard Insurance'; the hazard being the risk or collateral against which the mortgage company has leant funds. If a single family home is owner occupied, a Homeowners Insurance Policy should be purchased; if a 1 - 4 unit dwelling is tenant occupied, a Landlords Insurance Policy should be purchased. For residential apartments with 5+ units, a Commercial Form is required and in many cases can be written as a Residential Apartment Policy under a Business Owners Policy (BOP) package. For further clarification on the correct form of insurance, contact your insurance carrier or our office and we'll be happy to answer any further questions.

Is Aflac Cancer Insurance Worth It?

It does not matter if it is AFLAC or any other company, in my opinion Cancer insurance is a good buy. Even if a person has health insurance, the cost of Cancer can devastate a persons financial well being. With deductibles, copay's, travel, loss of income, and cost of alternative treatments, Cancer Insurance can make a difference between getting better care or going bankrupt.

What Are M&E Charges On Life Insurance?

Your employment status is not a question on an application for homeowners insurance. The company will want to know your occupation but even unemployed is an acceptable occupation. Being unemployed may be a tragedy but it doesnt affect the insurability of the home.

What Does Home Hazard Insurance Cover?

Homeownersinsurance often called hazardinsurancehas three (3) policy form types known as Basic, Broad and Special. Basic form will cover Fire Lightning InternalExplosion Windstorm or Hail Explosion Smoke Aircraft or Vehicle Riot or Civilcommotion Volcanic eruption Vandalism Broad form will cover all the above and add: Burglarydamage Falling Objects Weight of Ice and Snow Water Damage by pipes bursting (pipe itself is not covered for this peril) Discharge, overflow steam Freezing of plumbing Artificiallygenerated electricity Special formcoverseverythingexcept that is not specifically excluded: Below or the most common exclusions Ordinance or Law Earthquake Flood Power failure Neglect War Nuclearhazard intentional act Insects orVermin Special form has two type of form known as HO3 and HO5 in which you can increase or add specifically limitedcoverage'ssuch as jewelry. Talk to your local agent so he can access your specific needs for homeownersinsurance. Your home is one of your most importantassists and needs to be properly protected.

How To Bill Medicare As Secondary Insurance?

Your employer group health plan will know. When you receive services, the medical provider will (in most cases) bill the group health plan and Medicare. The carrier will have your Medicare information on hand and know if they are primary or Medicare is. If they are primary, they will pay their portion. After the group plan pays, Medicare will review the balance and pay their portion.

Can I Deduct Life Insurance Premiums On Schedule C?

No, unfortunately, you cannot deduct life insurance premiums on schedule C of your income tax return. Generally, only C Corporations are allowed to deduct life insurance premiums, within certain guidelines. Your tax attorney or CPA can provide legal advice to you regarding the deduction of life insurance premiums for businesses.

What Does A Retirement Plan Do?

A child rider on Term life insurance adds life insurance to your policy that will cover your child(ren). It is usually available to children age 15 days to approx age 17 (the age varies by company). You select a face amount of the child rider, usually between $5,000 and $25,000. This that would pay if a tragedy occurred in your family, and you lost one or more of your children. The child rider benefit would pay that entire amount for each deceased child. The rider pays for death by any reason, just as your policy does, with the exception of suicide in first two years, or if your child had a serious health condition that was not disclosed on the application and death occurred during the first two years of purchasing the rider. If your child has type 1 diabetes, intellectual disability, or other maladies, unfortunately, they will not be able to be on the rider.Therefore, it is good to get the rider while your first child is young; then the rest are automatically added. While few children pass away, the real value of a child rider can come when your child turns approx 25 (again, the age varies by company). At that time the child rider can usually be changed to a permanent life insurance policy of about 5 times the face amount of the child rider. They do not ask any health questions, so if your child developed an illness after being put on the rider, it will not matter. They will then have a reasonably priced life insurance policy for the rest of their lives.

Will Medicare Pay For A Pain Pump?

Medicare will cover some forms of pain management. Some, but not all, medical practitioners are covered by Medicare pain management programs. Doctors, and in some states CRNA's (certified registered nurse anesthetists are covered under Medicare. Infusion pumps may also be authorized for coverage under Medicare when authorized by your pain management physician.

How To Plan For Retirement With A 401K?

A qualified, employer sponsored, defined contribution retirement plan like a 401(k) is one of the most popular savings options. Some employers offer an additional contribution match furtherenhancingyour pretax contributions. Many advisers recommend that baby boomers work until age 70 1/2 to contribute as much as possible due to the risk of longevity duringretirement and required minimum distributions are triggered for income.

Can Long-Term Care Insurance Be Fixed?

The qualifications for Medicare in Washington are, first of all, to have paid into Medicare for at least 40 quarters, or be the spouse of someone who did. Most people either get Medicare when they turn age 65, or when they have been on Social Security Disability for two years. There are other situations where someone can get Medicare in Washington, but those are the most common qualifications.

Will An MIP Affect My Car Insurance?

That is a great question! If you are the minor in question with the possession charge, you better bet it will. If the minor was someone in your car with you, and not you, you might get lucky and the insurance company won't find out. Now the fact that you were allowing the breaking of the law, suggests that your decision making skills need some work, and that as a result, at some point yes, that will affect your policy, as you will most likely be filing some claims. Please consider this a serious wake up call. Too many teenagers die as a result of drunk driving, and you don't ( and neither does anyone else on the road with you) need to be another sad statistic. Seriously, stop. Thanks for asking.

When Does Health Insurance Cover A Tummy Tuck?

Homeowners insurance should start the day that you take ownership of your house. For most people its the closing day on the sale of the home. Homeowners policies renew annually after that. Don't wait until the last minute to get your homeowners insurance setup because it could delay the closing date on the house.

How Much Is Individual Health Insurance In New Jersey?

It varies from person to person. Your age, where you live, if you use tobacco products, and if you qualify for a subsidy to reduce your premium will determine how much a good policy is going to cost. Under the Affordable Care Act, you have the options for bronze, silver, gold, and platinum level plans (as you go up in metal, the price goes up, but provides better benefits) - some areas also have a catastrophic plan available. In addition, your age is a big factor as well. The younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well. All of the plans offer good coverage. A silver or gold plan are your middle of the road type of plans because they provide strong coverage at an affordable price. I always recommend consulting with an experienced health insurance broker before you apply for anything. We can help you determine the plan that's going to be most suitable for your needs and budget. I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.

How Much Is Life Insurance For My Parents?

Determining the price of life insurance for your parents depends on their age, health, and what type and amount of life insurance you are looking for. Most of the people who contact us for life insurance for their parents are looking for small final expense policies. This type of policy can usually be obtained with no exam and is Whole Life so that it will not end before death occurs. We also sell level premiums, meaning that the policy will not go up in price. Otherwise, there is a risk that the policy will become too expensive to hang onto until death occurs. For this type of policy, the price is approx $100/mo for a 60 year old man buying a $15,000 Whole Life policy that will not go up in price for the rest of his life. If there is a serious health condition, this price can be much higher, and rates will be substantially higher if the applicant is much older. Of course prices are lower if your parent is younger, and there are scores of other factors to consider. An agency that specializes in Senior Life Insurance can be helpful to find your parents life insurance that does what you want it to at the best possible price.

How Necessary Is Disability Insurance?

Disability insurance is paycheck insurance. How important is your paycheck? Very important! Disability insurance is an intricate part of defensive financial planning. Most working Americans have 90 days of case reserves for emergencies. So disability insurance can generate tax free benefits for time when you can't work because of sickness and/or injury.

How Much Is The Medicare Approved Amount For Eyeglasses?

Unfortunately, Medicare does not pay for eyeglasses. The only situation in which eyeglasses are covered by Medicare is when cataract surgery is done. Then it will pay for one standard pair of glasses following surgery. To find out what amount is allowed for that expenditure you can ask your Medicare provided or call 1-800-MEDICARE.

Is Refraction Covered By Medicare?

Their are money good companies. I prefer to go with the big one such as united health care and sponsor of AARP. Cigna Insurance, Humana. You must check their ratings and also their claim processing procedure. free advice.com rates many of the Medigap companies. Rating the claim speed for its customers.

Where Is The Cheapest Renters Insurance?

There is not enough information here to answer this question with any certainty. Rates for renters insurance can vary greatly from carrier to carrier and area to area. There are many factors that go into determining the rate that you pay for the coverage that you are seeking. To find the best rate for the coverage that you are seeking within your area I would suggest calling a few local agents to find out about availability of coverage and pricing.

Is Whole Life Insurance A Good Option?

The answer to any financial question should always be prefaced by "it depends on the need of the individual". That said, there are significant benefits for someone who owns a whole life participating policy. Whole life, a form of permanent life insurance, features guaranteed premiums, death benefits and cash value. Whole life policies also give you the potential to receive dividends which can increase the value of the policy or provide an increased death benefit for beneficiaries. Unlike term, the death benefit will last your entire lifetime and the monthly premium will be locked in at the date of policy inception according to your "rating". So, if you are 35 and get rated "Preferred Non-tobacco" that will give you a monthly premium that will not change for your entire life, regardless of any health issues - as long as your premiums are current. The second important value of whole life insurance is the accumulation of cash inside the policy on a tax-deferred basis. Over time, the cash value increases can be significant and you can borrow cash from your policy at a favorable interest rate. Many people have used this as a source for college funding or even a retirement income stream later in life. These policy loans are generally tax free. There is a lot more to Whole Life policies that can be addressed when considering your personal situation and I would recommend contacting an independent insurance agent that can review your particular needs and situation.

Can I Keep Insurance Money From Car Accident?

As a general rule you can keep proceeds from your auto insurance. You can also spend that money as you see fit. But most claimants generally use the money to repair their damaged vehicle, replace their totaled vehicle or as a down payment for another vehicle. In recent years auto insurance companies have been issuing good driver checks that that you can use at your discretion.

Does Renters Insurance Cover Rodent Damage?

Homeowners insurance excludes damage caused by insects, pests, and vermin. Rodents would be vermin so there would be no coverage for the damage to the dwelling caused by the rodents. Also rodents would not fall under sudden and accidental as the damage vermin cause is over a time period. Time to call the exterminator unless you can find yourself a good cat.

How Important Is Health Care Insurance?

Very important. Health insurance allows people to go and get health care if needed. Typically people with insurance will get check ups, find problems sooner due to early detection and can address health needs proactively. When you don't have health insurance you spend your days praying you never get sick. If at all possible strive to keep health insurance on yourself and your family.

Is A Credit Check Required To Get Life Insurance?

That is a great question! In the vast majority of cases, life insurance companies will not check your credit rating. In many cases your agreements section of your policy may give them the right to check, and if the value of the policy is high enough they might, but that's pretty much the only times that I know of. Most often, it's your medical history, your prescription history, and occasionally your driving record that they will check. Thanks for asking!

Can you get a Silvers Sneakers membership at the YMCA if you are on Medicare?

From my understanding, you can get the membership issued through private insurance companies - so you would need to have a Medicare supplement (Medigap) plan or a Medicare Advantage plan that offers the silver sneaker membership. I don't believe original Medicare offers silver sneaker membership. So if you're only on Medicare Part A & Part B, you could add a Medigap plan that offers the membership. As to which carriers offer it, I believe it ultimately depends on what state you live in as some carriers offer it in some states and not in others. You can find out if your plan offers the membership on the silver sneakers website health plan locator. Here's a link to their page: WEBSITELINK I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.

Does Medicare Insurance Cover Dental?

Routine dental checkups, cleanings, dental x-rays, crowns, etc. are not covered under original Medicare (parts A & B). You would need to buy a separate dental insurance plan to cover these benefits. If you have a medically necessary procedure completed in a hospital such as the repair of a broken jaw, then Medicare would cover it because it was an emergency situation. I hope the information is helpful - please feel free to contact me for assistance and if you have any other questions. Thanks very much.

How Do I Transfer My Insurance To Another Car?

This one's pretty simple if you have a good agent with a well trained staff. Simply call them up and tell them you're replacing a car. To make sure they have everything they need have this information: Year, make and model of new car Full 17 digit VIN When you got your new car When you got rid of your old car Talk about the coverage you want: Comp & Collision? Deductibles Anything special added to the car If it's financed or leased, they'll need to know the name, address, and loan or lease number of the finance or leasing company How you'd like to receive your certificate of insurance Also at this time, it might be a good idea to ask what the premiums will be so you can budget for it. If you haven't sold your old car yet, don't take the coverage off it. This is important. If you let someone test drive your car and they get in an accident or hurt someone, you want to be sure your covered. The premium you'll pay for that short period of time is worth it.

What Are The Advantages And Disadvantages To Long Term Care Insurance?

The advantages of coverage in your senior years can be significant based on the average senior couple spending $250,000 in medical costs during their retirement years. The disadvantage is the loss of economic opportunity to invest or save the premium dollars spent on long term care insurance if you never use it.

What Can I Expect To Pay For Disability Insurance?

Disability premium pricing depends on your medical information, behaviors and your compensation. Medical information is collected such as gender, age, smoking status, health history, current medical condition, etc. Behaviors like dangerous recreational activities, hazardous vocations and motor vehicle violations. And how much of your compensation do you want to coverage within the limits of disability insurance? The generally rule of thumb for a nonsmoking healthy person covering 60% of their compensation can be 3 to 5% of the compensation coverage.

Why Is A Roth IRA Tax Free?

The income tax free return on a Roth IRA is an incentive to save money for retirement. It is in this context that the IRS code allows the money to be income tax free. This includes not only the money that you have placed in the contract but any earnings made on that money. This is the idea that is being pushed by the President with his My RA.

Can Employers Contribute Different Amounts Health Insurance?

They can as long as they are not discriminating within a class of employees. For example, it is not uncommon for an employer to contribute on dollar or percentage amount towards the coverage of salaried employees and another dollar or percentage amount towards hourly employees. This is quite common where a labor union collectively bargained agreement is in place. Where an employer can get in trouble is where they choose to discriminate within the same class of employees. So, as a general rule all salaried employees should be treated the same from an employer contribution standpoint as should be the case with all hourly employees. Contributing 50% of the cost for one salaried employee and 75% of the cost for another similarly situated salariedemployee could be the grounds for a labor discrimination lawsuit for the employer.

Can Debt Collectors Go After Life Insurance?

Not yet, but most individuals will be required to show proof of insurance beginning in 2014 or pay a penalty. Some groups of individuals are excluded from the mandate. This would include Native Americans and those who are excluded by virtue of a religious affiliation. If you are required to have coverage it must meet the minimum standards.

How Much Is Health Insurance For A 60 Year Old?

Unfortunately, term life insurance has no cash value to build up. Therefore there is no money to cash out. Think of term life insurance as renting your life insurance and permanent life insurance as buying life insurance. Cash value plans are policies such as whole life and universal life insurance. These are more expensive premiums but do build cash value for times when you need money.

Can You Switch Home Insurance?

Great Question. It is normal to switch your home insurance if you can get a better rate and coverage from another insurance company. You must inform your mortgage if you have a mortgage on your property. Make sure your new policy will cover the important things to you in your home.

What Are The Benefits Of Medigap?

Beginning in 2014 the PPACA, better known as the Presidents signature legislation, Obamacare goes into effect. Obamacare is a mandatory health insurance regulation that every American is legally bound to purchase, if they qualify under income means testing. If they elect not to participate, then the IRA will levy a penalty which the Supreme Court defines as a tax.

Does Homeowners Insurance Cover Electrical Surges?

Genworth is a leading manufacturer and distributor of long term care insurance. Their long term care policies cover various options of elderly care from assisted living at home to nursing home confinement. The contract offers additional riders like the inflation rider that can mitigate rise in the cost of living.

Where Do I Sign Up For Medicare?

You can sign up for Medicare online at medicare.gov. If you are nearing age 65, you can sign up in the three months before or after the month of your 65th birthday. If you would rather sign up by phone, you can call 1-800-MEDICARE (1-800-633-4227). Or you can go to your local Social Security Office to sign up for Medicare.

How Do Entrepreneurs Get Health Insurance?

For the most part a very common cause of power surge is a lightening strike and this is a covered peril in most standard issue Homeowners' contracts. Sometimes, if power is lost as a result of a storm, when the service is restored there might be a surge and this too would be covered as it is a result of the storm damage.

How Many Years Of Long Term Care Insurance Do I Need?

Many factors affect the premium for your homeowners insurance coverage. Some these factors are: geographic location, reconstruction valuation of the home, number and dollar amount of homeowners claims that you have experience over the last five years, distance to the nearest fire department, distance to nearest fire hydrant, and many more.