Adler Insurance, your local Prescott insurance professional, answers: Can seniors get life insurance?

Adler Insurance knows that finding the right insurance coverage for Prescott seniors can get confusing. And many seniors wonder if they are eligible for life insurance. At Adler Insurance, we promise to find the right insurance to fit your particular needs.

We specialize in:

• Medicare Advantage Insurance
• Life Insurance
• Medicare Supplement Insurance
• Medicare Part D Prescription Drugs
• Long-Term Care Insurance

For example, term life insurance may be an excellent choice. Depending on the term length, the policy pays a death benefit to your beneficiaries if you pass during the term.

It’s a fact that age plays a significant role in purchasing insurance for seniors. And while there are some age restrictions (varies from company to company), the age limit for life insurance is probably higher than you once thought.

Common age cutoffs are:

• Age 80 for a 10-year term   
• Age 75 for a 15-year term
• Age 70 for a 20-year term
• Age 55 for a 25-year term
• Age 55 for a 30-year term

Permanent life insurance, generally a more expensive form of insurance, that covers you for the rest of your life is typically limited to 75 or 80 years old. “Final expense”' insurance is sometimes offered to consumers up to 85 years old.

Of course, life insurance gets more expensive as you get older.  But even if you're just past 50 you will probably find the application process a little more complicated than you expected.

The bottom line is that procrastinating on the purchase of insurance can be costly depending on the type of insurance you are buying. If you are age 40 and wait just a decade to buy, your rates could double.  If you want until after 60, you can expect rates to triple!

Are you a senior with questions about purchasing life insurance? Regardless of the type of insurance Prescott seniors may need or want, they can rely on Adler Insurance for a comprehensive and professional review of their situation. To schedule an appointment, contact us at 928-710-1455 or visit us at http://www.adlerlifehealth.com.

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Prescott Life Insurance
Medicare Insurance in Prescott
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Adler Insurance explains Medicare Annual Open Enrollment in Prescott

Turning 65 is one way you become eligible for Medicare. You can also be under 65 and be eligible for Medicare because you are receiving Social Security Disability Insurance, or SSDI. Open enrollment is the only time people with Medicare can change their health and prescription drug coverage for the following year. Adler Insurance, your Medicare expert in Prescott, is here to help you make sense of Medicare’s 2019 Annual Election Period (also known as Open Enrollment).

Open Enrollment Changes:

• During Open Enrollment you are allowed to change your Part D or Medicare Advantage (MA) plan.
• MA or drug plans can change drug coverage lists each year.
• Your Medicare Advantage plan can also change their network of facilities and physicians
• MA and drug plans can change how they cover medical services.
• MA and drug plans can drop additional benefits like dental, vision, and hearing.

When is Medicare’s 2019 Open Enrollment?

• Medicare’s Open Enrollment is October 15 to December 7, 2018. The effective date of the plan will always be January 1st.
• Because of the potential changes as listed above, this may be a good time to look at your options!

Does Medigap have an Open Enrollment for 2019?

• No. You can switch from one Medigap plan to another during this time, but you will have to answer medical questions. 
• If you want to switch from Medicare Advantage to Medigap, you will also be required to answer medical questions. There may be a exception if you qualify for special enrollment.

Medicare Open Enrollment is the time to shop around to make sure you have the best plan for your needs. Adler Insurance, your Medicare expert in Prescott, is here to help. If you have questions about Medicare coverages, give the experts at Adler Insurance a call at 928-710-1455. Learn more about Medicare and the other services we offer at http://www.adlerlifehealth.com.

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Prescott Health Care Insurance Agents
Comprehensive Health Care in Prescott
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Adler Insurance shares information on choosing a Medicare drug plan in Prescott

If you would help in choosing the best Medicare drug plan for you in the Prescott area, please give Adler Insurance a call. Here are the basics of signing up for a Medicare drug plan:

• If you do not have a Medicare Advantage plan that includes Part D drug coverage, you must sign up for it separately.
• You should be signing up for Medicare Part D at the very same time that you enroll in Part B. Do not procrastinate, even if you do not take any prescription drugs regularly right now. Waiting to sign up will cause an extra charge on your premium for every month that you waited. (The only way to avoid this penalty without signing up for Part D is having equivalent drug coverage, called "creditable" coverage. This coverage must come from another source, such as a retiree plan. Your plan administrator can tell you if your plan is equivalent.)
• Choosing a plan that is right for you can save you thousands of dollars each year in premiums and out-of-pocket drug expenses. It is important to review your Part D coverage every year at open enrollment. This especially important if you have started taking new prescription drugs.
• Every plan has a star rating. A five-stars is the best. Star ratings are based on factors like how well and promptly the plan handles coverage appeals, customer service, and how many people have complained about the plan.

Choosing the right Medicare drug plan is a decision that can be difficult to make without the help of a professional who understands the various plans offered. If you need to choose a Medicare drug plan in Prescott and don’t know quite where to begin, give the experts at Adler Insurance a call at 928-710-1455. To learn more about life insurance or Medicare options, please visit our website at http://www.adlerlifehealth.com.

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Comprehensive Health Care in Prescott
Prescott Health Care Insurance Agents
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Adler Insurance discusses comprehensive health insurance coverage in Prescott

Comprehensive medical insurance describes health insurance that provides coverage for most types of medical expenses. If you are not eligible for Medicare, you may be fortunate enough to be offered health care insurance through your employer. If not, you have a few choices to make and in order to make a better decision, Adler Insurance, your health insurance specialists in Prescott, would like to explain some of your options.

Costs: With comprehensive health care insurance, you’ll be required to pay premiums, deductibles and co-pays. You pay monthly premiums and, in addition, many policies have deductibles which must be met before the policy provides benefits. Finally, whenever you receive health care services, you may need  be required to pay varying amounts, called "co-pays," for services you receive.

Classifications: There are two general classes of comprehensive medical coverage: "Group" and "Individual." You may have a group plan sponsored by your employer, union or professional organization. Group plans typically provide the most benefits at the lowest price. Insurance companies also sell individual plans directly to the public. Individually purchased health insurance usually is more expensive and provides fewer benefits.

Types: The type of coverage you choose is extremely important:

• FFS - Fee-for-service plans provide the most options, allowing you to use any provider you choose. However, purchasing these plans on the open market can be expensive.
• HMO - Health maintenance organizations both insure and deliver health care. HMOs are the least expensive but most restrictive plans. You must live in an HMO's service area to join. In addition, all of your healthcare must approved through a single primary care physician. All referrals to specialists must be through the primary care physician as well.
• PPO - Preferred provider organizations are more expensive than HMOs but less restrictive, meaning referrals are generally not required.
• POS - Point-of-service plans combine an HMO with a PPO and let their members decide which benefits to use. Cost and restrictions tend to average out between the HMO and the PPO models.

Choosing the right comprehensive health insurance coverage is a decision that can be difficult to make without the help of a professional who understands the various coverages offered. If you need to purchase comprehensive health insurance in Prescott and don’t know where to start, give the experts at Adler Insurance a call at 928-710-1455. To learn more about life insurance or Medicare options, please visit our website at http://www.adlerlifehealth.com.

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Prescott Health Care Insurance Agents
Comprehensive Health Care in Prescott
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Adler Insurance strives to help Prescott residents determine if you have enough life insurance

It is never exact, but there are ways to make sure your loved ones are financially able to cope if something should happen to you, especially unexpectedly. Adler Insurance wants to help Prescott residents determine if you are adequately covered with the right amount of life insurance.

Again, this will not be an exact amount, but a good place to start is by calculating your long-term financial obligations and then subtracting assets. The number that you come up with is the “gap” that you will want your life insurance to fill. There are several formulas you can use to help you arrive at the right numbers. Here are a few:

The outdated rule
One rule, that many believe to be outdated, is the “income multiplied by 10 rule”. This does not take into account inflation, interest and one very important factor: the stay-at-home spouse/parent. Both parents should have a policy, even if one does not work. Should something happen to the stay-at-home parent, there will be hidden income costs that the “income multiplied by 10” will not cover. If you are going to use this calculation method, be sure to keep these things in mind.

Ten times your income, plus $100,000 per child for education
Thinking about education is important when coming up with the right amount to purchase. This is a good start, but do not forget to really study the “income multiplied by 10” to make sure you are taking into account everything.

DIME
This formula is probably a better way to go than the two previously mentioned. Why? DIME considers the following: debt, income, mortgage and education. All need to be considered when coming up with the right amount of life insurance.

• Debt: Make sure this is debt other than the mortgage. And don’t forget to add estimated funeral expenses.

• Income: How many years will you need this income? Perhaps sitting down with a professional will help you arrive at that figure.

• Mortgage: What is the amount needed to pay off the mortgage?

• Education: There are formulas you can use to determine the costs associated with education.

Once you determine which formula to use, you will then want to subtract your assets from that number.

Planning for the future is very important. It is also important to make sure you do not miscalculate when seeing to it that your loved ones will be taken care of. This planning should not be done in isolation. Let the experts at Adler Insurance, your life insurance experts in Prescott, look at your current life insurance policy(s) to make sure you are adequately covered. Call us today at 928-710-1455 and learn more about other types of insurance services we offer at http://www.adlerlifehealth.com.

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Life Insurance in Prescott
Prescott Life Insurance Policies
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Adler Insurance wants to help you understand Medicare terminology in Prescott

Deciding what Medicare coverages are right for you is no simple matter, and Medicare terms can be confusing. To help you make an educated decision about what option is best, Adler Insurance shares a guide to Medicare terms that may help you prepare for enrollment in Prescott.

Open Enrollment: The annual enrollment period runs from October 15 to December 7. This is when changes may be made to your Medicare coverage if you are already enrolled. Since plan benefits may change from year to year, this is the time to review your health plan to see if your current plan still meets your needs. Changes made during open enrollment are effective on January 1 of the following year.

Original Medicare: Parts A and B are considered original Medicare and are offered by the US Government. Each part covers a different aspect of healthcare services. Part A covers inpatient care at a hospital, skilled nursing facility and in some situations it could also cover care at home. Part B covers such things as visits to your doctor, outpatient physical therapy, and occupational therapy. Between Part A and Part B, approximately 80 percent of healthcare costs are covered.

Medicare Advantage: Medicare Part C is also referred to as Medicare Advantage, and is Medicare-approved private insurance that you can purchase. Medicare pays these insurance companies to cover your Part A and B coverages. Also known as MA Plans, they are designed to save you out-of-pocket costs, and offer additional benefits such as dental care, eyeglasses and wellness programs.

Prescription Coverage: Medicare Part D is prescription drug coverage. This can be stand-alone, or a coverage that is sometimes included in a Medicare Advantage Plan. When choosing a prescription drug plan, be sure to review the formulary (list of covered drugs) to make sure any medications you take are covered in the plan.

Medigap: Medigap is private insurance coverage that supplements original Medicare and fills in the “gap” between what you are charged and what Medicare pays. The premiums are typically higher, but it reduces out-of-pocket costs for co-pays, deductibles and coinsurance.

Parts F, G, K, L, M and N are additional Medicare supplement plans that lower your out-of-pocket costs by varying degrees.

Hopefully this guide has given you some insight on what to look for when choosing or reviewing your Medicare plan. Adler Insurance, your Medicare expert in Prescott, can help you select the plan that will save you money and best fit your medical care needs. Call us today at 928-710-1455 and learn more about other types of insurance services we offer at http://www.adlerlifehealth.com.

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Medicare Supplements in Prescott
Prescott Prescription Drug Plans
Helpful Insurance Articles

Adler Insurance helps you to decide the right Medicare supplement in Prescott

Although the federal Medicare program pays the lion’s share of medical expenses for those that use it, it still pays to look into the supplement policies as they help to pay for certain expenses not covered by Medicare. Adler Insurance helps you to navigate the Medicare supplements in Prescott and decide what is right for you.
When can I apply for a supplement policy?

Generally speaking, when you elect coverage from Medicare Part B, you have 6 months of open enrollment time for a supplement policy. This is the same whether you have Medicare due to age or disability. If you do not enroll in a supplement policy within the open enrollment window, you can be denied due to health conditions. Again, this is generally speaking. There are some exceptions, but you are safe to assume that 6-month window.

Does the supplement policy cover prescription drugs?
If you are looking for prescription drug coverage, it may be best to go with the Medicare prescription drug plan, as supplements may not include drug plans.

MedicareAdvantage Plans
MedicareAdvantage plans are privately sold insurance plans for a monthly fee that provide the standard Medicare benefits plus additional supplements. This is formerly known as Medicare+Choice plans.

Medicare Select Plans
Medicare Select plans are very similar to PPO plans. If you stay in network, the plan will be a lower cost.

Medigap policyA Medigap policy is basically just how it sounds. It pays the gaps that Medicare does not cover. It is sold by private insurance companies.

Am I qualified for a Medigap policy?
Not everyone qualifies for Medigap. Some reasons that may keep you from qualifying are: being enrolled in a Medicare Advantage plan, having Medicaid, being under the age of 65 and disabled or having end stage Renal disease. Also, generally speaking, you must have both Medicare part A and part B.

Let Adler Insurance help you with sorting out Medicare supplements in Prescott. We will see to it that you pick the right supplement plan for your specific needs. This article is not exhaustive, so it’s in your best interest to sit down and become fully educated on the supplement policies. If you need more information on how to choose your Medicare plan, call Adler Insurance at 928-710-1455 and discover more at http://www.adlerlifehealth.com.

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Medicare Agent in Prescott
Prescott Medicare Insurance
Helpful Articles about Medicare