What are the best reasons to choose a Medicare Advantage Plan?
Medicare Advantage plans are great for people who want a health plan with predictable costs for most routine health care services and a low monthly premium. In addition, unlike original Medicare, Medicare Advantage plans have a maximum out-of-pocket amount. Once the maximum out-of-pocket amount is met, the health plan covers all health care costs for the rest of the year.
What are the trade-offs between buying a Medicare Advantage plan versus a Prescription Drug Plan?
The premise of the question, I assume, is the choice of either Medicare Advantage or Original Medicare coupled with a Part D drug plan. With most Medicare Advantage plans, which also include prescription drug coverage, there will be a network of providers that you must see in order to have the health care costs covered. If Medicare beneficiaries opt for Original Medicare and a Part D drug plan, they can see virtually any health care provider they want in the United States.
What are reasons to not buy a Medicare Advantage Plan?
Some people who are managing a chronic illness or complicated health challenges may have a variety of health care providers across many different medical groups. It is rare to have all of these diverse health care providers covered by a Medicare Advantage plan. If the individual remains with Original Medicare, they have the freedom to continue to visit their preferred doctors for exams and treatments. Another scenario where a Medicare Advantage plan may not be optimal is if the individual travels extensively.
There are folks who are bi-coastal, spending considerable time on both the East and West Coasts to visit friends and family. Enrollment in a Medicare Advantage plan necessitates that the individual return to their home region to get routine health care covered. Consequently, Original Medicare with a supplement plan and Part D drug plan accommodates the travels of the individual.
What are the pros and cons of no-exam life insurance?
While the life policy may be underwritten (approved) quicker, a no-exam life policy will usually have higher rates and smaller death benefits than a fully underwritten policy with a complete medical history and exam.
How do I know if a no-exam life insurance is right for me?
You apply for a no-exam life insurance policy when you know that your medical conditions will most likely lead to a denial of a fully underwritten policy. Something as simple as sleep apnea can trigger a life policy denial. Have you ever mentioned suicide to your doctor and been referred to a counselor? You would likely be denied or severely rated up on the monthly premiums for expressing that you are a normal human being.
How can one increase the likelihood of approval for a no-exam life insurance policy?
You need to be totally honest and consistent. The life insurance company is checking all of the medical databases. If you try to hide something, like that prescription for Prozac in 2018, they will find out about it and want to know why it was prescribed. In addition to examining your health and the probability of not living the life term, the life company is also judging your honesty.