17. April 2018 17:52
by Nicki
0 Comments

Can You Obtain Life Insurance After A Diabetes Diagnosis?

17. April 2018 17:52 by Nicki | 0 Comments



Have you been diagnosed with diabetes? You’re not alone – figures from Diabetes Australia show this medical condition affects 1.7 million Australians.

It is a serious condition that can cause blindness, result in the amputation of limbs, and even increase the risk of heart attacks and strokes if not managed correctly.

In light of this, you might be wondering if you are still able to obtain Life insurance if you have been diagnosed. The answer is yes.

If you take the right steps to obtain Life insurance you and your family can be covered regardless of your diabetes diagnosis.

What is diabetes?

According to Diabetes Australia, having diabetes means you are unable to maintain healthy glucose levels in the blood because of difficulties with regulating the hormone insulin.

There are three types of diabetes:

  1. gestational diabetes,
  2. type 2 diabetes, which is commonly controlled with dietary changes, and
  3. type 1 diabetes, where sufferers need to inject themselves regularly with insulin.

Alarmingly, there new cases of diabetes developing at a rate of approximately one person every five minutes.

How you can protect your family if your are diagnosed?

Although a diabetes diagnosis may mean that you can’t necessarily purchase a life insurance policy at standard premium rates  your individual circumstances would need to be considered and terms tailored to your personal situation. This means your cover would be fully underwritten and the terms offered would apply to the full term of your cover.

What this means is that your medical history would be fully assessed regarding your diabetic status.

Underwriting means no surprises

Once you have disclosed your health condition, an underwriter will make a detailed assessment of your health and other risks you are facing. The underwriting process means that your Life insurance policy is tailor-made to suit your needs and circumstances.

If your insurer is fully aware of your medical status, in the event that you or your loved ones need to make a claim on the policy, there will be no difficulties in processing it because of what may be considered a ’surprise condition’.

Insurers who do not require you to provide an upfront medical assessment may exclude any claim down the track because of a pre-existing condition which they were not aware of.

Financial peace of mind with NobleOak

Being diagnosed with a serious condition such as diabetes can be devastating. However, it is important that you’re not discouraged from applying for Life insurance to protect your loved ones.

Contact NobleOak today to arrange a Life insurance policy which takes into account your pre-existing medical condition, and gives you and your family peace of mind.

Share or Bookmark this post…

17. April 2018 17:39
by Nicki
0 Comments

Understanding Your Health Insurance ID Card

17. April 2018 17:39 by Nicki | 0 Comments



Your health insurance ID card. It’s a tiny piece of plastic that sits in your wallet. It may go largely unnoticed (aside from during doctor appointments and other medical services), but that little card is packed full of some very valuable information about your health insurance plan – information that can help you navigate the world of health care and ensure that when you receive medical care, it’s covered and billed correctly. And that’s a large part of what CDPHP® is about: As part of our Health Care Decoded initiative, it’s our mission to empower you with the tools you need to understand your health insurance.

Let’s start with a closer look at your health insurance ID card and some of the key pieces of information that it contains. Please keep in mind these are general categories of information. Your card might vary, depending on your health insurance company and the type of health plan that you have.

The Basics

First and foremost, your health insurance card contains some straightforward identification information:

  • The name of your health insurance company and possibly contact information (website, phone numbers, etc.)
  • Your name
  • The name of the subscriber or policyholder, if it’s not you. This may appear if you get your health insurance through another family member’s employer (e.g., spouse, parent)
  • The names of other covered family members (e.g., spouse, children) may also appear here

Member ID

Each member of a health plan is assigned a unique ID number, which allows doctors and other health care providers to verify your health insurance coverage and eligibility. If you have a question for your health insurer, this information will allow their customer service department to bring up your account to view your claims and benefits, and to answer any questions you may have.

Group Number

A health insurer also assigns a unique ID number to each employer that purchases one of its plans. This is called the group number, and you’ll see it on your ID card if you receive your health insurance through an employer. It identifies the benefits of your specific plan and your doctor’s office will use it, along with your member ID, to submit claims.

Plan Type

There are many different types of health insurance. The most common plan types you’ll see listed on your ID card are HMO insurance plans (health maintenance organizations), PPO insurance plans (preferred provider organizations), EPO insurance plans (exclusive provider organizations), and HDHPs (high deductible health plans). Each plan type is defined by its specific requirements regarding referrals, in- and out-of-network providers, and how out-of-pocket costs are calculated.

Payment Information

Most health insurance cards will show how much you will be expected to pay (your out-of-pocket costs) for common services like visits with your primary care physician (PCP), specialist visits and urgent care and emergency room visits. This may be listed as a flat rate (a copay) or a percentage of the total cost of the service (coinsurance). If two numbers are listed, the first represents your cost at an in-network provider, and the second is your cost at an out-of-network provider.

Prescription Benefits

Formulary

A formulary is a list of prescription drugs that your insurance company will cover. Some insurers have several formularies. Each CDPHP member will have one of three formularies listed on his or her ID card – Formulary 1, Formulary 2 or the Medicaid Formulary. If your CDPHP member ID card does not have a formulary listed, you have Formulary 1.

Prescription Costs

Formularies are commonly divided into three tiers. Your card may list the price you’ll pay at each tier level when you use a participating pharmacy.

Pharmacy Network

Some insurers have different pharmacy networks for different plans. A CDPHP member has one of three pharmacy networks: Premier (for all CDPHP plans offered through an employer), Value (for CDPHP individual health plans) or Medicare.

Rx BIN (banking identification number)

Your pharmacist will use this number to process your prescription. It indicates which company will reimburse the pharmacy for the cost of the prescription and where to send the claim for reimbursement.

Medical Network

Your insurance company may provide out-of-area coverage through a different health care provider network. If so, this will be listed here.

The Back of the Card

The back of your health insurance ID card is where you’ll be likely to find additional information, like important telephone numbers and addresses for doctors and hospitals so that they can verify eligibility, file claims, get pre-authorizations, etc. It might also provide hotlines and other resources for a variety of specific situations (e.g., chemical dependency services number, fraud hotline).

And there you have it – a breakdown of the most common pieces of information that you’ll find on your health insurance ID card. Now you know why that little piece of plastic is so important. And if you’re a CDPHP member, you can access your ID card online through our secure member site, or have it with you everywhere your smartphone is with the My CDPHP Mobile app!

Does your ID card have something we didn’t explain? Check out more of our Health Care Decodedhealth insurance explanations, or let us know in the comments below! Or, call the customer service number listed on your card for further explanations on the details of your plan.

Share or Bookmark this post…

7. April 2018 12:21
by Nicki
0 Comments

Life Insurance Types Explained Which Type Best Fits Your Need?

7. April 2018 12:21 by Nicki | 0 Comments


Deciding which life insurance types to look at depends on each individual's specific need.
All life insurance does not fit everyone's situation.
Let us examine why a single person would buy life insurance.
What about a single parent, what kind of policy would fit this person?
Sometimes we tend to think only married people buy life coverage.
Why would we think this way? How about business people?
Why should these people consider life insurance policies?

You Choose Life Insurance Types

  • Married People

    Let us look at the needs of married people as this seems to be the main reason people buy life policies. Let us also examine the life insurance types they tend to be interested in.

    You meet your soul mate and you decide to get married. You also have plans to have one or two children. Your partner and yourself work at jobs that yield a good income.

    You both decide it would be wise to buy a home before you have children. As you proceed with that you become very aware that you need some life insurance in case one of you should die.

    You want the home to be left free and clear.

    The life insurance types that you look at are level term policies and decreasing term insurance. With the level term policy, the death benefit remains the same throughout the life of the policy.

    With decreasing term, the face amount of the policy decreases as the balance of the mortgage decreases. You settle on the decreasing term policy as the premiums are cheaper.

    You also become aware that as you plan on having children you will have a need for more coverage. You can buy it now as it costs less or you can buy more and more as the years go by, if you can qualify for it.

    You decide to buy a term insurance policy sufficient to maintain the family at least until the youngest child graduates college. You feel a 20-year term policy would solve that problem.

    You are also aware that your spouse may need to guarantee your income up until age 65, retirement age. One of the life insurance types you look at is probably a 30-year term policy or possibly term to age 65. In some cases, a universal life policy or a whole life policy would fit the bill.

  • Single Parent

    The needs of a single parent are similar in many ways to those of married people. These people have an even more urgent need as if this parent should die there will be no other parent to care for the children.

    After taking the time to make the necessary arrangements for their care a single parent now has to look at life insurance types that would best fit their particular situation.

    As this person has a need to be careful with money level term policies would more likely fit like a glove.

    If the children are young the 20 years, 25 years or 30-year policies, in the right amount, should be sufficient to carry them through from infancy to the end of their college years. If they are older you may want to use a 10 year or 15-year term policy.
  • Single Person

    Does a single person need life insurance? Why? The only real life coverage needs a single person has is one that will provide sufficient cash to pay off outstanding debt, if any, and to pay funeral costs. It would probably be a good idea to use a 10-year term to do these things.

    These people should keep in mind though that coverage is much cheaper to purchase at a young age.

    It would be wise to buy a fairly larger amount of the type of policy that would be useful when they get older, that is if this person plans on marrying and having children sometime in the not too distant future. The types of life coverage types to consider here would be 20 year term or 30 year term policies.

  • Business People

    Life insurance is an important consideration for any type of business. A corporation or partnership would need life insurance on the lives of each shareholder or partner which the survivors would use to buy out the shares of a deceased shareholder.

    Which life insurance types do these executives consider? Level term policies are usually used to fund this initially but they are usually converted to permanent policies later on that is if they intend to keep the business going for a long time.



    Key man or key employee life insurance is very popular with most any business. You buy a policy on that employee whose absence may hurt the company.

    You make certain that if this employee dies suddenly you have sufficient funds to tide you over until a suitable replacement is found. Long term level term insurance policies can be used for this.

    Permanent insurance is sometimes used. This could provide a lump sum or additional income for this employee at the time of his or her retirement

Share or Bookmark this post…

31. March 2018 10:57
by Harry
0 Comments

How to Live Longer and Financially Plan for It

31. March 2018 10:57 by Harry | 0 Comments



Better widespread education and advancements in medical technology have been contributing factors to Americans living longer on average.  A report from the Centers for Disease Control and Prevention shows that the number of Americans older than 100 has increased more than 43 percent from just one decade ago.  However, the key isn’t just to live longer, but to live healthier as well.

  1. Keep a sunny disposition. One key to successful aging is your attitude.  Being optimistic, living life to the fullest, developing your full potential, and meeting older age head-on may make a difference in how your body ages.  A positive attitude may also help reduce the chances of being disabled in the future.
  2. Take care of yourself. In a perfect world, the main purpose of health care would be to prevent illness.  Unfortunately, today most health care is to fix problems that have already developed.  To improve or maintain your health, stay current with tests and screenings for cholesterol, blood pressure, diabetes, bone health, and cancer, and follow your doctor’s orders for any condition you already have.
  3. Keep moving. Exercise is critical to good health.  It can help you control your weight, strengthen your bones and muscles, improve your mood, and reduce your risk of many serious illnesses.  Endurance, strength, flexibility, and balance exercises can all help to improve or maintain your health.
  4. Use your brain. Lifelong learning means continuous learning throughout life.  It includes learning by thinking and doing, acquiring new knowledge and skills, and cultivating a mind that is adaptable to different ideas, people, and cultures.  Similar in the way that muscles need regular exercise to keep them flexible and strong, we need to exercise our brains as well, especially as we age.  Learn a new language or activity, play an instrument, or travel to help keep your brain fit.
  5. Eat your veggies. Eating a variety of whole foods, including lots of vegetables and fruit, can help your overall health.  Try to eat across all the food groups with an emphasis on foods the way they are in nature, without additives or processing.  Focus on nutrition rather than calories, eat smaller meals, and slow down while eating and enjoy your food.
  6. Get some shut-eye. Sleep, like nutrition and physical activity, is critical to your health and well-being.  Getting at least seven hours of sleep per night is ideal.  Adequate sleep can help improve your performance at work and in school, strengthen your immune system, and help prevent diabetes.  To get the rest you need, stick to a sleep schedule, keep the room dark and comfortably cool, and avoid glowing screens like TVs, computers, and smart phones before bed.
  7. Be a butterfly. Social relationships are a fundamental part of health and wellness.  We need to interact with friends and family, neighbors, co-workers, and strangers.  Social isolation and loneliness can be bad for your health.  To keep an active social life as you age, volunteer, adopt a pet, join a class or online community, and look for clubs that interest you.

Thankfully, compared to past decades, the elderly are living longer and in better health than ever before; however, up to one in four elderly Americans are not living this ideal life.  If you are living longer than planned and have health issues, costs can accumulate quickly.  Health care is one of the biggest expenses in retirement.

A 65-year-old couple retiring in 2016 will need an estimated $260,000 to cover health care costs in retirement.  This number does not include long-term care and seven out of ten individuals over the age 65 will need long-term care at some point during retirement.  So, what can you do?

Retirement Accounts

First things first, if you are earning an income you should be saving for retirement.  The younger you are, the riskier you can be in your investments because you have many years to make up for any losses before you retire and need those funds.  As you near retirement, you’ll likely want to make adjustments to help protect you from market risk.

Ideally, your retirement funds will primarily be going toward hobbies and everyday living, but if health issues arise those funds will be vital.  Medicare only covers around one-half of a retiree’s total health care expenses and you may need to reach into your retirement funds to cover the rest if you have no other options.

Medicare

Signing up for Medicare is one of the first major decisions you face as you reach retirement age.  You’re eligible for Medicare benefits in the month you turn 65.  During the initial enrollment period, you have a seven-month window to sign up.  However, many people are surprised to learn that there are costs involved with the program.  Even after paying into Medicare throughout your career, you also face monthly premiums and cost-sharing provisions once you’re enrolled in the program.

There are two Medicare paths to consider for coverage when you sign-up.  Path 1 offers a blend of coverage from government and private health insurers.  Path 2 is offered strictly through private insurers approved by the federal Medicare agency.

medicare path options

medicare path chart for Quotacy blog about healthy aging

As you can see, Medicare covers a great deal of expenses, but there are also plenty of costs that will come out of your own pocket.  This is where your retirement savings will begin to come into play, unless you have some sort of long-term care plan in place.

Long-Term Care

Planning ahead for the likelihood of needing long-term care can make the difference between financial security and devastation.  Unfortunately, people don’t like talking about long-term care.  Many think long-term care (LTC) means “nursing home” but this isn’t necessarily always the case.  According to the American Association for Long-term Care Insurance, in 2014, 51 percent of LTC claimants had home health care, 18 percent were in a community care facility (assisted living/adult day care), and 31 percent were receiving 24-hour professional assistance in a nursing home.

There is a strong likelihood that you or your spouse will need LTC at some point after the age 65.  The total cost of LTC treatment can easily approach or exceed $200,000.  In most cases, Medicare does not cover LTC expenses so the burden of these costs will ultimately rest entirely upon individuals and their families.

There are insurers that offer long-term care policies, but these are becoming less and less available.  Long-term care insurance is expensive to own and expensive to pay out, so many insurers have pulled out of the LTC insurance business.  Instead, insurers are offering LTC riders than can be added on to a life insurance policy.

How life insurance basically works is that you buy a certain amount of coverage and when you die your beneficiaries are paid a check in that amount.  With an add-on long-term care rider, you can receive “living benefits” if you end up needing long-term care.

Share or Bookmark this post…

12. March 2018 11:48
by Ammelia
0 Comments

Juvenile Life Insurance: The Whys and Hows

12. March 2018 11:48 by Ammelia | 0 Comments




As a parent, perhaps you’ve been able to check the critical financial boxes for your family. You’ve established emergency funds, secured life and disability insurance, and are on track with your retirement goals. You may wonder, is there anything else I could be doing to help my children?

This can be the time for parents and even grandparents to consider juvenile life insurance. It’s an often-misunderstood type of life insurance that provides protection for your children or grandchildren.

For some, the topic of juvenile life insurance evokes confusion and perhaps even fear. After all, why would one want to insure a perfectly healthy child?

Thankfully, the loss of a child is extremely rare. So while a juvenile life insurance policy does indeed insure against this very slim risk, some types of coverage are also designed to protect your child’s financial future—in a way no other financial product can.

3 types of juvenile life insurance

1) Juvenile permanent life insurance. This type of coverage is permanent, as long as premiums are paid, and typically accumulates cash value over the years, just like with permanent life insurance for adults. Juvenile policies are generally issued at the lowest rates available, and with limited underwriting. They’re owned by a parent or grandparent until the child is 18, at which point the now-adult insured (even if he’s still just a child in his parents’ eyes) can assume ownership.

Upon ownership, the insured adult child enjoys some distinct benefits:

Guaranteed insurability. Your daughter or son locks in a low rate and continued coverage—and can generally purchase more life insurance up to allowable limits. This may be the most compelling reason parents buy juvenile life insurance. Insurability is easy to take for granted when you have it. While most children are healthy, a future health concern could one day make your son or daughter hard to insure. This affects their entire family, who must find other ways to protect against financial vulnerability.

Cash value. The policy’s cash value grows tax-deferred over time, making it a reliable savings vehicle with some unique characteristics. If the cash is needed, the policyowner can access it through low-interest policy loans or outright withdrawals. The policy can also be surrendered for the cash value, typically minus a surrender fee.

2) Juvenile term life insurance. In contrast to juvenile permanent life insurance, juvenile term offers parents significantly less expensive coverage. However, term life insurance does not have a cash value, and only lasts for a specific length of time, such as 10, 20 or 30 years. Policyowners pay a level premium during the length of the term, at which point the term expires and coverage becomes more expensive, often significantly so.

Juvenile term coverage is typically available as a rider (basically, a coverage option) on a parent’s term policy. This rider typically lasts until your child reaches adulthood. You can often purchase coverage for all your children for the same price, with a single rider. In the event of the unexpected death of an insured, the policy’s death benefit can be used to cover expenses.

3) Juvenile group life insurance. Finally, some employers offer juvenile life insurance options through their group life insurance coverage. While convenient, keep in mind employee benefit programs can change at any time, and that in general, group life insurance can be hard or impossible to take with you if you leave your employer.

Remember, while you may have a lot of other priorities on your plate, juvenile life insurance can help create a bedrock of financial stability for your children as they come of age in an uncertain world.

Share or Bookmark this post…

23. February 2018 11:00
by Harry
0 Comments

How to Avoid Filing a Homeowners Insurance Claim

23. February 2018 11:00 by Harry | 0 Comments


The best way to insure your home and valuables against loss from a break-in is to not get burglarized in the first place. Ramping up your home security to better deter burglars is one of the smartest things you can do—and it’s easier than you might think. Here are some simple ways to increase security and minimize the chances of a break-in.

  • Use a Monitored Security System: This is the most comprehensive form of home security, and it provides a 24/7 connection to a monitoring center where someone is always available to respond to an alert. At the first sign of trouble, the security company will contact you and send the police to make sure everything is okay. 
  • Install Security Cameras: Surveillance cameras can be part of a larger security system or installed on their own to give you extra awareness of what’s going on at home. Security cameras can be used inside and outside your home. Look for features like motion detection, night vision, and live streaming.
  • Invest In Enhanced Lighting: Upgrading your lighting adds extra security and helps protect you and visitors from possible falls. Lights with motion sensors are perfect to scare away potential burglars. And you can use smart light bulbs to turn lights on and off no matter where you are, ensuring that no one has to stumble along a dark walkway. 
  • Add Smart Locks: Advances in technology make it so you’ll never have to worry about leaving the door unlocked again. Smart locks come with remote apps that allow you to lock the door from your office, and some even alert you whenever someone tries to gain entry to a locked door or window.

While no security plan is foolproof, adding a monitored alarm system or a few surveillance cameras can go a long way to warding off prowlers before they target your home and valuables. For comprehensive resources on state-of-the-art home security options, use our convenient comparison tool.

 

Share or Bookmark this post…