Individual health insurance
When you’re looking for health insurance, it’s a good idea to take a look at all the angles. You want coverage that works with your lifestyle, helps you get the best care possible and fits with your financial picture. That’s where First Financial Solutions Group comes in. We service everything we sell, and search for the best pricing for your needs. This is in contrast of what you may get online. If you elect to get health insurance online keep in mind the following:
- The cost is the same. The companies set the pricing, not the brokers/agents.
- The advantage of using your agent is the level of service, care, information, that you may need in handling anything from interpreting deductibles or co-pays to submitting claims.
- Using an agency ensures a constant contact person you know. You can even come in office to use email and scanning of documentations that you may want to send. Using online options will transfer directly to a large call center or a computerized system that asks you to keep pressing numbers for options
Group health insurance
A group health insurance plan is An employee benefit plan that is established or maintained by an employer or by an employee organization. Group health insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan. Premiums are paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions.
Dental Insurance is an insurance coverage for individuals to protect them against dental costs. It insures against the expense of treatment and care of dental disease and accident to teeth. The most common types of dental insurance plans are Preferred provider organizations (PPO) or dental health maintenance organizations (DHMO). Both types are considered managed care.
Buyer beware - As you start to approach your 65th birthday, you will be hounded with calls from agents and companies that buy lists; and guess what? That’s right, because you are a registered citizen and turning 65, they call you endlessly, and high pressure you to make a decision to sign with them NOW, without giving you all of your options or address your needs.
Understanding Medicare is easier said than done. You get a big Medicare & You Handbook in the mail, full of terms you’ve never heard before. Be prepared for lots of insurance companies bombing your mailbox with a foot-high stack of mail every week. Are you supposed to read all that and have any idea what to do? How do you know which mail is ok to throw away?
Here are some simplified pointers:
1. Go to the Social Security office and apply for Parts A & B.
You can also do this online. Your Original Medicare consists of Part A and Part B. These are provided to you by the federal government. In fact, you will enroll in these two parts (and only these two parts) through the Social Security office. Anything in your mailbox that comes from the Social Security office or the Centers for Medicare & Medicaid Services is mail you want to keep.
2. Medicare has Parts, NOT Plans.
Part A is your Hospital Coverage. This coverage pays for your room and board in the hospital or in a skilled nursing facility. If you have paid into all of your quarters into the Social Security system, your Part A will be free. When you apply at the Social Security office, they will confirm this for you. Part A only covers 80% of your hospital costs.
Part B is your Outpatient Coverage. This includes pretty much everything else: doctor visits, equipment, lab-work, surgeries, durable medical equipment, diagnostic tests, etc. According to your tax bracket. According to your tax bracket, the social security office will tell you what they will charge you for your part B. What you pay can be very different from what your neighbor pays. When you apply at the Social Security office, they will confirm this for you. Part B only covers 80% of your doctor, labs, tests, etc, costs.
Part D is your drug coverage. This is a pharmacy card which will allow you to purchase your prescriptions at a much lower price than retail. It is insurance you buy for present AND future medication needs. It’s pretty important to have unless you can afford to pay for all your medications out of pocket.
3. How do I cover my other 20% out of pocket expenses? Simple, most people pick either a Medicare Advantage Plan or a Medicare Supplement Plan. They are very different.
Medicare Supplements: Most popular are Plan F and Plan G to cover the 20% out of pocket from Part A & B, but you will also have to purchase a Part D for your drug coverage. All major carriers offer these plans. Most doctors accept Plans F & G. There is no network, as it is nationwide. These plans require additional costs on top of what you will be billed by Social Security for your Plan B.
Medicare Supplements = Pay for your Social Security Plan B, pay for a Supplemental Plan, and pay for a Part D Drug Plan.
Medicare Advantage: The most popular Medicare Advantage Plans are endorsed by AARP. They do not cost any additional money. Most INCLUDE your Part D Plan. All major carriers offer these plans. These plans are network-based. If you travel to a different area within the nation, simply call and tell the plan that you need to be within a designated area for which time period. Then call again once home and in you network area.
Medicare Advantage = Pay for Social Security Plan B (part of your payment will include the Part D).
Lastly, once you are signed up and enrolled in Medicare, the calls and mailings will not stop. There will always be mailers or a slick-talker that tries to persuade you switch plans or renew same plan with them. But will that be in your best interest of your needs? A call to Social Security at 800-772-1213, or a website glance to medcare.gov, cms.gov, or aarp.org is always an objective option for information. Here at First Financial Solutions Group, you will always get a live person that knows you and has personal contact with you, having your best interest at heart.
Long Term Care
As you age, you may find that you need help with dressing, bathing, or other activities of daily living (ADLs) due to a decrease in mobility or a physical or mental disability. Such needs are often not covered by traditional health insurance (including Medicare). This is where long-term care can help. Long-term care insurance provides benefits for those with functional or cognitive impairment.
Disability Income (DI) insurance is often the most overlooked coverage in a person's overall financial plan. One size doesn’t fit all when it comes to disability income insurance.
No one wants to think about becoming too sick or injured to work. Yet, the likelihood of suffering this type of setback during one’s working years is greater than most people think.
One important tip: Pick a company that offers a Cost of Living Rider. Why? Let’s look at this example:
You just purchased a $2,500 month disability benefit. Should you become disabled, how would you feel if we paid you $2,500 per month the first year and then reduced the benefit to $2,450, or even $2,375 per month in the second year depending on the Consumer Price Index-Urban (CPI-U), a common measure of inflation. By purchasing a Cost of Living Rider, COL your policy will keep up with the CPI-U, so no money is lost, and also give you the option to purchase those increased rider benefits after returning to work.
Critical illness coverage pays a tax-free lump sum if you're diagnosed with a defined critical illness during the policy term. Recovering from a critical illness can also mean extra costs for you and your family e.g. making changes to your home or car. Your payout from you Critical Illness Policy could be used to cover something like this.
Accident insurance is a type of financial product that pays out a lump sum if you incur specific kinds of injury as a result of an accident. Accident insurance complements health insurance by allowing you to claim benefits even if the injuries you incur do not keep you out of work, and also complements your health insurance if an accident causes you to have medical expenses that your health insurance doesn’t cover, like a high deductible.
Property and Casualty
Property insurance and casualty insurance are types of coverage that help protect the stuff you own — your home or car, for example — and also provide liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings. First Financial Solutions Group has access to all carriers to ensure you get the best quote for your needed coverage.
Life Insurance with living benefits
Life insurance is one of the best investments that you’ll ever make for your loved ones. It’s one of the only ways that you can ensure that your family has the money that they need, even if something tragic were to happen to you. Life insurance makes an excellent safety net. First Financial Solutions Group has access to all carriers, so there is no bias of companies recommended. We carefully listen to the clients’ goals and needs and give solutions in the best interest of the client, and the client has the ultimate decision.
Not all life insurance carriers offer the same benefits at the same costs. In case you are not sure how your policy compares, it is best to call your existing company and ask for an “in force illustration until age 100”. Here, we can break your policy down for you into easy to understand terms and compare “apples to apples” when comparing to other competitive companies, to ensure you are getting the best life product for the dollar available.