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You sit down with your new employer to discuss benefits, and they mention providing a low-cost or free life insurance policy. Great! You’re set, right? Don’t be so sure… Insurance provided through an employer group policy, especially life insurance, is likely not going to be sufficient for your needs and those of your dependents.

It Looks Good on Paper, but…

We’re human. If someone gives us something for free – or even cheaper than we expect – we jump at the chance to take it. This is completely understandable, but you shouldn’t let the “too good to be true” nature of employer-provided insurance blind you from seeing what you really might need coverage-wise. A life insurance plan provided through your employer likely amounts to only one or two times your salary. True, you may have the option to purchase additional coverage through your employer’s plan, but even this additional coverage might not be sufficient.

What Happens if You Leave Your Job?

If you find yourself in between jobs, and you have lost your employer-provided life insurance, your dependents will be left vulnerable in the unthinkable case of your death. Just like other workplace benefits, employer-provided insurance is not portable. You could leave your job for a number of reasons – health issues, termination, retirement, or simply wishing to move on. Even taking a leave of absence or switching to a part-time schedule could affect your eligibility for benefits. To protect against dangerous gaps in your insurance coverage, the smart thing to do is to purchase your own individual life insurance policy.

It’s Better to Act Now

Another factor to consider is your age and health status. If you are young and healthy, now is the best time to purchase life insurance in the individual market. Your premiums will likely be lower, and as you age your premiums may be higher, or it may be more difficult to qualify for coverage. Avoid potentially being declined in the future by securing the coverage you need now.

Determine What You Really Need

Opinions vary on how much life insurance the average person needs. Most experts recommend 10 times your salary. Some individuals may be able to get away with purchasing less, or even with sticking with or adding to their employer-provided coverage. That’s great! However, people with large numbers of dependents or significant debts will certainly need the most coverage they can afford. An independent insurance agent can assist you in determining how much life insurance you should have based on your own unique circumstances. Reach out today to get a quote from an agent with the experience to understand what you need.

The federal government set up an online insurance marketplace called healthcare.gov. This website was launched in 2013 as part of the Affordable Care Act (ACA). Unless the state creates its own marketplace, citizens will default to using the federal exchange. These marketplaces are the most used by consumers searching for health insurance, but this is not the only option for them. It’s time to answer the leading question: which is right for you? Going through the health insurance marketplace or outside of it?

What Is The Marketplace?

The Marketplace allows you to compare and apply for private health insurance policies. Did you know that health insurance companies can only provide policies through healthcare.gov if they have a plan available for each of the four metal tiers? Individual plans are separated into metal tiers – Bronze, Silver, Gold, and Platinum. These metal tiers allow for people to make a fair comparison between all of these benefits and costs. All health plans offered on the marketplace must include these 10 benefit coverages:

• Outpatient care (officially called ambulatory patient services)
• Prescription drug coverage
• Pediatric services, including dental and vision coverage for children
• Preventive care
• Laboratory services
• Emergency services
• Hospitalization for surgery, overnight stays, and other conditions
• Mental health coverage and substance use disorder services
• Rehabilitative and habilitative services
• Pregnancy, maternity, and newborn care

In addition to this, plans on the federal marketplace must also include birth control coverage, breastfeeding coverage, and coverage for pre-existing conditions. It’s important to note that state marketplaces, depending on which state, may require all insurers to offer further coverage.

Why Look Outside the Marketplace?

The government marketplace requires that all participating insurers provide a plan in each of the four metal tiers. However, an insurer may only want to provide a single plan and they can do this by looking outside the marketplace. Did you know that outside the marketplace plans also have to offer coverages for the ten essential benefits? When you go with outside of the marketplace you get four major choices:

• Choice of a different carrier
• Choice of a different network
• Choice of different drug coverage
• Different plan coverage

Non-marketplace plans, which don’t follow these rules, can be structured differently and can potentially offer a lower price on similar coverage. As a reminder, this will all depend on which state you are looking for coverage.

They say that there is insurance for everything, no matter what the insurance is actually covering. Purchasing the right insurance and the amount of it you need will always be determined by factors in your unique situation. These factors are usually children, age, lifestyle, and employment benefits. With the vast variety of insurance coverage out there, many experts recommend purchasing at least 4 types. These types are life insurance, health insurance, long-term disability, and auto insurance. 

Life Insurance

There are two traditional types of life insurance: whole life and term life. Whole life insurance is guaranteed coverage until death if the monthly premiums are paid on time. Term life insurance is a policy that will cover you for a set amount of time. This is a simple explanation of the most basic forms of life insurance. Of course, there are more in-depth differences between the two, but deciding which is best for you will depend on your factors. The universal benefit of life insurance is the ability to cover funeral expenses and provide for those you leave behind.

Health Insurance

Did you know that over 900 Americans who filed for personal bankruptcy between 2013 and 2016 did so because of medical problems – bills, income loss due to illness, or both? These numbers may have you leaning towards obtaining health insurance or to review your current coverages. Currently, rising co-payments, increased deductibles, and dropped coverages have made health insurance a luxury that fewer people can afford. Considering that the national average cost for one day in the hospital was $2,517 in 2018, a minimal policy is better than none. 

Long-Term Disability Coverage

Long-term disability insurance is the one type of insurance most of us think we will never need. Did you know that one in four workers entering the workforce will become disabled and will be unable to work before they reach the age of retirement? Usually, employers offer both short and long term disability insurance as part of their benefits package. This is the best option when it comes to securing affordable disability coverage. Keep in mind that many plans do require a three-month waiting period before coverage kicks in, provide a maximum of three years’ worth of coverage, and have some significant policy exclusions. 

Auto Insurance

Not every state requires drivers to have auto insurance, but most do place regulations regarding financial responsibility in the event of an auto accident. States that do not require insurance will conduct periodic random checks of drivers for proof of insurance. If you don’t have coverage, the fines will vary by the state and can range from the suspension of a driver’s license, added points to your driving record, or fees ranging from $500 to $1,000.

Discovering that you’re going to be a parent can be the most exciting news you’ll receive in a lifetime! But underneath all that joy and excitement is another emotion just as strong: fear. There is a ton of responsibility that comes with bringing your child into the world and you want to make sure you are doing it the right way. Even though your baby won’t arrive for another nine months, planning ahead is imperative. A great starting point to be sure that you and your bundle of joy are taken care of is by letting your insurance company know the amazing news. When you do, you should expect the following areas to be covered through your insurance plan.

Prenatal Care Visits

For many parents, it feels as though over half of the pregnancy is spent constantly visiting the doctor’s office while the other small part is the actual birth. However, every visit is important and results in news about your baby’s development. Gender revealing ultrasounds, glucose testing, multiple screenings, and hearing your baby’s heartbeat are all included in your visits. As the trimesters continue, you will even see your doctor more frequently to track and make sure your baby remains healthy. Typically visits happen every two weeks, but once the baby reaches a certain size, you will instead start showing up weekly. That’s a lot of visits! Make sure you have an insurance plan that covers all of them.

Outpatient/Inpatient Services

Without a doubt, the most important part of your health insurance is to make sure the delivery of your baby is covered. No matter how you give birth–natural, cesarean section, water birth or otherwise–this will be very costly if you are not taken care of financially. And it isn’t just the birth that will rack up the bill; room and board also comes with a price along with your meals, medication, and more. Luckily, with the right coverage plan, you won’t have to worry and can instead focus on bonding with your newborn child. 

Newborn Screening Coverage

Many have said that time stands still when their child is born, but unfortunately, it cannot remain that way. Once they are welcomed into the world, they immediately have to undergo several tests that weren’t possible when they were in the womb. This is all to make sure that your baby is healthy and ready to go home. Screenings include testing for congenital hypothyroidism, hearing problems, phenylketonuria (PKU), and sickle cell anemia. Although these screenings, as stated before, do help ensure your baby’s health, they are not going to be free. At least not without insurance. If you are unsure about whether or not this is included in your plan, make sure you have a conversation with your agent as soon as possible. 

Newborn Baby Care

Delivering a baby is by no means a simple task. It can take a serious toll on you both physically and emotionally. As a new parent, you will need a lot of rest to combat the unbelievable amount of exhaustion you will feel. However, having a crying newborn baby in the room may not help in this situation, regardless of how badly you want to see them. Nurses offer to take your child back to the nursery to tend to them throughout the night while you catch up on your much needed sleep. Luckily, newborn care is also covered through health insurance.

Lactation Counseling and Breast Pump Rental

For mothers who choose to breastfeed their baby, lactation counseling is available at the hospital to teach new mothers how to perform the task properly. Many see this as a great benefit, especially since it is one of the first of many bonding moments between mother and child. Even after the mother has left the hospital, breast pump rentals are made available to help you further and, as you may have guessed, are covered under your health insurance.

As soon as your baby is brought into this world, you want to be sure to inform your insurance agency so that your son or daughter can be added onto your current plan. This way, they will continue to be covered throughout the rest of their life. To get started on the right insurance plan, give us a call at today and let us insure all your major life moments. 

Not everyone is able to work out in a gym. This could be because of lack of time or some may find it difficult to commit to a gym. Working out at your place of residence may be an easier way to get in your daily exercise. It’s important to work out and keep your body moving and functional as you get older. There are five simple exercises that are focused on functional fitness. Functional exercises are exercises that allow for someone to complete daily activities with ease. It is recommended that everyone does them – beginners, seniors, and even the best athletes – to perform to the best of their abilities. These five exercises are considered compound exercises that work all the major muscle groups in the body and as an additional plus side, the exercises can be completed anywhere. 

Squats

Many fitness experts actually say that doing squats is the one exercise everyone should do if you don’t have a lot of time. Daily squats can help you mentally and can even help you get better yearly checkups with your primary physician. The biggest benefit of squats is building leg muscles – quadriceps, hamstrings, and calves. This exercise also creates an anabolic environment, which promotes body-wide muscle building, improving muscle mass.

Lunges

The biggest benefit of lunges is that the exercise effectively works the glutes and quadriceps while engaging with the hamstrings. Your metabolism can be sped up by strengthening these large muscle groups. With a fast metabolism, it can assist with weight loss. Lunges can help you shape, tone, and firm up your legs and glutes. Additionally, this exercise improves core strength and hip flexibility. 

Push-Ups

The most beneficial exercise for building upper body strength is push-ups. They work the triceps, pectoral muscles, and shoulders. If done with a proper form, they can also strengthen the lower back and core by engaging the abdominal muscles. Push-ups are a fast and effective exercise for building strength and they can be done anywhere and without any equipment.

Pull-Ups

Pull-ups focus on strengthening the back, arm, shoulder muscles, and grip. Strength and resistance training can increase your overall fitness level. When doing a pull-up, you’re lifting your entire body mass with the move. Studies show that strength training is important for promoting bone development and enhancing cardiovascular health.

Planks

One of the most effective core exercises to do. Not only will they help you strengthen your core but also will help improve your posture. A plank consists of being in an extended push-up pose and holding your core muscles. The plank is a bodyweight exercise. Bodyweight exercises are workouts that you can do with nothing but your own body and that’s a reason why it is a favorite of many people. 

Whatever your reason for needing to exercise in your own home, there are many simple exercises you can do. Keeping up your health is incredibly important and you don’t have to leave your home to maintain it.

The Affordable Care Act allows young adults to avoid high premiums and retain health insurance coverage as a dependent on their parents’ health insurance plans. What age you get the boot and need to insure yourself varies. The ACA states that you lose coverage from your parents’ plans at age 26. Some states, like New Jersey, allow for longer coverage if you’re unmarried and have no dependents yourself. Here’s what to know about growing up and growing into your own medical-meets-financial responsibilities:

1. Start learning the difference between PPO, HMO, HDHP, and POS. Insurance jargon can be intimidating. Long before it’s time to find a plan of your own, become familiar with these terms so you will fully understand your options. Health maintenance organization (HMO) insurance, for example, will restrict what physicians and hospitals you can utilize but may come at a lower cost; you also won’t be looking at high deductibles. For an individual confident he or she will not need health care services within the next year, a high deductible health plan (HDHP) has lower premiums but coverage won’t kick in until you’ve paid, in average, about $1400 (as an individual) on your own. 
   

1. As you get closer to age 26, know that getting a job offer will not immediately kick you off your parent’s plan. Beginning in 2014, young adults under age 26 could still choose to stay on a parent’s employer’s health insurance policy even when offered health insurance from their own employers. You also do not have to be living with your parents to fall under their family plan, nor do you have to be a student or be unmarried. 
   

1. Once you become “of age,” you may have until the end of the month–or the end of the year–to get moving. Depending on the terms of your parent’s health insurance plan, you won’t necessarily lose coverage the day you turn 26. Some policies will require employers to allow you to remain a dependent until the end of the month in which you turned 26. Other plans may cover you until the end of the year. 
   

1. You can choose a plan outside of Open Enrollment. Typically, enrolling in health insurance is only an option during a specific time of the year. When those weeks are over, enrolling ends, and those left uninsured have to wait until the next Open Enrollment to secure a plan. However, there’s a special enrollment period in health insurance for individuals who are experiencing a “life change” that will affect their insurance plans. This includes marriage, having a baby, or losing a former plan. This means your employer will allow you to enroll no matter what time of year it is, but you want to start the process early. If you do not have a health insurance plan available through an employer, you can choose a marketplace plan. Here, the special enrollment period lasts 120 days–60 days before your birthday and 60 days after. If you’re looking for Marketplace coverage, you may also have some paperwork to fill out to confirm you qualify, so it’s never too early to begin this conversation with your insurance broker or agent. 
   

1. You don’t want a gap in coverage. If the 120 day window for special enrollment passes and you have failed to secure your own health insurance plan, it could be problematic. You’d find yourself paying in full (no co-pays) and stuck with significant, potentially crushing bills should you have a medical emergency before the next Open Enrollment period. 
   

1. If you’re at risk of a gap in coverage, ask for COBRA coverage from your parent’s employer. COBRA stands for the Consolidated Omnibus Budget Reconciliation Act and is a way to retain coverage for 36 months past your 26th birthday. However, it requires a written letter of request to your parent’s employer. If your parent works for a very small company with few employees, you may also be eligible for state-based temporary health insurance that can similarly serve as a bridge between one form of coverage and another. 

Many American families consume sugary drinks like soda, energy drinks, sweetened coffee, or fruit juice on a daily basis but do not fully realize the effects these beverages have on their health. In addition to contributing to weight gain, type 2 diabetes, and increasing the risk of heart disease, drinking sugary drinks also has detrimental consequences for your dental health.

What Makes Sugary Drinks So Harmful? 

Beverages like soda—considered the most harmful of sugary drinks—include acids such as phosphoric acid, carbonic acid, and citric acid among their top ingredients. Your mouth naturally contains harmful bacteria that interact with the sugars you consume and produce acid as a result. This acid is harmful to your teeth on its own, but once you add to that the acids found in sugary drinks, the result is an even greater risk of dental damage like enamel erosion and cavities.

You might think diet or sugar-free drinks are a better choice since they contain little to no sugar. However acid is the key factor here, and diet drinks are still high in acids that can have damaging effects on your teeth.

It’s not just soft drinks that are harmful to teeth. Beverages with high sugar content such as fruit juice or sports drinks still interact with the mouth’s bacteria to produce damaging acids. This means that even if they don’t drink soda, your children can still be at risk for dental damage caused by acid.

What Can Happen to Your Teeth?

Many people are aware of the negative health effects of regularly drinking sugary beverages, but even casual consumption of these drinks can cause lasting damage to your teeth. Two of the most common dental issues that arise from this habit are enamel erosion and cavities.

Enamel Erosion

Tooth enamel is the hardest substance in the human body, but it can still be damaged. Remember those acids we just talked about? Here’s where they come into play. Both the acid created by your mouth’s bacteria and the acid found in sugar-filled drinks erode the enamel on your teeth. Enamel is the protective layer on the outside of your teeth, so the loss of it leads them to become weaker, thinner, and more susceptible to tooth decay. Some symptoms of enamel erosion include sensitivity to hot or cold foods and discoloration on the teeth. Once it is damaged, tooth enamel cannot be restored.

Cavities

As the enamel erodes it can expose the inner layer of the teeth, called dentin. While this exposure is painful on its own, it also leads to the creation of cavities. Cavities are often difficult to detect in their early stages but once they progress, signs include pain or sensitivity, dark stains, and even holes in the teeth.

Living in a world with constant hustle and bustle can lead to accidents or illnesses occurring at the most inconvenient times. This could cause you to need to visit the hospital. You may be thinking, “If I have insurance through my employer, I don’t need any additional services.” But what if we told you that wasn’t necessarily true? What would you do if there was an emergency that you needed to go to the hospital? Your insurance received from your employer is not guaranteed to cover you when you go into the hospital. This is why Hospital Expense insurance was created. Hospital Expense insurance is there to protect you and your family from expensive out-of-pocket costs of hospital stays. 

The Drastic Rise in Hospital Costs

As we mentioned earlier, the world is full of hustle, bustle, and illnesses as we maneuver throughout our daily lives. It’s important, now more than ever, to prepare for the future. Protecting you and your family’s health has been pushed to the forefront. Here are some numbers of recent studies:

In 2018, the average annual premium for family coverage rose 5% to $19,616. For single coverage, premiums rose 3% to $6,896. Covered workers contributed 29% of the premiums for family coverage and 18% for single coverage. This means, on average, average workers will spend $5,688.64 for their family insurance premiums this year, and their employer will contribute the remaining $13,927.36. As shared above, the IRS defines an HDHP as any plan with a deductible of at least $1,350 for an individual or $2,700 for a family. But these are just base numbers. The average deductible for silver plans in the Affordable Care Act exchange this year is almost $4,000. And in the fast-food industry, many employers are only offering plans with the maximum out-of-pocket allowed. Currently, that’s a $7,150 deductible for an individual and double that for a family. The average amount of workers paid toward their deductibles rose 229% between 2005 and 2015, yet wages rose just 31% during the same period.

Are You Able to Cover the Cost on Your Own?

Everyone knows that hospital visits are expensive. When it comes to medical bankruptcy, hospital bills are the largest out-of-pocket expense people face. To truly see how expensive hospital visits are, look at the statistics below:

• Common ER procedures can cost as much as $17,797
• The average hospital stay costs over $10,700
• Fixing a broken leg can cost up to $7,500
• The average cost of a hospital stay for a heart attack is $20,086

Not to mention that for those with private health insurance, the out of pocket cost for a hospital stay is more than $1,000. According to a recent report by Bankrate, just 39% of Americans can cover an unexpected $1,000 bill with funds from their savings. When you put into consideration deductibles, copays, premiums, surprise bills, and everyday living expenses, $1,000 is a conservative amount but for the average American family, it’s still a very large sum. 

When shopping around for general health insurance, you’ve probably come across the term supplemental health insurance. Most will go with the overall health coverage and be done with the search, but what if something happens that isn’t covered by your overall care? That’s why supplemental health care options are created and offered – to cover any holes left by a health insurance plan. Below, we’ve compiled a list of some different types of supplemental health insurance coverage and how they can help protect you.

Dental Insurance 

Many people wish to prevent lasting damage to their teeth and gums that are essential to your long-term health. Some general health insurance plans will include dental coverage, but because dental insurance is not one of the required benefits of the Affordable Care Act (ACA), the majority of plans will not include dental. When it comes to children, dental coverage is considered a required benefit and comes standard with all ACA-approved plans. Dental insurance works the same as health insurance with monthly premiums, copayments, coinsurance, and deductibles.

Vision Insurance 

Under the normal health insurance terms, preventive care for your eyes, and prescription eyewear are not covered. Benefits like these, even laser eye surgery, can be acquired through vision insurance. Most vision insurance plans provide services at discounted rates in exchange for a monthly premium. 

Hospital Insurance 

This kind of insurance is also known as a “Hospital Indemnity Plan” and it provides coverage for hospital stays. The national average for an inpatient, single day hospital stay is more than $2,000, so hospital insurance can prove to be a worthy investment.

Accident Insurance 

Accident insurance is enacted to pay lump-sum cash benefits if you are injured in an accident. This supplemental insurance type can help to pay medical costs and living expenses while you are healing. The types of expenses that are covered often will include surgery, emergency treatments, hospital confinement, and physical therapy.

Critical Insurance 

Also known as “Critical Care Insurance,” this type of insurance provides coverage for illnesses like cancer, major organ transplants, stroke, heart attacks, kidney failure, and more. A few types of critical illness insurance plans are very specific to one particular type of illness or disease. If one is diagnosed, they may receive cash benefits paid per procedure or per round of treatment done. Typically, there will be a minimum daily benefit and a policy maximum.

Disability Insurance 

When you are sick or injured, health insurance will help out to cover the current medical bills coming your way. Disability insurance will help to retain some of your income if you become too sick or injured to continue working. Depending on the disability plan, some may pay out benefits only for an illness, while others pay for illness and injuries. 

At first, it may seem like all that money you put into retirement savings over the years is pointless. However, in actuality, you will be thanking yourself for setting aside so much money once the time comes. Take a look at what you can look forward to after saving for retirement for so long.

Savings For: Travel & Vacation

Now that you have so many hours in the day to fill up, why not spend it going to places you’ve always wanted to see? Instead of daydreaming about paradise, you can actually go visit it with all the money you have saved up in your retirement plans! Retirement is the perfect time to see the world and all it has to offer. You may be surprised what you find out there. And with the right amount in your 401(k) or IRA plans, you can even make a vacation out of your adventure. You don’t have to worry about taking a personal day when you can have as many as you want to do whatever you want!

Savings For: A New Hobby

Have you ever wanted to take cooking classes? Or maybe even dancing classes? You may not have had time for hobbies in the past, or money, but now you do! Enjoy the things in life you couldn’t before by putting your savings to use the way you want. There is no better time to do this than during retirement.

Savings For: Your Loved Ones

When saving for retirement, you are not just trying to put aside money to spend on things you couldn’t afford before. You are also ensuring time with your loved ones. By saving enough money to enter retirement through various plans, you can spend your free time with your loved ones and bond like never before instead of focusing on work. You have worked so hard to ensure they have a good and happy life. Now you can be a part of it too.

Savings For: Volunteer Services

Volunteering is a great way to help those in need, but it can be difficult when you have to take care of yourself first. However, with your savings on your side, you don’t have to worry. Instead, you can spend your time volunteering without worrying about the fact that you do not make money profit because you know you are safe and secure with your retirement plans. Instead of constantly working to make ends meet, you can work the way you want by helping others.

Savings For: A Better Future

Many people look forward to retirement because it provides a time that is dedicated to the things you want. You can finally live happily after all the work you’ve put in. Without saving or investing in an insurance plan, your retirement may not be a fun time filled with all the opportunities listed above. Enjoy retirement by having our agency go over with you the best options for your retirement plan so your future is filled with joy.