Posts Tagged ‘insurance’

Medicare Part D

Wednesday, May 26th, 2010

Medicare started offering insurance coverage for prescription drugs through Medicare prescriptions drug plans and other health plan options. Medicare’s prescription drug coverage will typically pay over half of your drug costs, for a monthly premium. It will also provide peace of mind because it protects you once you have spent your plan’s out-of-pocket drug spending limit, you pay 5% of the costs and Medicare pays 95% of the costs for the rest of the year. Even if you don’t use a lot of prescription drugs now, you should consider joining.

Important points you need to know:

  • Medicare prescription drug coverage helps you pay for the prescriptions you need.
  • Medicare prescription drug coverage is available to all people with Medicare.
  • There is additional help for those who need it most.
  • Medicare prescription drug coverage pays for brand name as well as generic drugs.

Your Medicare Prescription Drug CoveragePrescribed

Basic Information

What is Medicare prescription drug coverage?

Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies in your area. Medicare prescription drug coverage provides protection for people who have very high drug costs or from unexpected prescription drug bills in the future.

Who can get Medicare prescription drug coverage?

Everyone with Medicare is eligible for this coverage, regardless of income and resources,health status, or current prescription expenses.

When can I get Medicare prescription drug coverage?

You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you don’t sign up when you are first eligible, you may pay a penalty. If you didn’t join when you were first eligible, your next opportunity to enroll will be from November 15 to December 31.

How does Medicare prescription drug coverage work?

Your decision about Medicare prescription drug coverage depends on the kind of health care coverage you have now. There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plan that offers drug coverage.

Whatever plan you choose, Medicare drug coverage will help you by covering brand-name and generic drugs at pharmacies that are convenient for you.

Like other insurance, if you join, generally you will pay a monthly premium, which varies by plan, and a yearly deductible. You will also pay a part of the cost of your prescription, including a copayment or coinsurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible. You can apply or get more information about the extra help by calling Social Security at 1-800-772-1213 (TTY 1-800-325-0778) or visiting socialsecurity.gov.

Why should I get Medicare prescription drug coverage?

Medicare prescription drug coverage provides greater peace of mind by protecting you from unexpected drug expenses. Even if you don’t use a lot of prescription drugs now, you should still consider joining. As we age, most people need prescription drugs to stay healthy. For most people, joining now means protection from unexpected prescription drug bills in the future.

What if I have a limited income and resources?

There is extra help for people with limited income and resources. Almost 1 in 3 people with Medicare will qualify for extra help. If you qualify for extra help, Medicare will pay for almost all of your prescription drug costs. You can apply or get more information about the extra help by calling Social Security at 1-800-772-1213 (TTY 1-800-325-0778) or visiting socialsecurity.gov.

Things to Consider

Cost


Premium

There is a monthly cost you pay to join a Medicare drug plan. Premiums vary by plan.

Deductible

This is the amount you pay for your prescriptions before your plan starts to share in the costs. Deductibles vary by plans. Some plans may not have any deductible.

Copayment/Coinsurance

This is the amount you pay for your prescriptions after you have paid the deductible. In some plans, you pay the same copayment (a set amount) or coinsurance (a percentage of the cost) for any prescription. In other plans, there might be different levels or “tiers,” with different costs. (For example, you might have to pay less for generic drugs than brand names. Or, some brand names might have a lower copayment than other brand names.) Also, in some plans your share of the cost can increase when your prescription drug costs reach a certain limit.

Coverage


Formulary

A list of drugs that a Medicare drug plan covers is called a formulary. Formularies include generic drugs and brand-name drugs. Most prescription drugs used by people with Medicare will be on a plan’s formulary. The formulary must include at least two drugs in categories and classes of most commonly prescribed drugs to people with Medicare. This makes sure that people with different medical conditions can get the treatment they need.

Prior Authorization

Some drugs are more expensive than others even though some less expensive drugs work just as well. Other drugs may have more side effects, or have restrictions ono how long they can be taken. To be sure certain drugs are used correctly and only when truly necessary, plans may require a “prior authorization.” This means before the plan will cover these prescriptions, your doctor must first contact the plan and show there is a medically-necessary reason why you must use that particular drug for it to be covered. Plans might have other rules like this to ensure that your drug use is effective.

Coverage Gap

If you have high drug costs, you may consider which plans offer additional coverage until you spend $4,050 (in 2008) out-of-pocket. In some plans, if your costs reach an initial coverage limit, then you pay 100% of your prescription costs. This is called the coverage gap. Some plans might offer some coverage during the gap. Even in plans where you pay 100% of covered drug costs after a certain limit, you would still pay less for your prescriptions than you would without this drug coverage.

Convenience

Drug plans must contract with pharmacies in your area. Check with the plan to make sure your pharmacy or a pharmacy in the plan is convenient to you. Also, some plans may offer a mail-order program that will allow you to have drugs send directly to your home. You should consider all of your options in determining what is the most cost-effective and convenient way to have your prescriptions filled.

Peace of mind now and in the future

Even if you don’t take a lot of prescription drugs now, you still should consider joining a drug plan. As we age, most people need prescription drugs to stay healthy. For most people, joining now means you will pay a lower monthly premium in the future since you may have to pay a penalty if you choose to join later. You will have to pay this penalty as long as you have a Medicare drug plan. If you reach the point where you have spent your plan’s out-of-pocket drug costs during the year, the plan will pay most of your remaining drug costs. This protection could start even sooner in some plans.

Medicare Part A (2010)

Friday, May 21st, 2010

Part A is Hospital Insurance and covers cost associated with confinement in a hospital or skilled nursing facility.

When you are hospitalized for: Medicare Covers You Pay
1-60 Days Most confinement costs after the required Medicare Deductible $1,100 Part A Deductible
61-90 Days All eligible expenses, after the patient pays a per-day copayment. $275/Day
91-150 Days All eligible expenses, after patient pays per-day copayment.


(These Are Liftetime Reserve Days Which may never be used again.)

$550/Day
151 days or more Nothing You Pay All Cost
Skilled Nursing
Confinement:
When you are hospitalized for at least 3 days and enter a Medicare Approved skilled nursing facility within 30 days after a hospital discharge and are receiving skilled nursing care.
All eligible expenses for the first 20 days; then all eligible expenses, (if you qualify), for days 21-100, after patient pays a per day copayment. After 20 days


$137.50/Day

Long Term Care Guides

Friday, May 21st, 2010

own_your_future

Own your own planning guide to Long Term Care:

If you cannot access the link, call your State Health Insurance Assistance Program (SHIP) for help with buying a Medigap policy or long term care insurance.

ltc_guide

Another guide you might find useful:

Term Life

Friday, May 21st, 2010

Term Life Insurance

Term Insurance provides protection for a specific period of time. The benefit is paid if your death occurs during the term. Level term insurance products are the most popular plans due to the low premium. The level term can be 5 years to 30 years. The premium and the death benefit will stay level during the term of the policy.

The main advantage of term insurance is the lower premiums at a younger age. The disadvantages are the premium increases as you get older and the original term expires, and the policy does not offer any cash value or paid-up insurance.

Life Insurance

Friday, May 21st, 2010

Welcome to the life insurance area of HatcherKimrey.com. This section covers the basics of life insurance and also lets you get an immediate quote on term life insurance and start the application process online. You can also get a quote on other forms of life insurance by completing and submitting the appropriate requests.generation-family

  • Term Life Quote
  • Permanent Life Quote
  • Universal Life Quote

At Hatcher Kimrey Insurance we know that life insurance is an essential part of financial planning.  Most people buy life insurance to replace income that would be lost with the death of a wage earner.  The cash provided from a life insurance policy can help your family pay any outstanding debt when you die.  A key feature of life insurance is that no income tax is due on the proceeds paid to the beneficiaries. 


Before buying life insurance, you should determine how much protection you should have.  This protection should include a sufficient amount for:


  • Any immediate needs at your death, such as final illness expenses, burial costs and estate taxes.
  • Funds for a readjustment period for you family
  • Ongoing financial needs, such as monthly bills, college tuition or retirement


One rule of thumb used by most insurance professionals is to buy life insurance that is equal to five to seven times your gross annual income.


Buying life insurance is different than any other purchase.  You are providing the future financial security of your family that only life insurance can provide.  Choosing a life insurance product is an important and complicated decision.  It is important that you understand your needs and your options.


Permanent Life

 

Permanent Life insurance provides lifelong protection.  These policies are designed and priced for you to keep for “the long haul”.  Most permanent policies have a feature known as “cash value” or “cash surrender value”.  This cash value can be borrowed or used to make premium payments.  Keep in mind that the cash value is not the same as the policy face amount. 


There are many different types of permanent life insurance.  The major ones are described below:


Whole Life or Ordinary Life


This is the most common type of permanent life insurance.  It is life insurance that is kept in force for your lifetime as long as the premiums are paid.  All whole life policies build up cash value.  Whole life policies also generate dividends that can be used to lower premiums, purchase more insurance or buy term insurance.


Universal or Adjustable Life

This product provides more flexibility.  After the initial payment, premiums can be paid at any time in virtually any amount.  The death benefit can be easily increased or decreased.


Variable Life

This type of permanent policy provides death benefits and cash values that vary based on the performance of a portfolio of investments selected by the insured.  The cash value is not guaranteed.  The insured assumes the risk of the value of the benefits based on the performance of the designated investments.


The advantages of permanent life insurance are the guaranteed protection for your lifetime or a specific age, premium costs are fixed, and cash values are accumulated.  The disadvantage is the cost of the premium in order to buy enough protection.


Term Life Insurance

 

Term Insurance provides protection for a specific period of time.  The benefit is paid if your death occurs during the term.  Level term insurance products are the most popular plans due to the low premium.  The level term can be 5 years to 30 years.  The premium and the death benefit will stay level during the term of the policy. 


Consult with one of our professionals at Hatcher Kimrey Insurance to help you with your financial planning.  Remember… We’re always here for you!


Group Health Insurance Quote

Friday, May 21st, 2010

Complete the following information if you would like to obtain a quote. Please understand this is not an application. An application will be sent to you if coverage is desired.

All information provided on this information sheet is confidential and will be used solely for the purpose of developing a quote for you.

Personal Information

Name
Company Name
Street Address
City and Zip
What is your position?
Email Address
Phone Number
Alternate Telephone
Fax Number
Best time to call?
Does your company currently have health insurance
If so, name of current carrier
Anniversary Date of current plan
Total Number of Employees (including officers/owners)
Number of Employees to be Insured
Are premiums paid by your company for employee only or spouse too?
Current rate for coverage is:
Please list the company you would not like quoted:
What type of plan do you want compared?
Please choose from the following deductibles:
Would you like a Prescription Plan?
Please select from the following co-insurances:
What do you like or dislike about your current plan?
Additional remarks or requests
Census
Company Name
City
Zip Code
Employee Data
Employee 1
Birth Date
Gender
Zip Code
Select Coverage
Employee 2
Birth Date
Gender
Zip Code
Select Coverage
Employee 3
Birth Date
Gender
Zip Code
Select Coverage
Employee 5
Birth Date
Gender
Zip Code
Select Coverage
Employee 6
Birth Date
Gender
Zip Code
Select Coverage
Employee 7
Birth Date
Gender
Zip Code
Select Coverage
Employee 8
Birth Date
Gender
Zip Code
Select Coverage
Employee 9
Birth Date
Gender
Zip Code
Select Coverage
Employee 10
Birth Date
Gender
Zip Code
Select Coverage
If more employees are to be covered, please send census data by email to [email protected]

Individual Health Insurance Quote

Friday, May 21st, 2010

Complete the following information if you would like to obtain a quote. Please understand this is not an application. An application will be sent to you if coverage is desired.

All information provided on this information sheet is confidential and will be used solely for the purpose of developing a quote for you.

Personal Information

Name
Street Address
City and Zip
County
Phone Number
Alternate Telephone
Email Address
Applicant / Family Member to be enrolled
Is this applicant currently insured with major medical or has been within the last 30 days
Applicant Gender
Applicant height (example 5'8")
Applicant Weight (lbs.)
Applicant Birth Date
Applicant Tobacco Use
Spouse Gender
Is this applicant currently insured with major medical or has been within the last 30 days
Spouse Height (example 5'8")
Spouse Weight (lbs.)
Spouse Birth Date
Spouse Tobacco Use
Child 1 Gender
Is this applicant currently insured with major medical or has been within the last 30 days
Child 1 Height
Child 1 Weight
Child 1 Birth Date
Child 2 Gender
Is this applicant currently insured with major medical or has been within the last 30 days
Child 2 Height
Child 2 Weight
Child 2 Birth Date
Child 3 Gender
Is this applicant currently insured with major medical or has been within the last 30 days
Child 3 Height
Child 3 Weight
Child 3 Birth Date
Child 4 Gender
Is this applicant currently insured with major medical or has been within the last 30 days
Child 4 Height
Child 4 Weight
Child 4 Birth Date
Explain any health problem that could affect premium:
Any special requests or remarks?
Best Time To Contact You
Please let us know the best time to call and discuss your quote.
Or Specify Other:

Renters Insurance Quote

Thursday, May 20th, 2010

Personal Information

Name
City
State
Zip Code
Phone Number
Alternate Telephone
Fax Number
Social Security Number
Birth Date
Email Address
Property Information
Property Street Address
City
State
Zip Code
What year was it built?
Total square footage of your unit
Number of units
Is there an alarm system?
Is there a smoke alarm?
Is there a fire extinguisher?
Are there deadbolts?
Current Coverage Information
Current Insurance Company
Expiration Date
Were there any losses or claims in the last 5 years?
If yes, what is the date, amount paid and description of each loss or claim?
Desired Coverage Information
Liability Limit
Personal Contents Coverage Amount
Questions or Comments
Best Time To Contact You
Please let us know the best time to call and discuss your quote.
Or Specify Other:

Homeowners Quote

Thursday, May 20th, 2010

If you would like to obtain a quote on Homeowners Insurance. please complete the following information .  This is not an application for insurance.   If coverage is desired, an application will be sent to you.   All information provided is confidential and will be used solely for the purpose of providing a quote for you.  Most companies require credit scoring to quote their best rates.   By providing the information contained in this form, you authorize us to obtain a credit score on your behalf.  Please know this is a soft hit to your credit and does not effect your credit score.

The home may be a single family owner occupied dwelling (home), condo or townhome. This program may provide dwelling fire coverage, contents – personal property, loss of use, seperate structures such as a detached garage or shed, premise medical and premise liability insurance.

Complete this form to get a quote on a single family owner occupied home, condo or townhouse.

Name
Street Address
City
State
Zip Code
Phone Number
Alternate Telephone
Fax Number
Social Security Number
Birth Date
Email Address
Property Information
Property Street Address
City
State
Zip Code
Dwelling Type
Number of Bathrooms
Number of Fireplaces
What year was it built?
What is the construction type?
How many stories is it?
Total square footage
What foundation type?
Garage Description
Number of Cars
What type of roof covering?
Was the roof updated?
If yes, what year?
Does the building have a pool?
If yes, what type of pool?
If yes, is it fenced?
If there is a pool, is there a diving board?
If there is a pool, is there a slide?
Is there a smoke alarm?
Is there a fire extinguisher?
Are there deadbolts?
Is the electrical updated?
Are there circuit breakers?
How old is the heating/ air conditioning?
What is the heating system?
What is the cooling system?
Has the plumbing been updated?
Is the plumbing copper?
Is there a theft alarm?
If monitored, by whom?
Are there dogs on the property?
If yes, how many and what is the breed of each dog?
Are there any other pets or animals on the property?
If yes, how many and what is the description of each?
Current Coverage Information
Current Insurance Company
Expiration Date
Were there any losses or claims in the last 5 years?
If yes, what is the date, amount paid and description of each loss or claim?
Desired Coverage Information
Dwelling Amount - Coverage A
Premise Liability - Coverage E
Policy Deductible - Wind/Hail
Policy Deductible - All Other Perils
Do you want building replacement cost coverage?
Do you want contents replacement cost coverage?
Questions or Comments
Best Time To Contact You
Please let us know the best time to call and discuss your quote.
Or Specify Other:

Introduction to Homeowners Insurance

Thursday, May 20th, 2010

Intro to Homeowners


Most homeowners don’t have a choice in whether to purchase this kind of insurance – it is usually required by the mortgage lender.  Even if the mortgage is paid off, homeowner’s insurance is good buy.  A good homeowner’s policy provided by Hatcher Kimrey Insurance not only protects the house, but all the possessions inside.  Also, homeowner’s policies cover personal liability due to negligence and will provide legal defense up to the policy limits.

house

What Is Insured?

 

Coverage A protects the dwelling from all risks up to the policy limits.  The home should be insured for the replacement cost.  Replacement cost is the amount required to replace or rebuild your home or repair damages with similar materials and quality.


Coverage B protects unattached structures such as tool sheds, detached garages, detached houses and their contents.


Coverage C protects your personal belongings (clothing, furniture, standard electronics).  Some forms of personal property, such as silverware, guns, jewelry, antiques and computers, will require a separate endorsement.


Coverage D provides for living expenses in the event your house is uninhabitable while the repairs are being completed.


Coverage E protects you against a claim or lawsuit resulting from an injury or property damage caused by your negligence. 


Coverage F pays for medical expenses for accidental injuries on your property.


Types of Policies


Before purchasing homeowner’s insurance in Texas, it is best to familiarize yourself with the types of coverage insurance companies will generally offer.  Below is a brief summary of the types of homeowners insurance sold by Hatcher Kimrey Insurance.


HO-1 (HO-A) Basic Homeowner insures your property against 11 basic perils: lightning, fire, windstorm/hail, explosions, riot/civil unrest, aircraft, vehicles, smoke, vandalism, theft, and glass breakage.


HO-2 broadens the basic coverage to include 7 additional perils:  falling objects, collapse of roof due to snow or ice, damage from steam/hot water system, leaking of plumbing or heating system, pipes freezing, and electrical damage from appliances, wiring, or fixtures.


HO-3 (HO-B) provides for comprehensive coverage (Broad Form risks) on your home.  This insures your home against loss on a replacement cost basis.


HO-4 Renter’s Coverage insures your household contents and personal belongings, but not the structure.


HO-5 (HO-C) policies provide the most extensive coverage, often referred to as all-risk policies.  This policy offers replacement cost coverage for most types of risks.


HO-6 Condominium Unit Homeowner policy protects items not insured by the condominium association’s policy, such as damage to personal belongings, wall, floor and ceiling coverings, and any accessories not originally installed in the unit.


Hatcher Kimrey Insurance recommends that you purchase guaranteed replacement cost coverage and insure 100% of the value of the home and its contents.  You need to keep meticulous records of the value of your personal belongings, and purchase riders to insure any of your belongings excluded from your basic coverage.  Many insurance companies provide assistance with determining the replacement cost value of your home.

Please be aware that not all policies with insurance companies are the same.  Some have exclusions or endorsements that change the policy.  It is wise to have a professional explain the differences in coverage between companies.

Remember… we are always here for you!