What does life insurance cover?

Can help cover major life expenses such as home mortgage, debt, your children’s college tuition, and it can replace lost income. Your policy can also cover everyday expenses. It is ultimately up to your beneficiary to decide how to use the payout.

How much life insurance do I need?

A simple and most common way to come up with a coverage estimate is to multiple your annual income by 10. Another way is to calculate your long-term financial obligations and then subtract your assets. The remaining amount is the gap life insurance needs to fill.

I’ve had a serious medical condition that appears to be stabilized. Can I buy Individual Health Coverage?

Yes, under the Affordable Care Act, insurance companies are not allowed to deny coverage to anyone for a pre-existing medical condition. There are no medical underwriting questions to answer prior to acceptance.

What is a subsidy and how do I get approved?

A subsidy is also known as Advanced Premium Tax Premium (APTP), which is determined by the Health Insurance Marketplace Healthcare.gov. The dollar amount is determined by your household size and your total family income. If you fall under 400% of the federal poverty level, you will qualify for financial assistance to help pay for your health insurance plan. You may also qualify for cost reduction reductions.

I’m planning to keep working after age 65. Will I be covered by Medicare or by my company’s health insurance?

If you work for a company with 20 or more employees, your employer must offer you (through age 69) the same health insurance coverage offered to younger employees. After you turn 65, you may choose between Medicare and your company’s plan as your primary insurer. If you stay enrolled in the company plan, it will pay first – for benefits covered under the plan – before Medicare is billed. In most cases, it is to your advantage to accept continued employer coverage.

Be sure to enroll in Medicare Part A, which covers hospitalization and can supplement your group coverage at no additional cost to you. You can save on Medicare premiums by not enrolling in Medicare Part B until you finally retire. Bear in mind, though, that delayed enrollment is more expensive and entails a waiting period for coverage.