other insurances

Other than Medicare, there are many other types of coverage. Different types of insurance, as with every insurance plan in general, depends significantly on factors such as your age, needs, area, and diagnosis you might have.

While securing themselves with appropriate health insurance, many individuals get involved with the Health insurance Marketplace which is a resource for anyone who wants to compare plans or get their insurance questions answered. Nevertheless, below we will talk about other kinds of insurance you might want to look into.

Under-65 health insurance

Insurance plans that fall under this category (Under-65 Health Insurance) are relevant for those who find themselves retiring early or have to, for any reason, insure themselves before they are eligible for Medicare health insurance.

Although this isn’t easy, and holding a health insurance plan between the ages of 50 and 65 is expensive, there are some possibilities for these individuals:

  • Individual and family health insurance
  • Cobra
  • Short-term health insurance
  • Medicaid

Hospital indemnity plans

These kinds of health insurance plans can be beneficial for anyone as many individuals don’t have the resources to cover unplanned medical bills.

Hospital indemnity plans are a unique supplemental insurance product that pays you a certain amount of money when specific events associated with hospital visits occur in your life.

The payments you receive can be used for any purpose, including medical copays, deductibles, and similar expenses. When you purchase a hospital indemnity plan, certain events may trigger your plan to pay you a set amount.

In case you don’t have significant savings available, a hospital indemnity plan would most likely be a good fit for you as these plans generally pay for surgery, hospitalizations, intensive care, and critical care. You also have the option of purchasing a premium plan if you want a broader range of benefits.

Cancer insurance

Many health insurance companies provide health care coverage to certain individuals that are diagnosed with qualifying types of cancer that carries a massive benefit payment that can be used flexibly.

Funds that Cancer insurance provides include both medical and non-medical expenses that can possibly occur during a cancer recovery period.

Since this serious illness often occurs without warning it is good to be secure which is the number 1 thing Cancer insurance provides for you.

Many health insurance policies don’t offer full insurance for cancer treatment and if you feel like you or someone close to you might be at risk of developing cancer, looking into this option might be wise.

There are various types of Cancer insurance policies but in general, the two main ones are cancer expense plans and cancer check plans. Both of these plans offer similar coverage, but they differ in the ways how they provide you with it.

Insurance designs and coverage plans depend on the plan carrier so to find out more information you should directly contact a plan provider of your choice.

Life insurance

This one is one of the most important types of insurance you might purchase in your life if you decide to. These are some of the areas life insurance can cover for you, lessening your overall worries:

  • Income needed to maintain a specific lifestyle
  • Daycare for children
  • College funding for children
  • A retirement plan for surviving spouse
  • Chronic, critical, or terminal illness
  • Long Term Care

Two main types of life insurance coverage are:

  • Term life insurance

Term Life Insurance is the most common and basic type of life insurance. Most Term life policies offer a level premium and guaranteed coverage for the specified Term of the policy. The biggest con of this kind of life insurance is that, when the mentioned term ends, in most cases the insurance company keeps all the money.

  • Universal life insurance

Universal Life Insurance contracts are a part of the “permanent” life insurance classification , and offer flexible premium options, guaranteed death benefits, living benefits, and cash-value loan options.

Health Insurance Marketplace

The Health Insurance Marketplace is a type of resource that helps individuals find health coverage that best fits their needs and their specific financial situation. Every health plan in the Marketplace offers the same set of essential health benefits such as:

  • doctor visits
  • preventive care
  • hospitalization
  • prescriptions, and more.

Once you start researching the market, you can then compare available plans based on price, benefits, quality, and other features you might find important for your individual situation.

To be eligible to use the Health Insurance Marketplace you must live in the United States and be a lawful citizen of the country. Some states operate their own Marketplace, and in others, the Marketplace is run by the Government. Nevertheless, if you fulfill the basic eligibility conditions you can use the Marketplace no matter what state you live in.

You can enroll in the Marketplace during the Open Enrollment Period which is active from November 1st until January 15th. Some people may qualify for Special Enrollment Periods, which allow them to enroll in a Marketplace plan outside of the Open Enrollment Period. This is possible only when specific life events occur that trigger the Special time period such as getting married or losing other coverage.

Additional benefits

Depending on certain circumstances, you might be eligible for additional benefits that Social Security provides for family members who have lost loved ones as well as those with disabilities. Below we will list different types of additional benefits that might be relevant to your individual situation.

  • Survivor Benefits
  • Spousal Benefits
  • Parent Benefits
  • Disability Benefits
  • Divorced Spouse Benefits
  • Child Benefits
  • Suppplemental Security Income (SSI) With Military Experience

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For more information about asset based long term care, reach out to Texas Medicare Advisors today.

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