Medicare is a federal health insurance program. It is generally for people who are of 65 years or older. There are a few exceptions for younger people if they suffer from certain disabilities or end stage renal disease. There are 4 different plans for Medicare, namely Plan A, Plan B, Plan C, and Plan D. Each plan will have different coverage from inpatient and outpatient care, to prescription medicines. What is common among all plans is the fact they do not cover everything. This is where Medigap comes in. The following are the most common questions about Medigap.
This type of insurance is meant to protect you in case of a disability hindering your ability to work. This applies if you are unable to perform the core functions of your job due to the development of a physical or mental limitation. It can be caused by an accident, an illness, or psychological disorders. It includes short-term disability benefits, long-term disability benefits, and paid sick leaves.
Leaving this life behind can get expensive. Not for you, but for the loved ones you will be leaving behind. That is why life insurance is a great way for us to protect the ones we love, even if we are no longer with them. Our final expenses are not limited to funeral costs. There will be taxes and other associated costs, ceremony fees, clergy donations, and even leftover loans and mortgages.
Whole life insurance is a guaranteed life insurance policy. It remains in force during your whole lifetime and upon your death, payout is guaranteed to your beneficiaries. This is, of course, subject if your required premiums are paid.