Who Can Qualify for Final Expense Policies?

Final Expense insurance is life insurance that are more affordable and easier to obtain than traditional forms of insurance policies. Additionally, final expense insurance will cover those who are beyond the typical age limits of a traditional life insurance policy and at a much lower cost than life insurance as well. Seniors up to age 85 (and some policies up to 90) are eligible to apply for a final expense policy and qualify easily if they have no serious medical issues.

What is Medicare Supplement Insurance (Medigap)?

A Medicare Supplement Insurance Policy, sold by private insurance companies can help pay some of the health care cost that Original Medicare (Part A& Part B) do not cover, like copayments, coinsurance and deductibles.

Some Medicare Supplement policies also offer coverage for services that Original Medicare (Part A& Part B) do not cover like medical care when you travel outside the United States. If you have Original Medicare and you buy a Medicare Supplement policy, Medicare will pay its share of the Medicare-approved amount for the covered health care costs, then your Medicare Supplement policy pays its share, many times leaving you with zero out of pocket expenses (depending on which Medicare Supplement plan you chose).

7 Things to know about Medicare Supplement Policies

1. You must have Medicare Part A and Part B.
2. If you have a Medicare Advantage Plan, you can apply for a Medicare Supplement policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement policy begins.
3. You pay the private insurance company a monthly premium for your coverage in addition to the monthly Part B premium that you pay Medicare. Many plans today will cover the deductibles and out of pocket expenses associated with Part B.
4. A Medicare Supplement policy only covers one person. If you and your spouse both want Medicare Supplement policies, you will each have to purchase separate policies.
5. You can buy a Medicare Supplement policy from any insurance company that is licensed to sell in your state. Check with your State Insurance Department.
6. Any standard Medicare Supplement policy is guaranteed renewable even if you have health problems. This means the insurance company cannot cancel your coverage as long as you pay the premiums.
7. Medicare Supplement policies sold after January 1, 2006 do not include prescription drugs coverage. If you want or need prescription drug coverage You can join a Medicare Prescription Drug Plan (Part D)

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