Phone: (217) 351-1518
As people reach retirement age and beyond, needs change. It can be confusing to deal with all the various types of coverages available.
The types of coverage most typically used after the age of 65 are:
-Medicare – A national social insurance program administered by the U.S. Federal Government. It has two parts: Part A – Hospitalization and Part B – Outpatient and Physician Services.
-Medicare Supplement Plans – Sold by private companies to help pay for some of the costs not covered by original Medicare. These costs include copayments, coinsurance, and deductibles.
-Medicare Advantage Plans – Offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
-Part D Rx Plans – Optional Medicare Prescription Drug coverage that is insurance to help pay for prescription drugs. Extra help with premiums may be available to those with limited income whom qualify.
-Final Expense Life Insurance – helps cover final medical bills and funeral costs so heirs are not burdened with them.
-Long Term Care Insurance – an insurance product that generally covers home care, assisted living, adult daycare, respite care, hospice care and Alzheimer’s patient care. Insurance benefits are usually triggered when an individual is unable to perform the activities of daily living such as dressing, bathing, eating, toileting, continence, transferring and walking.