imsumit18/insurance_training_data huggingface dataset:
The average cost in the country for a health insurance plan (overall) is estimated to be about $328 per month - however, this is only reflective upon a silver level plan (not all 2014 state figure averages are available yet).While you can try to come up with an "average" cost, there's too many factors that go into premium pricing to say how in relation that compares to an individual as compared to the overall group. In short, an "average" premium is a rather useless figure to the individual. It's only representative to a large group - you could have people paying a small nominal amount (after factoring in subsidies) per month to several thousand dollars per month. Even for that there's a ton of information to sift through to get an accurate representation. Under the Affordable Care Act, you have the options for bronze, silver, gold, and platinum level plans (as you go up in metal, the price goes up, but provides better benefits) - some areas also have a catastrophic plan available. In addition, your age and zip codes are big factors as well. The younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well. I always recommend consulting with an experienced broker regarding your personal health coverage. We can work with you to look at a wide range of options from many of the top carriers in the industry and find the plan that's going to be best suitable for your needs. Please let me know if I can be of further assistance. Thanks very much.
When a whole life policy is purchased on a minor, it is called juvenile whole life. New York Life actually has a Family Policy which covers both parents and includes juveniles for free. You can also purchase an individual policy and add a juvenile to it as a Rider. The method I suggest is purchasing a whole life policy for a juvenile of their own. The cost is incredibly low, and it not only guarantees insurance, but insurability for a child that may develop any of numerous illnesses, as they get older or even as a child. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.
Auto insurance will cover cracked windshield under yourcomprehensivecoverage portion of your auto insurance policy minus your deductible. They type ofoccurrencescovered by comprehensive would befallingobjects, flying objects, (rock being the most common) vandalism, temperature changes. Discuss with your local agent about comprehensivecoverageand deductible optionsavailable to you. Comprehensive may have a zero deductible glass option.
Well, yes, you can. Speak to your insurance professional about the pros and cons of cancelling before you decide, however. Keep in mind that depending on the contract, if by surrendering the policy you receive any cash proceeds that may have built up in the policy while it was in force, this could trigger a taxable event. That is why it is a good idea to speak with your professional agent and weigh you options carefully before choosing the course that best suits your needs.
An employer cannot discriminate against an employee based upon their age (among a multitude of other factors). However, that does not necessarily mean that an older employee who compares what they are contributing towards their employer based health insurance with a younger co-worker of the same coverage level will find themselves paying the same amount. This may initially be perceived by the older employee as though they are being discriminated against but this is almost certainly not the case. If your employer's group health insurance rates are age based rates then there is a different rate for each year of age for a covered employee. The community rating requirements of ObamaCare have pushed many health insurance carriers towards this age rated basis though some health insurance carriers still develop a "composite" rate for a group after quoting them on an age rated basis (composite rates are one rate for every employee with Employee Only, Employee+Spouse, Employee+Child(ren) or Family coverage regardless of the employee's age). This is how things work under community rating. First of all, there can be no more than a 3 to 1 ratio between the rates for the youngest and oldest employees in the group. To keep things simple let's say the monthly rate for a 25 year old is $200 per month then the monthly rate for a 60 year old would be $600 per month. Then let's say that your employer pays 50% of the employee only rate which leaves the other 50% for the employee to pay. Under this scenario the 25 year old's cost would be $100 per month ($200 x 50%) and the 60 year old's share would be $300 per month ($600 x 50%). Even though the dollar amount paid by each employee differs significantly the employer is treating them the same in that the employer is contributing the same percentage amount towards each employee's coverage. Therefore, there is no discrimination. This is one of the effects of ObamaCare that is increasingly being seen by employees as their old health insurance plans and rate structures are being replaced by ObamaCare compliant plans and the new community rating method.
Anyone who has Medicare will have noticed their Medicare number is generally their social security number with a letter added on to the end. If you see the letter "T" in your Medicare number, this means you have both Medicare Parts A & B, but are not yet receiving social security benefits.
The longer you plan for retirement, the beterchance you have of being able to retire. You never know what curve balls life is going to throw your way. Putting away money while you can is always the best strategy. Even if you go into retirement with no debt, it can take 70% of your pre-retirement income to maintain the lifestyle you want to lead. Starting now will give you time to reach your goals without having to sweat too much if you get sidetracked along the way.
There are many carriers that will write coverage for a vacant home. There are of course requirements/standards that the home must meet before a carrier will provide coverage. A carrier that is in my geographic location that I work with that provides this type of coverage is Foremost. I would suggest contacting local agents in your area to find out about availability and pricing in your area.
A premium is the amount you pay to the insurance company in exchange for coverage under a given policy. When a certain type of claim is made, the insurance company is going to pay the claim instead of you up to the defined amounts as stated inside the policy - for health insurance, the policy may only state the carrier is going to cover a percentage of the claim/fixed dollar amount and you would pay the difference (your coinsurance or copayment amount) Unfortunately there's too many factors that go into premium pricing to say what an average plan costs. Your age is a big factor - the younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well. If you're an individual buying on or off the exchange (and not securing group coverage through an employer), you need to consider the level plan you want. There are four metal plans: bronze, silver, gold, and platinum.Bronze plans generally cover about 60% of your healthcare expenses, Silver is 70%, Gold is 80%, and Platinum is 90%. So, in short, the better the benefits that you want to have, the higher the premium will be.There's also a catastrophic plan, but these are only available to individuals under age 30. If you qualify for a subsidy, the cost of your premium can be lowered as well - whether you qualify for one depends on your income. This is where an independent insurance agent can really help you. They can work with you to look at a wide range of options from many of the top carriers in the industry.
"No well-planned retirement should be without long term care (LTC) insurance. It is the very cornerstone of retirement security." - Suze Orman. Suze addresses LTC describes how to safeguard your financial future. This is one of the few areas Suze and the insurance industry agree on something.
Critical Illness Insurance pays a lump sum to someone who is diagnosed with a life threatening illness that has a major impact on their lives. Arthritis generally does not fall into this category, and I am not aware of that condition being list in a critical illness list of covered conditions.
It may less your deductible if you have a equipment breakdown endorsement on your policy or if the HVAC system was damaged due to a covered loss. Remember every policy is different. Please read your policy completely to understand the coverage provided and any exclusions that there may be or contact your local agent to have them go over the policy with you.
Check with your state insurance commissioner for guidance in establishing a car insurance company. There will be capital requirements that might stop you from the venture. You may find that laws are more favorable in another state for establishing an insurance company; however, you still must meet the requirements in the state where you want to operate.
There is no need to "fix" long-term care insurance because it is not broken. However, our current system of how we as a societyassist the growing number of elderly who may have no one to take care of them is in need of serious repair. Right now, if one cannot afford the cost of long-term care, they must become "indigent", that is to say, have less that about $2,000 in liquid assets and make less than $35/mo.(those numbers are adjusted annually and may not be accurate).Assets excluded from the equation are one's house, one's car, and approximately $91,000 in savings or checking for spousal support. If you have more than that you have to "spend down" in order to qualify for government assistance (Medicaid - in CA, Medical). The problem is thatthose programs are not well-funded and may not have sufficient funds when the current baby-boomer demographic hits the age when many will need expensive long-term care. The private sector provides a solution to this problem in selling long-term care insurance to the general public. However, while highly valuable, it is also highly priced. In fact, the middle class, for which it was originally designed to help, have been priced out of the market. Agents are challenged to come up with coverage that middle class folk can afford. The state and federal government's solution is Medicaid. However, without reform, Medicaid - a partnership between the federal government and the states - will likely run out of money within the next 10-15 years. No one wants that to happen, but no one is doing anything about it right now. A congressional commission has been meeting since the beginning of summer 2013 on the matter of long-term care and should be coming out soon with recommendations for confronting the problem of how we help our elderly die with dignity.
The amount of coverage carried on a home is determined by the cost to replace the building and contents and the requirements of your lender. In California lenders cannot require coverage in excess of the cost of replacement but when prices rise lenders sometimes pressure homeowners to carry more coverage to protect their investment. The insurance company will require an independent evaluation of the reconstruction cost and your agent is the best person to help you. There has been a great deal of discussion concerning catastrophic losses where neighborhoods or communities are destroyed. The problem then is a shortage of material and contractors to restore damaged dwellings. In these circumstances building costs can escalate quickly. If you sense that you might be in such a potential situation be sure to discuss that with your agent.
A renters policy covers damage to your personal property located at the residence. This would include your clothing, furniture and most other things. This coverage has a specified limit. The policy also covers you should you be sued for an occurrence that qualifies for coverage. The suit must be seeking damages for bodily injury or property damage and must not be excluded by other provisions of the policy. This coverage has a specified limit.
It would be best if you knew the current value of your personal property and the replacement cost of the same items. That way you can compare the premiums for the two types of coverage. The only other critical thing to know is the highest amount of liability insurance that you can afford. These issues can be handled smoothly by a competent insurance agent.
Medicare Part B covers virtually all outpatient expenses including doctor visits, X-ray, MRI, CT, outpatient surgery, ER, ambulance and lab work. Part B has an annual deductible of $147 (for 2013) and then Medicare pays 80% of approved charges, you pay the remaining balance. If you have a Medigap plan your liability may be $0 if you have plan F
Tax deferred annuities are ultimately purchased for retirement income, whether in qualified plans or not. A new trend among advisers is to have a foundational income stream that can generate cash flow for the life of the annuitant no matter how long they live. Portfolio percentages differ, but a rule of thumb is 25 to 33%.
No - only one Medicare supplement plan will pay after Medicare pays. If you try to have 2 Medicare supplement plans, you're spending extra money on the 2nd plan for no reason because it won't pay any benefits. Only one supplement plan will pay. The cost of 2 plans would also be more than having 1 Medigap plan F that covers all 9 benefits at 100%. I hope the information is helpful - please feel free to contact me for help and if you have any questions. Thanks very much.
Life insurance pays the face amount of the policy to the beneficiary named in the policy. The policy does not pay the benefit until the insured person dies. Health insurance is used by the insured person while they are still alive, to pay for their medical care, both to prevent illness and to treat it.
Answers above are correct, but thought you might like to know that 1. The column that is usually titled "Account Value" is the cash value that is usually used by the carrier to determine the amount of loanable money the policyowner may borrow. 2. When the cash value in the "surrender value" column equals the "Account Value", it indicates that the surrender period or charges are no longer part of the cash value equation. However, if a loan is still outstanding, the surrender charge period could be over, but the loan would be reflected in a surrender charge lower than the account value.
Long term care insurance is coverage that pays for personal care needs and other related chronic care services for individuals who are limited in their abilities to perform the activities of daily living (two or more). Activities of Daily Living (ADLs) include eating, bathing, toileting, dressing, moving between a chair and the bed, and remaining continent. The policy typically pays for care that is provided in the individuals home, in an assisted living facility, or in a nursing home. Long term care insurance is available on an individual or a group basis.
When the cause of the power surge is outside the residence, damage caused by that power surge is excluded from coverage in most homeowners policies. Most policies specifically exclude damage to tubes, transistors or similar electronic component. If the type of damage you have experienced is different, please contact your agent.
Original Medicare does not cover routine Hepatitis C screening, but it can cover screening if approved by Medicare due to signs or symptoms of Hepatitis C being present. In that case, the screening becomes diagnostic and can be covered by Medicare guidelines. Under Medicare Advantage PPO plans, routine Hepatitis C screening IS covered.
Generally, an insurance policy cannot be transferred or assigned. Every personal auto policy I can remember reading prohibits assignment of the policy without the written consent of the insurance carrier. That makes sense because the carrier has a right to choose their customers and since it is their money providing the coverage, they have a right to consider any change of risk. As a general rule it makes more sense for a new policy to be written because even if the carrier consents to the change the new insured inherits the record of that policy including all the claims and payment history. If the coverage is being transferred between a spouse to another spouse after a death, the companies are not in the habit of denying the request to change the first named insured. Otherwise, per the ISO Personal Auto Policy, "Assignment of this policy will not be valid unless we give our written consent." The answer is no but there is a pathway to a "yes" if the carrier consents in writing.
It is a good idea to buy Long Term Care Insurance from a broker that carries multiple companies, or an agency that uses an LTCI broker (like ours does). That way you can be sure you are getting the most competitive rate, and will have the expertise of an agent that knows what you will qualify for. They can also guide you to the most important features, so that you can get the ones you need but not overspend for options that do not add much value.
The federal government offers two programs Social Security Disability Insurance (SSDI) that is payroll deducted, so it is classified as an earned benefit and Supplemental Security Income (SSI) that is means tested by income and assets.
In general, no, home insurance will not cover wet rot. A homeowners policy is there to protect you from the sudden and accidental, not the ongoing. To file a claim, you have to be able to pinpoint what happened and when it happened. Wet rot describes a long time, ongoing circumstance. Your homeowners policy is designed to make you whole after an "occurrence". It's not designed to maintain your home. If you have a condition that could, potentially, damage your home, it's the homeowners responsibility to correct that condition to protect your home from future damage. This brings up the question of the cost of your homeowners insurance. Every claim impacts the loss ratio of your company and, ultimately, your rates. Want to control the cost of your homeowners insurance? Take a higher deductible and pay for the smaller things yourself. You'll save money in the long run.
Yes. Application of a premium surcharge for tobacco users has become more common in recent years, primarily in larger groups who self-fund their employee benefits plans as the employer has much more control of the benefit plan design and rate structure than they do with fully insured plans. The Affordable Care Act (ACA), while doing away with pre-existing condition exclusions, does explicitly allow for the adjustment of rates for tobacco use. So, in that sense, tobacco users are the class of employees it is legal to discriminate or penalize for their personal behavior. The ACA is silent on the consumption of Marijuana which may present some interesting situations as more states move to allow the use of medical Marijuana or to legalize its recreational use.
Medicare Part A & Part B only covers about 80% of the cost of your healthcare. In addition, the 20% that you are responsible for does not have a limit. No max out of pocket or cap so if something major happens you could be left with a lot of very expensive medical bills. Millions of Americans age 65 and over buy a Medigap policy to cover what Medicare Part A & B does not. There are several plans to choose from but all Medigap Plans have a letter such as Plan F, Plan G, Plan J, etc. If it doesn't have a letter it's not a Medigap Policy. I would be happy to answer any other questions you have.
An employer can establish a defined contribution retirement plan in accordance with Internal Revenue Code 401(k.) The employer is responsible for the plan documents including definitions. While not required there may be some mention of key employees. If your plan has provisions like this, they would be in the plan document which is available from your employer.
Once rain water hits the ground it is considered to be the peril "flood". If the water finds its way into the basement that is considered "seepage" and is excluded under most homeowners insurance policies. Some companies will consider coverage under the "water back-up of sewers and drains" coverage however that is pushing the limits. It will come down to the company and adjuster to decide coverage.
It is fairly common in many states to "rate up" and exclude a condition. While this does not always seem fair, it is legal and approved by the Department Of Insurance. Your recourse? There is an Open Enrollment in October for 2014 effective dates which should cover your pre-existing condition. Prior to that time, you could apply with another carrier to see if they would cover the condition, with an added charge. But of course, do not cancel your existing policy until you have written approval and have reviewed all provisions of the contract. I realize this was not the answer that solves your dilemma, but in 2014, you might have better luck, especially if you qualify for a federal subsidy.
If you have a license in another state, you can apply for a nonresident license in Alabama by using the NIPR (National Insurance Producer Registry). If you are starting your life insurance career in Alabama, you must study for the licensing test, pass it, pay the appropriate fees, and use your life insurance license in Alabama to benefit your life and the lives of others.
If you were injured in an accident or had a debilitating illness that prevented you from working, how long can you go without a paycheck? How will you pay your bills? How will you pay for your health insurance? Most people do not have enough in savings to pay the bills in the event of an extended illness. If they do, chances are it will come at the expense of the kids college fund or retirement savings.
Yes! Medicare will cover an echocardiogram. Your doctor must order/prescribe one.An echocardiogram is covered under Medicare Part B. Medicare will pay for about 80% of the costs after the Part B deductible is met ($147 in 2014) - you would be responsible for the other 20% and the Part B deductible. Please note, when you first enroll in Medicare Part B, you open your 6-month initial open enrollment period to buy a Medicare supplement plan (a.k.a. Medigap plan) with NO MEDICAL UNDERWRITING!. A Medigap plan can cover the deductibles and a portion or all of the other 20% of expenses covered by Part B and features a number of other big advantages as well. An experienced broker can help find the plan that's most suitable for you and your budget. Please let me know if I can be of help. Thanks very much.
The time to purchase Long Term Care is when you are healthy and in your fifties or sixties. I do not know of any company that will issue a Long Term Care Policy to an eighty year old and if there were the premium would be extremely high. There are some alternatives however. Some companies will offer Short Term Care or Home Health Care policies up to age 85. While not as comprehensive as a full Long Term Care policy they can help with the high cost of care when needed. There are also other planning solutions that can help. A Long Term Care Resource Planner can help find a solution.
A life insurance blood test is mainly looking for signs of illness, nicotine, or drug use. Many people are unaware that they have a health condition when they apply for life insurance. Life insurance exams periodically expose type 2 diabetes or high cholesterol, and enable the applicant to be treated before serious damage results. And, of course, there are those who try to hide drug or nicotine usage. So those three things are the main thing a life insurance exam looks for.
Suggest that you contact two independent agencies in reasonable proximity to your residence and ask them to get you quotes from several of the most well-known National insurance carriers, including but not limited to: Hartford, Travelers, Met and Safeco. That will give you a good idea of how to proceed.