SENIOR BENEFITS & INSURANCE
"South Florida Medicare and Senior Benefits specializes in assisting folks over 55
… JUST LIKE YOU!"
Every senior has different needs. South Florida Medicare and Senior Benefits is your 1 Stop Shop for all types of senior insurance and benefits. In-home evaluations and product education are always free to you with never, ever any obligation to buy a thing.
When it comes to all things senior, we want you to make educated, well-informed choices. We want you to be happy and satisfied while feeling totally protected with all your senior insurance products and benefits.
Today’s over 55 population is more diverse than at any time in our country’s history. Different health needs coupled with wide ranging financial needs and abilities have created dozens upon dozens of options regarding Medicare Insurance and other products that are exclusively for our aging population.
Insurance is one thing that people hate to buy but are always thankful for when the need for it arises. Medical bills are the number one reason that Seniors are forced to declare bankruptcy. Protecting yourself in retirement does not have to cost a fortune and can save you from financial ruin.
SENIOR BENEFITS AND PRODUCTS THAT WE PROVIDE INCLUDE:
Final Expense Insurance
Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance. Unfortunately, even bare-bones funerals can cost thousands of dollars. The ins and outs of insurance policies can get tricky.
A final expense life insurance policy isn’t the same as what’s known as “insuring your life.” Insuring your life concerns leaving your family and loved ones with enough support after you pass away. Term and permanent life insurance value your policy as proportionate to your earning power now and for the rest of your life.
With funeral insurance, the value of your policy is proportionate to the expense of your desired funeral and other potential related expenses. While other forms of life insurance can top a million dollars, it’s rare for final expense insurance policies to get above $20,000.
Whether you choose a life insurance policy that covers funeral expenses and then some, with a dedicated final expense insurance policy, or funeral pre-payment, you’ll be doing your loved ones a huge favor. Taking the time to consider and document your end-of-life wishes may be a little uncomfortable now, but it will make a tremendous difference when the time comes.
Hospital Indemnity Insurance
Many Medicare beneficiaries that have a Medicare Advantage Plan (MAPD plan) also purchase Hospital Indemnity Insurance. An MAPD plan pays for specific medical services after deductibles and or copayment amounts are satisfied. By contrast, hospital indemnity insurance triggers payments when specific events associated with hospital visits occur.
Indemnity plans are totally optional and pay benefits when a policyholder checks into a hospital for an overnight stay, entitling him to claim a certain amount – say $250 – against the policy. For each additional night’s stay he can add another $250 on top. Using this example, a three-day stay at the local hospital would entitle him to $750 and so on.
In addition to a hospital per diem, a more robust plan might feature payments per ambulance trip, surgery or increased payments for intense ailments such as stroke or cancer. Benefits can disburse in lump sums for short admittances or on a daily or weekly basis during longer visits.
You Can Use it to Pay Your Deductible . . . or Anything Else
Hospital stays in the U.S. can cost tens of thousands of dollars. Not cheap – certainly high enough to top the annual deductibles or copays of most MAPD plans. Indemnity insurance payouts can be used to cover deductibles; so, for a policyholder, spending four days in the hospital visit could mean taking care of a major health-related out-of-pocket expense for the entire year.
In fact, payments can be used for whatever purpose the beneficiary chooses. That’s because unlike medical health insurance, hospital indemnity plans are not tied to specific services but rather pay policyholders upon the occurrence of certain events.
Long Term Care Insurance
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility. MEDICARE DOES NOT COVER LONG TERM CARE.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy
The maximum amount that a policy will pay per day
The maximum number of days (years) that a policy will pay
The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Any optional benefits you choose, such as benefits that increase with inflation
If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate. Some group policies do not require underwriting.
Life Insurance for Grandchildren
Becoming a grandparent is an experience like no other. Grandparents are usually eager to shower their grandchildren with gifts. More than toys and clothes, grandparents can choose to gift whole life insurance to their grandchildren. It is a gift that can provide peace of mind and financial benefits throughout the child’s life.
Peace of Mind Now
In the event of the unthinkable, whole life insurance provides a death benefit. This benefit could then be used to cover the cost of the funeral. Additionally, the benefit may also cover the cost of family counseling or even any uninsured medical bills that were accrued for the treatment of that child. This allows families to focus on remembering their child and grieving their loss without added financial stress. In fact, 80% of people surveyed believe life insurance played a critical role in suffering a loss.
Peace of Mind Later
Whole life insurance also guarantees the coverage will be available to the child, even if he or she becomes disabled or develops a chronic illness later in life that might otherwise make obtaining life insurance cost-prohibitive or even impossible. Should a family have a history of medical illness, obtaining insurance when the child is young could also ensure lower premiums. Once the child becomes an adult, he or she may elect to buy more coverage without having to undergo a medical exam. This future insurability is one of the key ways in which whole life insurance provides a lifetime of peace of mind.
Unlike term life insurance which is bought for a finite number of years; whole life insurance continues indefinitely as long as the premiums are paid. As such, premiums can be much lower when purchased for a child than an adult. These low premiums can be locked in for life.
As premiums are paid, the savings accumulate for cash value. This cash value will grow tax-deferred, which means taxes will only need to be paid once the money is taken out. As the savings grows, money can then be borrowed against the policy at any time. The policy can also be cashed out or surrendered.