Single Premium Life Policies
The primary benefit of life insurance is to leverage money to create an estate. This benefit can provide for survivors or to leave something to an organization or charity. Single premium life policies (sometimes called SPL) are a type of life insurance. In this type of policy you pay a lump sum of money into a new policy in return for an instant death benefit. This policy is guaranteed to remain paid-up until death. There are many different versions of single pay policies available. These policies offer a wide range of investment options as well as withdrawal provisions.
With single-premium life policies –
The cash you invest applies immediately. In Fact, this enables the policy full funding. The size of the death benefit depends on the amount invested, insurance company used, type of underwriting, age and health of the insured. With these policies, a younger person is normally has a longer life expectancy. This gives the funds you pay for the premium more time to grow before the insurer expects to pay out the death benefit. The larger the amount of money you initially contribute to your policy, the greater your death benefit will be. For example, a 65-year-old female might use a $25,000 single premium to provide a $55,000 income-tax free death benefit to her survivors/beneficiaries. Whereas a 50-year-old male’s $100,000 single premium might give a $400,000 death benefit.
Many companies have provisions in the policies which allow for a partial withdrawl of cash value in the event that you need money. Other policies guaranteed a full refund of cash value at a certain point (often 6 years ). A policy can always be surrendered for cash value but policies surrendered prior to maturing may have surrender charges. Single premium plans should not be used with money that you may need to spend or to live off of. If you have a lump sum of cash that you don’t need right now and you want guaranteed life insurance protection for your family or your favorite charity, single-premium life insurance can be an ideal solution.
However you choose to use a single-premium life insurance policy, remember to consider your personal financial situation. You also want to think about other retirement vehicles already in use. This way you can select and shape your policy to best match your needs.
Always Care Dental Insurance
Crowe and Associates is now able to offer Always Care Dental Insurance and vision coverage. Always Csre offers clients several different levels of coverage as well as one of the nation’s largest provider networks.
The Cleaning Plus Vision plan helps cover the cost of dental exams and cleanings. It also covers annual vision exams and material allowances for each person covered by the plan. Click here for an overview of the Cleaning Plus Vision Plan.
The Preventive/Basic plan gives individuals immediate access to all covered services with no waiting periods and $1,000 annual maximum for each person covered. Click here for an overview of the Preventative Basic Plan.
The new Increasing Max plan rewards individuals with an increasing annual maximum benefit as well as no increase in premium. There are no application fees as well as no administrative fees. Click here for an overview of the Increasing Max plan.
The Ultimate Max plan gives you a $2,000 annual maximum for each person covered by your plan. Additionally, there are no application fees and no administrative fees. Click here for an overview of the Ultimate Max plan.. (Currently not available in Connecticut)
Click here for a no obligation quote. In addition to dental insurance, we are able to quote and write medical, life, auto, home, commercial and annuity policies. To discuss your individual needs in detail, please call the office at 203-796-5403 or email us at admin@croweandassociates.com.
Medicare Seminars in Connecticut
Crowe and Associates is offering Medicare Seminars in Connecticut. We are an independent agency contracted with all Medicare companies in the state of Connecticut. We conduct seminars to educate consumers on Medicare Advantage plans (also called Part C or Managed Medicare), stand alone part D RX plans and Medicare supplement plans (Also called Medigap plans). Meetings run about 1 hour with the primary goal focusing on four main areas:
1)Explain how Original Medicare works as well as coverage provided by Medicare A and B. It’s important to understand how Medicare benefits work so that you can make the most informed, best decision for you and your family members.
2)Detailing the difference between a Medicare Advantage and a Medicare Supplement plan. They are distinctly different plans. Understanding the difference between them allows the Medicare beneficiary to make a more educated decision.
3)Explaining the strengths and weakness of both Advantage and Supplement plans. How a Medicare beneficiary should use their own situation to determine which is better for them. (There is not a “best plan” or “best option”.) Personal health/medical needs will be the biggest determination when it comes to finding the right plan.
4)Once the right type of plan has been determined (Medicare Advantage vs. Medicare Supplement) we will then provide a review of the company offerings for 2016. It’s important to learn the differences between the companies that offer Medicare plans. Understanding the details between companies and plans is vital to having proper coverage.
The primary goal:
will be for attendees to leave the meeting with the confidence to pick a plan that suits them best. If interested in attending a meeting, please call our office at 203-796-5403 or email admin@croweandassociates.com.
Crowe and Associates is a full service brokerage offering clients not only Medicare, but regular health, dental and life insurance. We also offer property and casualty insurance as well as investment advice. We do not charge any fees. If you have questions or need additional information, please give us a call at 203-796-5403.
United Healthcare Medicare Complete Connecticut:
United Healthcare Medicare Complete Connecticut plans are a series of Medicare Advantage plans offered by United Healthcare. Medicare Advantage plans are also called Part C plans or Managed Medicare Plans. United Healthcare offers 3 Medicare complete plans in Connecticut for 2016. They are Medicare Complete plans 1,2 and 3. Each plan has a different monthly premium and benefits. All three have Rx coverage included in the benefits.
Plan 1 is a $99 a month plan with the lowest copays of the three plans. This plan has additional extras such as vision, dental and hearing benefits. Plan 2 is a $29 a month plan with slightly higher copays than Plan 1 and comes with vision, dental, hearing and Silver Sneakers benefits. In Plan 3 there is a $0 month premium with the highest copays of the three plans and requires a specialist referral. It has the additional vision, hearing and Silver Sneakers benefits. Silver Sneakers is available on the United Healthcare Medicare Complete Plan 1 but there would be additional monthly premium to add it. Full plan summaries are available in the links below for more detailed benefit descriptions.
United Healthcare Medicare Complete plans
Participating providers can be accessed in both CT as well as NY as in network providers. The plans also come with the Passport program which allows members to access doctors in other states as in network providers (Assuming the participate with United in the other states.) UHC does have some benefits at a 20% co-insurance level which can lead to substantial out of pocket for some procedures. We include both a summary of benefits and an application for all plans in the links below.
Feel free to either call our office at 203-796-5403 or send an email to admin@croweandassociates.com with any questions.
United Healthcare Plan 1 Summary 2016
New Low Cost Plan G Medicare Supplement In Connecticut
Combined Life has released a new low cost plan G Medicare Supplement in Connecticut. This plan has a monthly premium of $202.42. The premium makes this plan the lowest cost plan G in the state. To better understand how this plan works compared to a Plan F supplement, we will take a look at the benefits provided by both
The Plan F Medicare supplement covers 100% of Medical expenses approved but not covered by Medicare. In other words, plan F pays the entire 20% of co-insurance as well as the deductibles not covered by original Medicare. Plan G works exactly the same as plan F. The only exception is the part B deductible. Because the Part B deductible is $166.00 each year and is not covered by Medicare Supplement plan G. Other than that, the plans have the exact same benefits. Due to the fact that the lowest cost plan F Medicare Supplement price is $234.00 a month in Connecticut. Plan G comes out at a lower overall cost even when the $166 deductible is added in.
Connecticut is a unique Medicare state because they do not allow underwriting. The Medicare Supplement rates are the same regardless of the client’s age. As a result, a person in CT can change from one Supplement plan to another without any medical underwriting any month they would like. In fact, insurance companies are not able to invoke a pre-existing condition clause either.
If you have any questions, you can either call our office at 203-796-5403 or email us at Edward@croweandassociates.com to learn more. Let us help you find the right plan for both your health and budget needs.
Combined Life Medicare Supplement Rates CT 2016
Combined Life Medicare Supplement Application 2016 CT
When is The Medicare Advantage Dis-enrollment Period (MADP)
Here is the answer to a question that you might like to ask. When is The Medicare Advantage Dis-enrollment Period (MADP) – It runs from January 1 to February 14 every year in accordance with the guidelines of the Centers for Medicare & Medicaid Services (CMS). The purpose of the MADP is to give Medicare Advantage (MA) members an opportunity to dis-enroll from any MA plan. After they dis-enroll they can return to Original Medicare. Enrolling back in original Medicare allows members to then purchase a Medicare supplement plan and/or part D drug plan if they wish.
Important:
the MADP is not an additional enrollment period, nor is it an opportunity to switch to a different MA plan. The effective date of a dis-enrollment request made during the MADP will be the first day of the month following receipt of the dis-enrollment request. For example, a dis-enrollment request made in January will be effective February 1. Medicare considers this election period a special election plan change.
Important Warning!
Members of MA-PD plans who enroll in a stand-alone PDP plan will automatically be dis-enrolled from their MA-PD plan. Those members will return to Original Medicare. They will NOT have the option to enroll in another MA(Medicare Advantage) plan.
You can call the office if you have questions regarding your current Medicare Advantage plan at 203-796-5403. If you would like to discuss all the Medicare options that are available to you, don’t hesitate to ask us.
New Humana Medicare Plans 2016
New Humana Medicare Plans 2016 – There are some new Humana Medicare plans that clients can purchase in 2016. The new plans have many great options for members to choose from. Humana offers Medicare Advantage plans both with and without drug plans in multiple states. Please note that in some states such as NY, they only offer a stand alone PDP plan while in others they offer both the PDP and Medicare Advantage plans. They have multiple MAPD plan types with HMO and PPO plans in various states. Click the link below to review Humana Medicare plans 2016 in all states. The link will also provide PDP Rx summaries. Please call our office with any additional questions about plan designs, or benefits.
Click for Humana benefit summaries for all states 2016
Humana Medicare is also looking to fill a market void in the Long Island NY region.
This new HMO plan offers to it’s members:
- $37 monthly premium.
- $5 PCP co-pays.
- $30 specialist co-pays.
- $6,7000 Maximum out of pocket (MOOP) cost.
- This plan also includes a Silver Sneakers membership.
- It also provides preventive dental coverage.
- There is also a vision allowance of $200 toward the purchase of new glasses.
- They provide members hearing aid coverage.
- In addition this plan offers optional supplemental benefits (OSB), if you so choose.
- Travel options are built in to allow for in-network benefits in select Florida counties.
The network has been expanded to include the following:
- North Shore Lone Island Jewish Hospitals as in-network participants.
- Both Pro-Health providers as well as surgical centers are in-network participants.
- In addition, the network includes Advanced Urology.
Medicare Supplemental Plan Rates
There are many various options when you decide to purchase a Medicare supplement plan. Medicare Supplemental Plan Rates are listed below. Coverage for Original Medicare, Part A and Part B, include monthly premiums, deductibles as well as co-insurances. There is no limit for out-of-pocket spending. Long term care, dental and vision are not covered. To stabilize and or limit some of the cost, many choose a Medicare Supplemental or Medigap Plan. As you have most likely heard, Medicare enrollment can be complicated. For your own piece of mind, we recommend speaking with an experienced, licensed health insurance agent. A knowledgeable agent can help you to choose the best option for YOU.
There are actually 10 Medicare Supplement Plan options available to you. Each plan has different, yet standardized, benefits and coverage. This means that no matter which insurer you buy from, the benefits of each plan will be the same.
However, while the plans are standardized across insurance companies, the Medigap costs can be vastly different. So even though you will ultimately be getting the same benefits, it pays to shop around to get the best rate.
Click for rates in CT
Click for rates in NY
Do you have questions or concerns regarding your current Medicare plan? If you would like to learn more about future Medicare Advantage, Supplemental as well as Prescription Drug Plan options? Please contact us either at 203-796-5403 or at admin@croweandassociates.com to discuss your Medicare options in detail.
What is the Medicare Part D Penalty
If you have gone without Part D or other credible drug coverage for a period of 63 days or more after your initial enrollment period. You may owe a Medicare Part D Penalty. What is the Medicare Part D Penalty –
With Medicare as with all insurance plans it is wise to know all the ins and outs before you start. If you find a knowledgeable insurance agent to help you sort things out, you will be ahead of the game. Here at Crowe and Associates our job is to help clients understand insurance. We want you to feel confident that you have chosen the right policy for both your health needs and your budget. That is why it is important that you are aware of any possible penalties that can cost you money.
The dollar amount of the penalty
Medicare will officially calculate your penalty based on the number of full months you went without coverage. The penalty is 1% of the national base beneficiary premium multiplied by the number of uncovered months and then rounded to the nearest $0.10. That amount will be added to your monthly part D premium. (Note: Since the national benchmark premium may increase each year, the penalty amount will also change accordingly.
Click Here for a Part D Late Enrollent Penalty Reconsideration Request Form
You should mail both completed forms as well as supporting documentation to the address below:
MAXIMUS Federal Services
3750 Monroe Avenue, Suite 704
Pittsford, NY 14534-1302
Or faxed to:
Fax number: (585) 869-3320 or toll free fax number: (866) 589-5241
Do you have questions or need assistance navigating the Part D late enrollment penalty reconsideration process? Please contact the office at either 203-796-5403 or at admin@CroweAndAssociates.com if you have questions or require additional information about insurance.
Medicare Supplement High Deductible Plan F
Medicare Supplement High Deductible Plan F includes cost-sharing features. These features allow you to save on premiums while still receiving dependable coverage.
In fact, The high deductible Medicare Supplement insurance plan pays the same benefits as Plan F. AFTER you have paid the annual deductible of $2,180. Benefits from the High Deductible Plan F will not begin until out-of-pocket expenses are $2,180.
What’s does Medicare include in a Medicare Supplement High Deductible Plan F?
- Your $1,260 Part A deductible and coinsurance
- The cost of 365 extra days of hospital care during your lifetime after Medicare coverage ends
- $147 Part B Medicare deductible
- Your Part B coinsurance and the cost of the first three pints of blood
- 100 percent of Part B physician charges that are in excess of the Medicare-approved amount (by law no physician may charge more than 115 percent of Medicare-approved amounts).
- Skilled nursing facility copayment
- Hospice care
- Foreign travel emergency care
Medicare Part A Coverage:
| Services | Medicare Pays | After You Pay $2,180 Deductible**, Plan Pays |
After You Pay $2,180 Deductible**, You Pay |
|---|---|---|---|
| HOSPITALIZATION*: Semi-private room and board, general nursing, and miscellaneous services and supplies | |||
| First 60 days | All but $1,260 | $1,260 (Part A Deductible) |
$0 |
| 61st through 90th day | All but $315 a day | $315 a day | $0 |
| 91st day and after: — While using 60 Lifetime Reserve days — Once Lifetime Reserve days are used: Additional 365 days |
All but $630 a day$0 | $630 a day100% ofMedicare-eligibleexpenses | $0$0*** |
| Beyond the additional 365 days | $0 | $0 | All costs |
| SKILLED NURSING FACILITY CARE*: You must meet Medicare’s requirements, including having been in a hospital for at least three days and entered a Medicare-approved facility within 30 days after leaving the hospital | |||
| First 20 days | All approved amounts | $0 | $0 |
| 21st through 100th day | All but $157.50 a day | Up to $157.50 a day | $0 |
| 101st day and after | $0 | $0 | All costs |
| BLOOD | |||
| First three pints | $0 | Three pints | $0 |
| Additional amounts | 100% | $0 | $0 |
| HOSPICE CARE: You must meet Medicare’s requirements, including a doctor’s certification of terminal illness | |||
| All but very limited copayment/coinsurance for outpatient drugs and inpatient respite care | Medicare copayment/coinsurance | $0 | |
Medicare Part B:
| Services | Medicare Pays | After You Pay $2,180 Deductible**, Plan Pays |
After You Pay $2,180 Deductible**, You Pay |
|---|---|---|---|
| MEDICAL EXPENSES—IN OR OUT OF THE HOSPITAL AND OUTPATIENT HOSPITAL TREATMENT, such as physicians’ services, inpatient and outpatient medical and surgical services and supplies, physical and speech therapy, diagnostic tests, durable medical equipment | |||
| First $147 of Medicare-approved amounts* | $0 | $147 (Part B deductible) |
$0 |
| Remainder of Medicare-approved amounts | Generally 80% | Generally 20% | $0 |
| PART B EXCESS CHARGES (above Medicare-approved amounts) | |||
| $0 | 100% | $0 | |
| BLOOD | |||
| First three pints | $0 | All costs | $0 |
| Next $147 of Medicare-approved amounts* | $0 | $147 (Part B deductible) |
$0 |
| Remainder of Medicare-approved amounts | 80% | 20% | $0 |
| CLINICAL LABORATORY SERVICES—TESTS FOR DIAGONOSTIC SERVICES | |||
| 100% | $0 | $0 | |
CT Medicare Advantage and Supplements
There are many choices when it comes to CT Medicare Advantage and Supplements. These choices can confuse anyone. We can help you feel comfortable not only with your choice of health care plans but the cost as well. Crowe and Associates is one of the region’s leading Medicare brokerages. Are you looking for CT Medicare Advantage and Supplement information in Connecticut? We can help. Crowe and Associates is an independent brokerage agency that works with all major Medicare Advantage and supplement plans. We work with clients everyday to help them understand the difference between Advantage plans and supplements. We use that knowledge to choose the best plan and company for them. The insurance companies pay us so you will never receive any type of bill or fee for our services.
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How Are Hospital Observation Services Covered?
How Are Hospital Observation Services Covered? For those covered under Original Medicare or a Managed Medicare plan there can be a big difference in out of pocket costs for a hospital stay. The amount of coverage you receive depends on how your carrier classifies the services. Your insurance carrier may consider a hospital either inpatient or outpatient even if someone stays overnight.