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How a Medicare Supplement Protects your Final Expense Policy

Medicare is an excellent government program that provides healthcare for millions of Americans across the country. While it’s great resources for seniors to get affordable medical services, and avoid out-of-pocket expenses, there are dozens of different expenses that the program doesn’t cover, which can leave these enrollees with massive hospital bills that they have to pay for themselves.

One way that most Medicare participants offset the rising costs of health care is to purchase a Medicare Supplement insurance plan. These plans are sold through private insurance companies and fill in some of the coverage gaps that are left behind by Original Medicare Parts A and B. ten different Medigap plans pay for various expenses or portions of those expenses. Some of those expenses are things like Part B excess charges or foreign medical emergency bills. This is a great way for Medicare enrollees to protect themselves from massive medical expenses that could wreck a savings program.

Medicare Supplements and Final Expense Policies

medicare supplementWhile the benefits of these Medigap plans are obvious, there could be some hidden advantages that most applicants don’t think about when they apply for coverage. One of these advantages is your supplement plan protection your final expense policy. At first glance, you may not see the connection between the two insurance plans, but after closer inspection, the correlation is simple.

The older that we get, the more money that we spend on medical bills and prescription drug costs. As we continue to age, the higher the chances that we will need intensive hospital services, surgeries, and several expensive prescription drugs that need refilling on a monthly basis. All of these can add up thousands of dollars in bills and can turn a retirement dream into a retirement nightmare. As we mentioned, the best way to pay for these bills is by applying for additional coverage through a Medicare supplement plan, but let’s imagine that you don’t have one of these plans in place, and all of those bills start piling up. A Medicare enrollee can struggle financially to pay for those bills, which can harm their standard of living, and they will start to have to make sacrifices in other areas of their life to pay for the health care that they need to stay happy and healthy for years to come. Some of the common expenses that seniors will eliminate are their prescription drugs, they will sell cars, and they will stop paying for other insurance policies, like their final expense insurance plans.

Not having a final expense insurance policy could be one of the worst mistakes that you make for your loved ones. That could leave them with thousands of dollars of debt and other fees and bills that they don’t have the money to pay off after you pass away. Your family would be responsible for paying for your funeral costs, burial expenses, as well as any other unpaid debts that you would leave behind.

These final expense plans are great for anyone that no longer has a need for a traditional life insurance plan, but don’t want to burden their loved ones with their unpaid bills after they pass away, or want to leave a little extra to their heirs after their passing for any expenses that may pop up that weren’t planned for.

Final Expense Insurance Explained

Final expense insurance (sometimes called burial insurance plans) are essentially just like a regular life insurance policy, but much smaller. They range anywhere from a couple of thousand dollars to $25,000. They operate just like their traditional insurance plan counterparts. You apply for coverage, pay the monthly premiums for the insurance, and when you pass away, the benefactors of the policy will receive the face value of the plan.

There are several benefits for seniors to apply for one of these plans, the first is that it’s one of the most affordable options to help your family members pay for your funeral if something tragic were to happen to you. Unlike a life insurance plan, you won’t have to pay the expensive monthly premiums, which continue to get higher and higher the older that you are.

Another advantage to final expense plans is that you won’t be required to go through a medical exam to be approved for the policy. With a normal life insurance plan, the company is going to require a medical exam before they accept your application. The use the results of the medical exam to calculate how much of a risk you are to insurance. After they’ve determined how much of a risk you are through the medical exam and questionnaire, they will either accept you for coverage or deny your application. With a burial insurance policy, you won’t have to go through all of this trouble. You can apply for coverage, and then be accepted. No medical exam required, which means that anyone can get coverage, regardless of health or any pre-existing conditions that you may have. You also do not have to go through a medical exam for a guaranteed issue life insurance policy.

Another benefit to these plans that you won’t find with most other insurance policies is how quickly you can get coverage. Because you aren’t required to take the health physical, and your application doesn’t have to go through the medical underwriting, you can get insurance protection in a matter of 24 hours, instead of waiting several weeks. If you’re looking for the quickest way to get an insurance policy, burial plans are the best option.

Burial insurance plans are extremely simple to apply for. The insurance company is going to ask several basic information questions like your age and your address, and then a few questions regarding your health. Mostly they will ask if you have a few specific conditions. After that, they will discuss the different options for insurance coverage.

Protecting Your Final Expense Policy and Your Loved Ones

You never know what’s going to happen to your health. Hopefully, you’re never stuck with hospital bills that drain your bank account, but you never know what tomorrow is going to bring. The best plan is to prepare for the worst and protect yourself against that possibility.

If you have any questions about Medicare supplement insurance plans or burial insurance plans, please contact us today. We will be happy to answer any of those questions and ensure that your family is getting the insurance protect that they need through a final expense policy. Unlike traditional agents, we work with dozens of insurance companies across the United States, which means that we can connect you with the most affordable policy to fit your needs.

Don’t wait any longer to give your family the insurance protection that they need and deserve. The application process is quick and easy, there are no excuses to wait any longer.

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