LIFE & HEALTH INSURANCE

Level Term Life
Term insurance is designed to cover the highest financial point in your life. The time in your life that you may have need for coverage on your Mortgage, car loans, raising children & college education's. It is intended to meet each individual's specific needs with a predetermined amount to be paid to a beneficiary if you should die. Term life insurance provides you with a level benefit for the amount of time you feel necessary. This is coverage with a level term at your present age and premium that will remain level for the length of term you choose. It is an excellent policy for meeting temporary insurance needs -- and often, an inexpensive way to provide your family with top notch coverage in the event of your death.

Whole Life
Whole life insurance provides you with life coverage for your whole life. It is payable to a beneficiary if you should die. Whole life insurance is designed to give you a level death benefit at a level premium that will remain the same for your entire life.

Universal Life
Universal life is an incredibly flexible option in life insurance coverage. It provides you with permanent life coverage for your beneficiary while also building tax-deferred cash value for you. It is designed to carry the rest of your life and provide you with a death benefit. What makes it so flexible? A universal life policy provides you with a current rate of interest with a guaranteed rate and builds cash value. However, a Universal Life policy is specifically designed to change as your life changes. You can change the amount of death benefit provided as your family's needs change over time. It is a permanent policy meant to give your a death benefit for your entire life with the flexibility of changing as your life changes. It lets you easily increase or decrease the amount of your policy's coverage as your needs change.

Definitions

• Full freedom to go to any doctor or hospital at any time.
• Deductible will be paid prior to receiving coverage, normally $250-1000. After the deductible is met, you will share the cost with the insurance company. EX: 80% / 20% with a maximum out of pocket.
• Prescriptions are normally subject to a deductible.

• A Primary Care Physician is required.
• Low doctor co-payments ($10-15)
• Hospitalization is covered in full.
• Prescription drug co-pays are typical.

• A network of hospitals and doctors are provided for you to choose from.
• A primary care physician is NOT required.
• There are a variety of deductible options starting as low as $0.00.
• You still have the freedom to go to hospitals and doctors outside network by paying higher deductibles and larger percentage of coinsurance.  

• Opportunity for significant premium savings.
• HDHP’s must meet federal guidelines. For 2005, the deductible must be at least $1,000 for individual coverage and $2,000 for family coverage.*
• Out-Of-Pocket Maximums for 2005 cannot exceed $5100 for individual coverage and $10,200 for family coverage.*
• When used in conjunction with an HSA (Health Savings Account)**, health care expense dollars are split between health insurance and the HSA**.

• HSA owner decides the amount to deposit in the HSA.
• Any unused money at the end of the plan year can be retained in the HSA and used for the following year’s medical expenses.
• HSA contributions are tax deductible up to allowable limits. The amount of HSA money spent on qualified medical expenses can be excluded on tax returns.

Combining a health savings account (HSA) with a qualified high-deductible health plan (HDHP) can help you gain greater control over your health care spending and realize tax savings. Talk to a representative to learn more about this new and innovative approach to financing health-care! 

• Are you about to graduate and need health coverage until you land your first job?

• Have you recently started a new job and are you waiting to become eligible for your employer's medical plan?

• Maybe you are between jobs and can't afford COBRA coverage. Under COBRA, you're required to pay the full cost of the health premium your former employer once subsidized - plus a 2% administration fee.

• Or are you simply waiting to qualify for a personal health insurance policy?

• The same comprehensive coverage of a standard major medical policy for up to six months.
• Six coverage terms - 30, 60,  90, 120, 150, or  180 days of coverage. You choose the amount of time you'll need the coverage.
• A choice of deductible amounts.
• Individual or family coverage.

Many people are being affected by large rate increases in their Medicare Supplement insurance. As an independent insurance agency, Mid Penn Insurance has access to multiple Medicare Supplement companies… some providing the most competitive rates available in Pennsylvania. 

We offer convenient payment options, the freedom to use the healthcare providers you want and a local agent to help answer your questions and provide ongoing service to you.

Whether you currently have a Medicare Supplement policy or will become eligible for Medicare in the next six months to a year and would be interested in information regarding what options may be available to you, Contact A Representative for a free no obligation quote of your Medicare Supplement insurance.

Prescription Drug Plan (PDP)

Prescription Coverage Quote

• If you were too sick or hurt to work full-time, would you still be able to pay your monthly bills and other expenses?

• If you suffered a loss of income for many years, would your long-term goals such as retirement be affected, too?

Protect the asset that makes everything possible. Contact a Representative about disability income coverage.

LONG TERM CARE

WHY SHOULD YOU CONSIDER BUYING LONG TERM CARE?

• To retain independence, without relying on or burdening family or friends for financial support or care needs.

• To retain the ability to choose where, how and the quality of long-term care services to be received.

• To protect assets against long-term care needs and preserve your inheritances for your family.

• To maintain peace of mind that you have coverage or possible future expenses.

HOW MUCH DOES LONG-TERM CARE COST?

• The average cost of nursing home care is more than $50,000 per year.

• In twenty years, the average nursing home stay is projected to cost $265,000.

WHAT ARE THE CHANCES I WILL NEED LONG-TERM CARE?

• 60% of all people over the age of 65 will need some form of long-term care. (nursing home, adult day care, assisted living facility or at home)

• Nearly half of Americans age 85 and older need help with everyday activities.

HOW LONG DOES LONG-TERM CARE USUALLY LAST?

• Generally, people receive long-term care for 3—5 years beginning in their 70’s or early 80’s.

• The average nursing home stay is two and a half years. People will stay at home and out of nursing facility as long as they possibly can.

PAYING FOR LONG-TERM CARE: What are my alternatives?

Health Insurance plans

• Do not cover custodial or non-medical care, help with daily activities once sent home from the hospital.

Medicare and Medicaid

• Medicare covers acute short term care but only for a short period of time directly after a hospital stay.

• Medicaid covers nursing home care, but only for individuals who spend their assets down to poverty level.

Family

• With busy lifestyles today it is getting harder and harder  to provide long-term care within family structures.

• The social, economic and physical stresses on family caregivers are well known.

Personal assets

• You could pay long-term care cost out of pocket (self insure) rather than passing your money on to your children and do estate planning for this reason.

• The increasing cost of long-term care  could require you to tie up large sums of money which could be used for vacations and other activities that improve quality of life.

Long-term care insurance

• The only option that allows you to protect:

Your Assets

Your freedom to choose

Your family from financial, physical and emotional burden

• Retain control over who takes care  of you and under what circumstances. (nursing facility, home health care, assisted living)

Take  responsibility for the future - You protect your house with homeowners’ insurance and your cars with auto insurance. How are  you protecting your financial assets? Contact A Representative for more information!

When reviewing your health insurance plan, consider the following: 

• What types of health insurance are available?
• If your employer offers you a choice of health plans, what should you know before making a decision?
• In addition to coverage for medical expenses, do you need some other kind of insurance?
• What if you are too ill to work?
• If you are over 65, will Medicare pay for all your medical expenses?
• Do you want coverage for your whole family or just yourself?

• Are you concerned with preventive care and checkups?

 Think about your personal situation.  If you prefer a health insurance plan that pays expenses for less serious medical services as well as hospitalization or other catastrophic events, consider a policy that will cover major expenses and pay them to the highest maximum level. 

If your primary concern is financial loss resulting from hospitalization or catastrophic events only and you are willing to pay expenses for less serious medical services, you may be able to save money on premiums by taking large deductibles and paying smaller costs out-of-pocket.

 These are questions that only you can answer. Talk to a professional insurance agent, review your options and determine what plan is right for you!