Thursday, May 23, 2013

Affordable Health Care Act...affordability TBD

The Affordable Health Care Act also known as Obama Care is now law. Health care reform is to help all. If you are one those people who has no health care coverage because you can't afford it, you will be mandated to get coverage by Janurary1, 2014. If you do not have coverage by that date you will be fined at tax season. You will soon find yourself under a mountain of debt imposed by the US government if you choose to go without insurance. If you are already in a financial bind, the smart thing to do is to find health care due diligence.. and re-allocate funds to help pay your way. The fines will continue to increase during the times you are not covered. Ask yourself, do you want to pay monetary fines from your own pocket and give it to the US government or do you want to be pro-active and accountable for your own health and finances and get health care coverage?

While insurance premiums continue to increase at a faster rate than personal earnings, one of the provisions of Obama Care includes reforms such as reducing the amount by which insurance companies can increase their premiums. Insurance companies can easily hide those fees in other benefits of the policy such as increasing co-pays, limiting office visits and/or decreasing benefit coverage.

Additionally, radiological facilities that offer CT scans, X-rays and MRI's will collect their fee from you first before rendering services. So will outpatient laboratories. They will do this if you have not met your calendar year deductible and/or the benefit coverage you have is significantly limited. This can quickly add up to thousands of dollars coming out of your pocket. Need to be admitted to the hospital? You will receive a bill from multiple sources above and beyond what the insurance will accept. If coverage is thin now for you, a financial catastrophe from medical bills is sure to come. 

If you decide to follow through with a medical treatment plan your physician prescribes and you lack coverage...YES... you are financially responsible for making payment. If you choose not to pay health care bills, your credit will be ruined. Where will the money come from? A coin jar in the local coffee shop? Health care in the US is expensive and continues to increase in cost. Someone somewhere along the way pays for someone else. When the wallet is pinched, nothing more can be squeezed out.

While laws are complicated to understand as are insurance policies, take time to learn all you can to protect yourself. Everyone will benefit when you take measures to financially protect yourself.

Visit to learn more about the timeline, read the law, review and compare  insurance policies in the marketplace.

Good health,
Trisha M. Pacenti RN,BSN

Monday, May 13, 2013

Life Insurance: know what your buying

When you are buying life insurance, make sure you know what type it is and how the policy is structured. What is the difference between term and whole life?

 Term insurance ends at term. If you outlive the end of term insurance, all the premium you paid for the last 10 or 20 years is gone. It does not build cash value. You do not receive premium paid in.  It does not renew. You must go through the application process again.  This time 10 or 20 years older and at higher premium. One of the deciding factors of premium is age. The older you are the higher the premium. If you outlive your term insurance even 1 month past when the term is up, too bad. If you don't have another policy in place, then you have no life insurance to cover funeral expenses and other death related expenses. The financial burden will placed upon family members left behind.

The final expense programs Monumental Life offers are guaranteed that premium will never change and will provide funds to your survivors when they need it most as long as premiums are up to date. Monumental Life offers whole life policies. Whole life policies build cash value and outlive you. At the time of your death, the policy comes alive and provides the monies necessary to cover funeral and other death related expenses. Additionally, whole life policies offer living benefits.

Beware of programs that have a decreasing death benefit. While premiums typically remain unchanged, the amount of coverage you leave your loved ones can be drastically reduced. The final expense programs Monumental Life offers have guaranteed death benefit that will never decrease.

Beware of companies that have association fees. They will market guaranteed premium programs disguised with other fees. The life insurance premium rate is guaranteed but the association fees can increase at the company's discretion. The final expense programs offered by Monumental Life have no association fees. Therefore, the rates will never increase.

Does your current life insurance cover you for both accident and illness? If your death is caused by illness and your life insurance is accident only, your family will not collect the death benefit from that policy.

Monumental Life offers programs that cover both accident and illness. There is no waiting period and coverage begins after the first month's premium is collected. Death does not wait until you are ready. Be prepared and be completely covered. The application process is quick and easy. You are at your healthiest and youngest you will ever be. Now is the time to start the application process and financially protect your loved ones. 

Please visit www.monlife  to learn more about our company.

Trisha M. Pacenti RN,BSN