Medicare Insurance
Medicare Advantage
What is Medicare Advantage?
Medicare Advantage plans are some of the most talked about kinds of plans in the world of Medicare. Between the nonstop television commercials promising free stuff, to the endless pieces of mail that rain down on Medicare beneficiaries boasting $0 premium insurance plans, they certainly have become popular, but also very controversial.
The way that Medicare Advantage plans can easily be defined would be all-in-one comprehensive plans that provide a person on Medicare medical coverage, prescription coverage, as well as additional benefits that could include dental, vision, and hearing benefits, as well.
The person purchasing this plan essentially has their Medicare ran through a private insurance company, to which the private insurance company comes in and takes over the risk of covering that individual.
How much does Medicare Advantage cost?
What is the cost? In order to understand the price and cost of Medicare Advantage plans, you must first understand the funding they receive! You see, since these private insurance companies take on all the responsibility in terms of a person's claims, this takes a huge burden off of Medicare's shoulders. Because of this, they agree to fund the private insurance company every month to take care of the person's needs.
Since they receive all this funding, typically the cost of an Advantage plan is very low. In fact, many areas have Medicare Advantage plans available that have no premium at all! That is where all the $0 premium talk comes from. The person that enrolls into a Medicare Advantage plan must still keep their Medicare Parts A & B active in order for their Advantage plan to work (that includes paying their Medicare Part-B premium).
While Medicare Advantage plans do have a lot be excited about, they do have some important downsides that people need to be aware of. Unlike original Medicare with a supplemental plan, you do not have the freedom to go to any doctor in America that accepts Medicare assignment when you are on a Medicare Advantage plan. You are typically assigned a network of hospitals and doctors and either get decreased benefits when going outside of this network, or none at all.
So...What's am I missing?
Medicare Advantage plans also can come with more restrictions, such as referral programs and prior authorizations on certain treatments and/or procedures. Characteristically, they have a larger portion out of pocket expense because Advantage plans typically charge copays for most services provided. Copays can add up! The two most common network types for Medicare Advantage plans are the HMO (Health Maintenance Organization) and PPO (Preferred Provider Organization). Your professional insurance agent with Johnson Insurance Co will discuss the differences and what options you may have with your particular situation.
![Medicare Advantage is the core Medicare product and we can explain all the details of how it may work for you](https://static.wixstatic.com/media/b72345_880173394a8341dc944f83d472752fe2~mv2.jpg/v1/crop/x_354,y_0,w_1414,h_1414/fill/w_135,h_135,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/Medicare%20Advantage.jpg)
Health Insurance
Affordable Care Act
(Marketplace)
![Done Deal](https://static.wixstatic.com/media/11062b_af6bcd5887df450d8cfa4d04286ac78c~mv2.jpeg/v1/crop/x_759,y_0,w_3034,h_3034/fill/w_180,h_180,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/Done%20Deal.jpeg)
What Are ACA Plans?
The Patient Protection and Affordable Care Act, more commonly referred to as the ACA, was signed into law during President Obama’s term in 2010. This is why so many people also refer to these plans as Obamacare. The goal of the ACA was to improve the accessibility, affordability, and quality of health insurance across the country. Prior to the ACA, many Americans struggled to afford or even obtain health insurance because of pre-existing medical conditions. Obamacare significantly reduced the number of uninsured people in the U.S. ACA plans are sold on the Marketplace or Exchange. Individuals and families can enroll in an ACA plan rather than an employer-sponsored or private plan. Pre-existing conditions won’t prevent you from enrolling in an ACA plan. In addition, many people receive tax credits and subsidies to reduce their premiums.
Every ACA plan must include the ten Essential Health Benefits (EHBs). These ten benefits include:
-
Hospitalization
-
Emergency services
-
Ambulatory services
-
Prescription drugs
-
Maternity and newborn care
-
Mental health and substance abuse services
-
Lab tests
-
Chronic disease management, preventive, and “well” services
-
Pediatric dental and vision care
-
Rehabilitative services
HMO vs PPO: Which Insurance Plan Is Right for You?
You’ve got options when it comes to health insurance. The most important thing is to understand the type of plans available, so you can pick the one that fits your and your family’s needs. Two of the most common plan types are Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs).
- HMO Insurance Plans
HMO insurance plans require members to get care within their network of doctors and hospitals. You will only have coverage if you stay within the network. You’ll select a primary care physician who will coordinate all the care you receive, even from specialists. Usually, the premiums and out-of-pocket costs for HMO plans are cheaper than those of PPO plans.
- PPO Insurance Plans
PPO insurance plans also use networks but give members more flexibility. You can receive care outside the network, though you might pay more if you choose to do so. You won’t have to choose a primary care physician or obtain referrals to see specialists.
How Much Do ACA Plans Cost?
The Affordable Care Act did more than just provide us with new health insurance options. It also included many provisions that expanded eligibility for Medicaid, prohibited discrimination based on pre-existing conditions, and allowed for premium subsidies for individuals and families with limited incomes. Premium tax credits reduce the premium you pay for an insurance plan purchased through the ACA. Not everyone will qualify for a tax credit as they are based on your household income. You’ll answer questions about your income during the application process. At that time, you’ll find out if you’re eligible for subsidies.
You’ll also have deductibles, coinsurance, and copayments, all based on which plan you choose. Plans are categorized by metal tiers. Platinum plans offer the most coverage, with Gold, Silver, and Bronze following.
When Can I Enroll?
The Affordable Care Act has an annual open enrollment period that begins November 1 and ends January 15 in most states. Some states enjoy longer enrollment periods. If you enroll in Obamacare by December 15, your coverage will begin on January 1. If you enroll after December 15, coverage begins on February 1. However, many people qualify for a Special Enrollment Period. If you’ve had a sudden life change, you can enroll in an ACA plan at any time of the year. Some qualifying life events include a change in employment, marriage, divorce, moving to a new city, and having a child.
Get Help Choosing Health Insurance
Health insurance is confusing. The good news is that you don’t have to do it alone! The independent insurance agents at Johnson Insurance Co will guide you during your selection, taking the time to understand your health needs and budget.
Even if it’s not Open Enrollment, we can still start looking at ACA health insurance options for you. Remember, you may qualify for a Special Enrollment Period and might be able to get the coverage you need sooner than you think. Call us today to get started!
Life Insurance
Life Insurance
![Reviewing Documents](https://static.wixstatic.com/media/11062b_795e01bc63fc4d7a8393bfb1aa1d91d8~mv2.jpg/v1/crop/x_806,y_0,w_3389,h_3389/fill/w_173,h_173,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/Reviewing%20Documents.jpg)
Life insurance is an important investment to make, and Johnson Insurance Co. is here to make sure you get the coverage you need. Our experienced team, including independent licensed insurance agents, will work with you to find the right plan for your unique situation.
Your family is important to you. You want to do everything you can to protect their future. Proper planning with a life insurance agent can help you and your family avoid financial issues after the death of a family member.
Whether you just got married, divorced, started a family or purchased a home, consider your individual circumstances and the standard of living you wish to maintain for those who may depend on you.
TERM LIFE INSURANCE
Term life insurance protects you for a specified period of time – ranging from one to 30 years – and pays a death benefit only if you die during that specified term of the policy. That's why it's commonly referred to as temporary life insurance.
You may benefit from buying term life insurance if you:
-
Need coverage only for a specific period of time
-
Need more coverage but have a limited budget
-
Have limited funds
PERMANENT LIFE INSURANCE
Permanent life insurance, which includes whole life and universal life, is an appropriate way to meet long-term needs. Over time, it may be the least expensive form of life insurance since premiums are fixed and the policy accumulates cash value on a tax-deferred basis.
You may benefit from buying permanent life insurance if you:
-
Have a high net worth and are seeking a tax-advantaged product
-
Understand that permanent insurance is a long-term commitment
-
Need insurance for estate planning purposes
-
Want guaranteed life insurance for life
Universal Life Insurance - Life can be unpredictable — we'd do anything to help protect our family after we're gone. Universal life insurance provides the death benefit protection you need with cash value growth potential. It also gives you the option to access your death benefit early in the event of a qualifying chronic, critical, or terminal illness.
Whole Life Insurance - Whether you are just starting out or planning for retirement, Guaranteed Whole Life insurance is designed to protect you and your family for your entire life. You will gain a sense of security knowing this permanent life insurance can never be canceled as long as you pay the premiums.
Guaranteed whole life insurance offers a wide range of additional guarantees:
-
Guaranteed premiums remain level and will not increase while the policy is in force.
-
Guaranteed cash values accumulate on a tax-deferred basis allowing you to start planning right away.
-
Guaranteed insurability means that once the policy is in force, your classification will never change, unless it is to your advantage.
-
Guaranteed paid-up values are stated up-front for each policy year so you know where you stand if you should decide to stop paying premiums.
Annuities
Annuities
![We specialize in annuities at Johnson Insurance Co](https://static.wixstatic.com/media/b72345_7ef03855ffe244f687b15522c4464301~mv2.jpg/v1/crop/x_0,y_0,w_705,h_667/fill/w_210,h_199,al_c,q_80,usm_0.66_1.00_0.01,enc_auto/17355-annuity.jpg)
One to Grow On
Investor's today want the potential to capture investment growth and protection against the market moving in a downward path. But low-risk strategies like bank deposit accounts have offered historically low yields for a very long time, leaving few options outside of equity markets. Annuities can help! They are long-term solutions designed for investing and retirement, and their many options and benefits can make them an important part of any financial strategy.
Structured Annuities
Also known as registered index-linked annuities (RILAs), structured annuities offer investors balance, control, and flexibility to help make their financial future more predictable.
-
Upside potential
-
Downside protection
-
Pay less
Variable Annuities
Variable annuities are long-term, tax-deferred vehicles designed for retirement purposes and are subject to investment risk, including possible loss of principal. Variable annuities also offer greater opportunity to share in potential market gains along with these four main features:
-
Wide selection of investment options
-
Tax-deferred earnings accumulation
-
Guaranteed death benefit options
-
Guaranteed lifetime payout options