Blog: The Senior's Advocate

Crucial Insurance Information You Can't Afford Not to Know in 2014

1. The deadline for enrolling into health insurance under the Affordable Care Act or “Obamacare” is March 31st. That means if after that date you are not enrolled into a program, you will be responsible to pay a federal penalty. If you haven’t chosen anything or you’ve enrolled but haven’t paid a premium yet, there is still time to switch and review what the best fit would be.

2. Prefer to shop for insurance on your own? A bit of advice for those going it alone: don’t buy brands. You may have had the same insurance for years but brand name recognition alone can get folks stuck paying way too much for way too little coverage. Analyzing your options side by side is the only way to know you’re getting the very best plan. 

3. Medicare can be very confusing to understand, what with the fine print, alphabetized plans and programs, and the alternative to Medicare, Medicare Advantage options. It can be difficult to sort through the overflow of information to find the truth. Medicare Advantage programs are changing and will change further with the enactment of the ACA. These things you may be reading in newspapers about doctors being dropped or not accepting Medicare Advantage plans, have truth to them. Albeit, there will be some things that remain the same. The first is that you can enroll into or switch your Medigap policy anytime of year, not just during the Annual Election Period every fall.  The second is that Medicare Advantage will continue to change every year and requires much more active management than you may think. 

4. Considering purchasing a life insurance product in 14? Strategy and expertise are essential when selecting an efficient and long lasting life insurance policy. Make sure you know your options and work with someone you trust. 

Health and Life Insurance can be difficult to understand- don't face it alone! 

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