The optimum age for purchasing long term care insurance is between the ages of 45 and 50 because this is the age when you will get the most value for your premium dollar. Most people don't think about purchasing the coverage until they are in their 60's. Although you can still obtain coverage at that…
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What is a catastrophic health plan?
This type of health insurance plan pays hospital and medical expenses once they have exceeded a higher deductible. The cost for these plans is usually substantially less than "first dollar" plans, with lower deductibles.
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What is a co-payment?
The co-payment is a small fixed dollar amount that you pay ($10 or $15 dollars for example) at the time services are rendered. Typical co-pays are for office visits, prescriptions, or hospitalizations.
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What is a deductible?
A deductible is the portion of your health care that you pay before insurance starts to cover the expense. Usually, the higher the deductible, the lower the premiums. You can have more than one deductible on your policy ~ for example, one for a hospital stay and one for prescriptions.
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What are the most common types of life insurance policies?
Term Insurance provides protection for a specific period of time (5, 10, 20 years), and pays a benefit only if you die during that term. Often, this type of insurance can be renewed when you reach the end of the specified time period. The yearly premium usually increases as you grow older and continues as…
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