FAQs
What does accident insurance typically cover?
Common coverages include medical expenses, emergency room visits, ambulance rides, fractures, dislocations, burns, accidental death, and dismemberment (AD&D)
What does Medigap cover?
Coverage varies by plan but often includes: Part A/B coinsurance, hospital deductible, blood transfusions, skilled nursing coinsurance, foreign travel emergencies—some even cover Part B excess charges.
What expenses does Cancer Insurance cover?
These plans usually cover both direct medical expenses (e.g., chemotherapy, radiation, surgeries) and indirect costs (e.g., deductibles, travel, childcare, lost income).
What happens if cash value is insufficient in my UL policy?
If cash value can’t cover the cost of insurance, premiums remain unpaid—your policy may lapse unless you add funds or reduce benefits.
What happens if I drop Medigap for Medicare Advantage?
If you leave Advantage within 12 months, you have a “trial right” to buy Medigap without underwriting. After that, you’ll need to reapply and potentially qualify medically.
What happens if I never need long-term care?
If you have a traditional policy, benefits are only paid if you use care. However, hybrid policies often include a death benefit or cash value, so your premiums won’t be lost. This makes them a popular option for those concerned about “use-it-or-lose-it” scenarios.
What happens if I outlive the term of Term Life insurance policy?
Coverage ends. You can either renew (at a higher cost), convert, or let it lapse.
What happens if I stop paying LTC Insurance policy premiums?
If you stop paying premiums and don’t have a nonforfeiture benefit or return-of-premium rider, your policy may lapse and you’ll lose coverage. Some hybrid or paid-up policies allow for partial benefits or refunds if you stop early.
What happens if my MA plan leaves my area?
If your MA plan is discontinued, you get a Special Enrollment Period to switch plans or revert to Original Medicare—typically lasting through late February.
What happens to my ACA plan if my income changes during the year?
You must report income changes to the Marketplace as soon as possible. It can affect your premium tax credit amount or eligibility for subsidies. Failing to report may result in owing money when you file taxes.
What happens with my Final Expense insurance if I miss a payment?
Most policies include a grace period (typically 30 days). If payment isn’t received within that time, the policy may lapse and coverage ends. Some policies may offer reinstatement options if caught up quickly.
What if I miss Marketplace Open Enrollment period?
If you miss Open Enrollment, you can only enroll if you qualify for a Special Enrollment Period (SEP) due to a major life change—such as job loss, marriage, divorce, birth of a child, or moving. Medicaid and CHIP enrollment is available year-round.
What if I need to cancel my Term Life insurance policy?
You can cancel at any time—most policies include a free-look period (usually 10–30 days) for a full refund if canceled early .
What is a Medicare Advantage plan?
A Medicare Advantage (MA or Part C) plan is a private insurance alternative to Original Medicare that combines coverage for hospital (Part A), medical (Part B), and usually prescription drugs (Part D) into one bundled plan.
What is a Medigap plan?
Medigap, or Medicare Supplement Insurance, helps cover the out-of-pocket costs left by Original Medicare (Parts A & B), such as deductibles, coinsurance, and copays.