FAQs
Are there penalties for not having Marketplace insurance?
The federal penalty for not having health coverage was eliminated starting in 2019. There is no federal penalty for being uninsured. However, some states (like California, Massachusetts, and New Jersey) do charge a state-level penalty for going without coverage.
Are there prior authorizations or restrictions?
Yes—many plans use utilization management tools such as prior authorization, step therapy, and quantity limits. Ask your agent before enrolling.
Are Universal Life insurance policy premiums guaranteed?
Premiums are flexible—not guaranteed. You must consistently manage contributions and monitor cash value; otherwise the policy may lapse.
Are vaccines covered under Part D?
Yes—Part D covers recommended adult vaccines (like shingles and pneumonia) when not covered by Part B.
Are waiting periods common in DVH Insurance?
Yes. Plans may impose waiting periods before covering basic, major dental work, or hearing devices—though preventive care (like exams and cleanings) often starts immediately.
Can dependents be covered by Critical Illness Insurance?
Yes—many plans allow you to include your spouse and children, often at a percentage of your benefit amount (e.g., 50%).
Can Final Expense insurance be used for more than just funeral costs?
Yes. While it’s often called “burial insurance,” the beneficiary can use the death benefit however they choose—including unpaid medical bills, legal expenses, credit card debt, travel for family members, or even a memorial donation.
Can I access my cash value of my UL policy?
Yes—you can withdraw funds (partial withdrawals) or take policy loans, but this will reduce both cash value and death benefit, and may incur charges or tax consequences.
Can I buy a Medigap policy if I’m in a Medicare Advantage plan?
Yes—but to use it, you must first leave the Medicare Advantage plan. Medigap won’t cover your out‑of‑pocket costs under Advantage.
Can I buy Final Expense insurance even if I already have life insurance?
Absolutely. Final expense coverage can supplement existing life insurance or serve as a backup for final costs, giving extra peace of mind.
Can I buy Medigap any other time?
Yes, outside your enrollment period—but insurers may deny coverage or charge higher premiums based on health status.
Can I cancel my Marketplace coverage anytime?
Yes. You can cancel coverage at any time through your HealthCare.gov account or by calling the Marketplace. But be careful—you may not be able to re-enroll unless you qualify for a Special Enrollment Period.
Can I change Medigap plans?
Yes, but outside enrollment, you may be subject to underwriting. Some states allow switching on birthday rules or plan discontinuation without underwriting.
Can I change my death benefit in my UL policy?
Yes—Many UL policies let you increase or decrease the death benefit subject to policy limits and underwriting requirements.
Can I change plans after I enroll to a Marketplace plan?
Yes, but only during Open Enrollment or if you qualify for a Special Enrollment Period. You can switch plans, update income, or change your household details at those times.