FAQs
Is accident insurance the same as health or disability insurance?
No. Unlike health insurance, accident insurance is a limited benefit product meant only for accidents. It differs from disability insurance, which requires you to be unable to work .
Is DVH covered under Medicare?
No. Original Medicare (Parts A and B) excludes most dental, vision, and hearing care. However, many Medicare Advantage plans include these benefits, and standalone DVH policies can fill remaining gaps.
Is Final Expense insurance available to people over 80?
Yes, many insurers offer final expense plans to individuals up to age 85, though premiums will be higher and options may be limited. Some guaranteed-issue plans don’t ask health questions regardless of age.
Is hospital/medical indemnity a substitute for primary health insurance?
No. Fixed-indemnity/hospital indemnity plans are supplements, not substitutes. They do not meet ACA minimum essential coverage and typically don’t include full essential health benefits.
Is medical underwriting required to enroll in hospital/medical indemnity insurance?
Most employer-sponsored hospital indemnity plans are guaranteed-issue—no medical questions or exams required. Solo or individual plans may have underwriting requirements.
Is Medigap renewable?
Yes—Medigap is guaranteed renewable for life, as long as premiums are paid. Insurers cannot cancel your policy based on health or claims.
Is the cash benefit from Cancer Insurance taxable?
In most cases, lump-sum benefits are tax-free, but you should consult your tax advisor.
Is the Final Expense insurance death benefit taxable?
In most cases, final expense insurance payouts are income tax-free to your beneficiaries. However, interest earned on held funds or cash value loans may be subject to tax.
Is there a medical exam required to qualify for LTC Insurance?
Many traditional long-term care insurance plans require medical underwriting, including health questionnaires or phone interviews. However, hybrid policies or workplace group LTC plans may offer easier acceptance or limited underwriting.
Is there a waiting or survival period in Critical Illness Insurance?
Yes—many policies require you to survive a short period (commonly 14 to 30 days) after diagnosis and may include an initial waiting period (e.g., 30 days) before first eligibility.
Is there a waiting period before coverage starts for Cancer Insurance?
Yes. Most plans include a waiting period (typically 30 days) after enrollment during which claims for a diagnosis may be excluded or limited.
Is there a waiting period to receive the death benefit?
Some carriers offer graded-benefit policies with waiting periods—commonly two years—while others provide immediate coverage once approved. Always review policy terms.
Should I choose MA or Original Medicare?
You may want to consider a Medicare Advantage (MA) plan if you’re interested in bundled coverage, such as Part A, Part B, and usually Part D, along with additional benefits that Original Medicare doesn’t cover. Medicare Advantage plans also include an annual maximum out-of-pocket limit for Part A and Part B services.
Original Medicare allows you to see any provider nationwide who accepts Medicare. In most cases, you pay 20% of the Medicare-approved amount for Part B services after you meet your deductible, and there is no annual out-of-pocket limit. You can choose to purchase a Medicare Supplement (Medigap) policy to help pay some of these out-of-pocket costs.
NOTE: The right option for you depends on your healthcare needs, provider preferences, and budget.
Should I get Medigap or Medicare Advantage?
Medigap offers provider freedom and predictable costs, while Advantage includes additional perks but restricts providers and may need referrals. Choice depends on needs and preferences.
What about pre-existing conditions and Medigap?
During your Open Enrollment, all conditions are covered. Outside that, insurers may impose waiting periods (usually up to 6 months) or deny coverage based on health history.