January 27, 2021
Many people falsely believe that life insurance for diabetics doesn’t exist. In reality, there are quite a few life insurance options for the 34.2 million Americans who have diabetes.
While diabetes remains a health challenge for many, it is still very possible to secure good life insurance as a diabetic. Here are some key things to know about getting life insurance if you have diabetes.
Insurance companies consider many factors.
In addition to knowing whether you have diabetes, a life insurer may also want to know:
- Whether you have Type 1 or Type 2 diabetes
- The age you were diagnosed with diabetes
- What medications you’re taking
- Your height and weight
- How well you’re controlling your diabetes
- Your glucose levels
- If you have other health conditions like heart disease and/or high blood pressure
- If you smoke
- Your overall medical history
- Your family history
Some life insurers offer something known as “clinical underwriting.” (Underwriting is when an insurance company evaluates you for coverage.) This type of underwriting takes a more holistic view of your health instead of zeroing in on certain risk factors. An insurance professional will know more about companies that offer clinical underwriting.
Life insurance for diabetics underwriting varies by insurer.
One person who knows a lot about life insurance for diabetics is Jake Irving. He’s is a licensed insurance agent and owner of Willamette Life Insurance in Beaverton, Oregon. Irving specializes in helping people with diabetes get life insurance. He says that every insurer has different underwriting guidelines when it comes to life insurance for diabetics.
Even still, Irving says that most insurers care about your age at the diagnosis. “Being diagnosed earlier in life means there’s more time for related complications to develop,” he explains. That may make it harder to get coverage.
Most insurers will also care about any severe diabetic complications. “Having a diabetic coma, an amputation, or a hospitalization are the big three they care about,” says Irving. “But having any one doesn’t mean you can’t get coverage.”
Finally, people with Type 2 diabetes typically have an easier time securing life insurance than people with Type 1 diabetes.
Life insurance for diabetics is often (but not always!) more expensive.
People in good health who don’t smoke generally get better life insurance rates than people with health conditions and smokers. That said, Jake says he’s had diabetics qualify for preferred insurance rates. Preferred is the best rate category available for life insurance.
Nontraditional plans are an option.
One nontraditional option is graded life insurance. With this option, your beneficiaries only receive a percentage of the full life insurance payout if you pass away before a set waiting period. A typical waiting period is two years.
Another option is guaranteed issue life insurance. With this option, you get a limited amount of coverage on the spot. You are not required to have a medical exam or even answer any medical questions. Just know that you may only get a limited amount of coverage and that the rate may be high. There’s also often a waiting period as well.
Controlling your diabetes can help you get better coverage.
Life insurers look more favorably on diabetics who are working on managing their condition. This could mean regularly visiting your doctor, taking your prescribed medication, maintaining a healthy weight, and having lower A1C and glucose levels.
Jake says that it may even be possible to secure a better rate once you control your diabetes. This is especially true if a good amount of time has passed since a hospitalization from diabetes. (Just know that the incident may remain on your health record and affect your rate.)
Working with a licensed insurance agent is your best bet.
Ideally, you want an independent agent who has relationships with many different life insurance companies. This means they can shop around for the best possible coverage for you. It also means they can turn to other carriers if your application is rejected.
You might even consider an agent like Jake who works with high-risk applicants. These kinds of agents are especially knowledgeable about which carriers are most likely to offer you the best policy.
By Amanda Austin
Originally posted on LifeHappens.org
January 20, 2021
Tags: Work from home
Originally posted on ThinkHR
January 19, 2021
Tags: PCORI fee
First, it was here, then it wasn’t, now it is back again, reinstated under the Trump administration.
For plans that renew between October 1, 2019, and October 1, 2020, the amount paid per covered employee is $2.54. For 2020-21 the amount will be raised to $2.66.
Wait – Are health care costs going down? Well yes, since no one can use any facilities | by Jordan Shields, Partner
January 12, 2021
A recent carrier survey shows that the amount of medical claims will be 5% lower than what was originally projected for 2020. Dental and vision claims are also down roughly 15% and 8% respectively.
This could continue into 2021 depending on how quickly the pandemic sees relief.
January 11, 2021
Tags: disability insurance
Disability insurance is a type of insurance coverage that replaces a portion of your monthly income in the event you are unable to perform your work functions due to illness or injury. This insurance gives both yourself, and those who are dependent on you and your paycheck, a sense of financial security while you are out of work. Let’s explore disability insurance.
Who Qualifies for Disability Insurance and Why?
According to the Social Security Administration, about 1 in 4 adults, who are currently in their 20’s, will have some sort of disabling event in their life that will cause them to be out of work for at least 3 months before they hit retirement age. And, while most people think that disability insurance is most used by those with an injury due to an accident, the majority of claims (90%) come from medical illnesses. In fact, the most common claims are related to cancer, back pain, cardiovascular disease, injury, pregnancy, and digestive disorders.
Types of Disability Insurance
There are two types of disability insurance than an individual can enroll in and one that is administrated by the government through the Social Security Administration. First, there is short-term disability insurance. This type pays paycheck benefits for, as the name suggests, a short-term disability due to injury or illness. The time frame for these benefits is between 3-6 months and can cover between 40-60% of the participant’s income. Purchasing this type of insurance tends to be expensive and benefits usually begin about 14 days after the qualifying incident.
Long-term disability insurance pays between 60-80% of the participant’s income and typically lasts until they recover from the injury or illness or until a pre-determined number of years, for instance, until they are 65. Benefits for long-term disability insurance usually begin after a 90-day waiting time.
Social Security Disability Insurance (SSDI) is administered by the Social Security Administration (SSA). To be eligible for these benefits, the person must be approved through a strict list of qualifications from the SSA, which can be found here. It is difficult to qualify for SSDI benefits and the average monthly benefit in 2019 was $1,234.
How to Enroll in Disability Insurance
When looking to buy disability insurance, first, look to see if your employer offers employer-sponsored coverage at work. Many times, employers pay for all or a portion of the premiums. Some employers offer disability insurance for employees to buy at a discounted rate as a voluntary benefit as part of their benefits package. If you are part of a professional organization like a labor union or one for a specific profession, they may offer the ability to purchase disability insurance at a group rate. Also, you may purchase insurance through an insurance broker or directly from an insurance company.
COVID-19 and Disability Insurance
In some instances, disability insurance may cover the participant who is affected by the COVID-19 pandemic. Some benefits will cover if you are medically quarantined because of a positive COVID test or exposure to the coronavirus and you cannot complete your work function. This does not include state mandated “work from home orders.” Also, some COVID-19 survivors have lingering symptoms such as fatigue, headaches, and pain and these symptoms prevent them from being able to work. In these cases, short-term disability insurance may kick in. Check with your HR team or insurance broker to verify your coverage and eligibility.
Disability insurance provides the financial security needed by yourself and those who depend on you. In these uncertain times, having a backup plan in place will give you the confidence that an unforeseen illness or injury will not deplete your bank accounts while you get back on your feet. Check into disability insurance plans at your workplace, professional organization, or through a local broker. You and your family will be glad you did.
The information and content provided herein is for educational purposes only, and should not be considered legal, tax, investment, or financial advice, recommendation, or endorsement.
January 7, 2021
Health Insurance Tax – may be revisited under Biden presidency
Cadillac Tax – may be revisited under Biden presidency
Patient Centered Outcome Research Tax – self-funded plans only
Price Transparency rules
Individual Health Care Reimbursement Arrangement
New SBC Template required
Carriers may decide whether to count drug coupons to out of pocket allowance
Cost of Living Increases apply across the board to retirement and other programs
- New Under
Over the counter medications are covered under FSA or HSA
- CARES Act
Telehealth is a covered program under health plans, FSA and HSA
COVID testing is covered at 100% under plans and also under FSA and HSA
Flexible Spending Account rollovers allowed up to $550
January 6, 2021
There is never a better time to look towards the future than right now. Goal setting does not need to be constrained to the start of a new year. So, let’s look at three helpful tips for effective goal setting.
First, what is a goal? A goal is defined as “the object of a person’s ambition or effort; an aim or desired result.” Goals can be for the short-term or long-term. And, many times, short-term goals can be used to achieve your long-term ones. Goals are not a one-and-done activity, too. They are an active undertaking that require dedication and work.
TIPS FOR GOALS
1. Set goals with high value.
We all dream big dreams for our life. In order to make those dreams a reality, you have to put in some work. This is where goals come in. Make a list of the dreams you have and rank them by priority and feasibility. When you have made your ranked dream list, you can now set goals that relate to the things that have the highest priority in your life. When you do so, you give the goals high value. High-value goals motivate you to put in the hard work to achieve them.
2. Follow the SMART method of goal setting.
When you work on your goal setting, make sure you follow the SMART method. By doing so, you ensure that your goals are ones that are clear and well thought out. Here’s the breakdown of the SMART method:
- Specific—Make sure your goals are clear and well-defined. Don’t be vague and say “I’d like to learn how to play the guitar.” Instead, say “I will take a weekly guitar lesson.”
- Measurable—Use specific amounts, dates, etc. As you craft your goals, assign specifics to them that can be measured like “I will take weekly guitar lessons for three months.”
- Attainable—Create goals that are possible to achieve. Don’t set goals for yourself that you have no way to accomplish or you will feel defeated and reluctant to set goals in the future.
- Relevant—Set goals that line up with your life and career. In other words, set goals that align with the things that matter in your life.
- Time-bound—Your goals must have a deadline. Open-ended goals lead to unachieved goals because there is no urgency to them. Give your goals an end date so you have something to work towards.
3. Be accountable.
Find an accountability partner to keep you on track. When you have someone that is regularly checking in on you to see how you are doing with accomplishing your goals, you will work harder to stay on pace to achieve them!
Setting goals not only gives you focus for the future, but it also allows you to see just how much you are capable of. When you look at where you are now compared to where you were at the initial time of your goal setting, you’ll be amazed at what you have achieved. Take the time to set SMART goals and, as Success.com says, “Make sure that the greatest pull in your life is the pull of the future.”