Hey, I bet you didn’t know its National Life Insurance Month!

Wow, exciting to know you say.

Well, here are 3 reasons why you should own life insurance

1. It covers final expenses.

alone can range from $15,000 to $30,000, so covering these costs will reduce financial stress on you and your loved ones. Final Expense can help even further because it’s not limited to covering funeral costs. Depending on the policy, it can pay medical bills, mortgage payments, and more. Your family also can dispense the money toward expenses as they see fit.

2. It’s a tax-free way to leave something behind.

Do they want to give money to their kids or grandkids after they pass? A Final Expense Whole Life insurance policy allows you to leave behind money for whomever you choose. You can designate policy beneficiaries to receive the tax-free death benefit after your passing.

3. It can replace lost income.

If you have dependents who rely on your income, you can take care of your loved ones when you are gone. Depending on the amount of the policy, the death benefit can act as a replacement for the lost income for dependents or even help a surviving spouse supplement Social Security.

There are final expense policies that are guaranteed issue, up to age 85! And the cost is not as expensive as you might think.

I provide free unbiased assessments of your situation and present education and options for you and your family, call, text or email me for information.

https://GregNinkeAgency.com

605.868.8330

480.400.9837

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Have you recently had a qualifying life event? “A qualifying what?” you might ask.

 

Have you recently had a qualifying life event? “A qualifying what?” you might ask.

What is a qualifying life event?

A qualifying life event could be a situation like losing your job, having a baby, moving to a new state, or becoming a U.S. citizen. These events not only open new chapters in your life but also a window of opportunity—or a Special Enrollment Period (SEP)—to purchase healthcare coverage through an Affordable Care Act (ACA)  plan.

There are good reasons to get one of these healthcare plans: They can’t deny you service or raise your rates because of a preexisting condition, for example. And if you fit certain income categories, you may be able to save money with certain tax subsidies (discounts offered by the government). But your ability to join is usually limited to an Open Enrollment Period, which runs from the beginning of November to mid-January.

Now, here’s the good news: You may be able to get one of these plans at other times of the year too, if you meet certain qualifications, says Ryan Newport, a licensed insurance agent with HealthMarkets in Oklahoma City. “I get asked this question all the time, and the answer is often yes, for more reasons than you might think,” he notes.

Before you start, try researching out to Greg Ninke, your local HealthMarkets agent at (605) 868-8330, (480) 400-9837or connect online to discuss your options. Schedule an appointment today.

10 qualifying life events that may trigger your special enrollment period

Here are 10 reasons you may qualify to purchase ACA health insurance benefits outside of the Open Enrollment Period.

1. You lost your health coverage.

You’ll be able to enroll in ACA benefits if anyone in your household lost their health coverage in the past 60 days or expects to lose coverage in the next 60 days, says Newport. That can happen for a few reasons:

• You lost your job and thus your health insurance.
• You lost individual health coverage for a plan you bought yourself. That could be because your plan was discontinued, you moved to another state (and you’re no longer in the plan’s service area), or your coverage is ending midyear and you’ve chosen not to renew it.
• You’ve lost income. If your household income has decreased and you now qualify for savings on a marketplace plan, you can enroll in ACA benefits.

You may need to submit a letter from either your employer or your health insurance provider to confirm that the top two things have happened.

2. You lost eligibility for Medicaid or the Children’s Health Insurance Program (CHIP).

A gain in income is always great news, but it may make you ineligible for Medicaid, points out Newport. (Medicaid is a type of state- and federal-run healthcare program that’s offered to people who have limited income and resources.) Also, once your children get to a certain age (usually 19), they may be too old for CHIP. (CHIP is low-cost healthcare coverage for children in families that earn too much money to qualify for Medicaid.)

3. You lost qualifying health coverage through a parent or spouse.

That might have happened for a few reasons:

• You turned 26 and have been automatically removed from a parent’s health plan.
• Your spouse or parent lost their job—and with it, their health insurance.
• You lost health coverage through your partner because you got divorced or your partner unexpectedly passed away.

4. You’ve gained coverage through a parent or spouse.

Talk about a happy life event! Getting married, having a baby, and adopting a child are all considered qualifying life events that make you eligible to sign up for health insurance benefits.

5. Your boss offers to help pay for your insurance.

The most common way that this occurs is when a small company (less than 50 employees) that doesn’t offer a group health plan offers to reimburse some or all of the cost of marketplace premiums (monthly insurance bills) through a Qualified Small Employer Health Reimbursement Arrangement. You’ll need to apply for and enroll in individual health insurance before that begins.

You could also contact your licensed agent Greg Ninke at at (605) 868-8330, (480) 400-9837 to talk about what insurance benefits might be right for you.

6. You have a change in residence.

So you’re on the move. But this is about more than just moving to a different ZIP code. Maybe you’re a student going off to graduate school, a seasonal worker moving to the place where you’ll be working, or you’re someone who is moving into a shelter. The new plans available in your area may be the next thing you unpack.

7. You just became a U.S. citizen.

Congratulations! Becoming a U.S. citizen is hard work. One of the many doors that will be opened to you is being eligible for health insurance benefits.

8. You just got released from prison.

If you’ve recently been incarcerated, your first taste of freedom could also include an open window to sign up for health benefits.

9. You’re starting or ending service as an AmeriCorps State and National, VISTA, or NCCC member.

Government-run agencies such as AmeriCorps State and National (which send volunteers to work at nonprofit organizations), AmeriCorp VISTA (a national service program designed to alleviate poverty), and AmeriCorp NCCC (National Civilian Community Corps) are all great ways to serve your country. And if you’re beginning or ending your time with one of them, it can also trigger an SEP that allows you to register for health benefits.

10. You gain membership in a federally recognized Native American tribe or get status as an Alaska Native Claims Settlement Act corporation shareholder.

Congratulations on officially joining your Native American community or your new shareholder status! Now, it’s time to review the new health insurance options available to you.

But wait! What happens if I get turned down?

If you fit into one of the above categories but still get turned down, you can appeal the decision within 90 days, notes Newport. If you think waiting out the decision may seriously jeopardize your health (for example, you won’t be able to pay for your medications), you can ask for a faster appeal.

If you think you may qualify, don’t hesitate to chat with me at (605) 868-8330, (480) 400-9837or connect with Greg Ninke online.

“Life changes happen pretty quickly, and it’s good to know that you’re covered,” says Newport. “If you move to another state, for example, you may not know the ins and outs of obtaining health insurance through the state marketplace. Your agent can help find you a good plan that’s the best fit for you and your family.”

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I Lost My Job! Should I Do COBRA or ACA?

 I Lost My Job! Should I Do COBRA or ACA, or a Short Term Plan? 

Losing your job comes with many headaches, including a change in health insurance in many cases. COBRA coverage is one option, but so is a plan under the Affordable Care Act (ACA). So how do you know which one to choose? The decision may be easier than you think.

What’s the difference between COBRA and ACA?

It may seem like you’re wading through alphabet soup when you look at these two options. Start by understanding what each one is.

COBRA, or the Consolidated Omnibus Budget Reconciliation Act, allows you to stay on your employer’s group health plan at your own expense, says Tasha Riggs, sales leader for HealthMarkets in Westminster, Colorado. It also covers your spouse and any dependent children if they elect to be on the plan.

The most important thing to know: You’ll pay the full cost of the premiums, including the amount your employer used to pay. You might also pay an additional 2% administrative fee, says Katie Keith, JD, MPH. Keith is an associate research professor at Georgetown University’s Center on Health Insurance Reforms in Washington D.C. who specializes in the Affordable Care Act and private health insurance.

ACA plans, or Affordable Care Act plans, refers to individual health insurance plans that meet the minimum essential coverage and other requirements set by the federal government.

“People often think that there’s a government plan called ‘Obamacare’ or ACA and a separate private market, but there’s not,” Riggs says. “ACA is a law, not a healthcare policy. Every major medical plan has to comply with it.”

Feeling overwhelmed? Let a HealthMarkets licensed insurance agent help you sort through your insurance options. Start online today or call us at (605) 838-8330.

COBRA vs. ACA: How to Decide

Several factors can help you determine whether COBRA or ACA is better for you.

1. Consider the cost. “For most people who just lost their job, COBRA is too expensive,” Riggs says. ACA plans tend to be much cheaper than COBRA rates. “If your adjusted gross income fits the guidelines, you can get a premium subsidy,” she says. How much the subsidy lowers your monthly premium depends on your age, who’s on your tax return and whom you claim, your ZIP code, and adjusted gross income.

2. Check your deductible. When you switch to an ACA plan, your deductible will reset. But if you opt for COBRA, you’ll keep any progress you made toward your annual deductible while you were employed.

“Those deciding between COBRA and ACA coverage will want to consider how much they have already expended toward out-of-pocket costs, whether they expect to need additional care (or, say, have a chronic condition), and the time of year,” Keith says.

For instance, if you’re close to the end of the calendar or plan year, it might make sense to sign up for COBRA before shifting to ACA coverage. To figure it out, you’ll want to add up the cost of COBRA premiums for the rest of the year against potentially higher out-of-pocket costs with an ACA plan.

If you’ve met your deductible and are close to (or have reached) your out-of-pocket maximum, your remaining COBRA payments might be less than starting a new plan with a brand-new deductible.

3. Think about whether you’re open to switching physicians. “No matter what plan you have, you have to see if your doctor is in network,” says Riggs. Networks change regularly, so it’s important never to assume your doctors will be covered.

If you want to keep your doctors, make sure they accept the new plan you’re choosing. This is especially critical if you have ongoing healthcare needs or chronic conditions and need to maintain access to your providers for continuing care, Keith says.

4. Pay attention to timing. People who lose their job-based coverage generally qualify for a 60-day special enrollment period through the ACA marketplace. That’s true even if you’re offered COBRA, Keith says. That means you have about two months to decide what to do.

However, if you choose to enroll in COBRA, you have to stick with that plan until the policy ends or until the annual ACA Open Enrollment Period, says Keith. You can’t switch to marketplace coverage simply because you want to drop COBRA coverage midyear.

So which should you choose?

The answer, of course, depends on your current situation, which includes everything from your family medical needs to the names on the tax return. The good news? You don’t have to navigate the decision alone. If you need help reviewing your options and finding the right plan, HealthMarkets licensed insurance agents can help at no cost to you. Start online today or call us at (605) 868-8330 or in AZ, NM (480) 400-9837.