Ray's And Associates 5501 Executive Center Dr
Suite 205
Charlotte, NC 28212
P: 704-568-4567
C: 704-771-9222
E: insurance@raysandassociates.com

Life & Health Insurance

How much life insurance do I need?
Life & Health Insurance In most cases, if you have no dependents and have enough money to pay your final expenses, you don’t need any life insurance. If you have dependents, buy enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them, plus enough to offset any additional expenses they will incur to replace services you provide. Also, your family might need extra money to make some changes in the event of your untimely death. For example, they may want to relocate, or your spouse may need to go back to school to be in a better position to help support the family.

What kinds of health insurance is there?
There are essentially two kinds of health insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most cover prescription drugs and some also offer dental and vision coverage.

Fee-for Service
These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.

Managed Care
More than half of all Americans have some kind of managed-care plan. Various plans work differently and can include: health maintenance organizations (HMOs), preferred provided organizations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.

Medicare Supplement Insurance
Since Medicare does not cover all health care expenses, Medicare Supplement Insurance is sold as supplemental health insurance for Medicare recipients. There are a number of gaps in Medicare coverage, which makes Medicare Supplement Insurance a great way to offset cost of healthcare not covered. Medicare Supplement Insurance is not a federal program like Medicare but is strictly regulated by both federal and state government.

Long Term Care
Long term care is provided to people who need help with activities of daily living such as bathing, continence, dressing, transferring, toileting or eating. LTC is provided to people who need substantial supervision due to a physical impairment. Many people believe they’ll never need Long Term Care. However it is estimated that more than 13 million people in the US need LTC and of that, close to 40% of people needing Long Term Care are working aged adults. So purchasing LTC at middle age, prior to retirement is best due to the premiums being much less expensive.

              

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