What is the value of having life insurance in Ohio?

Anyone that is in the Cincinnati, OH area will need to take their insurance needs seriously. There are various forms of coverage that all people need to consider getting, one of which is life insurance. This is a helpful form of insurance coverage that offers various benefits to policyholders and their beneficiaries. 

Offer Financial Protection for Dependents

A reason that you should get a life insurance plan when you are here is so you can offer financial protection to those that you care the most about. If there are people in your life that you support, it is important that you help protect their financial resources. One of the best ways that you can do this is by getting a life insurance plan and building it to meet the needs of your dependents.

Investment Alternative

You also should get a life insurance plan as it can be a good investment alternative. One popular form of life insurance is whole life coverage. With this type of insurance, you will benefit as some part of your monthly payment will accrue in an account that will grow with interest. In the future, you can close the account and convert this to cash or use it as collateral for a loan.

There are a lot of good reasons to have a life insurance plan in Cincinnati, OH. Since this is such an important form of coverage, you will want to ensure you speak with someone that you can trust about your insurance needs. The team with the Advantage Insurance Network can help you build the right plan for your situation. The Advantage Insurance Network is able to do this by providing you with personalized support, guidance, and consultation that will help ensure they understand what your coverage needs are. 

Is Health Insurance Mandatory in Ohio?

They say that health is wealth. And indeed, this is true because you can’t work optimally if your health fails you. Because you value your health, you need a health insurance plan from Advantage Insurance Network of Cincinnati, OH to protect you and your family from financial losses.

Health insurance in Ohio

If you are a resident of Ohio, The Affordable Care Act (ACA) requires you to have a health insurance plan. And even if your employer doesn’t have health insurance plans, you can be covered through a private carrier. Outside the ACA, Ohio doesn’t have its health insurance plan.

At Advantage Insurance Network, we usually advise our clients to invest in a medical plan, whether mandatory or not.

Reasons you should invest in health insurance

Health insurance is one insurance policy you buy with the hope of never using it. Regrettably, getting sick or injured is part of life, and the only way you can protect yourself is by purchasing a health insurance plan. If you never gave a second thought to health insurance, consider the reasons below:

  • Protects your health: Nothing is more precious than being in good health. A medical plan covers your health by paying for medical costs should you become ill or suffer an injury. Given the escalating medical costs, failing to invest in health insurance would be unwise.
  • Covers preventive care: A sound health insurance plan covers immunization and routine check-ups, which are important in preventing and detecting diseases at an early stage.
  • Peace of mind: Health insurance means you can live a stress-free life, knowing that your health is covered.

Need an affordable health insurance plan in Cincinnati, OH and its environs? Would you please get in touch with Advantage Insurance Network? Whether it’s an individual, family, or business health insurance plan, you can always count on us.

Why do people in Ohio need health insurance?

Residents in the Cincinnati, OH area will need to spend time thinking about their insurance needs. An important form of coverage that all people here should get is health insurance. There are several reasons that people in this area should have a quality health insurance plan in place at all times.

Receive Affordable Care

The main advantage of having a health insurance plan is so you can receive affordable care. The cost of going to a doctor, receiving medical prescriptions, and undergoing various procedures or care can be significant. If you do not have coverage, it could preclude you from receiving the care that you need to be healthy and thrive. With health insurance, you will know you have access to the affordable care that you need. 

Comply with Requirements

While health insurance is a good investment because it will help to ensure you have access to affordable care, it is also important to carry as it is required by law. Over the past few years, it has continued to be a requirement for all people to carry a full health insurance plan. If you do not have health insurance in place for you and your dependents, you could be penalized. Typically, you will need to offer evidence of coverage when filing your taxes. 

Having a proper health insurance plan in the Cincinnati, OH area is clearly very important. If you are in the market for a new plan, you may find that there are a lot of choices to make. While this can be confusing, the team with Advantage Insurance Network can make it much easier for you. The insurance professionals with Advantage Insurance Network understand the importance of this coverage and will give the personalized support you need to pick your next policy. 

When should life insurance be reviewed?

Life insurance for most people is not something you spend a lot of time thinking about. It may be you have a policy as part of your benefits package or you may have a policy you purchased years ago that you pay every month or once a year. When changes happen in your life, changes may also need to happen in your life insurance. If you haven’t looked at your coverage in a while, it is time to make an appointment to talk to one of the experienced agents at Advantage Insurance Network in Cincinnati, OH. 

If you get your life insurance through your employer, you should check your life insurance immediately. Make yourself aware of not only the amount but what will happen if you leave your current employment. Will you be able to continue the policy yourself? What will it cost you to continue it? Exactly what are the terms of the policy? 

If you get married, you need to make changes to your life insurance policy. Not only will you change your beneficiary but you may want to reconsider the amount of life insurance you have. You should also take a good look at the coverage your future spouse has as well. Especially if you have purchased a home or plan to, it may require two incomes. Losing either one of them could lead to the loss of your home. 

When you have children, your liability rises considerably. You need to provide for them not only today but into the future. You may want to save for college or just guarantee they will be provided for in the event of your untimely death. 

In Cincinnati, OH contact Advantage Insurance Network for your life insurance needs. As an independent agency, we work for you and will search through many carriers to find the perfect policy for you.

Reasons to Buy Supplementary Health Insurance

You may work for an employer that already provided health insurance before the affordable health care passed or you may have only received health insurance from your employer after its passage. Either way, your employer may not provide the level of insurance you really need. Advantage Insurance Network serving Cincinnati, OH wants you to understand your options.

If the health insurance from your employer does not cover everything, you can purchase a supplementary health plan that ensures you always have the needed level of coverage. Many people do not realize that you can have more than one insurance policy for health and other needs. Also, since one size does not fit all, you can customize your policies to suit your needs. 

The term supplemental health insurance policy refers to health insurance that provides added or additional coverage to pay for out-of-pocket expenses and medical care not covered by the main policy.

These supplemental policies vary greatly since some pay for deductibles while others cover copayments. Some plans work as coinsurance while others cover services not provided for by the main plan such as dental or vision coverage. Health supplemental plans also exist that cover lost wages, medications, transportation to and from medical care appointments. The most widely known example of these is Medicare and its four parts of coverage. Part A covers hospitalization costs, while Part B covers doctor’s visits, examinations, and testing such as X-rays. This also gets called Medigap insurance to refer to Parts A, B, C, and D as a whole.

Other types of medical policies include critical illness insurance that pays for treatments for diseases such as cancer. A type of named peril insurance, it only kicks in if you contract one of the diseases named in the policy. Other kinds of supplemental health insurance are accident health insurance and accidental death and dismemberment insurance (AD&D). AD&D pays the family of the policyholder if they die in an accident. It pays a lump sum if the individual loses a limb, a sense such as sight, or becomes paralyzed. Accident health covers the medical costs that the main health insurance policy does not.

Many other types of supplementary health insurance exist. Contact Advantage Insurance Network serving Cincinnati, OH for more information and to find the supplementary insurance you need. 

The Four Main Types of Health Insurance

Everyone needs health insurance. That’s as true in Cincinnati, OH, as anywhere else in the country. When you’re looking around at health insurance options, you’ll find four different types of plans are very common. Here is the Advantage Insurance Network breakdown of the main types of health insurance.

PPO

A Preferred Provider Organization plan is the most common type of insurance. It’s likely what you get through an employer. The insurance company will have a network of preferred providers, and when you get care from providers on that list, your copays are typically lower. 

HMO

A Health Maintenance Organization plan is similar to a PPO, but the network is more important. Providers in the HMO network have exclusive contracts with that network, and that makes out-of-network care more expensive with these plans than most PPOs. 

HSA

A Health Savings Account is a different approach to health insurance. Essentially, you put money into a special account. That money is tax-free, and you can draw on it to pay for medical expenses. Restrictions may be applied to how many can be put into and taken out of the account, and they will vary with the plan. HSAs typically are used in conjunction with another type of insurance to provide more robust coverage.

Indemnity

Indemnity plans are the most generalized. Basically, you see who you want and get the health care you want from whichever providers you choose. The insurance company will pay a pre-arranged portion of the total charges. Because indemnity plans are less constricting, they tend to have higher out-of-pocket costs.

When you’re looking for the right health insurance plan in Cincinnati, OH, Advantage Insurance Network can help you browse your options and make informed choices.

What Are “Living Benefits?”

The simplest way to explain life benefits may be as follows: Where death benefits payout at the time of the policy holder’s passing, living benefits can be claimed while the policyholder is still living.

Living benefits come from the cash value of a life insurance policy if you are buying cash value life insurance. If you call Advantage Insurance Network and ask for a cash benefit policy, you will be paying a higher premium, but you will also be able to reap a number of benefits, owing to the cash value that you are building in your policy.

Examples of Living Benefits

  • Loans

You can borrow against your cash value in your policy. This means that if you want to put a down payment on a house or buy a new car, you have options available to you.

  • College savings

For most policyholders, this means sending the kids off to the college of their choice.

  • Tax deferment

The cash value that you build up in your policy is tax-deferred, meaning that you won’t pay any taxes on that money until you are ready to withdraw it.

For some policyholders in Cincinnati, OH, a cash value policy may be unnecessary. If you already have savings and don’t feel the need to put any cash value into your life insurance policy, you may simply want to go for a more streamlined policy that will pay out death benefits to your loved ones.

In either event, if you want to ensure that you and your family have the coverage that you need, give Advantage Insurance Network a call or send them a message and see what they can do for you.

I’m Young and Healthy, Do I need Health Insurance?

When we’re young, we feel like we’re going to live forever. We have a hard time imagining sickness or even diminishing strength and beauty. However, time sometimes tells a different story. Sometimes tome is not a factor at all. Sickness, accidents, and other unforeseen circumstances can put us in the middle of a situation that may require medical attention. Plus, this attention could be costly. What do you do if you don’t have health insurance and don’t have the money to pay for an expensive procedure or an ongoing condition?

Expect the Unexpected

The Advantage Insurance Network of Cincinnati, OH knows how misleading youth can be when it comes to young people investing in health insurance. This sense of invincibility comes from a lack of experience for the most part. However, life can and does change and sometimes those changes come quicker than we think they will. If you’re in a car accident or develop a chronic illness, the medical treatment required may be extensive and ongoing. Most of us, young and old, don’t have the out of pocket money to pay for these types of medical experiences. 

We ALL Need Health Insurance

Young or old, health insurance makes sense for everyone. Health insurance allows us to practice prevention by visiting a doctor regularly. Even small mishaps and emergencies can be costly, stitches and a broken bone can run us hundreds or even thousands of dollars. Who has the cash for that? Most of us don’t. Many young people may argue that they can’t afford health insurance. However, there are plans and different types of insurance to fit a wide variety of different situations. Honestly, you can’t afford NOT to have health insurance. Living without is is similar to hoping that you’ll never get a cold or cut yourself. Both of these scenarios are probably inevitable.

Invest In Yourself Early

The clear easy answer is yes. Young people need health insurance. Everyone does. The young and the old get sick. The young and the old have accidents and may experience chronic illness. Health insurance acts as a safety net for any health issue, large or small, that may require you to pay for it out of pocket. Give Advantage Insurance Network of Cincinnati, OH a call. We look forward to helping you navigate your health insurance needs.

Is a healthcare savings account (HSA) right for you

These days, health care and health insurance are complicated and expensive. With high deductibles and even higher premiums, everyone is looking for ways to make their healthcare dollars stretch. At the Advantage Insurance Network in Cincinnati, OH we have experienced agents who can help you to navigate the maze of terms and policies. Here are some things that need to be considered when you are deciding whether a healthcare savings account is right for you. 

A healthcare savings account allows you to save money to pay medical bills and expenses with money you have saved pre-tax. Some employers have set up healthcare savings accounts for their employees but it is not required and if you don’t have an employer or get your insurance somewhere else besides your employer you are still entitled to set up a healthcare savings plan (HSA). 

HSAs have great tax benefits and it can save you a lot of money on your taxes. With an employer plan, you will see the savings in your paycheck, with your own plan, you will see the savings when you file your income tax return. 

What can you pay with an HSA:

  • Deductibles and copays
  • Prescriptions
  • Certain equipment
  • Glasses and hearing aids

If you set up your own HSA you must have an HDHP ( high deductible healthcare plan) be sure to check that your plan is eligible, it must have a deductible of  $1350 for singles and $2700 for families. 

For 2019 you are allowed to save up to $3500 for single coverage and $7000 for family and if you are over 55 you can save an additional $1000. 

Now that you have some of the facts, why not give one of our knowledgeable staff at Advantage Insurance Network in Cincinnati, OH a call or stop by our office and learn the rest.  We will be happy to give you a no-obligation quote and fill in all the other important information.  

 

 

 

Can Life Insurance Provide Money For College?

Life insurance is a great multi-purpose product that can help the policy holder and loved ones in a variety of ways. Not only does it provide coverage for a covered death, but it may also be a way to obtain funds in the future. One of the ways that this policy can help with finances in the future is by providing some funds for college.

Money For College

There are generally two types of insurance available to people who wish to purchase a policy. The most simple and basic is term life insurance. It is in effect for a specified amount of time and is purchased up front. The other type is whole life insurance and it is paid in increments each month. Whole life can not only provide financial protection for beneficiaries in the event of the death of the policyholder, but it can also serve as a source of funds later on when the policy has been kept active for a specified number of years. Depending on the policy, money may be withdrawn to be used for expenses such as college, or it may be borrowed against to help with tuition or emergencies. 

Selecting The Right Coverage

People who wish to purchase life insurance that can act as a financial cushion for future expenses such as college should work with a licensed life insurance agent who represents a reputable insurance agency. They can help clients find insurance products that can match present and future needs and explain how each works in detail. People who live in and around the Cincinnati, OH area should check out Advantage Insurance Network to discover high-quality life insurance products that provide options. 

People who are considering purchasing life insurance with options for college, should call or stop by Advantage Insurance Network serving the residents in and around the Cincinnati, OH area.