There are different types of Medicare Advantage plans.  The primary types are; HMO’s (Health Maintenance Organizations) which have a network of Doctors that must be used, PPO’s (Preferred Provider Organizations) typically allow members to receive care from any provider they chose but have network providers that offer lower co-pays / co-insurance than out of network providers.   All companies offering Medicare prescription drug coverage have formularies that outline what is covered.  One service Oldham Insurance provides is checking providers and prescriptions to confirm whether or not they are included in a carriers provider directory or formularies prior to enrolling into a plan.

Obamacare is a name commonly associated with the Affordable Care Act (ACA).  The ACA does two primary things.

• Set up Essential Health Benefits (EHB) which is a uniform structure all ACA compliant plans must adhere to. This includes the coverage levels of Bronze, Silver, Gold, & Platinum.  It also includes specific items that must be covered for example an annual physical at no cost.
• The ACA also set up a program that offers subsidies to help pay healthcare insurance premiums. These subsidies are actually tax credits.  Qualifying for subsidy is dependent on income and dependents in a family.    Lower income families may also qualify for cost sharing reductions which lower co-insurance & other out of pocket costs.

Term is the least expensive type of life insurance.  It provides a set dollar amount, for a specific number of years at a fixed cost.  Permanent insurance is designed to provide protection & flexibility for the entire life of the customer.  Some build cash value, some allow the death face amount to be used for Long Term Care and/or Critical illness’s.  What type is best for you?  It depends.  A young married couple with children would probably be best served by a term policy which would allow the most coverage for the least amount of money.  A middle age empty nester would be a prime candidate for a hybrid permanent policy that provides the ability to access the death benefit amount for possible Long Term Care.

An Annuity is a contract between a consumer and an insurance company.  The consumer agrees to invest money for a specified number of years.  The insurance company agrees to provide a return with the option to receive regular payments from the accumulated funds.  In the case of fixed annuities, the insurance company guarantees that your money will not lose money.  Annuities are not designed to be short term investments and withdrawals during the surrender period or before the age of 59 ½ will likely incur a withdrawal charge.