All posts by Sean Fletcher

Planning ahead

Your life insurance choices can effect you long term

I’d like to challenge anyone who reads this to consider your life insurance policy a little more closely.

Perhaps, instead of looking for the cheapest solution for the most benefit.

Perhaps consider looking at the benefits you are getting both tangible and intangible

Many policies will have built in riders that allow you to access benefits should your health go south. Those are called living benefits

Another thing to consider is what is called convertibility. See Term plans have an end date. And so a great solution is to look at converting all or part of your term policy to last into your later years.

This conversion also is potentially a fantastic solution as a financial vehicle.

Always consider your options. And sometimes less that 10$ a year in payment could benefit you many times over in the long run.

Stay safe and stay informed my friends

Relationships in healthcare matter

Always do what’s right…

Today I met with a client that means a lot to me. He’s been a client now for over 4 years and in that time I’ve seen his health ebb and flow. I’ve been witness to doctors ,hospitals, and needs change many times over.

And now as he enters a new year, we are faced with some difficult changes once again. And yet, the vibe and personality he exudes is one that I envy. It is truly his own real self. something I think the world should take note of.

There are many choices being made right now but, 1 thing I know is price and cost are but 1 simple piece.

While so many focus on price. Those that know and understand a person’s real needs know that accessibility, trust, familiarity, foreshadowing, and care are far more important for someone dealing with hard realities of life.

So while you shop for coverage, know that while price can and should be a factor. When your in the thick of it, price will matter very little if you cannot receive the care you need. Holistic understanding of a clients needs are of utmost importance. I hope anyone who reads this understands the true value of a relationship with your care team. Including your agent.

Inflation Reduction Act

What does Inflation have to do with Insurance – Medicare edition

The new law effects both Medicare beneficiaries as well as those who do not qualify yet. But for the latter please come back and see my next post

The Inflation reduction act will benefit up to5 to 7,000,000 Medicare beneficiaries. The new provision allows medicare to negotiate prescription drug costs Which could force cost reductions across the board

An estimated 3.3 million Medicare beneficiaries With diabetes could benefit from a guarantee that their insulin costs would be capped at only $35 a month. This is a huge change and possible reduction from previous years

Lastly in 2025 a provision is expected to go into affect that could affect 50 million Americans with Medicare part D this will give them the peace of mind knowing that their pharmacy costs will be capped at $2000 per year. As it currently stands this would directly benefit about 1.4 million beneficiaries each and every year

As you can see these three changes to our Medicare system could result in some truly positive change for yourself or someone you probably know

– Sean Fletcher

Why is insurance so expensive?

The cost of insurance keeps going up

Like everything these days, things are just getting more and more expensive. Unfortunately, the longer you wait to buy life insurance it continues to get more and more expensive. Now add additional factors like your age, gender, tobacco use, family medical history, and current health are a determining factor along with the requested face amount and policy type is just as a starting point. Knowing these things is important especially if you are self-employed and having to pay for these expenses out of pocket. The important thing to consider is asking the question “how much insurance do I need”? If you are a single person who doesn’t own a home or have a lot of debt consider having a smaller policy to just cover expenses and ensuring you get coverage so not to put the burden on someone else.

Conversely, if you are married, have several children and own a home and make 6 figures you may want to consider at least a million dollars. Consider if you were to die prematurely not only would it affect your children’s ability to go to college or get a good start in life, plus all the now debt burden placed on the surviving spouse. Sadly, you not only lose a spouse but you lose their income now and forever. That is not a place you want to find yourself or your family. Having the appropriate type and amount of insurance is detrimental to your families future. 

What the heck is Supplemental coverage and why do I need it?

Supplemental insurance is additional coverage

Supplemental insurance is additional coverage that you can use to help with the out-of-pocket expenses that may not be covered by your major medical insurance. Many major medical plans do not cover 100% of medical costs. There are things like co-pays, deductibles and just the cost of being out of work if you are involved in an accident or illness. Voluntary insurance, or an optional layer of financial protection. With prices on the rise people now, more than ever are seeking an extra financial safety net for unexpected medical expenses such as an accident or something much worse like a critical illness. 

There are a variety of plans that can help you add an extra layer of protection for you and your family such as accident, hospital stays, critical illness, cancer, and short-term disability. The nice part about this plans is that many of them pay “you directly”. You just have to supply the supporting documentation and a check comes to help you with those out-of pocket expenses. Many of these plans have a wellness visit payouts once a year when you do your annual bloodwork or exams. Just knowing you have the additional protection gives you have peace of mind. 

Additionally, many employers are also offering employees the ability to purchase these plans through payroll deduction to help their employees cover those times of sickness, illness or injury. 

How to attract better talent by using better benefits

The Key to getting the right Group insurance is necessary

As an employer how do you make both your external and internal clients happy? Finding the right employee to help you both grow and manage your customer is vital. How do we attract these magical unicorns we call valued employees? Finding and keeping good talent is no small feat. It is important that employees have the benefits they are looking for in an organization. Each employee has their own unique set of circumstances meaning health and finances could be a factor for them while they are looking for a potential employer. 

Making sure to ask employees what type of benefits are most important to them can be very effective in ensuring you attract the best talent possible. 

Employers can get a reputation amongst prospective employees as ones who don’t care about their employees, that is not a reputation you want as it can cost you exponentially in the future. Make sure you work to treat employees great and offer them the solutions they are looking for which means having the benefits they want. 

Determining which benefits to offer your employees can be perplexing, but getting with a licensed professional to discuss what employees are looking for along with the size of your group can all be factors in creating a plan that is a win for both employer and employees.  As an employer don’t be afraid to seek help in what type of coverages are available to your size of organization. There are many solutions that are available.

Will someone please explain the difference between a co-pay and a deductible? 

Have a pre-existing condition? Working for a large corporation may be a solution

There may be times when life happens and you find yourself in a health situation that maybe you have not taken care of and it does need some attention. Maybe you were self-employed for a while and were not able to pay the out of pocket expenses needed to supply your own health insurance. Due to the nature of larger companies and their ability to apply for group coverage and group pricing it may be an option for you. Many factors come into play when large organizations are looking for insurance for their particular group. The larger the group the opportunity for better rates. A company that has 10 employees versus an organization that has 6000 will be vastly different because now the costs and other factors are now distributed among the members.

This is something that could become a consideration for you depending on the severity of your illness or disease, even having a spouse is isn’t able to get coverage is also a factor. Sometimes families find themselves needing to work for larger companies or organizatioN such as a school district, union, or large corporation. Making sure you have all the information and creating a solution for yourself that can help you find a way forward. Additionally, if you do have coverage and then decide to leave or get laid off, even though you can bring the coverage with you through COBRA the cost will be too expensive to continue. Making sure you plan accordingly if you consider leaving. 

What kind of insurance coverage do I need?

Understanding your insurance needs 101

We all know insurance can be confusing but it doesn’t have to be. With the right help we can help you get the protection you need. Insurance is one of those things that out of 100 things you would rather be doing, using your insurance is not one of them. No matter if you are needing a surgery or having to put a claim in for life insurance due to the passing of a loved one. Having the right protection for those challenging seasons can be the difference in being able to overcome it more easily or it becoming a nightmare of difficulty. 

Having someone on your side to help you understand the various types of coverage can help you have the peace of mind and protection that insurance is meant to provide. Understanding the difference between Term-Life versus Universal or Whole life insurance have many different nuances that need to be explained by someone who is both licensed and who cares for you. This is where JWS Insurance Services come in. We are able to sit down and have a conversation about your desired outcomes and level of protection you may need. We want to make sure you and your family have the appropriate level of insurance you need. Look through our site and learn more about the various types of insurance. We are happy to have a conversation about what might be helpful and useful for your insurance needs. 

The frustrating requirements for coverages over 1 million

Taking an exam will be necessary

You will indeed need to take the exam if you apply for a standard policy. There are, however, a few businesses that provide life insurance coverage of up to $1 million without requiring an assessment. Furthermore, you are not need to take the exam to be certified for certain insurance, such as ultimate expense, which are issued on a simplified issue basis.

Would you purchase dog without first inspecting it? You would want to make sure it’s healthy and has all his shots and no major issues.  After all, you pass away soon after purchasing the coverage, insurers could be liable for millions of dollars. By performing an examination, they boost their chances and determine how dangerous you are to insure. Additionally, they take care to avoid covering unqualified people who might be suffering from a terminal disease or who are otherwise likely to pass away soon.

A third-party nurse will review the questions you answered on the application, take your height, weight, blood pressure, pulse, and other vital signs while also drawing a sample of your blood. Sometimes, depending on your age and the company, a urine sample and EKG will also be necessary. They will look at A1-C which determines your potential for Diabetes. There are many things they look at to determine if you are a good candidate for coverage. So making sure you get coverage while you are healthy and don’t have any pre-existing conditions