Why You Need an Insurance Safeguard</STRONG></P><P>DI provides a monetary stipend if a severe illness or injury hinders the policyholder from working. Not being able to work means losing a primary source of income for most folks, and with that comes the inability to pay bills. Banks also repossess properties all the time if there are delinquent payments of more than 120 days, even if the owner is unwell.</P><P>Getting a DI policy prevents the possibility of a personal financial crisis. It minimizes the risks of not being able to pay for your utilities, mortgage, auto loans, and even everyday living expenses.</P><P><STRONG>How Much Disability Benefit Can You Claim?</STRONG></P><P>The benefits can vary per plan, but it usually covers up to 60% of the insured’s gross income and is given monthly. In some cases, specific professions, like medical fellows, residents, and physicians, are given a more considerable amount of coverage at a higher cost or premium.</P><P><STRONG>When to File for a Claim</STRONG></P><P>You can file a disability claim if you experience an ailment or injury that completely prevents you from working. The insurance company will have to review your medical records and diagnosis to determine if you qualify.</P><P>Another factor to bear in mind is the elimination period, which is the time between the start of the disability and when the benefit payment begins. The insured must remain disabled during the elimination period that commonly lasts from 30 to 90 days.</P><P><STRONG>How Long Do the Benefits Last?</STRONG></P><P>Depending on the type of policy, the benefit period could last for 3 months, 5 years, or even up until you’re 65. One thing to remember is that the insurance premium costs go up as your benefit period extends.</P><P><STRONG>Invest in an Insurance Plan</STRONG></P><P>Midwest Employee Benefits provides customized insurance packages for both employers and individuals. Get in touch with us and get started with your insurance investments today.
Types of Life Insurance Fraud</STRONG></P><P>In getting insurance plans, there are many ways you might get scammed. This can be through a misleading ad that offers cheap coverage or through an agent trying to deceive you. Here are some common life insurance scams:</P><UL><LI><STRONG>Insurance Churning </STRONG>– This is the practice of selling or upselling an insurance policy for the sole purpose of earning an additional commission. Insurance churning not only puts you at risk for a policy that’s not entirely beneficial for your situation, but it may also require you to pay higher premiums.</LI><LI><STRONG>Identity Theft </STRONG>– Life insurance is one of the many ways you can become a victim of identity theft. Here, scammers will have access to your personal information and use them to open bank accounts or make purchases under your name.</LI></UL><P>This can happen when someone reaches out to inform you of issues with your insurance policy such as late payments. They may ask for vital information to “fix” it including credit card details or your social security number.</P><UL><LI><STRONG>Insurer Fraud </STRONG>– This occurs when an insurance agent deceives clients for their own benefit involving money. An example is when they offer higher premiums than the actual cost so they can keep the difference. Although some prefer to target the elderly, anyone can be a victim of insurance agent fraud.</LI></UL><P><STRONG>How To Prevent Insurance Scams</STRONG></P><P>While schemes like these can be out of your control, it’s still better to be prepared. Here are some ways you can prevent insurance fraud:</P><UL><LI><STRONG>Ask for referrals </STRONG>– Seek advice from a friend or a member of your family. Finding a trustworthy agent can be easier through their firsthand experience.</LI><LI><STRONG>Research on the company </STRONG>– There are several insurance companies on the market today. To make sure that you are dealing with a reputable agency, try to do some research and find reviews about their services.</LI><LI><STRONG>Revisit your policy </STRONG>– Forgetting the specifics of your policy can be unavoidable. If your agent offers any changes, you may revisit your documentation to ensure that nothing unusual happens.</LI><LI><STRONG>Be careful with your information – </STRONG>Do not give out information if you receive calls or emails about your policy from people other than your agent. If this happens, contact your insurance company right away.</LI></UL><P><STRONG>Get in Touch With Midwest Employee Benefits</STRONG></P><P>Keep your mind at ease from <A href="/products-services/life-insurance">life insurance fraud </A>by reaching out to a reputable insurance specialist. Call us at Midwest Employee Benefits in Sioux Falls to learn more about our life insurance plans.
Myth # 1: You don’t need insurance if you are young and healthy</STRONG></P><P>This is one of the most common misconceptions about having health insurance. Even if you are physically fit and have no existing ailments, there is no telling when you might get sick or when you might get into an accident. Plus, getting a health plan when you’re younger is better since the premium is more affordable.</P><P><STRONG>Myth # 2: Health insurance doesn’t have maternity coverage</STRONG></P><P>This used to be true, but nowadays, companies have included maternity benefits in certain policies. Although there are limitations in the coverage, having insurance during pregnancy is a great help in lessening your expenses.</P><P><STRONG>Myth # 3: A group health insurance is enough</STRONG></P><P>If you are employed, your company may provide you and your family insurance benefits. But even with the convenience of them handling everything, you might not get the right benefits you need. Also, your coverage only lasts as long as you’re part of the company. Once you quit, you’ll eventually have to find new health insurance.</P><P><STRONG>Myth # 4: Your insurance covers the cost of everything </STRONG></P><P>Although this may sound true, the amount covered depends on your policy. While some services have full coverage, there are certain procedures or medications that may require out-of-pocket fees. So, it’s important to know and understand your plan’s scope and limitations.</P><P><STRONG>Myth # 5: Insurance claims require 24-hour hospitalization </STRONG></P><P>While this was mandatory before, daycare treatments are now allowed for insurance claims. Daycare treatments are procedures done in less than 24 hours, such as chemotherapy or dialysis. Dental care, however, is not considered a daycare treatment, and coverage may depend on your policy.</P><P><STRONG>Contact an Insurance Consultant Today</STRONG></P><P>Now that you know about these insurance myths and facts, you can better understand health insurance plans. There are many types of insurance available, and if you want to get the one best suited to your needs, it’s better to talk to a professional. Contact Midwest Employee Benefits to learn more about <A href="/products-services/individual-health-insurance">individual health insurance</A>.
Pros</STRONG></P><UL><LI><STRONG>It’s convenient</STRONG></LI></UL><P>One of the major advantages of group coverage is convenience. The majority of companies include group insurance in their benefits packages, so it won’t be troublesome to get one. Plus, you can make the most out of this benefit by adding your family members as dependents. This option is also less time-consuming as the HR department does all the paperwork during the hiring process.</P><UL><LI><STRONG>You will spend less</STRONG></LI></UL><P>Companies typically pay for group policies on behalf of the employees, which makes it ideal for those who cannot afford individual health insurance. Although there may be out-of-pocket costs depending on your medical needs, you’ll still be spending less.</P><P><STRONG>Cons</STRONG></P><UL><LI><STRONG>Benefits are tied to your job</STRONG></LI></UL><P>Since group medical plans are offered by your employer, it’s likely that you won’t be able to continue your policies once you leave the workplace. Although some can be converted into individual life insurance, this method tends to be pricier and less ideal. The price of insurance plans goes higher as you age, so if you want to have steady coverage, you can choose an individual plan instead.</P><UL><LI><STRONG>Coverage is not personalized</STRONG></LI></UL><P>In group health insurance plans, the company chooses the type of benefits plan for the entire organization. Typically, the policies offered would only cover basic health care like hospital visits and certain medical tests. Because of this, you won’t be able to get coverage for more extensive health care needs.</P><P><STRONG>Reach Out to Midwest Employee Benefits</STRONG></P><P>Knowing the pros and cons of group health insurance plans helps you decide if it’s the right insurance for you. If you need more information about different <A href="/products-services">health care plans</A>, talk to a professional. Call our team at Midwest Employee Benefits in Sioux Falls, MD today, and we will gladly assist you.
Choose the Right Insurance Plan</STRONG></LI></OL><P>Before anything else, it’s important to purchase a plan that best fits your needs. Consider your and your family’s medical and dental needs and choose a plan that provides the best coverage. Doing this from the get-go also helps cover all your bases, including potential surgeries or other medical procedures.</P><OL style="padding: 0;" start="2"><LI><STRONG>Understand the Details of Your Plan</STRONG></LI></OL><P>Understanding the benefits and guidelines of your health plan is crucial. Doing this lets you know the correct steps in getting the services you need and ensures you get the medical care stated in your coverage. Plus, it prevents out-of-pocket costs that your insurance should have covered.</P><P>Of course, forgetting the details of your insurance plan after some time is unavoidable. So, keeping relevant documents and revisiting your policies at least once a year will be helpful.</P><OL style="padding: 0;" start="3"><LI><STRONG>Stick to In-Network Physicians</STRONG></LI></OL><P>Insurance companies generally have physicians and other healthcare providers who are part of their network. Choosing your plan’s in-network providers ensures little to no charges for medical services you need. Although some health plans cover out-of-network physicians, they may be at a higher cost.</P><OL style="padding: 0;" start="4"><LI><STRONG>Take Advantage of Discounts and Special Programs</STRONG></LI></OL><P>Sometimes, your insurance company offers additional perks, such as health and wellness programs, discounts on fitness centers, mental health visits, and more. Always check these benefits, so you don’t miss out on privileges that might be helpful for your overall health.</P><P><STRONG>Contact a Reliable Insurance Company</STRONG></P><P>Now that you know these tips, you can make the most out of your health insurance plan. If you need help in finding the right coverage for you, call an expert. Reach out to us at Midwest Employee Benefits in Sioux Falls, MD to learn more about our <A href="https://midwestemployeebenefits.com/">health insurance plans</A><STRONG> </STRONG>and other services.
What is the timeframe for open enrollment?</STRONG></LI></OL><P>Open enrollment began on November 1, 2021, with the deadline extended until January 15, 2022. But some states may have different dates due to state policies. If you missed the enrollment period, you could still sign up for insurance as long as you qualify for the Special Enrollment Period (SEP). You might be eligible if you’ve had certain life events happen to you, such as getting married or moving houses.</P><OL start="2"><LI><STRONG>When will my coverage take effect?</STRONG></LI></OL><P>This will depend on when you sign up for your insurance. If you enroll by December 15, your coverage will start on January 1, 2022. On the other hand, if you purchase after December 15, your coverage will begin on February 1, 2022.</P><OL start="3"><LI><STRONG>What insurance plans and benefits are available?</STRONG></LI></OL><P>All ACA-compliant health plans, including those in the health insurance marketplace, should cover essential health benefits. These include preventative care, prescription drugs, maternity care, mental health, and more. Other significant medical benefits will depend on which plan you choose. To know which one is best suited to your needs, you may consult a professional.</P><OL start="4"><LI><STRONG>How can you purchase health insurance for 2022?</STRONG></LI></OL><P>There are many ways you can sign up for an insurance plan during open enrollment. You can do it online at HealthCare.gov or by phone at 800-318-2596. Besides that, you may also sign up through an agent, broker, or your own state’s health insurance marketplace if they have one.</P><P><STRONG>Get in Touch With Midwest Employee Benefits</STRONG></P><P>Now that you know more about open enrollment for 2022, you’ll be more prepared to purchase health insurance coverage for you and your family. If you need more help, reach out to an expert. Call Midwest Employee Benefits in Sioux Falls, MD today for more information about medical insurance, <A href="https://midwestemployeebenefits.com/products-services/medicare/">Medicare plans</A>, and more.
For most employers, open enrollment season can be stressful, especially because this type of benefit contributes to their employees’ overall satisfaction. Apart from curating a great benefits package, effectively communicating it to the organization is essential. Read on for some tips to help you with a successful open enrollment.</P><OL style="padding: 0;"><LI><STRONG>Keep Your Employees Informed </STRONG></LI></OL><P>Frequent communication with your organization is a crucial part of the open enrollment process. Provide a concise and straightforward presentation about health insurance plans, their advantages, and the like that they can easily understand. You may also send out more information or updates through e-mails or text messages.</P><P>Providing the details about the benefits plan as early as possible is also beneficial. By doing so, your employees will have enough time to weigh their choices and prepare everything they need before the start of the enrollment period. Besides that, scheduling a Q&A session or a chat channel where different queries can be answered will also help keep communication lines open.</P><OL style="padding: 0;" start="2"><LI><STRONG>Provide Informative Resources</STRONG></LI></OL><P>It’s not every day you can schedule meetings or seminars about open enrollment. So, it’s important to have resources readily available to your employees, whether it be online or on paper. Through this, they can explore their options and stay well-informed on their own time. If your insurance broker has brochures or FAQ sheets about common health topics, benefits, and terms, ensure that your staff may access them anytime.</P><OL style="padding: 0;" start="3"><LI><STRONG>Ask for Employee Feedback</STRONG></LI></OL><P>Since benefits packages are made to fit your employees’ needs, getting their feedback is essential. You can send out a survey to ask how satisfied they are with the offered coverage or if the process is easy or difficult. Doing this will help you understand what your employees need and what you can improve for the following year.</P><P><STRONG>Contact Midwest Employee Benefits</STRONG></P><P>Learning about some open enrollment tips helps prepare you to manage necessary measures during this period. If you need further assistance, speak to an expert. Reach out to us at Midwest Employee Benefits in Sioux Falls, MD to learn more about our <A href="https://midwestemployeebenefits.com/products-services/">products and services</A>.
Despite that, not everyone can purchase a health insurance plan on schedule. When this happens, one alternative to consider is the special enrollment period.</P><P><STRONG>What Is Special Enrollment?</STRONG><BR/> It is the period outside open enrollment where individuals can still buy health insurance. Here, you are given at least 30 to 60 days after a qualifying life event to enroll in a health plan or change your existing coverage. If you fail to do so, you’ll have to wait for the next open enrollment period or try other health insurance alternatives.</P><P><STRONG>Who Qualifies for Special Enrollment?</STRONG><BR/> To be eligible for this enrollment period, you need to have experienced a qualifying life event or a major change in your life following the open enrollment. Here are some of them:</P><UL><LI><STRONG>Change in the household</STRONG> ‐ It includes marriage, divorce, or the death of a spouse plus the birth or adoption of a child into the family.</LI><LI><STRONG>Change in residence</STRONG> ‐ If you move to a different state or if you have just arrived in the US from another country, you will be qualified for special enrollment. It also applies to leaving incarceration.</LI><LI><STRONG>Change in the workplace</STRONG> ‐ Resigning, getting fired, or experiencing reduced income from your job can trigger special enrollment. You’ll also be qualified if your employer removes your group health plan benefits without a replacement.</LI><LI><STRONG>Change in health coverage</STRONG> ‐ It includes loss of coverage because of the end of your eligibility period, either in Medicaid or your parents’ health insurance. Besides that, they also apply to the end of COBRA, Medicare, or CHIP coverage.</LI></UL><P><STRONG>Talk to a Trusted Insurance Company</STRONG><BR/> Despite missing open enrollment, you can still shop for health insurance should you qualify for the special enrollment period. If you’re unsure whether you have other alternatives in purchasing a health plan, it’s best to consult a professional. Contact Midwest Employee Benefits in Sioux Falls, MD to learn about <A href="https://midwestemployeebenefits.com/products-services/medicare/">Medicare products</A>, health coverage, and more.
Health </STRONG></P><P>Much like with employer-sponsored health care packages, medical and surgical expenses are covered by a private health insurance plan in South Dakota. Although, unlike work-provided benefits, this plan can be customized to fit your needs. On top of that, losing your job won’t lead to the loss of your health coverage.</P><P>You can purchase individual health plans either on-exchange or off-exchange. The former refers to buying a policy through the marketplace, while the latter means purchasing them through private insurance companies.</P><P><STRONG>Dental</STRONG></P><P>Most dental benefits cover costs for preventive care, such as annual or semi-annual treatments, including cleaning, x-rays, and sealant applications. Meanwhile, basic procedures like gum disease treatment, extractions, fillings, and root canals require co-payments.</P><P><STRONG>Vision</STRONG></P><P>Most people own smartphones, which they use every single day. Also, jobs that require employees to spend long periods in front of a computer screen are increasingly becoming common. For those reasons, people in this day and age are more susceptible to eye damage.</P><P>Vision insurance is more valuable today than ever before. Optical insurance in South Dakota provides coverage for vision care, including routine eye exams, vision screenings, prescription glasses, and contact lenses.</P><P><STRONG>Supplemental Plans</STRONG></P><P>Individual health insurance can also include supplemental plans such as Medicare and Aflac. These plans can protect you from unexpected out-of-pocket medical expenses. Supplemental plans can help pay part of your healthcare costs like co-payments, co-insurance, and deductibles.</P><P><STRONG>Short-Term Plans</STRONG></P><P>Some instances call for coverage for only a brief period. If the following circumstances apply to you, consider getting a short-term plan:</P><UL><LI>You’re unable to apply for the Affordable Care Act (ACA).</LI><LI>You’re waiting for your ACA coverage to begin.</LI><LI>You’ve missed out on the open enrollment period.</LI><LI>You’re looking for a plan to fill the gap until your Medicare kicks in.</LI><LI>You’re coming off your parent’s insurance coverage after turning 26.</LI><LI>You’re waiting for your benefits to begin at your new job.</LI></UL><P>Standard short-term health insurance plans can help you fill a gap in coverage from a month to just under a year.</P><P><STRONG>Individual Health Insurance in South Dakota</STRONG></P><P>Whether you’re uninsured by your work or you just want extra protection, purchasing your own <STRONG><A href="https://midwestemployeebenefits.com/products-services/individual-health-insurance/">personal insurance</A></STRONG> plan is highly recommended. If you’re looking for a reliable company in South Dakota that provides individual health care insurance, look no further than Midwest Employee Benefits. Contact us today!
