Facts and stats about Medicare that people should know

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Medicare is a social insurance program in the United States that has been around for half-a-century. As a program administered by the government, Medicare is financed through taxes and premiums which people pay for, mainly through employment. Here are a few notable facts and figures people ought to know about Medicare in the United States:

• There are over 52 million people in the United States with Medicare. Out of that number, more than 43 million are 65 years old and older, while the remaining are below 65 and/or disabled.

• A little under 500,000 Medicare users are End-Stage-Renal-Disease, or ESRD patients.

• Around 98.5 per cent of the elderly have health care insurance today.

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• A fourth of Medicare users have an estimated yearly income of below $14,000, while five per cent rake in over $93,000 a year. Half of Medicare beneficiaries earn below $25,000 annually.

• Generally, everyone over 65 years old, who has lived (legally) in the United States for five years can have Medicare. Disabled persons under 65 are also eligible, as long as they also have Social Security Disability benefits or Railroad Retirement Board disability benefit.

• There are four parts to the benefits – hospital or hospice insurance, medical insurance, Medicare advantage plans, and prescription drug plans. To pay for Medicare, some costs such as premiums and Medicare supplements have to be paid out-of-pocket.

Delos H. Yancey III is the chairman, president, and CEO of State Mutual Insurance, a company that provides Medicare Supplement insurance with community service as its main goal. He is a Certified Financial Examiner, a Certified Insurance Examiner, and a fellow of the LIMRA Leadership Institute. For more on insurance and Medicare supplement, visit this website.

Just married: Health insurance advice for young couples

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In today’s world, nothing stays affordable, may it be food, land, or especially health care. The high demand for medical treatment is pushing healthcare providers into increasing prices for their services. This makes health insurance increasingly vital in one’s list of expenditures.

There are numerous health insurance companies in the market as of the moment, with each offering multiple products and a wide range of package designs. If one is new to health insurance, for example, young couples, then things can become quite confusing because one wouldn’t know which coverage plan to get. The lack of information or knowledge is definitely dangerous, as it could lead to either underinsurance or over-coverage and unnecessary expenses.

For young couples to get the best health insurance plans for their situation, multiple things must be considered. First, they must determine if their employer offers insurance. Companies, depending on their compensation package, often provide health coverage in the form of HMO plans, which can greatly reduce an employee’s need to buy a personal policy from the open market.

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It is also noteworthy to consider choosing a health insurance plan that is federally-qualified and has high deductibles with a health savings account. This way, routine preventive care measures such as physical examinations, vaccinations, and screening tests won’t incur the young couple with additional costs.

For couples with a pre-existing condition (such as hypertension, diabetes, asthma, or even scoliosis), getting health insurance might pose a challenge as premiums are generally higher. However, they might be able to acquire insurance from a special high-risk pool. There are over 34 states in the United States that offer this kind of health insurance policies to those with health problems.

Based in Rome, Georgia, State Mutual Insurance offers Medicare Supplement or Medigap, an extra health insurance that covers healthcare costs not covered by Original Medicare. For more about the company and its services, visit this website.

When's the right time to buy a Medicare supplement

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There are instances Medicare might not be enough, especially with regard to the health concerns of senior citizens. Much thought must be given in selecting a supplementary insurance that will cover the expanded needs of a senior citizen.

Buying a supplementary insurance from a mutual insurance company could be a practical option especially for those who would want to receive dividends or to save up for policy premiums in the future. Since a mutual insurance company’s policyholders also serve as part owners, an individual can find a tailor-made policy that covers all needs concerning treatment, medication, and other benefits in accordance to the state’s laws.

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To maximize a Medicare supplement insurance, it is best if an individual over the age of 65 applies as soon as he or she has been deemed eligible. Though most companies wait for an open enrollment period, there are also insurance firms that accept applications year round. Unlike in the usual policies, an applicant no longer has to wait for days before the policy takes effect. Once approved, the insured person may start using the benefits of his or her chosen policy.

Caring for an individual’s health doesn’t need to be complicated. By choosing the right policies, senior citizens can reap the advantages of supplementary healthcare as soon as they are approved.

State Mutual Insurance is a national insurance company which operates in over 41 states, including the District of Columbia. As a pioneer in the consolidation of the life insurance industry, the company’s focus is to help senior Americans achieve a sense of security, with products designed specifically for their benefit. Get to know more about their processes and policies on this website.

Beyond Medicare supplements: The State Mutual Insurance difference

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Established in 1936, State Mutual Insurance has been owned by its policyholders and run for their benefit for the entirety of its history. It is a legal reserve mutual insurer, headquartered in Rome, GA, and conducts business in 41 states and the District of Columbia. At present, the company's primary product is Medicare supplement insurance, a standardized insurance plan that covers for key costs not included in Medicare.

Over the many decades of its operation, the company has remained true to its roots, notably in being dedicated to community service, following its founding by a group of friends. The soul of the business is in providing both quality and competitively priced products and outstanding service to its policyholders. It has an exemplary record of disbursing benefits. Since 1985 it has paid approximately:

• $198,000,000 on dividends or 88% of earnings,
• $178,000,000 on death Benefits, and
• $307,000,000 on other Living Benefits.

At present, it has more than $392 million worth of assets, of which almost $30 million are surplus.

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Today, State Mutual continues to give its policy holders competitive rates by reducing company expenses and improving efficiency and service. It has transferred most of the administration of its policies to its Florida-based operational center, which handles everything from policy underwriting and issue, policyholder service, and claims payment.

Furthermore, the company has an electronic application process, which increases operational efficiency and reduces processing cost. The savings from the streamlined process are then passed along to applicants.

Lastly, the company offers its products direct to consumers, eliminating costs traditionally associated with the sale of insurance policies.

The company is a registered member of LIMRA, LOMA, and the American Council of Life Insurers.

For more on the history of State Mutual Insurance and details on its coverage plans, visit this website.