Insurance | Bernardini & Donovan

June 3, 2014September 8, 2016

Find the Long Term Disability Insurance You Need With These Simple Tips

When disaster strikes in the form of an illness or injury, it can often render you disabled and unable to work. This may last a few weeks, a few months, a few years or the rest of your life. Long-term disability insurance is a special type of insurance coverage that can ensure you stay financially secure during such a time. However, purchasing long term disability insurance should be considered as an investment. Therefore, you need to be careful when buying.

Here are a few tips to make the search and purchase process smooth:

Don’t Rely Solely on Government Assistance

Social Security benefits are often available to those who become disabled due to an injury or illness. However, it can often take months to be approved, if you are approved at all. Therefore, long-term disability insurance is a necessary back-up plan to replace the income that you had from your job.

See If Employer Policies Are Available

Depending on the industry and the employer, you may have a disability insurance policy with your place of employment. Many employers offer both short- and long-term disability insurance to employees. Even so, you may still want your own policy to help bridge the gap between the money you receive from your employer and the money that you need to live.

It’s always better to be safe than sorry because you never know when an unexpected illness or injury can strike. You want to make sure you and your family are taken care of during a time like this and one of the best ways to do so is by purchasing long-term disability insurance.

Contact us for a California long-term disability insurance quote or learn more about securing your financial future with what we have to offer here at Bernardini & Donovan Insurance in Redlands.

May 27, 2014September 8, 2016

Is Disability Insurance Something I Really Need?

You likely have insurance coverage for your house, your automobile and your personal belongings. However, have you ever thought about insuring yourself? We’re not talking about life insurance. We’re talking about disability insurance, which would provide assistance if you were to lose your ability to work and bring in a paycheck.

Did you know that 25% of 20-year-old individuals today will become disabled in one way or another before they are 67 years of age? Further, the average disability payment for Americans as of March 2014 was just over $1,130 a month. That’s hardly enough to pay the bills. More often than not, just missing a day of work can put a family in a real bind financially, so what would happen if you couldn’t work for several months? This is why it might make sense to consider disability insurance.

Disability insurance comes in many shapes and forms, as explained below.

Group Disability Plans

You can purchase a group disability plan, which would be through your employer. This is probably the most common and affordable type of disability coverage, but it may not be enough or there may be fine print that would keep you from receiving all benefits for a certain period of time. So, be careful.

Individual Disability Plans

This type of coverage will be quoted based on your individual situation. Therefore, the price may be higher but you will likely have access to more benefits and options that will be worth it.

Supplemental Disability Plans

This is just a supplemental coverage that will be in addition to your employer policy or your government assistance. If you don’t need much more than what you can expect to get from Social Security benefits, then this may be a feasible choice.

When you think about an illness or injury rendering you unable to earn a living and the amount of money you could expect to receive from the government, you can begin to see the importance of disability insurance.

To learn more about what disability insurance options are available to you and your unique situation, contact us at Bernardini & Donovan Insurance in Redlands, CA.

May 22, 2014September 8, 2016

Understanding Your Disability Insurance Options

The majority of people in the workforce never even consider the fact that they may become temporarily or permanently disabled. As a matter of fact, it should be something that people give some thought to. People think about life insurance and how their family will survive financially if they were to die unexpectedly. People are diagnosed with illnesses and are injured every day; if you read a newspaper or turn on the TV you already know this. So, maybe it is time to think about what would happen to you and your family, if you were injured or became ill.

According to the Council for Disability Awareness (CDA), the majority of the workforce has to depend on using their vacation and sick time they have accrued. Eventually, and in some cases quickly, you will be out of paid time off. What are you going to do when the money runs out?

That’s were disability insurance comes in, let’s take a closer look at the different types of disability insurance.

Workers Compensation

If you are injured on the job, you will qualify for workers compensation. Which will pay you 2/3 of your normal salary every two weeks; it will also cover all of your medical care. Workers compensation is required by law – every employer must have a workers comp policy on every employee. However, 2/3 of your paycheck is not the same as a full paycheck and will most likely cause financial hardship. Therefore, investing in private disability insurance is a good idea.

Private Disability Programs

Often times, an employer will offer short and long term disability insurance for a premium. If they do not, then you must find your own.

Short Term Disability Insurance

Short term disability policies are intended to provide coverage for a limited time period. The waiting period for payment is quick, usually within two weeks. You have to decide the length of time you may need short term disability insurance payments. You can choose between a month and up to a year. For example one month, two months etc… The longer the timeframe of the policy the higher the premiums will be. However, you should not let the amount of the premium discourage you from purchasing a policy because if you ever need it, it will have been worth every dime!

Long Term Disability Insurance

Long term disability policies are intended to provide coverage for a longer period of time (anywhere from one year to the rest of your life.) The waiting period is much longer; the average timeframe is 3 months although it could be up to 2 years. That is why having both a short term disability policy (up to one year) and a long term disability policy is a good idea. In the event it takes a long time for you to start receiving your payments from the long term disability you will have been receiving payments, so a short interruption in payments will not be as hard on your bank account. Long term disability policies pay benefits until the maximum dollar benefit has been reached or the specific timeframe that was chosen is reached.

Public Disability Insurance Programs

In the United States there are two types of public disability programs, Social Security Disability and Veteran’s Disability. Both of these public disability programs are backed by the government. In addition, the Social Security Disability program can be difficult to get approval for and in most cases the person will need an attorney.

Social Security Disability Benefits (SSDI)

According to the Social Security Administration, almost 11 million people receive a SSDI payment every month. This government funded program offers both temporary and permanent benefits.

Veterans Disability Benefits

Disability benefits offered to veterans are easier to get approved for than Social Security benefits. The requirements for a veteran to receive benefits are to have been injured or diagnosed with an illness caused during their active military service. To inquiry about Veterans Disability benefits you can file a claim through your local Veterans Administration.

Understanding disability benefits can be a challenge, for more information on the types of disability insurance in California please contact Bernardini & Donovan Insurance, located in Redlands.

April 11, 2014September 8, 2016

Open Enrollment: The Next Round

The open enrollment period for 2014 is almost over; after March 31st, any new policy (or additions to your present coverage) will have to wait for the next open enrollment period. But when, precisely, will that be?

For the general public, coverage starting in 2015 can be shopped for on the marketplace starting in late autumn. Though an exact date has yet to be officially determined, at present the proposed window is November 15th 2014 through January 15th 2015.

There are a few notable exceptions; certain life events (such as a change in your family size, losing your job, moving to a new state, or large changes to your income) can qualify you for a special enrollment period. Usually this period is within sixty days of your qualifying life event.

Of course, the best way to determine your eligibility (and the best policy for you) is to discuss your situation with an insurance professional. For more information about the Affordable Care Act or health insurance in California, contact Bernardini & Donovan Insurance.

April 2, 2014September 8, 2016

ACA Extension to Individual Health Insurance “Keep Your Plan” Rules

Responding to intense consumer (and voter) allegations of promises not kept, the Obama administration announced another extension for those wanting to keep current individual and small group health insurance plans. People can keep current, non-compliant coverage plans for the next two years. During Congressional debate about adopting the Affordable Care Act (ACA), the President promised Americans "if you like your current plan, you can keep it."

However, as the implementation date of the ACA approached, the White House changed its position. After many insurance companies issued termination notices, in November 2013, to insured people and groups, the President allowed a one-year extension of non-compliant healthcare plans.

However, consumer and small employer dissatisfaction continued. In March 2014, the White House announced a further extension increase from one to two years. The Department of Health and Human Services, Treasury Department and the IRS have issued "regulatory guidance" to help you understand this latest policy change.

The two-year extension to the Affordable Care Act allows you to keep otherwise non-compliant plans through October 1, 2016. This applies to both individual health insurance and small group health insurance plans already in force.

For more information about changes in the Affordable Care Act, contact Bernardini & Donovan Insurance in the Redlands, California area. Their professionals can explain these confusing changes, in simple English, in small group and individual health insurance plans. Bernardini & Donovan Insurance Services understands these ACA changes and can help you comply with ACA requirements.

February 7, 2014September 8, 2016

Medicare Advantage Part D Plans Explained

Chances are, you’re acutely aware of how much prescription drugs cost. Without adequate insurance coverage, you stand to pay hundreds of dollars each month for maintenance drugs and those your doctor prescribes when you become ill.

Fortunately, Medicare Part D Plans provide coverage for prescription drugs. If you have traditional fee-for-service through Medicare, you will have to purchase a separate Part D plan to ensure you have prescription drug coverage.

However, if you opt for a Medicare Advantage plan, prescription drug coverage is included. Be sure to get an Advantage plan called an “MA-PD” plan. These plans provide Medicare Part A and B coverage as well as prescription drug coverage. You’ll get all your Medicare benefits included in one convenient plan that ultimately saves time and money.

There is a wide variety of Medicare Advantage plans from which California residents can select. To learn more, please contact Bernardini & Donovan Insurance Services for help selecting the plan that best meets your needs.

February 3, 2014September 8, 2016

Costs & Benefits of Medicare Advantage Plans

When considering Medicare Advantage Plans, it helps to take a closer look at their benefits and costs so that you can more easily understand the plans.

As you may know, these plans contract annually with Medicare and a fixed monthly amount gets paid by Medicare. That amount can change yearly, based on Medicare, and varies by county.

The nice thing about these plans is that they sometimes offer coverage for things that Medicare does not cover. This can include things like eye exams, prescription coverage and dental visits, but it does vary by county.

You should know that there is a monthly premium for these plans and it is in addition to the Medicare Part B premium.

While some services under these plans require co-payment, they are often at a lower amount than the Medicare fees. And legally the amount is not allowed to exceed the Medicare fee amount.

If you want more information on Medicare Advantage Plans, then contact Bernardini & Donovan Insurance Services today.

January 29, 2014September 8, 2016

Medicare Part D Stand-Alone Plan

Medicare helps provide medical coverage for older citizens as well as some disabled citizens. Medicare Part D is one of Medicare’s stand alone plans and helps cover the cost of prescription medications.

Who is Eligible for Medicare Part D?

Anyone who is eligible for regular Medicare benefits is eligible for Medicare Part D. This includes individuals who are 65 or older or individuals under the age of 65 with certain disabilities. You must be a US citizen or a permanent resident to be eligible. Enrollment is done when you first enroll or during open enrollment periods. It is done through private insurance providers.

What Does Part D Cover?

All policies cover every therapeutic category of medications, but not all actual medications are covered. In addition, all plans must cover all or nearly all of the medications in six of the medication categories including antidepressants, antipsychotics, anticonvulsants, antiretroviral, immunosuppressant and anticancer medications. Study the different policies and find one that fits your prescription medication needs.

Conclusion

Don’t struggle with out-of-pocket prescription costs. Consider Medicare Part D coverage. For more information about Medicare Part D and how you can sign up for coverage, contact Bernardini & Donovan Insurance Services.

January 24, 2014September 8, 2016

Do I Need More Coverage Than The Original Medicare?

If you are approaching the age of 65 and looking forward to enrolling in Medicare for healthcare coverage, be aware that it does not cover everything. Medicare will leave you with things like co-payments, coinsurance and of deductibles.

Contact a private insurance company right away and learn about Medicare supplements, also known as Medigap. These affordable supplements kick in coverage that the original Medicare doesn’t. If, in your retirement you are looking forward to traveling abroad, you will definitely want a Medigap policy that will provide coverage when you leave the country.

Medigap supplements are not the same as a Medicare Advantage Plan. You can only have one or the other. Also, you must have Medicare Part A and Part B to have a Medigap policy. You will pay a private insurance company for the policy as well as the Part B premium you pay to Medicare. Additionally, be aware that there are no Medigap policies sold anymore that cover prescription drugs. That ended in 2006. One more reminder, your spouse will need his or her own Medicap policy as each covers only one person.

For more information about Medicare supplements, contact Bernardini & Donovan Insurance Services serving the Redlands, Island Empire and California residents.

January 20, 2014September 8, 2016

The Basics of Medicare Advantage Part D Plans

Medicare Advantage Part D plans are a good solution for California residents interested in getting prescription drug coverage to go with regular Medicare coverage.

Also known as Prescription Drug Plans or PDPs, Medicare Part D plans are actually private insurance plans that offer medication coverage. Medicare beneficiaries should note that these plans only offer coverage on eligible prescriptions and not all of them.

Medicare Advantage Part D plans are affordable, with the average monthly premium in California coming in at $58.11 for 2013.

If you have Medicare but do not have prescription drug coverage, remember being without coverage for 63 days or longer can result in a penalty fee.

Since Medicare Advantage Part D plans fall under private insurance, their cost and availability can vary. A qualified insurance agent can help you navigate through the available options to find the most cost effect Part D plan to meet your needs.

For more information about Medicare Advantage Part D Plans in California, contact Bernardini & Donovan Insurance Services today.

Category: Insurance