Finding suitable and cost-effective insurance requires planning ahead. It is difficult, if not impossible, to find the best coverage to protect you and your family once certain events have occured. As the old adage goes: A failure to plan is a plan to fail.
This is true of Medicare, health, life, long term care, and disability plans. But it applies to investments like annuity policies as well. Combining foresight alongside our experience and guidance can help you and your loved ones when times of need arise.
The hardest part of what we do here is telling prospective clients we cannot easily help them. The primary reason this occurs is that they have waited too long to find coverage.
Most often, it’s because of poor health. The time to secure almost any life, health, disability, or long term care plan is when you’re in good health. You can lock in lower rates and avoid being declined coverage.
Once any chronic condition develops, insurance companies will turn you down for coverage – or approve you at a substandard risk level which increases your rates. If you think you might be interested in any type of insurance plan requiring medical underwriting, the time to inquire is while you’re in optimal health. Otherwise, your options will be limited if there are any at all.
Still other issues arise as we grow older. It can be hard to consider life insurance or long term care planning, but the older you get, the more expensive these plans become. This leads to some consumers being priced out of the market altogether. Locking in lower rates while you’re young and healthy is always the wiser plan.
There are many instances when you can buy insurance without the need for medical underwriting. This applies to Medicare Supplement insurance, Part D plans, individual and group health insurance coverage, and some ancillary plans.
It’s imperative to take advantage of Open Enrollment windows when they are provided. Medicare provides several of these windows, but they are not all the same. There’s an annual health insurance open enrollment for the Federal Marketplace and many group health insurance plans have yearly windows as well.
Unfortunately, some consumers miss these windows. This can lead to financial penalties, poor coverage options, or increased premiums. If you’re not sure about your open enrollment options, make sure you plan ahead! Call us and find out when these general or individual windows are open for you and how you can best take advantage of them.
Insurance planning isn’t always about your overall health. There are many types of investments offered by insurance companies. Annuities are the best example.
Fixed, indexed, income, and long term care annuities all illustrate and perform best when interest rates are high. Our clients use our guidance to lock in some of the highest interest rates for growth, income, and deferred future payouts.
Our most popular plans, Multi-Year Guaranteed Annuities, can be easily compared using our proprietary fixed annuity quoting software. It’s open and free to the public. There are dozens of plans and variations to consider so you can lock in the best rates for your current or future needs.
Elevated interest rates are also great for fixed-indexed and long term care annuities as well as indexed-linked life insurance. Many of our clients look back and are happy they planned ahead by taking advantage of friendlier economic conditions.
Planning ahead is about finding the right partner. Hyers and Associates Inc. is an independent insurance agency. We specialize in life, health, long term care, Medicare, annuity, and ancillary insurance coverage. Contact us to learn more about your best plan for moving forward.
