Supplemental Healt Insurance

Supplemental health insurance is a type of insurance policy designed to cover the gaps that your regular health insurance may have due to deductibles and co-payments. This policy picks up further expenses that your principal insurance doesn't provide for, such as lost earnings and everyday living expenditures.

Those on Medicare, the self employed, those financially unprepared to handle large medical bills or time off from work due to illness or injury, and families with children should reflect on this coverage type.

Its various benefits consist of money benefits, lesser fees because of lower benefit amounts, the capability to counterbalance lost wages not like a conventional health insurance policy, and frequently payment for pre-existing conditions.

Long term health care, at home care, nursing homes, or prescription drugs is not covered for those on Medicare so supplemental health insurance policies can ease much of the burden for these people. In an attempt to protect their financial security, many seniors use both Medicare and supplemental medical plans.

The combination of these two coverages will sadly cost quite a bit of money per year. There are many insurance companies offering a variety of supplemental health insurance policies. For numerous reasons, many plans offer cash benefits.

In addition to hospital indemnity plans which provide fixed cash benefits for covered services, including hospital stays for emergencies and outpatient services, there are basic supplemental medical plans that provide fixed benefits for covered preventative medical care. Supplemental cancer insurance policies grant direct funds to policy holders for cancer management and connected expenses, for those apprehensive about getting cancer.

There are plans that grant total benefits to assist in shelling out expenses for heart attacks, strokes, heart surgeries, cancer, and other illnesses for circumstances linking a critical condition or illness. Becoming unexpectedly disabled can be financially devastating for any family.

To safeguard against any unexpected lost earnings, disability income security offers steady assistance to assist in paying the bills. Long term care insurance helps policy holder's deal with the high cost of long term care, including assisted living facilities, medical home care, adult day care, and so on.

In the midst of standard health care becoming higher for everybody, above all for the self-employed, supplemental health insurance is becoming a requirement for everyone that wants to remain physically and financially fit.

What Is Medical Supplement..?

A Medicare Supplement (also called "Medigap Insurance") policy is private health insurance specifically designed to supplement the Original Medicare Plan. This means it helps pay some of the health care costs ("gaps") that the Original Medicare Plan doesn't cover (like coinsurance and deductibles). Medicare Supplement policies may also cover certain things that Medicare doesn't cover. If you are in the Original Medicare Plan and you buy a supplement policy, then both plans will pay their share of the Medicare-approved amount for covered health care costs. Medicare 

Supplement policies are sold by private insurance companies.

A supplement policy is not a "Medicare Advantage" (like an HMO or PPO) because it's not a way to get Medicare benefits. Insurance companies can sell you only a "standardized" Medicare Supplement policy. Standardized supplement policies are identified by letters (A through L). In some states, like Texas or Louisiana, you may be able to buy another type of Medicare Supplement policy called Medicare SELECT. Each type of supplement policy offers the same basic benefits, no matter which insurance company sells it. Usually the only difference between policies sold by different insurance companies is the cost. Medicare Supplement policies must follow Federal and state laws. These laws are designed to protect you.

What Medigap Policies Do Not Cover

Medicare Supplement policies do not cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, and private-duty nursing. Any new supplement policy is guaranteed renewable. This means the insurance company cannot cancel your policy as long as you pay the premium. Although some policies sold in the past covered prescription drugs, no new Medicare Supplement policies are allowed to include prescription drug coverage. If you want prescription drug coverage, you may want to join a Medicare Prescription Drug Plan (Part D) offered by private companies approved by Medicare.

When is the Best Time to buy a Medicare Supplement?

The best time to buy a supplement policy is during your open enrollment period. This period lasts for 6 months and begins on the first day of the month in which you are both age 65 or older and enrolled in Medicare Part B. During this period, an insurance company can't use medical underwriting. This means it can't refuse to sell you any supplement policy it sells, make you wait for coverage to start, or charge you more for a policy because of your health problems. If you buy a supplement policy when you have a guaranteed issue right, the insurance company can't use a pre-existing condition waiting period at all.

Note: You can send in your application for a Supplement policy before your open enrollment period starts. This may be important if you currently have coverage that will end when you turn age 65. This will allow you to have continuous coverage. It is very important to understand your open enrollment period. During this period you can buy any supplement policy the company sells. If you apply for coverage outside of your open enrollment period, there is no guarantee that an insurance company will sell you a policy. After your open enrollment period ends, insurance companies are allowed to use medical underwriting to decide whether to accept your application and how much to charge you for the policy.

Comparing Medicare Supplement costs

The cost of supplement policies can vary widely. There can be big differences in the premiums that different insurance companies charge for exactly the same coverage. As you shop for a policy, be sure you are comparing the same type of Supplement policy.

What is Medicare SELECT?

There is another type of supplement policy called Medicare SELECT that is sold in some states, including Texas and Louisiana. Medicare SELECT can be any of the standardized Supplement Plans A through L, however, you must use specific hospitals and, in some cases, specific doctors to get your full insurance benefits (except in an emergency). Medicare SELECT policies generally cost less than other Medicare Supplement policies, however, if you don't use a Medicare SELECT hospital or doctor for non-emergency services, you will have to pay some or all of what Medicare doesn't pay. Medicare will pay its share of approved charges no matter which hospital or doctor you choose.

What is The Best Way to Find the Correct Medicare Supplement? The best way to find the best policy for your particular situation is to consult a professional who specializes in Medicare Supplements.

Medicare Supplement Policy

Medicare Supplements Are Standardized by The Federal Government

Medicare supplement policies sold today are standardized by the federal government. The policies are designated by the letters "A, B, C, D, E, F, G, H, I & J". While the benefits sold with the same letter designation by competing companies are the same, many companies charge higher premiums for identical coverage. This makes it easy for seniors to compare coverages and companies. It is important to find a company that will provide good service and that is financially stable, while finding the best rate. You should consider not only your current health situation, but also your possible future health care needs.

Only One Policy is Needed

It is important to remember that you don't need more than one Medicare supplement (medigap) policy. It is illegal for an insurance company to sell you a second Medicare supplement policy unless to tell them in writing that you will replace your current policy. It is also very important not to cancel your current policy until the new one is in place, and you decide to keep it.

Guaranteed Renewable

If you bought your Medicare supplement after 1992, it is "guaranteed renewable" This means that the insurance company cannot drop your coverage unless you stop paying your premium, you were not truthful about something on your application, or the insurance company becomes bankrupt or insolvent. A licensed professional agent that specializes in this area, could be very helpful in finding the right policy for your situation and budget.

A licensed professional insurance agent that specializes in senior insurance, can help you find the best coverage for your particular situation and budget.

Inurance Sales Strategy

find out what you prospects not only wants but WHY the prospect wants it. However, you have to start a fire burning, if you want a sale made. One of the greatest sales representatives of all time said, "Be enthusiastic and you will sell." Not only must you be enthusiastic, but also your words must sizzle to get you prospect in the mood to buy your insurance plan right now. Below are some of the key best selling word phrases that work like magic. Avoid at all cost, the dull words that will kill the sale.

SELLING WORD PHRASES not only excite your prospect, but nail in the benefits of your insurance product. The harder you pound the key word hammer, the more the sparks will fly. This is not creating any pressure on your prospect. They are designed for your prospect to feel that you are an authority who knows your product information. You start sounding professional, and that is exactly who prospects want to buy from. They want a motivated, knowledgeable, and trustworthy insurance sales representative that will be around for the next few years.

Provided below are some of the best word phrases to use: Your sales strategy should be to write out your current presentation, or tape record it. Of the 33 phrases listed, see if you can inject at least six into a revived sales presentation. Keep experimenting by trying a few others. Soon you will find some that are essential for you to use regardless of what insurance product you are selling.

Here is a list of the first fifteen insurance selling word phrases:

A cash generating insurance policy, check out these results, accomplish your financial goals, ask yourself this question, everything you expect is included, based on my experiences, can't imagine a better insurance investment, for serious people only, cited for exceptional quality, any competitors call this product unfair, here is the concrete information, contrary to popular belief, now you can cover all the bases, this plan is designed for you, economically sound, a new product backed with extensive research, and financial independence for you.

These are the other 18 best selling word phrases to implement in your presentation:

Gives you the freedom to earn more, integrated with all the best features, funded with security it fills all the gaps for you, fully load with the benefits you asked for, I was not going to mention this but, you gain all the benefits, let's talk strategy, get what you deserve, it is like giving yourself a raise, this is the deluxe edition, there is no additional charge for this, have you ever missed a valuable opportunity, make yourself feel secure, I have only mentioned a few of the ways you benefit, a new innovative concept, it's really an investment in your future, you can measure the results, and new features have just been added.

Using key selling word phrases pulls your prospect along and produces a willingness to buy. Try them, and you will know why. Kiss the days of hard selling and sweating off objections goodbye.

Set Your Owen Rule

This sets the stage for business guidelines.

FOR SALE BY OWNER:

Complete set of Encyclopedia Britannica, 45 volumes. Excellent condition. $1,000 or best offer. No longer needed, Got married last month. Husband knows everything. Sometimes you just feel that way when you talk to a prospect don't you. I decided a long time ago that I was going to set rules for how I did business and with whom I chose to do business. It has worked for me and if you do the same, I think you would benefit greatly. By deciding not to take everyone on a s a client, you are setting in place guidelines about yourself and your practice.

I have 3 rules by which I decide if I am going to grow a relationship with a practice. I have used these rules as my guideline for a long time and it has worked for me. Here they are:

1. I don't do business with people who will not come to my office. The only exception would be if someone were physically impaired. If they will not come to see me then I would only be in a lesser place in the relationship if I had to go to their home. It was hard at first but then it became totally automatic. I do business in my office.
   
2. I don't move a prospect to a client if they smoke cigarettes. It is not that I am a nut about smoking (my parents both smoked) it is simply this, it has been my experience that people who smoke are more difficult to move to client status. The reason is totally unclear and probably has no real reason behind it but that has been my experience. Smokers are more difficult to sell, plus I don't care for the smell of tobacco.
   
3. The third one is the real reason and the one you should copy. I don't do business with people who tell me what to do. If someone tries to explain my business or always is in an argumentative spirit, goodbye! The "know it alls" are just that, they know it all and frankly most of them don't know crap. So by weeding them out early, I save myself a lot of grief and frustration.
   

I have used these 3 rules to set guidelines for myself and they have worked. I suggest you adopt your own rules and stick to them...For me nothing irritates me more than the bona fide expert who know nothing and just can't wait to tell you so. I know more about annuities than any prospect can ever know and I need to always be in the position of expert.

I suggest you do the same, if you are not the expert, you will never get respect and never control the sales process.

Insurance

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer.

In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.