Common Supplemental Insurance Questions
I need a strategy to offset high medical costs should I be diagnosed with a major medical condition or hospitalized for an extended period of time.
It is no secret that insurance policies have shifted more out-of-pocket costs to their members, typically in the form of higher deductibles and out-of-pocket maximums. High-deductible health plans are popular, but in many cases, the deductibles and out-of-pocket amounts are higher than the annual contribution to a Health Savings Account. Supplemental Health plans can help lower the financial exposure that a major health event can cause because they pay you funds directly. There are a variety of different plans that focus on different events – a cancer diagnosis, heart attack or stroke, extended hospital stays, ICU coverage, and unforeseen accidents (on and off the job).
I need assistance evaluating if a dental and vision plan is worth the premium cost for me and my family.
Dental and Vision needs vary by family, and even by family member. Not every family member has to be covered under the plans, but it is important to understand the carrier rating structures. These insurance plans are available to help keep consumers on track with their preventive dental and vision needs, as well as sharing in the costs of major services (crowns, progressive lenses) to lessen the out-of-pocket costs. Full Circle works closely with its client base to determine if and what dental and vision plans will work for you and your family.
Do I have enough Life Insurance to care for my family should I pass away? And are there different types of life insurance policies that would work better for our family situation?
Life Insurance is a very personal decision and should be based on your total financial portfolio. There are a variety of different policy options - term, universal, and whole life – and how it is offered to you – through your employer or having a direct relationship with the carrier. Certain riders can be added (long-term care needs, income drawing) that allow you to pay one premium and how to spend it down. It is important to work with a team of professionals, like Full Circle, who can evaluate your specific needs based off your specific desires and premium price points.
What happens if I become disabled and cannot work? Is there coverage that insures my income?
We like to think of disability coverage as insurance for your paycheck. If an unexpected accident or severe medical diagnosis occurs making that person unable to work, disability insurance helps to supplement that income. Short Term Disability supplements a portion of missed income for a specific period (12/13/26 weeks). If the claimant is still considered disabled, Long-Term Disability takes over and typically supplements income through Social Security Normal Retirement Age (SSNRA). Please note, Accessibility, underwriting requirements, and premium costs for these policies will vary based on who is sponsoring the plan, for example, an offering by an employer versus an individual purchasing on their own. Full Circle is knowledgeable in both arenas and can advise on how to best craft the policies.
Reach out today and we will help you design and implement your ideal package
Call Us: 757-799-3234
Office Fax: 757-917-5676
Email: Contactus@FullCircleFin.com
Mailing Address:
582 Lynnhaven Parkway STE 100
Virginia Beach, VA 23452
Our office building is easily accessible
via the Lynnhaven Commons entrance on Viking Drive