|
|
Individual Products
Richard S. Smith & Associates (RSSA) offers a wide selection of employee benefits to individuals that are not part of an employer group. Richard, Bryan and Erica are available to help you with Individual Products For more information on the Individual Products we offer, click on the products below:
Health Insurance for individuals and families is becoming more popular as the cost of group health insurance increases. Most health insurance plans provide comprehensive coverage with relatively low out-of-pocket expense to the insured. Newspapers and magazines often refer to the skyrocketing cost of medical care and health insurance. Our agency, through an aggressive marketing effort, can help curb these costs. As an independent agency, Richard S. Smith & Associates (RSSA) can provide benefit plans from numerous health insurance companies. With the health insurance market changing frequently, we are always seeking innovative solutions
This may not be an option for everyone. The companies will look at the applicant's medical history to make their decision. These companies do have the option of wavering out any medical condition or declining any application. A 12 to 24 month pre-existing condition-waiting period is applied to any and all individual medical policies. For more information on health insurance statistics and trends, view the following articles:
For more information, contact Erica Hinson.
Short Term Medical plans are used to fill a short term need for medical insurance. Occasionally an employee will need medical insurance to cover him between jobs. Short Term Medical is an inexpensive way to provide major medical benefits to protect against accidents or major illnesses that are not pre-existing. The benefit designs are basic, no-frills plans with little or no office or prescription co-pays. They are designed strictly to cover large claims that may occur during a lapse in other coverage.
This coverage may be purchased for a minimum of 30 days and a maximum of 6 months. The effective date of this policy may be any day after the application is postmarked by our office.
For more information, contact Erica Hinson.
Foreign Travel Medical plans are designed to cover individuals who will be traveling abroad for extended periods of time. Although many group health insurance plans will cover claims incurred on an emergency basis when traveling, a travel policy will provide coverage for more basic conditions, such as cold and flu, and for prescriptions.
For more information, contact Erica Hinson.
Long Term Disability replaces a percentage of income for a specific amount of time in the event of a non-work related illness or injury. This coverage provides a benefit to the employee on a long-term basis, usually up to age 65.
For more information, contact Erica Hinson, Bryan Brown, or Richard Smith.
Life Insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future.
The main purpose of life insurance is to provide cash to your family in the event of your death. The money your dependents will receive (the "death benefit") is an important financial resource: It can help pay the mortgage, run the household, and ensure that your dependents aren't burdened with debt. The proceeds from a life insurance policy could mean that they won't have to sell assets to pay outstanding bills or taxes. What's more, there is no federal income tax on life insurance benefits.
Start by evaluating your family's needs. Gather all your personal financial information and estimate what your family will need after you're gone. Include ongoing expenses (such as day care, tuition or retirement) and immediate expenses at the time of death (like medical bills, burial costs, and estate taxes). Your family also may need funds to help them readjust... perhaps to finance a move, or pay expenses while job hunting. Remember, life insurance provides financial protection. If protection is not your primary goal, you should consider other financial products.
While there's no substitute for evaluating needs, one rule of thumb is to buy life insurance equal to five to seven times your annual gross income.
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of the term -- which can be from one to 30 years. The premium rates increase at each renewal date. Many policies require that you present evidence of insurability at renewal to qualify for the new term.
Permanent insurance provides lifelong protection. As long as you pay the premiums, the death benefit will be paid. These policies are designed and priced for you to keep over a long period of time. If you don't intend to keep the policy for the long term, this may be the wrong type of insurance for you.
To read more about types of life insurance, click here:
Types of Life Insurance
For more information, contact Erica Hinson, Bryan Brown, or Richard Smith.
Annuities can be a good way to make sure you have income during retirement. What is an annuity? It is a contract between an individual ("annuitant") and an insurance company whereby the insurance company agrees to make periodic payments to the annuitant. In essence, the annuitant gives the insurance company a specific amount of money and the insurance company agrees to make payments for a specific amount of time -- even for the rest of his life and the life of his beneficiary.
Annuites, sometimes called "upside-down life insurance," can be good for people who don't have a pension plan at work. In exchange for placing your money with the insurance company, they promise to pay you a certain amount (either fixed or tied to investment performance) for as long as you live. During times of low yielding CDs annuities may offer an attractive alternative to some investors. Annuities are offered in a varitiey yields and maturities to fit the annuitant's needs
To read more about specific types annuities, click here:
Tax-Deferred Annuities
For more information, contact Erica Hinson, Bryan Brown, or Richard Smith.
Long Term Care Insurance has been available for many years, but has only recently come to the forefront of insurance discussion. While early Long Term Care policies were similar to a basic medicare supplement policy, today's coverage includes a broad range of services including nursing home care, assisted living facilities, home care, and adult day care.
Like any insurance product, Long Term Care insurance allows the insured to pay an affordable premium to protect an unaffordable catastrophic event.
What is Long Term Care (LTC)?
Long Term Care includes a wide range of medical and support services for people with a degenerative condition (e.g. Parkinson's, stroke, etc.), a prolonged illness (cancer) or cognitive disorder (Alzheimer's). However, Long Term Care is not always medical care but is sometimes "custodial care." Custodial care is providing assistance with activities of daily living or supervising someone who is cognitively impaired.
To better understand Long Term Care, think of the activities that you performed when you woke up this morning. You probably:
Climbed out of bed
Walked to the bathroom
Used the toilet
Used the bath or shower
Got dressed
Ate breakfast
All of the above are Activities of Daily Living (ADL's). However, when you or a loved one is stricken with a degenerative condition such as a stroke or Alzheimer's, performing these ADL's becomes impossible without the assistance of another person.
This type of assistance is known as Long Term Care. It is the same type of care that a parent must provide for a new baby. This type of care can be very expensive because it is often around-the-clock care. Long Term Care can be provided in many settings: nursing homes, your own home, assisted living facilities and adult day care.
Why is there a need for Long Term Care?
Basically people are living longer. Due to advances in modern medicine and life-style changes, the number of people over the age of 65 is expected to double by the year 2050. The 80-plus segment represents the fastest growing segment of the population.
As Americans take care of themselves through a healthy diet and exercise, they are increasing their lifespan. Unfortunately, as people age, they are more likely to suffer from chronic illnesses such as strokes or Alzheimer's. Statistically, Americans over the age of 65 face a 40% risk of entering a nursing home for Long Term Care services.
Another reason for the recent public focus on Long Term Care is the change in the American family. In the past, elderly parents depended upon their children to care for them as they aged. Family members lived close by or even in the same household.
Today, more women are in the work force, children are moving away from their parents, and divorce rates are increasing. All of these factors make it harder for families to meet the needs of their aging parents. Because of these changes the elderly often rely on professional assistance, which comes at a cost.
|
|
|
|
|
|
|
| |
 |