Health Insurance Open Enrollment – 2019 coverage

The time for 2019 coverage selection is now! It’s open enrollment, the short time frame that is infamous for all decisions to be made regarding upcoming health insurance coverage. McGriff-Williams can assist in plan changes or confirmation of renewal if you stay on the same plan that you currently have. Our agents are knowledgeable and ready to help guide you through this process. And if you don’t have a plan already in place, now’s also the time to purchase new coverage! Here are some important dates to keep in mind:

October 1 – Open enrollment begins for off-marketplace (ACA but non-subsidized) plans

November 1 – Open enrollment begins for marketplace (subsidized) plans

December 15 – Deadline for all new coverage and plan changes, which will be effective January 1, 2019

Medicare Monday: Open Enrollment starts today!

Medicare Open Enrollment begins today, October 15th. This is the time of year when you can review and change your Medicare coverage for 2019. Being educated on your options and comfortable in your decision ensures you are getting the right coverage to fit your needs.

Changes can be made NOW through December 7th, however, you are not required to take any action during this time if you do not wish. If you currently have original  Medicare and either an advantage plan or a supplement and you are happy…. Your coverage will renew as is for next year. If you’d like to switch things up and try a different route, now’s the time!

Whether you’re brand new to Medicare or not quite there but starting to get inundated with information, we can help! At McGriff-Williams, we hold quarterly seminars to explain and simplify the whole Medicare process, while also comparing advantage plans to supplements and how prescription drug coverage comes into play. We understand this can be very overwhelming and stressful but it doesn’t have to be! Let us help you navigate the joys of being 65 and/or retired so you can reap the benefits of all the hard work you put in.

Please contact us anytime with Medicare-related questions or call to register for one of our 2019 seminars, which are all Wednesdays @ 10:00am:

April 17th, 2019

July 17th, 2019

October 16th, 2019

Is a medical exam always required for Life Insurance?

Been thinking about getting life insurance, but the long process has left you with second thoughts? Changes to the underwriting process may save you some of that headache.

What changed?

It’s a tale as old as time. If you want life insurance you have to go through a weeks or even months-long underwriting process. Your insurance company has to evaluate things ranging from prescription drug records, medical exams, auto records, and more. Proving the information correct in all of these exams further delays you obtaining coverage. According to a study by LIMRA, more than 18.7 million people had given up on securing coverage during this long underwriting process.

Insurance companies are trying to automate the system so you and I can secure coverage without taking up as much time. Companies are employing technology to screen candidates based on key indicators. If you fit the criteria then the process moves along without the need for a medical exam. Please note that if you are flagged the process may require an exam.

What carriers offer this method?

Several carriers are beginning to use this accelerated program of underwriting, including:

  • Banner
  • Lincoln
  • Minnesota Life
  • Mutual of Omaha
  • Nationwide
  • Principal
  • Protective
  • Prudential

This process is still being perfected, but if you are interested in whether this option could apply for you don’t hesitate to give us a call at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at nick@mcgriffwilliams.com.

 

Mortgage vs. Term Life Insurance

When it comes to life insurance it’s important to understand what you’re purchasing in order to keep your family and loved ones covered. One aspect of life insurance to understand is Term vs. Mortgage.

 

What is Mortgage Insurance?

As the name implies, mortgage insurance will cover your remaining balance on your mortgage in the event of your passing. One pro of mortgage insurance is that it is typically very simple to obtain. The amount of coverage you receive is directly tied to your mortgage so as you pay down your mortgage over the years the amount you receive decreases. The issue with the decrease in coverage amount is that your premium stays the same. The beneficiary for this insurance is owned by the bank who holds the mortgage.

 

What about Term Insurance?

Term life insurance provides coverage for a defined period of time, such as 10, 15, 20, 25 or 30 years. As a term insurance policyholder you pay an annual premium amount for the defined period of time and the insurer, or the company you purchased your policy through, will pay your beneficiaries the pre-determined policy amount. There are many advantages including the cost, but it only covers you during the term.

 

For many cases, mortgage insurance will not be enough for your loved ones. Even though your mortgage would be taken care of there is still the cost of living and funeral costs that will burden your family.

 

The video below provides additional information about both types of insurance. If you would like to discuss your options call us at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at nick@mcgriffwilliams.com.

https://www.youtube.com/watch?v=PUNloFs2Rx0

Lowest Priced Prescription Drugs in Gainesville

Ever consider price shopping prescription drugs before filling at your usual pharmacy? Your answer is most likely no, as most people just have their doctor call it into the place closest to your house or even who may have a drive-thru, whatever is most convenient.

Prescription drugs can get very expensive so it may be worth your time to see who has the least expensive medications in your area. A good tool to use is www.goodrx.com. On this website, you can search by specific drug in your zip code to get a full comparison of all pharmacy charges, with or without a coupon, and even print cost savings vouchers. Here is an example of a search we did for 5 of the top 10 most filled drugs in 2017:

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Whether it be your personal wallet or your employer’s, you could save a lot of money by doing a little bit of homework before filling your next prescription. If there’s ever any way we can assist with your prescription drug or health insurance questions, please call (352)371-7977 or email info@mcgriffwilliams.com.