Woody's Insurance
888-252-4440
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We are an independent Life and Health Agency, Veteran Owned and Operated. Let us help you find the best solution for your insurance needs and budget. We specialize in Medicare Insurance and Life Insurance with over a decade of experience. We also can help with your Dental and Ancillary Insurance needs We can take the confusion out of Insurance. Call us today 888-252-4440
Life Health Insurance
Life Health Insurance
life insurance
life insurance
It is relatively simple to determine the best life insurance for you. It is the one that fits your needs that also fits your budget.
The very different features of life insurance products can seem confusing. But if you're looking for life insurance protection for only a specific number of years, term life insurance is likely the best fit. Term life insurance is often bought by people who want life insurance to cover only their working years, or the years of a mortgage.
For long-term and lifelong needs, permanent life insurance products such as whole life insurance and universal life offer both life insurance protection and cash value.
Life Insurance is defined as a contract between the policyholder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death. The life insurance sum is paid in exchange for a specific amount of premium.
health insurance companies
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
life insurance and health insurance difference
life insurance and health insurance difference
Life Insurance is defined as a contract between the policyholder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death. The life insurance sum is paid in exchange for a specific amount of premium.
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.
life and health insurance definition
life and health insurance definition
Life insurance pays out a death benefit to your beneficiaries in the case of premature death. ... Health insurance, on the other hand, helps pay for medical expenses such as doctor's visits, hospital stays, medications, tests, and procedures. This helps ensure that people can afford their medical expenses and stay healthy.
life insurance and health insurance together
life insurance and health insurance together
A plain vanilla term insurance plan is likely to be a lot cheaper than whole life ones. ... It is clear that for Ishan, life insurance ranks high on financial impact, while health insurance does so on probability of occurrence. Any insurance is better than no insurance since you may have dependents.
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health insurance companies
health insurance companies
It's very rare to find a scenario where health insurance isn't worth the cost. You never know when you'll become sick or get injured, and it's significantly cheaper to pay for health insurance than to incur large medical bills. Doctor's visits, hospital stays, and ambulance rides can add up to hundreds of thousands of dollars. It's better to pay for health insurance than risk getting stuck with those bills.
Health insurance typically covers the costs of medical, prescription, and surgical services. It pays for your care if you get sick or injured, as well as preventative care such as vaccines and wellness checkups with your doctor. It pays for most prescription drugs and medical devices. Health insurance doesn't cover elective surgical procedures or beauty treatments, however, and it's not the same as accident insurance. Health insurance will most likely cover your medical expenses if you're involved in an accident, but accident insurance is a supplemental policy that gives you a lump sum to help pay for your out-of-pocket accident-related costs.
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.
Health Insurance
Health Insurance
Individual and family health insurance helps pay for the cost of health care, including medical emergencies, routine doctor's appointments, preventative care, and inpatient/outpatient treatment. With a family insurance plan, you, your spouse or partner, and your eligible children under 26 years old are usually covered. You typically pay a monthly premium, plus a deductible or copayment.
Medicare plans
Health insurance plans that provide additional coverage for prescription drugs (Medicare Part D) and out-of-pocket expenses (Medigap) that typically aren’t covered by Medicare. You can also enroll in a Medicare Advantage plan, a private health insurance policy meant as an alternative to Medicare that may also cover preventative dental and vision care.
Short-term health insurance
One of the most popular plans through eHealth, short-term health insurance provides coverage for a fixed period of time (one month to three years). These plans are typically 80% cheaper than most medical health insurance plans, but may have limited benefits.
Dental insurance
Plans vary per carrier, but normally cover preventive and basic care (e.g., oral exams, cleanings, fillings, and X-rays).
Vision insurance
You can also find vision insurance plans through eHealth. Eye care may not be covered by your health plan and vision insurance can lower your out-of-pocket costs for routine exams, plus eyeglasses and/or contact lenses.
Insurance implies a contractual arrangement between two parties, i.e. insurance company (insurer) and insured, by which the insurer, in return for a fixed sum (premium) commits to compensate the insured for the loss sustained or damage caused on the occurrence of a certain event. The document which covers all the details of the contract is called as an insurance policy. Life insurance is a contract that protects against the risk of life.
Gradually, the scope of life insurance has widened and now plans like health insurance, disability insurance and pension plans are in vogue. It is no wonder that life insurance and health insurance are misconstrued but they are different as in health insurance is the insurance policy that compensates the cost of medical bills, in case of illness or accident
Blue Cross Blue Shield
Blue Cross Blue Shield
Blue Cross Blue Shield Association is a federation of 36 separate United States health insurance companies that provide health insurance in the United States to more than 106 million people. It was formed in 1982 from the merger of its two namesake organizations: Blue Cross was founded in 1929 and became the Blue Cross Association in 1960, while Blue Shield emerged in 1939 and the Blue Shield Association was created in 1948.
Definition of Life Insurance
Definition of Life Insurance
Life insurance, as the name suggests is the insurance agreement, whereby the insurance company agrees to pay a definite sum either on the demise of the insured or the expiry of the stipulated term to the nominee, in return for a specific sum (premium) paid by the insured, either in the lump sum or at regular intervals, i.e. instalments.
The sum assured may be paid to the nominee or the insured in a lump sum or instalments, i.e. annuity, on the maturity of the policy.
As the occurrence of the risk insured is certain and so the insurance company is bound to pay the amount assured, sooner or later, so the life insurance contract, is also known as life assurance.
Life insurance is classified into three types:
Whole Life Assurance: When the sum assured is to be paid on the happening of the certain event, i.e. death of the insured, then it is called a whole life assurance.
Term Life Assurance: On the maturity of the life insurance policy, the amount is paid in one shot to the policyholder.
Annuity: When on the maturity of the policy the sum assured is paid in instalment, usually monthly, it is called as an annuity.
Definition of Health Insurance
Definition of Health Insurance
Health insurance is a contract between the insurance provider and the insured, who can be an individual or a group such as family, employees of an organization, etc., wherein a specified insurance cover is offered by the insurer, on the payment of premium, provided terms and conditions of the agreement are satisfied.
It is a type of personal insurance, offered by non-life insurance or general insurance companies, in which hospitalization expenses are compensated. In health insurance, either the amount spent is reimbursed, or cashless service is provided through tie-up arrangements, with a network of hospitals, throughout the country, but only up to the amount covered in the policy.
It covers room expenses, nursing expenses, fees of surgeon, physician, specialist, consultant, etc., medical bills, operation theatre charges, x-ray, dialysis, and so forth.
Key Differences Between Life and Health Insurance
Key Differences Between Life and Health Insurance
The following points explain the difference between life insurance and health insurance:
Life insurance, as the name suggests, is insurance plan that covers the risk of contingencies that can affect human life and pays out the sum assured to the nominee on the death of the insured, or to the insured on the expiry of the definite term. Conversely, an insurance product, taken out by an individual, to compensate the cost of medical and surgical expenses, but only up to the amount covered, is called as health insurance.
In life insurance, both survival and death benefits are provided to the policyholder. On the contrary, health insurance provides treatment and medical benefits, in case of illness or accident.
The premium for life insurance can either be paid in lump sum or periodic intervals, usually quarterly. In contrast, the health insurance premium is paid in lump sum for the whole term.
An assured amount is paid to the nominee on the demise of the insured or the insured on the maturity of the policy, in life insurance. However, in case of health insurance, no money is recovered, if the term of the policy is expired instead it is reimbursed in case of any health issue.
Life insurance is usually taken for a long-term say 10 or 20 years. As against, health insurance is taken for the short term, say 1 or 3 years.
Conclusion
Conclusion
By and large, in a life insurance policy, the nominee or the insured, get the sum assured on the demise of the insured or the expiry of the term for which policy is taken. In health insurance, no return is paid to the insured at the end of the term, instead, in case of any medical emergency, the medical expenses are either reimbursed or cashless treatment is provided, subject to the amount covered.
best life health insurance
best life health insurance
How does health and life insurance affect my taxes?
Many know from experience that medical expenses can easily overwhelm even the best financial plans. Whether it’s a quick ER visit with only modest charges, or a serious or chronic condition, going to the doctor can wreck your bank account.
Luckily, there are a few tax breaks to cushion the blow:
The medical expense deduction lets you recoup qualifying medical expenses. There’s a big caveat, though: you can only deduct the amount that exceeds 7.5% of your 2020 AGI.
There are various ways to set aside pre-tax money to pay for expenses later. Among the variants are HSAs, FSAs, and MSAs. We cover what these accounts are, who’s eligible, how you use them, and what counts as qualifying expenses.
When you leave a job or retire, it may make sense to take advantage of COBRA, to continue your current insurance plan during the transition.
Finally, look at a few tax breaks associated with life insurance and long-term care insurance (LTC). They each have functions in a complete financial plan, and there are ways to get a tax break from them.
Contact Details:
Woody's Insurance
433 Boxwood Dr
Venice, FL 34285
Phone: (888) 252-4440
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