Services
Making Sure You Go To Battle With the Right Coverage
At 7VetsInsurance, our family is dedicated to providing comprehensive insurance solutions tailored to meet the unique needs of all clients, including veterans and their families. As a father-and-son team of independent insurance brokers, we take pride in helping our clients navigate the complex insurance landscape to find the right plans for their specific situations.
Health Insurance Guidance:
We assist clients in exploring a variety of health insurance options, including individual plans, group plans for organizations, and specialized Medicare solutions, ensuring that everyone finds the coverage they deserve.
What is group health insurance, and who is eligible for it?
Group health insurance is a policy offered by employers or organizations to provide health coverage to their employees or members. Typically, employees who
work full-time are eligible for group health plans. Some employers may also offer coverage to part-time employees, dependents, and spouses.
Eligibility requirements and participation rates vary, but most group health insurance plans require at least 70-75% participation from eligible employees.
What are the advantages of group health insurance over individual health insurance?
Group health insurance generally offers:
Lower premiums: Since the risk is spread across a larger pool of people, insurers can offer more competitive rates.
Employer contributions: Many employers contribute to part or all of the premium cost, reducing the employee’s financial burden.
Guaranteed coverage: Employees typically can’t be denied coverage based on pre-existing conditions in group plans.
Tax benefits: Employers can usually deduct premiums paid on their federal taxes, and employee premiums are often pre-tax, reducing taxable income.
What types of coverage are included in a group health insurance plan?
Group health insurance plans typically cover:
Doctor visits, hospital stays, surgeries, prescription drugs, and preventive services.
Mental health and substance use disorder services: Therapy and counseling.
Maternity and newborn care.
Some plans may also include vision and dental coverage, or offer them as add-ons.
Preventive services (e.g., annual check-ups, vaccinations) are often covered at no cost to the employee.
How do group health insurance premiums and costs work?
Premiums for group health insurance are generally shared between the employer and the employee. Employers typically cover a percentage of the premium, and employees pay the remaining portion through payroll deductions. Other potential
costs include:
Deductibles: The amount employees pay out of pocket before the insurance plan starts covering services.
Copayments: A fixed amount paid for specific services (e.g., $20 for a doctor visit).
Coinsurance: A percentage of costs shared between the insurer and employee after the deductible is met (e.g., 80/20 split).
What happens to group health insurance coverage if I leave my job?
If you leave your job, you may be able to continue your group health insurance coverage temporarily through COBRA (Consolidated Omnibus Budget Reconciliation
Act). Under COBRA, you can keep your health insurance for up to 18 months (or longer in some cases), but you’ll likely have to pay the full premium, including the
portion your employer used to contribute, plus a small administrative fee.
Alternatively, you may qualify for a Special Enrollment Period to purchase individual insurance through the Health Insurance Marketplace.
Life Insurance Support:
Our team provides expert advice on life insurance options, helping clients understand the differences between term and whole life policies, so they can choose the best coverage to protect their loved ones.
What is life insurance, and how does it work?
Life insurance is a contract between you and an insurance company, where you pay premiums in exchange for a death benefit paid to your beneficiaries when you
die. The death benefit is typically a lump sum intended to provide financial support, covering expenses like funeral costs, debts, and living expenses for loved ones.
There are two main types:
Term life insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years) and pays the death benefit if the insured dies during that term.
Permanent life insurance: Includes policies like whole life and universal life, offering lifelong coverage and typically building cash value over time.
How much life insurance do I need?
The amount of life insurance needed varies based on your financial situation and goals. A common rule of thumb is to have coverage that’s 7-10 times your annual
income, but other factors to consider include:
Outstanding debts (mortgage, car loans, credit cards).
Your family’s living expenses and future needs (e.g., education costs for
children).
Funeral and final expenses.
Conducting a needs analysis can help determine a more personalized amount.
What’s the difference between term life insurance and whole life insurance?
Term life insurance: Provides coverage for a set period (e.g., 10, 20, 30 years) and is usually more affordable. It does not build cash value, and the policy expires after the term unless renewed.
Whole life insurance: A type of permanent life insurance that offers lifetime coverage and accumulates cash value over time. Premiums are generally higher, but part of the payment goes toward the cash value, which grows tax-deferred.
Key difference: Term is temporary and cheaper; whole life is permanent and builds value over time.
Do I need life insurance if I’m young and healthy?
Yes, getting life insurance while you're young and healthy can be advantageous because:
Lower premiums: Life insurance is generally more affordable when you’re younger and in good health.
Future insurability: Securing coverage now protects you in case your health changes later in life, which could make insurance more expensive or harder to obtain.
Income replacement: Even if you're young, your dependents or loved ones may rely on your income, making life insurance important for their financial security.
What happens if I stop paying my life insurance premiums?
For term life insurance, if you stop paying premiums, the policy typically lapses, and coverage ends. No death benefit will be paid if you pass away after the policy lapses.
For whole or permanent life insurance, you may have options depending on the policy’s cash value. The insurer may allow you to use the cash value to pay premiums temporarily, or you might have a grace period to catch up on payments before the policy lapses. If the policy lapses, your beneficiaries won’t receive the death benefit.
Some policies offer non-forfeiture options, such as reduced paid-up insurance, which allows for continued coverage at a lower amount if you stop paying premiums.
Medicare:
Our team guides clients through the complexities of Medicare, helping them navigate options such as Medicare Advantage, Part D prescription drug coverage, and Medigap supplemental plans. We ensure clients fully understand their choices and find the Medicare coverage that best meets their health needs and budget.
What is Medicare, and who is eligible?
Medicare is a federal health insurance program for:
People aged 65 or older.
Certain younger people with disabilities.
Individuals with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).
You’re typically eligible at 65 if you or your spouse have worked and paid Medicare taxes for at least 10 years.
What are the different parts of Medicare?
Part A (Hospital Insurance): Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Part B (Medical Insurance): Covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Part C (Medicare Advantage): Offers an alternative to Original Medicare and includes the same services as Part A and Part B, sometimes with added benefits like vision, dental, or prescription drug coverage.
Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs.
When should I enroll in Medicare?
You can enroll during the Initial Enrollment Period (IEP), which is:
3 months before you turn 65.
The month you turn 65.
3 months after you turn 65.
If you don’t sign up for Medicare during your IEP and don’t qualify for a Special Enrollment Period, you may have to pay a late enrollment penalty.
What does Medicare Part A cover?
Part A helps cover:
Inpatient care in hospitals.
Skilled nursing facility care (following a hospital stay).
Hospice care.
Some home health care.
Note: It does not cover long-term or custodial care.
How much does Medicare Part B cost?
In 2024, the standard premium for Medicare Part B is $174.70 per month.
However, if your income is above a certain threshold, you may pay more through Income-Related Monthly Adjustment Amounts (IRMAA).
Does Medicare cover prescription drugs?
Medicare Part A and Part B generally do not cover most prescription drugs.
For that, you need to enroll in a Medicare Part D plan or a Medicare Advantage (Part C) plan that includes drug coverage.
What are Medicare Advantage plans (Part C), and how are they different from Original Medicare?
Medicare Advantage (Part C) plans are offered by private insurance companies and must cover everything Original Medicare covers (Parts A and B). Some plans offer additional benefits like:
Prescription drug coverage
Vision, dental, and hearing services
Wellness programs
These plans may have different costs and restrictions, such as requiring you to use a network of doctors.
What is the Medicare Part D late enrollment penalty?
If you don’t enroll in a Medicare Part D plan when first eligible and don’t have other creditable prescription drug coverage, you may face a late enrollment penalty. The penalty is 1% of the national base beneficiary premium for every month you went without coverage, and it’s added to your Part D premium permanently.
What does Medicare Part B cover?
Part B helps cover medically necessary services like:
Doctor visits.
Outpatient hospital services.
Durable medical equipment (DME).
Preventive services (like flu shots, cancer screenings, and wellness visits).
Note: Part B generally does not cover routine dental, vision, or hearing care.
What is Medigap, and how does it work with Medicare?
Medigap (Medicare Supplement Insurance) is a type of private insurance that helps cover some of the costs not paid by Original Medicare, such as:
Deductibles
Coinsurance
Copayments
Medigap plans are standardized and work with Original Medicare (Parts A and B), but they do not work with Medicare Advantage plans. You need to pay a separate premium for Medigap.
Long Term Care Insurance Assistance:
Our team provides expert advice on life insurance options, helping clients understand the differences between term and whole life policies, so they can choose the best coverage to protect their loved ones.
What is long-term care insurance, and why is it important?
Long-term care insurance helps cover the costs of services for individuals who need assistance with daily living activities due to chronic illness, disability, or aging. It provides financial support for in-home care, assisted living, or nursing home care, helping protect your savings and ensuring you receive quality care without burdening family members.
When is the best time to purchase long-term care insurance?
Generally, the earlier you purchase long-term care insurance, the better, as premiums are typically lower for younger, healthier individuals. Many people buy policies in their 50s or early 60s, before health issues arise that could make coverage more expensive or limit options.
What types of services does long-term care insurance typically cover?
Long-term care insurance can cover a range of services, including in-home care, adult day care, assisted living facilities, nursing homes, and even hospice care. Policies vary, so it’s essential to understand which types of care are included in the plan you select to ensure it aligns with your needs.
Will my health insurance or Medicare cover long-term care needs?
Health insurance and Medicare provide limited coverage for long-term care, typically focusing on short-term medical services rather than extended care. Medicare may cover short stays in skilled nursing facilities or limited home health services, but it doesn’t cover the cost of most long-term care services, making long-term care insurance an important supplement for comprehensive coverage.
Annuity Consultation:
Our services include advising clients on annuity options that can provide reliable income streams during retirement, helping them make informed decisions to secure their financial future.
What is an annuity, and how does it work?
An annuity is a financial product sold by insurance companies that provides a series of payments made at regular intervals, either immediately or at some point in the
future. Annuities are commonly used as a retirement income source. They typically involve:
Premium payment: The initial amount you pay to purchase the annuity.
Accumulation phase: The period where your investment grows, either through fixed interest rates or variable investment options.
Distribution phase: The time when you start receiving payments, which can be structured as regular monthly, quarterly, or annual payments for a specified period or for your lifetime.
What are the different types of annuities?
There are several types of annuities, including:
Fixed annuities: Provide guaranteed interest rates and predictable payments.
Variable annuities: Payments vary based on the performance of underlying investments (e.g., mutual funds), allowing for potential growth but also risk.
Immediate annuities: Begin payments almost immediately after a lump-sum premium is paid.
Deferred annuities: Payments start at a future date, allowing for the accumulation of funds before distribution.
What are the benefits of investing in an annuity?
Annuities offer several benefits, such as:
Tax-deferred growth: Earnings on annuities grow tax-deferred until withdrawal, which can help your savings grow faster.
Guaranteed income: Many annuities can provide a steady income stream for a set period or for life, helping manage longevity risk.
Customization: Annuities can be tailored with various features and riders, such as inflation protection or death benefits for beneficiaries.
Protection from creditors: In many states, annuities are protected from creditors, offering additional security for your assets.
What are the fees associated with annuities?
Annuities often come with various fees, which can include:
Surrender charges: Fees imposed if you withdraw funds from the annuity before a specified period, usually several years.
Mortality and expense risk charges: Fees to cover insurance and administrative costs.
Investment management fees: Applicable for variable annuities based on the underlying investment options.
Rider fees: Additional costs for optional features, such as enhanced death benefits or income guarantees.
Can I withdraw money from my annuity?
Yes, you can withdraw money from your annuity, but there may be restrictions and penalties:
Withdrawal during the accumulation phase: Many annuities allow penalty-free withdrawals up to a certain percentage (usually 10%) each year. Withdrawals above this amount may incur surrender charges.
Tax implications: Withdrawals are subject to income tax on any earnings, and if you withdraw before age 59½, you may incur a 10% early withdrawal penalty.
During the distribution phase: If you have started receiving annuity payments, you will typically receive regular payments as outlined in your contract.
Always consult your annuity contract and consider speaking with a financial advisor before making withdrawals to understand potential penalties and tax implications.
Social Security Analysis (RSSA)
An RSSA (Registered Social Security Analyst) is a certified professional specializing in Social Security education and helping individuals understand their options to maximize Social Security benefits. By analyzing your financial goals and retirement plans, an RSSA provides personalized insights into the options available to you, empowering you to make informed decisions about your benefits.
What is an RSSA (Registered Social Security Analyst)?
An RSSA (Registered Social Security Analyst) is a certified professional specializing in Social Security education and helping individuals understand their options to maximize Social Security benefits. By analyzing your financial goals and retirement plans, an RSSA provides personalized insights into the options available to you, empowering you to make informed decisions about your benefits.
When am I eligible to start receiving Social Security benefits?
You can start receiving Social Security retirement benefits as early as age 62. However, claiming before your full retirement age (FRA) may result in reduced monthly payments. Your FRA depends on your birth year, and delaying benefits past FRA can increase your monthly payments. I can help you explore how timing affects your benefits to make an informed decision.
How does working during retirement affect my Social Security benefits?
If you claim benefits before reaching your full retirement age and continue working, your benefits may be temporarily reduced depending on your earnings. After reaching your FRA, you can work without impacting your benefit amount. Understanding how this works is key to maximizing your income during retirement.
Can my spouse or dependents receive Social Security benefits?
Yes, Social Security offers benefits for spouses, ex-spouses, and dependents. Spousal benefits can be up to 50% of the primary earner’s benefits, while children may qualify under certain conditions. I can guide you through eligibility requirements and help you determine the best strategy for your family.
What is the difference between Social Security retirement, disability, and survivor benefits?
Retirement benefits provide income based on your work history and earnings.
Disability benefits are for individuals unable to work due to a qualifying medical condition.
Survivor benefits support eligible family members after a worker's death.
We can help you understand which benefits apply to your situation and how to access them.
How do I maximize my Social Security benefits?
Maximizing Social Security benefits depends on factors such as your earnings history, retirement age, marital status, and other personal considerations. While I don’t tell you when or how to claim benefits, I provide personalized analysis to help you evaluate your options and choose the path that aligns with your long-term financial goals.
Why Choose Hunter Wallace, RSSA, for Your Social Security Planning?
As an RSSA, I provide detailed analysis and expert advice to help you understand your Social Security benefit options. My role is to educate you on the strategies available for optimizing your benefits while ensuring you remain in control of when and how to claim them. Whether you’re planning ahead or nearing retirement age, I’ll equip you with the knowledge needed to make confident, informed choices that align with your financial goals.
Our Commitment To YOU
At 7VetsInsurance, our commitment to service stems from our family values and our understanding of the diverse needs of our clients. We are here to provide personalized support and guidance every step of the way, ensuring you connect with the best insurance solutions for you and your loved ones.
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