Effects of new Tricare Change unclear.

 GOA says Department of Defense Click here to read more on Tricare

Fed Governor: Crisis Scared Winners, Too

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The Four Pillars of Catastrophic Protection an Introduction

  In our series on the "Four Pillars of Catastrophic Protection" we will be looking into identifying the type of resources and how to develop these resources as a means of protection.  We are all human and feel that we will not need anything close to this kind of protection.  Yet, unfortunately, life is full of surprises and these surprises can have a serious impact on us financially.  So what are we talking about?

The "Four Pillars" are:

1.      Life

2.      Major Medical

3.      Extended Care

4.      Disability Income

We all to the best of our ability like to plan for the future and make sure that we have an income stream later on for retirement.  That is a great direction to develop.  We also have health insurance and some form of life insurance which will help us in times of need.  The question is do we have the right coverages and what about those areas where we do not have any?  Do we have CDs, savings accounts, and other financial items which can pay for the expenses incurred due to illness or injury without causing harm to our financial future?

Look upon these four pillars as resource reserves which when needed will supply funds to assist you or your family through the rough times.  Each one is designed to cover specific types of events.  Life insurance is to provide a cash amount when the insured dies and these funds go to the beneficiary(s) as spelled out in the policy.  Major Medical provides protection for illness and bodily injury for all the members of a family.  Depending upon the deductible and coinsurance structure, once these dollar amounts are met by the client(s) of the family the insurance company then pays all the costs for the remainder of the calendar year.  Extended Care is a cash resource when a client is disabled due to sickness or injury and depending upon the plan type can fund for home, assisted, daycare, or care in an extended care facility.  Depending upon elimination period and selected daily or monthly rate and length of coverage, this enables the client to receive care and the family is relieved of the burden of administrating that care.  Disability Income is the last pillar of our discussion and this kind of protection is based on a percentage of one's income, and elimination period before the benefit is delivered and means to provide funds when one is unable to work.

Next month we will explore Life Insurance, are we as protected as we think we are?

Consumer Driven Health Care

Are you up to speed on how you can take a more active role in living healthier as well as saving money doing it?  No, this is not one of those infomercials but rethinking how to better use your health care dollars.  Why is it that if we are shopping for an expensive item we seek the lowest price, yet when it comes to our health we don't care what it costs?  We at Stewart's Insurance Depot have available for your business, social group, or church a presentation that will help you save those hard-earned dollars.  Feel free to contact John 912.434.2090 or 904.729.4025 to arrange a date for a presentation.