Life & Health Insurance
Individual Life & Health Insurance
If you're one of the many who are not insured or under-insured,
then an individual and family health insurance plan may be the answer
to your health insurance needs.
Individual and family health insurance is health coverage specifically
tailored to those not covered by employer groups or organizations.
A broad selection of individual and family health insurance plans
is available. Less expensive plans may provide coverage in case of
a major accident or illness, while other plans may provide comprehensive
coverage for all your healthcare needs.
Individual Health
Individual health insurance programs are designed for individuals
and families who cannot obtain health insurance through an employer.
Due to the continually rising cost of medical care, it has become
more important to provide health insurance for you and your families.
R. Jack Hayman & Associates offers health insurance programs to individuals
which offer extensive coverage as well as high-deductible programs
which are designed to protect against catastrophic financial losses.
As an independent agency, R. Jack Hayman & Associates can provide insurance
plans from numerous health insurance companies. With the health insurance
market changing frequently, we are always on the lookout for quality,
service-oriented insurance companies for our clients.
Individual Health Insurance Quote Request
Individual Life
Life insurance from R. Jack Hayman & Associates can help you secure
your family's financial future by providing the funds they need to:
cover burial expenses, uninsured medical bills, pay off your mortgage
and other outstanding debts, and maintain a comfortable standard
of living.
There are a variety of life insurance policies that we can provide.
The kind of policy you choose depends on your needs:
Term Life
Term Life Insurance is a low-cost way of providing maximum coverage
for your family. Protection is provided for a limited number of years.
The insurance expires without value if the insured lives beyond the
policy period, usually 5 to 20 years. Other policy life periods are
available, including 1 year annual renewable term.
Term insurance premiums will not increase during the guaranteed
policy time period (term) you select. Term Life Insurance pays a
death benefit only if you die during that term. Term insurance generally
provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are
current, provided there are no misrepresentations on the application.
The insurance coverage terminates if you discontinue your premium
payments.
Universal Life
Universal Life is characterized by great flexibility. Policyholders
can determine the amount and frequency of premium payments - i.e.,
the more you pay, the less time you will need to pay. Your premiums
cover the insurance part also the savings or investment element
and the expense part. The stated interest on the investment portion
changes along with movement in interest rates; moves in 1/4 % interest
steps are typical as banks and other financial institutions make
similar moves.
Whole Life
Whole Life Insurance provides permanent protection for
the whole of life - from the date of policy issue to the date of
the insured's death, provided that premiums are paid. Premiums are
set at the time of policy issue and remain level for the policy's
life. Unlike term insurance, whole life combines insurance protection
and savings or cash value which builds over time. Cash value build-up
may provide a source for living benefits, for example, helping pay
off a mortgage, or a child's education, or cash surrender value if
the policy is ever cancelled.
Other Life Insurance
Other Life Products for estate preservation or survivorship purposes
are also available - i.e. life insurance benefits to cover federal
estate taxes.
These products are continually changing and we can
provide you with the latest information and policies available!
Individual Life Insurance
Quote Request
Individual Long-Term Care (LTC)
Long-Term Care is the type of care received either at home or in
a facility, when someone needs assistance with activities of daily
living, such as bathing and dressing due to an accident, an illness
or advancing age.
Rising life expectancy means that the potential need for "long-term
care" grows with every passing year of your life. The likelihood
is that you or a member of your family will need long-term assistance
due to a prolonged illness, a disability, or general deterioration
of your health and ability to perform routine daily activities. Most
long term care expenses are not covered by Social Security or Medicare,
Medicare Supplement ("Medigap"), or private health insurance.
Medicaid pays for nearly half of all nursing home care, but you must
meet federal poverty guidelines and may have to "spend down" most
of your assets on health care.
Individual Long-Term
Care Insurance Quote Request
Group Life & Health
At R. Jack Hayman & Associates, we offer a wide variety of
highly rated insurance programs and years of proven industry experience.
Specializing in unique group programs, our Life / Health Benefits
team can custom tailor a benefits & insurance package just
for you and your employees.
Many businesses today face challenges in attracting and retaining
top employees. As a business owner, you know the importance of employee
benefits and their contribution to your business success. We will
work with you to develop a program tailored to your individual circumstances.
Group Health
At R. Jack Hayman & Associates, we are committed
to health insurance for both our commercial customers, who need group
coverage for their employees, as well as the individual or family
that needs coverage.
With the changing face of health insurance in today's market, we
at R. Jack Hayman & Associates are staying abreast
of the latest developments that will affect the coverage you expect
as well as the cost impact upon you.
We have the best health insurance markets available in our area,
and we will always present to our customers the best options at the
best price available.
Group Life
Life insurance is an integral part of most employee benefits packages.
When provided by an employer, employees appreciate the value of life
coverage and the additional security it provides to their families.
Employers have a wide variety of optional plan designs to customize
a Group Life plan. Optional coverages include Voluntary Life insurance,
Supplemental Life coverage, Accidental Death and Dismemberment policies,
and Dependent Life insurance. The premium paid for Group Life is
generally a business deduction, and this stand-alone contract is
usually less expensive than the life coverage provided with medical
insurance.
Health Savings Accounts (HSA)
A Health Savings Account (HSA) helps you save money on health care.
By making you a part of the medical services decision process, HSAs
are designed to help you manage medical expenses and reduce the continuing
raising of health care expenses. Equally as important, the money
you save remains part of your retirement account, even if you leave
your present employer. You can also save the money in your account
and grow your account through investment earnings. Funds in the account
can grow tax-free through investment earnings, just like an IRA In
short, if you don’t use all the money in your HSA for medical
expenses, it can accumulate as tax-free savings for your retirement.
One final benefit, HSAs can pay for many more procedures than were
ever allowed before by government sponsored programs. Health Savings
Accounts help you save money on unavoidable expenses and build investment
savings for your retirement.
An HSA is a form of health insurance coverage that includes several
parts:
- A tax-exempt personal savings account to be used for qualified
medical expenses.
- A health plan with a high deductible health plan (HDHP) with
a high deductible (e.g. $1,100 for self-only coverage and $2,200
for family coverage).
- A health plan with out-of-pocket limitations (e.g. $5,600 for
self-only coverage and $11,200 for family coverage.
- Contribution limits are indexed year. Catch-up contributions
are allowed for individuals 55 & older through Medicare.
Account funds are used to cover medical expenses before the plan
deductible has been met. Unspent account balances accumulate and
accrue interest from year-to-year. Unlike amounts in Flexible Spending
Accounts that are forfeited if not used by the end of the year, unused
funds remain available for use in later years. Once the health plan’s
annual deductible has been met, coverage resembles conventional insurance,
typically in the form of a preferred provider organization (PPO)
with little-to-no cost sharing for in-network services, and limits
on total out-of-pocket costs.
An HSA account is much like an Individual Retirement Account (IRA),
except that deposits and qualified withdrawals are tax-exempt. Individuals
and their employers may deposit money into the HSA up to an annual
dollar limit, with extra catch-up contributions allowed for those
ages 55 to 65. Account balances can be used to pay for a wide range
of medical expenses — including some ordinarily not covered
by insurance — as well as some insurance premiums. HSA funds
also can be used to pay medical expenses of family members not covered
by the high-deductible plan. After reaching age 65, you may use HSA
funds to augment regular income by paying ordinary income tax on
withdrawals for any non-medical expenses. Like IRAs, HSA funds can
be invested in stocks, bonds, and mutual funds. Since you own the
account, it is fully portable regardless of any job changes.
HSAs do not replace a normal or typical health insurance policy.
They are designed as a supplement to a high-deductible health insurance
policy. Because the HSA is tied to a high-deductible health insurance
policy, you will “pay as you go” for medical care, using
your tax-free HSA dollars, until you spend up to the deductible.
Once you meet the deductible, the health insurance pays for most
of your medical expenses for the rest of the year. You may choose
your own doctor and level of care. By themselves, HSAs are savings
vehicles — not insurance policies — so they don’t
restrict your access to coverage or your choice of providers.
The HSA program has two parts: a high-deductible health plan (which
usually costs less than other health plans) and a tax-advantaged,
portable savings account for payment of current medical expenses
which builds like a Medical IRA.
Long-Term Disability (LTD)
In the event that an accident or illness prevents an employee from
working for an extended period of time, the financial impact can
be severe for the employee and employers. Long Term Disability (LTD)
protection is designed to help cover the employee's expenses while
their regular income is interrupted. Flexible plan design options
and benefit alternatives are available to meet specific needs. This
valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
A steady income is essential for most people. If an accident or
illness interrupts that income, it affects both the employee and
employer. Short Term Disability (STD) protection is designed to replace
a portion of the wages lost when a short term disability occurs.
An affordable, flexible STD plan can provide needed benefits to both
the employer and employee.
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