What is no medical exam life insurance?

No medical life insurance is a life insurance policy that does not require an individual to go through the medical screening process to be approved for purchase. According to Forbes, Over the past decade, more and more insurers have stated offering life insurance policies that don’t require medical exams. This may seem strange, as you would l think that insurers would want to have as much information as they could obtain about you before deciding whether or not to insure you, however many people are turned off by having a stranger come examine them in their home (or elsewhere) in order to be approved to make a purchase. Also, insurance companies have access to health records through the Medical Information Bureau (MIB) and other resources to make an overall decision on the risk that you may present to them.

What is a life insurance medical exam?

The medical exam associated with life insurance is part of the underwriting process and is usually a simple medical screening, but can be more involved, especially for older applicants. The exam can take up to an hour or more and will check your height, weight, blood pressure, and include a blood and urine sample. The exam will look to confirm that your vital signs are where they are supposed to be based on age and look to confirm whether or not you may pose a higher risk in terms of overall health. It is part of the underwriting process, where the insurer decides how insurable you are, much like the lending process of trying to qualify for a loan.

Who benefits from not having to take a medical exam?

Not having to take a medical exam benefits people who are concerned about having an unknown medical examiner come to their home, or who are simply looking to save time. It can offer quicker coverage without having to go through the typical full underwriting process.

What are the pros of no medical life insurance?

· Quick approval

· Good coverage

· No need to go through invasive screening process

· Transparent pricing

What are the cons of no medical life insurance?

· Coverage amounts are limited

· Can only obtain a term policy limit of 20 years

· Fewer policies to choose from

· Higher potential premiums than policies that require medical exam

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

What is the difference between a broker and an agent?

The main difference between an insurance agent and an insurance broker is that agents represent insurance companies, and brokers represent customers. Knowing the difference can be extremely helpful when you are shopping for a new policy or in the market for new coverage.

Why do brokers have a stigma?

Insurance brokers are not evil, in fact they are quite helpful. It is a common misconception that brokers work for insurance companies, however that could not be further from the truth. As insurance brokers, we work for you, the people!

It is also incorrect that working through an insurance broker costs the client more money. In contrast, working with a broker can save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgement of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client.

What does a broker do that I cannot do myself?

First, they spend all day, every day dealing with insurance. They know the insurance industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Second, insurance brokers evaluate and research the marketplace on a regular basis. A reputable broker knows the dynamics of the insurance industry, what the headlines are, what is no longer relevant, and which carriers provide consistent service. Nothing is more frustrating than finding an insurance plan that fits your needs, only to realize at time of claim that the company does not deliver.

Finally, as stated before, a broker advocates and works on your behalf. When a situation arises where a helping hand is needed, you can turn to your broker for assistance, leaving you to continue to concentrate on your work.

How do you know if a broker is reputable?

Word of mouth is the best form of marketing for a business, as well as the best form of research for a customer. There is no better way to find something than by asking someone you trust who has experience with your issues or concerns. This is also the case when finding a good insurance broker. Generally, though, you want to look for a broker with experience and longevity in the health insurance business and one who certainly should be able to provide references. It is also important that the broker is specialized and experienced in the yacht crew area as it is quite different from the typical expat insurance market.

Having proper insurance is important. MHG is your specialized broker when it comes to marine specific insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

A Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals. Typically, there is no coverage offered if you use a provider that is outside of the network.

As opposed to an HMO, a Preferred Provider Organization (PPO) is a type of health insurance plan that operates with a network of participating providers, much like an HMO, however there is still coverage, albeit limited, offered if you use a provider outside of the network.

What is the difference between an HMO and a PPO?

The main difference between an HMO and a PPO is that an HMO is more limiting in terms of having access to see certain providers. Yes, you always have to freedom to see whoever you want, but with an HMO, there is typically little to no coverage if that provider is outside of your network.

What are the benefits of an HMO?

· Lower premiums

· Lower Out-of-Pocket Costs

· Claims process is easier since all claims are in network

· Having a primary care physician lead your overall care

Who does an HMO work best for?

While HMOs are considered to be a less expensive option, according to the Kaiser Family Foundation’s 2019 Health Benefits Survey , HMOs only account for 19% of covered workers in 2019. Even though they are not the most popular option, HMOs are great options for those that do not require extensive medical care, those that are younger, and those that are overall very healthy benefit more. Partly because most young people do not require to see a doctor or a specialist as often as someone who is elderly or not in the best health, therefore they do not require as much thought or care for who they are seeing or being seen by, and benefit from the lower cost associated with the plan.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

Before applying for a life insurance quote and before answering the question, “How much life insurance do I need?”, we first need to investigate what type of life insurance policy is best for you.

What type of life insurance do I need?

There are essentially two basic options when it comes to life insurance:

· Term Life, also known as temporary life insurance

· Whole Life, also known as permanent life insurance

As you may have guessed, term life covers you for a period of time or a “term”, and whole life covers you for your “whole life”! Discovering what option is best for you and your situation can be tricky, and you may need to do some assessing to see where you are at in your life, what priorities you have, and financial goals you have set for yourself and/or your family.

· How old are you?

· Are you married?

· Do you have kids or other dependents?

· What are your financial goals?

· Do you have debt, and if so, how much?

You may think that these questions are somewhat independent of each other, but the answers can help you decide not only what life insurance you need, but how much. For example, do you need coverage until your kids are a certain age and able to be self-sufficient? Do you want your coverage to also act as an investment opportunity that can build cash value?

How much life insurance do I need?

Most people typically start out by deciding on a coverage amount that will be enough to cover their remaining debt so that it does not pass on to their loved ones in the case of their demise. According to CNBC, “the average American has about $38,000 in personal debt, excluding home mortgages.” Obviously that number will increase substantially if mortgages were included. Adding your remaining mortgage balance, student loans, car loans, and any outstanding credit card debt can help you decide this amount. Generally speaking the younger you are, the more life insurance you will want to obtain, and also the easier it will be to qualify for the best rates. It is not uncommon to apply for 20 times your annual salary if you are in your twenties or early thirties with a child, a spouse and a mortgage.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Gap Insurance, also known as Supplemental Limited Benefit Medical Expense Insurance, is a benefit that helps to cover the exposure your employees have until they reach the maximum benefit based on that plan design. Most employers either choose a plan that will pay providers until the employees reach their medical deductible or maximum out of pocket.

What specific benefits does gap insurance provide?

The specific coverage that most gap insurance plans provide is separated into two categories (riders such as labs, in-office treatment, etc. can be added). The categories are:

• Inpatient Services- including hospital stays, inpatient surgeries, and physician’s in-hospital charges.
• Outpatient Services- including diagnostic exams, and other outpatient treatment of injury and sickness, provided the service is performed in a hospital, outpatient surgical or emergency facility, a diagnostic testing treatment facility, or similar facility licensed to provide outpatient treatment.

How does gap insurance work?

Gap insurance may be used to coordinate benefits with your employees’ primary insurance for inpatient, outpatient, and physician services. Benefits may be paid to the medical provider or directly to your insured employee, depending on the plan you choose. Premiums for gap insurance plans vary, according to the specific benefits you choose, but they are generally low enough that the combination of primary insurance and gap insurance will be less expensive compared to primary insurance with a lower deductible.

For employees who have relatively low deductible and copay amounts, gap insurance may not be needed, however these low deductible medical policies are not affordable for everyone, particularly small businesses. When out of pocket maximums are higher than employees can comfortably manage, gap insurance is a necessary protection that can keep them from financial disaster. Most workers who have a high deductible, high copay plan can have an out of pocket maximum over $5000. This can cause an insurmountable and unexpected financial hardship for many people and their families unless they have gap insurance to cushion the blow.

Offering an additional benefit to your workers can be seen as an investment in the performance of your company. According to Business.org, a website designed to help business owners and decision makers grow their businesses, the following are the top reasons to offer benefits to incentivize employees:

1. Increases Appeal

2. Minimizes Turnover Rate

3. Better Morale

4. Healthier Employees

5. Better Job Performance

When it comes to a group medical insurance plan, there are a lot of factors that decide the amount of coverage you may or may not want to provide to your employees, better yet, what you may or may not be able to afford. Rates seem to increase year after year, and in order to offer your workforce an attractive benefit package, you may have to get creative. That’s where gap insurance comes in, and we are here to help! Our insurance specialists are up to date with industry regulations and trends to help you and your business, and they are only a phone call away! Contact us today at 954 828 1819 or visit us online at mhginsurance.com.

To say that the past couple of months have been stressful would be an understatement. With what is currently going on in the world, stress, depression, anxiety, and other mental health issues have been affecting seemingly everyone to an extent. Fear of the unknown and what tomorrow may hold, loss of jobs and income, closing of schools, and being forced to stay indoors are all factors in what is likely affecting most people. Unfortunately, we are no experts on the trajectory of this pandemic, so we can’t say when or if things will be getting back to normal, but when it comes to your mental health, don’t wait for when or if, do it now!

Your mental health is just as important as your physical health, and with so many factors that may be affecting it out of your control, it is incredibly important to take control of your situation and make the best of it. There are several things you can be doing every day to help you stay strong mentally and keep from experiencing common issues such as anxiety and depression. Now, these tips should not be used instead of prescribed medication, and it is important to mention that if you are finding that nothing is helping you with your issues, to seek medical advice about how you can help yourself.

Meditate

I know what you are thinking, not everyone can sit in a quiet room for an extended time with the kids home from school and having to help them with their online studies, but it is important for you to be able to be alone with your thoughts. According to Everyday Health, “research suggests even brief meditation sessions can make a difference in managing stress” Try to take some time for yourself, relax, focus on your breathing, and clear your mind, you will be amazed at how good feel after the fact.

Exercise

While most people think of the physical benefits that exercising can have on your body, not many think of the mental benefits too! When you exercise, your body naturally releases hormones that make you feel good. In addition to the natural feeling, exercising will make you feel better about yourself, whether accomplishing a goal, looking better in the mirror, or just feeling better overall, having daily physical activity is crucial to your overall mental health. Exercise can directly impact depression and anxiety, as stated in this article from the Help Guide, a good place to visit for tips and help with mental wellness.

Sleep

Sleep is something that most people don’t get enough of. How many hours do you sleep every night? Did you know that during sleep is when your body recovers and heals itself? Maybe if you thought of it that way, you would make sure you got a full night! In fact, this recent Harvard study talks about how sleep deprivation and sleep disruption can negatively impact your mental health.

Go Outside

Many of us are stuck at home and forced to stay indoors, but if you are able to go outside, take advantage! Vitamin D is great for your overall health! Take a walk around your neighborhood or relax in the backyard. Catch some rays and let nature help brighten you up. Research even shows the positive impact of outdoor activity on your overall mental health. Read more about it here!

Stay Busy

If you are staying home through all of this, and find yourself bored, find something to do to keep yourself busy! Whether reading books, working on home projects, doing some spring cleaning, or taking this time to work on you, it is important to stay busy, and keep your focus on something.

Mental Health and Wellness is important for everyone, especially if you are a seafarer who may not have access to the help and assistance programs that those who aren’t at sea do. If you are a seafarer and need some help, check out SeafarerHelp, a free, confidential, multilingual helpline for seafarers and their families, available 24 hours per day, 365 days per year!

With the spread of COVID-19 causing global concern, rest assured that all of us at MHG are here and ready to answer your insurance questions and concerns relating to the virus. For specific information on how COVID-19 affects your insurance coverage, please call us or visit your insurance carrier’s website.

It’s everyone’s favorite time of the year, tax season! Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time. While having the latest iPad is great, you may come to regret that decision later. Instead of spending your tax return on a new gadget or vacation, try paying yourself. Sometimes bills seem like they are never ending, but one bill that you may come to enjoy paying are those that will pay you down the road. Catch my drift?

Be Forward Thinking

Whether you are established in your career or you are just starting out, you should be thinking about your retirement. Sometimes it can be difficult to put yourself in situations later in life, partly because life can be so unexpected. It just happens. But what some people don’t consider is that when you retire, you won’t have the same income to support your lifestyle. One way to fix that is by saving your money! If you are forward thinking and sacrifice the right amount of money now, what you enjoy now you can enjoy later too!

Get a Jump Start

Is it me or do paychecks seem like they are never enough? While there is a lot more to life than earning a wage, the amount you earn is still important because it determines what you can afford. Having a family is important to a lot of people, however a family can be very expensive. Also waiting until you have a family can feel like it is too late to start, or that you missed your chance to begin planning for retirement. While there is a prime age to begin saving for retirement, don’t ever think it is too late to start if you haven’t. Remember, better late than never.

So if you don’t think you have the funds to save for your future and your retirement, using your tax return to do so may be a smart idea! Another thing to note, once you save your tax return, you may feel more motivated and inclined to continue to do so throughout the year.

What Should I Buy?

· Life Insurance – There are several types of life insurance policies that can set you up nicely later in life. Policies such as Whole Life and Universal Life are ones you should consider.

· Annuity – Depending on the person, an annuity may make more sense than a life insurance policy.

· Combination – The best way may be to do a combination of life insurance and an annuity. Ever hear the saying, “Never put all your eggs in one basket”?

Benefits

The obvious benefit of investing in your future is that you will have income later in life when you decide to “hang them up”. But one benefit that should be considered is one that may be provided by purchasing life insurance. Did you know that if you develop a serious or terminal illness, you could have some of the death benefit value available to you to use while you are still alive for medical bills or whatever you choose. Also, you may have the opportunity to take loans from yourself. Wouldn’t you rather owe yourself money than owe the bank?

It is important to note that MHG Insurance Brokers does not provide tax advice. Speak with a tax advisor if you have any questions regarding your tax filings. Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

The Affordable Care Act (ACA) has brought a lot of changes in the health insurance industry. Depending on who you talk to some of these changes can be good or bad. One thing that is usually universally agreed upon as a positive change is that insurance companies are no longer allowed to deny you coverage if you have a pre-existing condition. Another positive is that plans considered to be creditable coverage offers preventive care at no cost to the member! Health is wealth and taking preventive actions to ensure you stay healthy is the best way to avoid an illness or an issue in the future. Also, it is important to note that preventive services will only be fully covered when seeing a doctor or medical provider that is in your plan’s network.

What is preventive care?

Preventive care is typically a procedure that is done to detect or prevent an illness or condition. Preventive health care can be anything from screening for diseases such as diabetes to screenings and counseling for alcohol misuse and tobacco use.

Breakdown

Preventive care is typically broken down into three groups, adults, women, and children. Depending on your age and/or gender, different procedures can be considered preventive care. For example, children have certain screenings to test for conditions that aren’t needed as an adult, such as an autism screening. Further, while adults are able to be covered for certain preventive services, women may need some services that are not needed by men for procedures such as a Pap smear. For more information on what procedures are deemed preventive care for each group, visit HealthCare.gov.

Why is preventive care important?

Just because you feel 100% healthy, doesn’t mean that you shouldn’t be taking advantage of regular check-ups. Part of staying healthy is catching issues before they arise or early enough to correct them. There are many conditions that don’t offer early symptoms such as high blood pressure or high cholesterol. The only way to see if they are at healthy levels is to check them regularly. We can’t stress enough that everyone should be using preventive care!

Some things to be aware of

While receiving preventive care should be free thanks to the Affordable Care Act, there are some things you should still be aware of. First, if something is found during your screening, any treatment you receive to help your condition won’t be “free”. You will be required to pay for further treatments according to your insurance plan. Also, in some cases there must be a valid reason to receive fully covered preventive services. You either must be due for one, like women 40 and over receiving a mammogram every 1-2 years (per HealthCare.gov) , or a doctor must prescribe it.

For more information about job based benefits, read our previous blog, What You Need to Know about Company Sponsored Insurance Benefits ”. Sometimes there are things in your plan that you don’t understand, or words that you have never heard before. Your well-being is important to us, and part of that is making sure you are properly taken care of. Our insurance specialists have the knowledge and experience to assist your group in finding the best Employee Benefits plan for your budget. If you are interested in purchasing a disability plan, health insurance, or life insurance, contact us at mhginsurance.com or call us at +1 954 828 1819.

Do you have 2020 vision? Well technically, this year, everyone has 2020 vision. See what I did there? Ok, no more vision puns. If you don’t offer a vision insurance benefit to your employees, you are missing out on a great opportunity to save your staff money, improve their eye health, and potentially make their overall quality of life better. In return you can get a more loyal, healthier, and productive workforce. Since this year is 2020, it makes it a perfect time for you to open your eyes to the new possibilities you can have with your benefits. That was the last one I promise.

The Basics

Your eyes are two of your most important organs, which is why they need special coverage to promote their health. Vision insurance helps to ensure and motivate people to take care of themselves, the same way health insurance encourages overall health.

There are different plan options with different coverages, so it is important to do your research when deciding what plan is right for you. Do you want your plan to only cover eye exams, contacts, and glasses, or do you want something more comprehensive to also include eye surgery or treatment for certain diseases or issues like glaucoma or retinal detachment?

What You Need to Know

Most vision insurance policies simplify their operation by offering flat rate reimbursements; rather than having to pay a deductible, then pay a percentage until reaching an out of pocket maximum, etc.

It is also important to know that all plans are different, and some may provide coverage for 2 glasses in a year and some may provide coverage for either one pair of glasses or contacts for the year, again do your research.

Don’t Stop at Vision

While implementing vision insurance is a great way to help attract, motivate, and retain employees, there are plenty of other benefits you should investigate offering your workforce in order to have a complete and competitive benefits package. Benefits such as Dental, Short- and Long-Term Disability, Group Life Insurance, and Gap Insurance are common additions to a Group Health Insurance Plan, and often have minimal costs in comparisons to the coverage they can provide. After all, a happy and healthy workforce is the key to any successful business!

MHG Insurance Brokers comprises of a team of experts who specialize in group insurance. We have unique relationships with carriers and are sometimes the first to know the plans they offer. We have a 5-star Google review rating, and an outstanding 96% client retention rate in the Life and Health Division (Employee Benefits). Our team of experts can complete a full analysis of your current plan’s offerings, and if needed, recommend a package that will enrich your benefits while keeping cost at a minimum. If you do not have a group plan in place, we have you covered! Our team can provide a proposal for your group which may be less than you anticipate. If you are interested in purchasing health insurance, feel free to contact us at 954-548-3599 or visit our website at mhginsurance.com.

You know the saying, “New year, new me!” Well it’s that time of the year, everything is fresh, people are motivated, and many of you have just begun a new benefit year in terms of your insurance as well. So why not take some time to figure out how to make the most out of your insurance benefits, the same way you would try to make the most out the year when it comes to vacations, starting new habits, or even just trying new things. Here are some tips to follow to better help you start your benefit year off right. Keep in mind the tips below are only for those times when seeing a medical professional can be planned in advance, if you are sick or in need of medical attention, please consult your physician immediately.

Read Your Policy

Reading your insurance policy may not be your first priority, but without reviewing your benefits, you might be missing covered benefits you can take advantage of. A big one is knowing the doctors in your network, depending on your coverage, some providers might be categorized in a special group which allows you to pay less. Check if you have dental and vision insurance and what is covered, there can be some benefits that are completely free of charge to you, even covering multiple visits throughout the year.

Do You Have a Rewards Program?

Most health insurance companies now offer a rewards program to help motivate people to live a healthy lifestyle. Get yourself involved as soon as you can so you can start earning rewards for things you do every day like walking, logging meals, weighing yourself, etc. Also, these programs can offer points for visiting the doctor, getting your teeth cleaned, getting a flu shot, and taking other preventable measures.

Plan Your Year

As stated before, once you understand your insurance coverage, you will have a better understanding of how to plan your year. Yes, you should always expect the unexpected, no one plans to catch a cold, but by understanding your benefits you can use providers that will cost you less. When it comes to making doctors’ appointments, your benefit year should be taken into consideration. For example, if you are in need of a procedure that is medically necessary but you have been putting it off, would it make more sense to have it when the year is fresh, or when you have reached closer to your max out of pocket, typically later in the year? Sometimes timing can be important and can be the difference from having to pay thousands versus having to pay nothing.

Avoid the Mad Dash

I don’t know if you have ever been to a medical facility at the end of the year, but more than likely they are slammed with people trying to use the last bit of insurance before the new year starts. By planning your year ahead, you can do what you can to try and avoid the headache of having to wait hours, or deal with nurses and doctors who are understaffed or stretched too thin. Most medical plans now include telemedicine which can be used in the convenience of your home using a smart device, if you need a prescription the telemedicine doctor will prescribe what you need at the pharmacy of your choice. In some cases, telemedicine can be free.

MHG Insurance Brokers comprises of a team of experts who specialize in Employee Benefits. We have unique relationships with carriers and are sometimes the first to know the plans they offer. We have a 5-star Google review rating, and an outstanding 96% client retention rate in the Life and Health Division (Employee Benefits). Our team of experts can complete a full analysis of your current plan’s offerings, and if needed, recommend a package that will enrich your benefits while keeping cost at a minimum. If you do not have a group plan in place, we have you covered! Our team can provide a proposal for your group which may be less than you anticipate. If you are interested in purchasing coverage for your team, feel free to contact us at 954-828-1819 or visit our website at mhginsurance.com.