Article: Four Insurance Plans You Should Consider

Plan & Learn: Insurance

A Message from Insurance Solutions™

Health Insurance

There is no such thing as inexpensive health insurance but then there is no such thing as inexpensive health care, either. For most people, the least expensive insurance will be through your employer. Dependent coverage for spouse and children may be cheaper in a personally owned policy. Many people today are opting for high deductible plans in order to lower premiums. These plans do not pay until you have spent an amount equal to your deductible out of your own pocket. You still save money on these costs since you get the insurance company’s negotiated discounted rate for these services. If you have a major medical event, these plans can save you from the catastrophic costs. These plans can be a good balance between premium cost and the risk they cover. When the majority of the new health care law kicks in during 2014, we will see significant changes in plans, availability, pricing and subsidies, but no one really knows what the new situation will be.

Medicare Supplement

Basic Medicare provides coverage for most medically necessary hospital and physician services but still leaves the patient with out-of-pocket costs. Among these are a deductible for hospitalization and a 20 percent co-insurance payment for most medical services. These costs can add up to thousands of dollars and are the responsibility of the patient. Medicare supplements can help pay these out-of-pocket costs. There are a variety of plans available, so you can choose something that fits your situation and stays within your budget.

Disability Insurance

This is the most overlooked but extremely important insurance plan available today. You are three to four times more likely to experience a period of disability than you are to die prematurely. In the event of a disability from accident or illness, these plans will replace a percentage of your earned income. The percentage is typically about two thirds of your income. Since these benefits can be received income tax-free, the monthly check can come close to your actual “take-home” pay. Disability plans can be surprisingly affordable. Before the most recent housing crisis, the number one reason for foreclosures was disability of the breadwinner. If you or your family depend on your income, you should consider this coverage. Single people particularly should not be without disability coverage.

Life Insurance

Due to the economic downturn, there are fewer people with life insurance today than in many decades past. People who depended on the life insurance they had at work lost that coverage along with their jobs. Others have cancelled personally-owned policies—it doesn’t have to be this way. There are some very good low-cost options available to protect your loved ones. Affordable life insurance is probably the best way to see that your survivors are able to maintain their standard of living, that debts and mortgages are paid, college plans funded, funeral costs are covered and family members with special needs are provided for. Plans are available without a medical exam.

Insurance Solutions, a wholly-owned subsidiary of South Carolina Federal Credit Union, professional licensed agents will help you explore your insurance needs and options. They will objectively shop top-rated carriers to help you find the most appropriate plan for your needs. They can even help you understand and evaluate coverage that you already have. This is a free service to South Carolina Federal members. Visit or call an agent at 800-845-0432, ext. 4362, for a free consultation.

Insurance products are offered through various insurance companies through Insurance Solutions™, a division of South Carolina Financial Solutions™, LLC, a licensed insurance agency and wholly-owned subsidiary of South Carolina Federal Credit Union. All insurance obligations are the sole obligations of the insurance company providing the insurance product. THE INSURANCE PRODUCTS ARE NOT FEDERALLY INSURED AND ARE NOT OBLIGATIONS OF OR GUARANTEED BY THE CREDIT UNION OR ANY AFFILIATED ENTITY. INSURANCE SOLUTIONS DOES NOT PROVIDE TAX OR LEAGAL ADVICE.