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What Is Group Health Insurance

Group health insurance, provides health care benefits to a group of peoples belonging to a common community. Group health insurance plans are generally uniform in nature, offering the same benefits to all employees or members of the group. However, the biggest advantage of it is that it can be customized to meet unique needs of the company. Most professionally run companies today, provides group health insurance as a part of their employee welfare program. Group health insurance can be bought by any legally formed group of people for genuine commercial or not for profit purposes. It has several nuances, which determine the level of actual benefit derived. 

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A Basic Guide to Selling Long-Term Care Insurance

Whether you are starting up a new insurance agency or work for one that has been around for a while, it’s a good idea to look into ways to expand your business from time to time. One of the biggest concerns of those who will make up the 20 percent in 2030, is how they are going to pay for long term care when their time comes. People who make up this demographic are currently watching their parents and grandparents struggle with the high cost of health care, and see their estate value dwindle as a result. Because of the rising cost of health care, these days many estate planners are making group insurance part of their overall plans. Having a policy makes it possible for the holder to preserve the equity in his or her estate, rather than having to spend that money on care. When you begin the long-term care discussion, be aware that most people will hear the words “nursing home.” For clients looking to leave as much money as possible to beneficiaries, the latter may be the most suitable plan. And finally, a good tactic for selling this type of policy is with storytelling.

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A Second Chance to Switch Medicare Advantage Plans

A new opportunity to switch Medicare Advantage/Part C plans is happening right now. The annual medicare advantage open enrollment period runs from Jan. 1 to Mar. 31 and offers anyone enrolled in a Blue cross medicare advantage plan an opportunity to switch from one Part C plan to another, or switch from a Part C plan to Original Medicare and add Part D prescription drug coverage. You can switch immediately after your new plan becomes effective. You may realize the doctor you want to see is not in-network for the plan you chose, or your out-of-pocket costs are higher than expected. Maybe you want freedoms not offered by medicare advantage plans like visiting any medicare-approved doctor regardless of network coverage. Whatever the reason, you now have an opportunity to do so without facing any penalties. The medicare advantage open enrollment period consists of two separate periods in which you can exchange plans. Both periods offer the same enrollment options, either switch from one Part C plan to another, or switch from a Part C plan to Original Medicare and add Part D prescription drug coverage. The only difference is when you’re allowed to do so.  

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Life Insurance for Pregnant Women

One of the most popular questions expectant mothers ask is, “Should I get a life insurance as a pregnant woman?” If I should, what are some of the things I should be considering that will help me get an affordable life insurance as a pregnant mother? First, you must understand that being pregnant should not exempt you from getting a life insurance. In fact, we won’t be wrong to say that an expectant mother deserve life insurance more than anyone else. However, there are basically 3 things to take note of before selecting a life insurance if you are pregnant. One of the top things, healthcare exchange pa look out for before selling insurance to a pregnant woman is healthy blood pressure. If you have a healthy blood pressure, you are more likely going to buy a more affordable life insurance. Insurance companies love to keep an eye on your cholesterol. This is because elevated cholesterol levels are associated with several heart conditions and strokes. Weight is a big matter of concern for most life insurance companies. One of the reasons it’s best to apply for insurance during the first trimester is because your weight has not been affected much at that time. If underwriters discover that any of these things are present, be sure to receive a higher insurance quote as a pregnant woman. 

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Why Life Insurance Is Not an Investment

Life insurance is one of those things that most of us need but none of us enjoy talking about. When it does come up in conversations, it’s mostly because someone is complaining about being sold something that is both expensive and complex. I think the problem is confusion about the purpose of life insurance. It’s not for education savings. It’s not for retirement savings, or to provide a tax-free loan later in life.  Most of us don’t need a variable life insurance policy that also acts like an investment. We have investments for that. So, to buy term life insurance you “simply” need to calculate what the economic loss would be if you lost a loved one and then buy the best group health insurance you can to replace that loss. Keep in mind that the amount of insurance you need may change over time. Now, just so we’re clear, there are valid reasons to use permanent insurance.  For the vast majority of us a simple term policy will do. 

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Mental Health and the Holidays: Tips to Keep You Healthy

The holidays are supposed to be a time for joy, but for some people, they can introduce feelings of stress – about work, family, finances, and about how to balance it all. Feelings of anxiety or depression can also develop during the holidays, and that’s why it’s important to recognize the difference between temporary melancholy and something more serious. Temporary feelings of anxiety or depression can occur during the holidays due to factors like added stress, unrealistic expectations, or memories that you associate with the holidays. Stressful feelings around the holidays can also be brought on by major life events that occurred during the year, including: divorce, death, new family, and financial difficulties. One of the simplest ways to take care of yourself around the holidays is to be patient, and to take things week by week, or even day by day. Resources are available if you begin to experience feelings of stress, anxiety, or depression around the holidays. Medicare providers in pennsylvania are there for you 24 hours a day, seven days a week — to speak with someone who can provide you with assistance, and get you the help you need. 

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Why Medicare surveys are good for your health

You should feel like you can give honest responses. All of the surveys go through an outside survey group to protect your identity. Your answers are completely confidential. Most health plans and care systems use the survey results for planning. It helps them know where they can improve and make health care better. Every Medicare plan is given a star rating (from one to five) that shows how well they performed that year. Now you know where they get the info for those ratings – your surveys! When you complete a survey, you’re doing a great thing for yourself and health care. Blue cross medicare advantage plans cover the same mental health services as original medicare, and offer additional benefits. 

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What are the parts of Medicare? ABCD’s Explained

It took a lot of time and one of the hardest parts was understanding all the different parts of Medicare. Medicare is a federal health insurance program for people 65 and older, people under 65 with certain disabilities and people of all ages with end-stage renal disease. The Medicare program offers basic coverage to help pay for things like doctor visits, hospital stays and surgeries. Parts A and B are known as Original Medicare. This is the most basic coverage you can get. Parts C and D are available through private health plans. They’re both ways to enhance your health care coverage if you want more than what original medicare offers. One is eligible for blue cross medicare advantage plan when he/she turn 65. These plans must provide the same coverage as original medicare and can also offer extra benefits. 

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Types of Life Insurance

Types of life insurance…there is a staggering array of options out there. Every day I meet people whose current circumstances are completely and utterly dependent on their spouse’s income, yet they fail to carry life insurance. That should never discourage you from making inquiries and protecting your family with a policy that covers the worst possible scenario. There are 6 basic types of life insurance: term life insurance, permanent life insurance, general life insurance, no-exam life insurance, business life insurance, life insurance riders.There are two primary categories for life insurance: Term and Permanent. If you are going through the different types of life insurance to find the best possible policy for you and your family, then you are in the right place!  Expert agents are here to provide group insurance for you. 

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How Much Life Insurance Do I Need?

A confusing over-abundance of insurance choices can leave us wondering what insurance we really need. The principle is actually quite simple. As the policyholder, you pay the insurance company a monthly premium to guarantee payments of benefits in the unfortunate event of your death. The beneficiary can be anyone of your choice, usually a parent, child, or spouse. Everyone can benefit from life insurance, regardless of age or marital status. Most life insurance customers have families and want to protect the financial stability of their children and spouse in the event of an untimely death. Life insurance enables your family to continue to work towards their goals, without the financial burden a death can bring. The absolute best time to get life insurance is right now, while you’re still alive! No matter where you are in life and what you’re doing, take the time to think about all the people that matter in your life. Off exchange health insurance plans provide you best care for those you love when you die. 

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How Medicare Covers Mental Health

Coverage for mental health services is an important part of your medicare plan. Studies show that 15 to 20 percent of older adults in the U.S. experience depression or have some sort of mental health condition. Even if you don’t need the services now, it’s smart to know what original medicare and/or your private medicare plans cover if you need it in the future. Original Medicare pay for a handful of mental health care services. Blue cross medicare advantage plans cover the same mental health services as original medicare, and offer additional benefits. If your plan includes Part D prescription drug coverage, it might also help pay for the medicine you need to treat a mental health condition. 

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Steps to Prepare for Medicare

Medicare is a valuable source of health insurance for people 65 and older, and making the transition from private health insurance involves some important decisions. Medicare’s initial enrollment period lasts for seven months, beginning three months before you turn 65. Choose your Medicare Plan. Select your medicare supplement insurance  policy. Medigap policies are sold by private insurance companies and help cover expenses not covered by Medicare, such as co-payments, co-insurance, and deductibles. Plan for out-of-pocket expenses. Review your medicare plan. Coordinate your long-term care coverage. If you want to know more about medicare then explore blue cross medicare advantage plans and get the best options to choose from.

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3 Ways to Dispose of Your Old, Unused Medications Safely

Old medications that sit forgotten in medicine cabinets or drawers can be a hazard for you and for others. Taken incorrectly or accidentally – including by children and pets – they can cause real harm.

It’s best to get rid of unused, expired or unwanted prescription and over-the-counter medications as soon as they’re no longer needed. But it’s not always easy to know what to do with them.

Here are 3 ways to dispose of old medications safely.

1. Prescription Drug Take-Back Day

The federal Drug Enforcement Agency (DEA) sponsors National Prescription Drug Take-Back Day each April and October to remind and encourage Americans to clean out their medicine cabinets. On Take-Back Day, you can take unwanted medications to convenient, local collection sites for safe disposal.

Collection sites may include pharmacies, police departments and community organizations. To learn about Take-Back Day events and locations in your community, watch for ads and billboards or listen for announcements on local TV and radio news programs. You may also search for Take-Back Day sites on the DEA web site.

2. Year-Round Medication Collection Sites

You don’t have to wait for an official Take-Back Day to dispose of old medications responsibly and anonymously. Many communities have collection sites that operate all year long. The DEA partners with pharmacies to offer the service on an ongoing basis. Look for medication collection sites near you.

3. Household Trash

If you don’t have access to a medication collection site, you may put some medications in your regular household trash. The U.S. Food & Drug Administration (FDA) recommends mixing whole tablets or pills (not crushed) with dirt, kitty litter, used coffee grounds or another unpleasant substance. Wrap and seal it all in a plastic bag before putting it in the garbage.

Certain very dangerous drugs like narcotic pain pills and other controlled substances should never be put in with household trash. They need to be removed from the home immediately, however, once they’re no longer needed. If you’re unable to take dangerous drugs to a medication collection site, talk to your doctor or pharmacist about safe disposal methods or follow the FDA drug disposal guidelines.

Finally, when tossing out or recycling pill bottles or other packaging, be sure to remove and rip up prescription labels or completely scratch out any personal information beforehand.

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Trump Is Being Vague About What He Wants to Replace Obamacare. But There Are Clues.

The three leading G.O.P. health care proposals all involve block grants. Those plans are hard to square with the president’s promises to lower premiums and deductibles. 

We don’t know what will emerge as President Trump’s plan to replace Obamacare, which he has promised to unveil immediately after the 2020 elections. But he has recently endorsed several proposals, and they could provide clues.

Over the last two weeks, he has sought to re-emphasize health care as an issue, after a set of bruising legislative defeats in 2017. He directed the Justice Department not to defend the Affordable Care Act against a legal challenge. And he issued statements and tweets calling for Republicans to become “the party of health care,” at a moment when many of his party’s leaders had hoped to focus on different issues.

He also began reprising various promises about what a future plan to repeal and replace parts of the Affordable Care Act might achieve. The plan, short on specifics, will come with “far lower premiums (costs) & deductibles,” he said this week in a series of tweets. He promised that any Republican health plan would protect Americans with pre-existing health conditions, a major concern of voters that Democrats effectively exploited in the 2018 midterm elections.

After his election, President Trump made similar promises, saying that the Republican proposal would be “far less expensive and far better” than Obamacare. The legislation that came later, and earned his endorsement, would have made insurance less expensive, but only for certain groups of young, high-income, healthy Americans. The bills would have also eliminated coverage for millions of people by scaling back Medicaid, and would have made it harder for those with pre-existing illnesses — and those who are older with low incomes — to find meaningful affordable options if they didn’t get insurance from work.

The three senators he has chosen to lead the effort — Bill Cassidy of Louisiana, John Barrasso of Wyoming and Rick Scott of Florida — have so far also declined to point to many specifics. When asked about an Obamacare replacement this week, they mentioned their more modest bills to reduce health care costs in the emergency room and at the drugstore. (A fourth senator the president has mentioned, the majority leader, Mitch McConnell of Kentucky, has been even more clear that he has little interest in pursuing comprehensive health care legislation.)

One clue to Mr. Trump’s thinking is the choice of Mr. Cassidy. Along with Senator Lindsey Graham of South Carolina, he was the author of a legislative plan that received some scrutiny in 2017 but never came up for a vote. Another hint can be found in the president’s own budget, released just before his reinvigorated health care push. A third is a draft proposal developed by a group of conservative Washington policy groups.

The Graham-Cassidy bill

The president has spoken fondly several times about this proposal, which did not have enough support in Congress to advance to a vote. It would eliminate current programs funding Obamacare’s Medicaid expansion, which covers the working poor, and insurance subsidies helping low- and middle-income Americans buy their insurance. Instead, that money would be grouped together, then parceled out to states to use in the service of health care programs they favor.

The legislation attaches some rules to how the money can be used — it must go toward health care, for example — but its main goal is to provide states with maximum flexibility to develop local and innovative solutions. (Some experts worry that states could struggle to develop such plans on the bill’s abbreviated timetable.)

That flexibility would allow states, if they so chose, to waive Obamacare’s rules that plans must cover a standard set of medical benefits, and that insurers must charge the same prices to customers with different health histories. It would be easy for states to circumvent current protections for Americans with pre-existing conditions. That ability would be at odds with the president’s recent promises to protect such rules.

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The bill would also restructure the Medicaid program, even for populations that were enrolled in the program before Obamacare.

The bill’s formula for allocating money among the states would also lead to big redistributions, generally taking money away from states that have expanded Medicaid, toward those that have not. It would also restrict the growth of the block grants over time. Those funding formulas, while technical, make a big difference in the impact of the program. It would result in substantial funding shortfalls for several large states nearly immediately, and leave nearly every state in a funding crunch over the long term.

The budget

Because the 2020 White House budget was developed and published by the White House itself, it is perhaps the most useful clue about how the president imagines a world without Obamacare.

Like the Graham-Cassidy proposal, it includes block grants to the states to replace the Obamacare coverage expansion, and it replaces the remainder of Medicaid with a set of fixed payments to states.

But the rate at which the different grants would grow over time would be even smaller than under the legislation, “to make the system more efficient.”

The budget is vague about what sorts of insurance regulations would be allowed, but it does note that a tenth of funds would need to be set aside for people with pre-existing conditions, a sign that states would be allowed to exclude such people from the mainstream insurance markets.

The conservative coalition proposal

A group of conservative health policy experts, including the Heritage Foundation, has developed a health care proposal that shares a basic structure with the two systems described above: It would hand states blocks of money and a few rules, and encourage them to develop their own health care systems.

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The rules in the conservative plan differ a bit from those in Graham-Cassidy. The plan would require that government-subsidized systems offer every American a choice of a private health plan, a requirement that would probably foreclose a liberal state from enacting a single-payer program and that might require restructuring of some state-run Medicaid programs.

The plan shies away from specifying funding formulas. It doesn’t say how the block of money should be divvied up among the states, though it says that states with more low-income residents should get a bigger share. It also doesn’t specify precisely how quickly the pot of money should grow over time.

Like the budget proposal, it nods to concerns about Americans with pre-existing conditions by encouraging states to develop special programs, like high-risk pools, to insure people with expensive health needs. But it also encourages insurance strategies, like discounts for young customers, or stripped-down benefit plans, that would tend to make mainstream insurance less useful for people with serious health needs.

The proposal also leaves the legacy Medicaid program as is. That choice neutralizes one possible political line of attack. But it also substantially diminishes the program’s possible cost savings.

The court case over the Affordable Care Act will be decided on the judiciary’s timetable, so it’s not clear how long the White House may have to develop a replacement plan. But, since it certainly has at least months, there is time to develop some new proposal more aligned with the president’s recent promises.

Doing so will not be easy, however. Health care in the United States is expensive, which means that health plans that cover everyone with low deductibles are likely to be costly. The block grant plans the president has admired reduce rather than increase current federal spending on health care. Looser rules on health insurance are likely to increase costs on customers unfortunate enough to need care. That makes the block-grant approach a troublesome fit with the president’s stated desire for a system that Americans find “far less expensive & much more usable than Obamacare.”

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Life, Interrupted: Medical Bills, Insurance and Uncertainty

Like a lot of other young people, I never thought about health insurance until I got sick. I was 22, and my adult life was just beginning. But less than a year after walking across the stage at my college graduation, I received an unexpected diagnosis — acute myeloid leukemia — and with it came a flurry of consultations, tests and appointments. From early on, my doctors told me I would need chemotherapy and a bone marrow transplant.

But before the shock of the news could settle in — before I could consider where and how I would be treated — I did what most Americans must do when beset with a medical crisis: I called my insurance provider.

Before I made that first phone call, I confess I didn’t know exactly what the word “premium” meant. And “co-pay” sounded to me like what happens when friends split the bill at dinner. Certainly, the term “lifetime limit” had no meaning to me yet. The last time I could remember getting sick had been a two-day bout of food poisoning during my junior semester abroad in Egypt. Now, I was facing cancer — and I was beginning to get worried about coverage from an insurance plan I knew virtually nothing about.

If you have a chronic illness in America, there’s a good chance you also hold a degree in Health Insurance 101, whether you want to or not. The first thing I learned was how lucky I was to have health insurance at all. (An estimated 49 million Americans, and nearly one-third of Americans 18 to 24 years old, are uninsured.) I was on my parents’ insurance, a plan provided through my father’s employer. It’s a comprehensive plan that will cover me until age 26 — two years from now.

I’ve been fortunate to be treated by excellent doctors at world-class hospitals. In the last year alone, my insurance has covered over a million dollars in medical expenses, including a bone marrow transplant and 10 hospitalizations amounting to a combined five months of inpatient care. It all sounds straightforward when I explain it like that. But even if you have insurance, the cost of health care — in dollars as well as in time and stress — is incredibly high.

As health care was debated around the country leading up to the Supreme Court ruling on the Affordable Care Act in June, my bills kept coming in. Every time I see a doctor, get a CT scan, receive chemotherapy or pick up a prescription, insurance covers only part of the transaction — and there’s always a bill on top of it. For a cancer patient like me who visits the hospital on a weekly basis (and that’s when things are going well), every few days I owe another payment. Keeping track of how much I owe, and for what procedure, and why, can make my head spin. Just learning the ins and outs of my plan’s coverage takes sustained, persistent attention and energy, things that sick people have in short supply.

And no matter how closely I keep track of the bills, there are always surprises and unexpected charges. During a six-week hospitalization for intensive chemotherapy, teams of doctors trickled in and out of my hospital room every few hours: my primary oncologists, the palliative care unit, gastroenterologists, X-ray technicians, infectious disease specialists and on and on. Most of the time I was too tired, too nauseated or too looped on pain medicine to remember who was who or what they were doing in my room. But my insurance company kept track. Even though my hospitalization was covered, many of the doctors who visited me were not part of my health plan, which meant that for every time they set foot in my room I would receive a steep out-of-pocket bill. After all, what was I going to do: tell the doctor prescribing my anti-nausea medication to skip my room because he happened to be out of network?

Another cost of health insurance is time. Time is money, as the saying goes, but when it comes to cancer and health insurance, to save money takes up a whole lot of time. My mother graciously took on the task of disputing claims, keeping track of bills, requesting approval for a procedure or a drug, and spending countless hours on the phone with my provider. While it may be a labor of love for my mother, in practice, working out insurance questions is just a lot of labor. Between the long hours spent taking care of me and dealing with our insurance, my health care became my mother’s full-time job.

So far, the out-of-pocket costs associated with my cancer care — co-payments, out-of-network charges, the costs of moving to a new city for treatment, fertility treatments not covered by insurance — have reached tens of thousands of dollars. The financial burden of cancer has not yet meant that my parents will need to get second jobs, or that we will have to sell our house — though I know of fellow cancer patients with and without insurance who have had to consider such options. But my mother has had to take the last year off work, a financial and professional sacrifice that’s due in part to the time required to manage my health insurance. What do others do who don’t have full-time help from a caregiver? My mother would do anything for me, but I wish she would be able to spend less time with my bills and more time with me.

In two years, I’ll graduate from my parents’ insurance. What will I do about insurance then? Perhaps I’ll gain coverage through an employer — though holding a job seems like a tall task if I’m still in treatment. Isn’t it a contradiction that insurance is often tied to employment, but that the sick people who need it most are the ones who have the hardest time staying employed? If the Affordable Care Act remains in place, at least I won’t be denied coverage because of pre-existing conditions. That’s a huge victory, but what will the cost of that coverage be, and will I be able to afford it?

When I’m lying in bed at night, I often worry about how cancer may affect my future: my career, my relationships, my dreams. Sick people don’t plan on getting sick. We shouldn’t have the added worry that someday insurance coverage may not be there. Or that a medical crisis could become a financial one too.

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What We Give Up for Health Care

WHEN it comes to health care, most liberals are committed above all to ensuring that every American has insurance. In their view, the greatest achievement of the health care reform act passed under President Obama is to finally erase the moral stain of the United States’ being the only major developed country without universal coverage. But we also hold the questionable distinction of having the world’s most expensive health care system — what about cost control? For many liberals, that just sounds like a cover for heartless conservatives who care only about cutting benefits and not about helping people in need.

But liberals are wrong to ignore costs. The more we spend on health care, the less we can spend on other things we value. If liberals care about middle-class salaries, public education and other state-funded services, then they need to care about controlling health care costs every bit as much as conservatives do.

Over the past 30 years, health care inflation has been a major reason average wages have remained stagnant. For employers, the cost of labor is total compensation — wages plus benefits. As the cost of benefits rises, wages tend not to rise, or to rise much more slowly. According to the Bureau of Labor Statistics, as health care costs skyrocketed between 2000 and 2009, workers’ total compensation increased by 1.3 percent per year, but workers’ hourly wages alone increased by just 0.7 percent per year, significantly below the rate of inflation.

During those 30 years, the only sustained period when real hourly earnings increased was 1990 through 1998 — which coincided almost exactly with a period of unusually low increases in health care costs.

The middle and working classes are also hit by the rising price of health care when states are forced to cut other services to pay for it. Last year, Medicaid spending was estimated to account for nearly a quarter of total state spending — the largest portion of their budgets — and it’s getting only more expensive. States really have just three ways to make ends meet: restrict Medicaid eligibility (which most have done already), raise taxes or reduce funding for other programs to pay more for health care.

And so states have turned to cutting funding for public education — the next biggest item in their budgets. In 2010, 29 states spent more on Medicaid than on primary and secondary education. By the middle of 2011, 18 states had cut funding for kindergarten through 12th-grade education, and 19 for higher education. It’s no surprise that, in the last decade, the average in-state tuition at public four-year colleges rose 72 percent to over $8,000 per year, beyond what many students can afford. While health care costs do not account for all of this rise, they are a crucial factor.

But perhaps the simplest reason that costs should matter to liberals is this: as health care costs rise, so too do the number of uninsured Americans. According to an analysis I did a few years ago, for every 10 percent increase in the average cost of family health insurance premiums, the ranks of the uninsured (excluding seniors covered by Medicare) increased by 0.55 percent. When premiums doubled between 2000 and 2009, the percentage of Americans who were covered by employer-sponsored health insurance dropped to 61 percent from 69 percent.

This relationship between cost and coverage will change somewhat in 2014, when the provision of the health care reform act that provides coverage for the uninsured through Medicaid and subsidies kicks in. But even with subsidies, some Americans will find rising premiums unaffordable and will be forced to opt out and pay the penalty for not having insurance. Nor will the act do much to ease the strain on state budgets. An estimated 21.8 million more adults and children will be covered by Medicaid and Children’s Health Insurance Program. While states will be responsible for only a small portion of these new enrollees, there will be added costs. And they will no longer be able to restrict eligibility to save money.

There is one final cause that is close to liberals’ hearts and threatened by the projected rise in Medicare and Medicaid costs. The corresponding rise in the national debt will weaken America financially and diminish our voice on the global stage, allowing other countries less friendly to human rights and democracy to become more powerful.

There is an inevitable trade-off between rising health care costs and things liberals really care about, like access to college and good wages for working Americans. We cannot have it all. The health care reform act will help us save — mainly by changing how physicians and hospitals are paid and delivering better care to our most expensive patients. But more can be done: for starters, we could speed up the implementation of payment reform, stop Medicare payments for tests and treatments that provide no benefit and endorse competitive bidding for medical goods and services.

During the campaign season and into 2013 — a vital year for health care legislation — liberals must make the issue of cost control their own.

Do you want to know more about pa health insurance companies then please contact us and send your queries regarding this. 

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3 Ways Life Insurance Can Help Maximize Your Retirement

If you’re one of the millions of Americans who owns a permanent life insurance policy (or are thinking about getting one!) you’ve probably done it primarily to protect your loved ones. But over time, many of your financial obligations may have ended. That’s when your policy can take on a new life—as a powerful tool to make your retirement more secure and enjoyable.

Permanent life insurance can open up options for you in retirement in three unique ways:

1. It can help protect you against the risk of outliving your assets. Structured correctly, your policy can provide supplemental retirement income via policy loans and withdrawals. Having a policy to draw from can take the pressure off investment accounts if the market is sluggish, giving them time to rebound. Some policies may also provide options for long-term care benefits. At any time, you may also decide to annuitize the policy, converting it into a guaranteed lifelong income stream.

2. It can maximize a pension. While a traditional pension is fading fast in America, those who can still count on this benefit are often faced with a choice between taking a higher single life distribution, or a lower amount that covers a surviving spouse as well. Life insurance can supplement a surviving spouse’s income, enabling couples to enjoy the higher, single-life pension—together.

3. It can make leaving a legacy easy. According to The Wall Street Journal, permanent life insurance is “a fantastically useful and flexible estate-planning tool,” commonly used to pass on assets to loved ones. Policy proceeds are generally income-tax free and paid directly to your beneficiaries in a cash lump sum—avoiding probate and Uncle Sam in one pass. Your policy can also be used to pay estate taxes, ensure the continuity of a family business, or perhaps leave a legacy for a favorite charity or institution.

If you do expect your estate to be taxed, you can even establish a life insurance trust, which allows wealth to pass to your heirs outside of your estate, generally free of both estate and income taxes.

Where to start? A policy review

If you’ve had a life insurance policy for awhile, schedule a policy review with your life insurance agent or financial advisor. By the time you reach mid-life, you may have a mix of coverage—term, permanent, group or even an executive compensation package.

Your licensed insurance agent or financial advisor can help you assess your situation and adjust a current policy or structure a new policy to help you achieve your retirement planning goals.

If you have no coverage at all, there’s no better time than today to get started. Life insurance is a long-term financial tool. It can take decades to build permanent policy values to a place where you can use them toward your retirement goals. And, health profiles can change at any time. If you’re healthy, you can lock in that insurability now and look forward to years of tax-deferred (yes!) policy growth.

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