Why is it so difficult to achieve universal healthcare in the United States?

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The healthcare system in the United States is arguably one of the country’s most complicated sectors. One of the most controversial yet practical healthcare solutions that has eluded this country is universal healthcare. And while it’s easy to argue that its implementation cannot be that complicated—after all, other developed countries in Europe or even America’s neighboring country, Canada have managed to provide it—it is befuddling that universal healthcare remains non-existent in the world’s largest economy.

So why has universal healthcare eluded the United States? According to health insurance expert Delos H. Yancey, factors specific to the country complicate the situation. Here are some of the causes of the difficulty of implementing a universal healthcare system:

The first element that affects possible applications of universal healthcare is the country’s size and population. The US is one of the largest countries in the world, with almost a third of a billion people. Other problems the country faces due to its size and population include educational programs and its tax system.

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Second, there’s a stigma behind the socialist idea that everyone deserves healthcare. This issue remains divisive as there’s already a social security system fending for retired citizens. Some believe that universal healthcare will spark a socialist movement in the country.

Lastly, politics in the US is severely divided. Because of a lack of bipartisanship, it is close to impossible to propose and enact a universal healthcare legislation. According to Delos H. Yancey, there are certain politicians who are backed by large pharmaceutical corporations that hinder the process in order to keep the prices of life-saving medicine such as epipens high.

Delos H. Yancey III currently serves as the chairman, president, and CEO of State Mutual Insurance, a legal reserve mutual insurer in Rome, Georgia, that currently specializes in Medicare supplement policies. Visit his company’s website for more on its services and history.

What you should know about your insurance premium

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Premium costs for health insurances vary from one person to another. Many factors affect one’s premium, as the information that is included in a person’s insurance application and their medical history make up their risk profile.

When shopping for health and life insurance, it must be noted that insurance companies utilize historical statistics and extensive product research to gather different factors and develop a standard for risk profiles. Physical and medical factors include one’s gender, age, body mass index (BMI), tobacco use, pre-existing health conditions, and family medical history. According to Delos H. Yancey III, CEO of State Mutual Insurance, a person’s lifestyle affects their insurance premium.

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An individual’s profession, marital status, and zip code are factors considered by health and life insurance providers, which will be reflected in the insurance premium. First-time insurance buyers may be charged a little more than those who have been previously insured. This is due to the assumption that such first-time buyers have been wanting to get checked by a dentist or a health professional to receive general health and wellness tests. Moreover, if a person hasn’t received medical care prior to the insurance, Delos H. Yancey says any health problems assessed are assumed to worsen over time.

These factors are all taken into account, and there’s nothing much an insurance buyer can do but to live a healthier lifestyle, which includes quitting smoking, losing weight if needed, or moving to another city. Leading a healthy lifestyle and managing risk factors can lessen the price of insurance premiums.

A reminder on why people should opt for the Medicare supplement plan

 

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State Mutual Insurance’s Delos H. Yancey has always reminded people about the importance of insurance plans. He notes that a combination of factors has made insurance a must-have for everyone. But probably the most important reason for getting insurance is the fact that health care is not getting any cheaper.

On that note, Mr. Yancey urges people, especially retirees, to at the very least, look into getting a Medicare supplement plan. He believes that seniors who already hold Medicare A and B should seriously consider Medigap – a Medicare supplement plan.

There is no shortage for Medicare supplement plan. Even the simplest one already covers coinsurance and hospital bills for an added year once the original Medicare plan benefits have been used. This same plan also covers a huge part of hospice care and three pints of blood.

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For seniors who love to travel, there are even Medicare plans that take care of their holders abroad. A number of these plans can cover up to 80 percent of the expenses incurred through medical emergencies if experienced overseas, explains Delos H. Yancey of State Mutual Insurance.

Medicare supplement plans pay at least half of the Medicare-covered copayments for doctor’s checkups; the value of which can truly be seen when plan holders have to regularly visit their physicians. And on the topic of value, Medicare supplement plans also provide great savings for people looking to purchase medical equipment such as wheelchairs or walkers.

State Mutual Insurance is headed by Delos H. Yancey, a Certified Financial Examiner, a Certified Insurance Examiner, and a fellow of the LIMRA Leadership Institute. For more reads on State Mutual Insurance and its services, visit its official website.

Certainties in the hereafter: Tax and death benefits from life insurance

 

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One of the most popular parts of long-term financial planning, life insurance helps provide people with dependents the peace of mind from knowing that their families will be taken care of and can serve as a tax-efficient way of carrying your savings to the next generation. Incorporating life insurance to your estate’s portfolio and selecting the appropriate payout option can benefit your family greatly in the event of the inevitable.

The death benefits of a life insurance policy are given to the beneficiaries stated in your policy, often the face amount of the contract. The contract’s face amount would vary considerably over time because of underwriting. In most cases, it is very difficult for you to substantially increase the value of your policy’s face amount than decrease it over time.

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What it lacks in growth options, however, it makes up for in tax efficiency. Unlike most forms of inherited income, life insurance policies aren’t subject to income taxes and are usually exempt from estate taxes because it is turned over to beneficiaries upon the death of the policyholder. Although it isn’t completely free of taxes (it is still subject to federal taxes), it still retains more of its value upon being received by beneficiaries than other assets in the estate.

Beneficiaries can receive their share of the payout upon the death of the policyholder in a number of ways. Frequently, they are available as lump sum payments.

The tax-free nature of life insurance policies can provide families with ample liquid cash, which can be used not only to provide for themselves in the event of an untimely death but also as a contingency for estates with a largely illiquid portfolio. The money can then be used to pay off the estate taxes, allowing the family to retain their assets without liquidating them.

Delos H. Yancey III heads State Mutual Insurance, a policyholder owned legal reserve mutual insurance provider based in Rome, Georgia. Visit this website for more on his company and its products.

Top 4 reasons why people should always update their insurance policy

 

Life insurance premiums are very much like mortgage loans. You pay for them on a monthly basis, and the amount you pay can change without prior notice due to changes in state legislation or other external factors. If you don’t keep tabs on your insurance policies, it could be possible to pay a lot more than you should. Here are the top 4 reasons why people should always update their insurance policy.

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To understand your insurance policy better

Updating your insurance policy doesn’t necessarily mean changing it every time. You can use this time to further understand your coverage and see if you need to adjust your plan. A survey conducted by nonprofit firm Life Happens revealed that almost 85 percent of its respondents claimed that they found it important to have readily understandable coverage. Simply put, the more you check on your insurance policy, the better your understanding of it will become.

Changes occur frequently

External and internal factors can affect insurance premiums and policies without policyholders knowing. Depending on these changes, you may see insurance policies a lot more differently. For example, situations, like getting married, getting promoted, or discovering you have a hereditary disease, could make you want to change your insurance plan.

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Remarriages are booming

Divorces and remarriages are obvious reasons to update your insurance policies mainly because it involves beneficiaries. When you do change beneficiaries, let them know so that unclaimed coverage won’t be a problem.

Your address changed

Even if it seems like a clerical thing to do, you need to update your insurance policy to reflect your current address. This is even more important if you moved outside the country as mailing details tend to be different outside the U.S.

Delos H. Yancey III currently serves as the chairman, president, and CEO of State Mutual Insurance, a legal reserve mutual insurer in Rome, Georgia, that currently specializes in Medicare supplement policies. Visit the company’s website for more on its services and history.

How to stay insured after graduating college

 

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Getting health insurance nowadays is so vital, it can mean the difference between staying healthy and getting buried in medical bills and debt. For this reason, health insurance has become so important for kids who grew up and are no longer covered by their parents’ insurance plans or who have never had health coverage to begin with.

Here are some ways to stay insured after graduating college.

The easiest way to stay insured is to remain on your parents’ insurance. Almost all health plans of parents offer coverage for their children until the age of 26. This gives fresh graduates ample time to find good income and pay for their own insurance plans.

Another way to get insured is by securing short-term health insurance. Getting hired doesn’t automatically give new hires coverage. Employers have to go through a waiting period before they can offer health insurance. Between that time, you can secure short term insurance that can cover them for a minimum of three months at a time.

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An ACA-compliant individual plan is another option you can opt for. It is available in every state. This plan offers premium subsidies, and cost-sharing reductions which makes coverage and care much more affordable.

You should also check if you are eligible for Medicaid. In certain places like the District of Columbia, Medicaid has been expanded to cover all adults earning up to 138% of the poverty level. Medicaid enrollment is available any time of the year and covers pre-existing conditions.

Delos H. Yancey III currently serves as the chairman, president, and CEO of State Mutual Insurance, a legal reserve mutual insurer in Rome, Georgia, that currently specializes in Medicare supplement policies. Visit his company’s website for more on its services and history.

How to stay insured after graduating college

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Getting health insurance nowadays is so vital, it can mean the difference between staying healthy and getting buried in medical bills and debt. For this reason, health insurance has become so important for kids who grew up and are no longer covered by their parents’ insurance plans or who have never had health coverage to begin with.

Here are some ways to stay insured after graduating college.

The easiest way to stay insured is to remain on your parents’ insurance. Almost all health plans of parents offer coverage for their children until the age of 26. This gives fresh graduates ample time to find good income and pay for their own insurance plans.

Another way to get insured is by securing short-term health insurance. Getting hired doesn’t automatically give new hires coverage. Employers have to go through a waiting period before they can offer health insurance. Between that time, you can secure short term insurance that can cover them for a minimum of three months at a time.

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An ACA-compliant individual plan is another option you can opt for. It is available in every state. This plan offers premium subsidies, and cost-sharing reductions which makes coverage and care much more affordable.

You should also check if you are eligible for Medicaid. In certain places like the District of Columbia, Medicaid has been expanded to cover all adults earning up to 138% of the poverty level. Medicaid enrollment is available any time of the year and covers pre-existing conditions.

Delos H. Yancey III currently serves as the chairman, president, and CEO of State Mutual Insurance, a legal reserve mutual insurer in Rome, Georgia, that currently specializes in Medicare supplement policies. Visit his company’s website for more on its services and history.

How the economy benefits from the insurance industry

 

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The benefits of insurance for policyholders have already been well documented, serving as protection against unforeseen circumstances for individuals and their families. Even the economy experiences a positive impact because of the insurance industry. Discussed below are some of the ways how.

• It provides jobs to millions of people. In the U.S., according to the Department of Labor, around 2.6 million Americans were employed in the sector in 2016.
• It stimulates the economy. Every year, more than $300 billion are distributed in claims and benefits from various insurance policies. Furthermore, more than $1 trillion have been invested in insurance companies in the U.S. alone. These companies also have no less than $6 trillion in financial assets. The assets they invest in other companies, stocks, and bonds help stimulate the economy.

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• It eases business transactions. When transactions and business functions are protected by insurance, companies can operate more smoothly and with the assurance that they would not face significant liabilities when things go unexpectedly south. Consumer transactions can also be covered by insurance, which has been instrumental in increasing the purchasing power of people.
• It supports resiliency and disaster recovery. In cases of a major catastrophe, such as an earthquake or hurricane, it is easier for businesses and consumers to recoup their losses and continue their economic transactions.

Delos H. Yancey is the president and CEO of State Mutual Insurance, a legal reserve mutual insurance headquartered in Rome, Georgia. The firm conducts business in 41 states and in the District of Columbia. Read more about the industry here.

Proven benefits of getting a life insurance plan

 

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Getting a life insurance plan is a key aspect of your financial planning strategies, ensuring that your loved ones gain a more secure future when you’re gone. It’s essentially your financial safety buffer. Below are some of the benefits of having one.

If you have dependents, getting life insurance will ensure that they gain an inheritance and the funds that come with it. You’ve to get a policy that includes an inheritance clause and name your dependents for them to avail of this all-important benefit.

 

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Life insurance covers your final expenses, from medical bills not covered by your health insurance to estate fees to funeral or cremation costs. Other obligations such as the balance for your mortgage can likewise be part of the coverage.

Your beneficiaries can better move on with money that replaces your former income, which they can then use to pay for left-behind expenses like unpaid debts or be used as funds for your children’s college education.

Moreover, the appropriate policy will help your heirs deal with federal or state estate taxes; we suggest offsetting this cost by including it in your choice of plan. Finally, to further your legacy of philanthropy, you can opt to name a charity as part of your beneficiaries.

Delos H. Yancey is the chairman, president, and CEO of State Mutual Insurance. He is a Certified Financial Examiner and a fellow of the LIMRA Leadership Institute. More on the company and its serviceshere.

Why you need insurance when you start working

 

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After graduation, people begin their search for their first job. This can give young folks the freedom they need to move out of their parents’ house and be independent. Accompanying this move are more responsibilities, like taking care of themselves more. Securing an insurance policy responds to this new development in their lives and here are top reasons this is so:

When young professionals work for the first time, most premiums are still affordable. Premiums simply become more expensive as the potential policy-holder matures. This can also be the young professional’s introduction to insurance policies, given that the new employer will most likely grant an HMO.

If you are hesitant about getting an insurance policy, you can do your own research on insurance providers or seek the help of a financial planner.

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Much like increasing costs of premiums, medical bills also get more expensive as you get older. Some might argue that they don’t need insurance right now or that they can take care of themselves if they get sick. Simply keep in mind that insurance greatly reduces the cost of major medical emergencies and gives you access to routine check-ups.

Lastly, one should apply for their own insurance to improve their current coverage. If you are insured by your parents, chances are, they did so when you were young. The policies might no longer apply to you come a certain age so better get your own with terms you are aware of.

Led by Delos H. Yancey III, State Mutual Insurance helps older Americans maintain a sense of security through products designed specifically for their benefit. For more information on State Mutual Insurance, visit the company’s website.