Can I Get A Non-Smoker Michigan Life Insurance Rates If I Am Only Vaping?

Your Michigan Life Insurance Options If Your Are Vaping

For most Michigan life insurance carriers, you’ll find that the required medical exam (or paramed) to qualify for a policy can detect nicotine in your urine. This will most likely put you in the same boat as traditional cigarette smokers, and in the same underwriting class. Which means that the best non-smoker rate classes will probably not be in the cards if you’re vaping.

However, while the majority of insurance carriers consider vaping no different than smoking, a life insurance agent who is well-versed in underwriting guidelines will know there’s at least one major life insurance company that offers “Non Smoker” rates for unlimited vaping, cigar use, or chewing tobacco as long as no cigarettes have been smoked in the last 12 months.  I am sure at this point you are curious to know which carrier?  

Your Rates

We will have to wait for long-term health studies prove or disprove that e-cigarettes and vapes are less harmful than traditional cigarettes.  Until then, in most circumstances the best rates you’ll be offered from most life insurance companies if you’re a “vaper” will be the “Preferred Smokers” rate which, is over FOUR times higher than the best preferred non-smoker rate class.  Of course, that might change in the future.  Time only tells with life insurance carriers and how they handle underwriting.

What we do know is that vaping has become increasingly popular. We can argue the health effects, but again we can't argue the popularity.  The agency itself promotes healthy choices, so make sure to research vaping the effects.

Conclusion

If you are vaping in the state of Michigan, their are choices for your life insurance needs.  You need a experienced agent who understands multiple carriers, and how they handle their underwriting guidelines.  Make sure to reach out to us today to learn more at 586-277-1138.

Resources:

1. https://www.reuters.com/article/us-vaping-insurance-analysis/could-life-insurance-go-up-in-smoke-for-some-vapers-idUSKBN1Y61KL

2. https://www.sunshinebehavioralhealth.com/vaping/

3. https://www.cnbc.com/2019/11/04/why-your-vaping-habit-could-raise-your-life-insurance-costs.html

Here Are 5 Reasons To Consider a Michigan Medicare High Deductible Plan F

So let us discuss, and talk about the High Deductible Plan F. Let us make clear, the High Deductible Plan F is not to be confused with a regular Plan F. Regular Plan F is a Medicare Supplement plan just like a High Deductible Plan F.

https://pixabay.com/photos/medic-hospital-laboratory-medical-563425/

A Michigan High Deductible Plan F, in contrast, does have out of pocket expenses. That's why it's called High Deductible Plan F. So, this is how it works.  The deductible associated with that High Deductible Plan F is not Medicare's deductible. It's, actually, the Plan's deductible. So, in a sense Medicare will continue paying their portion of costs which is generally that 80%, and you'll pay the 20% co-insurance. That amount is applied towards the high deductible amount, so once you've satisfied the full deductible (which at the time of this video is $2,240) then you're fully covered as if you had a regular Medicare Supplement Plan F.

So, for the rest of the calendar year, the Plan will pay the remaining coinsurance, copays, and deductibles that are all approved by Medicare. And, the other item that is different between a regular Plan F and High Deductible Plan F is, of course, the premium. You'll find with the High Deductible Plan F, here in Michigan, you can get the plan for well under $100 a month. So, let's look at the five reasons why you may want to consider High Deductible Medigap Plan F.

One of the biggest reasons why people choose a Michigan Medicare Advantage Plan is because of the very low premium. But, you can't really compare Medicare Advantage Plan and High Deductible Plan F benefits side by side, because they're not apples to apples in comparison. However, if you're looking at a Medicare Advantage Plan because of the low premium, then you may want to consider a MichiagnHigh Deductible Plan F simply because of the out of pocket costs are much lower with a High Deductible Plan F than they are with Medicare Advantage Plans in our professional opinion. I think right now Medicare Advantage Plans are ranging from (their maximum out of pocket costs) depending on the plan, of course, is between $3,400 and $6,700. And, the other thing to keep in mind is that with a Medicare Advantage Plan, you do have to see their network of doctors.

Now to compare with a  High Deductible Plan F, it's a Medicare Supplement plan true and true. So, you can go to any doctor who accepts Medicare anywhere in the country and U.S. territories. So, you have more freedom with the High Deductible Plan F.

In a sense, many view the High Deductible Plan F as a catastrophic plan. Basically it is there to mitigate your risk (as all insurance is) if something major happens. So, if you have a chronic health condition, you're visiting a doctor frequently, you're seeking treatment very often, then this plan will have a lot of out of pocket coming to you.

Talk To A Michigan Medicare Supplement Expert Today

So, Medicare still pays the 80% and you have the 20% coinsurance. And, 20% on your regular doctor visits is not such a big deal. Those are small medical payments. But, we need to keep in mind that if you do go into the hospital, you have surgery, something chronic arises and you need ongoing treatment, that you'll be susceptible to higher medical bills...that, of course, will go toward the deductible. I think it's important to have peace of mind to know that you would be able to pay that deductible amount should something like that arise where you did have some ongoing treatments or emergency. This is not a one time deductible. It's an annual deductible. So, again, you want to be comfortable with the fact that you have those funds to pay the deductible maybe more than once. .

Now, many people are under the assumption that down the road they can just change from a High Deductible Plan F to a Plan G or Plan N with no issues if their health changes. And, this is something that's really important to pay attention to. In most states Michigan included, you cannot change your Medigap plan (including High Deductible Plan F) to a Plan G or a Plan N without medically qualifying.

Now to date if you have been doing any research, then you know the regular Plan F is scheduled to be phased out, in the year 2020'. Meaning, no new Medicare Beneficiaries (starting January 1, 2020) will be able to purchase a Medicare Supplement Plan F. The same is true for High Deductible Plan F. If you have High Deductible Plan F, you'll get to keep it. You're grandfathered in, and as long as you make your premium payment, that plan is yours to keep. Now, whether or not we'll see higher than average rate increases on High Deductible Plan F after the year 2020 remains to be seen.

So their you have, some information on the High F Medigap plan in Michigan.  Any questions or concerns, do contact a Medigap supplement expert in Michigan.

Disclaimer: As written above, the High F plan will be discontinued in 2020'.  This is the plan as of now this published (8/11/19).  In the insurance world, things change so make sure to keep up with this blog or your agent.

Resources:

• https://s3.us-east-2.amazonaws.com/educationblog/medicare.html
• https://storage.googleapis.com/dnatestblog/medicare.html
• https://michigan-medicare.s3.eu-de.cloud-object-storage.appdomain.cloud/medicare.html
• https://michigan-medicare.netlify.app/