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Colonial Penn Health Insurance Company Posted: August 17th, 2010

Colonial Penn Health Insurance Company markets health insurance for seniors. The health insurance plans offered through the Colonial Penn Company are private fee-for-service plans. Colonial Penn has entered into an agreement with the Bankers Life and Casualty Company to provide health insurance coverage designed to supplement basic Medicare coverage.

Colonial Penn Health Insurance Company's Affiliate: Bankers Life And Casualty

Bankers Life and Casualty offers a number of products to meet the healthcare needs of older Americans.

Bankers Life And Casualty Long Term Care Insurance

Long term care insurance provides coverage to a person who cannot perform basic activities involved in daily living for them selves (called activities of daily living or ADL’s), including:

  1. Dressing

  2. Bathing

  3. Eating

  4. Walking

  5. Getting In/Out of a Chair or Bed

  6. Using the Washroom

Long term care may not be needed for an extended period of time. If a person needs temporary assistance while recovering from an illness or injury, having long term care insurance in place means that they can get services until they are able to resume these daily living activities on their own.

You may think that putting long term care insurance in place while you are relatively young isn't necessary. In fact, 40% of people requiring long term care services are between the ages of 18 and 64. Waiting too long to buy long term care insurance may disqualify you from getting coverage; pre-existing conditions may not be covered under the policy.

When you are looking for long term care insurance, you need to make sure that you understand the terms used in the policy so that you have a good understanding of what you are buying. Here are some terms commonly used in long term care policies that you need to be aware of:

  • Assisted Living Facility: An institution where patients who need assistance with activities of daily living receive care. Depending on the policy, it may be referred to as residential health care, supported care facility, sheltered care, or custodial care.

  • At Home Care: Services provided in the recipient's home. May include hospice, respite, or home health care.

  • Elimination Period: This term refers to the amount of time that must pass before the insurance company will start to pay benefits under a long term care insurance policy. If you want to keep your monthly premiums low, choose a policy with a longer elimination period.

  • Guaranteed Renewable: If your policy is guaranteed renewable, it cannot be cancelled or terminated by the insurer as long as your renewal premiums are paid in full. Your level of coverage cannot be reduced, either.

  • Hospice Care: Hospice care helps to manage pain and control symptoms for a patient who is terminally ill. It also includes providing support to the patient's family members.

  • Waiver of Premium: This policy provision means that the insured is not required to pay premiums while they are also receiving benefits under the policy.

Colonial Penn And Banker’s Life: Medicare Advantage Plans

Bankers Life and Casualty Company has entered into agreements with several other insurance providers in order to offer a number of Medicare Private Fee-for-Service healthcare plans. Features of the plans include:

  1. No deductibles

  2. Plan members can visit the doctor of their choice with no referrals required, if the doctor agrees to the Plan's payment terms

  3. No copayment for basic physical examinations and screening tests

  4. Copayments for other services are at a set rate

A fee-for-service plan works differently than a supplementary health plan. In order to receive care under the plan, your doctor and/or hospital must agree to be compensated at plan rates before you receive treatment, unless you are seeking emergency treatment. If the doctor or hospital in question does not agree to the plan's compensation provisions, they cannot provide medical services to you.

To get services through your Medicare Advantage plan, you need to show a card issued by the insurance provider at the time you are getting medical services. Be sure to ask for a list of doctors and hospitals participate in the plan before you buy.

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