What is Income Protection?
Income protection is a financial safety net that replaces your income if you become unable to work or care for yourself due to illness, injury, or long-term care needs. It ensures your bills, lifestyle, and family responsibilities remain covered, even when your health prevents you from earning a paycheck.
An illness, injury, or long-term care event can change your life in an instant. Income protection helps safeguard your finances so you can continue supporting yourself and your family no matter what happens.
What is Medicare?
Medicare is a federal health insurance program accessible to individuals who are 65 years and older, as well as to those under 65 with specific disabilities or medical conditions like End-Stage Renal Disease.
It comprises various components, known as Parts A, B, C, and D, each designed to meet different healthcare requirements.
Original Medicare
Medicare Parts A and B are referred to as "Original Medicare".
These parts are managed by the federal government. Some individuals who receive Social Security benefits are automatically enrolled in Original Medicare while others need to apply for it as they approach their 65th birthday.
Why Income Protection Matters?
Life is unpredictable, and the financial risks are real. A strong protection plan can make all the difference.
• 1 in 4 adults experience a disability before retirement.
• Nearly 70% of people over 65 will need some form of long-term care.
• Most families cannot afford months without income.
• And Medicare and health insurance do not cover long-term care expenses.
Medicare Part A (Hospital Insurance)
Medicare Part A includes coverage for inpatient services in hospitals or skilled nursing facilities, as well as home health care and hospice care for patients with terminal illnesses.
Part A Cost
Deductible
You must first meet a Part A deductible before Part A helps with your covered medical expenses.
Options
There is no insurance premium for Part A if you or your spouse have paid into Social Security for a minimum of 10 years.
If not, you have the option to purchase Medicare Part A.
Copays
Copayments or cost-sharing might be required for certain services. This includes prolonged hospital or skilled nursing facility stays.
Coinsurance
Part A has coinsurance for:
• Inpatient hospital care lasting between 61-90 days total per benefit period.
• Inpatient mental health care lasting between 61-90 days total per benefit period.
• Skilled nursing care lasting between 21-100 days total per benefit period.
Coinsurance is also available for a limited number of additional days.
Disability Income Insurance
Protect your paycheck if you become unable to work.
You receive:
Monthly Income Replacement
Provides a steady stream of income to cover your essential living expenses while you’re unable to work.
Own-occupation Definitions
Ensures you qualify for benefits if you can’t perform the duties of your specific profession, even if you can work in another role.
Partial Disability Benefits
Offers income support if you’re still able to work part-time or with restricted capacity.
Residual Benefits
Helps supplement reduced income as you transition back to work after a disability or illness.
Affordable Plans for all ages
Policies are available with flexible pricing to meet the needs of individuals at different stages of life.
Ideal for Professionals and Families
Designed to protect those who rely on earned income, including workers, business owners, and high-skilled professionals.
Medicare Part B (Medical Insurance)
Medicare Part B provides coverage for doctor visits, durable medical equipment, speech therapy, occupational therapy, physical therapy, and various other outpatient services.
Part B Cost
Deductible
Similar to Part A, you must first meet an insurance deductible before Part B helps with your medical costs.
Copays
Copayments or cost-sharing might be required for certain services, such as those provided in an outpatient hospital setting
.
Coinsurance
You are responsible for 20 percent of the cost for certain medical services, including doctor visits, outpatient therapy, and durable medical equipment.
Preventative Care
Medicare-covered preventive care services, including annual wellness visits and mammograms for women, are fully covered. No deductibles, copayments, or coinsurance are required for these services.
Premium
Medicare Part B requires a monthly insurance premium, which depends on your enrollment timing and annual household income.This premium is typically deducted from Social Security benefits.
It is distinct from the premiums for Medigap, Medicare Advantage (Part C), or Prescription Drug Coverage (Part D).
Note about Medicare Part B Limits: Medicare Part B imposes annual limits on services for physical
therapy, occupational therapy, and speech-language pathology.
Long-Term Care Insurance
Care needs can be emotionally and financially overwhelming.
Long-Term Care Coverage Pays for:
Home Health Care
Helps pay for care services received in the comfort of your own home.
Assisted Living
Covers part or all of the costs for supportive living environments when independence becomes difficult.
Nursing Home Care
Helps offset the expense of full-time skilled care in a licensed nursing facility.
Adult Daycare
Provides coverage for structured daytime programs offering supervision and assistance.
Caregiver Support Services
Includes resources, respite care, and assistance for unpaid family caregivers.
More Info
What are the Long-Term Care Solutions We offer?
Traditional LTC Insurance
Stand-alone coverage specifically designed to pay for long-term care services when needed.
Hybrid LTC/Life policies
Combines life insurance with long-term care benefits, offering flexibility and value whether care is needed or not.
Hybrid LTC/Annuity policies
Uses annuity value to help cover future care expenses while still providing financial growth potential.
Looking for a First-Class Insurance Partner?
Bateman Insurance Agency
National Producer Number: 978321
DISCLAIMER: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area.
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