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Medicare Answers at a Glance: Should I Delay Part B?

Medicare Answers at a Glance: Should I Delay Part B?

 

Medicare Part A is free, so there isn’t much hesitation to enroll outside of HSA contribution issues. But with Part B, there is a $121.80 associated premium, so those approaching 65 are a little bit leery. Do I really need it?

 

Let’s make this clear: most people do. So before you make the decision to opt out, make absolute sure that you are one of the few who don’t!

 

You should NOT delay Part B if…

 

1.  You are retiring from work.

Retiree insurance or COBRA doesn’t count. If you don’t have employer insurance through active employment, the answer is simple: don’t delay Part B. You will be left without outpatient coverage for as long as don’t enroll, and you will incur penalties if you sign up late!

2.  Your employer’s health insurance plan covers 20 or less employees.

Just because you have employer insurance and are still working does not give you an all-access pass to opt out of Part B. If the plan doesn’t cover at least 20 people, you should definitely enroll in Part B. But take careful note. The number of employees is not always the same as the number of insured employees. Some temporary or part-time workers may not be covered on the employer insurance plan. Check with your employer before making any hard and fast decisions.

3.  Your employer insurance is more expensive

This may seem obvious, but I felt compelled to include it. Just because you can delay Part B doesn’t mean you want to. Analyze the costs and benefits of both Medicare and your employer insurance to determine which is the better value.

 

If these three criteria don’t apply to you, you may very well qualify to delay Part B. But I always recommend running your situation past a Medicare expert to make sure. Retirement decisions are as complex as they are important. Get help when you need it!

 

Need Medicare questions answered? Download our free guide, “Introduction to Medicare”.  No high-pressure sales pitches here, just in-depth discussion about the ins and outs of Medicare!

 

 

Medicare: It’s as easy as A B C…and D

The Jackson Five’s number one hit single in 1970 takes the convoluted topic of love and boils it down to a few letters. Sweet simplicity. “All you gotta do is repeat after me,” Michael sings, “It’s as easy as A B C.”

 

Well, I figured if the Jackson Five can make love easy to understand, the least I can do is attempt the same thing with the complexities of basic Medicare. So here goes nothing. Medicare: it’s as easy as parts A B C…and D.

 

Part A (Inpatient Coverage)

Part A is hospital insurance. A.K.A inpatient care. A.K.A healthcare coverage for any care received while you are officially checked in at a hospital. Beyond that definition, Part A also covers limited home health services, hospice care, and skilled nursing facility care. If you paid into Social Security for more than 40 quarters (10 years), then good news! Part A is provided at no cost to you.

 

Part B (Outpatient Coverage)

Part B is exactly the opposite, covering care received while checked out of a hospital. It covers services such as outpatient surgeries, diagnostic tests, lab tests, x-rays, and a laundry list of preventive services that are covered in full. Unfortunately, Part B does have an associated premium of $121.80 per month (in 2016), a fee which is adjusted for those of higher income (don’t worry…this applies to very few people).

 

Part C (Medicare Advantage)

Part C is a whole different ball game. So pay attention, it could get a bit messy. Although Part C is offered as a Medicare associated program, it actually replaces Medicare Parts A and B as the payer of your claims. As opposed to being offered by Medicare, it is offered by private insurance companies who have contracted with Medicare. It covers everything that Parts A and B covers and may even provide additional benefits such as drug coverage. However, you usually have to pay a separate premium to receive Part C.

 

Part D (Drug Plan)

Part D helps cover the bills for your pills! In other words, it is your prescription drug coverage. Like Part C, it is offered through private insurance companies. And like Part B, the premiums are sometimes (but rarely) adjusted for those of higher income. The cost is difficult to pin down because it varies so drastically from company to company. But—just to give you an idea—the average cost of a Part D drug plan is $34.10 (in 2016).

 

At Seniormark, we believe that the transition to Medicare does not need to be confusing and stressful. We would love talk to you about your options to get you in the right plan for your needs. Medicare may not be as easy as the Jacksons’ suggest, but that does not mean it cannot be made simple with the help of our trusted experts. So sit down and relax! Let us spell it out for you.
Not sure what to do next? To get you started, download our free guide, “Introduction to Medicare”. 

 

Call Seniormark today at 937-492-8800 for a free consultation!

Medicare Supplement Policyholder Alert!

postcard33Have you received this postcard in the mail?  Is it coming from Medicare?  Is it important information?  It does say, “REGISTERED DOCUMENT – DO NOT DESTROY.”  The truth is this is just a solicitation for insurance, and if you mail in the return postcard you are sure to get a call from an insurance agent, or worse yet a knock on your front door.  The unfortunate truth is we now live in a world of information overload and everyone is vying for your attention…yes, even me.  And in the world of Medicare, some lead companies resort to making the older population believe their mailing is more than it is.

If you look closely at the small print at the bottom you will read, “This information is not affiliated or endorsed by government agencies or the federal Medicare program.  You may be contacted by an insurance licensed representative.”  This disclaimer language is a sure sign that the mailing is a solicitation as it is required by Medicare.  I am not judging those who use these postcards to drum up business, in fact these cards are completely compliant with current regulations.  I just believe there is a better way…honesty!

Why can’t we replace the words, “REGISTERED DOCUMENT – DO NOT DESTROY” with, “THIS IS NOT A REGISTERED DOCUMENT – DESTROY IF YOU WANT…BUT IF YOU DO, OUR AGENCY WON’T BE ABLE TO HELP YOU!”  Why can’t we just get back to letting people know we are here to help when they need it.

Here is a great example:

https://www.youtube.com/watch?v=FrmYLo3tMA8

Medicare Has Announced the Numbers for 2015…..

There is good news on the Medicare front! Medicare just released today that the Part B premium will remain unchanged for 2015, staying at $104.90/month. The Part B deductible will also stay the same ($147) for 2015. There are some changes to the numbers which are listed below, but many of you have a medicare supplement policy which will take care of some, if not all, of these expenses.

If you or someone you know does not have a supplement plan, or is unhappy with their current plan, please have them give us a call…(937) 492-8800

2015 Medicare Numbers

2014

2015

Part B Premium

$104.90

$104.90

Part B Deductible

$147

$147

Part A Hospital Deductible

$1216

$1260

Part A Hospital Coinsurance Days 61-90

$304/day

$315/day

Part A Hospital Coinsurance Days 91+

$608/day

$630/day

Skilled Nursing Coinsurance Days 21-100

$152/day

$157.50/day

Seniors need to “Be Prepared”!

Be Prepared for Medicare AEP

 

The Boy Scouts motto is dead on: “Be Prepared!” However, for many of us, procrastination is much easier because it takes less time (in fact, it takes no time). With the Medicare Annual Enrollment Period (AEP) rapidly approaching (Oct 15 – Dec 7) it is going to be vitally important for you to be prepared. And since procrastinating is the path of least resistance, I am going to make this easy on you by giving you a single step that will go a long way in helping you be prepared for the upcoming AEP. I know that insurance is at the top of everyone’s “Most Interesting Topics” list, so do your best to stick with me.

The first step is Know What You Have. If you don’t know what type of Medicare Health Plan you have, you are an easy target for being taken advantage of. There are 2 major types of Medicare Health Plans:

  1. Medicare Supplement plans
  2. Medicare Advantage plans

These 2 types of plans are very different when it comes to how they work and the benefits they provide, but they are extremely misunderstood by policyholders. I often hear from policyholders, “I have a Medicare Supplement,” when in fact they have a Medicare Advantage plan. So what is the big difference between these plans?

 

Medicare Supplement Plans:

  1. Work in unison with Traditional Medicare Parts A & B: A supplement policy will pay most, if not all, of what Medicare does not pay. It acts as a secondary insurance.
  2. Do not have networks: They are not HMO or PPO plans so you are free to use any doctor or hospital that you want as long as they accept Medicare.
  3. Are funded entirely by policyholder premiums: This is important as it allows companies to keep benefits the same from year to year.
  4. Travel with you in all 50 states: Your plan works the same out of state as it does in your home state.

 

Medicare Advantage Plans:

  1. Work in replacement of Traditional Medicare Parts A & B: An advantage plan works in place of Medicare as your primary insurance and you do not have a secondary insurance. You are responsible for all deductibles, copays and coinsurance. And you don’t get out of paying your Medicare Part B premium.
  2. Are network plans: They are HMO and PPO plans so you may be restricted in the doctors and hospitals you are allowed to use.
  3. Are funded by Government subsidies and policyholder premiums: This is critical because as government subsidies are reduced, plan premiums will go up and benefits will go down, as has been the case for the past 7 years and I expect to be the case in the years ahead.
  4. May not cover you in other states (except in emergency cases): Many advantage plans only cover you in the case of an emergency if you are outside of your home state.

The biggest advantage in advantage plans has been the lower premiums. But as government subsidies have been reduced in years past, this benefit has been greatly diminished. For example, in 2007 you could get a Medicare Advantage PPO plan for a $0/month premium and your maximum annual out of pocket expense was $2,000. For 2014 that same plan has a $50/month premium and maximum annual out of pocket of $5,100 (for Shelby county plans).

As you can see, there is a big difference between these two types of plans. Know What You Have…because you may not be able to get your old plan back.

Seniormark will be sponsoring a workshop on September 11 at 5:30 pm at their office in Troy. “Solving the Medicare Puzzle” lays out the different parts of Medicare, and then will show you how the pieces fit together. This event is only for educational purposes and no plan-specific benefits or details will be shared.

DanDan Hoelscher is the founder of Seniormark, LLC, a company that has specialized in helping retirees make a successful transition from the workplace into retirement for the past 18 years.  Seniormark has offices in Sidney and Troy.  You can reach Dan by email at dan@seniormark.com or you can visit their website at www.seniormark.com.  Seniormark, LLC has no connection or affiliation with, and is not in any way sponsored by, the federal or state government, the social security administration, the centers for Medicare and Medicaid services or the department of health and human services.

 

Next “Solving the Medicare Puzzle” workshop date set

Troy

Announcing our next Solving the Medicare Puzzle Workshop, Thursday, September 11, at 5:30 pm at our Troy office. Please call our office at 937-492-8800 to reserve one or more seats for yourself or a friend!

Next “Solving the Medicare Puzzle” date announced

Are you, or someone you know, feeling overwhelmed with your Medicare choices? Is your mailbox overflowing with flyers and invitations?

Are you more confused now than you were a couple of months ago? What do all of the letters of the alphabet have to do with healthcare? Well, look no further. Sign up today so you can be in the know!

Thursday, September 11, 2014

5:30 pm

Seniormark

1385 Stonycreek Road

Troy, OH 45373

To sign up, call 937-492-8800, send an e-mail to seniormark@earthlink.net, or put yes the in the “sign me up for the workshop!” box below (along with your name and e-mail address, of course!).

Hope to see you there!

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A Must Read for All Annuity Owners…You might be Losing Money!

Did your annuity salesperson guarantee you that you wouldn’t lose money in your annuity?  Did he/she tell you that even if the market tanked, you wouldn’t lose a dime?  Well I’m here to tell you that you may be losing money in your annuity and not even know it.  It is true that with an indexed annuity you will not lose principal (as long as you keep it in place for the 10-12 year surrender period), but many annuity owners are not getting the returns they thought they would.  They were told that they would participate in the returns of the S&P 500, but for some reason they are only eeking out a 3-4% annual return.  What’s worse is that many annuity owners don’t even know what they are getting, they just know their account is going up.  And annuity salespeople know this, which is why they put a portion of your money in a fixed account, that way if the S&P 500 is down for the year you will still see your account move forward, even if it’s only 0.1%.

So how are you losing money in your annuity?  You are losing it in the returns they take away from you!  What I mean is that the insurance company gets paid handsomely for the guarantee they give you.  Just try to figure out how they calculate the credit they give you at the end of the year.  It’s insane…I even have a hard time figuring it out and I have been in the business for over 17 years.  Let’s just say that they will win and you will lose no matter what.  I know of one annuity that had a cap of 4.5% for 2013.  That means that when the S&P 500 goes up 32% (like it did in 2013), the annuity owner only gets 4.5% of it.  See, the insurance company wins!

“But wait!” you say.  “If the S&P 500 goes down 37% (like it did in 2008) the annuity owner doesn’t lose anything.”  I agree, but most retirees are not investing their money for one year.  Most retirees will have their money invested for 15 years or more.  The question to ask is why does the annuity tie your money up for 10-12 years?  It’s because the insurance company knows that they can be confident that they won’t lose money over that period of time.  Let me give you an example (and I won’t show you a best case scenario like many of the annuity companies do).

Let’s look at a Moderately Conservative portfolio (50% stock mutual funds/50% bond mutual funds) during the “Lost Decade” from 2000-2009.  While the S&P 500 lost 46% from 2000-2002 and again lost 37% in 2008, if you would have stayed invested in the Moderately Conservative portfolio over that time period you would have earned an annual return of 5.29%.  And this was from the worst decade ever for the stock market!  I say this to shine some light on the value of the annuity company’s guarantee.  Most retirees aren’t afraid of the temporary declines in the stock market, they are more worried about an economic collapse.  Well who do you think guarantees your money in an annuity?  The insurance company!  And what is likely to happen to the insurance company and your guarantee should the company go bankrupt?

So before you decide to put your nest egg into an annuity, talk to an advisor who doesn’t earn a big commission for selling it to you.  Talk to a fee only Certified Financial Planner!  (http://www.cfp.net/utility/find-a-cfp-professional)

Look who turns 65 in June! A Moochie, but not a Gucci!

Kevin June 10- Kevin “Moochie” Corcoran, is a director, producer and former child actor who appeared in numerous Disney projects between 1957 and 1963. Between 1956 and 1960, Corcoran played several different (but similar) irrepressible characters, each bearing the nickname Moochie. Although he was never a Mouseketeer, Corcoran appeared in three Mickey Mouse Club serials, beginning with Adventure in Dairyland. He also co-starred in many films, including Old Yeller (1957), The Shaggy Dog (1959) and Swiss Family Robinson (1960).

After he retired from acting, he attended college and then returned to Disney, this time working behind the camera as an assistant director and producer. His credits from this era include Superdad (1973), The Island at the Top of the World (1974) and Pete’s Dragon (1977). He has also produced numerous projects and served as first assistant director on several non-Disney television series, including Scarecrow and Mrs. King, Quantum Leap, Profiler and Karen Sisco. Over the course of his tenure on the Angela Lansbury series Murder She Wrote, he was credited as first assistant director, assistant producer and director.

 

Meryl StreepJune 22 Meryl Streep, is widely regarded as the greatest U.S. living actress, as well as one of the greatest actresses of all time. She made her professional stage debut in The Playboy of Seville (1971), before her screen debut in the television movie The Deadliest Season (1977). In that same year, she made her film debut in Julia (1977). Both critical and commercial success came quickly with roles in The Deer Hunter (1978) and Kramer vs. Kramer (1979), the first of which brought her an Academy Award nomination, and the second, her first win, for best supporting actress. She later won the Academy Award for Best Actress for her roles in Sophie’s Choice (1982) and The Iron Lady (2011). With 18 Academy Award nominations in 35 years, Streep holds the record for the most nominated actor (male or female) in film history.

Streep has also received 28 Golden Globe nominations, winning eight—more nominations and more competitive (non-honorary) wins than any other actress or actor. Further, her work has earned her two Emmy Awards, two Screen Actors Guild Awards, a Cannes Film Festival award, five New York Film Critics Circle Awards, two British Academy of Film and Television Arts awards, two Australian Film Institute awards, five Grammy Award nominations and a Tony Award nomination, among several others. In 2004, Streep was awarded the AFI Life Achievement Award and in 2011 the Kennedy Center Honor for her contribution to American culture through performing arts, the youngest actor in each award’s history. In 2010, President Barack Obama awarded her the National Medal of Arts. In 2003, the government of France made her a Commander of the Order of Arts and Letters. Her latest film, in 2013, was August: Osage County, for which Streep received Golden Globe, Screen Actors Guild and Academy Award nominations.
Phyllis GeorgeJune 25 – Phyllis George is a former Miss Texas 1970 and Miss America 1971 and was First Lady of Kentucky from 1979 to 1983. She later became a businesswoman, actress and sportscaster. As a cohost in 1974 for The NFL Today, the pregame shows for the National Football League, she was one of the first females to have a nationally prominent role in television sports coverage. She also covered horse racing events for CBS, including the Preakness Stakes and the Belmont Stakes. Additionally, George had a brief stint on a television news version of People in 1978 and a job as a morning television talk show host as co-anchor of the CBS Morning News in 1985. Since that time, she has sporadically returned to the media spotlight, hosting her own prime-time talk show, 1994’s A Phyllis George Special, on which she interviewed then-president Bill Clinton, and a 1998 talk show called Women’s Day on the cable network Pax. George also appeared as a guest star on The Muppet Show in 1979.

George founded two companies in her business career: By George chicken fillets, which she later sold to Hormel Foods, and Phyllis George Beauty, which markets a line of cosmetics and skincare through television shopping network HSN. She has also written or co-authored five books—three about crafts, one on dieting and her most recent, Never Say Never (2002), a self-help book.

 

Vera Ellen WangJune 27 – Vera Ellen Wang, a fashion designer and former figure skater, is known for her wide range of haute couture bridesmaid gowns and wedding gown collections, as well as for her clientele of elite female figure skaters. Her works have been mentioned in several television shows, including Sex and the City, The West Wing, Ugly Betty and Buffy the Vampire Slayer, and in the movie Bride Wars. Wang began figure skating at the age of eight and competed at the 1968 U.S. Figure Skating Championships. That year she was featured in Sports Illustrated’s Faces in the Crowd. When she failed to make the U.S. Olympics team, she entered the fashion industry, although Wang continues to enjoy skating.

Wang has made gowns for many well-known public figures, such as Chelsea Clinton, Ivanka Trump, Mariah Carey, Jennifer Lopez, Sharon Stone, Uma Thurman, Sandra Bullock and Michelle Obama. She has designed costumes for figure skaters, including Nancy Kerrigan and Michelle Kwan. In 1990, she opened her own design salon in New York and has since opened bridal boutiques in New York, London, Tokyo and Sydney. Wang has also expanded her brand name through her fragrance, jewelry, eyewear, shoe and houseware collections. In 2011, she launched a store that sells bridal gowns at more affordable prices.

Workshop Offered in Troy

Are you turning 65 and wondering what the next step is?

We will be holding our next Medicare Solving The Medicare Puzzle Workshop:

Thursday, June 12 @ 5:30 pm – Location: Troy office — 1385 Stonycreek Road.

This is an introductory session explaining the 4 parts of Medicare and what an individual’s options are when they turn 65 or retire and go on Medicare. We have had an excellent response to these workshops, so if you know of someone who could benefit, please let them know.

Seating is limited, so please RSVP: Toll Free – 877-492-8803, or comment on this post!

 

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