Tag: Medicare supplement Troy Ohio

Announcing a new claims workshop!

medicareWe have heard your requests, and are responding!!!  We are happy to announce that we have put together a new workshop to be offered to all of our clients — on claims!!!

Do you get frustrated trying to read your explanation of benefits from your insurance company?  Trying to figure out what your last statement from your doctor’s office means?  Well, we are here to help!!!

Thursday, July 25, at 3:30 in our Sidney office, come and learn more about “Understanding your Medicare Claims”.

Please call to reserve a seat (or two!) if you are planning to come, so that we can be sure we have enough seats!

Come and celebrate our Grand Opening with Us!

open house ad

(Click on image to enlarge)

Turning 65 and looking for some answers?

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

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

Wednesday, June 26 @ 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!

Part B or Not Part B…That is the question

One of the most commonly asked questions I receive is, “I am turning 65 and I have employer health insurance, do I need to sign up for Part B of Medicare?”

To start, let me explain what Parts A and B are.  Part A of Medicare covers inpatient care in a hospital or skilled nursing facility, while Part B covers doctor’s visits and other outpatient care.

For most Medicare beneficiaries, the Part A decision is easy because it doesn’t cost anything.  Therefore, most people will sign up for Part A as soon as they turn 65.  But the Part B decision can be a little more complicated, since you have to pay a monthly premium for Part B which is $104.90 for most individuals.

When deciding whether to sign up for Part B, the first question you need to answer is whether you have employer health insurance through your employer based on your active employment or if you are covered under your spouse’s employer plan based on his/her active employment.  The key word here is “ACTIVE.”  If your health coverage is based on active employment, then whether you decide to delay Part B will depend on the number of people employed by the employer providing the insurance.

If there are 20 or more employees at the company where you or your spouse work, then the employer insurance pays first and Medicare pays second.  If this is the case then you may want to delay enrolling in Part B as long as you are happy with the employer coverage and the cost is not too high.

If there are fewer than 20 employees then Medicare pays first and the Employer plan pays second.  In this scenario you should not delay enrolling into Part B.  If you decline Part B you will have no primary insurance for doctor office visits or outpatient services, which is usually like having no insurance at all.

In either case, as long as you have coverage from active employment, you will have a Special Election Period to enroll in Part B when you retire with no late enrollment penalty.  It is important to remember that COBRA and retiree insurance are not considered current employer insurance and you will not have a Special Enrollment Period.  If you have COBRA or retiree insurance and delay enrollment in Part B you may have to pay a penalty when go to sign up.

Medicare is a big animal with a lot of rules, so it is important to discuss your personal situation with an expert before you make these decisions.

Look who’s turning 65…

Famous & 65An ex-vice president, a rock star and a singer/songwriter/guitarist all turned 65 in January and February.  Find out who they are…

January

February

Next workshop date announced

Our next Solving the Medicare Puzzle Workshop will be held on Thursday, May 9 at 5:30 pm in our new Sidney office at 2551 Michigan Street in Sidney. Seats may be reserved by calling our office at 937-492-8800 or online by clicking https://seniormark.com/workshops/ .

If you know someone who would like to or should attend, please share this post with them!

Look who’s turning 65…

Famous & 65

 

 

 

 

 

I know many of you enjoy this post, so I’m sorry I’ve missed it for a few months.  So let’s catch up and see who turned 65 in:

October

November

December

January

Next Troy Workshop announced!

Our next Solving the Medicare Puzzle Workshop will be held on Thursday, December 13 at 5:30 pm in our Troy office at 1385 Stonycreek Road, Troy. Seats may be reserved by calling our office at 937-492-8800 or online by clicking https://seniormark.com/workshops/ .

If you know someone who would like to or should attend, please share this post with them!

Stock Market Returns without the Risk…Are you kiddin me? Part 2

There are many problems with these products, but the biggest is that the caps and participation rates they quote you when you first buy the annuity are typically not guaranteed contractually.  In fact, many of the “promises” they make up front are not guaranteed.  They may give you a participation rate of 100% initially, but if you read the contract they have the right to lower it at their discretion.  So if the markets move in a direction that hurts the insurance company, you may find out that they have the right (contractually) to lower your payout to 50%, or your cap to 3-4%.

I know this to be true first hand as my Dad purchased one.  Believe it or not, he was told his participation rate would be 110%.  And it was for the first year!  But when his anniversary date rolled around he received a letter from the insurance company.  You guessed it…they were reducing his participation rate down to 50%, and there was nothing he could do about it because the annuity had a 7 year penalty period if he cashed out early.  And can you guess what his participation rate was for the remaining 6 years?  You got it…50%.  And I’ve heard the same thing from clients of mine who have had these products with caps that started at 10-12% and are now down to 4%.  And if you have one that charges a fee, that fee can be raised contractually.

Another problem with these annuities is the length of time you are locked in to the agreement, called a “surrender period.”  Most of the ones sold today lock you in for 10 years, meaning if you take your money out early you will pay a penalty.  The number one selling EIA in 2011 had a 10 year surrender period and the penalty was 10% for the first 3 years on the contract.  I have also seen higher surrender periods and penalties.  I met with a client a year ago and her surrender penalty was 17% in the first year with a surrender period of 15 years.

So how do you protect yourself?  The easiest way would be to avoid these products altogether, as there are better options for you.  If you ARE considering an Equity Indexed Annuity, then make sure you do your homework.  Make sure you are getting your advice from the right person, which is probably not the person who is pitching it to you.  I recommend getting a second opinion from an advisor who doesn’t earn a commission from the product.

If you have had any experience with an equity indexed annuity (good or bad), please share it with us by leaving a comment below.