May01

Turning 65 and Medicare

by Fr33 Agents

If уou аrе turnіng 65 or leaving аn employer heаlth plаn аnԁ nаvigаtіng through thе Medicаrе mаze, wаtch уour step. Thеre аrе 3 penаlty trаps уou don’t wаnt to gеt cаught іn when signіng uр for Medicаrе аnԁ mаkіng choices аbout Medicаrе plаns.

1. Sign uр for Medicаrе Pаrt A аt 65. Wіth full Sociаl Securіty retirement аt 66+ аnԁ thе economy, mаny people аrе choosіng to work pаѕt 65. You ѕtіll nееԁ to sign uр for Medicаrе whеn уou turn 65. You cаn thеn аdd on pаrt B once уour employer coverаge ends.

If уou аrе аlrеаԁу receiving Social Security bеnefіts, уou wіll receive Medicаrе іnformаtion іn thе mаil. But іf уou аrе ѕtіll workіng, уou’ll hаvе to seek out Medicаrе sign uр on уour own.

If уou аrе unѕurе аbout how Medicаrе works wіth уour employer heаlth cаrе coverаge, check іn wіth уour humаn reѕources director. You sign uр for Medicаrе through Sociаl Securіty. No nееԁ to vіѕіt thеir office. It іѕ simple to sign uр for Medicаrе onlіne аt www.ѕociаlsecurіty.gov. In fаct Pаtty Duke, who serves аѕ а spokesperѕon for Sociаl Securіty, јuѕt turned 65 аnԁ signed uр for Medicаrе onlіne іn hеr pаjаmаѕ.

2. COBRA Cаn Bіte– If уou аrе leаvіng аn employer plаn, уou mіght bе tempted to tаke heаlth bеnefіts offered bу уour employer through COBRA. Wаtch out! It’s not аѕ simple а decіѕion аѕ іt seems.

You may gеt hіt wіth а penаlty on уour Pаrt B premium. The penаlty for lаte Pаrt B enrollment іѕ 10% of thе premium for eаch 12 month period уou weren’t enrolled аnԁ сoulԁ hаvе bеen.

Thаt cаn leаve уou wіth а gаp іn heаlth cаrе coverаge аnԁ а Pаrt B premium penаlty for lіfe

If уou јuѕt hаvе Medicаrе Pаrt A whеn уour grouр employee heаlth plаn coverаge ends; уou cаn enroll іn Medicаrе Pаrt B durіng а Speciаl Enrollment Period wіthout hаvіng to pаy а Pаrt B premium penаlty.

3. Delаyіng Choice of а Pаrt D Drug Plаn.

If уou don’t sign uр for Pаrt D drug coverаge when уou аrе fіrѕt eligible, уou wіll fаce а penаlty of 1% of thе monthly premium for eаch month уou did not join а plаn а сoulԁ hаvе. You cаn gеt coverаge through а Medicаrе Advаntаge plаn or bу purchasing а stаnԁ аlone pаrt D plаn.

Once you are enrolled in Medicare, do not forget to start looking around for a Medicare supplement plan. These private insurance plans will fill in some of the gaps left by Medicare in your healthcare coverage. The best Medicare supplement will cover nearly all of the gaps and leave you with no out-of-pocket costs in your healthcare.

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Mar04

When Funeral Insurance is a Good Option

by Fr33 Agents

Life insurance at its most basic type comes in the form of burial insurance. As we grow older – in these modern times – the popularity of getting and having burial insurance has rapidly grown. Funeral and burial insurance – unlike other term and whole life insurance policies that have senior citizens tying up thousands of dollars and trying to meet qualifications, is easy for people to qualify for and afford. What burial insurance essentially covers is funeral or cremation costs. People have invested thousands in funeral services and many are not left with any money – after the expenses add up – with no one to help cover those costs.

Funeral insurance is a good option when you are trying to prevent having the higher costing funeral. It simply is not as expensive as standard life insurance. It is insurance that is also purchased mostly by people later in life. But what people should know is that they can get funeral insurance at any age. This insurance covers everything from casket and tombstones, expenses for burial, legal and probate fees and other funeral expenses. So it would be critical for anyone to find the policy that fits his or her needs.

The funeral insurance covers individuals until they reach age 100. For one, it is an easier and more basic plan to obtain. The insurance helps loved ones be capable of covering the funeral expenses and gives them more flexibility on choosing the perfect policy at the time of death.
When preparing to get funeral and burial insurance, here are a few suggestions:
• Make sure you have all the correct licenses that are needed (funeral insurance director, etc..)
• Make sure all agreements are in writing
• Fill in all data on the forms in presence of relatives and others
• Make sure you get a price of guarantee from the funeral director, company)

Funeral insurance gives people a way to pay in advance so that loved ones won’t have to. There are many ways you can help make the burden easier on your loved ones by planning ahead including how you want to be buried. Whether cremating or in a casket. It can also help you reach a point to where you decide who you want to get your estate as well as which company to get you better term life insurance from.

Getting ahead of the game early can ultimately help the ones you love in the future after death.

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Feb23

Getting The Best Term Life Insurance Rates

by Fr33 Agents

Getting the best term life insurance rates is not about finding the best life insurance companies. It really is about knowing what the insurance companies are looking for.  When you break it down to the simplest pieces to get the best term life insurance rates you have to focus on age, health, history, and activities.

Age and Family History

These are the two pieces of the term life insurance rates puzzle that you have no control over.  You are the age you are, and you have the family history that you have.  If you are a man and all the men in your family have died of heart attacks then your life insurance rates are going to be higher.  What you can control is how soon you get your life insurance.  The younger you are when you get your term life insurance quotes the less expensive your premiums will be.  No matter what your family history all the best life insurance companies abide by the younger is better rule.

Your Overall Health

Getting your health to be as good as you can before you get your quotes can significantly help your chances of getting lower term life insurance premiums.  By dropping an extra ten pounds and doing some decent exercise you can have a very positive effect on your chances of getting classified in the premium insurance rate category.  If you are seriously overweight or have high cholesterol or high blood pressure then getting those conditions under control will net you a much lower insurance premium.

You can also look into no medical exam life insurance, but expect to pay a higher premium.

Activities

Your occupation and activities can have a big effect on how much you pay for your insurance.  If your job is to be up in a bucket truck fixing power lines then your life insurance premiums will be higher than the guy who sits in an office selling widgets over the internet.  This also goes for common activities.  People who smoke should stop.  Some companies do not make you wait very long ,two to five years, to get the smoker tag off of your application.  Life insurance for smokers is ridiculously more expensive than standard life insurance rates.  Any other recreational activities that are dangers, bungee jumping or sky diving, will also cause your rates to move up significantly.

By paying careful attention to these different areas that the top life insurance companies use to decide what your term life insurance rates will be, you can get the lowest possible rates for your life insurance needs.

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Feb20

Medicare Supplemental Insurance

by Fr33 Agents

Millions of Americans are currently receiving Medicare benefits. Every day, thousands of more Americans are becoming eligible for Medicare benefits. Trying to decipher the complex Medicare system can be frustrating and confusing, especially when it comes to Medicare Supplemental Insurance. Here is a simple overview of Medicare Supplemental Insurance.

Medicare Supplemental Insurance is an additional plan for Medicare that is sold by private insurance companies. These plans offer a wide range of benefits, such as coverage for copays, deductibles, and even coverage when traveling out of the country. These insurance companies can each offer different incentives and coverage, however all the companies are regulated and overseen by the government.

Many people are unsure if a supplemental insurance plan is right for them. Traditional Medicare A and B offers great coverage. However, depending on your health conditions, medications, and even travel habits, you may end up paying quite a bit of money out of pocket for monthly prescriptions, doctor visits, or overseas medical care. The majority of Americans on Medicare have at least one or more chronic health issues. Having a Medicare Supplemental Insurance plan can save hundreds of dollars each month.

There are very few limitations when it comes to who can have a Medicare Supplemental Insurance plan. The only caveat is that you need to be currently enrolled in Medicare parts A and B. Since there are so many options to choose from, it is best to do some research before picking a plan. Medicare has a very helpful website and can also mail out information if requested. Many state and town governments also have departments that are dedicated to helping folks enroll in the best plan for them.

The best time to get enrolled in a Medicare Supplemental Insurance plan is during the Open Enrollment Period. The Open Enrollment Periods tends to be towards the end of the year, typically late October to early December. This enrollment period allows you to pick a plan, change the one you have, or drop any current plan without penalty.

It is important to explore your options during this time a many insurance plans tend to adjust prices, change coverage, and make other changes. The enrollment process is streamlined and simple during Open Enrollment. A simple call to the insurance company to get a couple of Medicare supplement quotes to compare is all it takes to get signed up.

For most people, Medicare Supplemental Insurance can be a great way to save money. The small monthly premiums are nothing compared to the hundreds or thousands of dollars that you would have to pay without the supplemental insurance.

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Feb14

Medigap Open Enrollment

by Fr33 Agents

enrollmentMany of us know that working for at least ten years and paying Medicare taxes enables us to qualify for Medicare at the age of 65. Medicare itself is quite simple. Once you have filed the appropriate application with the Social Security Administration, your Medicare begins the month you reach your 65th birthday. Part A of Medicare is free, and covers your inpatient hospital expenses. Part B of Medicare requires a premium and covers outpatient and routine medical care.

What many of us do not know, however, is that Medicare itself does not cover 100% of health care costs. For those expenses, you have the option of purchasing additional coverage through a Medicare Supplemental Insurance plan, commonly referred to as Medigap. You can purchase either of these plans from a private insurance company to help defray the costs not covered by Medicare such as copays or healthcare costs while traveling outside of the United States.

Medigap plans help cover the “gap” between what Medicare pays, and what you have to pay.

If you are going to elect a Medigap plan, you have to make a decision quickly as you approach your 65th birthday. Like most types of insurances, there is an open enrollment period. This period is the small window from your 65th birthday, when you sign up for Medicare and the following six months. If you enroll during the open enrollment period, your coverage can begin immediately and you cannot be denied a plan because of any past or present health issue. This is clearly the most advantageous time to enroll and should be utilized if at all possible. If you find yourself in a situation where you miss the open enrollment period for Medigap, the insurance companies have a lot more options for whether or not they provide coverage for you and at what cost. Once the open enrollment period ends, insurance companies can deny you coverage for your past or present health problems. They can also make you wait a period of time before your coverage begins, so you may incur some large expenses in the duration.

As you reach age 65 and begin planning your enrollment in Medicare, take a good look at the healthcare expenses you expect to incur with basic Medicare Part A and B coverage. From there, you can begin looking at and comparing different Medigap Plans to see if purchasing one of those plans will help save you money.

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Feb14

Medicare Supplemental Insurance vs. Medicare Advantage Plans

by Fr33 Agents

There has been so much in the news lately regarding Medicare that it is difficult to determine exactly what Basic Medicare, Medicare Supplemental Insurance, Medicare Advantage Plans, and Medigap Open Enrollment is.

Medicare is a government health insurance program for people over 65 and those with specific disabilities. It has a monthly premium, the same as any insurance policy. One section is divided into Medicare A and Medicare B. Part A covers hospitalization, while Part B is designed for outpatient care and doctor visits. All workers have a Medicare Insurance deduction on their paychecks. On Social Security checks, there is also a monthly deduction for this insurance.

If only Part A and B are chosen not everything is covered. To cover this extra cost many people choose to enroll in a Medicare Advantage Insurance plan through a private insurer. This Medicare (Part C) Insurance not only covers Parts A and B but also can include extra benefits related to vision, dental, hearing and preventive service. Some plans also include deductibles and co-pays. Medicare Part D is designed only to help with drug costs. There is also Medicare Supplemental Insurance available.

A Medicare Advantage Plan combines hospital, medical, and includes or reduces drug costs and co-pays. Medicare pays a fixed amount to this plan and makes all payments directly to the medical provider.

To break this down:
• Medicare A pays for hospital care
• Medicare Part B pays for doctor care
• Medicare C (Advantage) combines A and B plus other advantages
• Medicare D pays for drugs
• Medicare Supplement Insurance covers costs not covered by A and B
and provides for additional hospital stays

Medicare has limitations regarding when a person is eligible for enrollment. This is called a ‘Medigap open enrollment period’. You must be 65, older, or disabled to enroll in this program. If, at the time of enrollment, you are still covered by your employers insurance you do not have to choose a Medicare Plan until the insurance expires. The majority of people receive a Part A and B Card three months prior to turning 65. There is an additional three-month period allowed to enroll in Medicare Advantage. You are allowed six months after enrolling in Parts A and B to enroll in Medicare Supplement Insurance.

Laws regarding Medicare change in the fall of each year. In most plans, after $2,970 (2013) is spent for drugs you reach what is called the ‘donut hole’. When this amount is reached, you will have to pay $4,750 out of pocket, for the drugs, prior to receiving catastrophic coverage, where drug costs drop. This will be phased out in 2020, at which time you will pay 25% of the drug costs until your deductible is reached.

It is important that everyone know the details of Medicare coverage. However, with laws constantly being changed in Washington, the rules regarding this insurance may change as well.

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