Supplemental Medicare – What you Should Know!
Video to post on Social Media: Medicare Supplement Plans
Medicare Supplement plans – also known as Medigap plans – are designed to cover some of the costs that Original Medicare doesn’t. These costs include things like copayments, coinsurance and deductibles. Some Medigap plans also offer certain benefits that Original Medicare doesn’t like emergency foreign travel expenses. Medigap plans don’t cover your costs under other health plans – including Medicare Advantage Plans – but only the costs that Original Medicare doesn’t cover.
Here’s how it works. If you have Original Medicare and a Medigap policy, Medicare will pay its share of the Medicare-approved amount for a covered service. Then, your Medigap policy pays its share. But Medicare doesn’t pay any of the costs of purchasing the policy.
Medigap Plans differ from Medicare Advantage Plans in an important way. Medicare Advantage Plans are just an alternative way to get your Medicare Plan A and B benefits. Medigap Plans are solely designed to cover costs that Original Medicare doesn’t cover. In fact, insurance companies generally can’t sell you a Medigap Plan if you are already covered by a Medicare Advantage Plan or Medicaid. Medigap Plans are required to follow all federal and state consumer protection laws and policies must be clearly identified as “Medicare Supplement Insurance.” Medigap Plans in most states are standardized, and identified by Plan letters A through N. Each standardized state Medigap plan under the same plan letter must offer the same basic benefits, no matter what insurance company sells it. Usually, the only difference between Medigap policies with the same plan letter is the cost charged by different insurance companies… so you can comparison shop!
Let us help you with your important Medicare decisions. Call to speak to a licensed insurance agent.
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Inherit an IRA? Watch this Video Tip from YouTube!
Video: What to Do with an Inherited IRA
If you’ve become the beneficiary of an IRA or other retirement account, it’s important to know your options. You can take the money out in one lump sum. This requires opening an account called an Inherited IRA in your name for correct IRS reporting. That lump sum may be taxable depending on whether the original contributions were pre- or post-tax.
Or you can open an Inherited IRA and leave it alone to grow tax deferred. You can’t make additional contributions and must start taking Required Minimum Distributions based on when the deceased would have turned 73. You must also liquidate the account in ten years. With this option, you can name your own beneficiary to pass it on. If your spouse left you the account, you’re allowed to roll those assets into your own retirement account and follow your account’s distribution rules.
You could also disclaim the account, or not accept it. The assets can then pass on to alternate beneficiaries. If you disclaim, it must be done before taking possession of the account, and within nine months of the original owner’s death.
To learn more about what to do with an inherited retirement account, please give us a call today.
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Reverse Mortgages – Facts and Fiction
YouTube Video: Reverse Mortgages
There’s a lot of misinformation out there about reverse mortgages, so let’s separate the facts from the fiction. To qualify for a reverse mortgage, you must own your home outright or have at least 50% equity, but you don’t have to surrender the title… you retain ownership. To qualify, you must be 62, 55 in some instances, live in the home as a primary residence, maintain the home, and pay your property taxes and homeowners’ insurance.
A reverse mortgage is a way for senior homeowners to generate additional cash flow in retirement by tapping into the equity in their home… and it is not necessarily a lifeline for those in financial straits. Reverse mortgage rates have risen, but depending on the type of reverse mortgage you choose, interest rates are often comparable to those of a traditional mortgage.
With a reverse mortgage, monthly mortgage and interest payments become optional, and the resulting savings gives you additional cash flow to fund a more comfortable lifestyle in retirement. Your heirs will have the option to either sell the home or refinance it and utilize the proceeds to repay the loan when the time for a payoff occurs. In fact, depending on how the value of your home appreciates over time, a reverse mortgage could provide a source of equity to those same heirs if they simply choose to sell it.
To find out the truth about reverse mortgages, call us today.
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Group Health Insurance – Videos on YouTube, Facebook, LinkedIn
Choosing the right Group Health Insurance Plan can help reduce costs for employers and employees. For employers, providing a Group Health Plan saves money because it spreads risk across a larger group, reduces premiums, and provides some tax incentives. Group Health Plans benefit employees by providing coverage at a lower cost than individual policies, because the employer covers part of the premium cost.
Two typical types of Group Health Plans are Health Maintenance Organization (or HMO) plans and Preferred Provider Organization (or PPO) plans. HMO plans often offer lower premiums, but you’re required to choose care from an in-network provider. With a PPO Plan, you can choose any doctor, but you’ll pay more for out-of-network care.
Helping employees stay healthy boosts company productivity by reducing sick time and can help recruit and retain top people. In fact, a Forbes Advisor 2022 survey showed that health coverage is a great influence on what jobs people select. And it can help a company retain—or lose—employees: 8% of respondents with health insurance through work said they left a job that they liked because they wanted better health coverage.
Need help choosing the right Group Health Plan for your business? Call us for a no obligation consultation today.
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Life Settlements – Video Guide for Financial Advisors
Video From YouTube: Is a Life Settlement Right for You?
Video Transcript:
Do you have a life insurance policy that you no longer need or can’t afford? If so, you may want to consider a “life settlement.” With a life settlement, you sell your life insurance policy for a lump sum, typically more than the cash surrender value you would get from your insurance company.
In fact, selling your policy could bring you as much as six times the cash surrender value, on average. You can sell any type of life insurance policy, even term policies. You can sell directly to a buyer, or you can work with a life settlement broker. A life settlement broker will market your policy to multiple potential buyers, giving you the opportunity to get the highest possible sale price. Selling directly to a buyer on your own may result in obtaining a lower offer.
Life insurance settlements have been legal since 1911 and are highly regulated by Departments of Insurance across the country, so they’re a safe financial option. Going from initial policy review to a completed sale typically takes between three and five months.
The most time-consuming part of the process is obtaining five years of medical records and getting premium projections from the insurance company.
A life insurance settlement can be a smart option but isn’t for everyone. So, before you let your policy lapse or surrender it, find out if a life insurance settlement might be a better financial option. We can help you determine whether a life insurance settlement is right for you.
Call us today to learn more!
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Reverse Mortgage Videos – Upload to LinkedIn, TikTok, Facebook
Why Talk to a Reverse Mortgage Specialist
You’re retired – or soon will be – and you’re in the process of planning for the days after you stop working. You’re checking with your financial advisor regularly to make sure your IRA or 401K is performing as you hoped, and you’ve worked long enough that your Social Security payments will be near the maximum…. So, your retirement plans seem to be on track. But as you observe all the market volatility these days and watch the cost of just about everything rise, you’re beginning to wonder whether this approach will provide enough money to fund the retirement lifestyle you and your family desire.
Let a reverse mortgage specialist show you how a reverse mortgage – an often-overlooked retirement planning option – can benefit senior homeowners. A reverse mortgage allows you to access the equity in your home – without selling it -and turn it into additional cash flow that you can use to fund a more secure retirement. It eliminates the principal and interest payment requirement, and instead provides payouts as a lump sum, monthly payments, a line of credit, or a combination. You can use the extra cash to renovate your home, fund a grandchild’s education, or function as a “safety fund” should an emergency like an illness or accident occur.
To find out more about reverse mortgages and retirement planning, call us today.
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Retirement Help Videos – YouTube for Financial Advisors
Turning 65: Important Decisions
If you’re turning 65, you’re facing some important decisions that can affect your life in retirement for years to come.
The first crucial decision is finding the right Medicare coverage. With Medicare coverage changing every year, and with so many options to choose from, finding the right plan – on your own – can be confusing and frustrating. Consulting with a licensed insurance professional can help make the process of finding the right Medicare coverage less stressful. We can help you navigate the complex Medicare system more easily and explain exactly what each component of Original Medicare covers … and what it doesn’t.
As your needs change, an insurance professional can also help you transition to a Medicare Advantage plan that can offer expanded coverage or a Medicare Supplement plan that can help with out-of-pocket costs.
But choosing the right Medicare coverage is just one component of good overall retirement planning.
Every element of your financial life – including Medicare – should be working in sync to keep you on the road to achieving the retirement lifestyle you want. We can offer you valuable, personalized guidance on some potential future needs you may have overlooked. For example, we can answer your questions about Asset Protection, Social Security, Life Insurance and Long-Term Care, all issues that could impact your retirement planning in the years ahead.
And as independent insurance professionals, we enjoy a relationship with multiple providers, so we can offer you a wider choice of plans designed to help you meet your needs.
Partnering with an insurance professional can save you time, money and provide peace of mind when making these crucial retirement decisions. To find out more, call us to set up a no obligation consultation today.
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Post this video to Facebook or LinkedIn!
Video Tip from Financial Advisors:
The average American household debt is increasing. Some debt is good, but some debt is bad. Good debt includes borrowing for a home or college education. Good debt is often defined as debt that can help you generate additional income or increase your future net worth. Bad debt includes buying things you use that won’t generate money in the future, like a boat or a high priced car. Save up and buy these kinds of things with cash, not with debt. Set aside a certain amount of savings each month just for this purpose.
Here are some other tips to help you control your debt. Always pay a bill when it’s due and don’t incur interest or late charges. Start paying off your most expensive debt first. For instance, if you’ve two credit cards and one has a higher interest rate, pay that one off first. Don’t fall into the monthly minimum payment trap. It will take many more years to pay it off. If you’re refinancing, just aim at reducing your interest rate and not consolidation of debt. Let us help you develop a debt management strategy as part of your overall investment plan. Give us a call today.
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Marketing Content for Life Insurance
YouTube Life Insurance: How Life Insurance Can Generate Retirement Income
Many people don’t know that a whole life insurance policy can be a source of income for retirement. With a whole life policy, your premiums don’t change, and coverage lasts for the rest of your life. Whole life policies also accrue “cash value” over time, because a small percentage of the premium that you pay for insurance costs goes into a savings account that earns interest. The rate of return varies from company to company, and the cash value of the policy can be withdrawn as an additional source of retirement income. If the amount withdrawn doesn’t exceed the amount you’ve paid in premiums, that money will be tax-free. Of course, withdrawing these funds will reduce the death benefit to your beneficiaries, and withdrawing any dividends earned could be taxed as income. Before deciding whether a whole life policy is right for you, you should understand all your options by speaking with a financial professional. To learn more about smart retirement savings strategies, give us a call, or visit our website today.
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How to Choose a Financial Advisor – Video Tip
How to Choose a Financial Advisor – Video Tip
Various financial industries strive to create standards of excellence through accreditation programs. When choosing a Financial Advisor, here are some designations you should look for.
A CFP is a Certified Financial Planner who must pass stringent standards for Education, Examination, Experience and Ethics while providing financial planning to clients.
A ChFC is a Chartered Financial Consultant and is very similar to the CFP except it does not require a comprehensive board examination.
A CLU is a Chartered Life Underwriter. This is the most respected insurance designation for agents who specialize in life insurance and estate planning.
A CPA is a Certified Public Accountant who has passed required college courses and has a bachelor’s degree. In addition, they have passed a 19 hour 2-day exam. Their focus is taxes, auditing and bookkeeping.
A CFA is a Chartered Financial Analyst who has passed a rigorous course of study. Their focus is investment analysis and portfolio management.
There are many new designations that have developed recently. But most are not as rigorously tested as CFP and CPA. Designations are an important part of your selection process. Always choose someone who understands your situation and focuses on providing for your needs. Ask us about our experience and our methodology to provide for your needs today.
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