Choosing Medicare Coverage – Retirement Tips
How Do I Choose Medicare Insurance Coverage When I Retire?
Video Transcript:
Many people are uncertain about their choices when it comes to enrolling in Medicare insurance.
There are 2 main ways to get your coverage – you can choose the traditional fee-for-service Medicare insurance, known as Original Medicare insurance, or a Medicare Advantage plan.
Medicare Advantage plans are similar to an HMO, which stands for Health Maintenance Organization, or a PPO, which stands for Preferred Provider Organization.
Original Medicare insurance consists of Part A – Hospital Insurance for in-hospital care, and Part B -Medical Insurance for outpatient services like doctor visits and lab tests.
Medicare Advantage, known as Part C, is a managed care option that rolls all the different parts of Medicare insurance into one.
And everyone on Medicare insurance is eligible for prescription drug coverage either from a Part D plan or a Medicare Advantage Plan offering drug coverage.
There are many considerations that can factor into the Medicare program planning process. Let us help you with your important Medicare insurance decisions. Call to speak to a licensed insurance agent.
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Retirement Tips – Videos from YouTube
Don’t Let Timing Ruin Your Retirement – Video Tip:
Did you know that one of the greatest risks to your retirement portfolio can happen in the first years you retire? The timing of when you begin withdrawing money from your investments can dramatically impact your long-term wealth. It’s called sequence-of-return risk, and the danger is very real.
When you make regular withdrawals from investments while market returns are down, your portfolio shrinks faster because the investments are worth less. If that happens early in retirement, it’s more difficult to rebuild your assets and get back on track – you could even deplete your portfolio before the good returns show up.
But there are ways to protect yourself from negative returns in the early years of your retirement, including reducing risk in your portfolio and modifying spending in down market years.
For more information on how to achieve a successful retirement, call or visit our website today.
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Health Savings Account – Whiteboard Video Tip
Turnkey Video on Health Savings Account:
A Health Savings Account is a personal savings account you can set up to help lower your overall medical costs. An HSA account allows you to set aside pre-tax dollars for covered medical expenses like deductibles, copayments, coinsurance, and some others depending on the plan. HSA funds can be used at any time for a covered expense and contributions can be deposited and withdrawn tax-free.
You can contribute to an HSA if you’re enrolled in certain high deductible health plans or HDHPs. HDHPs usually offer lower monthly premiums, but you must cover more of the health costs out-of-pocket before the insurance company covers their share.
You’re not eligible to contribute to a Health Savings Account if you’re covered by Medicare or by an insurance plan that pays its share of a covered service without you paying a copay or deductible first. Some HSA plans even let you use HSA funds for covered medical expenses for spouses or dependents and let you roll over unused savings to the following year. To find out more about Health Savings Accounts, call us today.
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Medicare Supplement vs. Medicare Advantage
Video Lesson: Medicare Supplement vs. Medicare Advantage
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Identity Theft – Brand your own Turnkey Videos
Identity Theft – Brand your own Turnkey Videos
What is the real cost of identity theft? It goes beyond just financial loss. In the past, identity theft happened when someone stole your wallet or picked through your trash or your mail. Today’s theft is much more sophisticated. Today, it’s cyber-crime, and there are over 1.5 million victims daily. The information targeted is your bank account information, Social Security number, or credit card information. Computers, smart homes, and even hacked ATM machines are sources under attack. Sometimes it is beyond your control. Even big, reliable companies have their systems hacked. Beyond the financial costs, there are legal costs and time needed to restore your good credit. It can take years to recover. In the meantime, your credit rating may be affected, disqualifying you for loans, or your employment may be affected.
There are several steps you can take to help protect yourself. You need strong online passwords that include upper and lower-case letters, numbers, and symbols. Do not provide financial information on public networks and use only reliable websites to purchase goods. Early detection is critical, so monitor your financial statements weekly. Freeze accounts if you suspect any irregularity and set up alerts when activity falls outside of set parameters.
We can help provide you with resources and guidance so that you can protect your accounts from identity theft.
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Marketing Content for Medicare Open Enrollment
Medicare Advisors – Marketing Content for Medicare Open Enrollment
What is the Medicare Insurance Open Enrollment Period… and what coverage changes can you make? If by Open Enrollment you mean the Medicare Insurance Annual Enrollment Period, from October 15th through December 7th each year, you can make changes to your current Medicare Advantage Program or Part D drug plan.
However, if you’re already enrolled in a Medicare Advantage Plan, your Open Enrollment window is from January 1st to March 31st. During this period, you can switch Medicare Advantage Plans, leave your plan to return to Original Medicare insurance with or without drug coverage, or just change your Medicare Advantage Drug Plan.
Finally, there is the Medicare insurance Supplement or Medigap Open Enrollment Period that occurs once in a lifetime, unless you are collecting Social Security Disability Benefits. It begins on your Medicare insurance Part B effective date, usually the first day of the month after you turn 65, and you don’t have to answer any health questions to qualify. Choosing a Medicare Supplement Plan during the Medigap Open Enrollment Period offers you the best chance to find a plan in your area that offers the coverage you need at the lowest cost. After six months, your window of opportunity closes, and you’ll have to answer health questions if you want to apply.
Navigating all these different Open Enrollment Periods can be confusing. There are also special circumstances that can affect the Special Enrollment Period timelines – and your eligibility – that your licensed insurance agent can make you aware of.
Let us help you with your important Medicare insurance decisions. Call to speak to a licensed insurance agent.
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Real Estate Investors – 1031 Exchange Tips
Turnkey Video for Digital Marketing – Four Basic 1031 Exchange Rules for Real Estate Investors
If you own investment property, you need to know how the IRS Section 1031, commonly referred to as a 1031 exchange, can work for you. A 1031 exchange is a strategy that allows an investor to defer capital gain taxes by selling a property and then reinvesting the proceeds into a new, like-kind property. Here are the basic rules of the 1031 exchange:
First, the taxpayer who sells must be the same taxpayer who buys.
Second, you must identify the new property within 45 calendar days after closing on the first property.
Third, you must purchase the replacement property within 180 calendar days after closing.
Fourth, the replacement property price must be equal to or greater than the old property.
If the new property price is less than the old one, the difference may be taxed. A 1031 exchange can be a powerful tax-deferment strategy offering many opportunities to investors. To learn more, give us a call today.
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Digital Marketing for Financial Advisors – Video
5 Steps Towards a Debt-Free College Education
Too many young people can’t afford college, and many more leave college under a mountain of debt. Here are 5 ways to plan for a debt-free education.
First, invest early in college savings plans like 529s or state prepaid tuition plans – parents and grandparents can participate.
Second, avoid loans if possible – they’re easy to obtain but difficult to get out from under after graduation.
Third, start your scholarship search early – you’ll have time to learn the requirements and boost your chances through academics or other activities.
Fourth, dual enroll or take advanced placement courses in high school – you’ll get college credits for free or very low cost.
Fifth, stay local – attend a state community college and then transfer. The tuition is lower than most private schools, and you’ll save money if you can live at home for a few years.
Also, while relocating may not be an option, keep in mind that some cities and states, like San Francisco and New York, offer free college tuition – although restrictions apply.
Everyone should have a chance to attend college – to find out more on how to fund a college education, give us a call or visit our website today.
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Retirement Whiteboard Videos for Reverse Mortgage, Financial Advisors, Loan Officers, and Medicare Insurance.
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Unlocking Digital Video Marketing – Engage and Educate!
Financial Advisors, Mortgage Lenders, Medicare Advisors
Unlocking Digital Video Marketing – Engage and Educate!
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