Health Insurance Archives - Page 2 of 2 - Medicare Supplemental Tx

Who Decides Your Health Care … If You Can’t?

You can actually appoint a medical power of attorney for all your health care. Most estate planners say that this may be one of the most important documents they prepare for their clients.

We recommend that it be someone who is very familiar with you and how you would like to be cared for. Also someone who can be available within a few hours and is willing and able to make decisions, and sometimes difficult ones that possibly you have already discussed.

How it works is, through a health care power of attorney, you designate someone you trust as your health care proxy or sometimes called health care “agent”. This person has the authority to make important decisions about your health, combined with a living will, these advance directives can guide your family and the ones you love not to mention the health providers in making decisions on how to treat you in the event you are incapacitated.

Now don’t worry if you don’t have an estate planning attorney, ask your financial services advisor or CPA to refer you to one so that you can set up a power of attorney for your health care today.

This is one more step to peace of mind!

Email us today for a referral to an estate planning attorney in your area, we will be happy to help you find one.

Email: info at fbsagency.com or call 877-740-8683

Medigap Plan G for the Future

For years we have beleived that Plan F was “the choice” for a Medicare Supplement, or Medigap, plan. There have been several changes in recent years, though, that have made the Plan G Medigap policy more attractive. When Modernized Medicare Supplement plans were introduced in June 2010, that made the coverage gap narrower between the Plan F and Plan G. Now, the only difference between the two plans is that with Plan G you are responsible for your Part B Deductible. In 2012, the Part B Deductible was $140, and in 2013 it is $147. It really makes sense to choose Plan G, if there is ever an annual price difference that is greater than the Part B Deductible. Another factor that is becoming more important is Guaranteed Issue. In a Guaranteed Issue situation, an unhealthy person, with pre-existing conditions, can purchase a Plan F Medicare Supplement, but would have to qualify for a Plan G. That means there are potentially more sick people, with higher claims, enrolled in the Plan F. That has caused many carriers to have steep rate increases for their Plan F policies, while keeping the Plan G premiums more stable. The Affordable Care Act also spawned a recent move to either impose cost sharing on plans that have 1st dollar coverage, like the Plan F, or to place a surcharge on these plans. While these changes haven’t happened yet, we have encouraged our current Plan F customers, to look at changing to a Plan G. If you have a current Plan F Medicare Supplement, and are in good health, you owe it to yourself to take a look at the Plan G. We consider it the wave of the future.

For more information, or a free, no obligation quote, please visit www.emedigap411.com , or call 877-740-8683, to speak to a licensed agent.

Medicare Disability-Turning 65

We recently wrote about Medigap Policies for people on Medicare Disability. While some states have under 65 requirements, it is important to remember that each person, regardless of where they live, will have a new Open Enrollment Period the first month that they are both 65 and older, and on Medicare Part B. For people that were unable to get a Medicare Supplement when they were on Medicare Disability, this is a unique opportunity. Perhaps even more important, is the chance for people that had a Medigap Policy under 65 to get a fresh start. When people are fortunate enough to have a Medigap Policy while they are on Disability, the premiums are generally much higher than they would be for someone over age 65, and the plan choices are often limited to Plan A only. While the Plan A can be a good value for many people on Medicare Disability, a Plan F or Plan G provides many more benefits. We were recently able to help one of our current Plan A customers obtain a Plan G, when they turned 65. While their Plan A policy had gone down in price at their 65th birthday, they were able to get the much better Plan G, for about the same price, without having to answer any Health Questions. If you or someone you know has been on Medicare Disability, please call 877-740-8683, or visit www.freedomfreequote.com , for more information on this important time period.

Texas Long Term Care

Many people are unaware of the need for Long Term Care Insurance. Nearly 70% of people over age 65 will need some type of Long Term Care, and the cost of care can reach $70,000 per year. To watch a quick overview, click the Own Your Future Video. While the traditional image of Long Term Care is a Nursing Home, today more people are receiving Home Health Care or even residing in an Assisted Living Facility. If you think Long Term Care is covered by Medicare even with a Medigap plan, Disability, or Health Insurance, you need to take another look. While Medicaid does cover Long Term Care, you have to qualify. Long Term Care Insurance is the one type of coverage designed to pay for Long Term Care. One of the more recent changes in Long Term Care Insurance has been the addition of Texas Long Term Care Partnership-qualified plans. If you own a Partnership Qualified plan, you can have a dollar for dollar offset in asset protection. For example, if you receive $50,000 in benefits under a Partnership Quailifed plan, you could set aside $50,000 in protected resources if you did have to later receive benefits from Medicaid. While the subject of Long Term Care is not always easy, the time to purchase is while you are still young enough to qualify, and receive a reasonable rate. To find out more about Long Term Care Insurance, and Partnership qualified plans, call 877-740-8683, or visit www.freedomfreequote.com , to request a free Long Term Care Planning Kit.

Medicare Part B and COBRA

Over the years we have found there is a lot of confusion concerning Medicare Part B and COBRA. Many people think that as long as they have COBRA, they don’t need Medicare Part B. Unfortunately, the special rule for delaying Part B is based on current employment(either you or your spouse). COBRA is not considered current employment coverage. Most people are able to delay enrolling in Part B, as long as they are still working. Once the employment ends, however, the clock starts ticking. You will have 8 months to sign up for Part B without a penalty. If you wait for COBRA to end, or go past the 8 months, you can be subject to a penalty of 10% of your Part B premium for each year that you were not enrolled. And that penalty stays with you as long as you have Medicare. Even more important, if you miss that deadline, you would have to wait until the next General Enrollment Period(from January 1st until March 31st each year), and your Part B coverage wouldn’t start until July 1st. This could have devastating consequences if a serious illness were to strike during that time. Another important thing to remember is that your Medigap Open Enrollment Period begins when you are both 65 and enrolled in Part B. This is a one time opportunity to purchase a Medicare Supplement policy, regardless of your health conditions. Some people go back to work, or get on a spouse’s current employment coverage, after enrolling in Part B. At this time, you may be able to disenroll from Part B, and enroll at a later time(such as when that employment ends), without a penalty. This can sometimes be a good strategy, but it is important to remember that your Medigap Open Enrollment doesn’t re-start. With more people working longer, delaying Social Security, or Part B, it more important now than ever to have good advice on your Medicare choices and deadlines. Please call at 877-740-8683, for a personal review of your situation.

“Harvard Study” Drives Life Insurance Sales

I saw a headline like this the other day that caught my eye. When I took a closer look, the headline was tongue in cheek. The point was that it really shouldn’t take a “Harvard Study”, or any other scary facts, to motivate someone to purchase Life Insurance. Simply put, we are all going to die, and there is rarely enough money to replace the Lost Income, Medical Bills, or Final Expenses that occur. If it has been a while since you have updated your Life Insurance, or have recently had a life changing event, it may be a good time for a Life Insurance Review. Just give us a call at 877-740-8683, or visit www.freedomfreequote.com , for a friendly, no obligation consultation.

Disability Income Insurance for Sickness

Many people mistakenly believe that Accidents are the leading cause of Disabilities. According to the Council for Disability Awareness, though, 90% of Disabilities are caused by Illnesses. While some people have Disability Insurance at work, it may not be enough to truly protect your paycheck. If you are self-employed, the outlook is even more grim. Studies show that the average Disability payment from the Government is only $1,111 per month, and can take months or even years to qualify for. To find out if you have enough Disability Income Insurance, and get a free quote, please call 877-740-8683, or visit www.freedomfreequote.com .

Update on Universal Health Care Plan Termination in TX

We published an article last month, Medigap Guaranteed Issue-Plan Termination, that had valuable information for anyone who was affected by the Universal Health Care plan terminations in FL, and several other states. At the time, the Universal Health Care HMO plans in TX and NV were not included in the plan termination. Since then those entities have terminated their contract with the Centers for Medicare and Medicaid Services(CMS), by “mutual consent”. In addition, the Texas HMO has also been placed in receivership. The members that were enrolled in these plans lost their coverage on 5-1-2013, and were returned to Original Medicare. The good news for these members is that they will have a Special Enrollment Period until June 30^th 2013. During this time, they will be able to choose a new Medicare Advantage plan that is available in their service area. More importantly, this will trigger a Guaranteed Issue opportunity for these members to purchase a Medicare Supplement, also known as a Medigap policy, without having to answer any health questions. A lot of these people have had health conditions that would have made them unable to purchase a Medigap policy in the past, so it is very important to know the options, and deadlines, so they don’t miss this opportunity. If you or someone you know has been affected by any of these plan terminations, Please call 877-740-8683, or visit www.emedigap411.com for more information.

Reminder: Anyone that was involved in the earlier plan termination on 4-1-2013, will have a deadline of May 31^st 2013.

Medicare Disability Medigap Policy

Many people who are under 65 and on Medicare Disability are unaware that they could be eligible for a Medicare Supplement, or Medigap, policy. That has meant that a lot of people on Medicare Disability have thought their only option was a Medicare Advantage Plan. While not all states have requirements that Insurers offer under 65 Medicare Supplements, if your state has these requirements, it can be a great option. The people we have found that benefit the most from having an under 65 Medigap policy are those that have higher out-patient costs. Even a Plan A Medigap policy(which is often the only choice under 65) will pay the 20% Part B co-insurance. This can be a life saver for people that have high Part B drug costs. It is also important to know that if your state does have under 65 requirements, you have many of the same Medigap protections, such as Open Enrollment within 6 months of Part B effective date, Guaranteed Issue if your plan terminates, etc. To find out if your state has under 65 requirements, and find the best price in your area, call 877-740-8683, or visit www.emedigap411.com