Medicare Insurance (For Age 65+)

Medicare Advantage Plans, also known as Part C plans, are offered by private insurance companies as alternatives to Original Medicare. Each plan provides the benefits included in Medicare Parts A and B; and in most cases, it also includes prescription drug coverage. Most plans even offer feature extra benefits like vision and dental to help support overall health. In addition, you can find plans with low or no monthly premiums. To be eligible, or enroll in a Medicare Advantage plan, you must be entitled to Medicare Part A, and enrolled in Part B. You must also live in the plan's service area. Other things to consider along with plan details, are monthly premiums, deductibles, and copays including provider networks, coverages, and out-of-pocket costs.

We offer MAPD or Medicare Advantage Prescription Drug Plans, otherwise known as Medicare Part C. What is Medicare? Medicare is a type of health insurance funded by the federal government. With some exceptions, this health insurance program is open to all U.S. citizens and legal residents aged 65 and older. For people younger than 65 years old eligibility for Medicare coverage depends on meeting certain requirements:

• They must already be receiving Railroad Retirement
• They must be receiving disability benefits from the Social Security Administration for at least 24 months.
• They must have end-stage renal disease (ESRD), which is permanent kidney failure.
• They must have amyotrophic lateral sclerosis (ALS), which is also called Lou Gehrig’s disease.

Parts of Medicare
There are four parts to Medicare with each one covering different types of medical services and offering different benefits:

• Medicare Part A, or “hospital insurance,” covers inpatient care in hospitals and skilled nursing facilities as well as hospice and home health care.
• Medicare Part B, or “medical insurance,” covers the services you receive from doctors and health care providers, including outpatient care, home health care, durable medical equipment and preventive services like wellness visits.
• Medicare Part D, or prescription drug coverage, helps lower your costs for prescription medications; it is mandatory to have Part D with Parts A & B otherwise, you will incur penalties without creditable coverage.
• Medicare Part C, or Medicare Advantage, works a little differently; it offers plans that are available through private companies that bundle Parts A, B and D into one part, (MAPD) giving you an alternative to the three-part original Medicare. These plans also often offer extra benefits and lower out-of-pocket costs. However, they typically have their own network of providers regarding participating doctors and hospitals.

Extra benefits that MAPD's may include:

• Comprehensive Dental Plans
• Vision and Hearing Plans
• Over the counter medicine allowance
• Fitness with Silver Sneakers
• Meals and Transportation
• In-Home Caregiver Support

Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please check out Medicare.gov or call 1-800-MEDICARE to get information on all your options.

Affordable Healthcare (For Individuals under 65)

Affordable Health Care Insurance, in conjunction with the Affordable Care Act, enacted in March 2010, in simple terms, implements health insurance reforms that expanded and improved Medicaid programs in accordance with Medicaid.gov.

Under this Act, there are uniform federal income standards for Medicaid approval across the country. Prior to this, and per Medicaid.gov guidelines, the income requirements for Medicaid approval varied from state to state. In addition, the Act also forces health insurance providers to cover children with pre-existing conditions and allows young adults up to age 26 to be covered under their parents’ health care plans. It also gives consumers the right to appeal decisions made by health insurance companies. It also provides no-cost preventative care, protects the consumer’s right to choose a doctor, and allows consumers to get emergency room care at out-of-network hospitals. To determine your eligibility, and options, contact us now.

Guaranteed Life Insurance / Final Expense Coverage

Guaranteed life insurance, otherwise known as Final Expense Plan, is generally for those over age 50. It’s certainly a way to bring you peace of mind. Although the unexpected can happen at any age, no matter how steadfast we are about staying healthy and keeping up with our doctors, your plan can be used by your beneficiaries to help cover final expenses like medical bills, burial costs, and unpaid debts. It is a practical solution to help your loved ones manage a difficult period. The National Funeral Directors Association states that the average funeral costs in 2021 are over $11,000¹. In the event of a sudden passing, these costs can be a significant burden to deal with if there isn’t a plan in place. With a guaranteed life insurance plan or a final expense plan in place, you will be helping to ease the burden and stress on your loved ones.

Check out these benefits/features of a final expense policy:

• No medical exam, no health questions, no hassle: If you’re over the age of 50, questionnaires or phone interview may be required
• Cash value can serve as a financial cushion: Your plan accumulates cash value since it is a whole life insurance policy
• Lessen stress on your family during a difficult time: Help reduce the burden of your final expenses on your loved ones.
• Tax-free payouts: It means your beneficiary or beneficiaries will receive the full amount of the policy. To reiterate, a Final Expense plan is a great way to maintain peace of mind without causing financial stress. Rates are locked in for life if your premiums are paid, and your premium will not increase unless you decide to increase coverage or adjust the frequency of your payments. To learn more, contact us now for a free consultation.

 

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What is a fixed index annuity?

A fixed index annuity is a contract between you and an insurance company. When you place your money in a fixed index annuity, you receive a certificate. Your contract allows for a number of benefits. These are the benefits that the insurance company guarantees:

• steady stream of retirement income – your annuity provides an income stream.
• tax advantages
• legacy

With a fixed index annuity, you can leave a legacy for your loved ones, as well as enjoy the following benefits:

• Growth – although not invested in the stock market, it offers the potential to grow at an interest rate comparable to the stock market rate.
• Flexibility – some riders either built-in or for extra fees help address specific needs, as well as different options to receive income.
• Tax Deferral – unless you take it out or make a withdrawal, you do not pay taxes on the interest your annuity earns; your money accumulates faster because of compounded interest.
• No Risk to Principal – although your contract earns interest based on an external index, you are not investing in the stock market or buying any stocks or shares of an index; your principal is protected from market losses.
• Guaranteed Income – you can count on a reliable income stream that you can use when you retire; you may elect to set your contract for period of time or for as long as you live; you can also opt to get increasing income.

Fixed index annuities have two phases:

Accumulation Phase - An annuity is a contract between you and the insurance company. You pay the insurance company one or more premiums or purchase payments; the insurance company gives you a certificate and/or certificates and guarantees certain benefits as outlined above; your annuity earns interest, and your annuity grows tax deferred. You don’t have to pay taxes on the interest your annuity earns until you take the money out of your annuity. Compounded interest helps the money in your annuity grow faster.

Distribution Phase – after a specified period, you may start to receive the amount set in your annuity contract either in a lump sum, over a period of time, or as income for the rest of your life.

For more information, contact us at +1 (732) 690-6511. Ask for Renelia.