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Life Insurance

PROTECT THE ONES YOU LOVE THE MOST

What is Life Insurance

Life insurance is a contract between an insurer and a policyholder. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured policyholder dies, in exchange for the premiums paid by the policyholder during their lifetime.

How Life Insurance Works

A life insurance policy can has two main components - a death benefit and a premium. Term life insurance has these two components, but permanent or whole life insurance policies also have a cash value component.

Death Benefit – The death benefit or face value is the amount of money the insurance company guarantees to the beneficiaries identified in the policy when the insured dies. The insured might be a parent, and the beneficiaries might be their children, for example. The insured will choose the desired death benefit amount based on the beneficiaries’ estimated future needs. The insurance company will determine whether there is an insurable interest and if the proposed insured qualifies for the coverage based on the company’s underwriting requirements related to age, health, and any hazardous activities in which the proposed insured participates.2
Premium – Premiums are the money the policyholder pays for insurance. The insurer must pay the death benefit when the insured dies if the policyholder pays the premiums as required, and premiums are determined in part by how likely it is that the insurer will have to pay the policy’s death benefit based on the insured’s life expectancy. Factors that influence life expectancy include the insured’s age, gender, medical history, occupational hazards, and high-risk hobbies. Part of the premium also goes toward the insurance company’s operating expenses. Premiums are higher on policies with larger death benefits, individuals who are higher risk, and permanent policies that accumulate cash value.

Cash Value – The cash value of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured; the cash accumulates on a tax-deferred basis. Some policies may have restrictions on withdrawals depending on how the money is to be used. For example, the policyholder might take out a loan against the policy’s cash value and have to pay interest on the loan principal. The policyholder can also use the cash value to pay premiums or purchase additional insurance. The cash value is a living benefit that remains with the insurance company when the insured dies. Any outstanding loans against the cash value will reduce the policy’s death benefit.

Types of Life Insurance

Many different types of life insurance are available to meet all sorts of needs and preferences.

Death Benefit – The death benefit or face value is the amount of money the insurance company guarantees to the beneficiaries identified in the policy when the insured dies. The insured might be a parent, and the beneficiaries might be their children, for example. The insured will choose the desired death benefit amount based on the beneficiaries’ estimated future needs. The insurance company will determine whether there is an insurable interest and if the proposed insured qualifies for the coverage based on the company’s underwriting requirements related to age, health, and any hazardous activities in which the proposed insured participates.
Premium – Premiums are the money the policyholder pays for insurance. The insurer must pay the death benefit when the insured dies if the policyholder pays the premiums as required, and premiums are determined in part by how likely it is that the insurer will have to pay the policy’s death benefit based on the insured’s life expectancy. Factors that influence life expectancy include the insured’s age, gender, medical history, occupational hazards, and high-risk hobbies. Part of the premium also goes toward the insurance company’s operating expenses. Premiums are higher on policies with larger death benefits, individuals who are higher risk, and permanent policies that accumulate cash value.
Cash Value – The cash value of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured; the cash accumulates on a tax-deferred basis. Some policies may have restrictions on withdrawals depending on how the money is to be used. For example, the policyholder might take out a loan against the policy’s cash value and have to pay interest on the loan principal. The policyholder can also use the cash value to pay premiums or purchase additional insurance. The cash value is a living benefit that remains with the insurance company when the insured dies. Any outstanding loans against the cash value will reduce the policy’s death benefit.

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More On Life Insurance

Life Insurance Overview
Types of Life Insurance

Income Planning

IT'S NEVER TOO EARLY TO PLAN FOR YOUR RETIREMENT

Start Here: Create Your Account with SSA.gov

A secure, comfortable retirement is every person’s dream. Since we're living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did. Achieving the dream of a secure, comfortable retirement is much easier when you plan your finances accordingly.

Social Security Retirement Planner Can Help You Now

A good place to start thinking about planning for your retirement is with the Social Security Planner. Here you can find tools and guides to help you think through this phase of your life. It also points out things you may want to consider as you prepare for the future.

Using Resources You Can:

Find your retirement age
Estimate your life expectancy
Use the Retirement Estimator and the other benefit calculators to test different retirement ages or future earnings amounts
Learn about Social Security programs
Find out what happens if you work after you retire or if you are already a Medicare Beneficiary
Learn how certain types of earnings and pensions can affect your benefits.

Did you know that an annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments? In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred earning and may include a death benefit that will pay your beneficiary a guaranteed* minimum amount, such as your total purchase payments.

Unlike retirement plans, there is no limit to how much money you can put into an annuity! The number of annuity products on the market today can make selecting the most suitable annuity a confusing process.

Some Facts to Consider:

Timing of payout – immediate or deferred: In an immediate annuity, the annuitant (you) begins receiving payments immediately after purchase. This is for individuals who need immediate income from their annuity. In a deferred annuity, payments begin at some future date, usually at retirement.
Investments by Insurers – fixed or variable: Insurance companies invest annuity assets in government securities and high-grade corporate bonds. They offer a guaranteed* rate, typically over a period of one to ten years. Variable annuities provide you more control over where your premium goes, such as securities portfolios, fixed interest accounts, and money market securities.
Liquidity options – An annuity may allow you to withdraw either your interest earnings or up to 15% per year without a penalty (although any withdrawal from an annuity may be subject to taxes and a 10% federal penalty if taken before age 59 1/2).

Types of Annuities

Fixed annuity: The insurance company guarantees that you will earn a minimum rate of interest during the accumulation phase of the annuity. Plus, it guarantees that the periodic payments will be a set amount. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse. Fixed annuities are not securities and are not regulated by the SEC.
Variable annuity: Provides purchaser more choice as to where their premium goes through a selection of sub-accounts, similar to mutual funds. The rate of return on your purchase payments, and the amount of the periodic payments you will eventually receive, vary depending on the performance of the sub-accounts you selected. Variable annuities are securities regulated by the SEC.
Equity-indexed annuity is a "hybrid" type of annuity. During the accumulation period – when you make either a lump sum payment or a series of payments – the insurance company credits you with a return that is based on changes in an equity index, such as the S&P 500 Composite Stock Price Index. (An annuity’s index account does not credit the same return or a percentage of the return of any index. Dow Jones indices do not include the dividend income of the company stocks that comprise it.) The insurance company typically guarantees a minimum return. After the accumulation period, the insurance company will make periodic payments to you under the terms of your contract, unless you choose to receive a lump sum. Depending on the mix of features, an equity-indexed annuity may or may not be a security. The typical equity-indexed annuity is not registered with the SEC.

Before You Decide:

If you are considering purchasing an annuity call us to discuss the following:

The rating of the insurance company (indicating their financial strength) issuing the annuity, particularly in the case of a fixed annuity.
Understand the fees you will pay.
Understand that if you are considering a withdrawal from an annuity it may be subject to taxes and a 10% federal penalty if taken prior to 59 1/2 years of age

For additional information about annuities you can visit www.sec.gov/answers/annuity.htm (If you cannot access this information online, contact us to request a copy.)

For more Estate Planning information, visit http://www.dlamm.com/

* Annuity guarantees rely on the financial stability and claims paying ability of the issuing insurance company.

Your Social Security benefits are the foundation on which you can build a secure retirement. The three major elements of your retirement portfolio are:

Benefits from pensions,
Savings and investments, and
Social Security benefits.

Most financial advisors say you'll need about 70% of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. If you have average earnings, your Social Security retirement benefits will replace only about 40%. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You'll need to supplement your benefits with a pension, savings or investments.

To help you plan for retirement, the Social Security website includes a Retirement Estimator that lets you get a retirement benefit estimate based on current law and real time access to your earnings record. It also provide a Benefits Planner to help in the event of disability or loss of your family's wage earner.

Factors that may affect your retirement benefits

Your benefit amount is based on your earnings averaged over most of your working career. Higher lifetime earnings result in higher benefits. If you have some years of no earnings or low earnings, your benefit amount may be lower than if you had worked steadily.

Your benefit amount also is affected by your age at the time you start receiving benefits. If you start your retirement benefits at age 62 (the earliest possible retirement age) your benefit will be lower than if you wait until your full retirement age. If you start your retirement benefits after full retirement age, the monthly benefit may be higher due to delayed retirement credits.

If you are self-employed

Self-employed people must report their earnings and pay the taxes directly to the IRS. You are self-employed if you operate a trade, business or profession, either by yourself or as a partner.

You report your earnings for Social Security when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on IRS Schedule SE for Social Security purposes, in addition to the other tax forms you must file.

If you work for a federal, state or local government

If you work for a federal, state or local government where you do not pay Social Security taxes, the pension you receive from that agency may reduce any Social Security benefits for which you are qualified. There are two factors that may reduce your benefits.

The first factor affects the way your Social Security retirement or disability benefits are figured. The Windfall Elimination Provision fact sheet provides answers to questions you may have about this provision.
The second factor affects Social Security benefits you receive as a spouse or widow/widower. The Government Pension Offset fact sheet provides answers to questions you may have about this provision.

You can get more information on the website for Federal, State & Local Government Employees.

If you work outside the United States

If you work outside the United States (U.S.) for an American company or, in some cases, an affiliate company of an American company, you and your employer may have to pay Social Security taxes on the same earnings to both the U.S. and the foreign country. But, if you work in one of the agreement countries shown in our fact sheet, How International Agreements Can Help You:

Your Social Security coverage will be assigned to either the U.S. or the foreign country, and
You and your employer don't have to pay taxes to both countries.

You can get more information about work outside the U.S. on our International Programs http://www.ssa.gov/international/ website.

Prepare for your medical needs

Medicare is a health insurance plan for people who are 65 or older and people who are disabled or have permanent kidney failure. Medicare has three parts—hospital insurance, medical insurance and prescription drug coverage. Most people have all three parts.

Hospital insurance, sometimes called Part A, covers inpatient hospital care and certain follow-up care. You already paid for it as part of your Social Security taxes while you were working.
Medical insurance, sometimes called Part B, pays for physicians' services and some other services not covered by hospital insurance. Medical insurance is optional, and you must pay monthly premiums.
Prescription drug coverage, sometimes called Part D, pays for prescription drugs. Prescription drug coverage is optional, and you must pay monthly premiums. However, you also may be able to get extra help paying the monthly premiums, annual deductible and prescription co-payments.
If you are already getting Social Security benefits when you turn 65, your Medicare (Part A) starts automatically. If you are not getting Social Security, you should sign up for Medicare close to your 65th birthday, even if you aren't ready to retire.

If you are already receiving disability or survivors benefits when you apply for retirement

If you are receiving disability benefits when you reach full retirement age, nothing will change, except that your benefits will be called retirement benefits instead of disability benefits. If you are receiving survivors benefits and you also are eligible for your own higher retirement benefits, you can switch from survivors to retirement benefits as early as age 62 or as late as age 70. In many cases, widows/widowers begin receiving one benefit at a reduced rate and switch to the other benefit at an unreduced rate at full retirement age. However, if you switch, you will be paid only the higher of the two benefits, not both.

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More On Income Planning

Income Planning
How Annuities Can Help You Not Outlive Your Income
Preparing For Retirement

Estate Planning Overview

PLAN FOR THE FUTURE TODAY

What is Estate Planning

Estate planning is not just for wealthy individuals who have multiple homes, businesses, and assets. Nor is estate planning something only the elderly should be concerned about. Nearly everyone has an estate and when (not if) something happens to you, having an estate plan will ensure everything you leave behind is taken care of as you wish.

What Does An Estate Plan Do?

An estate plan’s purpose is to offer various directives to those caring for you if you become disabled or for those you leave behind. The instructions you provide are included in various legal documents including wills, trust, beneficiary forms, and the like.

In general, estate plans give medical directives if you become incapacitated in additional and final and financial instructions if you pass away. Estate plans can address almost all concerns for your family by determining:

Your end of life services
When life support will cease
Who will take care of your pets
When to move to a nursing home
Who will take care of your children
Who should make medical decisions
Who will inherit your money and assets
The kind of medical care you will receive
How your businesses will continue operations

Proper estate planning makes sure decisions can be made swiftly and as you desire. Failure to create an estate plan will leave important decisions up to the State.

How Do I Create an Estate Plan?

There is never a better time than now to begin creating your estate plan. Begin researching estate planning checklists and start updating important documents. Early steps will include creating a will, updating beneficiaries, and purchasing life insurance. While there are many steps of estate planning you can do on your own, it is advisable to seek the advice of an estate planning attorney. Every state has different laws that require consideration. Estate plans control your legacy, protect and distribute assets, and can provide for those who you leave behind. If you have any questions about estate planning, please contact my office today to learn more.

Estate plans are as much for you as they are for your loved one. By not having a plan in place, your family may be required to make life and death decisions, your assets may go to unintended relatives, and children could be raised by someone appointed by the state.

Fortunately, for most families, estate planning is not complicated. But planning does require making a commitment to completing the necessary paperwork that will be honored in your state. While many documents can be completed on your own, it is wise to have an attorney specializing in estate planning to review them on your behalf.

The estate planning process can be broken down into six steps.

Create a will – This is the most basic estate planning tool. A last will and testament will provide instructions as to who will inherit your belongings. Bear in mind, assets will still need to go through the probate process. This means your estate will become public and incur costs to your family.

Create a trust – Generally speaking, a trust separates ownership from use. Trusts allow your property to transfer directly to your beneficiary, without going through probate. Specialty trusts can also be used to maintain eligibility for government programs, special directives for special needs children, or create spendthrift protections.

Establish directives – Directives are useful both medically and financially and are important in the event you become disabled and lose the ability of decision making. Health care directives will keep your family from having to make life-and-death decisions. Powers of attorney can give family members (or other trusted individual) to make financial decisions on your behalf.

Update beneficiaries – Review the beneficiaries named on all retirement accounts and life insurance policies. Make sure you have named the right people. Do not leave beneficiary information blank as the courts will determine who receives the benefits during probate.

Make final arrangements – When a family is grieving, decision making becomes difficult. Make sure you clearly outline your final arrangements so your loved ones can make sure your wishes are met and to avoid conflicts.

Purchase life insurance – Evaluate your family’s life insurance needs and purchase an appropriate amount of coverage. If you are a business owner, life insurance is critical to allow your company to continue operations and maintain preferred ownership positions. Consult with a licensed insurance agent on the best options available to you.

Your estate plan is a living blueprint. Make sure you annually regularly review your plan so it may keep pace with the changes in your life. Also, make sure your documents are stored safely, and in a location known by a trusted individual.

Estate planning will provide the peace of mind knowing of knowing your family will not need to worry about making difficult decisions during the somber time. If you have any questions regarding estate planning or would like assistance starting your estate plan today, please contact my office.

Term Life Insurance

Term Life insurance is life insurance that you pay for during a specified length of time or term – generally one to 30 years. You select the amount of the death benefit or face amount to meet your needs.

Premiums, or payments, which can be the same amount or increase with time, must be made monthly, quarterly, semi-annually, or annually. If you die during the term of coverage, the face amount of your policy will be paid to your beneficiaries. Term insurance policies do not accumulate cash value and therefore usually offer lower premiums than other life insurance products with the same face value.

Universal Life Insurance

Universal Life is permanent insurance that has the potential to accumulate cash value. However, it offers additional features and options. For example, you can increase or decrease your policy's face amount to accommodate your changing protection needs. You can also increase or decrease the dollar amount of your premium payments and make additional lump sum payments to your policy. Since a Universal Life policy accrues cash value, you can borrow against this cash value for any purpose.

You have the option to skip premium payments if your account has accrued sufficient value because the premiums will be taken from the accrued value. A Universal Life policy also has the potential to earn a higher rate of return than a whole life policy, although there is a risk that your rate of return could drop.

Whole Life Insurance

Whole Life Insurance is life insurance that you own for your entire lifetime. The amount of the death benefit or face amount can be selected to meet your needs.

Premiums, or payments, are fixed and can be paid monthly, quarterly, semi-annually, or annually. As more premiums are paid, your policy accumulates a cash value that grows on a tax deferred basis. In essence, whole life is like buying a house versus renting it. The monthly cost is higher than it would be for a term life policy, but with each payment you make you gain equity. You can borrow against a Whole Life policy for any purpose. Loans, however, require you to pay interest and any borrowed amount you do not pay back is deducted from the payout to your beneficiary at the time of your death.

Final Expense Insurance

Your family means the world to you. The last thing you want is to leave them with major expenses after you’re gone. Final Expense insurance is life insurance that helps provide the money they may need to pay medical bills, funeral expenses, legal fees or unpaid bills. It is an insurance policy that lets you decide how your assets are distributed. By planning ahead, you can help protect your loved ones from unnecessary financial stress when you die. And, you can distribute your assets in the manner you decide!

For more Estate Planning information, visit http://www.dlamm.com/

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More On Estate Planning

Estate Planning Overview
The Estate Planning Process
Navigating Life Insurance
Burial and Final Expense Insurance

Long Term Care

AN IMPORTANT PLAN OF YOUR FUTURE PLAN

What is Long Term Care Insurance and How Does It Work?

With the traditional long term care insurance you pay your premium, and if you need long-term care due to age or illness, the policy pays out a daily or monthly benefit. Some people think that if they die without needing long-term care, they feel they’ve “wasted” the premiums. But there is more than one type of Long Term Care Insurance

Hybrid Long Term Care Insurance

With a hybrid plan you can withdraw funds from the policy for long-term care, and the insurance company pays for care when those funds run out. And, if die without having needed expensive long-term care, your heirs receive a death benefit.

Another consideration is that the benefits are guaranteed. If you pay your premiums (usually for 10 years or less), you will have a contractually guaranteed death benefit, guaranteed cash value and a guaranteed amount of long-term care coverage.

Although hybrid policies provide you the ability to elect your long term care insurance benefits at the outset, monthly benefit, benefit period, and inflation protection they are not as flexible as traditional plans.

Some hybrid linked benefit insurance policies are funded with a one-time single premium up-front such as $50,000 or $100,000. Others are paid over short periods of time, which can make them very costly.

Plus, the premiums you pay for hybrid policies are not potentially tax-deductible, because hybrid policies are not considered tax-qualified policies.

Traditional Long Term Care Insurance

With a traditional stand-alone policy, which can be custom-tailored to suit your needs, you elect your benefits at the start

Monthly Benefit
Benefit Period (2 years, 3 years, 4 years, 5 years, 6 years, Unlimited) (Individual or Shared)
Inflation Protection
Waiting Period (30 Days - 180 days)

Your premium is guaranteed renewable. Premiums are typically paid on a monthly, quarterly, semi-annual or annual basis. As long as you pay your premium, you will have coverage in-force.

Most importantly because traditional policies are able to be customized. You are able to design the policies to account not only for your current needs but also to account for future inflation.

Give us a call and let’s discuss if it’s worth it for you to consider a hybrid insurance policy or if a traditional long term insurance policy makes more sense.

When it comes to insurance there isn't a one-size fits all approach. This is especially true when it comes to long-term care insurance.

When thinking about your long-term care insurance policy, it is important to take the following into consideration

Protecting Your Assets

Long term care insurance should be a factor in your overall retirement planning. Because needs, resources and personal situations differ, it's important to discuss your situation with a trusted advisor.

Current Long Term Care Costs

Whether you plan to move to a warmer climate or closer to your family, the cost of care varies by state and by region. Where you retire is an important factor in determining the amount of coverage you will need.

Here are some national average costs for long-term care in the United States (in 2016).

$225 a day or $6,844 per month for a semi-private room in a nursing home
$253 a day or $7,698 per month for a private room in a nursing home
$119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
$20.50 an hour for a health aide
$20 an hour for homemaker services
$68 per day for services in an adult day health care center

Remember, the cost of long-term care depends on the type and duration of care you need, the provider you use, and where you live.

How Much Care Will You Need

The duration and level of long-term care will vary from person to person and often change over time. Here are some statistics to take into account:

Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.
Women need care longer (3.7 years) than men (2.2 years).
One-third of today’s 65 year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years.

As you can see there are many issues surrounding buying long term care insurance. We know you have questions so give us a call and let's sort them out.

Fiction: I am probably already covered for long term care.
Fact: Most people think that their insurance covers long term care expenses. That is not so. Long term care is NOT covered by other kinds of insurance, including your HMO, health or long term disability insurance. Only long term care insurance that you typically purchase on your own covers day-to-day personal care assistance when you are unable to perform everyday activities like bathing and dressing.

Fiction: Medicare or Medicaid will cover my long term care.
Fact: Medicare does not generally cover long term care. Medicare pays for skilled care in a nursing home only for short periods (only up to 100 days) during which you are recuperating following a hospital stay for a related condition. If you need personal or custodial care, Medicare will not pay these costs. Medicare will only pay for care at home under very limited circumstances. Medicaid pays for long term care only for people with very low assets and limited income.

Fiction: Long term care is only for the elderly.
Fact: While the majority of people who require long term care are elderly, younger people can require it at any time due to an unexpected illnesses, diseases, injuries or accidents.

Fiction: I won’t need long term care insurance because my family will be able to care for me.
Fact: Families do and will continue to provide care, but what if you need professional help or a stay in a nursing home or assisted living facility? Plus, caring for a family member can be a huge financial and emotional burden. And, the fact that family and friends may help supplement care does not have any bearing on the cost of coverage.

Fiction: I can’t afford long term care insurance.
Fact: Long term care insurance is more affordable than you might think and can be tailored to meet your needs and your budget. The costs of long term care insurance can be managed by creating a retirement plan or a financial plan that is right for you. Also, the younger you are when you purchase long term care insurance, the lower the premiums.

Check out more facts about long term care or give us a call to discuss your questions.

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More On Long Term Care

Hybrid vs Traditional Long Term Care
How Much Long Term Care Insurance is Enough?
Now is the Time for Long Term Planning
Fact vs Fiction About Long Term Care Insurance

Medicare Simplified

UNDERSTAND MEDICARE

We believe that the better educated you are about Medicare, the easier it will be for you to make the right decisions about your Medicare health insurance choices. That's why we've created this resource section.

This Medicare information section is here to educate you about your insurance options and provide you with the resources you need to help you select the right plan for your unique needs.

If there's anything you need or if you have any questions, please feel free to contact us. We are here to help.

A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like co-payments, coinsurance, and deductibles.

If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.

A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.

What you need to know about Medicare Supplement policies

You must have Medicare Part A and Part B.
If you have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one.
Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplement insurance policy as long as you pay the premium.
Medicare Supplement insurance policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.

Information obtained from www.medicare.gov

By contacting the phone number on this website you will be directed to a licensed agent.

Medicare Advantage Plans, sometimes called Part C, are health plan options that are part of the Medicare program. If you join one of these plans, you generally get all your Medicare-covered health care through the Medicare Advantage Plan. This coverage can include prescription drug coverage. Medicare Advantage Plans include:

Medicare Health Maintenance Organization (HMOs)
Preferred Provider Organizations (PPO)
Private Fee-for-Service Plans
Medicare Special Needs Plans

When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care. In most of these plans, there generally are extra benefits and lower co-payments than in the Original Medicare Plan. Most Medicare Advantage Plans are managed care plans, usually a health maintenance organization (HMO) or a preferred provider organization (PPO) and you may have to see doctors that belong to the plan or go to certain hospitals to get services.

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you may have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer. In 2020, the standard Part B premium amount is $144.60 (or higher depending on your income). However, some people who get Social Security benefits pay less than this amount, $135 on average in 2019.

When can I enroll?

Keep in mind that Medicare limits when you can join, switch, or drop a Medicare Advantage Plan. You can join a plan when you first become eligible for Medicare. This is anytime beginning three months before the month you turn 65 and ends three months after the month you turned 65.

For example, if you turn 65 on May 5, your eligibility period starts on February 1 and ends on August 31.
If you are disabled and have Social Security Disability Insurance, you can join an advantage plan three months before to three months after month 25 of your disability.
You can switch or drop your Medicare Advantage during an enrollment period between October 15 and December 7 of each year.

This information obtained from www.medicare.gov

By contacting the phone number on this website you will be directed to a licensed agent.

You can sign up for Part D Prescription Drug Plans, which helps cover prescription drug costs, along with other components of Medicare starting three months before your 65th birthday.

It's important to do this on time because there's a permanent premium surcharge for enrolling more than three months after your 65th birthday if you don't have equivalent drug coverage from another source, such as a retiree plan.

Let us help you with your enrollment

If you are already enrolled in a Part D "standalone" plan or a Medicare Advantage plan that incorporates drug coverage, you can switch plans during the open-enrollment period, which runs from Oct. 15 to Dec. 7 every year.

Making Part D work

In 2020, you are facing higher out-of-pocket drug costs before you can qualify for catastrophic coverage. The out-of-pocket spending threshold will increase by $1,250, from $5,100 to $6,350 in 2020.

You will also face higher out-of-pocket costs in 2020 for the deductible and in the initial coverage phase before reaching the catastrophic coverage. The standard deductible is increasing from $415 in 2019 to $435 in 2020, while the initial coverage limit is increasing from $3,820 in 2019 to $4,020 in 2020.

For costs in the coverage gap phase, beneficiaries will pay 25% for both brand-name and generic drugs, with plans paying the remaining 75% of generic drug costs—which means that, effective in 2020, the donut hole will be fully phased out. For total drug costs above the catastrophic threshold, Medicare pays 80%, plans pay 15%, and enrollees pay either 5% of total drug costs or $3.60/$8.95 for each generic and brand-name drug, respectively.

Choosing a plan

It pays to review your Part D coverage every year, especially if you have started taking new drugs.

Start at Medicare.gov, where you can find the basics about the benefit and Part D plans. There's a link to the Medicare Part D Plan Finder, which allows you to compare offerings and coverage options in your area and includes a helpful formulary finder that allows you to compare plans based on their coverage of your personalized list of drugs. It will even show you your monthly out-of-pocket drug cost for the year

Call us to help you understand your options.

Getting financial help

Individuals with annual incomes of less than $18,210 and financial resources of less than $14,100, or married couples with incomes of less than $28,150, might qualify for Extra Help from Medicare to pay their Part D premiums and out-of-pocket drug costs.

Download Medicare's instructions on applying for the Extra Help program.

Additionally, read about the six ways to lower your drug costs on Medicare.gov.

This information was obtained from www.medicare.gov

By contacting the phone number on this website you will be directed to a licensed agent.

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Medicare Advantage Plans
Part D Prescription Drug Plans

Auto & Home Insurance

COMPARE FROM OVER 30 CARRIERS

Why Choose RetireCo?

RetireCo has access to over 30 carriers to compare and get you the best coverage at the best price. Explore bundling with one carrier versus mixing home and auto with multiple carriers. Why shop with only one carrier when a RetireCo broker can compare and save for you.

KEY TAKEAWAYS

Auto coverage compared from top rated companies
One trusted broker across multiple lines of insurance
Bi-Annual policy reviews to make sure you are still getting the best deal across companies
Online quoting available for some carriers

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Commercial P&C Insurance

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What is Commercial P&C Insurance

Commercial Property and Casualty Insurance includes policies that are designed to protect businesses from a wide range of accidents, threats and losses regarding belongings and environments. Specifically, the business property insurance portion of these types of policies helps cover buildings and property you own, such as offices, and equipment or tools that your company needs to perform essential functions.

The casualty insurance portion of these policies helps protect your company from liability when accidents happen, like if a customer is injured by one of your products or services. Examples of casualty coverages include:

Workers’ Compensation
General Liability
Errors and Omissions
Cyber Liability
Employers Liability Insurance (EPLI)

Commercial property and casualty insurance is key for ensuring your business’ success both now and in the future. From mitigating costs during a major storm to protecting your reputation during a lawsuit, property and casualty insurance is a category of insurance policies that can cover a wide range of risks.

Why Commercial P&C Insurance is Important

Failing to invest in property and casualty insurance is a significant risk for you, your business and your employees. Life is unpredictable, and you can never know when accidents, injuries or other negative events might affect your business.

Having the right property and casualty insurance policies for your business can help prevent financial losses during unexpected events. In addition to covering broken or stolen property, this type of insurance can help your company stay in business when a disaster happens.

Property and casualty insurance policies often come in bundles, such as a Businessowners Policy (BOP) that combines several types of insurance for your business (general liability, property and crime for example). This will help ensure you’re fully covered across all fronts.

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Dental & Vision Insurance

COMPARE PLANS AND SAVE

Why Dental & Vision Insurance

Dental and Vision plans can be purchased separately of bundled at very affordable prices to meet your needs. Many of these plans offer no cost for standard procedures and can significantly reduce the cost of unexpected problems. makes it easy to get low cost dental or vision plans that fits your individual needs and your budget. Choose from an array of benefit options that include access to network providers that can help keep the cost of your care affordable.

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Disability Insurance

FIND THE RIGHT PLAN FOR YOU

What is Disability Insurance?

Disability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work. For example, the worker may suffer from an inability to maintain composure in the case of psychological disorders or an injury, illness or condition that causes physical impairment or incapacity to work. It encompasses paid sick leave, short-term disability benefits, and long-term disability benefits.

Why Disability Insurance?

Statistics show that in the US a disabling accident occurs, on average, once every second. In fact, nearly 18.5% of Americans are currently living with a disability, and 1 out of every 4 persons in the US workforce will suffer a disabling injury before retirement.

With our unmatched carrier access we can find the right protection for you and your family, to make sure you have piece of mind.

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Health Insurance

CHOOSE FROM PLANS THAT FIT ANY NEED

What Type of Health Insurance Should I Get?

When you’re looking for health insurance, it’s a good idea to take a look at all the angles. You want coverage that works with your lifestyle, helps you get the best care possible and fits with your financial picture. We can shop from many carriers to find you that coverage With a wide range of plans and an incredibly diverse network of doctors, clinics and hospitals across the nation, you’ll be able to choose what works best for you. No matter what your situation or what type of health insurance you are looking for we can help.

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Identity Theft Protection

IDENTITY THIEVES NEVER STOP, BE VIGILANT

Don't Worry we Have Partnered With ID360 To Help

Because we live so much of our lives online, our personal information is continually at risk. As it travels through cyberspace, it can be stolen and used for fraudulent purchases, credit card or bank account applications, tax filings and a host of other things that can severely damage your credit or cause other financial headaches that are hard to recover from. Information also can be sold on the “dark web," a hidden part of the internet where criminals can conduct business with relatively little chance of being caught. ID360 provides a comprehensive solution to help fight identity theft based on Prevention, Detection, and Recovery. Developed by former senior law enforcement professionals their service offers a proprietary ID checkup to provide the most in depth identity analysis allowed by law coupled with best in class monitoring and recovery services at a substantial discount to RetireCo clients.

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What is Life Insurance

How Life Insurance Works

Types of Life Insurance

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Start Here: Create Your Account with SSA.gov

Social Security Retirement Planner Can Help You Now

Using Resources You Can:

Some Facts to Consider:

Types of Annuities

Before You Decide:

Factors that may affect your retirement benefits

If you are self-employed

If you work for a federal, state or local government

If you work outside the United States

Prepare for your medical needs

If you are already receiving disability or survivors benefits when you apply for retirement

More On Income Planning

What is Estate Planning

What Does An Estate Plan Do?

How Do I Create an Estate Plan?

Term Life Insurance

Universal Life Insurance

Whole Life Insurance

Final Expense Insurance

Why You May Want to Consider Burial Insurance and Final Expense Insurance

Expensive funerals

Miscellaneous costs

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What is Long Term Care Insurance and How Does It Work?

Hybrid Long Term Care Insurance

Traditional Long Term Care Insurance

Protecting Your Assets

Current Long Term Care Costs

How Much Care Will You Need

Don’t Delay

More On Long Term Care

When can I enroll?

Let us help you with your enrollment

Making Part D work

Choosing a plan

Getting financial help

More On Medicare Products

Why Choose RetireCo?

KEY TAKEAWAYS

What is Commercial P&C Insurance

Why Commercial P&C Insurance is Important

Why Dental & Vision Insurance

What is Disability Insurance?

Why Disability Insurance?

What Type of Health Insurance Should I Get?

Don't Worry we Have Partnered With ID360 To Help