William M. age 76 wanted to get a Medicare supplement, having not been entirely satisfied with his Medicare Advantage plan.  However, his health history created some problems on the application.  I recommended a Medicare supplement Plan N.  This is a new option as of June 1st, 2010.

Plan N has a $20 co-pay for doctor visits, a $50 co-pay for an ER visits. However, one remains in original Medicare and simply adds the Plan N supplement. This means much less concern over networks, as any doctor who takes Medicare will take the Plan N.

One very well known company makes their Plan N available without any underwriting, meaning no health questions.  We were able to secure the Medicare supplement Plan N for Bill, with a start date of June 1, 2010.

For those under 65, it looks like (at least for now) Health Savings Accounts (HSA) will still be available. Remember, you must have a policy that is HSA qualified, which means a plan with a high deductible and without co-pay benefits. Here are 12 good reasons to open an HSA:

1. A fully funded health savings account used with a high deductible health insurance plan gives you 100% health insurance coverage sometimes for half the cost of traditional health insurance. Read More »

By Tom RussellSeniors concerned about having no insurance for long-term care costs (since Medicare does not pay for these expenses) have a new option effective January 1, 2010.

Often people who have decided to self-insure for long-term care have, in their own planning, designated a part of their retirement resources for this possible health care expense. However, long-term care services (at home or in an assisted living facility) can cost upwards of $50,000 per year.   Read More »

The marketing/education period for Medicare plans began on October 1st. On November 15th the annual election period begins for 2010. The last plan you enroll in before December 31st becomes your health plan for 2010. Therefore, go slow and get all the facts, knowing you can change your mind as many times as you wish before December 31st.

However, if you receive a letter stating your Gila County health plan is leaving the area and will not be renewed for 2010, you have a Special Election Period (SEP) and do not have to wait until November 15th to designate your 2010 plan. You can do so now, if you wish.

Medicare Part C Advantage plans are fewer in number in Gila County, Arizona for 2010. Several companies, including Health Net and Coventry/Advantra have decided to not renew their Advantage plans in Gila County for 2010. Fortunately, when a carrier leaves an area, this triggers an open enrollment for a traditional Medicare Supplement of your choice. With your Special Election Period (SEP) you are guaranteed issue the plan of your choice, at the preferred rate, and do not have to answer health questions to get it.

When a company leaves our Gila County area with their Part C Advantage Plan, it does NOT mean they wlll leave the area for their Part D Rx Prescription Plan. In fact, both Health Net and Coventry/Advantra will continue offering their Part D Rx plans in Gila Country for 2010.

Please note that the Part C Advantage Plans continuing to offer coverage in Gila County have all increased their premiums for 2010. It could be wise to compare carefully with traditional Medicare Supplements. Our independent agency carriers the Advantage Plans offered in Gila County, and several high quality Medicare Supplement plans, including Mutual of Omaha, American Republic, Blue Cross and AARP (underwritten by United HealthCare). We make it easy to compare and save.

Call us for a personal meeting in our convenient office behind Fargo’s Steakhouse. There’s never a fee to sit down and talk about your options. We’re glad to assist.

Cordially,
Tom Russell

By Tom Russell

Sometimes a really practical and important book on financial planning arrives to provide important new guidance, especially in times of turmoil. So many people dwell in serious confusion today regarding their investments, and what to do next after all the upheaval. Just such a book is Buckets of Money by Ray Lucia. Go here for an extended excerpt.

Each of his “buckets” represents a different component to a comprehensive retirement plan. One bucket is for the immediate term financial requirements. Other buckets are for midrange and long term requirements. This system finds the balance between risk and reward with a wholistic approach. Read More »

by Tom Russell

Life-expectancy in the United States is now 80.4 years for women, and 75.2 years for men. Since a longer life increases the odds of needing long-term health care at some point, the choice to self-insure, or transfer the risk to an insurance company, is one of the most important financial decisions we’ll make.

The risk of needing care and filing a claim are high. For example, odds of your home catching fire are 1 in 1200, an automobile accident is 1 in 240; however, the chance of needing long-term care at some point in your life is 1 in 3.

Who should NOT own long-term care insurance? Read More »