By Ulla-Undine Merritt (Dee) National Producer Number (NPN) 8853366
January 1 – February 14, 2016
If you enrolled in a Medicare Advantage Plan (Part C) through insurance company and you feel it is not for you. You can go back to original Medicare during this time and pick a Part D Prescription Drug plan. Plus you can choose a Medicare Supplement Plan that works with Original Medicare if you qualify. Medicare Supplements are NOT guaranteed issue in most cases. So before choosing to go back to Original Medicare check to make sure you can qualify for a Medicare Supplement Policy. These help protect you against an un-
capped lose if you were to only choose Original Medicare alone. Check with your insurance professional to see if this is an option you should be looking into.
You may qualify for extra help with your drug cost and not even know it. *In 2015, drug costs for most people who qualify are no more than $2.65 for each generic/$6.60 for each brand-name covered drug. (In 2016, costs are no more than $2.95 for each generic/$7.40 for each brand-name covered drug.) Other people pay only a portion of their Medicare drug plan premiums and deductibles based on their income level. In 2015, you may qualify if you have up to $17,655 in yearly income ($23,895 for a married couple) and up to $13,640 in resources ($27,250 for a married couple). www.Medicare.gov working with an Insurance Broker that represents multiple insurance companies can help you analyze which plan might be best for you. Everyone is different, you should rely on a professional not just a friend or a neighbors recommendation.
The laws under the Patients Protection and Affordable Care Act (PPACA) – (Obama Care) the Open Enrollment Period started already but you still have time to enroll. Dec. 16th – Jan. 15th eff. Feb. 1, 2016; or Jan. 16th – Jan. 31st eff. Mar. 1st 2016. After January 31, 2016 you will not be permitted to purchase health insurance that meets the government standards that avoids the tax penalty, unless you have a special election period, please visit https://www.healthcare.gov for more information. The PPACA plans have no medical underwriting; short term policies are still available but currently still require medical underwriting which means you might be turned down if you have pre-existing conditions, or that condition may NOT be covered if a reoccurrence may happen. I am finding that many people think that the Affordable Care Act is only for people that are seeking government subsidy and that is not correct. The law affects just about every type of health insurance in the USA. In order to qualify for government subsidy you need to go through the Market Place, or if the Insurance Carrier offers seamless applications through their platform it can be done that way as well. To see if you qualify for tax credit you can check the IRS website at http://www.irs.gov/uac/The-Premium-Tax-Credit. If you do not qualify for subsidy you can still purchase your plan through the Market Place or the Insurance Company, both available with the help of a local agent by adding their name and National Producer Number (NPA).
What if you do get sick and cannot work? How will you pay your bills? Have you thought about Disability Insurance – it is insurance that insures your paycheck. Not all disability policies are alike so some terms to be on the look for are “OWN OCCUPATION” this would be the best vs. Any Occupation etc. If you could not work how long could you last without a paycheck? Coverages start from the 1st day of an accident or 7 days from an illness and last 3-months to 2 years on some short term policies.
Life Insurance – a common question is how much should I have? Did you know you can’t just get as much as you want? A quick rule of thumb is take your annual earnings and multiply it by how many years you have till you turn 67, plus assets and that is about how much you may qualify for. Life insurance is another insurance that you should purchase as soon as you can and the younger the better.
There is a lot to know and I would recommend that you work with a licensed insurance professional that can help you through all of your options available to you in your area.
Logical Insurance Solutions
To learn more about Health Care Reform or schedule an appointment contact:
Logical Insurance Solutions- Dee Merritt www.Logicalinsurance.com 239-362-0855