Medicare Basics Part 2

Medicare Basics

 

Hello, and welcome again to the blog for NeedMedicareHelp.com,

where we put the care back in Medicare

 

I know you have been waiting with intense anticipation for the next educational installment for Medicare basics. OK, well maybe not but here it is!

 

Medicare Part B is otherwise known as the Medical Insurance part of Medicare. It helps cover doctors, and other health care providers’ services, hospital outpatient care, durable medical equipment, and home health care.

 

Another key component to part B Medicare would be the emphasis on preventative care. It benefits the Medicare system to detect and prevent medical conditions to keep medical expenses low.

 

Part B Medicare requires that a premium be paid monthly, and is usually taken from the beneficiaries’ Medicare benefits. The premium is determined by the Medicare system itself. Medicare Part B is the component of Medicare which prompts the decision making process to either purchase a Medicare Supplement policy (Medigap Policy) or a Medicare Advantage policy. We will talk more about these later.

 

As always, the recommendation would be to consult an insurance professional (me J) and if clarification is needed, we will contact Medicare.

 

Until next time when we talk about Medicare Part “C”, be blessed, be happy, and take care. If you should need me

(and I hope you do), please go to NeedMedicareHelp.com,

or call 434-229-8887.

 

Sincerely,

 

Jonathan Mullins   

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Medicare Basics Part 1

Medicare Basics

 

Hello, and welcome again to the blog for NeedMedicareHelp.com,

where we put the care back in Medicare

 

In the recent past, I was talking to someone about Medicare plans and a bystander told us it sounded like we were talking about alphabet soup: Part A, Part B, Part C, Part D… Medigap (Medicare Supplement policies) plans A through N, and everything in between. In thinking about this, I thought it might be beneficial to talk a little bit about the basics of Medicare.

 

Medicare Part “A” is often referred to as Hospital Insurance, and covers most inpatient care. It also helps cover skilled nursing facilities, hospice, and home health care. It is important to understand that this is a benefit that is generally free of cost if you or your spouse has worked and contributed through some sort of payroll deductions. Some professions that exempt themselves from paying this tax will have to pay a premium.

 

So, to sum up this short and sweet definition of Medicare Part “A”, it is for hospital care. This coverage would not help you with doctor’s visits or prescriptions. The only exception to that would be in the context of a hospital admission and treatment.

 

As always, the recommendation would be to consult an insurance professional (me J) and if clarification is needed, we will contact Medicare.

 

Until next time when we talk about Medicare Part “B”, be blessed, be happy, and take care. If you should need me

(and I hope you do), please go to NeedMedicareHelp.com,

or call 434-229-8887.

 

Sincerely,

 

Jonathan Mullins   

Is Life Insurance worth buying?

This is a question that I have to answer every day. Many people will want to know why they should buy life insurance. When faced with this question I always want to ask if they ever had a car accident. Most will say yes, but will follow up with the comment that it wasn’t their fault. I understand that feeling since I have been on the receiving side of someone not paying attention and running a red light or a stop sign and hitting me. The flaw in this line of thought is also the greatest strength of my point for the need of Life Insurance. Because it was not your fault did not stop the need to get your car fixed, or in some cases, your own physical body.

You do not have to live like a reckless person to die, all you have to be is in the wrong place at the wrong time. I have met several people who have survived their spouse or loved one and they simply say..” just a few more seconds and he/she would still be alive”. Nobody likes to think of the possibility of death, especially if you are a father or mother and a spouse. People depend on you and your income.

I encourage everyone to ask around their ciricle of friends, and someone will have a story of an untimely or unexpected death that caused them not only deep emotional grief, but also caused incredible financial strain to simply say goodbye to their loved one with some sense of honor and love. Some people will say that they have life insurance through their work, or through another institution , and they are getting it very cheap. I would question the type of insurance, and if there are any restrictions or fine print that may eliminate certain circumstances around their death. I have outlined a few in a previous blog entry called ” Be careful of Wolves in Sheep’s Clothing”. There are many types of insurance that only cover certain circumstances, and are wonderful if purchased with a suite of other insurance products, but as a stand alone , full protection instrument, it is seriously lacking.

With all of that said, I will admit that the insurance industry has become seriously convoluted and so difficult to understand it is virtually impossible to determine what is best for you unless you consult a professional agent. I compare it to when I used to work on cars years ago. Many things were straight forward, and you could generally determine a fuel pump from a alternator, to a …. whatever. Well, have you looked under the hood of a car lately?! It looks like a nuclear reactor! I am not sure I could even change the oil on my car now! Much like the evolution of extremely complicated car repairs, the insurance policy has become just as difficult to read and interpret.

I enjoy the satisfaction of taking care of my clients… so much so that they think of me as a friend rather than just their agent.

If you are concerned about what is in that dusty file in your cabinet, and whether it would take care of you or your loved ones, give me a call! I don’t charge a consultation fee and pride myself on excellent customer service and satisfaction. I don’t even take money from you. The insurance product you purchase will pay me a commission… plain and simple… no slight of hand here. All up front,

I look forward to hearing from you.

Jonathan Mullins

434-229-8887  or e-mail me at Jonathan@CentralVAFinancial.com

Be careful of wolves in sheep’s clothing

As I am sure all of you are aware, the television is bombarded with companies offering the best deal on Life Insurance, or Medicare products. As an insurance professional it has always been a point of tension for me that they proclaim the best rate  for a person of a certain age and sex as if it was a common rate.

The truth of the matter is, most insurance companies have several stages of rates for levels of health condition, age, family history, and lifestyles; including what you do for a living, credit history and even your driving record. The rate will be determined based on these factors as well as the risk tolerance of the company and the underwriting  guidelines.

The rates quoted on commercials are typically those of a very young person that fit within all health parameters, low risk activity, no sign of risky behavior (DUI, rock climbing, etc…) and a clean family health history. If you do fit within all of these guidelines, you do have a possibility of getting $500,000.00 or more life insurance for $20.00/mo. However, most of us do not have this fortunate history and will have some issues to be uncovered and discovered by the application process.

Another well-known “low-cost” draw is to quote these prices as coverage for death due to accident, which is actually a type of life insurance only payable if you decease through an accident. So, in other words, if you had this coverage and died from cancer, you would not receive your payment, and your $5.00 /$1,000 of coverage would not do anything for your family.

I just want to make sure that when you are shopping for insurance coverage that, as a consumer, you will have the ability to make a decision that is well-informed and financially sound. So if you are looking for Life, Health, Medicare, or Long Term Care Insurance, or other insurance products like Fixed Annuities, Indexed Annuities, or Immediate annuities, it is to your advantage to seek out a trained professional to help.

As the principal for Central Virginia Financial Services LLC and it’s companion agency NeedMedicareHelp.com, I welcome your call, and your e-mails.

Please contact me anytime!

Laws to take away your tax free and tax deferred status

Have you ever thought of how the current Obama laws may effect your investments?

When someone invests in an annuity, the gains are “tax deferred” until they are taken from the annuity. This saves the investor quite a bit of money, and also makes them money since the money that would be taken out for taxes are used as a base for the interest process.

For example if you have $10,000 in an annuity and earn 5% interest it would be to the benefit of the investor to let the $500 interest stay in the account along with the taxes. Actually you are earning interest on interest! By removing funds from the investment for taxes prior to the disbursement phase of the investment, you are losing interest on that money.

Lets look at the difference;

Now:

$10,000 Original investment

$     500 Earned interest*

Total Investment Value $10,500  and the next years interest is based on this amount.

Proposed:

$ 10,000

$        500 Earned Interest

$   –     50   Taxes  Leaves 10, 450 for future bases of interest to be earned.

This may not seem like a lot, but imagine larger investments, or the amount that is lost to the investor because the tax deferral is removed from investments. If a 10% tax is taken from each earning over a investors working  (accumulation) period, imagine the loss of money and future income that creates!

Tell your representatives that you do not want the government tampering with your investment money. Make them aware that with Social Security in its current state that they should leave your investments alone. They will get the interest when you retire, or when you take the money out. For more information email me at Jonathan@centralvafinancial.com

God bless and take care… Call me for your Insurance, Medicare, and investment needs, and you will be well taken care of!

Jonathan

It’s not too late for medicare help

The annual election period is over. But that doesn’t mean you are out of luck. If you are approaching retirement, age 65, or you need Medicare Supplement plan help, there is no better time than the present to contact me for advice.

I don’t charge for my consultation services and you never give me money. I’m available to speak to you or to a loved one if you need assistance when navigating the confusing options of Medicare.

For further contact information and other insurance information, please visit my website: http://www.needmedicarehelp.com

I hope you’ve had a Merry Christmas and wishing you and your family a happy, healthy, and safe New Year.

God Bless!

Medicare Advantage election period starts October 15th

Well, October 15th will be here before you know it, and the annual enrollment period for Medicare Advantage policies will be in full force. This enrollment period only lasts until December 7th, so you should start looking and thinking about it now. Why? Well let me give you a few reasons;

1- Sometimes a Medicare Advantage and Medicare supplement companies will
discontinue servicing an area due to economic or other reasons, and that means you have to find another carrier.

2- Sometimes coverage and costs change and other companies wishing to be competitive will lower their costs, or add additional benefits to their plans.

3- Every once in a while a new company will enter the service area and will offer better and/or cheaper cost sharing to obtain a market share.

4- The formulary for you Part D prescription drug plan might have changed.

5- Medicare rules may have changed and you need to know what would benefit you best.

These are just a few reasons to look into your enrollment options before the end of the enrollment period. Don’t be intimidated…. Give me a call (434-229-8887) , or fill out the form at http://www.needmedicarehelp.com !

I would love to help!

Looking forward to talking to you soon!

Jonathan S. Mullins
Owner/Agent/Friend

Have You Heard?

October 15th 2012 starts the enrollment period for Medicare Advantage programs across the country. Many Medicare Advantage companies are changing service areas, and you may be one that is affected. If you are not sure, give me a call and we can find out for you…. But even if you are, don’ fret… I can help! 

Lets just sit down and have a good chat and go down this road together. 

Visit me at http://www.NeedMedicareHelp.com

Talk to you soon!

Medicare Mail Freeze

I have met many people that are about to retire and when I go to visit them they bring out this armful of mail with all kinds of Medicare emblems on them. Everything from Medicare Advantage advertisements to the Social Security handbook.

The next thing I usually see are tears and frustration all balled up on a persons face.  I love being able to sit down with one of my precious seniors and sort through all of the mail and see the fear fade away. 

I call his mail freeze because it is so over whelming that many of our seniors, or people assisting them often freeze up out of fear because they are afraid of making a wrong decision. I know if I did not have the training and experience I have, I would probably do the same thing. It also often surprises them that I do not charge them to sit with them and talk through their issues and choices. Call me and let me help…. It is much more than a job… it is a privilege and a pleasure!

How to contact me!

Go to www.NeedMedicareHelp.com for more information about my business and how I can help you.