When people turn 65 and go on Medicare, their health insurance situation tends to improve dramatically. But for those under 65, the individual/family health insurance marketplace can be quite challenging. Read More »
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 »
Click here to visit Tom’s Amazon.com Bookstore for a practical and unique list of financial wisdom reading suggestions for secure seniors.
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. Read More »
Couples beginning second marriages today face many complex issues that require them to rethink financial plans. For example, it is not uncommon for one or both parties to have offspring from their first marriage. Accordingly, when they consider remarrying, these couples frequently agree upon the need for a prenuptial agreement that will protect them against some of the legal and financial hurdles they faced when dissolving their first marriage.
Although their financial and emotional ties to their previous spouses have generally been severed, frequently both parties want the assets they are bringing to the second marriage to provide a legacy for the offspring of the first one. Vividly aware of the potential for divorce, many of these couples choose to keep totally separate bank accounts and harbor the illusion that by doing so, they are limiting their financial responsibility for their second spouse. Read More »
Steps to an HSA (Health Savings Account) health plan: Read More »
