Medicare 101: What is Part C?

Medicare 101: What is Medicare Part C?

*Repost* Brought to you by: TransAmerica: http://blog.transamerica.com/medicare-101-part-c#.V_QMAuUrJhE

If you’re choosing your Medicare insurance plan, or helping your parents choose theirs, the details can get a little confusing. We already helped lay out Part A and Part B for you, so now it’s time to explain Part C.

Medicare has four parts: A,B,C, and D. Each has a different benefit to offer you, but Part C is a little different than the others. Parts A and B together provide what’s called Original Medicare under the public healthcare system. Part C is different in that it is offered through private companies approved by Medicare.

What does Medicare Part C cover?

Medicare Part C, also called Medicare Advantage plans, are private plans, like Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Private Fee-for-Service (PFFS), and others. These plans must offer the same benefits as Original Medicare. However, the costs associated with your healthcare services will vary depending which plan you choose.

Some people choose these plans over Original Medicare because they can offer additional benefits and cover more services, though that isn’t guaranteed for every plan.

Who qualifies?

Qualifying for Medicare Part C is fairly simple. People who qualify for Medicare Part C are already enrolled in both Medicare Part A and B. A person must also choose a Medicare Advantage plan that’s in the service area he or she lives in.

When should I enroll?

Like with Medicare Parts A and B, you’ll need to enroll when you first become eligible, and can change plans during the Open Enrollment Period (October 15-December 7). To unenroll, you’ll need to do so between January 1-February 14.

Your Initial Enrollment Period is seven months long, and starts three months before your 65th birthday, includes you birthday month, and the following three months after that. After this time, you’ll have to wait for Open Enrollment to sign up.

How much does it cost?

The cost will vary according to which plan you choose for yourself, but since Part C is still a part of Medicare, you’ll have to keep paying your Part B premium. The out-of-pocket costs will also differ, according to your chosen plan.

If you’re looking to add coverage to what Original Medicare offers you, then Part C may be a good option. However, if you still have some questions, you can find the answers on Medicare.gov.

You can also get more information about Medicare from Transamerica Center for Health Studies^®’ helpfulguide.

About Transamerica Center for Health Studies^®.
The Transamerica Center for Health Studies^® (TCHS) is a division of the Transamerica Institute^®, a nonprofit, private foundation. TI is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. TCHS is dedicated to identifying, researching and analyzing the most relevant health care issues facing consumers and employers nationwide. For more information about TCHS, please visit www.TransamericaCenterforHealthStudies.org.

Who is Senior Benefit Services?

by: Amanda Westbrook, Marketing Manager | 9/29/16 | Senior Benefit Services, Blog, Life & Health Insurance  | www.sbsteam.net | 800.627.2768

"We are often asked as a company: "What makes you different?" Beyond many things we can list is the underlying fact that we DON'T work for one insurance company - we work for YOU." -David McNerney, Company President

Who is Senior Benefit Services?

Founded in 1975, Senior Benefit Services (formerly known as Barnes Insurance Group) has grown to become one of the largest senior benefit organizations in the nation. We're an Insurance Brokerage that specializes in the Life & Health Industry with a majority of our focus on the Senior Market and people aging onto Medicare (ages 65+). However, with our large portfolio of products readily available, we can also assist anyone in the family with their insurance needs. Our portfolio includes: Medicare Products, Life Insurance, Cancer Coverage, Long Term Care, Dental/Vision/Hearing, Investments & Annuities, and MORE.

What do we do?

We stated that we are an insurance brokerage - but what does that mean? It means that out of all of those top-rated companies that you are familiar with, and may even be insured with, that we represent over 50 of them! Yes, you read that correctly. When we sit down with our clients, we are able to lay out a wide range of over 50 companies with their corresponding portfolio of products, to help figure out which one works BEST for that persons' unique and individual needs. Nobody is the same when it comes to what type of coverage they require - even husband and wife differing at times - so it's very important that we do the research to a have full, comprehensive knowledge of what's out there. 

What else makes us unique? For starters, the average age of one of our independent agents is 25. Some may think that's "too young" or makes them "less knowledgeable." But think about these few things:  1. The insurance market, as I'm sure you're aware, is a constantly changing market place. Therefore, no matter if you've been in the industry for 2 years or 20 years, you can never stop learning or "know enough." 2. Adding on to that - as a brokerage we're constantly required to stay informed on trends and new products, as well as participate in continuing education on a regular basis. We're schooled, trained, and experienced to provide the best services nation-wide. 3. We're here to work with you FOR LIFE. Being the younger demographic that we are, we're able to grow with you, keep you updated each year, and always be the one you can trust when it comes to your decision making and planning. In other words, we're never going anywhere! Some final thoughts: Our services are truly one of a kind. Yes we sell insurance, but that's not our priority. There are over 40 Million seniors in the marketplace and an shockingly low average of around 1,000 agents in each state.  We sit down with too many people that have been taken advantage of, haven't seen their agent for years, or have simply been lost alone in the sea of all this information. We offer our services at no cost to you, so let us come sit down with you and start planning.

We're just one phone call away: 800-627-2768

Visit us Online at: www.sbsteam.net

More on Life Insurance Awareness Month

Life Insurance Awareness Month encourages Missourians to evaluate their life insurance coverage needs

Jefferson City, Mo – 
September is Life Insurance Awareness Month, which creates an opportunity for all of us to consider the impact life insurance has in guaranteeing the financial security of the ones we love.

“A life insurance policy is not about us; it is about protecting those we care about most,” said Missouri Department of Insurance Director John M. Huff.  “This can be a difficult subject to discuss, but we hope Missourians will set aside some time in September to evaluate  their life insurance coverage needs. 

One in three Americans believed the loss of their household’s primary wage earner would negatively impact their family in as little as one month.  Life insurance coverage can help alleviate the burden of funeral expenses, mortgage balances, and even provide money for college tuition. 
There are currently 480 life insurers licensed in Missouri. To help consumers in their search for life insurance, the Missouri Department of Insurance’s website features tools to help users research insurance agents and insurance companies. The website also provides answers to several of its consumers’ most frequently asked questions and features a Life Policy Locator Service, which was designed to help consumers find the life insurance policies and annuity contracts of their deceased loved ones.  

“These resources provide Missourians with the information they need to find a policy that fits their needs and the needs of their families,” said Huff.

For help understanding life insurance policies, finding an insurance agent or company, or using the Life Policy Locator Service, consumers can call the department’s Insurance Consumer Hotline at 1-800-726-7390 or go to the department’s website at www.insurance.mo.gov.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.  

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Social Security - Surprising Facts

10 Surprising Facts About Social Security

Check out these little-known facts about one of America's best-loved programs

*repost* by Eileen Ambrose, AARP, September 2016|Comments: 9

read more: 

http://www.aarp.org/work/social-security/info-2016/10-surprising-facts-about-social-security.html?cmp=SNO-ICM-FB-SS-ADV&socialid=594650732

1. Kids get benefits, too.

Your unmarried children under age 18 — or 19 if still in high school — can receive benefits based on your work record if you're collecting Social Security retirement or disability benefits. Grandchildren also are eligible for benefits on a grandparent's record if they are dependents and receive no financial support from a parent.

2. In some cases, so do parents.

Moms and dads who rely on an adult child for at least half of their financial support can receive survivor benefits if that child dies.

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3. You've got time to fix errors.

Mistakes in your earnings record could lead to reduced future benefits. Typically, you have three years, three months and 15 days after the year in which you earned the wages to fix mistakes. Social Security makes exceptions if, say, you have documentation of earnings or the error is obvious.

4. Chances of owing taxes are increasing.

Up to 85 percent of your benefits could be taxed, depending on your income. Because these income limits haven't changed for decades despite rising wages, the chances you'll owe taxes on benefits also have increased. Less than 10 percent of beneficiaries paid federal income tax on their benefits in 1984, the first year benefits were taxed. Now about 40 percent do, and, under current law, that's expected to climb to more than half in three decades.

See also: How to Start the Social Security Benefits Flowing

5. You can change your mind.

Regret taking early — and reduced — benefits at 62? No problem. You have 12 months after starting benefits to withdraw your application — provided you repay all the money received so far. Miss the deadline? Don't worry, you get another chance for a do-over. Continue receiving benefits until your full retirement age, then suspend benefits without having to repay those you already received. Benefits will grow 8 percent annually until age 70, when you can restart benefits to get the maximum payout.

6. Most creditors can't touch.

Your benefits are protected from private creditors. But Uncle Sam can garnish monthly benefits to repay debts such as back alimony, child support, restitution, federal taxes and federal student loans. Be aware, if your Social Security benefits are deposited in an account with other money, the bank must protect two months' worth of benefits from creditors. The bank can freeze the rest of the money, leaving it up to a court to decide whether creditors get the cash.

7. Newlyweds may not qualify.

You generally must be married for at least nine months to qualify for survivor benefits if your spouse dies. Among the exceptions: The spouse died in an accident or in the line of duty while in a uniformed service.

8. You can get a new number.

Under very limited circumstances — if, say, you're a victim of domestic violence or identity theft — you may be able to get a new Social Security number.

9. Your ID is unique to you.

Once a Social Security number is used, it's never assigned again — even if the original owner died. Social Security, which has issued more than 453 million so far, says it has enough numbers to last several more generations without changes to the system

10. Forwarding services have stopped.

For decades, Social Security was the Pony Express for missing persons. The agency would forward letters to people who couldn't be located. Letters could be from relatives notifying the missing person about a death in the family or news of unclaimed property. The service was free if the cause was humanitarian, but cost $35 if it was notifying a person of unclaimed property. Social Security stopped the service in May 2014, though, because of so many locator resources now available for free online.

Eileen Ambrose is a senior editor and writer for the Money Team. She previously was a personal finance columnist with the Baltimore Sun.

Why Life Insurance?

*Re-post* Brought to you by: Life Happens

http://www.lifehappens.org/insurance-overview/life-insurance/

Too many people are taking an unnecessary risk by not protecting their loved ones with life insurance.

Each September, Life Happens coordinates Life Insurance Awareness Month. This industry-wide campaign is aimed at educating Americans about the importance of life insurance and helping them get the coverage they need.

‘‘Driving race cars for a living means going 200 miles an hour around a track with concrete walls. I know the risks, which is why I’ve had life insurance since the start of my career. But that’s not the only reason I own it,” says Danica Patrick.

It’s true. Most of us aren’t in risky professions, but like Danica, we do have loved ones that we care for, and we want to make sure they’d be OK financially if something happened to us. 

No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. In the event of a tragedy, life insurance proceeds can:

• Pay for funeral costs
• Help pay the bills and meet ongoing living expenses
• Pay off outstanding debt, including credit cards and the mortgage
• Continue a family business
• Finance future needs like your children’s education
• Protect a spouse’s retirement plans

Getting life insurance doesn’t have to be hard (or boring). We have some easy steps for you to walk through to see if life insurance is right for you. You’ll also find information and interactive tools to help you get a sense of how much and what kind to buy, plus information about how different life events—such as having children or buying a home—can affect your insurance needs. So why not get started!

Short-Term Care Policies on the Rise

United National Life


*Re-post*
Check out this Forbes article regarding Short Term Care policies ...  Medicare only covers nursing home stays under very specific circumstances... 

August is National Make-A-Will Month. Here is a short video about why you need a will. #MakeaWill

Brought to you by Kiplingers & Mutal of Omaha
https://youtu.be/-ot7GHS0CKY

Estate planning is about removing the road blocks that can stand in the way of getting your things to the people you want to have them with as little hassle or expenses possible. 

Barriers:
1. Lack of a valid will that spells out your wishes, if you don't write one, the state will for you.
2. Need for cash to cover bills that must be paid before your assets can be distributed. Final expenses & any outstanding debts.
3. Some possessions are harder to distribute than others. It's easier to split up a bank account vs. a cottage in the woods.

Things to think about: 
1. Proper planning
2. Some assets are free of income tax, others carrier a heavy tax burden
3. Giving property while you're still alive rather than passing it along via your will can either be a savvy move, or a big mistake

There's lots to think about, and there's lots of help available!

Published on Jul 6, 2015

With proper estate planning, you can ensure the smooth transfer of your assets to your loved ones upon your death.

This video is prohibited for use by itself due to the disclosures that are required for use. This video may be used only with approved materials, websites or social accounts containing the required disclosures.

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