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Careington offers a Dental and Vision discount program for a $6.95 monthly premium for individuals and $11.95 for couples and $15.95 for families.  There is no benefit limit on the plan and discounts on dental services range from 20% to 50% depending on the service.  The plan uses the Aetna PPO dental network which is one of the better dental networks available.  (To determine if a dentist participates, ask them if the participate in the Aetna PPO dental network)  There is also an online tool to check participation. (Once in- choose your state, and click on the “Learn More” button for the Aetna network plan.  There is a provider search button on the bottom right hand side)

Unlike some discount plans, the Careington plan has no paperwork for the member to submit.  The discount is automatically credited at the time of service. There is also a vision benefit which provides discounts on hardware.  To learn more about the plan, search providers and sign up you can CLICK HERE FOR THE CAREINGTON WEBSITE   **In order to apply for the plan, the site will ask for a broker code- The code is CROWE   (All capital letters)

Life Insurance For Lupus Patients

PLEASE NOTE:  This blog has been updated:  CLICK HERE FOR UPDATED INFORMATION

Few life insurance companies will provide life insurance for Lupus patients.   Therefore, the majority consider Lupus to be an automatic decline regardless of the persons overall health.   Those that have lupus and want a policy, do have options, they just need to know where to look.

Some well rated insurance companies that will offer permanent insurance to Lupus sufferers. They offer plans with simplified underwriting.  This means that the applicant answers questions on an application.  The insurance company will then review medical records on the MIB “Medical Information Board” to determine if the answers are accurate.  This process is much faster with policies being issued in 2 to 5 days.

There are also a number of companies that offer guaranteed issue policies that anyone can obtain.  A plan without underwriting should be the last resort however, as the rates can be much higher than a standard plan.  They usually have a graded death benefit and higher rates than the simplified issue plans. Companies also run programs which can be advantageous to the client by offering them a table program. Table programs allow the client to get a standard policy rating when they would normally have a sub standard policy.  Sub standard policies have much higher premiums compared to a standard table rated policy.

We work with hundreds of insurers and would be happy to help you find a life insurance policy.  Please feel free to call or email us at any time.  As a side note,  the Lupus foundation of America is a good resource for those who have been recently diagnosed with Lupus.  Click here for the site LUPUS FOUNDATION OF AMERICA SITE

Do you have questions about this blog?

We are happy to answer any questions you may have.  Give us a call at 203-796-5403 or email Edward@croweandassociates.com

Companies have been coming to the market with a new type of insurance plan called “Longevity Insurance”.   The plans are being offered by NY Life, Symetra, The Hartford and Met life.   There will surely be a number more coming out with plans over the next 6 to 12 months.

The idea behind longevity insurance is that a person can put away money for a number of years (most plans are for people in their 50’s) with a guarantee that they can have lifetime income at a future date.  Most of the plans currently available require that you wait at least 10 years to start income.  Some of the plans will allow the income stream to pay out for a single persons lifetime while others offer a joint spouse option at a reduced payout.

This concept is not new and has actually been used by insurance companies for over 100 years.  For the past 10 years, companies have been offering annuities with income riders that allow people to do the same thing.  Put money away for a number of years with a guaranteed lifetime income payout at a future date.   There are some variables to consider when comparing longevity insurance to a regular annuity with an income rider but there are two things that are the most important:  How much will they pay at a future date and do they allow you to keep access to your investment.

Access to investment:   Most income riders will pay out lifetime income without annuitizing the contract.  In other words, they do not take the lump sum away once they start paying income.  On the other hand, most of the Longevity plans annuitize the contract which takes the lump sum from the investor in return for income payments for life.

Payout:  Here is the most important point.  How much will the product payout as lifetime income at any future date.  The Longevity products I reviewed payout out substantially less than the most competitive income riders.  For example:  If a 55 year old male put $100,000 in the Symetra longevity plan at age 55 they could get an income stream of $6,050 a year for life at age 60 or $8,483 a year for life at age 65.  Compare that to the Great American income rider using the same person and same investment amount of $100,000.  They would pay out $7,500 a year at age 60 and $11,000 a year at age 65.  Substantially higher payouts.

At the end of the day, Longevity insurance is just a new way for companies to try to crack into the annuity market.  The product looks and feel like an annuity with an income rider with a low payout.   At this point, there is nothing unique or advantageous about “Longevity Insurance”.

You can order prescription medications (Non Narcotic based) over the phone.  A company called Teladoc has a process which allows you to call in and set up a  profile (Only need to set it up one time) from which you can consult with a licensed physician over the phone to get a script filled.  99% of orders are filled within 3 hours of the phone call. There is no cost per call or for the one time creation of your profil.e (Free if done online, but cost a one time fee of $12.00 if the profile is set up by phone)

Teladoc can be purchased on a monthly basis through the Careington Dental and Vision discount plan.  This plan provides discounts on Dental and Vision services and includes the Teladoc program.

The best feature of this program is the cost.  The whole package is available for $12.95 for single, $14.95 for two people and $16.95 for a family of any size.  You can review the benefits of this plan on line through this link CAREINGTON TELADOC PLAN BENEFITS  You may also apply for the plan through this site.  If applying, you will need to enter a broker/agent code in order to get to the application.  Our code is CROWE

Please call Crowe & Associates if you have any questions.

Careington offers a combo vision and dental discount plan in Connecticut.  The plan is very reasonably prices at $6.95 a month for a single person, $11.95 for two people and $15.95 for a family.

I have not been an advocate of discount vision and dental plans in the past but the Careington plan has proved to be a value to our clients.  The networks are strong with VSP for vision and Aetna for a dental network and the discounts make a big difference.  We have found that people actually save more money with this discount plan than they do with traditional dental and vision insurance.   The problem with traditional dental and vision is that the average monthly premium is $30 per person which makes it hard generate an annual savings. The low premium of the Careington plan along with the major discounts make this plan a better choice for most consumers.

A link to the benefits of the plan is attached. CAREINGTON LINK TO BENEFITS AND ONLINE APPLICATIION   You may also sign up for the plan through this link for those that want to purchase it.  The online application will ask you for an agent/broker code before it will let you apply.  Our agency code is CROWE which can be entered and will allow you to move to the application section.

IMPORTANT- For people in CT and NY, be sure to select the plan choice that uses the Aetna Dental Network.  (The 2nd plan from the left) The Aetna dental network is much stronger in CT and NY.

Please call Crowe & Associates with any questions or concerns.

We receive requests for good dental and vision insurance on a daily basis from clients ranging in age from 25 to 80 years old.  There are a number of Dental and Vision plans available but most of them are structured in a way that makes it difficult to get your money’s worth out of them.

We have come up with two plans that currently offer the best value on the market.  There are two types of plans for Vision and Dental.  You have Dental and Vision insurance and then there are a number of dental and vision discount plans.   They both have pros and cons but we will focus on the Dental Insurance here.

Humana offers a dental and vision plan that provides for strong benefits coupled with one of the better dental networks.  The biggest key of the plan is that is also is reasonably priced.  The price for the plan also does not change based on age and a person of any age is eligible.  Monthly premiums for the Dental plan are $22.99 a month per person.  The plan covers preventative services at 100% and basic services at 50% ($50 deductible on basic).  This is the plan we recommend to clients currently however we will start to recommend a different plan if one of a better value becomes available.

To look at benefit for this plan and/or apply for it online, you can use the Humana link provided.   CLICK HERE FOR HUMANA LINK

Please feel free to email or call Crowe & Associates with any questions.

The high F Medicare supplement plan is not well understood by consumers and insurance brokers.  In the state of Connecticut this is a shame because if  people did understand it well, about 90% of those with a Medicare Supplement plan would have it.

The plan is priced tremendously well in CT at $35.00 a month.  With this price point, the math on the High F plan comes out better than the math on any other supplement including the AARP Plan F supplement priced at $214 a month.

Here is how High Deductible F works-(This is a very simplified version but you will get the point):   Medicare Part A covers hospital costs after a $1,200 deductible and Medicare Part B covers 80% of doctors and testing costs.  The anthem High F, will cover 100% of costs once a consumer spends $2,070. out of pocket in a year.  At $35 a month, the math can not be beat.  Try the math versus any other Medicare Supplement plan on the market and see how it comes out.    Keep in mind that only 1% of Medicare consumers with a high deductible F plan every actually hit their deductible.

There are very few situations when a person should have a Medicare supplement plan other than Anthem High F supplement in Connecticut.  Unfortunately,a lack of understanding from Medicare recipients and the low commission paid to brokers will limit the number of people that have this plan

Choosing an Annuity

Choosing an annuity is made out to be the most difficult decision in the world but it really doesn’t have to be.  There is a logical progression to be made when making a choice.   In this post I will go over the steps that need to be taken to make the right choice.

Before getting into the steps,

I would like to point out a few key points that will help you along the way.  The first is that there is not a “best” annuity for every thing or a company that has the “best” annuity for all situations.   Insurance companies jockey back and forth to offer the best product for a certain situation. They do not try to have the best product for every situation.  Also, they do not  keep their product competitive for long.  Usually an insurance company will offer a very competitive or the most competitive product for only 6 to 18 months and then they will lower rates.

The other important point is not to simply go by a company name.

Insurance companies lean on their reputation heavily to get a prospects business.  They will use the name as a way to offer a less than competative product to the public and it works.  People will blindly buy an insurance companies product simply because of the company offering it.  This is a sure fire way to make sure you are not getting the best in class product.

The first and most important step when picking an annuity is to determine what you want it for.

This sounds simple and silly but it is the most important part of the entire process and the most common mistake people make.  I cant count the number of times I have talked to someone who is about to purchase an annuity because of some incredible feature it has.  The problem is that the feature usually will do little or nothing to help them with what they need the annuity for.  You need to figure out what you are trying to accomplish.  There are a limited number of things people want to accomplish with money and a limited number of areas where an annuity will work.  Here are the most common ones.  It is critical to determine which you fit into.

• Draw a future income stream at some future date
• Immediate income draw
• Grow a lump sum of money to leave to heirs
• You want to grow a lump sum of money to use for a known future expense or purpose

Once you determine what you are trying to accomplish, it becomes much easier to find the best product to accomplish the goal.

For example, if you want future income, the best way currently is to use an annuity with an income rider or if you need immediate income your best bet is to use an annuity for that purpose called a SPIA.  If you want to leave the most money to heirs possible, you would use an annuity with a high death benefit roll up feature and so on…..

By determining your need, you can identify the right type of annuity to use to get the job done.  Once you determine the type of product needed, you then need to find out which company has the best “highest paying or earning” product of that type.  For example, if you need an immediate income, you would use a SPIA.  The highest paying SPIA’s are currently offered by Symetra, Great American, Guggenheim and NY Life.   This will change over time but they are at the top currently because they will pay out the most money immediately.  If you need income 5 years from now, you would use an idexed annuity with an income rider and the highest paying company would be Security Benefit SIA Annuity.  Again, how long will they be able to say they pay the most?  No one knows for sure but right now they pay the most.

I had a person call my office and he was told Met Life would work the best to generate income of $320,000 7 years from now.  (he was 58 years old)

The representative he spoke with said Met was the best.  At the the time, Forethought was paying out the most income of any carrier for a person that age.  I ran the guaranteed income payout for Forethought in 7 years vs. the Met life payout and the forethought income beat the Met Life Income by $5,000 a year for the rest of his life and his spouses life.  There is a 70% chance either he or his wife will live to at least age 90 based on current life expectancy.  At a difference of $5,000 a year, this would add up to a $125,000 mistake had they gone with the lower paying product.  (25 years multiplied by $5,000)

It can be a chore  choosing an Annuity and finding the highest paying company for a specific product type.

To accomplish this, make sure you work with an independent agency that holds all contracts.  I spend a great deal of time maintaining active appointments with every company offering any type of competitive product for this exact reason.  This way I am able to ensure I am showing people the best option for their specific situation.    Feel free to call or email me if you have questions or need advice.

This post is for a review of the United Healthcare Medicare Complete and the AARP Medicare Complete plans for 2013.  If you want 2012 information CLICK HERE

United Healthcare will be making some minor changes for the better to the 2013 Medicare Complete plan line which includes United Healthcare Medicare Complete and AARP Medicare Complete products.  All products listed are Medicare Advantage plans.  Look at seperate postings for information on AARP Medicare Supplement plans.

The United Healthcare Medicare Complete product is very similar to the AARP branded version but most versions do not have out of network coverage as they are usually HMO plans.  The in network benefits tend to be a little better than the AARP branded in network benefits as a result.  for 2013 the United Healthcare branded products will look similar to the 2012 version with a few improvements such as a lower annual out of pocket max, a outpatient surgery benefit that offer more than 80% coverage and  a lower primary doctor copay.  The improvement to the outpatient surgery benefit is the most needed change overall and this will reduce costs for many members.

The AARP Branded Medicare Complete plan took on a $20 monthly premium in 2012 and it looks like that will stay for 2013 as well.  The outpatient surgery benefit and out of pocket max on this plan will also be improved over last years version.   The AARP branded plan is on a PPO platform in most states and offers out of network coverage as a result.  Last years version only provided for 70% coverage out of network.  It is not yet known if this will be improved for 2013 or not.

The drug coverage in both versions will be mainly the same for 2013 with some very small ($2 or $3) increases in the name brand tiers of the drug coverage.  While the United and AARP Medicare Complete plans did not compare well to competitors in 2012, it should be in a much more competitive position for 2013.

WANT TO LEARN MORE? REGISTER FOR OUR “HOW TO CHOOSE A MEDICARE PLAN” WEBINAR – CLICK TO REGISTER

We always get a lot of questions on Medicare Part D.  Here are some commons questions that we hear and additonal information on part D.  If you have other questions, please email Ed Crowe at Edward@Croweandassociates.com

1.  Popular Summer Medicare Part D Coverage Questions

2.  More on your Medicare Part D Coverage and the 2012 Donut Hole

3.  Average Retail Drug Prices

1.  Popular Summer Medicare Part D Coverage Questions

 Question:  As we travel around this summer, will we still have Medicare Part D prescription coverage outside of our home state?

Yes.  You can use your Medicare Part D prescription drug plan at any of your plan’s network pharmacies, and most Part D plans include more than 50,000 pharmacies in their network.  If you are in a remote area of the country and are having trouble finding a network pharmacy, you can always telephone your Medicare Part D plan’s Member Services department and ask them to help you find the nearest pharmacy (the toll-free number is on the back of your Member ID card). 

Question:  If I purchase prescription drugs while outside of the United States, and bring them back with me, will my Medicare Part D plan reimburse me for these drugs if they are on my Part D plan’s formulary?

 Probably Not.  Although you can always ask your plan for more information, the Medicare Part D program does not anticipate coverage for medications purchased outside of the United States. 

Question:  We just moved from North Carolina to Florida and our Medicare Part D plan was cancelled because of our relocation.  Can we enroll back into our same plan now (in July) or do we have to wait until November/December?

 You can enroll now into a new Medicare plan.  Most people are not allowed to change Medicare Part D prescription drug plans outside of the annual Open Enrollment Period (or Annual Election Period) that runs from October 15 through December 7 of each year.  However, a Special Enrollment Period is available for people who move to a new Medicare plan service area during the plan year and allows people to join a new Medicare prescription drug plan or Medicare Advantage outside of the annual Open Enrollment Period.   

 Question:  I will turn 65 in September and will be eligible for Medicare.  When is the best time to join a Medicare prescription plan?

 It depends on when you need your Medicare prescription plan coverage to begin.  Initially, you have a seven (7) month window of time to join a Medicare Part D or Medicare Advantage plan.  So if you enroll in a Medicare Part D plan within the three (3) months before the month that you become eligible for Medicare (for example, the 3 months before you turn 65), your Medicare plan coverage will start on the first day of your birthday month (or Medicare eligibility month).  If you join a Medicare plan during your birthday (or eligibility) month, your prescription drug coverage will start on the first day of the next month.  Finally, if you join a Medicare plan during the three (3) months after your birthday (or eligibility) month, your drug coverage will start the first day of the month following the month when you enroll.

 Did you have a question that needs answered?  No problem, you can email Ed Crowe at Edward@Croweandassociates.com for answers.

2.  More on your Medicare Part D Coverage and the 2012 Donut Hole

 Question:  How do I find out how much more money I need to spend before I exit this year’s Donut Hole?

 The easiest way may be to check your monthly Explanation of Benefits letter.  Your Medicare Part D plan regularly sends you an Explanation of Benefits (EOB) statement detailing your Medicare plan coverage.  You will notice that the letter is separated into sections and in Section 2, you will find information on your current stage of coverage.  You will also see a box in Section 2 of your EOB letter that is entitled, “What happens next?”  In this box, your Medicare plan shows the details of how much more you will need to spend before moving into the next stage of your plan’s coverage. 

 So if you are in the Initial Coverage stage, the “What happens next” area will tell you exactly how far away you are from your Coverage Gap (or Donut Hole).  If you are in the Donut Hole, you will see how much more money you will need to spend before entering the Catastrophic Coverage portion of your Medicare Part D plan.   

Question:  I have already reached my Medicare drug plan’s initial coverage limit of $2,930 and entered the 2012 Donut Hole, so do I now pay the difference between the $4,700 out-of-pocket limit and my plan’s $2,930 initial coverage limit before exiting the Donut Hole?

 Not exactly.  You will stay in the 2012 Donut Hole until your total out-of-pocket costs exceeds the $4,700 threshold – less any name-brand drug discounts you receive while in the Donut Hole.  As a note, there are two different numbers that are used to define your Medicare drug plan’s Donut Hole or Coverage Gap: (1) The total negotiated retail value of your medications:  When the total value of the retail cost of your drug purchases exceeds $2,930, you go into the 2012 Donut Hole. (2) Total Out-of-Pocket Spending:  After your actual spending for covered medications has reached $4,700, you exit the Donut Hole.  (Remember, the brand-name discount counts toward meeting this total out-of-pocket spending amount).

 For example, if you are in your Medicare Part D plan’s Initial Coverage Phase, purchase a medication with a $100 retail cost, and only pay a $30 co-payment out of your own pocket (the plan pays the other $70), you get $30 credit toward the $4,700 Donut Hole exit point and $100 toward your $2,930 Initial Coverage Limit.

Now when you are in the Donut Hole and you buy the same $100 medication, and your plan does not have any Donut Hole coverage, you are responsible for the full $100 drug cost.  However, this year, you will get a 50% discount on all brand-name drugs bought in the Donut Hole, or a 14% discount on generic drugs purchased in the Donut Hole.

 If your $100 medication was a name-brand, then you will pay only $50 – but, you will get the full credit for the $100 purchase toward meeting your $4,700 out-of-pocket threshold or Donut Hole exit point.

 On the other hand, if the $100 medication was a generic drug, you would pay $86 dollars and get credit only for the actual $86 you spent toward meeting the $4,700 Donut Hole exit point or out-of-pocket threshold.

Question:  Will the Medicare Part D plan’s Coverage Gap or Donut Hole really ever go away?

 Yes, but only to the extent that you will still pay 25% in the Donut Hole.  As many people know, the Medicare Part D Donut Hole is scheduled to “close” in 2020.  But medications will not be free when the Donut Hole is finally “closed”.  In 2020, the co-insurance or cost-sharing for both generic and brand-name drugs purchased in the Donut Hole will be no more 25% of the plan’s negotiated retail price.  So, if your 2020 Medicare Part D plan follows the CMS standard Medicare Part D parameters with 25% co-insurance paid during the Initial Coverage Phase, you will pay no more in the Donut Hole than you would pay during normal coverage and the Donut Hole will be effectively eliminated.

 On the other hand, if your 2020 Medicare Part D plan has a $0 (or low) co-payment for your medications during the Initial Coverage phase, and then you find that you are paying 25% of your medication retail prices in the Donut Hole, it may not seem as though the Donut Hole is “closed,” although it technically is.  

3.  Average Retail Drug Prices

 Question:  What does the “negotiated” retail drug price mean and why is it important?

 The negotiated retail drug price is the amount that you would pay for your medication at a particular pharmacy when you have a Medicare Part D prescription drug plan.  The negotiated retail price for a certain medication may be different from the pharmacy’s regular price, and it can be different from pharmacy to pharmacy and from Medicare Part D plan to plan.

For example, if you purchase a formulary medication like Lipitor®, you may see on your receipt a negotiated retail price slightly more or slightly less than someone who is enrolled in another Medicare plan.  And, if you were to go to a different pharmacy using your same Medicare plan, the negotiated retail price could also be slightly different.

 The negotiated retail price is important to you because your total annual negotiated retail drug costs are used to determine the point when you enter into your plan’s Donut Hole phase.  So based on the differences in negotiated retail price between plans, you may meet someone using the same medications, but entering the Donut Hole a short-time before or after you.  Also, if you are in the Donut Hole, you will receive a discount on the negotiated retail price of your formulary medications.  So, based on the negotiated retail prices, people in different Medicare plans will pay different discounted prices in the Donut Hole.