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United Healthcare offers multiple types of Medicare Advantage plans throughout the US.  Some of these plans are under the United Healthcare name while other are under the United name with AARP branding.

The AARP name is usually added to the United RPPO Medicare advantage plan.  This plan is an in and out of network plan.  If you stay in network (use United doctors and hospitals) there is a copay schedule.  If you see a non participating doctor or hospital, you will pay a cost share such as 30%.  This plan offers  a bit more flexibility than an HMO plan does as the HMO does not allow you to go out of network. Read more

One of the biggest points of confusion for seniors seems to be making a decision between a Medicare Advantage Plan and Medicare Supplement Plan. I receive phone calls on a daily basis from people either turning 65, moving from an employer plan to Medicare or just trying to decide what to do for the Medicare Annual Election period. Often they are confused and feel overwhelmed by the amount of information and plan choices available.

The reality is that it is actually very easy to learn enough to make an educated decision. This article is going to point out the basic differences between the plans and point out the strengths and weaknesses of each. With this info, anyone will be on their way to having enough information to make a confident decision on the best plan for them. (This Article is for people in Connecticut and NY- I will write one for other states in the next few days) Read more

A number of our clients want to know how a Medicare Advantage plan works and how it is different from Medicare A and B and/or a Medicare Supplement plan.  The fact is that Medicare Advantage plans are very different from standard Medicare A and B and a Supplement. Read more

Most people will automatically  be signed up for Part B of Medicare.  If you are getting Social Security payments, you will be signed up prior to you 65th birthday.  When you get the Medicare Card, it will show that Part A and B are in place.  There are instructions on the card if you decide you do not want part B.

If you’re 65 or older and you aren’t getting Social Security or RRB benefits yet (for instance, because you’re still working), you won’t get Part A and Part B automatically. People of any age diagnosed with ESRD and who meet certain requirements are also eligible for Medicare Part A and Part B, but must sign up for them.

Medicare part B will be billed quarterly (for those not taking Social Security payments) or it will be deducted from your Social Security check if you are receiving payments.

You need to sign up by contacting Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778. If you worked for a railroad, call your local RRB office or 1-877-772-5772 to learn more about signing up.

There are three basic levels of drug help available to seniors in Connecticut.  Contrary to the popular opinion, you can get drug help based on income only.  All three programs here are based on income only.  The programs do not look at your assets to determine if you qualify.

The lowest qualifying level (ALMB) will provide the following benefits to those that are approved.

-Elimination of Medicare Part B Premium

-Elimination of coverage gap “Donut Hole”

-Copays on drugs capped at $2.60 for generics and $6.30 for name brand drugs.

It is very important that you check to make sure that your drugs are in the formulary of the Medicare plan you use. (Stand alone part D plan or Medicare Advantage plan)  If your drug is not in the formulary, the program will not help with the costs.

Those that qualify for QMB will also get help with their medical copays.

• QMB – $1,983.03 for a single person and $2,685.93 for a couple
• SLMB – $2,169.23 for a single person and $2,938.13 for a couple
• ALMB – $2,308.28 for a single person and $3,127.28 for a couple

MSP application ct

A number of annuity companies are adding Long Term Care Riders to their annuity products.  Usually, the rider is build into the policy for no additional cost.  The big question:  Is a Long Term Care (LTC) rider actually worth anything to the consumer?  The answer is debatable. Read more

With the 10 year treasury at 1.5%, CD rates are at 30 year low yields.  The current 5 year CD rate in Connecticut is now around 1% which is actually a bit lower than the 3 year CD rates being offered. Bankrate.com is the best place to find all local CD rates available.

With rates this low, it is wise to look at alternatives and here I will talk about  2 of them which are Fixed annuities and Market linked CD’s. Read more

Equitrust Builder Bonus Annuity

The Equitrust Builder Bonus annuity is a unique product that is worth consideration for the right people. Here I will review the product and talk about the strengths and weaknesses of it.

For starters;

the product has approval in some of the more strict annuity states such as New Jersey and Connecticut.   It is also one of only two products that has a return of premium feature. Return of premium (ROP) means that you can have your initial investment back without penalty.  You can do this at any time regardless of when it is requested.  This is a good option if you ever need to take the investment back due to other priorities.  This can be done within the surrender period of the plan. Read more

Lifetime Joint Income Payments

It is important for most retirees to create additional income streams in addition to social security in retirement. Many will rely on minimum distributions from qualified accounts (IRA’s, 401K rollovers, SEP plans, etc) and non qualified retirement plans to create additional income.  Lifetime Joint Income Payments offer the security of an additional source of income.

Retired couples will often only have one person receiving additional income.

This strategy works well as long as the primary person drawing income is alive but an unplanned death can leave the surviving spouse short on income. Read more

There are more people than ever looking to use a lump sum of money to create a guaranteed future income stream.  Fixed Indexed annuities are usually the most predictable way to do this and they also offer the highest future guaranteed life payouts.

As a result, there are a number of companies offering these types of products and there are even more people selling them.  This includes brokers, insurance agents, CPA’s and CFP’s.  The fact that they put their clients in anything other than the Security Benefit Secure Income Annuity is disturbing.  Why do I say that?  The reason is that the Security Benefit product has the highest guaranteed payout.   Simply put, they pay a higher income payment than any other company. There is not a trick to the comparison. Its very simple, if you give a company an amount of money, how much will they pay you as an income stream at a future date?  Security Benefit always wins. Read more