College Planning …
Life insurance can be, and should be, an integral part of college planning. Life insurance may make possible, that which a person desires for children - whether or not they are still living to make it happen.
One of the biggest problems in doing this, can be money. “So, if I put money away for my child’s college education, where does the money come from to pay for life insurance?”
Well consider this scenario: A 35 year old mother with a one year old child is faced with just such a dilemma. But what if she were to purchase a policy, just for this reason, that
- if she died provides $200,000 of death benefit to help with college and living expenses,
- but if she lives, provides over $33,000 to assist with the other help she is giving?
And what if I told you that she was able to both put money aside and pay for the life insurance? Each person is different, but why not let me demonstrate how this will work in your situation? Call me or email me, and I will provide details of how this will work for your benefit.
So … what’s important to you?
As an agent, I get an incredible amount of email regarding legislation, proposed legislation, and people trying to get legislation introduced that will affect the cost of health insurance that you and I pay for!
The only thing clear to me is that nothing is clear. It seems to me that few of these people even understand what the effects of their proposals are. The alternative to this conclusion is something I would not publish.
But as that same agent, I wonder: What do you want?
And here’s my guess: You want to be able to get medical care when needed, and you want to be able to afford to get that care. You don’t necessarily want this to be someone else’s responsibility, but on the other hand, … you do want it to be affordable.
How close am I to what you want?
I want to tell you that whereas I can do nothing about what is done in the California legislature, or the US Congress, I can help you get what you want.
And one other thing: what you want may or may not be something you can find on any websites. I say that because some of the things I happen to like the best, I have no way to put up on my website. Perhaps soon, but not now.
So give me a call or shoot me an email. Let’s talk. I want to earn your business. So let’s talk and let me show you that I can help you get what’s important to you.
Michael P Myers
Why buy health insurance …
In three short words: To Save Money.
What? Save money? But it costs me money.
Yes, but it also saves money. How so?
By being involved in a purchasing pool, sometimes the savings are really truly huge. Sometimes they are just ordinary … not enough to mention. But did I mention sometimes the savings are huge?
And we do not know when it is something we need.
So here is what I suggest.
- If you have money, and health, buy the highest deductible you are comfortable with . I can both help you with this, and also tell you a few other things that go along with it that cost you nothing but will save you money.
- If you can’t afford to have a high deductible, you also cannot afford to be without. If you have medical problems or otherwise cannot afford major medical insurance, click on the button to your right marked AIM and see how inexpensive having first dollar coverage can be. (But please call me if you have questions).
- And if you have a small group, I have things to show you that very likely you’ve never seen. Ways to save a lot of money, and yet have excellent coverage for your employees. I have an illustration I prepare that will compare exactly what you currently have with - two different products that when combined, I have yet to find any company that did not improve their coverage and save money (and sometimes a lot of money). Since this is individualized to your company, I have to get a few things from you to show it accurately. Just give me a call, or shoot me an email, and I’ll get right back to you.
War Risk Coverage
Take the case of…
the International Engineering Firm. Having won a bid for a design and building project in Iraq was great news for the firm, but not such great news for the HR and Risk Management Departments.
They had to scramble to find replacement coverage for the Group Life, LTD, AD&D, Medical, and Kidnap & Ransom coverage for the employees being deployed, and of course the concern of war and terrorism was very important.
If you face concerns such as this, not sure where to turn and are told time and again that “we won’t cover that”, check with me, because chances are, if it can be done, I have an insurer that wants your business.
Michael Myers
So how does the mortgage crisis affect your insurance rates?
Just a small article to explain how this works. My comments have to do with long term disability insurance.
Although this is not a hard and fast rule, it works something like this …
For every 1% drop in interest rates, insurance may go up by about 4%. Why is this?
Long Term Disability Insurance is to insure against long term issues. Some of the money that is used to pay these claims comes, not from premiums, but from interest earned on premiums. Therefore, if interest rates go down, in order to pay these claims, it’s necessary to raise premiums on new business.
Just another small example of why it’s always a good idea to purchase what a person can afford to purchase, and lock in premiums today.
Have you considered insuring your income against the risk of accidents or illness?
Whether you need group LTD for your employer group, or personal disability income insurance, give me a call or email me and I’ll let you know what is available for you.
Michael P Myers 209-390-1163
Are all Disability plans created equal?
In a word, No!
Here are a few examples of things you should know about different types of disability insurance. They may seem the same, on the surface, but let me explain the very real difference.
AGGREGATE vs. NON AGGREGATE PLANS
An aggregate benefit policy and a non-aggregate policy issued for like amounts with the elimination and benefit periods being identical, not withstanding any variations in the policy provisions themselves, could pay identical benefit amounts on the first claim:
90 Day Elimination, 60 Month Benefit Period, $10,000 per month
Applicable benefits on each would total: A 31 month benefit claim $310,000.The difference would be the remaining benefits under each policy available for future disablement’s:
- Aggregate Plan (60 months less 31 months already paid) = $290,000
- Non-Aggregate Plan – Full, fresh 60 months = $600,000
The premium for the Aggregate Plan may have been less in the beginning, but on renewal the premium remains the same but the remaining aggregate benefit is less than the previous claim paid. The Non-Aggregate Plan provides a new, fresh 60 month benefit period for any new disability or a recurrence of a prior disability.
EXAMPLE: Dr. D was a very successful Gynecologist. He suffered a bad accident on his favorite ski slope shattering his right arm and leg. Multiple surgeries were required, but after 31 months there was optimism he could again practice. And he did for two years. He incurred a tremor in his previously fractured hand. It did not respond to treatment and he was ordered to halt procedures. His E & O Insurer agreed. Dr. D has been back on disability for four years and it is obvious the condition is permanent. He will never recover.
If he had been insured on the Aggregate Benefit Basis he would have collected monthly disability for 31 months, the same as the Non-Aggregate, but his reserve disability benefits would be limited to 29 months whereas the Non-Aggregate plan would step up with 60 full months.
|
<!–[if !supportEmptyParas]–> <!–[endif]–> |
Aggregate |
Non-Aggregate |
|
1st Disability - 31 Months |
$310,000 |
$310,000 |
|
2nd Disability |
Max $290,000 |
60 Months $600,000 |
|
Total Benefit |
$600,000 |
$910,000 |
FIRST MANIFESTS ITSELF vs FIRST DIAGNOSED
Many physical conditions do not show up for long periods of time as was the case with Dr. D’s hand tremor. As another example, prostate cancer is a slow evolving process. At claim time one Insurer is informed of the manifestation date which signals the need to determine the original date of the condition. If this pre-dates the Issue date of the policy it is identified as a Preexisting condition and such conditions are not covered.
As opposed to this slippery wording, some quality plans call for the date the condition is first diagnosed. If the condition was diagnosed prior to the issue date of the policy, either the policy would not have been issued or it would have been clearly identified as a non-covered pre-existing condition.
RIGHT OF RECOVERY CLAUSE
Some policies may have a “Right of Recovery” provision which states that the underwriters have the right to be reimbursed for any benefit paid for which the insured received payments from a Third Party such as:
- A legal judgment
- An arbitration award
- A settlement
Obviously, this is not something a person would want if there was another option.
-
Ask me how to get a non-aggregate plan, with first manifest provisions and with no right to recovery.
-
In other words, ask me how to get the most value from your disability plan.
Michael P Myers
209-390-1163
Easy issue health insurance …
Many people work for employers who provide medical insurance. This is a good thing, because getting medical insurance can be difficult, especially for those of us who have medical conditions or who are too short for our weight!
Individual major medical is available, but often only to those with good health. And I can help any of you get the best value in this area, you have only to ask.
But what about those who do not fit this description, who are too short for their weight, or have medical conditions, … what then?
Click on my little button marked AIM - and you will see described a very good limited benefit medical plan that almost anyone can get. Although this is not major medical, but a limited benefit medical plan (a legal description) — it is a very good one.
The best of the plans has excellent daily hospital rates with no limit on surgeries. They re-reimburse based on the medicare schedule (this has nothing to do with Medicare - they simply use their schedule) so it should not be difficult to find either a surgeon or hospital who will accept it. It has a very good network, with lots of providers (but check this out for your area).
And here is the best part … HIPPA compliant. Now that may not mean anything to you. Here is what it means for you in practical terms. These policies have pre-existing clause. This means for one year, they will not pay for something that falls under a pre-existing condion classification. But that is waived, month for month, if there is prior coverage. For instance, you had group coverage and to conitinue it privately is just too expensive. This plan will give credit for the other plan, so assuming you had it the past year, this in effect means that there is no pre-exisiting to worry about. (Since each case could be different, ask).
And the same goes if you have this plan, and then are able to buy an individual major medical. A certificate for credible coverage is provided.
Good rates, and good benefits … and enrolling is simply. Just push the button to get rates and an application. (But be sure and call me if you have questions. I am here to help).
Michael Myers
How to enroll in a Medicare Supplement (over the phone)
Regular Medicare Supplements, also known as Medi-Gap policies, supplement Medicare. These differ from the “Medicare Advantage” plans, which essentially privatize Medicare.
I am happy to announce that my personal favorite company - highly rated and with good rates - has agreed to allow me to enroll a person in their Medicare Supplement plans on the phone. The only restriction is that it must be done between 8:00 AM and 4:30 PM Central Time (yep, that’s 6:00 AM to 2:30 PM Pacific Time).
Here is how it works:
- First I speak to you and explain whatever needs to be explained.
- Then I discuss rates with you and benefits.
- If you decide you wish to go forward, I then add a third person to the phone call, and they complete the enrollment from the companies end, obtain a “voice” signature from you, and that’s it. You then receive everything you need in the mail about a week later.
If you are just enrolling in Medicare, or if this is your birth month and you’d like to compare rates, give me a call and I’ll explain it to you (or as my wife might say - I’ll tell you more than you ever wanted to know!)
You may reach my direct line by calling 866-301-9652 or 209-390-1163
Michael Myers
Choosing the right health insurance plan …
Can you really do it yourself? Possibly.
Friends, there a lot of websites today where a person can get rates for medical insurance. But what most people do not realize - they are all the same! They may look different, but they all have the same plans.
This is because, currently, only some companies allow online quoting and enrolling.
So how do you choose a company? Price? Ease of enrollment? Well, with your health insurance plan, really, it’s a question of trust, isn’t it?
- Whom can you trust to follow through when you need something done?
- Whom can you trust to return your call when you call with a question?
- Indeed, whom can you trust to not pass you off to a someone else who’s just there to answer the phone but is really ill-equipped to help you?
At mpmyers.com - this does not happen. Not now, not ever. When you need help, we promise that
- Either the phone will be answered by someone licensed (and equipped!) to help you, or you will receive a return phone call by the same in a timely manner.
- We will always do everything in our power to help you get what you want.
- We will never mislead you into thinking you can get something you can’t.
- We will always treat you, as we would want to be treated.
So, while we do have the ability to online enroll (and we are adding companies as they become available), we want to tell you something we feel you need to know: There are many who do not offer online enrollments, and the only way to know if these companies are a better fit for you (which we find is often the case), is to speak to you about your individual situation, and what you would like to have in the way of benefits.
I am here to help. Just give me a call, or send me an email.
Best regards,
Michael P Myers
Choosing a Medicare Advantage Plan and Medicare Part “D” (Prescriptions)
The idea is simple enough: ‘Let’s help folks on Medicare save money on their health care expenses.” See, Medicare pays for some but not all medical costs - and basically NONE of the prescription medicine costs. The implementation, however, was far from simple! It seems unlikely that anyone could make it more complicated and confusing for people if that were their aim. (And I am not so sure that is not the case). So, lets take a little of the “mystery” out of this whole Medicare supplementation thing.
A little background: The Medicare program began under President Johnson, and it’s stated purpose was to provide help with medical costs for people as they retired. When it was implemented, medical costs were comparatively low. There was no provision to pay for something as minor as prescriptions. There just was not the need. However, in the decades to come, as medical advances were made, particularly in the area of prescription drugs, costs rose many, many times what anyone could have predicted. Combine that with what seems to be a longer lifespan, thanks to these advances in medicine and drugs, and now we’ve got a program that’s trying to support far more than it was originally designed to support.
Since prescription drugs are no longer a minor part of a person’s medical expenses, people were crying for help in this area. For many, these drug expenses were taking their entire monthly income. So, in response to this need, Medicare Part “D” was born. A plan to help pay for prescription drugs.
At the same time, Medicare Part C was born. The so-called “Medicare Advantage” program. It is essentially, the privatization of Medicare. A person can choose to have their health claims paid by a private insurer (as opposed to the Government) and in so doing, they may save considerable amounts of money - because of having their extra medical expenses covered - over what having just standard Medicare and a Supplement (Medi-Gap policy) will pay.
Well, that is a nice thought. Saving money. We all want to do this.
But in setting up this program, Congress created a new organization to oversee it. This is referred to as CMS. Those of us that help people choose which program is best for them, are required to undergo certification with CMS, each year, for every company we are authorized to help people with.
Regular Medicare is well established and we all understand the rules. Insurance companies who sell Medi-Gap Policies (Supplements) generally do a good job, and the main focus is which company does it at the best price, But this is not the way of Medicare Advantage programs. Although they do save people money, the fact that the CMS organization changes policies each year, makes re-evaluating policies yearly, and perhaps CHANGING to something different each year, the wisest course for consumers. (Why anyone would think this type of management makes sense, I will never understand. None-the-less, I do the yearly certifications, because I want to be ready to help my clients to make the best choice for them each year.)
Medicare Part D (Prescription Coverage), can be combined with a Medicare Advantage plan - or original Medicare. While also a somewhat “flawed” system, when measuring Medicare Part D out by cost-versus-savings, it is almost always a winner for the consumer. So whereas there could be things done to make it better, I believe that almost everyone on Medicare should have Medicare Part D.
When should a person start making these decisions?
If you are just enrolling in Medicare, it would be best if you did the research and chose a plan (call me and I will help you) the month prior to enrolling in Medicare - although this can all be done the month you enroll too. As it stands now, changes in your options can be made once a year.
So, if you are not getting the most benefit from the plan you currently have, or if you are just now about to enroll in Medicare and want to shop Advantage Plans or Medicare Part D (prescription plans), please feel free to contact me, and we can get you enrolled in the best plan for your individual needs.
