• Flexibility and Safety
• An Income stream that you can never outlive
• You will never lose your money
• It allows for the “upside” growth potential of the stock market, without actually being “in” the stock market
• Free withdrawals
• A Death Benefit
• Terminal Illness and Confinement options
• Bonuses for investing your money for the long haul
• You do not have to “medically qualify”
• Money can grow tax free

Does this sound “too good to be true”?  Well, it is a guaranteed private pension plan backed by very reputable, financially sound and savvy insurance companies which are licensed and further insured by the State Bureau of Insurance.  Best of all, there is never any obligation or pressure to buy when working with me.  Why not check it out further? What do you have to lose?

Here is why I encourage you to get an insurance review:

1.)    Insurance policies are detailed legal documents that, generally, the public is not trained to read and digest.  You deserve an expert on your side to explain in plain language what you have.

2.)    You may not remember exactly what you bought.  Sometimes clients think they have permanent cash value policies and they are only term policies.  Or, you may have an old “universal life” policy that may not be there when you need it most.

3.)    Your circumstances change.  What you thought you needed then may not be right for you now.  Twice, I have found that now disabled clients had coverage build into their policy that will now pay their premiums.  Sometimes, you are still paying for a children’s rider when the children are grown and no longer covered.

4.)    The insurance agent who sold you the policy may not have known what was best for you or you have lost touch with them over the years.  Often times, beneficiary information needs to be updated.

5.)    The insurance field have evolved, like every other business, there may better options for you now.  Term rates are lower now than previous years.  You can buy policies with “living benefits.”  This is insurance you don’t have to die to use.  The face value can be accessed if you have a critical medical situation such as cancer or stroke.  It also can be used to pay for long term care expenses.

Frankly, I have offered free insurance reviews for years.  Very few people take me up on my offer.  I’m sure some people are concerned that it is my “foot in the door” tactic, and it is.  But my way of conducting business is finding the best product for you.  If you already have it, I’ll tell you so and not try to twist your arm to buy another or different policy.  My current clients know this, and I hope you’ll take the chance and discover that this is a true statement. There is nothing more reassuring to you and your family’s future than knowing you have the right policies for your needs.

Did you know that life insurance proceeds are not taxed? Life insurance is a GREAT product with many uses and benefits.  Contact me soon to get a review so you will be happy with your choices.

However, a Plan F from one company to another company can and does vary significantly.  I am an independent insurance agent who specializes in this. The following are ways that they can vary and you need to consider when choosing a Medicare Supplement Plan:

1.    Rates can vary significantly.  In Virginia, as of this writing,( September 17, 2012) a Plan F rate for a 65 year old female can range from a low of $92.13 per month to over $300 per month.  (We are talking identical coverage!) These rates vary due to many factors such as the area in which you live.  For example, a person who lives in one zip code can pay $20/per month less than their neighbor who lives down the road but in a slightly different zip code.  A smoker may pay more with some companies.  Males may have a higher rate with some companies.  Some plans have rates which are guaranteed to increase every year as you get older.  Some plans level off their rates after age 75.  (Unfortunately, all of them can – and do- raise their rates on an across the board basis.)
2. There are extra “Perks” and extra Costs.  For example, you must be a member of AARP to buy their Plan F from United Health Care.  Currently, this is an additional cost of $16 per year.  But on the Perk side, the AARP/UHC plan includes a Silver Sneakers benefit.  That alone, could save you over $50 per month if you are already paying for a fitness center membership.  Mutual of Omaha has a 7% couples’ discount.  And companies are adding more perks (benefits that are not required by law) every day trying to get your business.
3. Ratings and Customer Service.  Have you ever had a question and had to talk to someone in India, or be put on hold for what seems like a lifetime?  This is a consideration when purchasing a plan you will probably keep for many years.  Though in my experience, this is usually not a big consideration because these plans (as long as they are from a reputable company) work like a dream.  It is rare to be dissatisfied with a Plan F as long as you can afford to pay the premiums.

So the bottom line is – Shop plans with a knowledgeable agent who can enroll  you into best plan for you.

They both are meant to enhance Original Medicare (Part A and Part B) benefit coverage. However, they are distinctly different and can not be interchanged.

A Medicare Supplement (also known as a Medigap policy) is purchased for a premium from a private insurance company. The plans are standardized and a good plan (such as Plan F) will basically cover all medical expenses that are not covered by Original Medicare.

Medicare Advantage Plans (also known as Medicare Part C), are plans that are contracted with the Center for Medicare and Medicaid (CMS). You enroll in a specific plan managed by an insurance company. That plans then is responsible for paying for your medical expenses. You are responsible for co-pays and co-insurance.

These plans have to be ,by law, be as good as or better than Original Medicare. They may include extra benefits such as a built in prescription drug plan and discounts on medical related services

Medicare Prescription Drug Plans (also known as Medicare Part D and PDPs) are generally highly recommended if you have Medicare and no other creditable prescription drug coverage. To get Medicare Drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered. Sometimes a PDP is included in your Medicare Advantage Plan at no additional cost. These plans are called “MA-PDs”.

PFFS is a private fee for service plan. There is no contract between the medical provider and the insurance company other than the underling Medicare rules. You can use any provider who accepts Original Medicare payment, who is willing to treat you and accepts the plan’s terms and conditions. The provider can decide on a patient-by-patient, and a visit-by-visit basis at the time of service whether to treat you. Emergencies are an exception to these guidelines.

PPOs are Preferred Provider Organizations. There are contracted with certain medical providers and prefer that you use them. However, you may go outside of the provider list and still have coverage without a referral. This however, may result in additional costs for you.

HMO’s are Health Maintenance Organizations. The insurance companies restrict you choice of providers to those they have contracted with. In addition, a referral from your primary care physician is generally required.

As always, after you’ve spent a certain amount for prescriptions out-of-pocket ($4,700 in 2012), catastrophic coverage starts and you only pay 5% of your prescription cost for the rest of the year.

This year, the 50% discounts are applied to your out-of-pocket totals, so it may be faster to get through the donut hole.

Also, Prescription Drug plans can change significantly from year to year. It is a wise idea to shop for the best plan for you each October/November. For more information or help, call your agent or visit www.Medicare.gov.