Breaking the Social Security Insurance Program

News pertaining to social security insurance is so sporadic that it is hard to differentiate what is actually true regarding Social Security’s financial situation. We will be reporting on the basics of Social Security with a small emphasis on what the Congressional Budge Office (CBO) says.  Trust me, I understand that the CBO’s reports are not always accurate and everyone should cautiously believe anything in this article or any other article that is quoting this budget office.

Two Pieces of Social Security Insurance

  1. Old Age and Survivors Insurance (OASI) – this trust fund is expected to last for another 15 years given its current condition.  Stating that it is not raided to pay for the DI trust fund or other deficit issues that America is facing.
  2. Disability Insurance (DI) – the disability insurance portion of the Social Security Insurance fund is predicted to run dry by 2016.   The law states that benefits must be cut across the board by roughly 30% when this portion of the fund runs dry.

How can Social Security be fixed?

There are several options that come to the top of my head.

  1. Increase taxes.  Most likely they will increase taxes on those earning $250,000 or more; however, with a republican house this will be difficult.  High income earners are already paying an additional tax while working and then another tax after they retire on Medicare Part B and Part D premiums.
  2. Payroll Taxes might increase.  This obviously would not be a popular option.  They also could try cutting write-offs like the home mortgage.
  3. Kick the can down the road and disregard the law that is in place.  This is probably what would happen if the administration, senate and house do not change.

In an article published recently I was enlightened to the fact that there is already a loophole to drain the OASI insurance (the first trust fund of Social Security Insurance).

To see other insurance programs like Medicare visit Medicare Insurance Finders.

Social Security Insurance and Medicare Supplement Quote

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How to purchase Medigap insurance?

It’s kind of funny how most people throughout their whole life have an HR director telling them what their options are for insurance benefits.  Then when you turn 65 and begin a whole new type of health insurance, you are expected to know How to Purchase Medigap Insurance!  

Most likely you are used to having one option through your employer and here is the premium you will be required to pay take it or leave it.  Well Medigap Insurance is not the same.  Medigap Insurance is a supplemental insurance plan that fills in the gaps of Original Medicare (Parts A & B).   In other words, once you have Medicare there are deductibles, coinsurance and co-pays that you are responsible for – Medigap plans covers these expenses. Continue reading

Dental Insurance Rates

If you have retired or nearing retirement you may be wondering what you need to do about purchasing dental insurance.  Since Medicare does not cover dental care and odds are you have had dental coverage through your employer you will likely want to compare dental insurance rates with numerous companies in your area.

If you want to learn more about Dental Insurance Plans continue reading.  However, if you are here just to compare dental insurance rates click here.  Dental Insurance Plans come in all shapes and sizes as you may be aware.  There are plans that cover everything, others that only cover basic procedures, and even some “discount dental plans” which will help lower fees at participating doctors.

Dental Insurance Rates

Dental Insurance Rates will vary based on numerous factors: company name, administration costs, network costs, benefits in the plan, and other smaller factors.  The main cost of dental insurance comes down to the benefits.

Most Senior Dental Insurance does not cover major services like orthodontia or other procedures that are not necessary this lowers the rates tremendously.  If you look at an example plan called the Senior Choice Plan – it combines dental and vision insurance and covers all the basics like checkups and x-rays but does not cover major services.

You may be thinking well why would it not cover major services?  There is no need to pay for something you will not use and that is just going to add additional costs to the premium.   Statistics show that people will spend roughly $30 per month for a dental insurance policy, but any dental insurance rates over $50 are not commonly purchased (unless for family purposes).

If you would rather speak with someone on the phone about Dental Insurance compared to looking online please call 1-800-800-1397 option 6.

Dental Insurance Rates

Offering Supplemental Medicare plans – Medigap and Dental Insurance