Financial Advice from Advisors

Too many Americans are hitting retirement age and realizing “Shazzam” I guess I should have prepared a little better financially.  According to a recent Insurance News article, 80% of people say having a financially secure retirement is their goal and their idea of good retirement, followed by great health. To help you reach your dream and live a strong retirement we have put together a blog article that provides the best financial advice from advisors.

Financial Advice from Advisors

Keep in mind that this is dealing with retirement and and financial advice, not the best places to travel or the best way to get the kids out of the house.  Financial advice from advisors is great, but it does not mean anything if you do not implement the ideas that you are provided with.  The phrase “Action speaks louder than words” is the best way to describe this.  Advisors will help you overcome financial obstacles and prepare for the future, but what you as the reader really want to know is what are the top pieces of financial advice, advisors give:

  1. Increase Retirement Savings.  Save at least 10% of your income for retirement and try to max out retirement savings as early as possible.
  2. Create a financial plan.  This includes how you want to retire, how you want to live in the present, do you want to pay for your kids colleges, do you have life insurance, disability insurance or long term care to secure your and your family’s future?
  3. Get rid of debt and spend less.  This first thing to do is stop the consumptive spending if you have debt.  Get rid of the bad debt first and then try to pay off your mortgage once you have retirement and college saving in place.

Most advisors believe that 15-20% of your pay should go towards savings and future planning.  This is to make sure you have a comfortable retirement and are not strapped at a later age in life.   Many Americans, struggle with this and say they want to make sure they enjoy the present.

This is true that we do need to enjoy the present!  However, we should enjoy the present with boundaries.  Without boundaries or guard rails it is easy to get off in a ditch.

Once you are in retirement is important to protect your assets with a Medicare Supplement and a Long-Term Care policy.  These different insurance policies help strengthen your retirement plan in protecting from unknown health issues.  We hope you enjoyed this financial advice from advisors across the country.

Call us at 1-877-936-2991.

 

 

Detroit Retiree Insurance

Detroit Retiree Insurance is currently taking some hits in the news, talking about how there is currently 5.7 billion in unfunded retiree healthcare liabilities, nearly 1/3 of Detroit’s debt.  Currently there are almost 20,000 retirees in Detroit that will be pushed towards the exchanges for their insurance options due to Detroit Retiree Insurance issues.

Life most companies that have promised to cover retiree benefits, Detroit is struggling to live up to the promise that was made when insurance rates where not increasing at 10% per year and MRIs where not costing $2,000 a pop.  Most municipalities, unions, companies and associations are changing over to Individual Medicare Supplement Plans or Group Retiree Medical Plans that are sponsored by the group but not funded by the group.

Detroit Retiree Insurance – Could either of these options work?

  1. Individual Medicare Supplements – yes, this is an option that would take the liability off the the Detroit Retiree Insurance fund.  However, it would put the premium payments on the back of the individual.  No one wants to suggest this option because they would not receive votes the following year. 
  2. Group Retiree Medical Plan – this would be another option that would work but would cost the individuals and would not be appreciated by the workforce that contributed to the city of Detroit!

Can an individual currently on the Detroit Retiree Insurance Plan switch to a Medicare Supplement or another supplemental plan?

The answer is yes!  These individuals can go to another plan stating that they are in good health.  You may be wondering what if their health is bad – is there any option? Yes the option is to purchase a BAI Guaranteed Issue plan.  To learn more about these plans you can click here.

If you need help with your health insurance options don’t hesitate to call us at 1-877-936-2991.  We provide insurance solutions in all 50 states and are not limited by one company.  We are a brokerage that represents hundreds of companies and provides you with a quote engine that shows you which plan has the lowest premiums with the best benefits.

 

 

 

Texas Medigap Plans – Mutual of Omaha

As of April 2013, Texas Medigap Plans offered by Omaha Insurance Company have been available.  These are offered under the Mutual of Omaha group name and provide different benefits that many purchasers find attractive.

  1. Competitive Texas Medigap Plans – the Plan G’s rates are extremely competitive.  To view Plan G Rates visit our Medigap Quote Engine.
  2. Texas Medigap Plans provided anniversary rating.  This means that only one rate adjustment per year can be made.
Texas Medigap Plans - Anniversary Rating

Anniversary Rating on Texas Medicare Supplements

  1. Future Rate adjustments must be kept with market trend.
  2. Omaha Insurance Company offers household discounts which apply when two people living in the same household both have a Medicare Supplement policy with Mutual of Omaha.

Texas Medigap Plans

A few other things good not just with Omaha Insurance Company but any company in the state of Texas are:

  • There are no gender rates.  This means that male and females pay the same rate.
  • There are no rate ups on Texas Medigap Plans. In a nutshell, some carriers give rate-ups for different things such as high Body Mass Measurement Indexes (not being evenly proportioned).  This is not allowed in the state of Texas.
  • Guaranteed Issue Rights for Medicaid

What to know when comparing Medicare Supplements?

You will find us pretty consistent with this throughout our website but in a nutshell there are several things that you must do before purchasing a Medicare Supplement policy:

  1. Compare rates – Medicare Insurance Finders provides a great Medicare Supplement Quote Engine that can help you compare these plans.
  2. View the company’s financial credibility – make sure it is a secure rated company with AM BEST.
  3. Make sure to use an agent/financial advisor who understands the Medicare Supplement market and offers more than one insurance company.  Rates will increase – that is a fact.  If your agent has other companies he can help to make sure you are not overpaying for your policy.   If not you may get stuck with a plan that is overpriced!

Contact Medicare Insurance Finders today for a free Medicare analysis – Medicare Supplement and Medicare Part D! 1-877-936-2991!