Be Prepared for Long-Term Care with Clear Communication

By Marc Manor

Most of us are horrified as the prospect of being in a position of no longer being able to care for ourselves.  We are horrified for two reasons:  First, we don’t like the idea of not being able to carry out our own “Activities of Daily Living” (commonly known as ADLs) which are those activities required for one to adequately take care of themselves (bathing, bathroom, mobility, dressing, self-feeding etc.); and secondly, we really don’t like the idea of our spouse or children changing our diaper!  

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It is hard to imagine ourselves getting to the point where we cannot function on our own, but assisted living and nursing homes are full of people who probably felt the same way just a few short years ago.  The reality is we are all just one accident or illness away from that horrible reality.  Some of us think about how we will handle the possibility of requiring long-term care, yet others don’t seem to think of this as a priority.  As someone who has dealt with this situation for both of my parents, I highly recommend discussing the possibility with those you love and trust and have a plan in case long-term care becomes a reality.  Some of the most well thought out financial and estate plans have been derailed because of long-term care requirements.  Here are some things to consider:

Save $ with the right “Pharm” Team

By Marc Manor

Please forgive me, but as a lifelong sports fan, I always try to squeeze in a sports analogy or pun when I can. If you have seen the movie “Money Ball” and/or you are a baseball fan, you know the importance of a good “Farm” Team System. Major League Baseball teams find young talent and sign them to Minor League Farm Teams to develop them as opposed to signing high priced free agents to help their team win. This is good business for professional baseball and the same holds true for Medicare beneficiaries. In this blog I will explain how Medicare beneficiaries can save money by using the right “pharm” (pharmacy) system to put together a winning team in the medicine cabinet!

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Beneficiaries using Medicare Part D benefits have a vast landscape of plans they can choose from. Many Medicare Advantage Plans have Part D Prescription Drug coverage included. So how does one go about choosing the right plan? There are a number of factors, not least of which has to do with what pharmacy they use.

Medicare Prescription Drug Plans frequently contract with certain pharmacies for discounted prices for their prescription drugs. This can make a big difference with how much a beneficiary pays for their drugs on a recurring basis. Usually there are three categories to consider:

Juvenile Life Insurance: The Gift That Keeps Giving!

By Marc Manor

Very few people I talk to insure their children and it can be an uncomfortable subject to bring up. The very thought of losing a child is almost unthinkable. We all know children have lives that can end tragically, but fortunately they rarely do. Because the death of a child is so rare, it makes for the perfect opportunity to insure them. No child I know can pay the premiums, but if their parents or grandparents, take the initiative, they can open a door to financial security for a lifetime.

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Now I'm sure little Johnny or Janet would rather see a toy or a puppy under the tree at Christmas. But a life insurance policy stuffed in the stocking can bring an immeasurable amount of happiness throughout their lives. And it is so inexpensive, they can probably still enjoy those toys under the tree from Santa! So, let me tell you why I think Juvenile life insurance is the perfect gift!

Why You Can Rest Easy After Being F'd

By Marc Manor

Usually if you find yourself thinking you've been “F'd” it has a negative connotation; however in the Medicare Supplement world, being “F'd” can leaving you with the ultimate feeling of safety and security when it comes to your healthcare. This is because being “F'd” for the purpose of this article, means you have a Medicare Supplement Plan F. Medicare Supplement or “Medigap” Plan F provides comprehensive coverage and provides maximum flexibility when it comes to your use of medical facilities and providers under Medicare.

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Medicare Supplement Insurance is used in conjunction with Original Medicare. This means if you are using Original Medicare and a Medicare Supplement, you have access to any provider or facility that accepts Medicare. Original Medicare pays about 80% of most covered services and Medicare Supplements help pay for those costs not covered. Plan F is comprehensive and will fill the many of the gaps where Medicare leaves you with that 20%. This can be a significant benefit, especially with the high cost of healthcare these days. Let's break down the standard benefits of Plan F:

Tiers of Sadness...Tiers of Joy: Strategies for Medicare Prescription Drug Plans

By Marc Manor

The plight of those Medicare beneficiaries that take one or more high cost prescription drugs can be challenging; and as with anything in the Medicare Advantage or Prescription Drug Plan (PDP) world, the landscape can be foggy and difficult to sift through to find affordable solutions. Sometimes, it may be possible to save a few dollars if we take the time to research a few variables. Prescription drugs are categorized in “tiers” that relate to the coverage level according to the benefit schedule of each PDP. As a rule, the higher the tier, the more expensive the drugs will be for the consumer (and the plan). I say “as a rule,” because there are some exceptions to the rule if one digs deep enough and searches through several variables.

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Generic vs. Name Brand Drugs

Help For Medicare Beneficiaries With Special Needs

By Marc Manor

Many of our seniors and other Medicare beneficiaries are living on fixed incomes with very little wiggle room for unexpected medical expenses. Fortunately, there are a number of state and federal programs available that can bring much needed relief to those who need “extra help” with paying for medical expenses. One of the most prevalent sources of assistance for medical expenses is Medicaid.

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Those Medicare Beneficiaries who get their assistance via Medicaid are referred to as “Dual Eligible” because they qualify for both Medicare and Medicaid. There are a number of Medicare Part C (or Medicare Advantage) Plans that are specifically designed with Dual Eligible beneficiaries in mind. These types of plans are known as “Dual Special Needs Plans” or D-SNP. If you are getting Medicaid and qualify for Medicare, I highly recommend speaking to an agent about what plan choices are available in your area. The agent can assist you with sifting through the D-SNP options in your area to be sure any specific requirements you may have are met with the plan you choose.

Not sure if you qualify for Medicaid?

Why Have an Agent?

By Marc Manor

With all of the1-800 numbers and websites loaded with forms and automation, why would someone need an agent to assist them with their Medicare or healthcare related insurance? When it comes to Medicare or healthcare related insurance, having an independent agent may be one of the best values in the universe!

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Where else can you get someone to research, analyze, and educate you on benefits as well as sort out the options across the vast horizon of the healthcare and Medicare insurance options? And all this without charging you a fee for these services! Now that’s value!

Of course, there may be a cost associated with insurance premiums and benefit schedules. However, independent agents almost always work to get you the best insurance plans that specifically meet your needs and budget. And yes, I realize there may be a few unscrupulous bad apples out there trying to “steer” or “up-sell” customers; but, there are several ways you can sift out these bad apples to improve your changes for a great agent experience.