Senior Benefits

Modern Insurance Marketing, Inc. and its affiliate Senior Choices NW are leaders in the senior benefits market. We specialize in educating seniors of all income levels so they can make informed decisions on their health and financial well-being.

Annuities

An annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company.

You may want to consider investing in an annuity as part of your long-term financial plan if:

• You're in a higher tax bracket, and want to defer additional income.
• You've reached your deductible limit on all your retirement accounts and wish to save more for retirement.

An annuity is different from most other retirement savings vehicles — it's actually a contract between you and an insurance company. In return for making one or more premium payments, the insurance company agrees to provide you an income stream — usually during retirement. You can elect to receive payment all at once or as a series of payments, even for the rest of your life.

Dental Insurance

Dental Insurance is available to individuals and families that are not covered on group dental insurance. For people without dental insurance, cost often stands in the way of getting the care they need to maintain the health of their teeth and gums. Even for routine preventive care, a trip to the dentist's office could mean a substantial amount of money out of your pocket.

A freedom-of-choice plan allows you to see any dentist you wish. However, this plan does impose 6- to 12-month waiting periods for some services. This is not the best plan for an individual who needs comprehensive coverage within the first 12 months. However, if dental coverage is desired for a long period of time, and there is no rush to receive the major benefits, this plan may work for you.

Life Insurance

Life insurance from Modern Insurance Marketing, Inc. can help you secure your family's financial future by providing the funds they need to: cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living.

There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:

Term Life

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Universal Life

Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments - i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.

Whole Life

Whole Life Insurance provides permanent protection for the whole of life - from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever cancelled.

These products are continually changing and we can provide you with the latest information and policies available!

Long-Term Care (LTC)

Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.

Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

Medicare

Medicare was established in 1965 and is a U.S. Government Administered Health Insurance Program for:

• People Age 65 and older
• People under age 65 with certain disabilities
• People of all ages with kidney failure requiring dialysis or a transplant

Medicare has four parts:

• Part A – Hospital Insurance – Free for most American Citizens
• Part B – Medical Insurance – Those beneficiaries eligible prior to 2010 the monthly cost typically will be $96.40. For most enrolling in 2010 the monthly cost is $110.50 and for those enrolling in 2011 the base monthly premium is $115.40.
• This year from October 15 to December 7 you will be able to change your plan if you are on a Medicare Advantage Plan. There are a few other special enrollment periods throughout the year so please call us to see if you are eligible.
• Part C – Medicare Advantage Plans
• Part D – Prescription Drug Plan

When to apply for Medicare

Most people become eligible the month they turn 65. The easiest way to apply is directly thru the Social Security website at www.socialsecurity.gov but you can also go into your local Social Security office.

This year from October 15 to December 7 you will be able to change your plan if you are on a Medicare Advantage Plan. There are a few other special enrollment periods throughout the year so please call us to see if you are eligible.

Medicare Supplements or Medigap Plans

A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage. Medigap policies help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan and have a Medigap policy, then Medicare and your Medigap policy will pay both their shares of covered health care costs.

Insurance companies can only sell you a “standardized” Medigap policy. These Medigap policies must all have specific benefits so you can compare them easily.

You may be able to choose up to 11 different standardized Medigap policies (Medigap Plans A, B, C, D, F, High Deductible F, G, K, L, M & N). Medigap policies must follow Federal and State laws. These laws protect you. A Medigap policy must be clearly identified on the cover as “Medicare Supplement Insurance.” Each plan has a different set of basic and extra benefits.

It’s important to compare Medigap policies because costs can vary. The benefits in any Medigap Plan A, B, C, D, F, High Deductible F, G, K, L, M & N are the same for any insurance company. Each insurance company decides which Medigap policies it wants to sell.

Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medigap insurance company.

You and your spouse must each buy separate Medigap policies. Your Medigap policy won’t cover any health care costs for your spouse.

Medicare Advantage Plans

Medicare Advantage Plans are health plan options that are part of the Medicare program. If you join one of these plans, you generally get all your Medicare-covered health care through that plan. This coverage can include prescription drug coverage. Medicare Advantage Plans include:

• Medicare Health Maintenance Organization (HMOs)
• Preferred Provider Organizations (PPO)
• Private Fee-for-Service Plans
• Medicare Special Needs Plans

When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care. In most of these plans, generally there are extra benefits and lower copayments than in the Original Medicare Plan. However, you may have to see doctors that belong to the plan or go to certain hospitals to get services.

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you might have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.

If you join a Medicare Advantage Plan, your Medigap policy won’t work. This means it won’t pay any deductibles, copayments, or other cost-sharing under your Medicare Health Plan. Therefore, you may want to drop your Medigap policy if you join a Medicare Advantage Plan. However, you have a legal right to keep the Medigap policy.

Prescription Drug Plans

To get a Medicare prescription drug plan, you must already have Medicare Part A and/or B. There are two ways you can elect prescription drug coverage either on a stand-alone basis or through your medical plan. If you purchase a Medicare Advantage medical plan then in most cases you will need to take the drug plan that goes with that plan. However, if you choose a Medicare Supplement or Medigap plan then you will need to select a stand-alone prescription drug plan since generally these plans do not offer a Part D prescription drug plan.

There are many different plans. Medicare prescription drug plans differ in their costs, the drugs they cover, and the pharmacies they work with. But here's how a basic plan would work.

Each month, you pay a monthly fee -- or premium -- for your Part D prescription drug plan. The average premium is $31.92, although it varies across the country. You have to keep paying the Medicare Part B premium, which covers doctor visits, as well.

You may also pay a yearly deductible. Yearly deductible is the amount you pay for your prescriptions before the plan begins to pay. Some plans charge no deductible. The standard deductible is $310 in 2011, although it varies depending on your plan. After you have paid the deductible out of your own pocket, your Medicare Prescription Drug Plan kicks in.

Then, when you buy medications, you pay part of the costs, and your plan covers the rest of the costs. Your share may be a flat fee, called a co-pay, or a percentage of the cost of the drug, called co-insurance.

In many plans, there is a coverage gap after you reach a spending limit. This is the "doughnut hole." After the total cost of your drugs (what you and your insurer paid combined) reaches a certain level -- typically $2,840 -- Medicare stops paying. You have to start paying your drug costs on your own. Sometimes the plan will cover generic drugs, but not brand name drugs.

Once the amount you have spent on drugs during the whole year gets high enough -- in 2011 the limit is $4,550 -- Medicare starts paying again. When this "catastrophic coverage" kicks in, Medicare pays about 95% of all your prescription drug costs for the rest of the year.

Your deductible and all co-payments paid that year count toward that $4,550 limit. However, your monthly premiums do not.

Keep in mind, many seniors will never need to spend $4,550 because they don't use expensive drugs. Also, not all plans work like this. Plans differ in terms of their deductibles, co-payments, and coverage in the "doughnut hole." This coverage gap is an important consideration when choosing your Medicare Prescription Drug Plan.