Retirement -- Pieces of the Puzzle

One of the first steps in retirement planning is to determine how much you'll really need, which is easier to say than to do. There are no hard and fast amounts to just plug in, although some would say a good starting place is to tally up your annual costs, and then take 80% of that to begin. Our financial consultants can help by making sure that what you already have saved is protected and remains safe. For those who truly want to maintain their present pre-retirement lifestyle, it's especially important to invest now.

Long-term Care: Simplifying the Coverage

Many people assume that Medicare and Medicaid already cover long-term care, but the fact is-they don't. Today, nearly two million workers at more than 7,000 companies have long-term care coverage, more than double the level of five years ago.

Some companies are starting to offer LTC to new hires as an extra perk to attract new talent. Let our LTC experts Dave Henry and Paul Persico at LTC Solutions help you decide the best option for you and your family.

Prescription Drug Plans: Dare to Compare

Medicare Prescription Drug Plans (also known as Medicare Part D) are provided by Medicare (since Jan. 1, 2006) and administered through private insurance companies. Similar to traditional Medicare, enrollment must occur within a certain timeframe or an individual is penalized for enrolling late (by having to pay a higher premium).

Medicare Prescription Drug Plans vary. As a result, it is important to compare them as they relate to your prescription medicine usage. Contact Bill Lantrip for more information on this product.

Life Insurance

Life insurance is available through the ISBA Insurance Agency to cover the ISBA member, their family, their employees and employees' spouses. The group life plan is available for all members up to age 65 and has a guaranteed renewal through age 70. Coverage for members from $10,000 up to $500,000 and employees can apply for up to $50,000 while spouses of employees can apply for up to $25,000. No medical exam typically required for up to $250,000**. Other benefits such as Disability Waiver of Premium, Accidental Death and Dismemberment Benefit and Children's Coverage are also available.

**Issuance of a Certificate of Insurance or payment of benefits may depend upon the answers given in the applications and the truthfulness of those answers.

Maximum death benefit coverage is $500,000; however, the ISBA Insurance Agency can offer other policies tailored to your specific needs.

Contact Angela Walton

Medicare Supplement

Medicare Supplement insurance is also known as "Medigap" insurance because it provides coverage for the "gaps" in Medicare. These "gaps" consist of a hospital deductible, co-insurance for doctor office visits, etc. Medicare Supplement insurance is standardized and there are 12 plans available called plans "A through L." For example: A Plan G from one company will have identical benefits to a Plan G from all other companies.

Most important for you to know, is that for the first six months from when your Medicare Part B takes effect, there is an "open enrollment" window. During this time, you can purchase any Medicare Supplement plan you want without health underwriting. If you wait to purchase Medicare Supplement insurance until after this window, you may have to answer health questions on the application and the insurance company may have the right to decline your application. So, timing is important.

The ISBA Insurance Agency has a Medicare Supplement insurance and Medicare Prescription Drug Plan specialist. He is available to assist you in selecting the plans that best fit your needs.

Contact Bill Lantrip about this product.

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