As anyone who knows me knows, I have bee a big proponent of Medigap Plan F. This is because I think once someone gets on Medicare, they should not have to worry about what they have to pay and what Medicare or their Insurance Plan will pay. Just pay the premium and everything else is covered!

But there has been a lot in the news about this plan disappearing. So what are the facts?

First off, the news, while true, does not affect you if you already have a Plan F (or C). You may continue with this plan and you may change companies and keep this plan just as you have always done.

If you turn 65 prior to January 1, 2020, it does not apply to you either.

However, if you turn 65 after January 1, 2020 (and did not have “underage” Medicare), it is true that you will not be able to purchase either a Plan F or Plan C.

What should you consider? Well, for many, Plan G will fill their needs, with only the Part B Deductible being their responsibility. In every other way, this plan acts like a Plan F.

Feel free to call me with questions. And please do call me if you have a plan and have a birthday soon. I may be able to help you better your situation.

Michael Myers
CA License 0561502
(209) 390-1163

The post So What’s All This About Medigap Plans C and F Disappearing? first appeared on smithandthejonesgirl.com.

Did you know that according to a recent study, Americans have a $200,000 shortfall in life insurance?

Why is this? Often, people think that Life Insurance is expensive. And it can be, but it also doesn’t have to be.

No two products are the “right product” for people of all ages. A young person will need something different than someone older. And a person in business will have needs that a person employed does not. An older person who does not have life insurance or doesn’t have sufficient has yet other needs.

The good news is that I am here to guide you into the possibilities. A short phone call will reveal if there are suitable options open to you.

Why not take the time to give me a call? I am here to help and I never pressure anyone to do something they do not (or cannot) do. I earn my living by helping people find solutions.

Michael P Myers
CA License 0561502
(209) 390-1163

The post Life Insurance Quick Facts first appeared on smithandthejonesgirl.com.

Anthem announced today that they are discontinuing seven (7) so-called grandfathered plans. Ignoring the fact that this is kind of the opposite of the very term – as the idea of “grandfathered” is that it doesn’t go away.

None-the-less, money drives these decisions and so it is what it is.

This highlights why it is best to not believe the rhetoric from politicians on health insurance.

If you have questions about your health insurance or want to examine if there are better ways to accomplish your aim, it’s best to talk to an independent agent with the contacts to provide you with the information you need to make a good decision.

I have been helping people since 1982. May I offer my services to you?

Whether you be an individual/family, small group or large group, I can help you with the information you need to handle this need at a very good cost.

Call me. Michael Myers, CA License 0561502, (209) 390-1163. I am here to help.

The post When “Grandfathered” Health Plans Get Cancelled first appeared on smithandthejonesgirl.com.

When people go onto Medicare they are faced with a number of decisions. They will usually get inundated with mail all designed to move them in one direction or another. The problem is that people are not the same. They have different needs, different backgrounds and different ideas as to what is “good”.

A person needs someone who works in this field but is not tied to promoting any one company to assist them in this. This is where independent insurance agents come in (not those working for massive marketing organizations).

Medicare does not work like medical insurance a person may have when under 65. A person has to retrain how they think, because there is virtually no similarity.

The following is a general description of how things work. This is not meant as a legal description, but rather it is meant to make it easier to understand. And specific questions should be asked and the answer not assumed by what follows.

Original Medicare was broken down into two sections:

PART A: Part A you do not pay for (assuming you have the required work credits). For those that do not have this, it costs up to $437 per month. (This is rare). You receive this upon your enrollment in Medicare. I describe it as “Building Insurance”. I call it this because this part pays Hospitals, Nursing Facilities, and other “buildings”.

[The figures shown in this article are 2019 and are adjusted annually].

Under Part “A”, if you go into the hospital you pay an entrance fee (share of cost) of $1,364 dollars. You pay nothing else for 60 days. There is a co-pay of $341 per day for days 61-90. After 90 days, there is a use it one-time benefit for the 91st to the 150th day where your co-pay is $670 per day. See below about why you actually will never pay these charges if you have other insurance.

PART B: Part B you pay $135.50 a month for. Assuming you have Social Security, they deduct this from your check It is optional, however, it would be penny smart and dollar foolish to not opt for this. It is the best buy in insurance. Part B pays “people”. People like doctors, technicians, etc. After a calendar year deductible of $185, it pays 80% of what Medicare approves. Physicians do not have to accept Medicare, but it is rare for them not to. Assuming they accept Medicare, they may not legally charge more than 115% of what Medicare approves. This can add up to quite a lot, but see below for how a person may avoid these charges entirely.

For many years this was Medicare. There was no coverage for prescription drugs, except when a person was in a hospital. Due to the tremendous advantages of new and better drugs, peoples life span improved considerably. Some put this at 15 or 20 years longer than was anticipated at Medicare’s inception in 1965. But with this improvement came costs. Some people were paying out two and three thousand dollars a month in order to stay alive. With this came a lot of political pressure. So when George Bush was President, two “parts” were added to Medicare. This is somewhat a misnomer, but let me explain.

PART C: Part C is prescription drug coverage. It is a misnomer, in my opinion, to refer to it this way, because it is actually administered by private insurance companies under Medicare’s direction. And there are changes to this every single year. You will see that whereas Medicare is a program you can make decisions about and just kind of forget, you cannot do this with Part C. it must be looked at every year.

Prescription drug plans must be selected based on what a person takes in prescriptions. If they take none or only low-cost drugs, then they could opt to purchase a lower cost plan. Plans range from under $30 a month to over $100 a month. This must be evaluated each year, as prescriptions change and drug plans change. It is best to buy a plan because they charge a 1% per month penalty for every month a person has no coverage when they finally purchase it. What often handles is by the time a person thinks they need a plan, they need an expensive plan, and then they will pay a lifetime penalty (which could easily be 60% or more if they were 70 or so when purchasing it). Most of my clients I put on a low-cost plan and then they re-look at this every October (for the following January).

PART D: Part D is also referred to as Medicare Advantage. I also consider this a misnomer because it really isn’t a different part. It is the privatization of Medicare. Although people do not give up Medicare, the Insurance Company handling the Medicare Advantage program takes care of both Part A and Part B (and sometimes Part C). The government pays them to do this (and so does the consumer). I am not a fan of this program, mostly because of how it is implemented. It is done by County. Some (few) Counties it is an option that is worth looking at, but that is not the case in my county, nor in most rural areas. Unless you live in a densely populated area, I would not invest much time in looking at this.

So when going onto Medicare a person needs to choose a Medicare Supplement and a Prescription Drug Plan.

Medicare Supplements are standardized. This means that a plan from Company ABC and Company XYZ are the same plan if they are called by the same name. The names of the plans, believe it or not, are also labeled by letters. There are Plan A, not to be confused by Part A of Medicare, Plan B, Plan C, … Plan N, etc. There are differences in costs and service. This is where an independent insurance agent can advise you best.

There are plans available that are reasonable in cost that pay ALL co-pays, or in some cases, all but one. Others operate with one calendar year deductible and then pays all costs. 

If you’d like personal help with this, either before you go onto Medicare or after (there are things that may be done to change decisions you have made), email me or call me. I’m here to help.

Michael P Myers
CA License 0561502

(209) 390-1163

The post Medicare … Choices first appeared on smithandthejonesgirl.com.

Do you have enough life insurance? It’s not a question most people like to consider. But it’s something one should consider.

Why? Things change. Policies that seemed perfect may no longer be. Or the amount of insurance, once thought adequate may not be. And then there is also the change in the type of policy that a person ought to have (based on age and dependents, or the lack thereof).

Who needs life insurance? 

Almost everyone. But the type needed can differ considerably.

How much do you need? 

You should carry enough life insurance to replace your income. This might include enough money to pay off the mortgage and other debts, support your children through college or provide in-home care for an elderly relative. Policies purchased at work serve temporary needs, but not long term needs. That is why a person ought to consider this when they still have the health to get a good rate.

What are some differences between term and permanent? 

Term life insurance lasts for a certain number of years: often 10, 20 or 30. It’s designed to cover the period when your spouse or children rely on your income. 

Permanent life insurance lasts for as long as you’re alive and you keep paying the premiums. It costs more than term, but it can be a good fit for families who need a guaranteed payout.

Certain types of Permanent also has provisions to pay part of the death benefit (or even more than the death benefit) toward needed Long Term Care. Buying it while still relatively young allows a person to play for the future (when it’s often no longer possible to have issued).

Is it time to review your coverage?

I offer a free review and can explain the options available to a person. It is not unusual for me to be able to increase the death benefit and lower costs. But the only way to know is to spend some time reviewing.

Please – Call me for your Free Review. I’ve been doing this for over 35 years. Michael Myers – CA License 0561502. Call (209) 390-1163.

The post Do You Have “Enough” Life Insurance? first appeared on smithandthejonesgirl.com.

I know, I know. Nobody wants to go into a LTC facility. But the truth is, many people do every single year. If a person faces a health issue, and cannot take care of themselves, this is where they recover at. And for many, it is a temporary situation. And for many, it is covered by insurance. Private insurance will often cover this cost, and Medicare has a limited benefit. It does not cover custodial care at all.

But what about the situation where a person is older and never recovers to the point that they can be on their own? What then?

If I had to name the one area that most of us fail to plan for, it is this area. And the thing is, even those who have planned VERY WELL in other areas of life, can be wiped out due to this situation developing.

At $312 per day (cost at the local Avelon Health Care facility – that is OVER $9,000 per month or $108,000 per year) a person can go through their savings very quickly.

Does MediCal cover this cost? Well, perhaps. But if a person involves MediCal, they will have to spend their savings and then MediCal may enter the picture. But they will recover what they spend after a person passes away from their house. How can a person avoid that situation?

In the Insurance World, there are three basic coverages that a person can plan for this with.

1. Long Term Care Insurance. A person needs to look at buying this while still healthy and it is best (cost wise) to do so before retirement. Do people ask what happens if I don’t use it? Yes, yes they do. It is the same as your home insurance or your car insurance. You are buying protection, but there is nothing back if you do not use it. (Some policies do have a Return of Premium benefit, however, this is not the norm).
2. Life Insurance with a Long Term Care benefit. I am an enthusiastic supporter of this type of policy. So many win-wins with this one that I could not mention them all. But in short, a person has a Long Term Care benefit, often 3x the Death Benefit and if they do not use the Long Term Care benefit, the money is paid out as a Death Benefit. It is often less costly than the formerly mention LTC insurance and the benefits are by-and-large better. It takes some explaining, but if a person needs life insurance … this type of policy should at least be looked at.
3. Annuities that have a Long Term Care Benefit. This involves putting money in an Annuity that will pass to their heirs. However, if needed for LTC, it will often pay out an amount greater than the money they have in the Annuity. It is easier to purchase than Life Insurance but obviously requires having the money to do this.

The main thing is, a person needs to examine this part of their planning. I am here to help you do this. Just shoot me an email or give me a call at 209-390-1163.

Michael P Myers

• Phone: 209-390-1163
• California License: 0561502

The post The Cost of Long Term Care (and how to plan for it) first appeared on smithandthejonesgirl.com.

Most people are aware that the U.S. is in the midst of an “opioid crisis.”  The number of deaths related to opioids has been growing at a shocking rate since 2010. What is “opioid’s”? Everything from Oxycodone, Vicodin, Codeine, Morphine, Heroin and Fentanyl. So it covers both legal and illegal substances.

What you may not have considered is the impact on the life insurance industry. This could impact your future rates and may affect a person’s insurability.

Addiction has been linked to usage of only five days. More than 115 people die each day in American from overdosing on opioids.

The opioid crisis affects people throughout the US and all socioeconomic groups. The problem is greatest in West Virginia, Ohio, New Hampshire, Pennsylvania and Kentucky.

What does this have to do with you and me? Well, choices made can have effects we may not be able to foresee. It’s important to always get well informed on any prescriptions. Do not be afraid to question your doctor to find out all that a person needs to decide.

It could mean your life. And even it this is not the case, it could very well impact what you have to pay for insurance in the future.

The post What The Opioid Crisis May Mean For You first appeared on smithandthejonesgirl.com.

You could not be blamed for thinking that if you are self-employed with no employees you have no requirements to report to the California Employment Department.

And this was true up until this year. [Larger employees had to do what I am outlining beginning in 2017]. However, a new law in 2018 requires that if you have to issue a Federal 1099 to a sub-contractor, you have to report to the EDD. This is apparently something implemented to cut down on welfare fraud and to enforce child support.

So, if you have a contract with someone and the amount will go over $600 in a calendar year, you must report this arrangement to the EDD. This is the same rule that applies to have to give them the 1099 form at the end of the year. The difference is that with the State, you must do this upon reaching $600 in payments.

This can be done with a paper form DE-542 or it may be reported electronically at www.edd.ca.gov. (Select the Payroll Taxes Tab, and select e-Services for Business and then the e-Services for Business Login).

Although kind of a pain to deal with, my recommendation is to do this at the inception of any contract, verbal or written, to avoid any future problems. Don’t wait until you pay someone $600. Just do it as part of doing a contract. This will minimize the pain of having to do this.

If you use an accountant, be sure and discuss this with him/her.

And whatever you do, keep good records showing you have done this.

Any questions feel free to give me a call.

The post A 2018 New Requirement Self-Employed People Need To Know About first appeared on smithandthejonesgirl.com.

If a person lives in California, there is a provision to change your Medicare Supplement in the month of your birthday … without having to answer health questions.

Why would a person do this?

Every company offers plans that are duplicated by other companies. But they are not priced the same. So one reason is to save money.

Many times a person selected a plan based on their research and did not use an experienced agent to help them. This often leads to buying one plan when another would have been more cost-efficient.

But also a plan can be great when entering Medicare but in a few short years, another company is better going forward. This is because some companies concentrate on having a low-cost plan at age 65, but another concentrates on having great rates as a person ages. They would like to incentivize you to remain with them.

I represent plans that will benefit you. Let me know and I will be happy to explain them to you, either on the phone or in person, whichever you prefer.

The post Why Examine Your Choice in Medicare Supplements first appeared on smithandthejonesgirl.com.

Security is on the minds of most people today, and with good reason. We Insurance Agents go to great lengths to protect the personal information of our clients that we require in order to perform the service we provide. However, for years, much of our work was undone by the indiscriminate sharing of Social Security Numbers as recorded on a person’s Medicare ID Cards. Not much a person could do about it, it was on the card and one had to share the Medicare Card to receive services. Well, I am happy to say that this is changing! That is really good news.

New ID cards, with a new 11 digit identifier will be made up of numbers and uppercase letters. The Social Security number will not be on the cards going forward.

These new Medicare Beneficiary Identifier cards are being prepared and released beginning as early as April 1st. This will take about a year to complete. California Residents (and 12 other jurisdictions) should receive their cards beginning in April and this should be complete (in California) by the end of June 2018.

The new cards will be slightly smaller than the old. Also, there will be no need to sign the cards and a person’s sex is not being recorded as formerly done.

(A person having the old cards should keep them until 2020 as the new billing system gets fully implemented).

Would you like to protect these new cards? I will be offering a service to my clients as well as others in my primary service area (Calaveras, San Joaquin, Amador, El Dorado and other close areas).

Just ask me, and I will laminate these at no charge. Call me or email me to make arrangements to have this done.

Michael P Myers

CA License 0561502

Call (209) 390-1163 | mpmyers@mpmyers.com

The post Enhanced Security With New Medicare Cards (and a new service I am offering) first appeared on smithandthejonesgirl.com.