Dolly Parton on Faith Being Prepared & Leaving a Legacy

Dolly Parton spent a lifetime writing songs about family, faith, love, hardship and hope.
But some of her most meaningful words may have been about something all of us eventually
have to consider: what happens after we’re gone and what we leave behind.

In a 2019 episode of Dolly Parton’s America, Parton spoke candidly about her
Christian faith, her curiosity about what may come after this life, and her hope that
death is not the end.

One simple statement captures much of her outlook:
“You just hope and you have faith. That’s what faith is.”

What stood out to us at Mintco Financial wasn’t only what Dolly said about faith.
It was something else she talked about: being prepared.

What Dolly Parton Said About Being Prepared

Dolly Parton spoke openly about thinking ahead and preparing for a time when she would
no longer be here. She even recorded vocals for unreleased songs so that musicians and
producers could potentially continue working with her music in the future.

For the rest of us, being prepared may look very different. It can mean reviewing
beneficiaries, life insurance, retirement accounts and estate documents before they
are needed. It can mean making sure a spouse or adult child knows where important
financial information is located.

Preparation doesn’t have to come from fear. It can simply come from wanting to make
things easier for the people we love.

Dolly Parton Thought About What She Would Leave Behind

Dolly wasn’t simply thinking about today. She thought about how something she created
during her lifetime could continue after she was no longer here.

Most of us aren’t leaving behind a catalog of songs. But we are leaving something:
a spouse, children, grandchildren, a home, savings, investments, insurance,
a business, family traditions and memories.

And that raises an important question:

If something happened to you tomorrow, would the people you love know what you wanted?

Being Prepared Is About More Than Money

Financial planning often focuses on retirement accounts, investments and income.
Those things matter. But preparing for the future involves much more.

It means making life easier for the people who will eventually have to handle
things when you cannot.

That may include making sure:

• Your beneficiaries are current.
• Your spouse knows where important financial accounts are located.
• Your life insurance still provides the protection your family needs.
• Your will and estate documents reflect your current wishes.
• Someone you trust knows who to contact about your financial affairs.
• Your family understands your wishes instead of having to guess.

When Was the Last Time You Checked Your Beneficiaries?

This is one of the simplest parts of financial planning, yet it is frequently overlooked.

Retirement accounts, annuities and life insurance policies generally have beneficiary
designations. A beneficiary selected many years ago may no longer reflect what you want today.

Marriage, divorce, the death of a spouse, new grandchildren and other family changes are
all good reasons to review your beneficiary information.

Would Your Spouse Know What to Do?

In many families, one spouse handles most of the investments, insurance, taxes and financial
paperwork.

That may work perfectly well while both spouses are healthy. The problem comes when the spouse
who handles everything dies first or becomes unable to manage the finances.

The surviving spouse can suddenly be left trying to locate accounts, determine which bills
need to be paid, contact insurance companies and understand investments they may never have
managed before.

A good financial plan should work not only while you’re here. It should also make
things easier for the people you leave behind.

Your Legacy Isn’t Just the Amount of Money You Leave

Dolly Parton’s legacy will undoubtedly include music. But for most families, legacy is
something much more personal.

It can be helping grandchildren with college. It can be keeping a family home.
It can be making sure a surviving spouse has enough retirement income.
It can be leaving something to a church or charity that mattered to you.

Sometimes the greatest gift is simply leaving your affairs organized so your children
aren’t forced to make difficult financial decisions while they’re grieving.

Faith and Financial Planning Can Address Different Questions

Dolly’s comments were rooted strongly in her faith. She spoke about hoping for something
greater after this life and believing that death wasn’t simply the end.

Financial planning cannot answer spiritual questions.

What it can do is help answer some of the practical ones:

• Will my spouse have enough income?
• What happens to my retirement accounts?
• Is my life insurance still sufficient?
• Who receives my assets?
• Will my family know where everything is?
• Have I communicated what I want?

One of the Best Times to Prepare Is While Everything Is Fine

People often start thinking about these issues after someone they love becomes seriously ill.
But planning is much easier when there isn’t an emergency.

You don’t need to predict exactly what will happen. You simply need to make sure the people
you care about aren’t starting from zero if something unexpected happens.

Dolly Parton’s words offer a simple reminder: we can have faith about tomorrow while
still being responsible about what we can prepare for today.

Thank You, Dolly

At Mintco Financial, many of us grew up listening to Dolly Parton’s songs. We admired
not only her extraordinary talent, but also the kindness, generosity, faith and warmth
she showed throughout her life.

Her music became part of so many families, including ours, and those songs and memories
will continue long after her passing.

Have a beautiful journey, Dolly. Thank you for the music, the kindness, the faith
and the memories. We’ll love you always — from here all the way up there.

— The Mintco Financial Family

Turning 65 in New York — Medicare Choices and Finding a Medicare Agent in Buffalo or Rochester

I’ll be turning 65 this summer and I’m starting to look at Medicare, but I’m finding all the choices a little overwhelming.

Right now, I’m covered under my husband’s employer health insurance. He is 64 and expects to retire sometime within the next year, so I’m trying to understand what I should do when I become eligible for Medicare and what happens once he retires.

I’m generally healthy and active and expect to continue taking HRT long-term. My mother recently passed away after living with Alzheimer’s, so having good access to doctors and specialists as I get older is also important to me.

What Medicare Choices Have Worked for You?

For those of you who have already gone through this, what did you choose?

Did you go with Original Medicare plus a Medicare Supplement (Medigap) plan and Part D prescription drug coverage, or did you choose a Medicare Advantage plan?

Are you happy with your decision? Is there anything you wish you had done differently when you first enrolled in Medicare?

I’m especially interested in things like:

• Being able to choose my doctors and specialists
• Prescription drug coverage
• Monthly premiums and out-of-pocket costs
• Traveling and receiving care outside my local area
• Whether premiums can increase over time
• Whether referrals are required to see specialists
• How difficult it may be to change coverage later

Original Medicare + Medigap or Medicare Advantage?

This seems to be one of the biggest decisions when someone first becomes eligible for Medicare.

With Original Medicare, some people add a Medicare Supplement plan to help with certain costs that Original Medicare does not pay. They may also purchase a separate Part D prescription drug plan.

Other people choose a Medicare Advantage plan, which is offered by a private insurance company and provides Medicare Part A and Part B benefits through the plan. Many Medicare Advantage plans also include prescription drug coverage and may offer additional benefits.

There isn’t necessarily one choice that is right for everyone. Your doctors, prescriptions, travel habits, budget and preferences can all make a difference.

Finding a Medicare Agent in Buffalo or Rochester, NY

I’m also trying to find an independent Medicare agent in Buffalo or Rochester, NY who can explain the differences between Original Medicare, Medicare Supplement plans, Medicare Advantage and Part D.

I would prefer to work with someone who can help me compare different choices and explain the advantages and disadvantages rather than simply telling me which plan to select.

Before enrolling, I would want an agent to look at my doctors, prescriptions and expected healthcare needs and help me understand what the different options could mean for me.

Questions I Would Ask a Medicare Agent

• Do my current doctors accept the plan?
• Are my prescriptions covered?
• What could I pay out of pocket during a bad health year?
• Will I have access to specialists?
• What happens if I travel outside Buffalo or Rochester?
• How do Medicare Supplement premiums work?
• What are the differences between Plan G and Plan N?
• What should I know before choosing Medicare Advantage?
• Could changing coverage later require medical underwriting?

Your First Medicare Decision Can Be Important

When you first become eligible for Medicare, it can be tempting to choose a plan based primarily on the premium or extra benefits.

But it is important to look beyond the monthly cost. Your access to doctors, prescription coverage, potential out-of-pocket expenses and flexibility can matter just as much.

It can also be helpful to understand the rules for changing coverage later. Depending on the type of coverage and your circumstances, switching to a Medicare Supplement policy later may involve different eligibility or underwriting requirements.

Medicare Help for Buffalo, Rochester and Western New York

If you are approaching age 65 in Buffalo, Rochester or elsewhere in Western New York, you don’t have to figure everything out by yourself.

A Medicare agent can help you understand how Original Medicare works, compare Medicare Supplement and Medicare Advantage options, review prescription drug coverage and explain the differences before you enroll.

I’d also really appreciate hearing from people in Western New York who have already made this decision. Are you happy with the Medicare coverage you chose? Is there anything you would do differently if you were turning 65 today?

Guaranteed Issue Life Insurance in West Virginia: What If Your Health Makes Life Insurance Hard to Get?

If you live in West Virginia and have been told that your health may make
life insurance difficult to obtain, don’t assume that you have no options.

Guaranteed issue life insurance can provide coverage for people who may
have difficulty qualifying for traditional life insurance because of
health conditions, age, or medical history.

But there is an important point many people don’t realize:
guaranteed issue should not automatically be your first choice.

Before purchasing a guaranteed issue policy, it can make sense to compare
several types of life insurance to see whether you qualify for better
coverage or a lower premium.

What Is Guaranteed Issue Life Insurance?

Guaranteed issue life insurance is generally a type of permanent whole
life insurance designed for people who want a relatively small amount of
coverage without going through traditional medical underwriting.

Depending on the insurance company and product, you may not have to take a
medical examination or answer detailed health questions.

This can make guaranteed issue coverage particularly valuable for someone
with significant health problems who has had difficulty qualifying for
other life insurance.

Who Might Consider Guaranteed Issue Coverage?

It may be worth considering if you:

• Have been declined for traditional life insurance.
• Have significant or multiple health conditions.
• Are primarily looking for final-expense coverage.
• Want a relatively small permanent death benefit.
• Do not want to complete a medical exam.

Don’t Assume Your Health Automatically Requires Guaranteed Issue

This is where comparing companies can make a big difference.

Life insurance companies do not all evaluate medical conditions the same
way. Someone who assumes they need guaranteed issue coverage may actually
qualify for a simplified-issue or medically underwritten policy with
different benefits or pricing.

For example, conditions involving diabetes, heart history, cancer history,
COPD or other medical issues can be viewed differently from one insurance
company to another.

That’s why at Mintco Financial, we believe the better question is not simply:
“Can I get guaranteed issue life insurance?”

The better question is:
“What life insurance options can I qualify for, and which one gives
me the best value for my situation?”

Guaranteed Issue Policies Can Have a Waiting Period

One of the most important things to understand before buying guaranteed
issue life insurance is the graded or modified death benefit.

Many guaranteed issue policies do not immediately pay the full face amount
for a non-accidental death during the first years of the policy.

Instead, the beneficiary may receive the premiums paid plus an additional
amount specified by the policy. After the graded-benefit period has passed,
the full policy death benefit may become available for covered deaths.

The exact provisions vary by insurance company, so this is something you
should understand before purchasing the policy.

Example: Gerber Life Guaranteed Life Insurance

One guaranteed issue option currently available to eligible West Virginia
residents is Gerber Life Guaranteed Life Insurance.

Gerber currently advertises guaranteed acceptance coverage for eligible
applicants ages 50 through 80, with coverage amounts generally ranging from
$5,000 to $25,000.

The policy does not require a medical examination or health questions.
It also includes a graded death benefit during the first two policy years
for certain non-accidental deaths.

Gerber is only one example. Depending on your age, health and desired
coverage, other insurance companies and policy types may also be worth
comparing.

How Much Life Insurance Do You Need?

Guaranteed issue policies are often designed for smaller coverage needs,
such as helping a family with:

• Funeral and burial expenses
• Final medical bills
• Credit cards or other debts
• Household expenses
• Leaving a modest amount of money to children or grandchildren

If you need substantially more coverage, it becomes even more important to
determine whether you qualify for another form of life insurance.

Guaranteed Issue vs. Simplified Issue Life Insurance

These two types of insurance are sometimes confused.

Guaranteed issue: generally involves no health questions
and no medical exam, subject to the policy’s eligibility requirements.

Simplified issue: normally does not require a traditional
medical exam, but the insurer asks health questions and may review medical
or prescription information.

Because simplified issue insurance involves some underwriting, applicants
who qualify may have access to different benefits or pricing than they
would with guaranteed issue coverage.

What Should West Virginia Residents Compare?

Don’t compare life insurance based only on the monthly premium. Look at the
entire policy.

• The death benefit
• The monthly or annual premium
• Whether premiums are guaranteed
• The length of any graded-benefit period
• How non-accidental death is treated during that period
• Accidental-death provisions
• Whether the policy builds cash value
• The financial strength of the insurance company
• Whether another type of policy may provide a better value

Life Insurance for Seniors in West Virginia

Whether you live in Charleston, Huntington, Morgantown, Parkersburg,
Wheeling or elsewhere in West Virginia, you may have more than one life
insurance option available.

Even if you are in your 60s, 70s or 80s, the right starting point is to
compare what you may qualify for rather than assuming one particular
product is your only choice.

Has Your Medigap Premium Increased Again?

Many West Virginia Medicare beneficiaries choose Medicare Supplement
insurance because they like the combination of Original Medicare and
additional protection against certain out-of-pocket expenses.

The problem may begin several years later when the monthly premium
starts climbing.

A rate increase doesn’t automatically mean you should leave your
current insurance company.

But it is a very reasonable time to ask:

The Same Plan Letter Can Have Different Prices

This is one of the most important things to understand about Medicare
Supplement insurance.

The standardized benefits in each plan letter are the same regardless
of the company selling the policy.

However, insurance companies can charge different premiums for the
same standardized coverage.

For example, if you currently own Plan G, it can make sense to compare
your Plan G premium with Plan G premiums available from other insurance
companies.

You Don’t Have to Change Anything Just to Compare

Some people hesitate to request a Medicare Supplement comparison
because they are afraid they will somehow lose the policy they already have.

Comparing available rates does not mean you have to cancel your
current Medicare Supplement.

The first step can simply be reviewing what you’re paying and seeing
what other options may be available.

What Information Do We Need to Start a Rate Review?

A Medicare Supplement comparison doesn’t need to be complicated.
Having a few basic pieces of information can help get the conversation started:

• Your West Virginia ZIP code
• Your current Medicare Supplement plan letter, such as Plan G or Plan N
• Your current insurance company
• Your current monthly premium
• Your age

Depending on your situation, additional information may be required
before determining whether another policy is available to you.

What If You Like Your Current Plan G?

You don’t necessarily need to leave Plan G simply because your
insurance company’s premium increased.

There are really two different decisions:

Decision #1: Do I want to keep the same standardized
plan but investigate another insurance company?

Decision #2: Do I want to change from one Medigap
plan letter to another, such as moving from Plan G to Plan N?

Those are not the same decision.

Changing from one company’s Plan G to another company’s Plan G is
primarily a carrier and premium comparison.

Changing from Plan G to Plan N changes the benefits and cost-sharing
structure, so that decision should be evaluated separately.

What If You’re Outside the Birthday Protection?

Your federal Medigap Open Enrollment Period generally lasts for six
months beginning when you are age 65 or older and first enrolled in
Medicare Part B.

During that protected period, you can purchase available Medigap
coverage without being denied because of health problems.

After that period, medical underwriting may apply unless you qualify
for another guaranteed-issue protection.

That means a lower advertised premium does not necessarily mean that
everyone will qualify for the policy.

What Should You Compare Besides Price?

Price matters, particularly when comparing the same standardized
Medicare Supplement plan letter.

But we would also consider:

• The exact standardized plan letter
• Your current premium
• Available carrier premiums
• Any available household or other permitted discounts
• Whether medical underwriting applies
• The insurer’s financial strength
• Customer service
• How the policy is rated
• When replacement coverage would become effective

What About Future Rate Increases?

No Medicare Supplement company can promise that today’s premium will
remain unchanged forever.

Medigap premiums can change over time because of factors such as
healthcare costs, claims experience and insurer-approved rate adjustments.

Historical rate information can be useful when evaluating an insurer,
but past increases do not guarantee what future increases will be.

The goal isn’t necessarily to find a company that will never increase
its rate.

The goal is to determine whether the coverage and premium available
today represent reasonable value for your situation.

Answer: A Premium Increase Is a Good Reason to Review Your Options

A Medicare Supplement premium increase doesn’t automatically mean you
should change insurance companies.

But it does give you a good reason to check whether your current
policy is still competitively priced.

Medicare Supplement plans are standardized by plan letter.
That means if you have a standard Plan G, the basic standardized
Plan G benefits are the same regardless of which insurance company
issues the policy.

The premium, however, can be very different.

Why Can Medicare Supplement Rates Increase?

Medicare Supplement premiums can change because of several factors,
including healthcare inflation, claims experience, changes in Medicare
costs and the way an insurance company prices its policies.

That is why two people with the same Medigap plan letter may see
different premiums depending on the company and policy.

Can Two Companies Charge Different Amounts for Plan G?

Yes.

Standardized Plan G benefits do not become better simply because one
insurance company charges a higher premium.

This makes it worthwhile to periodically compare the same plan letter
among different insurers.

If you’re paying $50 more per month than another available Plan G,
that difference equals $600 per year.

A $75 monthly difference equals $900 per year.

Over several years, those numbers can become significant.

Can I Switch Medicare Supplement Companies Anytime?

You can apply for another Medicare Supplement policy, but approval
may depend on your circumstances.

Your initial Medigap Open Enrollment Period provides important
protections when you first become eligible.

Outside that protected enrollment period or another guaranteed-issue
situation, a South Carolina Medicare Supplement insurer may be able
to use medical underwriting when reviewing your application.

That means your health history may affect whether the new policy
is available to you.

Should I Always Choose the Cheapest Medicare Supplement?

Not necessarily.

Price is extremely important, particularly when you are comparing
the same standardized plan letter.

But today’s cheapest company is not guaranteed to remain the least
expensive company forever.

When comparing carriers, look at the current premium, available
discounts, how the policy is rated, the insurer’s financial strength,
customer service and available information about previous rate changes.

Historical rate increases can provide useful context, but no one can
guarantee what future premiums will be.

What If My Health Has Changed?

This can make comparison shopping more complicated.

You may have purchased your current Medicare Supplement while you were
very healthy and developed medical conditions several years later.

If medical underwriting applies, another insurer may evaluate those
conditions before approving replacement coverage.

That’s one reason not to switch simply because you see a lower price
advertised online.

What About Switching From Plan G to Plan N?

That’s different from simply switching Plan G insurance companies.

When you compare Plan G from one carrier with Plan G from another,
you’re comparing the same standardized benefit package.

Plan N has different cost sharing.

Plan N may have lower premiums, but certain office and emergency room
copayments can apply, and Plan N does not cover Medicare Part B
excess charges.

Before changing plan letters, compare both the premium savings and
the differences in coverage.

How Often Should You Review Your Medigap Rate?

You don’t need to change insurance companies every year.

But receiving a noticeable premium increase is a reasonable time
to review the market.

You may discover that your existing company is still competitively
priced.

Or you may find that another insurer offers the same standardized
coverage for significantly less.