Take the mystery out of Medicare

A Medicare Advantage (MA) plan is a type of health plan offered by a private company that contracts with Medicare to provide you with all your Medicare Parts A and B benefits. MA plans include health maintenance organizations, preferred provider organizations, private fee-for-service plans, and Special Needs Plans. Advantages of MA plans Most MA plans have low monthly premiums. Some may not charge any monthly premium. Some plans may provide more benefits than are covered under Original Medicare. You generally can enroll regardless of your health history, unless you have End-Stage Renal Disease (kidney failure). Disadvantages of MA plans MA plans are annual contracts. Plans may decide not to negotiate or renew their contracts. Plans may change benefits, increase premiums and increase copayments at the start of each year. You may have higher annual out-of-pocket expenses than under Original Medicare with supplemental insurance coverage. Your current doctors or hospitals may not be network providers or may not agree to accept the plan's payment terms. In most cases, you cannot keep your stand-alone Medicare Part D plan and the Medicare Advantage plan. What are the differences between MA plans and Medigap plans? Medicare Advantage plans Medigap plans More out-of-pocket costs Fewer out-of-pocket costs Works only in your state, by region or county Works in any state Must use a provider network No provider network required unless you buy a Medigap Select plan Most plans cover Medicare Part D Medicare Part D not included Find more detailed information on the differences between these two plans in our "Comparing Medicare Supplement (Medigap) and Medicare Advantage plans" chart (PDF, 107KB). Things to consider before you buy a plan Ask your medical providers If they'll take the MA plan. Ask the plan if It requires a referral for you to see a specialist. If you live in another state part of the year, find out if the plan will still cover you. Many plans require you to use regular services within the service area (except for emergency care), which is usually the county in the state where you live. Find out if the plan includes: Monthly premiums Any copayments for various services Any out-of-pocket limits Costs to use non-network providers If you have Medicaid or receive long-term care, or live in a nursing home, Special Needs Plans may be available in your area. If you choose other types of MA plans, find out if: The plan's in-network providers you use are certified to accept Medicaid. In-network providers bill the plan correctly and/or refer to Medicaid providers as needed. The providers' office knows what Medicaid covers and what the plan covers. You'll have monthly premiums to pay. Medicaid will not cover MA plan premiums.

The Value of Life Insurance

Life insurance is about providing for the people you care about most. It pays them a sum of money you choose and may help protect them from the financial impact of your death. These funds can help your loved ones pay monthly living expenses, stay in their home and pay off debts, including final expenses. It can also help send a child to college one day, continue a family business or leave a legacy for your favorite charity. Life insurance may be right for you if… You want to provide for your loved ones Your family means the world to you and you want to help make sure they’re taken care of after you’re gone. You want your family to stay in their home You want to help ensure your mortgage is paid after you die so your family doesn’t have to leave the home they love. You want to make sure your kids go to college If something happens to you, you want to help your kids get a quality education…just the way you planned. You don’t want to leave your family in debt You know there may be bills to pay after you’re gone. And you don’t want your loved ones to have to pay your final expenses. We offer two basic types of life insurance Term Life Insurance Provides affordable coverage for a specific period of time. Payment amounts don't change for the guaranteed premium period. Typically, proceeds from a term life insurance policy may be used to cover needs like: Pay off the mortgage on your home Provide an emergency fund Help provide for a child's education fund Pay off personal debts Permanent Life Insurance Provides protection that lasts a lifetime or for the life of the policy. It may build cash value that can be used even when you are living. Typically, permanent insurance is used to cover long-term needs like: Pay for final expenses Provide an ongoing income for your family Supplement retirement income Fund an estate or business continuation plan

ChildStart

Every parent wants their children to have the very best start in life. When it comes to how to make that goal a reality, parents should consider the ChildStart plan, offered through Olympic Insurance Underwriters Inc. This program gives your child a head start on saving for their college education, the down payment of their first home, and even their retirement, all while giving them the protection of life insurance. The ChildStart plan is a way to help you set aside funds to protect your child's future while protecting their insurability, regardless of what happens later in life. The ChildStart life insurance policy provides insurance coverage for your child, coupled with a cash value savings component, which is certainly a smart start. It can be tough to save money for your child's future; SmartStart aims to make that a little bit easier. ChildStart goes beyond education expenses: in addition to using funds to help pay for the cost of college, available cash value can be used at any point in your child's life. If they want to use funds for a down payment on a home, they can do so! When it's time for them to retire, if the policy is still in force, they can even create a retirement income stream from their ChildStart policy. By setting aside a small amount of money every month or quarter starting when your child is young, you can help them set aside cash for future needs while providing valuable insurance coverage. A portion of your premium payment goes to pay the cost of life insurance coverage. The balance becomes part of the policy's cash value, which accumulates and grows tax-free.