Medicare Part A

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More than 1 in 3 people who divorce in the United States are age 50 or older, and 1 in 4 are 65 or older, according to a 2022 analysis published in the Journals of Gerontology.

Divorcing as you near retirement — or after you’ve retired — comes with considerations: Are you (or your spouse) losing health insurance? If you’re retired but not yet eligible for Medicare, where will you find coverage? How does being an ex-spouse affect your Medicare costs?

If you have health insurance through your own employer, not much will change, but if you’re on Medicare or your partner’s employer policy, you’ll have to ask some questions. And you may want to help your ex make the transition, if they’re on your policy.

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Here are the points to consider:

Does your employer offer benefits?

If you’re still working, does your employer offer health coverage? If so, divorce is considered a life event that will qualify you to make changes to your benefits, such as enrolling in a health insurance plan. You have 30 days after your other coverage ends to request special plan changes.

Do you have access to COBRA?

If you were covered under your ex-spouse’s employer plan, you can opt in to coverage under COBRA — the Consolidated Omnibus Budget Reconciliation Act — for up to 36 months after the divorce. COBRA applies to group plans of employers that have at least 20 employees.

“You should expect the insurance cost to be substantially higher, as now you are responsible for paying the entire premium amount,” says Tamara Durbin, a certified financial planner in Huntington Beach, California.

The decision to opt into COBRA partially depends on your ex-spouse’s coverage, says Crystal Cox, a CFP in Madison, Wisconsin. “My husband’s health insurance is amazing,” she says. “If we were to get divorced, I would strongly consider using COBRA versus going on my own health plan.”

Have you checked the marketplace?

For many people, COBRA will be pricey. (Plus, it’s temporary.) To see what other plans might meet your needs and budget, shop the government health insurance marketplace. Start at healthcare.gov, although you may find that your state has its own marketplace site you’ll use.

If you’re not sure how to choose a plan, a health insurance broker in your state can help you consider your choices at no cost to you.

“It’s important for people to know that you don’t have to navigate this on your own,” Cox says.

Are you eligible for Medicare (but not on it)?

If you’re 65 or older and haven’t signed up for Medicare yet because you’ve been on your ex-spouse’s employer group plan, now’s the time to sign up for Medicare. Losing coverage from an employer qualifies you for a special enrollment period that will allow you to sign up even if it’s not an open enrollment period.

If you know when your coverage will end, take action beforehand, says Melinda Caughill, co-founder and CEO of 65 Incorporated, which offers guidance on Medicare. “That’s ideal to avoid a gap in coverage,” she says.

Are you on Medicare now?

If you’re 65 or older, you or a spouse must have worked and paid Medicare taxes for at least 40 quarters (10 years) to qualify for free Medicare Part A. Most people have enough work history to qualify, but if you don’t have enough credits on your own, you can still qualify for free Part A based on your ex-spouse’s work history — provided you were married for 10 years or longer. (Your ex must also be at least 62 years old.)

If you weren’t married long enough or your ex is 61 or younger, you’ll pay $506 per month for Medicare Part A in 2023 if you’ve worked and paid Medicare taxes for fewer than 30 quarters. If you worked and paid Medicare taxes for 30 to 39 quarters, you’ll pay $278 per month.

If you remarry, you can no longer qualify for free Medicare Part A based on your ex-spouse. “You can, however, qualify based on your new spouse’s history, but they must also have enough credits and be 62 years of age,” says Cameron Valadez, a CFP in Riverside, California.

A divorce also might affect your costs for Medicare Part B and Part D, which require extra premium payments if your income is over a threshold amount. If you’ve been paying an income-related monthly adjustment amount, or IRMAA, and your household income is lower post-divorce, you can send a request to lower your premiums.

This article was written by NerdWallet and was originally published by The Associated Press. 

Source: nerdwallet.com

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If you’ve already qualified for Social Security Disability Insurance (SSDI), you can earn up to $1,050 a month without triggering the income programs that could affect your benefits. If you’re still applying for benefits, you generally won’t qualify for disability if you make more than $1,470 a month ($2,460 if you’re blind)

.

The Social Security Administration (SSA) has several work incentive programs to help disability recipients continue working. These include a trial work period (TWP), where there’s no earnings limit for nine months, an extended period of eligibility (EPE), which allows you to earn under the SSA’s limit for 36 additional months, and a Ticket to Work program, which offers free employment services.

Here are the rules for SSDI and how to work part time without losing your disability benefits.

Rules for receiving disability benefits

  • You can still work part time and receive SSDI benefits if you don’t meet the SSA’s requirements for “gainful” employment, according to Aleyda Toruno, a Work Incentives Planning and Assistance (WIPA) coordinator with Disability Rights California.

  • The SSA uses earnings guidelines called substantial gainful activity (SGA) to determine whether someone’s disability qualifies them as needing additional benefits.

  • The SGA for 2023 is $1,470 per month ($2,460 if you’re blind), meaning that if you earn more than that, you likely won’t qualify for benefits.

  • “The rules for part-time work or return to work differ for a person who is still attempting to prove disability versus a person who has already been deemed disabled under Social Security’s programs,” says Jennifer Cronenberg, senior counsel and director of legal information at the National Organization of Social Security Claimants’ Representatives (NOSSCR).

  • “Anyone who is already receiving SSDI benefits who returns to any type of work should report their earnings to SSA immediately,” Cronenberg says. This is to avoid overpayment; they should also report a decrease or cease in work to avoid underpayment.

Work incentive programs

The SSA has three programs called work incentives to support disability recipients in returning to work. These can be “pathways for disability benefits recipients to test their ability to return to work without immediately losing their benefits,” Cronenberg says.

Trial work period

A trial work period allows a disabled person to test their ability to earn an income on their own for a set amount of time

.

  • You’ll trigger a TWP automatically if you start earning over $1,050 per month while already receiving SSDI.

  • A TWP allows you nine months, not necessarily consecutive, in a rolling 60-month period in which you can earn any amount of money and still receive your full SSDI benefits.

  • You must still meet the definition of a disability and report your earnings to the SSA to qualify for a TWP.

  • “Earning well above SGA during a TWP could trigger a continuing disability review (CDR) with SSA, whereby they may determine that you’re no longer disabled and terminate your benefits,” Cronenberg says.

Extended period of eligibility

When the nine months of a TWP end, an extended period of eligibility gives you 36 more months to continue working and collecting SSDI.

  • Your income must stay below the SGA limit for the year ($1,470 for 2023, $2,460 if you’re blind) during an EPE.

  • Your benefits will be suspended if you earn above SGA during the 36-month period, but they can be reinstated if your earnings dip below SGA again.

  • If you earn above SGA but have other work incentives that apply, you can continue receiving benefits, Toruno says. For example, any work expenses that a person incurs because of their disability — such as transportation to and from work or specialized work equipment — are deducted from their earnings

    .

Ticket to Work program

The SSA’s Ticket to Work program connects SSDI recipients with free employment services such as career counseling and job placement to help them return to work

.

  • Ticket to Work provides services instead of placing earnings limits. It’s “something that a person who is receiving SSDI can participate in if they would like help returning to the workforce, with the goal of reducing their need for SSDI,” Cronenberg says.

  • The SSA won’t conduct a CDR (and potentially suspend your benefits) while you’re participating in Ticket to Work.

  • Anyone receiving SSDI and interested in working qualifies as long as they are still disabled.

Frequently asked questions

What is a work incentive?

The SSA offers work incentive programs to help SSDI recipients return to work. A trial work period and extended period of eligibility allow you to continue to earn income, and the Ticket to Work program offers education, training and rehabilitation programs for individuals who need help looking for or staying in work.

Does SSI offer the same work incentives as SSDI?

SSI offers its own set of work incentives and programs that come with different rules and stipulations than SSDI. You can learn more on the Social Security website.

What happens if I lose my job while I’m on a trial work period?

If you start earning money that triggers a trial work period and then lose your job, you’ll keep your benefits. If you lose your job within your 36-month extended period of eligibility, you’ll need to contact the SSA to have your benefits reinstated.

Will I lose my Medicare coverage if I lose SSDI benefits?

No, you’ll still receive free Medicare Part A coverage for at least 93 months after your trial work period if you stop receiving SSDI payments because of your earnings. This is one of SSA’s work incentives. You’ll still need to pay a premium to receive Medicare Part B.

Source: nerdwallet.com

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Medicare is the United States’ federally administered health care program.

The program was established in 1965 for the purpose of paying certain health care expenses for people age 65 and over, as well as for other select individuals, such as those who have end stage renal disease.

When originally established, there were only two parts. These were Part A for hospitalization coverage, and Part B for doctors’ services. Over time, the Medicare program has been expanded to offer additional coverage and choices for its enrollees.

We understand that any type of insurance coverage, from the best car insurance companies, best life insurance coverage, or best burial insurance for seniors, can be quite confusing. Remember, we are here to help!

How Coverage Works

The Medicare program today is divided into four parts, and each of these covers a different area. These parts include:

  • Part A – Hospital Coverage. Part A coverage will help an enrollee pay for inpatient care in a hospital or in a skilled nursing home facility. It also covers some types of home health care, as well as some hospice care. In most cases, there is no cost for participating in Part A.
  • Part B – Medical Coverage / Doctors’ Care. Part B helps to pay for doctors’ services, as well as for a variety of other medical services and supplies not covered in Part A. Those who are enrolled in Part B will be required to pay a monthly premium. In 2015, most people pay a premium of $104.90 per month. This can vary, however, based upon the individual’s income and on whether they file their tax return jointly with a spouse or as a single individual.  This article goes in depth about the  income limits and fees that high earners -“Medicare IRMAA brackets“- may have to pay regarding Part B and Part D coverage.
  • Part C – Medicare Advantage / Managed Care. Part C is also referred to as Medicare Advantage. It provides a managed care approach to delivering Medicare-covered services, such as Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). Those who are eligible for Parts A and B may alternatively choose to receive all of their services through a Medicare Advantage provider organization under Part C. The premium one pays for Part C will depend upon the plan that is chosen, as well as on the enrollee’s geographic location. You can learn more about this coverage HERE.
  • Part D – Prescription Drug Coverage. Part D helps to pay for prescription drugs doctors prescribe for the treatment of a patient. The premium charged for a Part D policy will depend upon the prescriptions you are taking, and thus, the actual plan that is chosen.

Recipients of Medicare, also referred to as beneficiaries, are able to choose coverage via the Original plan – which is actually Parts A and B – or they may choose Part C – which is Medicare Advantage.

Who Qualifies?

In order to be eligible, an individual must have lived in the United States for at least 5 continuous years, and also be a permanent resident of the U.S.

In addition, qualified recipients of benefits must be at least 65 years of age or over, or have a specific type of qualifying disability.

For a person to be considered permanently disabled, they must be entitled to receive benefits from Social Security, and they must have been receiving those benefits for a minimum of two years.

An individual who is diagnosed with end stage renal disease and who also requires kidney dialysis or a kidney transplant may also be considered eligible for benefits from the program.

With the high costs of health care it makes sense for those eligible for Medicare to take advantage of this government administered health care program.

Adults Over 65

Most adults in the United States are eligible for Medicare when they turn 65. Individuals must be U.S. citizens or permanent residents and enroll in the Medicare program to qualify.

Individuals who are already receiving Social Security benefits will be automatically enrolled in the Medicare program. Approximately three months before their 65th birthday, an enrollment package will be sent and must be completed to activate coverage.

Medicare Part A, which covers hospitalizations, requires no payment. However, adding Part B – which is for doctors visits, outpatient procedures, or additional coverages, such as prescription drug coverage, does cost money. The premium is determined based on income level. So, individuals must decide what plan is best for them when enrolling and what they can afford to have.

Individuals with Disabilities

Medicare coverage is also available to individuals with disabilities regardless of their age. Once an individual has been collecting social security disability payments for twenty-four months, they become eligible for Medicare during the 25th month.

An enrollment package will be sent a few months before a person becomes eligible for Medicare coverage. If a person with Social Security disability does not receive the enrollment package, they should contact their local social security office to request a packet.

Like an individual who is over age 65, disabled persons who have been getting Social Security disability payments are automatically eligible for Medicare. There is no reason to decline coverage, as Medicare Part A costs nothing and covers hospital care and nursing facility care.

However, if a disabled individual would like, they can decline Medicare Part B coverage, which would require premium payments. There is a card that comes with the enrollment package that the individual can mail back declining Part B coverage.

Who Does NOT Qualify for Medicare

People who are not already receiving Social Security benefits will need to contact their local Social Security office to apply for Medicare coverage. This should be done three months before the individual’s 65th birthday.

The enrollment period begins in the three months before the month of the 65th birthday and ends three months after. If one enrolls during this time frame, there is no cost for enrollment and coverage should begin at the start of the 65th birthday month or shortly thereafter (if one applies after their birth date).

If, however, one does not apply during that enrollment period, then fees apply. So, it is important to apply on time, and as close to the three month prior date as possible. This will ensure everything is done correctly and coverage starts at the beginning of the individual’s birth month.

How to Enroll

To begin receiving benefits, an eligible individual must enroll through the office of Social Security. There is only one exception to this rule, in that those who are already receiving benefits through Social Security or the Railroad Retirement Board are automatically enrolled when they turn age 65.

All other potential recipients must submit an application for coverage during the open enrollment period. This period of time begins three months prior to the applicant’s 65th birthday and it ends seven months after.

Those who do not enroll in Part A and/or Part B when they are originally eligible are allowed to alternatively enroll between January 1 and March 31 each year. For those who do, their coverage will begin on the following July 1.

Medicare is Not Medicaid

Because their names sound so similar, people can oftentimes confuse Medicare with Medicaid. These two programs, however, are not the same. Medicaid is a joint state and federal program that provides medical assistance to those who meet very specific low income requirements.

In addition to medical necessity, a person must be considered at his or her state’s poverty level in terms of income and assets for Medicaid qualification purposes.

Through the Social Security Act, those who have income and resources not considered to be sufficient enough to meet the cost of their needed medical care, as well as certain long-term care needs, can qualify for Medicaid’s benefits. Therefore, Medicaid is considered a “means” tested program.

When determining which assets “count” toward qualifying for Medicaid, funds and property are divided into three different classes.

These include the following:

  • Countable Assets – Countable assets include any personal assets that the individual either owns or controls. These funds are required by Medicaid to be spent on the applicant’s care before he or she will be able to qualify for Medicaid’s benefits. Some examples of countable assets may include cash, stocks and bonds, and deferred annuities (provided that the annuities have already been annuitized).
  • Non-Countable Assets – Even though non-countable assets are still acknowledged by Medicaid, the particular types of assets are not necessarily utilized when making a determination regarding an applicant’s eligibility for Medicaid benefits. Non-countable assets can include household belongings, such as furniture, appliances, term life insurance policies, a burial plot owned by the Medicaid applicant, and the applicant’s primary residence – as long as the value of the home does not exceed a certain amount.
  • Inaccessible Assets – Assets that are inaccessible are those considered to be resources that would have had to be spent on a person’s care; however, the assets have instead been transferred to another individual or into a trust. This transfer has therefore made the asset inaccessible. With inaccessible assets, Medicaid has the right to review the applicant’s financial records at the time that the application for benefits is made. In most cases, if assets were transferred within a certain amount of time prior to a person’s application, Medicaid may deem the individual as being disqualified from receiving benefits – at least for a certain period of time.

What is Supplemental Insurance and What Does It Cover?

Medicare supplement insurance plans are a type of insurance coverage supplemental to what Medicare covers. This type of coverage can pay for some – or in some cases, all of the copayments and/or deductibles so that the enrollee does not need to pay such expenses out-of-pocket.

Medigap insurance is specifically designed to supplement Medicare’s benefits, and it is regulated by both federal and state law. A Medigap policy must be clearly identified as being Medicare Supplement insurance, and it must provide benefits that help to fill in the gaps in Medicare’s coverage.

Although the benefits are identical for all supplement plans of the same letter (i.e., all Plan A policies offer the same coverage options), the premiums may vary from one insurance carrier to another, as well as from one geographic area to another.  There are even three states that do not use the letter system, but have different ways of designating their plans.

What is Medicare Advantage and How Does It Work?

A Medicare Advantage (MA) plan, similar to an HMO or PPO, is type of Medicare plan available to those who are eligible for “Original Medicare”, or Parts A and B. This option is also referred to as Part C. These plans are actually offered by private insurance companies approved by Medicare.

When an individual joins a MA Plan, Medicare pays a fixed amount of their premium every month to the companies that offer these plans. These companies are required to follow strict rules on coverage.

Each of the Advantage Plans are allowed to charge different out-of-pocket costs, and they may also have different rules as to how enrollees can receive their services. For example, some plans may require participants get a referral before going to a specialist. And, these rules may change every year.

MA Plans also have an annual cap on how much participants will pay for their Part A and Part B services throughout the year. This annual, maximum out-of-pocket amount can differ from plan to plan. You can get a full understanding of how MA plans can be a benefit to you HERE.

How to Find the Best Coverage

When seeking Supplemental or Advantage coverage, it is best to work with a company that has access to more than just one insurer.

That way, you can obtain information on numerous different benefits and quotes to see what your options are and what benefits are available to you.

When you’re ready to begin the process, you can use the form on this page and a top independent agent will work with you to get the best policy at the best rates.

Source: goodfinancialcents.com

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The Medicare eligibility age is 65, unless you qualify sooner because of certain health conditions

. Before age 65, people can qualify for Medicare based on disability, end-stage renal disease or Lou Gehrig’s disease, also known as ALS.

But don’t wait until after your 65th birthday to sign up for Medicare. You can and should sign up a few months before you turn 65

.

Here’s what you need to know about your Medicare eligibility age and when to sign up.

What’s the Medicare eligibility age?

For most people, Medicare eligibility starts at age 65. There are over 58 million people who qualify for Medicare based on age as of March 2023 — about 88% of all Medicare beneficiaries

.

Do I automatically get Medicare when I turn 65?

Some people automatically get Medicare when they turn 65 — but not everyone does.

If you’re already receiving Social Security payments as you turn 65, you’ll be automatically signed up for Medicare Part A and Part B when you become eligible. (Even though the full retirement age for Social Security is 67 for people born in 1960 or later, you can start claiming reduced benefits as early as age 62

.)

So if you started taking Social Security payments early, you’ll automatically get Medicare when you turn 65

.

Enroll in Medicare before your 65th birthday

You become eligible for Medicare at age 65, but you should sign up before that if you want your coverage to start as soon as possible

.

You can sign up for Medicare during your initial enrollment period, which starts months before you turn 65 and lasts for seven months. For most people, it starts three months before the month you turn 65

. So if your birthday is in April, for example, you could sign up starting Jan. 1. Your initial enrollment period ends on the last day of the month three months after you turn 65.

If your birthday is on the first of the month, your initial enrollment period starts earlier — four months before your birthday month, rather than three

. So if your birthday is April 1, you could sign up starting the previous Dec. 1. For this example, your initial enrollment period would end June 30, or two months after your turn 65.

If you enroll before the month you turn 65, your coverage starts on the first day of your birthday month

. If you sign up during or after your birthday month, Medicare coverage starts the month after you sign up.

Source: nerdwallet.com

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Veterans Life Insurance Group policies are a good option for those in the military, and that is why they received an honorable mention for our list of the best life insurance companies in the United States.

If you have ever shopped for life insurance, then you are likely well aware that there are many different variables that you need to be cognizant of before deciding on your coverage. One such factor is ensuring that you will have the proper amount of protection for your needs. This means that your loved ones or beneficiaries will have enough funds for paying final expenses, paying off big debts, or paying ongoing living expenses if or when the unexpected should occur.

It is also important that you have the proper type of insurance coverage. For example, today, there are many different variations of life insurance protection that you can choose from. While this helps insureds in custom choosing coverage to fit their needs, you also don’t want to pick a policy that isn’t suitable for your specific time frame and your possible long-term savings goals.

There is also another criterion that many people may not realize is important – but should. This is ensuring that the company through which the coverage is purchased is strong and stable financially and that it also has a positive reputation for paying out its policyholder claims. The reason that this is essential is because you don’t want to place your loved ones or beneficiaries in the hands of an insurance company that may not make good on its financial promise to pay out – especially in their time of need.

With this in mind, it is always important to do a thorough review of an insurer before moving forward with the purchase of its coverage. One company that had a good, solid reputation in the life insurance industry is Veteran’s Group Life Insurance Company of Valley Forge, Pennsylvania.

The History of Veteran’s Group Life Insurance

Veteran’s Group Life Insurance Company, also known as Veteran’s Life Insurance Company, has somewhat of a long history regarding names, mergers, and acquisitions. Between the years of 1974 and 1980, National Independence Life Insurance Company operated, and then on January 1, 1981, National Independence became Veteran’s Life Insurance Company.

For more than 26 years, Veteran’s Life Insurance Company operated out of Valley Forge, Pennsylvania. Then, on July 1, 2007, Veteran’s Life Insurance Company merged into Stonebridge Life Insurance Company. Stonebridge was headquartered in St. Louis, Missouri. (Previously, Stonebridge Life Insurance Company was known as J.C. Penney Life Insurance Company, from December of 1967 to May of 2002).

Several years after the merger of Stonebridge and Veteran’s, on October 1, 2015, Stonebridge Life Insurance Company merged into Transamerica Life Insurance Company. This company is operated out of Cedar Rapids, Iowa, and it specializes in life insurance, variable life and annuity contracts, and disability insurance coverage.

Veteran’s Group Life Insurance Company Review

Veteran’s Life Insurance Company, when operating, was headquartered in Valley Forge, Pennsylvania. The company offered a variety of coverage products, including life insurance protection.

It also offered personal injury and property damage, recreational vehicles, and accounts receivable. The company also offered auto insurance, outsourcing, and motorcycle insurance to its customers.

Financial Strength, Ratings, and Better Business Bureau Grade

Before the merger of Veteran’s Life Insurance Company, this insurer was rated by A.M. Best Company as an A (Excellent), and it also had an issuer credit rating of a+. As Veteran’s Life Insurance Company has now been disbanded, these ratings are no longer effective.

Concerning Transamerica Life Insurance Company, the following ratings apply:

  • A+ from A.M. Best
  • AA- from Fitch
  • A1 from Moody’s
  • AA- from Standard & Poor’s

Transamerica Life Insurance Company has been an accredited company through the Better Business Bureau since December 15, 2014. The company has been given the grade of A+, out of an overall grade scale of A+ through F.

Over the past three years, Transamerica has closed 278 complaints with the Better Business Bureau, of which 97 have been closed within the past year. Of these 278 complaints, 196 were having to do with the company’s products and / or services, 41 had to do with the company’s billing and / or collections, 30 had to do with the company’s advertising and / or sales issues, 10 had to do with delivery issues, and 1 had to do with guarantee / warranty issues.

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Life Insurance Products Offered Through Veteran’s Group / Transamerica Life Insurance Co.

Transamerica Life Insurance Company provides a wide variety of different life insurance products. These include both term and permanent coverage, as well as accidental death coverage.

Term Life Insurance Coverage

Term life insurance is considered as the most basic type of life insurance coverage. This is because term provides death benefit protection only – and because of this, term can be a very affordable type of life insurance protection.

Transamerica offers several different term life insurance options. These include policies with term limits of 10 years, 15 years, 20 years, 25 years, or 30 years. Coverage can range from a low of $25,000 up to a high of $1 million in face amount. Most of the policies that are offered through Transamerica will require the applicant to undergo a medical exam as a part of the underwriting process.

Term life insurance policies that are offered via Transamerica include the:

  • Trendsetter Super Series
  • Trendsetter LB (Living Benefits)

Whole Life Insurance Coverage

Whole life is a type of permanent life insurance protection. This means that the policy offers a death benefit, along with cash value build up. The cash value is allowed to grow tax-deferred, which means that there is no tax that is due each year on the gain, but rather tax is only due at the time of withdrawal.

Both individual and group whole life insurance policies are available through Transamerica. Also, there are whole life insurance policies available through Transamerica with face amounts of between $2,000 and $50,000 that can assist loved ones in paying for final expenses, such as funeral and burial costs.

Universal Life Insurance Coverage

Universal life insurance is another type of permanent life insurance coverage. While universal life offers both a death benefit and a cash value component, this type of coverage is more flexible than whole life insurance. This is because the policyholder, within certain limits, may choose how much of the premium can go towards the death benefit and how much of it can go towards the cash value. In addition, the amount and the frequency of the premium may also be modified, provided that there is a sufficient amount of cash value in the policy.

Variable Universal Life Insurance Coverage

Variable universal life insurance is yet another type of permanent life insurance. Here, too, there is a death benefit and a cash component of the policy. However, the policyholder can invest the cash component in equity investments such as mutual funds – and because of this, the cash has the opportunity to grow substantially due to market movements. It can also, however, lose value due to market risk. With that in mind, it is important to have a good understanding of all of the potential risks involved before purchasing a variable life insurance product.

Final Expense Life Insurance Coverage

Final expense life insurance coverage is also offered through Transamerica Life Insurance Company. While it may be difficult for most people to discuss, end of life expenses can be high – in fact, today, the average funeral can cost upwards of $10,000. This is especially the case when factoring in such expenses as one’s headstone, burial plot, flowers, transportation, and the memorial service itself.

When loved ones do not readily have access to this much money quickly, a final expense life insurance policy can be a good solution to ease financial worries – and to avoid having to dip into savings or other assets to pay these bills.

Transamerica’s final expense life insurance is a whole life insurance policy – which means that it provides a death benefit and a premium amount that is locked in a guaranteed. It also means that there is a cash value component that will provide tax-deferred savings over time.

There are three different final expense policies to choose from through Transamerica. These include the following:

  • Immediate Solution
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  • Easy Solution

Accidental Death Insurance Coverage

With accidental death insurance, an amount of death benefit is paid out to beneficiaries if an insured die as the result of a covered accident. This benefit will be payable either on its own or in addition to other life insurance coverage.

This type of coverage can also provide benefits in case of a covered accident where the insured loses a limb and / or their vision. The purchase of an accidental death insurance policy does not require a medical exam in order to qualify. This type of coverage may be purchased as a stand-alone policy, or in conjunction with another insurance plan.

There are various options available about accidental death coverage. These include:

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  • Plan A: This policy will pay out a benefit that is equal to $250,000 for a covered accidental death. The benefit will double and payout the amount of $500,000 for common carrier accidents.
  • Plan B: This plan will pay out a benefit that is equal to $125,000 for a covered death that is accidental in nature. The amount of the benefit will double to the amount of $250,000 for common carrier accidents.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-1-0-asloadedmax-width:250px!important;max-height:250px!important

It is important to note that there are some limitations and exclusions included on these policies.

Other Products Offered

In addition to life insurance coverage, Transamerica offers annuities and disability insurance. It also offers dental insurance, long-term care insurance, and Medicare Supplement insurance coverage in order to help seniors from having to pay high out-of-pocket expenses due to Medicare Part A and B coinsurance and deductibles.

How to Find the Best Premium Quotes on Life Insurance Coverage

If you are seeking the best premium quotes on life insurance coverage from Veterans Life Insurance Company, Genworth Life Insurance, or from any life insurance carrier – then it is typically your best course of action to work with either an agency or an independent brokerage that has access to multiple life insurance providers. This is so that you can more directly compare, in an unbiased manner, numerous life insurance policies, benefits, and premium quotes – and from there, you can make the decision as to which one will be the best for you.

We know that purchasing life insurance coverage can often seem a bit overwhelming. There are many variables to be aware of – and there are lots of carriers in the market that you can compare and contrast. It always helps to have a guide to walk you through the process. This is especially the case if you have a specialized situation such as a health condition or if you have been turned down for coverage in the past. But the good news is that today, there are still many options regarding coverage and premium price that may be available to you. So, contact us today – we are here to help.

Source: goodfinancialcents.com

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Some people who already receive Social Security benefits are automatically enrolled in Medicare when they turn 65. That’s not the case for everyone, though. People who haven’t started collecting Social Security will need to register for Medicare, but signing up doesn’t have to be challenging. Here’s what you need to know about enrolling in the government insurance program. If you’d like personalized retirement advice, consider working with a financial advisor. 

What Is Medicare?

Medicare is a federal health insurance program for people 65 and older, as well as those with disabilities and specific diseases. It’s intended to help provide affordable health care to people who have low incomes or limited resources either due to retirement or disability.

Medicare has three main parts:

  • Medicare Part A covers hospital expenses such as inpatient stays, hospice care and some home health care.
  • Medicare Part B covers medical expenses like doctors’ services, outpatient care, preventative care and medical supplies.
  • Medicare Part C, also known as Medicare Advantage, covers health care related to dental, vision and hearing.
  • Medicare Part D covers prescription drugs.

For most people, Part A is free and Part B requires you to pay a premium. The standard monthly premium in 2023 is $164.90. Parts C and D are accessed via a Medicare-approved plan for which you will also pay a monthly premium. These premiums will vary depending on the provider and plan you choose. 

When Are You Eligible for Medicare?

Leaving aside the minority of Medicare recipients with disabilities or diseases, most will become eligible to enroll in Medicare when they turn 65. You can sign up for Medicare three months before you turn 65.

That period starting three months before you turn 65 is called the Initial Enrollment Period. It lasts seven months, ending three months after the month in which you turn 65. If you miss this Initial Enrollment Period, you’ll have to pay a monthly late enrollment penalty that goes up the longer you wait.

If you sign up before the month in which you turn 65, your Medicare coverage will start the first of the month in which you turn 65. So if your birthday is June 16, and you sign up on May 15, your coverage will begin on June 1.

There’s also a General Enrollment Period each year from Jan. 1 to March 31. Again, your coverage will start the first of the month after you sign up and you may need to pay a late enrollment penalty if you don’t qualify for a Special Enrollment Period. You may qualify for a Special Enrollment Period if you missed your Initial Enrollment Period because of a natural disaster or emergency, got inaccurate or misleading information from your health plan or employer, as well as a few other extenuating situations. In such cases, you can fill out and submit a form to ask for a Special Enrollment Period.

Are You Automatically Enrolled in Medicare at Age 65?

According to the U.S. Centers for Medicare and Medicaid Services, if you live in the United States and are already getting Social Security payments, you’ll be automatically signed up for Part A and Part B of Medicare when you become eligible. So if you’re already claiming your Social Security benefits, you may automatically receive a packet with more information on Medicare a few months before you turn 65.

If you’re not yet getting Social Security benefits or aren’t eligible for them, you won’t be automatically enrolled and will need to complete an application or reach out to the Social Security Administration.

How to Enroll in Medicare

If you’re not already receiving Social Security benefits but need to enroll, there are a few steps to the process. First, make sure you know when your Initial Enrollment Period begins and ends so you can enroll in that time frame and avoid a penalty.

Second, you can sign up online at the Social Security website, which the official Medicare website notes is the fastest and easiest way to register.  You can also enroll by phone by calling the Social Security Administration at 1-800-772-1213. If you’d like to enroll in person, find your local Social Security office for the address and hours of operation.

Bottom Line

If you’re already receiving Social Security, you’ll likely be automatically enrolled in Medicare once you hit age 65. But if you haven’t yet started your Social Security payments yet, you’ll need to enroll in Medicare online, by phone or in person.

Retirement Planning Tips

  • If you’re not sure whether you’ve saved enough for retirement, our retirement calculator can help you get a better sense of where you stand. Use it to determine your estimated Social Security benefits, how much money you need to retire and how much annual income you’ll need in retirement.
  • A financial advisor can help you plan for Social Security, Medicare and retirement. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

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Source: smartasset.com

Apache is functioning normally

One of the best strategies for ensuring that loved ones will be able to carry on financially in case of the unexpected is to purchase a good, solid life insurance policy. This is because the proceeds that are received through life insurance – which is income tax-free to beneficiaries – can be used for continuing to pay living expenses or to pay off large debts. It can also be used for paying for the funeral and other final expenses of the insured. That way, loved ones will not have to go into debt – especially at an already difficult time in their lives.

When buying life insurance, it is important to consider several criteria. These include the type and the amount of coverage that you are purchasing. This is because you do not want your loved ones to have too little protection.

It is also essential to know that the insurance carrier you are purchasing the coverage from is strong and stable from a financial standpoint. That is so that you can better ensure that the company will be able to pay out its promised policy proceeds if or when the time should come. One company that made our honorable mention for best life insurance companies in the US and many individuals buy life insurance coverage from is Americo Life Insurance Company.

The History of Americo Life Insurance Company

Americo Life Insurance Company has been in the business of offering life insurance and other coverage products for more than 100 years. The growth of the Americo family of companies has built primarily on the successful acquisition of more than 15 insurance entities – each having its specific advantages.

The company has also won other accolades and has been the first insurer in a myriad of different events. For example, in 1922, a predecessor of Americo, Great Southern Life – which was initially founded back in 1909, became the first company in the United States to insure the lives of children.

In 1971, another predecessor of Americo Life Insurance Company, Ohio State Life, was the first insurer to advance death benefit payments to sustain the life of a policyholder. Likewise, in 1981, Great Southern Life led the way as one of the very first insurers in the U.S. to offer universal life insurance coverage – and more recently, Americo was also one of the very first to offer indexed universal life and annuity products.

Americo Life Insurance Company Review

Today, Americo Life Insurance Company has more than 659,000 insurance policies in force. The company has more than $6 billion in total assets, and the company’s statutory premiums have increased substantially over the years. Americo has more than $32.7 billion of just life insurance in force.

Americo is very competitive in the life insurance market – and the carrier maintains a high quality, liquid investment portfolio that consists of more than 95 percent investment grade bonds in its fixed income investments.

Personalized and trusted service is the cornerstone of Americo Life Insurance Company’s business. The company is considered to be progressive in its thinking, and it is highly solutions-oriented.

The company is one of the largest independent and privately held insurance groups in the U.S. Americo is headquartered in Kansas City, Missouri, and it serves it sales force via more than 350 company associates.

Insurer Ratings and BBB Grade

Due to its safe, yet liquid, portfolio, Americo Life Insurance Company has been given a rating of A (Excellent) from A.M. Best Company. This rating is the third highest possible rating on an overall scale of 15 total ratings.

Although Americo Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of C. This is on an overall grading scale of A+ to F.

Over the past three years, the company has closed out a total of 19 customer complaints via the Better Business Bureau. (Twelve of these 19 complaints have been closed out over the past 12 months). Of the 19 complaints, 12 had to do with problems with the company’s products or services. Another six were in relation to billing or collection issues, and one was in regard to delivery issues.

Life Insurance Products Offered Through Americo

At Americo Life Insurance Company, there are many different life insurance plans to choose from. This variety is beneficial in helping clients to more closely plan for their anticipated needs. Americo offers term and permanent life insurance protection.

Term Life Insurance

Term life insurance coverage provides pure life insurance protection only, without any cash value or savings build up in the policy. Because of this, term life insurance is often quite affordable – even for a large amount of death benefit coverage.

With term life insurance, the coverage is purchased for a certain amount of time – or “term” – such as for five years, ten years, 15 years, 20 years, 25 years, or even for 30 years. During this term of coverage, the premium will typically remain the same over time, and the amount of the death benefit will remain level.

Permanent Life Insurance

Permanent life insurance offers both life insurance protection and cash value. The funds that are in the cash-value component of the policy are allowed to grow on a tax-deferred basis, meaning that there will be on tax due on this growth unless or until the money is withdrawn.

The funds that are in the cash value component of a permanent life insurance policy may be withdrawn or borrowed by the policyholder for any reason that they see fit – including the payoff of debts, the supplementing of retirement income, or even for taking a nice vacation.

There can be many different types of permanent life insurance coverage. These include:

  • Whole Life Insurance – Whole life insurance offers a fixed amount of death benefit coverage, as well as a fixed premium that is typically locked in throughout the entire life of the policy. Whole life insurance is meant to be kept for an individual entire lifetime, or the “whole” of one’s life. The cash value that is in the cash component of the policy is able to grow via a fixed and guaranteed rate that is set by the issuing insurance company. In some instances, the insurance company will pay dividends to the policyholder of whole life insurance – although these are not guaranteed. A dividend may be taken as cash, or alternatively, it could be used to purchase additional insurance coverage or to add to the cash component.
  • Universal Life Insurance – Universal life insurance also offers death benefit coverage, along with a cash value component. In this case, however, universal life insurance is considered to be more flexible than whole life coverage. One reason for this is because a universal life insurance policyholder can – within certain guidelines – determine how much of his or her policy premium will go towards paying for the death benefit, and how much will go towards the cash value. Also, the timing of when the premium is due with a universal life insurance policy may also be altered to better fit with a policy holder’s changing needs.
  • Indexed Universal Life Insurance – Over the past several years, indexed universal life insurance has become a more popular product. That is because this type of coverage can be beneficial both for its life insurance coverage, but also for the opportunity that it provides for both growing and protecting funds. In this case, the return on the cash value in an indexed universal life insurance policy is based upon the performance of an underlying market index, such as the S&P 500. If the underlying index performs well during a given time period, the cash value will be credited – up to a certain cap. However, if the underlying index performs poorly in a given period, the cash value’s return for that time will simply be credited with a 0 percent. So, while there is no gain, there is also no loss for that time. Many who are savings for retirement can benefit from this ability to grow, yet still protect their funds.

The company’s specially designed life insurance products offer unique benefits, and there are simplified issue products available. This means that an applicant for coverage may not be required to take a medical examination as a requirement for policy approval. Because of that, there may be a better chance of someone qualifying for the life insurance coverage that they need – even in the event that they already have an adverse health condition.

The face amount of coverage on most of the life insurance policies that are offered by Americo Life Insurance Company can range between $25,000 and $400,000.

Final Expense Coverage

While all individuals and families may have differing needs, most people will have at least some amount of final expenses. Americo Life Insurance Company offers a series of whole life insurance products that are designed for helping to cover the costs that are associated with funeral and burial expenses, as well as uninsured medical bills and other financial obligations that one’s loved ones may face.

These policies can offer face amounts that range from $2,000 to $30,000. There are both fully underwritten and simplified issue policies – and, those who smoke cigars or pipes, as well as smokeless tobacco, could qualify for a non-smoker premium rate.

Mortgage Protection Coverage

One of an individual or a couple’s biggest expenses in life is their home mortgage.

Therefore, if an income earner passes away unexpectedly, this could mean that his or her survivors would no longer be able to pay the mortgage – and in turn, be forced to move from their home. This occurrence can be made even more difficult, as the family is already facing pain.

With mortgage protection coverage, should the unthinkable occur, this policy will pay out an amount that can pay off the survivors’ mortgage balance. Americo Life Insurance Company offers mortgage protection policies with face amounts of between $25,000 and $400,000.

There is no proof of mortgage required, and depending on the policy that is chosen, the applicant for this coverage may not even be required to undergo a medical exam. There are also some optional riders available that can allow policy holders to customize their coverage to better fit with their specific needs.

Other Products Offered By Americo Life Insurance Company

In addition to life insurance protection, Americo Life Insurance Company also offers a wide range of other products that can help its customers to grow and protect their wealth. These products include the following:

  • Medicare Supplement insurance – While Medicare Part A and Part B offer a long list of coverages, there are also many out-of-pocket expenses that are associated with Medicare coverage, such as co-payments, coinsurance, and deductibles. Having a Medicare Supplement insurance plan can help with covering some of the costs. There are several different Medicare Supplement plans to choose from – including a basic set of core benefits, as well as more comprehensive coverage.
  • Retirement Annuities – A retirement annuity can help individuals and couples to save in a tax-advantaged manner for the future, as well as to lock in an ongoing retirement income that can last throughout the remainder of their life – regardless of how long that may be.

How to Get the Best Life Insurance Premium Quotes

When seeking the best life insurance quotes, it is recommended that you work with an independent insurance brokerage. If you are shopping for life insurance coverage, we can help. We work with many of the top life insurers in the industry. If you are ready to compare, then just take a moment to fill out the quote from on this page.

Source: goodfinancialcents.com