Medicare Advantage Disenrollment: How to get out of a Medicare Advantage Plan

Medicare Open Enrollment, which lasts from October 15-December 7 every year, allows Medicare beneficiaries to enroll in Medicare Advantage Plans (Part C). A Medicare Advantage Plan is where benefits are provided by a private company instead of the government. There are pros and cons to Medicare Advantage Plans, which can be read about here.  After enrolling, some beneficiaries realize their Medicare Advantage Plan will not work for them. There are a few ways to disenroll from the plan besides waiting until the next Medicare Open Enrollment.

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Local Financial Advisor Celebrates the 20th Anniversary of the Roth IRA

This January marks the 20th anniversary of the Roth IRA. First made available to American investors in January of 1998, a Roth IRA is an individual retirement account that is funded with after-tax dollars and provides tax-free growth and income for retirement. In honor of this significant milestone, Triangle area financial advisor, Hans E. Scheil, CFP®, author of “The Complete Cardinal Guide to Planning for and Living in Retirement,” and the CEO of Cardinal Advisors is spreading the word about the benefits of this retirement savings vehicle. Continue reading “Local Financial Advisor Celebrates the 20th Anniversary of the Roth IRA”

QCDs: A Charitable way to use an IRA

IRAs, or Individual Retirement Accounts, are a common way to save for retirement.  They are a great tool to put away money for your later years.  There are a few different options when it comes to IRAs, traditional or Roth, and there are strategic ways to use the money in these accounts.  One of these strategies is a QCD, or a qualified charitable distribution, for people over age 70 ½.

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Over the holidays, talk to your parents about long-term care

With the holidays and families getting together, it is a great time to introduce some untouchable and difficult subjects, one of these being long-term care. It is a hard topic to bring up, but coming up with answers and a plan can bring a wave of relief to everyone involved.   Good planning involves a mix of legal, financial, medical, and personal aspects. With so much involved, there are many questions that will have to be answered, but the ones below are a start.

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Changes to IRMAA Medicare Premium Surcharges for 2018

IRMAA, or the Income-Related Monthly Adjustment Amount, is a charge high-income earners pay in addition to their regular monthly premium for Part B (medical coverage) and Part D (drug coverage).  Recent changes have been announced for the coming year based on the passage of the Medicare Access and CHIP Reauthorization Act of 2015. IRMAA affects less than 5% of Medicare beneficiaries, but it is still important to understand these charges as the taxable income used comes from years prior.

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What rights just ended on Thursday, December 7th for the 55 million Medicare beneficiaries in the US?

Annual enrollment just ended on December 7th. Many Medicare beneficiaries are confused about what you can and cannot do outside of this period.  Below are the 5 rights that confuse people the most in regards to how they are affected by annual enrollment.

True or False: Did these rights end on December 7th?

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Episode 2: Long-Term Care

Long-term care is one aspect of retirement that most people will end up needing but don’t actually plan for. Host Hans Scheil talks about the discussion that must happen between family members, the 4 paths available when planning for long-term care, and some specific examples of prices for long-term care insurance.  Get the workbook with these price examples mentioned here or buy it on Amazon here.

New Flavor of Long Term Care Insurance Very Popular

The Pension Protection Act of 2007 paved the way for insurance companies to create life insurance and annuity policies that pay benefits for long-term care if they are needed. Just like traditional long-term insurance, these policies pay benefits for in-home care, assisted living facilities, and nursing homes. Unlike traditional long-term care insurance, premiums can never be increased and your beneficiaries receive a check for unused long-term care benefits after you die. Consumers are now snapping them up at a record pace.

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