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Retirement Advice, know the faulty advices and prevent them

Retirement Advice, know the faulty advices and prevent them


Bad advice is more damaging and the opportunities to rectify are fewer. The truth is that in your golden years, problems are hard to solve especially after retirement. Advice of someone on savvy insurance strategy or a perfect portfolio may turn a dud, and nothing can be done. Now after retirement you have very little precious opportunity to reload your bank account. The other costs and health care costs alone climb steadily on aging.

Here are a few faulty retirement advices to be prevented:

 Say No to Stock Market as they are risky

Retirees you cannot get away with stock market investment. The returns are unpredictable and are not meaty as the bonds that are your safe traditional asset. Investors may save for 30 to 40 years and put into a conservative portfolio. A portfolio having fixed income meets the needs of your income and any change in the stock market means you are going to have trouble.

 You need an Annuity definitely

An annuity is the one coming as income security. To pay out it ascertains even after your final paycheck. Annuities may be expensive and also murky. The grandparent’s tales may be misleading or keep away from tricky salesmen. In case you run short of cash, just stop buying. This is because folks having multiple income streams usually avert the fees accompanying the annuities. The annuity business is becoming creative and people feel secure and eventually they are charging high. If you do not check Medicare Supplement Rates 2020 at
there is no need to pay to something that is to be insured that actually need no insurance.

 Skimping is of great use in emergency

There is a need to compound more than the regular basic savings. It will certainly help in the retirement goals. There should be a desire to skimp. Starving your basic 401(k) means when money is tight during tough financial times, it can haunt you seriously. Besides having money in 401(k) means you can withdraw money and there is no risk of penalty 10%. There is a need to consider the retirement plan prior to anything else. You can take a loan and pay for your junior’s college, but do not take out from your retirement a loan to fund something. Pulling out money every day out of 401(k) to pay the piled up bills is unwise. It means you will be hit by penalty 10% and income tax.

Medicare Supplement Plans: Picking the Right Insurance Company

When a person turns 65, he/she become becomes eligible for purchasing Medicare Plan A & B which cover as much as 70 percent to 80 percent of your health care needs, leaving around 20 – 30 percent gap on a number of bills. Medicare Supplement Plans help you cover this. You can sign up for this plan 180 days before or 180 days after your reaching the age of 65 with no questions related to your health being asked. Meaning you can virtually guarantee almost any insurance agency that covers supplemental plan will accept you like this one at

Picking a suitable insurance agency might impact how much you’ll be paying for your medical expenses in the future. Firstly, you must note that any insurance is a way for you to pool your sum together with others so that whenever somebody makes a claim, the amount from this pool can pay for it. You can pick from two types of agencies for your supplemental insurance, i.e., either Captive or Broker. Each one operates in its unique way.

Broker firms let anyone with a license to sell their insurance plans while captive agencies only let their personal brokers sell their plans. Now, these companies want a way for enticing seniors to purchase their plan & the only way to do this is via price. The pools are operated at a loss initially for getting more consumers however when individuals fall sick and the insurance provider are required to pay out the claims they’ve just one choice, i.e., raising the premiums of their customers in order to recover from those initial losses. The rise in premium amount isn’t a big deal for those who are healthy because they are able to change to a new insurance provider however for those who are ill or are unable to pass the health queries of a new firm, they’ve no choice but to stay with the current policy & pay for the increased premium. To further compound the issue, as healthy folks leave this pool the total number of seniors paying into this pool starts to get smaller and smaller.

Thus, if you decide to register with broker agency you’re likely to see the premium amount rise by 30 percent to 80 percent during the initial 5 years so that the insurance company can recover its initial losses.  Captive insurance agencies only let their personal brokers sell their plans and normally contain pools that are much larger. However, they do require you to pay more initially, however, the annual rise may range anywhere between 5 percent to 15 percent. Thus, if you’ve got a fixed monthly income, you can definitely go with captive insurance companies in order to budget better and have a good idea of how much you’ll be paying monthly or annually.

Medicare Advantage Plans & Annual Disenrollment

Although Open Enrollment might have ended for you, it does not mean that you’re entirely out of the time. The annual disenrollment period exists for seniors who want to leave their Part D and/or Medicare Advantage plans.  Even though it might confuse you that the period for open enrollment just ended, you are allowed to leave Part C and/or D entirely during the disenrollment period. Talking of the open enrollment period, it lets beneficiaries change carriers & plans once every 12 months. The person is also eligible to leave the plan within the open enrollment period, however, the 1st of Jan through the 14th of Feb allows you a second opportunity to leave Part C or Part D Medicare Plan.

There are 3 scenarios where an individual can switch: The first one is for people with an Advantage plan which features a drug coverage. These people have the option to buy a stand-alone Part D coverage or simply wing it with the basic Medicare (not recommended). The latter is for people with the private fee for the service plan (excluding the coverage for prescription drugs). In case this is you, sadly you will not be able to buy Part D until the next October, but you can definitely go back to the basic Medicare. Now, assume you’ve purchased just the Part D policy. Like mentioned above, you won’t be eligible for switching plans or companies until the following year, but, you could end in Part D if required. Thus, you will be able to dis-enroll from Medicare Part C & D for switching back to the basic Medicare.  Find out more at

Some might ask, what happens after the disenrollment? The good news is, you can either stay with your initial Medicare or act wise and get a Medicare Advantage Plan. However, before you disenroll, ensure you are eligible medically for this plan. In case you already have a advantageal plan and would like to change your carrier or plan, you do not have to wait for any specific period since the advantageal plan is very flexible. Meaning you are able to switch at the date of your choice.  Part C and Part D are the only advantage plans which have some restrictions. In case you no longer wish to pay for the unexpected rise in the cost of Medicare Advantage, it’s best to make a switch to the advantage plan!

The Truth About Free Medicare Advantage Plans

Participation in the Medicare Advantage Part C plans reached a new high recently. In fact, a few of these policies are available with a $0 installment, attracting plenty of attention from the seniors. An obvious question that comes to the mind of everyone is… how can the insurance companies offer these plans for free?  Get a no risk quote at

The thing is, in order for a person to enroll in the Part C Medicare plan, he/she needs to purchase Part A as well as Part B Medicare. Part B Medicare has a monthly premium one needs to continue paying to the Federal government as long as they stay with the Advantage policy.  Only then the Part C Advantage plan will be paid by the Medicare for you. Thus, whilst you may see a plan offers a $0 monthly premium, it’s certainly not free at all. The insurance provider bills Medicare for your enrollment.

In the case of a supplemental plan, the cost of insurance tend to be slightly on the higher side, however, the participant rarely has issues when it comes to accessing the providers. You are also unlikely to compensate for any additional expenses for the services approved by Medicare.  The Advantage plans need more effort on your behalf. Sure, a $0 installment or even a $25-$50 installments might seem attractive. But, you’ll need to pay the copays for the services in the long run. At times, these copays can be more than expected.

You need to also realize that the Advantage policy chosen by you functions only in specific counties most times. You need to pick providers within the network for ensuring lowest copays. Also, you might need to work with restrictions in a few cases.  To conclude, the truth is the so-called FREE Advantage plans are not at all free, even with a $0 installment or premium amount. Since these are Medicare plans provided by private agencies, you are required to abide by the rules of each plan besides requiring more effort from your side.

However, let us also make it clear that Medicare Part C Advantage plans aren’t a bad choice every time. They simply function differently as compared to the Medicare supplement plans. Hence, it is critical that you understand your specific needs and how much you wish on spending on these plans.  Also, you must be proactive when it comes to obtaining prior authorizations in case of some procedures or understanding the network for determining the participation of the provider. As long as you’re fine with this additional legwork, Medicare Advantage plans can benefit you just fine.

Enrollment in Medicare supplement from Blue cross blue shield

Medicare supplement is available for those people who are using part A and part B plans from this insurance company. It is important to have security to get additional services. When you are eligible to get medicare insurance then you can apply and also get supplement plans.  Options are available to use supplement for people who can get enrolled in part A or Part B plans from medicare. It is important to check the criteria for enrollment in health insurance plans to get some benefits. Learn more at

Eligibility for Blue cross blue shield medicare supplement

There is eligible age of enrollment in medicare insurance. Different types of disabilities are also available which can be used for enrollment in this plan. If you are not in eligible age of 65 years but you are suffering from a disability even then you can get medicare insurance. A time of seven months is available for people who are able to get security.  In this time period it is important to apply to get security. When you are eligible to enroll in insurance then you have seven months to send application so that the process for your enrollment can be started.

Calculation of 65 years without disability

Time period of seven months is calculated by using the month of birth and three months before that month and three months after that month. In this manner, if a person is born in January then his enrollment period will start in October and ends in April. You can calculate easily the month of eligibility before sending application for enrollment in insurance.

Calculation of months in case of disability

When you are having some sort of disability then you can use insurance plans before turning to 65 years. In this case you can have seven months to send application for using medicare supplement plans. Those people who are using disability benefits can also use medicare insurance plans and supplement in the time period of seven months. This period is calculated and starts in 22nd month and continues till 28th month. It is easy to do the calculations as if a person is receiving benefits of disability in February then his period of enrollment for this company will start in December and end in June. In this manner any person is able to calculate the period of eligibility to send application for using supplement plans.

Pros and cons of Medicare Supplement plans

Even though private insurance carriers now offer Medicare Supplement plan, they are still a part of Medicare under Part C. Although Supplement plan offers more coverage than Medicare Part A and B, you still need to understand all benefits and downsides of carrying it.

What is a Medicare Supplement plan?

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Very often, it is known as Part C as it sometimes known is a way for recipients to get the medical benefits they need. Supplement plan is also required to offer everything that the Original, Part A, and Part B covers. While it doesn’t cover hospice care, it sometimes includes other benefits like dental, vision, and prescription drug coverage.

Medicare Supplement Plans 2019

How does it work?

Private insurance companies offer these plans that have been approved by Medicare, the government program. Every month Medicare pays to insurance company a fixed amount, and they, in turn, covers your cost according to rules that Medicare has put down.

What are the pros of it?

  • Apart from standard benefits that come with Original, your Supplement plan may include extra benefits that weren’t covered by Part A and Part B such as dental or vision.
  • Availability of this plan depends on a county and state where you love. Some companies may offer zero ($0) premium for their Supplement

What are cons of Medicare Supplement plan?

Because these plans are ‘distributed’ through private insurance companies, guidelines, and rules can vary which leads to all sorts of restrictions like:

  • Annual Supplement plan contracts that Medicare can choose not to renew the contract for the coming year.
  • Insurance company may demand you adhere to strict rules, for certain coverage such as bringing referrals before seeing a specialist. They may also require you to change doctors or hospitals to one covered in their network. You may even have to pay a higher cost.


There are different types of Supplement plans, although, some may not be available in your area of residence. Here are some of the available plans:

  • Medical Savings Account (MSA)
  • Health Maintenance Organization (HMO)
  • Private Fee-for-Service (PFFS)
  • HMO Point-Of-Service (HMO-POS)
  • Preferred Provider Organization (PPO)
  • Special Needs Plans (SNPs)

Only you can determine the coverage option that bests suits your needs. Make sure you read the details of each plan and compare their costs, benefits, and restrictions on the plans available in your area before making a choice.

Do You Need a Medicare Supplement Plan?

When a person reaches 65, they become concerned about the medical insurance they will need, now that they no longer are employed. Medicare Part A and Medicare Part B are issued to a person when they reach that age. This Medicare insurance will help cover ones physician services and hospital costs, but it will only be 80%. The remaining 20% will be the sole responsibility of the senior.  In the 47 states, there are available 10 standardized Medicare supplement plans to help with the remaining 20% expenses. These Medicare supplement plans are regulated by the government. They are designated by the letters A-N, but plans E, I, J, and H are no longer available. One would get these plans through an insurance agency. They must offer Medicare supplement Plan A and if they offer some of the other plans, they must also offer Medicare supplement Plan C or a Medicare supplement Plan F.

Where one lives will have a definite effect on the cost of the monthly premiums for these plans. An insurance agency will determine these costs, but one should be aware that those premiums may differ greatly. One will need to study each plan to see if the plan will cover all their medical needs and then determine if they can include the monthly premiums in their budget.  An Aetna Medicare supplement will help cover the deductible and coinsurance  one may need when they have a medical problem and have to see a physician or hospital. One must understand, these plans do not cover vision, dental, hearing, or prescription drugs. There is available a Medicare Part D plan that will cover these costs. Insurance agencies also will offer these plans to suit your needs. These plans should also be looked at carefully, as the costs of these premiums will also be different for each agency.

If one travels out of the country often, the medical needs will be covered up to 80%. If this applies to you, then you need to look carefully at each plan to see if this is included for your benefit.  So when one reaches the age of 65, one has a lot to consider about their health insurance. One can find a lot of information at, as well as, other websites that offer information on these Medicare supplement plans. This is a good place to start looking for the details ab