August 2, 2016

Building Your Legacy and Making Your Lasting Impact

With career and raising children in the rear view mirror, many retirees begin thinking about the legacy they would like to leave.  Leaving a legacy may be the highest form of altruism since it’s a gift to the future—one in which you may never see its benefits or feel the appreciation of others.

Creating your legacy doesn’t happen overnight; it means different things to different people…and it can range from a charitable donation to a lasting impression on your neighbor’s children.

If you’re thinking about how to create an impact after you’ve passed, consider these simple steps to get started.

Step 1.  Create Your Vision:  What do you value and care about most?  Don’t be shy about asking friends and family—they may have a perspective you don’t.

Step 2.  Determine Your Legacy:  What is the legacy you wish to leave?  What’s the impact you want to make?  A legacy can come in many shapes and sizes, but by all means let it reflect you.

Step 3.  Develop a Plan:  Your legacy requires a blueprint.  A plan helps you organize your efforts and keeps you focused on your objectives.

Step 4.  Live Your Legacy:  A lasting legacy is also about the impact you make on others while alive.  Be sure to live your values with your family and in your community.  Nothing is more likely to survive you than the effect you have on the lives you touch today.

August 2, 2016

Are You Eligible for Subsidized Prescription Assistance?

Most states offer state-funded prescription programs that help eligible residents with the cost of prescription medications.

New Jersey offers Pharmaceutical Assistance to the Aged and Disabled Program (PAAD) and Senior Gold Prescription Program.  Income must be less than $26,575 (single) or $32,582 (married) for PAAD and between $26,575 and $36,575 (single) or between $32,582 and $42,582 (married) for Senior Gold.

Under PAAD, the prescription co-pay is $5 per PAAD-covered generic drug and $7 per PAAD-covered brand name drug and the program pays the monthly premium for certain Part D Plans.  Senior Gold provides help paying prescription copays based on retail drug price.

IMPORTANT – If you qualify, you can enroll at any time for PAAD – no need to wait until October’s Annual Open Enrollment Period.

To learn more, send me a note and I’ll provide additional details.  To be connected directly with the NJ Department or Human Services, call 1-800-792-9745 or visit www.njpaad.gov or www.njsrgold.gov.

If you are a Pennsylvania resident with annual income below $23,500 ($31,500 for married couple), you may qualify for some level of help from PACE/PACENET.  Investible assets and home value do not count when determining eligibility.  Similar to the NJ programs, PACE/PACENET works with your Part D plan to lower out-of-pocket costs by reducing copays, removing deductibles, and providing support for those entering the “donut hole”.

To learn more about PACE/PACENET, call 1-800-226-7223 or send me a note and I’ll send you additional details.

If you don’t live in NJ or PA, your state most likely has a similar program.

August 2, 2016

Did You Just Receive a Medigap Rate Increase?

Ways we can help…

In most states, Medicare Supplement (Medigap) insurance plans increase their rates annually on policy anniversary date based on policyholder age.   While we carefully selected a plan type and company with stable price changes when you first enrolled, it’s never a bad idea to periodically run a rate comparison every few years.

Unfortunately, the insurance companies don’t alert agents when clients receive rate increases and we often don’t have access to new rate information.  If you send us a note or call, we’ll utilize our quoting tool to compare your current rate to the other Medigap carriers in your state.  Then we’ll be happy to complete an application to see if you qualify with the new company.

Remember that all companies provide the same benefits for a specific Medigap plan type (i.e. – F, G, N). Cost and service are the deciding factors.

While we can’t predict future rate increases when you first enroll, we’ll do our best to help you manage your ongoing premiums to minimize costs over your lifetime.

Other ways to minimize your Medigap costs:

• Look into household discounts.  If another member of your household qualifies for a Medigap plan, let us run quotes to determine the best option.  Some companies offer household discounts.  Not all carriers require that the other adult be a spouse.
• Consider some cost sharing.  In many states, Plan G rates have become more competitive.  When the annual rate difference between Plan F and Plan G exceeds $166, clients save money since the only difference between Plan F and G is that Plan G requires policyholders to pay the Part B Annual Deductible ($166 in 2016).
• Make sure to utilize Part B to pay for your durable medical equipment (DME).  Many durable medical equipment supplies are covered under Medicare Part B so don’t pay out-of-pocket when you don’t have to.  DME is equipment that you can use more than once and items must be

• Designed to help a medical condition or injury (i.e. walkers, crutches, wheelchairs, hospital beds, diabetes self-testing equipment, etc.)
• Suitable to use in the home
• Likely to last for 3 years or more.

Medicare Part B also covers certain prescription medications and supplies used with your DME, even if they are disposable. Examples include medications used with nebulizers and lancets and test strips used with diabetes self-testing equipment.

To find out more, call 1-800-MEDICARE, visit www.medicare.gov or click on the following link – https://www.medicare.gov/Pubs/pdf/11045.pdf