I hope everyone had a safe and enjoyable Thanksgiving, even though the crowd may have been a bit smaller this year. I wanted to take the opportunity in this newsletter to thank everyone for the support and encouragement we have received from you in our new adventure with K Financial. It feels strange to say that 2020 has been a wonderful year, even with all that has been going on in the world. However, we consider ourselves blessed that we have been as fortunate as we have been in these times. We have been able to accomplish so much, personally and professionally. Much of our success has been due to the amazing clients, like yourselves, that have been a part of our journey. It is truly a pleasure to wake up every day and do the work that we do, not only because we love what we do, but because of the interactions we have with all of you. I am always excited to head out to my appointments because there is so much for me to learn from each of you. Just to name a few topics, I’ve learned about new age nuclear power, making homemade liquor, hunting, changes happening with WalMart, table shuffleboard, horse therapy for individuals with disabilities, and the list goes on. My family looks at me somewhat baffled during Sunday dinners, and are always asking, “Why do you know that?” My knowledge comes from all of the great conversations I get to have with clients throughout the week. I want you to know that we are here doing our best work for you in retirement, as we hope to bring extreme value to your lives. That being stated, we want you to know that YOU bring so much happiness into our lives as well. Starting down this road of running our own business was (and still is) a bit scary. However, the transition has been much less frightening because of the accolades we have received from you and all of the support we have received when we talk to you about the direction we are headed. It has meant the world to us and completely reinforced our decision to build this firm. The success of K Financial is inevitable if we can continue to bring on clients like yourselves. We cannot thank you enough for being a part of this journey and for allowing us to be a part of your journey, in this stage of your lives. Don’t forget to keep bringing those stories, not only so I can share in your happiness, but so that I can continue to impress my family at Sunday dinner.
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It has been a long process, but we did have a very special Thanksgiving this year. Two days before the holiday, we were able to finalize the process of me adopting Amber, Jenna and Austin. Now the household is full of Korn’s. Having these three kids in my life over the past four years has brought me more joy than an old man (like myself) deserves. Their energy and ambition in life has definitely knocked off some rust in my joints and brought out the youth in me. I am so blessed to have (officially) gained three children in just one day, and look forward to the many years we have, going forward as a large family.
Enjoy the last month of 2020. Hopefully you can find pleasure and happiness in these crazy times. Talk to you in a couple of weeks.
I have a love-hate relationship with the words, “It depends.” I use that answer quite a bit, as do many individuals that strive to provide sound advice. The problem is that we all want certainty with the answers we receive to our questions. Certainty, however, only comes when we weed through all of the available information to get to the root of the issue and properly address questions. In my world, working with clients around retirement, “It depends,” is quite often my first response to questions. “Should I be in the market?” “It depends.” “Should I get a term or a whole life policy?” “It depends.” “Should I get a Medicare Supplement plan or a Medicare Advantage plan?” “It depends.” “Should I do a Roth conversion this year?” “It depends.” Then there’s the one I hear all the time; “If you were me, what would you do?” “Well, it depends.” This can be frustrating because we all just want the answer. The reality here is that we have to work through so many variables to get to the right answer for you. Unfortunately, there is not one right answer for everyone, as we all have different needs and plans for our lives.
I met with a financial advisor to help him figure out how to maximize his and his wife’s Social Security. That should have been the first red flag–you’re a financial advisor to other clients but you don’t understand Social Security? Then through conversation, I discovered that he gave all of his clients the same asset allocation for their investments, which, by the way, was exactly the same as his. He was essentially saying, “It does not matter what YOU are trying to accomplish. This is what you get.” There is certainly no “It depends,” in that situation. Rather, it would seem that those individuals are just being sold a solution that worked for that advisor.
Great advice comes from great understanding of you and your needs. Not having that understanding is like me showing up to work on one of our rental properties with just a hammer. To adequately address the problem, it would be safe to say that I would first need a lot more tools in my toolbox. It would also probably be wise for me to understand the problem before diving in. I just don’t think I would be prepared to fix a leak or an electrical issue with only my hammer.
Now, the frustrating part (and the part I hate), of “It depends,” is that you don’t have an answer to your question right away. “It depends,” can even leave wiggle room if things don’t go the way someone said they were going to go. I know it’s not satisfying to be on the receiving end of the advice, when things don’t work out the way I was told. It sometimes does not feel like there is any ownership in the advice I received. That is why at one point, “It depends,” needs to be moved aside and a stance needs to be laid out there. I work hard to get to the bottom of issues so that my clients can have solutions that best fit their situation. Those solutions can lead a couple of different directions, but at least you will have a solid foundation to start with, and you do have actual answers to the questions you’ve asked, from my perspective. This allows you to compare with others and then move forward by making the best decision for you. “It depends,” is something you should probably expect to hear from the professionals in your life, or there’s a possibility that they are focused solely on their own agenda, and not yours. We want the best information we can get from the experts we ask, but sometimes we will have to deal with “It depends,” for a bit, as they work on figuring out solutions that best fit our needs, so that they can provide us with good advice.
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Today in Greg’s kitchen, a Spatchcock Turkey. I know, I had no idea what that was until last year when I began researching the best way to cook a turkey. Basically, with this method, you cut the back bone out of the turkey and flatten the turkey on a roasting pan before cooking. This allows the turkey to cook evenly from both sides, while shortening the time it will take to cook. It also helps to not dry out the turkey. I nailed it last year, so in my mind, there is no way I am not cooking the turkey like that every year. If you dare to try, I will offer a couple pieces of advice, stemming from my experience this year: First, make sure you allow enough time for the turkey to thaw COMPLETELY. This is especially important because cutting the back bone out and flattening a 25 pound, half-frozen turkey is a miserable task. Second, make sure you have something in the bottom of the oven to catch anything that may drip, so that you don’t smoke out your entire family for half the day. Also, just because the turkey takes less time to cook, that does not mean that you should wait until the last minute to throw the turkey in the oven. Make sure that you give yourself plenty of time so that your now red-eyed, hungry family isn’t just staring at you while you all wait on the turkey. If you manage to avoid those few mishaps, you should end up with a very tasty turkey.
Please be safe out there, as we hunker down once again to keep the spread of the virus as low as possible. I wish everyone a wonderful Holiday Season!
Greg Korn President & Investment Advisor Representative
Toll Free: 833-788-0404
Fax: 814-357-9070
Important Disclosures Regarding Email Communications
Advisory services through Retirement Wealth Advisors, Inc. (RWA), an SEC Registered Investment Advisor. K Financial LLC and RWA are not affiliated. This Email is being sent by or on behalf of a Registered Investment Advisor. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate the Email or any part of it. If you have received this Email in error, please notify the sender immediately by
Email or fax, and destroy all copies of this communication. Please be advised that you may conduct securities transactions only by speaking directly with your Investment Advisor Representative either by phone or in person. Requests for securities transactions via email will not be executed by Retirement Wealth Advisors, Inc. To help protect your privacy, we strongly suggest you avoid sending sensitive information, such as account numbers and social security numbers via Email. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT ACT, and similar laws, any communication in this email is subject to regulatory, supervisory, and law enforcement review.
Summer has come to an end here in the Korn household and we are back in school mode. To prepare for this school year, we had a ton of annual doctors visits, allowing us to test out our new health insurance plan. Since we are self-employed, we had to dive into figuring out which health plan would work best for this large family. Health insurance plays a huge part in your retirement as well, and selecting the right plan for you is an important process. There is comfort in knowing that when you reach age 65, you’re going to have Medicare, and will likely be choosing between a Supplement and a Medicare Advantage plan, which I will talk about in a later newsletter, as that is its own animal. The question that often comes up is, what do you do to fill the gap from the time you retire until Medicare starts? Well, in general, you end up with four choices. If you are one of the lucky ones that worked for the federal, state or local governments, and have enough years in to qualify for the health care they provide until you are 65, life is good. There are some companies out there that have nice retirement plans that also include healthcare as part of your going away present, which can prove much more valuable than a gold watch. Now for the rest of us, we need to make a choice on how much and what type of coverage we will need. The good news is that COBRA is available to you; the bad news is that it can be very costly. With COBRA you get to continue the health insurance plan you have now, but you must pay the full cost of the health insurance, rather than the employer paying a portion. In the last two weeks, I had one client opt in to COBRA, and another say “No way”, to COBRA. It’s hit or miss. Your third option is the Marketplace (Obamacare). I’ve been helping clients navigate the Marketplace since it began and here are some my observations; prices have definitely gone up, navigating the website has gotten a lot easier, and you will want to shop for a new plan every year because your current plan will go up and you can find a new plan offered by the same company, that is very similar to the one you currently have, at a lower cost. Strange, right? Also, if your income puts you above the income limit to receive a subsidy, it is best to not go through the Marketplace. Instead, go straight to the insurance company to sign up for the plan you want. Since subsidies are based on your income that shows up on your tax return, some proper planning, prior to retiring, can significantly lower healthcare costs before getting to Medicare. Examples would be delaying Social Security, and living off of savings and non-qualified accounts, instead of IRA’s during these years. To shed some light here, I recently had a review with a client of mine, who was hoping to make a $10,000 withdrawal from her IRA. Had she done so, it would have caused her to have a $100 increase in monthly premiums for her health insurance. Instead of her being able to enjoy that $1,200 portion of her withdrawal, she would have ended up paying it out in premiums. Yikes. All of these years of working with retirees has taught me that planning is everything, and that every aspect of your retirement can have an impact on the money in your pocket. Finally, the last option is Health Sharing plans, which is where you don’t have health insurance, but you do have the commitment of others to pay your health costs as they are incurred. You commit to a monthly share amount to go into a pool to pay others healthcare needs, and they do the same. In essence, it is a community. You take on the responsibility of paying for your regular appointments, but have the commitment from the organization if you have larger healthcare needs, that the funds will be there for you. There are several Christian and non-Christian based health sharing plans available for you to choose from. Bottom line is that all of these options have pros and cons. They need to be explored in order to discover which is best for you. Like most topics we discuss, health insurance options are specific to a person and their situation, and not everyone will benefit by using just one approach.
Your Bridge to Medicare
Markets Sell Off
Well, remote learning has begun again, and we have been diving back into school for the last couple of weeks. Jenna, our overachiever, is attempting to graduate a year early so she has quite the workload. Fortunately, she has mastered online schooling. Austin, who hasn’t demonstrated the best studying skills in the past, got a dirt bike this summer that didn’t run. He has spent endless hours taking it apart, ordering parts, figuring out what is wrong with the bike, and putting it back together. He is doing this all on his own, because I am certainly of no help when it comes to engines. We still haven’t seen him cruising around the yard yet, but he does have it running! What has been great about this, is that he has developed new learning skills. Much to our surprise, he has transferred this new approach to his school work and has been getting A’s on most of what he completes so far. It seems as though he has gained some real confidence in his abilities, which has been great. Then we have Kyra, who is our steady Eddie and does all of her school work every day, without any issues. Not much to say there. Lastly, the youngest believes playing games on the computer is more important than attending mandatory live Zoom classes. For now, we seem to have that situation remedied. Luckily, we have them all in their own space so everyone can stay focused and get through this unusual school year. The real worry is Jill and I surviving with this much daily contact with our kids.
Looking forward to Fall meetings with everyone!
Greg Korn President & Investment Advisor Representative
Toll Free: 833-788-0404
Fax: 814-357-9070
Important Disclosures Regarding Email Communications
Advisory services through Retirement Wealth Advisors, Inc. (RWA), an SEC Registered Investment Advisor. K Financial LLC and RWA are not affiliated. This Email is being sent by or on behalf of a Registered Investment Advisor. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate the Email or any part of it. If you have received this Email in error, please notify the sender immediately by Email or fax, and destroy all copies of this communication. Please be advised that you may conduct securities transactions only by speaking directly with your Investment Advisor Representative either by phone or in person. Requests for securities transactions via email will not be executed by Retirement Wealth Advisors, Inc. To help protect your privacy, we strongly suggest you avoid sending sensitive information, such as account numbers and social security numbers via Email. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT ACT, and similar laws, any communication in this email is subject to regulatory, supervisory, and law enforcement review.
Begin Your Retirement at kfi.life
I have prepared a very short newsletter this week because I have some big news…our website has been completed and is now live! We are hoping that everyone will take a few minutes to check it out and get to know us a little better. The process definitely took some time, as we had to figure out what we wanted to say, how to say it, how we wanted the site to look, and so on. Even after all of that, we had to get it approved by compliance. It took a bit longer than we anticipated, but we believe that it was worth the wait. We are excited about the end result and feel it is a very accurate reflection of who we are and what we are about. Let us know what you think!
kfi.life
We also wanted to provide you with the links to all of our social media accounts. We hope that you will follow and connect with us!
Facebook
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Linkedin
Greg’s Linkedin
Jill’s Linkedin
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A September Sell Off
I will be back in a couple of weeks with my usual newsletter. Until then, enjoy the beginning of football season!
Greg Korn President & Investment Advisor Representative
Toll Free: 833-788-0404
Fax: 814-357-9070
Important Disclosures Regarding Email Communications
Advisory services through Retirement Wealth Advisors, Inc. (RWA), an SEC Registered Investment Advisor. K Financial LLC and RWA are not affiliated. This Email is being sent by or on behalf of a Registered Investment Advisor. It is intended exclusively for the individual or entity to which it is addressed. This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, print, retain, copy or disseminate the Email or any part of it. If you have received this Email in error, please notify the sender immediately by Email or fax, and destroy all copies of this communication. Please be advised that you may conduct securities transactions only by speaking directly with your Investment Advisor Representative either by phone or in person. Requests for securities transactions via email will not be executed by Retirement Wealth Advisors, Inc. To help protect your privacy, we strongly suggest you avoid sending sensitive information, such as account numbers and social security numbers via Email. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT ACT, and similar laws, any communication in this email is subject to regulatory, supervisory, and law enforcement review.
If I had to guess, I would say that you are getting bombarded with tv ads, mail and phone calls right about now, and I am not talking about the election stuff. Medicare companies are killing a small tree in your honor, just to get you to sign up for their plan. Therefore, over the next several newsletters, I am going to do my best to review your options, so that you can make the best decision for you. Let me be very clear in one thing; it is not wise to listen to anyone (who is not an expert in the field), that tells you they have the best option for a plan for you. That includes your family, friends and the happy go lucky salesman on the phone or at the front door. I have had over 700 meetings with clients about Medicare, and one fact that I know for certain, is that everyone’s situation is different and there is no single solution that would be best for everyone. This week, I am going to tackle an option that I am excited about, because it has returned to Pennsylvania; a Medical Saving Account (MSA).
I am excited because for the right individual, you have the opportunity to have zero medical costs during the year AND build up a savings account for medical costs in future years. “Greg, how is that possible? No medical costs for the year?” Well, I am glad you asked. See, Medicare Advantage plans receive a lump sum from Medicare for the year, for everyone that signs up for their plan. With an MSA, they deposit a portion of that lump sum ($2,000 or $3,000) into an account in your name. Here’s the rub; it is a high deductible plan, so you are responsible for the full cost of that deductible ($5,000 or $8,000) and then the plan would cover any medical expenses above the deductible that you incur. Simply put, if you have a healthy year and do not have any major medical expenses, you use the cash in the account they gave you and nothing out of your pocket. Huge win!! Zero medical expenses this year and guess what? You keep the balance in the account and it will be added to next year’s funds, giving you the ability to grow the funds for future medical expenses. Several healthy years and you might have enough to cover the whole deductible in the future. “Greg, have you seen the amount my doctor charges me…not to mention, the labs?? I’ll blow through that money in no time.” I know it’s crazy and it’s no wonder the insurance costs are going up. However, the great thing for you is that when you do go to the doctor, you will only get charged what Medicare reimburses the doctors. You pay Medicare rates, which are significantly lower than what you would normally be charged. You will probably be surprised how low the rates are. That is likely why you hear doctors threaten to get out of the Medicare business. “Ok Greg, I am interested,” (which you should be). “Does my doctor accept it?” If your doctor accepts Medicare, then you are set to go, which means you have no network and can see anybody in the county that accepts Medicare. “Greg, what’s the catch? How much do I have to pay for this?” Nothing; it’s a $0 premium. One of the hardest parts of an MSA, is to change your mindset when dealing with healthcare. You are used to having copays and coinsurance when you go to the doctor, but now you’re going to get a bill for the whole cost of the visit, which can be scary. Clients that have gotten over that mindset and have gotten through the first year, have been very happy with the MSA plan. Now, of course, this plan isn’t for everyone. It is best for individuals that are pretty healthy and/or have access to enough cash to cover their responsibility of the deductible, should they have a bad year and incur a ton of medical costs. This plan was offered in the past in Pennsylvania and clients loved it, so I am thrilled to have it in the toolbox again for this year’s Annual Enrollment period. If you are interested in talking more, let’s set up a time to review your options.
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We met with a lawyer this week to discuss setting up an LLC for our rental properties. It reminded me that we should all have good professionals in our lives to rely on, to cover areas that we are not experts in, so that they can guide us when needed. I’ve come to realize that knowing someone that is great at their job, adds so much value to our lives and provides peace when we need to tackle something in their area of expertise. Here is my list of experts: By far, the most important, in my opinion, is a Financial Advisor. I may be biased here, but as advisors, we do work with all of the other professionals in your life, to coordinate those other aspects. Also, hopefully because you’re reading this newsletter, you can check that one off the list. The other essential professionals are an Accountant (Tax Preparer), Attorney and Independent Insurance Agent. Some others that are good to have as a resource, are a Real Estate Agent, Mechanic, HVAC expert and a Handyman. Hopefully you already have these in your contacts on your phone.
7 Types of Financial Advisors & Professionals and When To Hire Them
I hope you’re getting value out of these newsletters. If so, and you know someone who might also find them valuable, please forward them on. I hope you have a spooky and fun Halloween.
During an election cycle, you will likely hear a good deal about Medicare, which has a tendency to make people a bit nervous about its future. However, throughout history, Congress has done nothing but strengthen the Medicare program. Additionally, most of the talk surrounding Medicare involves plans to expand. In the 1980s for instance, Congress permitted individuals to purchase Medicare Supplements to cover the gap in expenses that Medicare alone will not pay for. They have revisited this many times over the years, in an effort to improve Medicare Supplements, and even excluded pre-existing conditions from affecting pricing upon initial enrollment. This allows those with pre-existing conditions, the same pricing as healthier individuals.
Supplements play a vital role in the Medicare system. They allow individuals to transfer the risk of major medical costs to an insurance company, by paying a monthly premium. Supplements work in conjunction with Medicare, paying the part that you would otherwise be responsible for when you see a doctor. How much the insurance company pays depends on which one of the ten Medigap plans you choose. Having so many choices can overwhelm people, and therefore complicate the selection process. Obviously, the more the insurance company covers, the higher your premium will be. There are a lot of factors that go into calculating what your premium will be, and it starts with where you live. Every area has a different overall average cost, relevant to the medical system, which is then reflected in your premium.
Two other factors are your age and gender. Sorry to be the bearer of bad news, but us males are more expensive because on average, we tend to not live as long as women. To add even more complexity to the situation, not all supplements are priced the same, and costs can vary widely for the exact same plan, offered through different companies. It is important that you shop around and get quotes from multiple insurers, or work with someone like myself, that does that part for you (I guess today was toot your own horn day). What you do need to be aware of, is that the supplement company you pick now, will most likely not be the supplement company you have in ten years. Prices will rise because you will inevitably get older, and the cost of insurance, in general, will likely rise. From my experience, in about five years, most people are able to cut their supplement costs significantly, by moving to another company for the same exact coverage. The caveat is that you have to be free from major health issues, such as cancer, heart problems, or kidney problems, to name a few. This is because when you switch from one company to another, you will need to go through underwriting. This time, your pre-existing conditions count against you and will affect your premiums.
Insurance companies exist for the purpose of mitigating risk, and since individuals with major health issues create a greater risk for higher healthcare costs in the future, the insurance companies, ultimately, would like to steer clear of those risks. One of the biggest factors in each insurance company’s premium differences, is the cost of insurance for the pool of individuals they insure, in each plan. The more unhealthy the pool is, the greater the cost for you and others, as this forces premium increases. Unfortunately, this is something that nobody can predict, simply because we can’t use past increases to determine future increases. Therefore, I am a big advocate for starting with a reputable company with the lowest premium. The reality is that all premiums are going to go up, so why pay more to start with? In my opinion, the best strategy is to review annually and change when it makes sense, in the future.
Now, what about drugs? Supplements do not cover prescriptions, so you will need to get a stand-alone prescription drug plan to accompany your supplement. I will cover Part D Medicare in a future newsletter. In the end, it is simply about finding the right plan for you. The clients that I have with supplements, are generally very happy with the way they work. One client of mine had some major medical issues last year, (and I mean major) from surgeries, to cancer and even kidney issues. She was so thankful to have her supplement because she did not have to worry about medical costs outside of her monthly premium and therefore, could just focus on getting well.
How to compare Medigap policies
Formula Folios latest blog
I wanted to share a couple of podcasts that I enjoyed about Estate Planning. They both do a great job of explaining the importance of taking the proper steps now, to plan for what we will all ultimately face one day. By the way, these podcasts are not just geared toward advisors. The Truth About Estate Planning points out, in each podcast, important details for lawyers, advisors and you. Really, anything that can help us get serious about planning and stop saying “I will get to that,” is a plus. After all, our time here is not promised.
Now, sit back and enjoy a beverage–the election ads are FINALLY over! Talk to you in a couple of weeks.
Well, we are coming to the end of this year’s Annual Enrollment Period for Medicare Advantage Plans and Prescription Drug Plans. Therefore, this will be the last time that you have to read an email from me about Medicare Insurance–this year, anyway. (Trust me, I am thankful as well). The last area I wanted to address is Part C Medicare, better known as Medicare Advantage (MA) plans. Medicare Advantage plans are run by health insurance companies that are approved by Medicare. When you sign up for one of these plans, Medicare pays a lump sum to whichever one of the health insurance companies you choose. (In our Central PA area, it would be Geisinger, UPMC, Highmark or Aetna). One of these companies will become your primary insurance, and therefore you and your healthcare providers would not deal directly with Medicare anymore. The Medicare Advantage plans do make decisions on coverage, but they still have to follow the Medicare guidelines. There are five areas of importance you should be aware of when looking at these plans; monthly premiums, deductibles, copays, coinsurance and max out of pocket costs.
Medicare Advantage plans are very similar to the plans you may have had when you were working. The monthly premiums can range anywhere from 0 – $200 per month. I review over 40 different plans per year on average, and it is rare that I find a plan that provides enough value to justify paying a premium. These plans are so competitive now, that zero dollar premium plans are usually the best way to go. You see, a good strategy for these companies to generate more income, is to charge you a premium. However, a $5 savings here and $10 savings there on copays, doesn’t typically give you enough value to justify the premium. I strongly believe that you can (and want to) spend your money better than the insurance companies can.
The majority of MA plans have no deductible before your insurance kicks in, which is obviously a very appealing aspect. MA plans are a pay as you use system; you go to your healthcare provider and you have a co-pay for that visit. If you don’t spend much time at the doctor, then you’re not going to be spending much money. What is nice, is that you already know what the co-pay is going to be because all of the costs of visits and procedures are provided to you before you sign up. There are a few items that are a percentage of the total cost (coinsurance), like durable medical equipment, which is generally 20%.
The last important concept to understand is the Max Out Of Pocket (MOOP). This number reflects the most you would pay in copays and coinsurance in a single year. If you have a very bad health year, then you will spend a few thousand dollars (this year it was up to $7,550). Fortunately, the health insurance companies pick up all costs after that. The majority of my clients will not spend anywhere close to the MOOP, unless they end up dealing with something like cancer, or have a long stay in a Skilled Nursing Facility.
As I mentioned earlier, the MA companies receive a lump sum from Medicare when you sign up with them. That obviously entices these companies to appeal to you, so that you sign up with them. One way to do this, is to throw in some freebies that Medicare doesn’t cover. I’m sure you’ve seen the ads that mention those freebies, like routine dental, vision and hearing, and maybe even a fitness benefit. There is a relatively new one that has shown up in the last couple years as well, which is an allowance for over the counter items. Sure, these are nice benefits, but what I tell my clients is to make your decision based on your medical needs first, and if an MA plan is the best option, you can certainly take advantage of the freebies. In my experience, clients don’t really use these benefits to their fullest though, and there can also be some limitations. For instance, your dentist may not accept your insurance. My point is simply that you don’t want to cause yourself to incur larger medical costs chasing marketing hype.
MA plans have been evolving every year and are definitely improving as time goes on. There is also the benefit of being able to switch plans each year, to the one that best suits your needs, without any worry of pre-existing conditions. For this reason, Jill and I hunker down every September to go through all of the plans in order to figure out which ones are the best, so that you can focus on other things…like enjoying long hikes in the woods.
How do Medicare Advantage Plans Work?
Formula Folios Latest Blog
Life is all about making the best decision that you can in a given moment, using all of the information available to you. Retirement doesn’t change that. You’ve still got to be focused on making good decisions to put yourself in the best possible position for success over the next several years. Therefore, when I came across this article about 6 Bad Moves That’ll Haunt Your Client’s Retirement, I felt that it could be a good read for everyone. (I wish I had limited my life to only 6 Bad Moves!)
Have a great Thanksgiving with your family and friends.
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This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that K Financial, LLC. and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Wealth Advisors, LLC (BWA).
Association of Financial Consultants, TM is an IRS-approved 501(c)(3) non-profit organization. It serves as an informational teaching resource for the general public. Association of Financial Consultants, TM is an all-volunteer non-compensated Non-Profit. Our mission is simple, offer high-quality education through free educational workshops and classes in a non-selling environment. Our member fiduciaries and consultants are committed to public service. Association of Financial Consultants, TM acts as an educational resource for Americans who want to learn more about planning for their financial future. We offer educational workshops and classes at no cost or obligation to the attendees. This service is provided by member fiduciaries and consultants in a completely non-selling environment. Our members are committed to ongoing education to help Americans educate themselves and understand complex financial topics through simple language and are bound by a Code of Conduct that demands integrity, accountability, and transparency. Our member fiduciaries and consultants are licensed professionals and share a passion for educating individuals within their community. Our members donate their time and knowledge in classroom-style settings. Association of Financial Consultants, TM offers workshops and classes across the nation. Email us to get information on a workshop or class near you [email protected] or check us out at www.associationoffinancialconsultants.org
Third party associations are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation.
K Financial is not affiliated with or endorsed by the Social Security Administration or any other government agency.
Medicare Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact medicare.gov or 1-800-MEDICARE to get information on all of your options.