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Showing posts from 2016

What Is Final Expense Insurance?

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American journalist Frank McKinney said over a hundred years ago, “Fun is like Life Insurance, the older you get the more it costs.” While a funny limerick at the time, insurance companies have adapted from this concept.What is one to do if they have gone their whole life without purchasing any type of life insurance and have loved ones they need to protect? Years ago there were not many options for seniors who found themselves in this situation, Life Insurance late in life was typically very costly and thus not an option for seniors. This is why many insurance companies today now offer Final Expense or Burial Insurance.What is Final Expense Insurance?Traditional life insurance, whether it be term life, whole life or universal life policies have been around forever and are designed to offset the earning power and life value of its policyholder. They are in place to cover loss of income, mortgage costs, college tuitions, etc. and can have death benefits in excess of a $1,000,000.Unlike…

Working with an Insurance Broker - Philadelphia Medicare Consultations

Understanding Dual Eligible Medicare Plans

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“In this world nothing can be said to be certain, except death and taxes.” Had Ben Franklin been alive to see the current healthcare situation in our country today, he may have added confusion regarding government healthcare policy as another certainty. It seems there are so many gray areas and variables to consider.Trying to get a real person on the phone who can give you a straight yes or no answer sometimes seems like a quaint memory from years past. I would like to touch on the differences between Medicare and Medicaid to try to eliminate some of that confusion.The simplest distinction between the two is that Medicare is generally for people turning 65 and that Medicaid is for folks who need assistance due to financial constraints. However there are areas where the two overlap. Let’s take a look at exactly who qualifies for assistance and what benefits they may be afforded.When determining eligibility, the Social Security Administration (SSA) will take into account income and reso…

AmeriHealth 65 HMO & Aetna Medicare Value Plan Drop Coverage in NJ for 2017

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Amerihealth 65 HMO to Exit New Jersey for 2017

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Important Medicare AnnouncementAmerihealth 65 HMO to Exit New Jersey for 2017AmeriHealth HMO, Inc. has announced it will not renew its Medicare contract for 2017.  All Medicare beneficiaries currently enrolled in the AmeriHealth 65 Preferred and AmeriHealth 65 Medical Only plans will receive, or may have already received, letters explaining their rights and eligibility for new plans.  For all Medicare beneficiaries currently enrolled in one of these plans you must take action to ensure you have coverage for January 1st, 2017.  If you take no action you will be placed back on Original Medicare.  You may join a plan between October 15th, 2016 and February 29th, 2017.  If you do not choose a plan with prescription drug coverage by February 29th you will not have prescription drug coverage in 2017.  If you choose a plan between October 15th and December 31st coverage will begin on January 1st of 2017.  If you choose a plan after January 1st it will begin February 1st, 2017.  Choosing a pl…

NJ Medicare Seminar Schedule for 2016

The following is the official schedule of Aetna Medicare Seminars during the 2016 Annual Enrollment PeriodClick to add an event to your Google CalendarDirect Link to New Jersey Medicare Seminar Calendar
The post NJ Medicare Seminar Schedule for 2016 originally appeared on the BGA Insurance Group Blog

Did You Receive Your Annual Notice of Change?

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At this point, most seniors should have received their Annual Notice of Change (ANOC) from their insurance provider. It will detail anything that you should know about changes to your plan. If you have received these documents and are not sure how to proceed, we can certainly help you understand the implications and details.How can BGA Insurance Group help seniors in Pennsylvania, New Jersey and Delaware? With our Medicare expertise of course! We are licensed to help seniors choose the right coverage for their needs.In the following video, agent James Tomlinson talks about BGA Insurance Group and how we are able to provide service to seniors: Video TranscriptHello, my name is James Tomlinson and I am a broker with BGA Insurance Group. Before I get started I will give a brief description of our company. BGA Insurance Group was founded in 2008 by two agents with one goal: to assist seniors and their families with their retirement and financial planning. It has since grown to a brokerage …

Medicare Seminar in Pennsauken, New Jersey

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AnnouncementSeminar On Medicare Open Enrollment In Pennsauken on Oct. 12, 2016PYAA Field HouseWith the beginning of fall, it’s not just the leaves that change; for those age 65 and older, the Medicare Open Enrollment period begins on Oct. 15. Many Medicare health and prescription drug plans will make changes that take effect January 1, 2017; and some may even end, requiring the beneficiary to seek out new plans.Individuals currently with Medicare health or prescription drug plans will receive an Annual Notice of Change (ANOC), if they haven’t already. This notice informs beneficiaries of all of the changes in their plans, or if a plan is ending. From Oct. 15 to Dec. 7, seniors age 65 and older have a chance to shop for new plans and make changes in their Medicare coverage that will take effect at the beginning of next year.To help with this process, BGA Insurance Group, a Pennsauken-based company that specializes in helping seniors choose Medicare Supplemental Insurance plans, will be…

Automatic Enrollment – Avoid Surprise Coverage or Charges

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Every day we rely on the knowledge and experience of experts to help us in our lives. We rely on mechanics to diagnose and repair that annoying whirling sound our car makes. We rely on meteorologists to forecast the weather so that we know how to dress for the day. We rely on pilots to safely get us to our destinations and home to our loved ones. The list is endless.In the specialized world we live, we would find it difficult to get through each day without the help and expertise of others. Working hand in hand, aided by the knowledge and skills of one another, our society is able to function efficiently and happily.When people are asked to name what is the most important thing in life, the majority will reply that one’s health is of paramount importance.This sentiment was echoed by Mahatma Gandhi who proclaimed, “It is health that is real wealth and not pieces of gold and silver.” As such, we do much to stay healthy and in doing so again we rely on the knowledge and experience of exp…

My Plan Is No Longer Available – What Now?

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My insurance company just sent me a letter that my Medicare Advantage Plan will no longer be available. What do I do now?This is not uncommon.  For many folks in the Philadelphia and Southern New Jersey area this issue has become all too familiar. You did your research, you picked a plan you felt worked for your situation, the plan may or may not have satisfied your needs and then one day in late September you get this wonderful letter from the insurance company that the plan you currently have is no longer going to be available.  For many the first thought is anger.  Why is this happening?  What am I supposed to do now? I have health issues, will a new company even take me?  Do I have any special rights?  When do I have to make changes?   Will this happen again?  My name is Gregory Gudis of BGA Insurance Group.  I am a licensed insurance agent and a Chartered Advisor for Senior Living®.  I am going to take a look at each of these questions individually.  Hopefully after reading my an…

Medicare Ancillary Products – Are You Covered?

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Now that you have enrolled in Medicare and selected a Medigap or Medicare Advantage Plan you may be wondering if you are completely covered and prepared for all that life has left to throw at you. Unfortunately, the answer is no. Even with the coverage, you have now there are still holes that leave you vulnerable to out of pocket expenses. The good news is that there are products available to fill in the remaining holes in your coverage.In the insurance business these products are known as Ancillary Products; however, these products are a lot more important than the name “ancillary” would imply. Ancillary products consist of the following: Dental/Vision/Hearing Insurance, Indemnity Insurance, Short-term Care Insurance, and Final Expense Insurance. Let’s take a closer look at these products and see why each are a necessary addition to your insurance portfolio.Dental, Vision, and Hearing, while arguably the most common forms of care sought by people both before and after retirement, are…

Medicare – Frequently Asked Questions

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Congratulations! You’re turning 65! Welcome to what many might consider to be one of the most confusing and intimidating times of your adult life. Between deciding what to do with your Social Security, your investments, and whether or not to retire, adding Medicare to the mix can make the already complicated situation that much more difficult to get through. The good news, however, is that it doesn’t have to be.Although there are countless questions to answer when considering your options in Medicare, we have observed that they fall into 3 main categories:1) Do I need it? 2) How much is it going to cost me? And 3) How do I know which insurance to select?To address the first question, there are no short answers. You may not need Medicare if you are receiving benefits through an employer or group plan and intend to remain actively employed beyond age 65. Additionally, you may not wish to enroll in Medicare if doing so would inadvertently cause a spouse or a dependent to be dropped from …

Retirement Planning – What You Need to Consider

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As a broker I often notice that potential clients only view me or my agents as just the Medicare insurance person when in fact we offer complete retirement planning for all ages. When I’m in an appointment I fact find by asking certain questions that people never talk about. For example:Do you have concerns regarding post hospital care or long term care? Do you want to burden your children if you need that care? Do you have money set aside for intermediate and custodial care? I ask these questions because Medicare or Medicare Advantage plans do not pay for post hospital care, nor do they pay for intermediate or custodial care. Most people think they will never need it but if you are not properly covered it could cost you your nest egg.Do you have life or final expense insurance? Do you have a whole life policy and are you still paying premiums? Why did you choose term insurance? If you don’t have coverage who will pay for your burial expenses, your children? Does that concern you? The…