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Health insurance open enrollment under Obamacare has come to a close for 2014. The next open enrollment window won't be until the fall for a 2015 effective date. Special election periods will be available outside of open enrollment for those who meet certain criteria. If none of the life events listed below apply, then applicants will need to wait until the next open enrollment window in the fall - or purchase a short term or limited benefit plan - in…

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Recently, I was contacted by a prospective client who had been going without a Medicare supplement insurance policy for a few years. She was in good health and did not feel the urgency to purchase a plan that would help fill in the gaps of Medicare Parts A & B. In the insurance industry, it is not uncommon for agents to encounter consumers who have gone without different types of insurance for any number of reasons. Sometimes it's the cost and…

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The Pension Protect Act (PPA) was passed by Congress in 2006 and became effective in 2010. The law provides tax advantages for consumers who wish to purchase a long term care policy using a non-qualified annuity policy. The provision in the I.R.S tax code allowing for this is called a 1035 tax free exchange. Consumers can use this provision in different ways to purchase a long term care policy with an annuity on a tax advantaged basis. What Is the Significance Of…

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Understanding monthly point to point annuity with cap accounts is very important if you are a current or potential indexed annuity investor. Typically, these accounts offer some of the highest potential for yearly returns. This post is the second in our ongoing series discussing indexed annuity subaccounts. Our first was an explanation of the yearly point to point (PtP) account. The monthly version works a bit differently, but in the right market environment, it can credit significant returns. Indexed Annuity Investment Subaccounts Hopefully,…

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Second to die life insurance is precisely that - a policy insuring two lives that only pays out once the second insured has passed away. This coverage is typically used for estate planning and wealth transfer preparation. Permanent insurance policies like whole and universal life are the most common types used in second to die plans. There are several advantages to policies covering two lives including cost, reliability and tax avoidance. Understanding Second To Die Life Insurance These policies are offered by several…

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In response to market demand, several insurance companies are offering annuity accounts with a guaranteed death benefit rider. These new riders increase the contract value each year by a guaranteed interest rate. The annuity death benefit proceeds will be passed on to the insured's beneficiary(s) in a lump sum - or over the course of a predetermined number of years. Those who are looing to lock-in gains and transfer wealth might consider an annuity death benefit rider. What Does An Annuity Death Benefit…

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Each year the Centers for Medicare & Medicaid Services (CMS) make changes to Original Medicare that affect all Medicare supplement insurance polices - both old and new.  We highlight those changes below. Purchasing a Medicare supplement insurance policy can be a stressful endeavor.  Using our independent insurance brokerage and the information below, you can take the guesswork out of the coverage that will best fit your needs and budget. 2014 Medicare Supplement Insurance Changes Like most years, the changes to…

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Our insurance agency has received several inquiries about the upcoming Obamacare penalty amounts for those who do not purchase health insurance.  It is important to understand how these penalties will be enforced and ways to avoid them. The penalties will vary for singles and for families and can, for some, end up being a portion of their income.  Those who are caught off guard by the Obamacare penalties can end up owing much more that what they might have anticipated. How Much…

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Assuming no further changes, health insurance exchanges will go live October 1st, 2013. This is when individuals and families can apply and enroll in health coverage that will become effective January 1, 2014. There will be several changes to health insurance as part of the Affordable Care Act. Understanding your options will help you qualify for subsides, avoid penalties, limit delays and remain compliant with the law. Where Can I Find My Health Insurance Exchange? It depends on the state where…

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The 2013 Medicare open enrollment period is nearly here.  It runs from October 15th through December 7th - plan changes will not be effective until January 2014. In insurance speak, this period of time is also referred to as the Annual Election Period and it is the one time during the year when certain insurance changes can be made for Medicare beneficiaries. Allowable Medicare Insurance Changes During AEP There are several changes that Medicare beneficiaries can make during the 2013…

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If you own or are considering investing in fixed-indexed annuities, it is important to understand how a point to point annuity sub-account works.  In this post, we will discuss how these accounts operate and what investors can expect from them. Considered the most conservative of most indexed annuity investment options, point-to-point accounts are the least complicated.  There are no unusual formulas or difficult calculations to understand.  Any money invested in a point to point account will have a beginning and end point…

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There are several types of retirement annuity accounts offered from various insurance companies.  The one that will work best for you will depend on your short and long term financial goals. If you are closer to or at retirement, then a single premium immediate annuity account might be best.  If you are saving toward retirement, then a deferred annuity with an income rider might be more appropriate. Simply put, one size and type of annuity does not fit all situations.  At Hyers…

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Get a Quote »Our independent insurance agency offers Aetna Medicare supplement insurance quotes and direct enrollment - at no additional cost. You can compare the lowest rates available on all Aetna Medigap plans. When purchasing a supplemental plan it is important to shop around. We do the shopping for you so that it is easy to compare the best, lowest priced rates on the coverage you prefer. Aetna Medicare Supplement Insurance Rates Our independent agency has represented Aetna's Medicare offerings…

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We have written extensively about the benefits and limitations of annuity income riders. There is a lot to learn about these accounts and we do our best to educate consumers online, over the phone and in person. If you would like to read more about these products, please follow this link here or give us a call. The purpose of this article is to discuss some of the innovations with newer income riders. Summary Of Traditional Annuity Income Riders First, a…

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One goal of the Affordable Care Act was to offer small group health insurance plans (typically 20 employees or less) on the upcoming health insurance exchanges.  This difficult task has proved unobtainable and has been pushed back to 2015 at the earliest. While it appears that most of the state and federal exchanges will be up and running for 2014, small group plans will not take part in these government offerings.  For small group employers, this simply means that group health insurance…

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