2017. A Year of Challenges and Great Rewards!
The year started with me barely making it through the day at 8 months pregnant. At that time, the days were pure torture. I could not get comfortable in any position…sitting or standing. On February 7th a new kind of challenge was introduced with the birth of my 3rd child. Jameson completed our family with 2 girls and 1 boy, however this also meant an extended maternity leave.
I was off February 5th-May 1st; returning on a part-time basis and adjusting to the demands of family and work. Sadly, once I came back full time, it was time to say goodbye to my assistant of 2 years, Amber. Amber decided to go back to school on a full-time basis and felt it was too difficult to balance the demands of Open Enrollment and school. Naturally, I agreed as Open Enrollment is a very demanding time of year.
On a positive note, this also allowed me the opportunity to find a new candidate to fill her spot. I welcomed Patti to the agency in October and immediately threw her into Open Enrollment with little training. Patti has been FABULOUS. She’s eager to learn and great at figuring things out on her own.
2018. New Beginnings!
To provide better options and to better serve you, we will be researching and training with each of our carriers to learn about best business practices and offerings. Patti will be contacting you to discuss these findings and changes. In addition, we will also be working on rounding out our accounts. Although it is not discussed during Open Enrollment, I provide a vast network of carriers that offer GREAT rates on home and auto insurance. Patti will be calling and emailing you to gauge interest on receiving home/auto insurance quotes.
As for me, I will be catching up on paperwork. Sadly, I’ve gotten behind on reviewing renewals. Don’t be surprised if you receive a call from me in the next couple of weeks discussing options to reduce your existing home/auto insurance rates.
I’ve also made the decision to take a step back from some of my networking obligations, and focus more on my business and family. Although it has been a rewarding 8 years with the Dynamic Professional Women’s Network, I will no longer be a member or Chapter Director. I will still provide some assistance to the Tinley Park Chamber of Commerce. My 3-year term as Treasurer will be up the end of this year.
Finally, I will continue my passion for fitness by training for a marathon this year. Although this is not my first marathon, it is my year to make a comeback as I am officially DONE having babies.
Thank you for being such a valued client. I look forward to working with you more in 2018.
An important question you need to ask yourself is how will my family manage if something happens to me! No one really wants to think about Life Insurance, but if someone depends on you financially, it’s a topic you can’t avoid.
“Life Insurance isn’t for the people who die
It’s for the people who live.”
What will your family do if the primary wage earner passes away or gets sick? What assets are you willing to give up to make ends meet? These are questions that many people don’t think about until it is too late.
Life Insurance Can Help
A Life Insurance Policy pays cash to your family after you die, allowing loved ones to remain financially secure. In the event of a tragedy, life insurance proceeds can..
Immediate Expenses:
- Funeral Costs
- Uncovered Medical Expenses
- Mortgage, Car loans, Credit Card Debt
- Taxes
Ongoing Expenses
- Food
- Housing
- Healthcare
- Clothing
- Insurance
Future Expenses
Getting Life Insurance doesn’t have to be hard (or boring). The importance of life insurance is helping them get the coverage they need.
There are many types of life insurance but for all of them, the bottom line is the same, they pay your family after you die, allowing loved ones to remain financially secure.
And, many people haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.
How much Life Insurance do I need?
The most important part of buying life insurance is determining how much you need. Since everyone’s financial circumstances and goals are different, there is no rule of thumb to tell you how much to buy.
Doing The Math
To start, estimate what your family members would need after you’ve gone to meet immediate (i.e. funeral), ongoing (i.e. rent or mortgage, other everyday bills), and future financial obligations (i.e. college and retirement).
Add up the resources your surviving family members could draw upon to support themselves (i.e. savings, spouse’s pension, etc.). The difference between the two is the amount you would need in life insurance.
You Can Afford Life Insurance!
$250,000 In Life Insurance Will Cost
Age: Male: Female:
35 Years Old $10.72 $10.26
45 Years Old $18.09 $15.54
5 Years Old $40.24 $29.89
*These rates are based on a 10 year term, preferred rating, and are subject to underwriting.
I can help you understand the differences between Life Insurance and what is the right coverage for you. Please contact me to find out more at 708.444.0050 or kelly@kellyburkeinsurance.com.
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On May 3, 2017, the House of Representatives passed the American Health Care Act. This will take at least until August before it goes back to the House. Congress must reconcile the two bills before it can go to President Trump for signature. It is very important to note that if you currently have coverage under Obamacare, as long as you continue to pay your premiums you will still continue to have coverage for all of 2017. Even if the AHCA passes the Senate and the bill is not vetoed by President Trump, nothing changes with your current coverage under Obamacare for 2017.
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How does American Health Care Act(Trumpcare) differ from Obamacare?
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1. Elimination of the penalty.
Obamacare required every American to obtain health insurance, or pay a penalty of $695 of 2.5% of your annual income. AHCA would allow people not to purchase health insurance if they choose. There would also be new continuous coverage incentives implemented, so individuals without 12 months of continuous coverage would be assessed a temporary 30 percent premium surcharge. They are hoping to implement this change in time for the 2018 Open Enrollment.
2. Replaces Obamacare premium subsidies with tax credits.
The Obamacare subsidies will be renamed as tax credits and will range from $2,000 to $14,000 based on age — with families receiving higher credits than individuals.
The credits will be reduced for individuals making over $75,000 annually and for families making over $150,000 annually.
3. Allows states to obtain waivers to change “essential health benefits”.
Obamacare imposed federally established minimum benefits that all health insurance policies had to offer. These “essential health benefits” included mental health and substance-abuse services, prescription drugs, preventive care, maternity care, emergency services and lab services. AHCA will allow states to apply for waivers that allow them to change these minimum benefits for purposes such as reducing healthcare coverage costs and increasing the number of people with healthcare coverage.
4. Allows states to obtain waivers to allow insurers to charge more for pre-existing conditions. Creating a new high-risk pool.
Under Obamacare, health insurers are prohibited from charging higher premiums for individuals with pre-existing conditions. AHCA would allow states to obtain waivers to allow insurers to charge more for people with pre-existing conditions. Those enrollees would have to have let their coverage lapse, and the state would have to set up a risk program — such as a high-risk pool — that, in some cases, could provide help to those being charged higher premiums.
5. Allows insurers to charge older adults more than rates charged for younger adults and allow states to request federal waivers to modify market rules such as the limitations on rating based on age.
Obamacare limited insurers to charging older adults a maximum of three times the rates charged to younger adults. AHCA would raise the ratio limit from three to five. They would like this to take effect as early as 2018.
6. Allows states to implement Medicaid work requirement
AHCA would allow states who choose to do so to require “able-bodied” Medicaid recipients to either work, participate in job-training programs, or help with community service.
7. Repeals Obamacare Consumer Taxes
Obamacare included a laundry list of taxes, such as a tax on some health insurance plans, a tax on certain prescription drugs, a tax on indoor tanning services, a medical device tax, and a capital gains, dividend, and interest income tax for higher-income Americans. AHCA eliminates all of these taxes.
These changes have been approved by the House and have been passed on to the Senate. It is unknown how long this will take or if it’ll be in force by Open Enrollment. Carriers have not released any specifics about their 2018 plans or acknowledged if they will be making any changes.
I will continue to send updates as they become available. If you have any questions about these proposed changes, please feel free to contact me at 708-544-0050 or kelly@kellyburkeinsurance.com
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Many have asked about Healthcare Open Enrollment. Although all of the information is still not fully released, below is what you can expect thus far.
- Open Enrollment starts November 1st and continues through January 31st. If you want or need to change your policy by January 1st, we MUST do so by December 15th.
- Land of Lincoln closed as of 10/1/16. A special election period has been opened up for those that were affected by their closing. During this time you can enroll in a new plan.
- UHC and Harken Health will no longer offer individual plans as of 12/31/16. Anyone affected by this change will need to enroll in a new plan by December 15th.
- Out of Pocket Maximums have increased from $6850 to $7150 (the out of pocket max varies per plan. The maximum allowed on ANY plan is $7150).
- At this point, the remaining carriers are Blue Cross Blue Shield, Health Alliance, Am Better, and Cigna.
- Plans purchased before 2014 are still being extended through 2017.
- If you are happy with your plan you do not need to do anything.
- *If you are receiving a subsidy (aka assistance) I strongly recommend that you verify the income information that was originally reported. You may actually qualify for additional assistance!
- *Any changes/new enrollment done by December 15th will take effect January 1st. Any changes/new enrollment done after December 15th will take effect February 1st.
- Carriers have opted to remove or reduce the commissions paid to agents. This will force me to charge a fee for the coming year. I am still working out the details of what that fee will be and will update you accordingly.
During this time, you can make changes to your prescription drug plan, enroll in a plan, change your Medicare Advantage Plan, or enroll in a Medicare Advantage Plan.
TIPS to Reducing your Premium…
*Consider a Medicare Advantage Plan. If you are already in one, you may want to consider another carrier. Be sure to pick a plan with a maximum out of pocket and confirm that your doctor’s accept the plan before switching. This will protect you in the event of a “bad” year.
*Consider switching the type of Supplemental Plan you are in currently (i.e. Plan G is often less expensive than a Plan F). I will caution, that changing your plan may require you to pay for services that you have not paid for in the past. For example, a Plan N will charge the $166 deductible and $20 co-pay for doctors’ visits.
*Review your drug lists with other carriers. Medicare.gov is a great source for reviewing rates with other carriers. Simply plug in your drug information, select your pharmacy, and review the different plans available (based on the drugs you are taking).
*Consider switching pharmacies. First, watch to make sure your pharmacy is still in the Preferred Network with your prescription drug plan. Second, find out what the different pharmacies charge for your drugs. You may see a difference that can save you some time in reaching the donut hole.
What you need to know about the Basics of MEDICARE
Part A is provided by Social Security and covers HOSPITALIZATION. The deductible is $1,288 and most people do no pay a monthly premium.
*These figures have not been updated for 2017 yet and may be subject to change.*
Part B is also provided by Social Security and covers DOCTOR VISITS at 80%. In 2016 the Part B premium increased to $121.80/month. Most people have the premium deducted from their Social Security. The deductible for Part B is $166. As a side note, Part B premium is based on income. If your income is greater than $85,000 for an individual or $170,000 for those that file a joint return, you will pay a higher premium.
*These figures have not been updated for 2017 yet and may be subject to change.*
WHAT DOES THIS MEAN??? If you have only original Medicare, you will pay 100% of your doctor visits and hospital visits until you reach your deductible. Once you meet the deductible (i.e. $166 for doctor visits) Medicare will start paying 80% of the bill. You are still responsible for the remaining 20%.
It is important to note that not all doctors accept Medicare. You will need to confirm with your doctor that they accept Medicare before making your appointment.
HOW TO FILL THE GAPS??? Many people purchase a Medicare Supplement plan to fill the gaps. The most common plans are Plan F or Plan G. These plans cover the Part A deductible, Part B co-insurance (20%), and in some cases Part B deductible. Medicare Supplements are provided by private insurers (i.e. BCBS, United Healthcare/AARP, Mutual of Omaha, etc.) and charge a monthly premium. The premium will vary by age, carrier, and zip code.
Another option is a Medicare Advantage Plan. These plans have a lower monthly premium, include prescription drugs, and are subject to the enrollment period noted above. Medicare Advantage Plans are set up as “pay as you go”. Meaning the monthly premium is less than a supplement/prescription drug plan, however you pay a co-pay for each of your services (i.e. $5 co-pay to see the primary care physician, $10 co-pay to see a specialist, etc.). These plans are offered by private insurers (i.e. Blue Cross Blue Shield, Human, United Healthcare/AARP, etc.)
WHAT ABOUT PRESCRIPTION DRUGS??? For those that are Medicare eligible, you are REQUIRED to purchase a prescription drug plan if you do not have credible coverage. Prescription drug plans are provided by private insurers (i.e. BCBS, Humana, United Healthcare/AARP, etc.), NOT Social Security. Many people think prescription drugs are included in Part A and Part B…they are NOT. If you choose not to purchase a plan, you will be penalized 1% of the average premium for each month that you do not have coverage (roughly $.03/month). Although this figure sounds low, it does add up over time. The penalty is NEVER removed. Once you are assessed a penalty it will be added to your monthly premium (i.e. $30/month premium + $20 penalty = $50 monthly premium).
Prescription Drug plans are subject to an enrollment period. The enrollment period is NOW. If you qualify for a special election period (i.e. aging in to Medicare or losing credible coverage) you will be eligible for enrollment based on the date of your eligibility.
Prescription Drug plans have a monthly premium, co-pays are charged based on which Tier your drug falls in to, and some plans charge a deductible. It is important to review your drug list before switching carriers.
WHO IS ELIGIBLE FOR MEDICARE??? People that are 65 or older or those that have been disabled and collecting social security disability for 24 months.
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