Ways to Supplement Your Medicare Coverage

There are a number of ways to fill gaps in your Medicare coverage and/or to get assistance with Medicare costs:

1. Job-based insurance: If you or your spouse is still working, and you have insurance through that job, it may work with Medicare to cover your health care costs. You should find out whether your employer insurance is primary or secondary to Medicare. Primary insurance is health insurance that pays first on a claim for care. Secondary insurance pays after primary insurance—but may not pay at all in the absence of primary insurance.

2. Retiree insurance: Some employers provide health insurance to retirees and their spouses to fill in the gaps of Medicare coverage. Retiree insurance always pays secondary to Medicare.

3. Veterans Affairs (VA) benefits: If you are a veteran and qualify for VA benefits, health care and prescription drugs that you get through the VA may be the cheapest. The VA may also cover services that Medicare will not cover for you. VA benefits do not work with Medicare, and if you receive care outside of a VA facility you might need Medicare. Medicare does not pay for any care at a VA facility.

4. Supplemental insurance (Medigap): A Medigap policy provides insurance through a private insurance company and helps fill the cost-sharing gaps in Original Medicare, for instance by helping pay for Medicare deductibles, coinsurances, and copayments. Depending on where you live, you have up to 10 different Medigap plans to choose from: A, B, C, D, F, G, K, L, M, and N. (Note that plans in Wisconsin, Massachusetts, and Minnesota have different names.) Each type of Medigap offers a different set of benefits. Premiums vary, depending on the plan you choose and the company you buy it from.

5. Stand-alone Medicare private drug plan (Part D): If you have Original Medicare and want Medicare drug coverage, you need to sign up for a private drug plan (PDP). All Medicare drug plans have different costs and a different list of drugs that they cover (known as the formulary). Make sure the plan you choose covers the drugs you need at a cost you can afford. Also know that if you do not sign up for a Part D plan when you first become eligible, you may incur a premium penalty later on.

6. Medicare Advantage Plan: These plans contract with the federal government to provide Medicare benefits. They must provide at least the same set of benefits offered by Original Medicare, but may have different rules, costs, and restrictions. For instance, Medicare Advantage Plans may require that you see health care providers in their network, and/or that you get a referral from your doctor before seeing specialists. Some private health plans offer extra, Medicare-excluded benefits, such as vision or dental care. While premiums may be low, service costs may be higher than in Original Medicare for certain services (or vice-versa). You also may pay more for your care if you do not follow the plan rules. Medicare Advantage Plans must have annual limits on out-of-pocket costs. Although these limits are usually high, they should protect you from excessive costs if you need a lot of health care. Benefit packages may change every year, so it is important to review your current coverage and options annually.

There are also several programs for beneficiaries with limited incomes.

© 2021 Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.

Protecting Workers From Coronavirus

As concerns about the COVID-19 continue to rise, many employers are left to wondering what they can do to protect their workforce. This Risk Insights will examine what coronavirus is, how it spreads, and what employers can do to protect their workforce.

What Is Coronavirus?

According to the World Health Organization (WHO), coronavirus is a family of viruses that cause illnesses ranging from the common cold to more severe diseases. Common signs of infection include headache, fever, cough, sore throat, runny nose and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death. Individuals who are elderly or pregnant, and anyone with preexisting medical conditions are at the greatest risk of becoming seriously ill from coronaviruses.

How Does Coronavirus Spread?

Although the ongoing outbreak likely resulted from people who were exposed to infected animals, COVID-19 can spread between people through their respiratory secretions, especially when they cough or sneeze.

According the Centers for Disease Control and Prevention (CDC), the spread of COVID-19 from person-to-person most likely occurs among close contacts who are within about 6 feet of each other. It’s unclear at this time if a person can get COVID-19 by touching a surface or object that has the virus on it and then touching their own mouth, nose or eyes.

CDC Interim Guidance

In order to help employers plan and respond to COVID-19, the CDC has issued interim guidance. The CDC recommendations include:

• Actively encourage sick employees to stay home. Employees who have symptoms of acute respiratory illness are recommended to stay home and not come to work until they are free of signs of a fever and any other symptoms of COVID-19 for at least 24 hours, without the use of fever-reducing or other symptom-altering medicines. What’s more, employees should be instructed to notify their supervisor and stay home if they are sick.

• Separate sick employees. Employees who appear to have acute respiratory illness symptoms (e.g., cough or shortness of breath) upon arrival to work or become sick during the day should be separated from other employees and be sent home immediately. Sick employees should cover their nose and mouth with a tissue when coughing or sneezing.

• Emphasize hand hygiene. Instruct employees to clean their hands often with an alcohol-based hand sanitizer that contains at least 60%-95% alcohol, or wash their hands with soap and water for at least 20 seconds. Soap and water should be used preferentially if hands are visibly dirty.

• Perform routine environmental cleaning. Employers should routinely clean all frequently touched surfaces in the workplace, such as workstations, countertops and doorknobs.

Additional Best Practices

In addition to following the CDC’s interim guidance, employers should consider the following best practices to help prevent the spread of COVID-19:

• Educate employees on the signs and symptoms of COVID-19 and the precautions that can be taken to minimize the risk of contracting the virus, without causing panic.

• Appoint a single individual or department as the point of contact within your organization for employee questions about COVID-19.

• Review safety programs and emergency action plans to ensure that they include infectious-disease protocols.

• Implement travel guidelines and procedures for approving travel to and from China.

Stay Informed

Despite the current low level of risk for the average American employee, it is important to understand that the COVID-19 situation evolves and changes every day. Employers should closely monitor the CDC and WHO websites for the latest and most accurate information on COVID-19.

How To arrive at the best car insurance rates

To arrive at the best car insurance rates, some bank on friend’s suggestions or marketing and promotional advertisements while some prefer carrying out an extensive research. A car insurance is a policy of agreement between an individual and the insurance company, whereby the individual pays the insurance company a periodical premium and the company in return supports for all the losses involving the car, till the tenure of the insurance policy.

It’s a fallacy that all insurance companies are alike! Many factors have to be taken into consideration to arrive at the best car insurance rates. Some insurance policies have rates that help in minimizing cost while others involve insurance rates that do not have much utility.

Besides the premium, the coverage, limit, and restriction should also be kept in mind. Every insurer wants the best insurance rates for their car for which they are keen on reducing factors such as:

• High premium
• Poor repair quality
• Slow settlement process
• Sudden increase in rates, especially after accidents

There are similar other facts which the consumers look for and up complaining about as well.

However, the time and effort consumed to find the best insurance rates should pay off well in terms of the return. This insurance is made mandatory in most states and cities but it is an agreed fact that the best car insurance rates are worth the efforts.

Many people do not realize the importance of car insurance or do not find the need for the same because of the deficit of knowledge about auto insurances or because of lack of funds for the payment of the premium. It is important to know that irrespective of the driving skills of an individual, an insurance policy for the car is very vital. Thus, knowing that cars are one of the main priorities of an individual, even the insurance companies come up with competitive insurance schemes and rates. Choosing the best insurance rate surely is a cumbersome job but it has its own set of unbeatable rewards.

Car insurance surely does not have an impact in eliminating the chances of car accidents, but it surely is an aid in minimizing the post-accident cost and expenses. It also helps in taking care of the hospital bills and medication, for the sufferer, It covers the legal expenses as well when your car causes damage to someone else’s vehicle.

Insurance of the car also provides medical benefits to the insured for the injuries faced, irrespective of the fact, whether the insured was traveling in his car or someone else’s. There are options for a comprehensive car insurance which provides indemnity to the car and for other losses arising on account of earthquakes, floods, or other natural calamities.

Imagine the losses one would have to face after damages to the car, for whatever reasons, if there were no car insurance schemes! Therefore, getting the best car insurance rates for your car is definitely worth the efforts which would be taken by you!

We recommend a complimentary insurance review for everyone in Iowa.

This is a free consumer service provided by local insurance experts.

Start your free review here

6 Mistakes Homeowners Make When Buying Insurance

Buying property insurance is not easy as it seems. Finding a good Iowa insurance company is just the first step. There are many other things you need to consider such as understanding the policy types, choosing the right plan, and knowing the coverage you’re applying for.

Whether you are a first-time home insurance buyer or not, you need to broaden your knowledge to avoid costly mistakes—and even today, those who have certain experiences buying insurance still fall victim to inflated premiums or a plan that doesn’t cover as much as they expect.

In this post, we can help you make the best decisions.

Our experts have covered some common problems consumers usually encounter when purchasing home insurance.

We will also provide some helpful tips to find a policy that protects your property and fits your budget—whether you’re buying your first insurance or reviewing the current plan you have in place.

1. Failing to search for more options

First thing you need to know is that insurance companies vary widely in how they assess risks. This is how they determine or set a benchmark regarding the rates you need to pay for home coverage.

That being said, your premiums with one insurance provider could be significantly higher than the other.

This is why our experts strongly recommend an objective insurance review to find the plan that fits your need and budget. However, price should not only be the only factor. You should dig deeper to the coverage of the insurance plan.

2. Selecting the wrong amount of coverage

This is one of the most challenging tasks when buying insurance. The key here is to work with a local insurance agent to determine the market value of your property and estimate the amount of coverage you need. You want to be sure your home and possessions will be covered if anything ever happens while also not overpaying for unnecessary coverage.

3. Neglecting to update your plan

Many things can change over time. Marriage, divorce, kids being born and moving out, and many other life changes can require updates to your insurance policies.

You might have installed a pool or made certain renovations in different areas of your home. No matter what changes occur, it is always better to inform your home insurance provider to ensure everything is covered.

4. Failing to understand your plan’s exclusions

Knowing the coverage of your insurance plan is important. Find out the limitations of your policy. For example, flood damage may not be included in your plan. Keep in mind that every home insurance policy comes with exclusions and it is vital that you understand them.

5. Setting the wrong deductible

The deductible is the amount you agree to pay toward a claim before your insurance takes over. Make sure your insurance provider explained everything you need to pay beforehand. You want to be confident you can manage your deductible if anything were to occur.

Oftentimes, the higher the deductible, the lower the premium.

6. Focusing too much on price

The problem with most homeowners is they always go for the cheapest insurance provider or plan they can find. Well, there’s nothing really wrong about it as long as your “cheap” policy is not less expensive because important coverage has been removed or the company has inadequate system.

In the end, you get what you pay for.

These are just some of the things to avoid when purchasing home insurance.

Again, always do your homework. Impulsive buying is the last thing you want to happen when it comes to these matters.

We recommend a complimentary insurance review for homeowners and residents in Iowa.

This is a free consumer service provided by local insurance experts.

Start your free review here

3 Secret Ways to Save Money on Required Insurance Every Month

For homeowners, dealing with home insurance monthly bills can be a little stressful, as it always seems to increase.

With some planning and efforts, you can actually save money on mandatory insurance every month.

In this post, we will share some tips on how you can achieve this goal.

1. Talk To Your Agent

Most of the time, all you have to do is ask. Talk to your agent about your options and how you can lower our premiums without losing any of the benefits.

They should be able to figure out some simple ways to do this.

For example, installing smoke detectors, fire extinguishers and an efficient home security system can help reduce your homeowner’s insurance rates.

Have a brainstorming session with your agent and get some advice on other details you need to work on.

They may also discuss some of the “hidden savings”. Be familiar with the policy and coverage you have. Analyze the market value of your property. Are you over-insured?

For instance, if you bought your property at $400,000, you may have declared to your agent that it is worth $400—but that includes the value of your house and the lot as well. So, when a tornado destroys your home, your insurance is going to replace the house on the same lot you already own.

To put it simply, you may only need to insure the reconstruction costs.

Keep in mind that the land is probably worth 10-15% of the total purchase price. So for a property with a fair market value of $400,000, you may want to ask your Indianola insurance agent about coverage that will rebuild the house but isn’t more than you need.

This can make a big difference on your insurance monthly rate.

2. Ask For Multi Policy Discounts

Be familiar with their multi policy discounts. Several insurance providers offer a 15% discount for insuring both home and auto insurance with the same company.

Some companies can also provide 5% off home and auto polices if you have a life insurance policy with them. You may also want to check out the affinity discounts for certain occupation and educational achievements.

Many insurance providers offer up to 15% off home insurance for certain jobs like teachers, firefighters, policemen, engineers, scientists, Realtors, doctors, and many more.

3. Paid In Full Discount

Paying in full can eliminate your monthly insurance payments and also get you a discount from your current provider.

Most providers may charge you a nominal fee for paying your insurance premiums on a monthly basis.

While it can be simpler to budget for the smaller payments every month, some Indianola homeowners prefer to make one big payment per year instead.

Other Things To Keep In Mind

It is always a good idea to let your homeowner’s insurance provider know anytime you make modifications to your home. This is to make sure you can update your insurance plan and coverage.

If you are making major changes, they may want to send someone out to look at the house.

In addition, you should find out if the replacement costs for your home have changed. Your agent should have tools that can help you determine these numbers and figures. They should be able to do the math and let you know how it may affect your rates.

These are just some ways you can do to reduce homeowner’s insurance monthly payment. Consult your local Indianola insurance agent for more suggestions.

We also recommend a complimentary insurance audit for Indianola residents.

Insurance Review offers a free consumer service where we will partner you with a local insurance expert right here in Indianola to review all your existing coverage to make sure you are properly insured.

Get started now by clicking here.

5 Easy Ways to Save Money on Your Insurance

First of all, thank you for taking time to read our post. My goal is to help you save the most on your insurance. Let’s be honest, no one wants insurance. Whether your bank or your state requires it, we all have to have insurance of some kind. I want to help make sure that you are protected and that you are able to save the most money possible with these simple steps.

Number 1: The most common way to save money is to bundle all of your insurance. I don’t mean just bundling your auto and home, but bundling your home, auto, life, boats, ATV’s, trailers, pets; or whatever else you have insured with the same company. By putting it all under one roof, you are able to get the most amount of discounts on every policy that you have.

Number 2: Your education level. Not many people know it, but some companies offer discounts depending on your highest level of education. Whether you have an associates, bachelors, masters, or doctorate make sure you ask your agent or company if they have a discount for this. You will be surprised how many companies offer this discount that could save you money.

Number 3: Where you live could impact your rates. Most of the time it is outside of your control, but if you are planning on moving soon, it is a great time to shop because every company has different rating structures depending on where you are moving to.

Number 4: Remain claim free. The longer you can remain claim free the better your insurance rates will be going forward. The purpose of insurance is to take care of the catastrophic claims while you take care of the smaller claims to keep rates low. You always want to weigh out the total cost of the claim verses your deductible. So, if you have a $500 deductible and $700 in damage, it is probably better to pay the entire claim out of pocket rather than submitting a claim. The reason for this is that some companies can surcharge you up to 20% more over the next 3 to 5 years, which would cost you more than just paying for it out of pocket. This includes emergency road side service claims and glass only claims. If at all possible, pay for these claims yourself to help keep your rates lower long term. Insurance companies not only look at the type of claim you experienced, but they also look at your claim frequency to determine your rates.

Number 5: Evaluate your deductibles. Ultimately, the higher you have your deductibles, the lower your premiums will be. When reviewing deductibles consider how much you have saved in your emergency savings and what would be the maximum you could afford without causing you a financial economic loss. So, if you can save $100 a year and have been claim free for several years, it might be worth increasing your deductible to the next level and stash your savings away in your emergency fund to cover, if and when you do have a claim.

These are just a few ways you can save some money on your insurance. If your agent or company has not talked to you about these things or other ways to help you save on your insurance, it is probably time to start looking for a new agent or company. They are not giving you the best service, which means they are probably not giving you the best rate either. If you are looking for an honest agent that wants to do the best they can for you, and will shop around for your best possible rate, please give Jim or myself a call right away. We would love to help you!

Call us today at 515-961-4545

When Should I Shop For Insurance comparisons?

Your auto or home policy is coming up for renewal. It would be easiest to just pay your new premium and stay with your current insurance company.

Ultimately, this could be a costly mistake for you long term. You might just get a better deal by switching insurance companies. In fact, you could save anywhere from 5% to 50% per year by going with a new company. This is because every insurance company uses different information to determine rates (i.e. credit, geography, vehicle safety) and every company has different discount programs that could be of greater benefit to you long term.

So ultimately, when is the best time to look for new insurance rates. Here are some key times to explore the opportunity to see if you can save money:

• Moved to new address
• Purchased a new vehicle
• Policy coming up for renewal within next month or two
• Have an accident or ticket that is getting ready to fall off your record

When checking into new insurance options, it is very important to verify that you are getting the same amount of liability or better when looking at options. You never want to reduce your liability coverage to save premium, because this could have greater impact on you if you are ever in an accident.

I would also recommend that you consider several different insurance companies to ensure you are getting the best rate. If you do not have the time to call several companies for comparisons, you can always call an independent insurance agent and they can do the research for you. Independent insurance agents can shop around with multiple insurance carriers and find you the best rate.

If you can find a better rate, it is always best to go ahead and make the change as soon as possible to lock in your rates as most insurance quotes are only good for 30 days. You do not have to wait till your home or auto policy comes up for renewal. In fact, if you provide your current insurance carrier with proper notice, you can cancel your coverages at any time and be eligible for a refund of your unused premium for the remaining policy term.  

If you want a free insurance comparison or have further questions, please contact our office at 515-961-4545.

Let's welcome Josh to the team

Josh has been in insurance since 2007 and enjoys ensuring his clients are properly protected. Whether it's auto, homeowners, life, health or retirement, Josh is able to assist. Josh is currently a notary public, a certified national child passenger safety seat technician and a Retirement Income Certified Professional.

A Colorado native, Josh meet his wife Rachel attending college in Pensacola, Florida. The Weitzels reside in Indianola with their 5 children and 2 dogs. Josh enjoys spending time with family, coaching youth sports, serving on Parent Teacher Fellowship, cooking and volunteering at church functions. 

Ask Josh about his Retirement Income Certified Professional (RICP®) status...