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Life Settlement Advisors
January 5, 2020

Some people over the age of 65 think of Medicare as a life raft, keeping them afloat in their retirement. Others see it as a life raft, sure, but one that is taking on water. For those who are currently thinking about retirement, knowing what to expect from your health care insurer can help you smoothly sail into your golden years. Just as important is knowing what Medicare doesn’t cover will help you stay healthy and solvent.

Medicare Part A

Medicare Part A is the section of Medicare that covers a patient while they are being treated in a medical facility. While we may immediately think of hospitals and emergency rooms, this also means that you can receive benefits in a skilled non-custodial nursing facility. These are places where seniors are assisted by skilled nurses that provide 24 hour care and services that can’t be done by a non-medical professional, unlike a traditional nursing home that usually only provides custodial care like help with bathing or getting dressed.

Medicare can also cover some home healthcare. Nobody likes staying in a hospital and this could be an option for those who have been deemed by a doctor as homebound and has a manageable health problem, which means that your doctor can attest that you need intermittent skilled nursing care, physical therapy, speech-language pathology, or continued occupational therapy. That being said, there are very specific cases in which Medicare will help with home healthcare and is usually restricted to a maximum of eight hours a day for up to 21 days. So, if home healthcare is something you may need, make sure to look into supplemental plans that will help cover the costs that Medicare won’t.

In the event that you or someone you love needs hospice (or end-of-life) care, Part A will help defer the cost of this as well, providing grief and loss counselors for  the policy holders’ survivors and even the patient themselves if needed to help cope in that very trying time.

Medicare Part B

Part B (medical insurance) is more focused on the service and equipment side of the healthcare field. This section was designed to help if you need a service and/or equipment that may work to diagnose and treat your medical problem and help improve your quality of life.

If there is a clinical trial for a new treatment, Part B will cover at least 80% of your participation in it. It will also cover ambulance and air transportation, if there is no other way for you to get to the closest medical facility safely.

Medicare Part B also helps with preventative care. This includes services like cancer screening and flu shots. Basically, if there is a test that can find an illness in its early stages, Medicare will cover the cost, as treatments are more effective the earlier they are caught. This could possibly save your life and save you from spending money on lots of costly out-of-pocket deductibles down the road. If you’re still not sure if an important procedure or equipment is covered, you can go here to find out more.

One of the most useful aspects of Medicare Part B is that it covers durable medical equipment (like crutches, blood sugar monitors, and hospital beds) as long as there is a medical reason for needing this equipment and can be repeatedly used for at least three years. Part B also covers a myriad of mental health services. This includes some inpatient, out-patient, and partial hospitalization in a mental health facility.

What Medicare Doesn’t Cover

If you’re reaching retirement age, you could need to spend on average $280,000 on healthcare over the rest of your lifetime. That’s a huge number, plus you should consider the services that the program doesn’t cover. This could make that number go much higher. The list below is not a comprehensive one, so if you have any questions, check out the Center for Medicare and Medicaid outreach page to find more information.

  • Long Term Custodial Nursing Home Care
    • Up to two-thirds of people will need this after they retire which can cost up to $92,000 a year, with little help from Medicare.
  • Most Long Term In-Home Care
    • To get long term care in-home covered by Medicare, you must get a special waiver, and this waiver is strictly limited
  • Dental Plans
    • Medicare does not cover dental services, but are covered by Medigap plans
  • Hearing Aids
  • Vision Plans
    • Will only help with glaucoma screening and surgeries, but will not help with regular vision check-ups or with the purchase of glasses or contacts.

There are some great programs to help retirees on a fixed income with vision and dental concerns, but you can’t always count on them for help.

Everyone envisions smooth sailing when it comes to retirement, but health problems, like a tidal wave, can hit you unexpectedly. Why not avoid the stormy weather as much as possible by doing everything in your power to prepare for retirement? If you have been paying into a life insurance policy and find that you no longer need it or don’t want to make your monthly payments anymore, you have an option other than surrendering the policy. Did you know you can sell all or a portion of a life insurance policy, even term insurance? You can sell the policy for a lump sum higher than the surrender value offered by the insurance company, providing you with a nest egg to rely on.

Leo LaGrotte
Life Settlement Advisors

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Social Security Pro
November 7, 2019

Affordable medical coverage is something everyone wants, especially as people age. Luckily, our nation has safeguards for workers as they get older. Millions of people rely on Medicare, and it can be part of your health insurance plan when you retire.

Medicare is available for people age 65 or older, as well as younger people who have received Social Security disability benefits for 24 months, and people with certain specific diseases. Two parts of Medicare are Part A (Hospital Insurance) and Part B (Medicare Insurance). You are eligible for premium-free Part A if you are age 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years.  Part B usually requires a monthly premium payment.

You can apply online for Medicare even if you are not ready to retire. Use our online application to sign up. It takes less than 10 minutes. In most cases, once your application is submitted electronically, you’re done. There are no forms to sign and usually no documentation is required. Social Security will process your application and contact you if we need more information. Otherwise, you’ll receive your Medicare card in the mail.

You can sign up for Medicare on our website.

If you don’t sign up for Medicare during your initial enrollment window that begins three months before the birthday that you reach age 65 and ends three months after that birthday, you’ll face a 10 percent increase in your Part B premiums for every year-long period you’re eligible for coverage but don’t enroll. You may not have to pay the penalty if you qualify for a special enrollment period (SEP). If you are 65 or older and covered under a group health plan, either from your own or your spouse’s current employment, you may have a special enrollment period during which you can sign up for Medicare Part B. This means that you may delay enrolling in Part B without having to wait for a general enrollment period and without paying the lifetime penalty for late enrollment. Additional rules and limits apply, so if you think a special enrollment period may apply to you, read our Medicare publication, and visit the Centers for Medicare and Medicaid Services for more information.

Health and drug costs not covered by Medicare can have a big impact on how much you spend each year. You can also estimate Medicare costs using an online tool.

Keeping your healthcare costs down allows you to use your retirement income on other things that you can enjoy. Social Security is here to help you plan a long and happy retirement. Visit our website today.

October 22, 2019


Medicare Open Enrollment for 2020 runs Friday, November 1 to Sunday, December 15, 2019. Coverage starts January 1, 2020.

Open enrollment is upon us. I am not talking about college admission either unless you got away paying $500,000 as a “contribution.” Only kidding.

If you are eligible for Medicare and for most health insurance on the exchange, you can enroll without any medical questions or switch companies. So what should you choose? Here are some ideas for your consideration:

1If you are healthy, a high deductible medical plan may be the least expensive option. because it typically comes with lower premiums than other plans and usually qualifies for health savings account contributions if you are not under Medicare. To be eligible for a Health Savings Account, you would not be under Medicare and have a plan deductible of at least $1400 if single, or $2,800 if you are a family of two or more people.

2A preferred provider option (PPO) policy with a lower deductible and high premium may be a good choice if you have a condition that requires you to visit health care providers frequently. These PPOs don’t require you to get a referral from a primary care physician too. A HMO (Health Maintenance Organization) do require that you get a referral to a specialist from your primary care physician. Although these HMOs are usually less expensive than PPOs, I don’t recommend them unless you simply can ‘t afford the PPO. The reason is that HMOs have gotten a bad rap recently in being stingy on referrals in order to cut medical costs.

3Medicare Advantage plans vs Original Medicare:: These alternatives have been available and have puzzled consumers for decades. So which is better? I am sure that you have seen commercials from various medical providers such as Humana, that you can get all of your normal Medicare offers PLUS additional benefits such as dental, eye glass coverage, gym memberships and even possibly transportation to the doctor at a lower cost than Medicare and supplements including a drug supplement. While it is true that Medicare Advantage plans are generally less expensive than Medicare not to mention offer more coverage’

Medicare advantage plans also include what would normally be a Medicare supplement and drug supplement. Thus, you only have to issue one monthly check to the company sponsoring this. With original Medicare, you may be able to pay for Medicare via withholding from your Social Security but might have to issue separate checks for the supplement and drug supplement companies,which can be different companies.

Despite these advantages, Medicare Advantage plans do have some big hidden problems:

First Medicare Advantage plans are NOT Medicare. Thus, doctors and hospitals that take Medicare patients do not necessarily take Medicare advantage patients. This is a big deal sine the nationwide network of Medicare providers is much bigger than that found in Medicare Advantage plans. 

Also, because of the wider network of doctors and clinics for Medicare, Medicare becomes a LOT more portable if you switch to a new state or travel around the U.S than that of Medicare advantage plans.

Thus, you really need to think about these factors before you choose a Medicare Advantage plan. Personally, If money isn’t a big issue, I would choose original Medicare with a Medicare supplement and drug coverage supplement.

If this is too expensive for you to afford, the next best solution would be a PPO plan under a Medicare Advantage plan. Finally, the last choice I would recommend would be a HMO Medicare Advantage plan that requires you to get a referral to a specialist.

Sandy Botkin  Co-founder at Taxbot

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Sandy is a CPA, Tax Attorney, and former IRS trainer. He has authored many helpful books on the subject of taxes, including 7 Simple Ways to Legally Avoid Paying Taxes ( Click Here ), Lower Your Taxes: Big Time ( Click Here ), and Real Estate Tax Secrets of the Rich ( Click Here ).

Medicare Interactive
October 7, 2019


Currently, Medicare does not cover most dental services. The Kaiser Family Foundation (KFF), a non-partisan, non-profit focused on national health issues, recently released an issue brief discussing various options to increase access to dental coverage for people with Medicare. According to the brief, nearly two out of every three Medicare beneficiaries have no dental coverage, leading many to go without necessary care.

While some people with Medicare have dental benefits through other sources, access and coverage tends to be limited. Some may be eligible for Medicaid or may have coverage through a private plan. A minority of beneficiaries get access to coverage through Medicare Advantage (MA). For example, in 2016, about 10.2 million people with Medicare had access to some MA dental coverage, though these MA benefits are often quite narrow in scope and may not cover needed services like fillings, crowns, implants and dentures. To access that care, beneficiaries would be forced to pay out of pocket.

The KFF issue brief highlights five policy options that could extend Medicare coverage of oral health care by:

  1. adding a dental benefit to Medicare Part B,
  2. creating a voluntary dental benefit under a new part of Medicare,
  3. permitting greater access to medically necessary dental services under Medicare,
  4. testing models for dental coverage, and
  5. offering dental discount cards. The brief also discusses the policy considerations and implications for each approach.

Medicare Rights considers oral health a priority and continues to advocate for increased coverage of this important care. Our advocacy primarily focuses on two of the options the KFF brief highlights: permitting greater access to medically necessary dental services and ultimately adding a dental benefit to Medicare Part B.

Currently, Medicare covers only a handful of medically necessary dental services, despite the Medicare statute permitting more extensive coverage. “Medically necessary dental care” means care that a person may need for oral health issues that might complicate or stand in the way of receiving other care. For example, someone with an untreated oral infection may not be able to have a life-saving organ transplant or heart surgery. Lack of medically necessary dental care harms patients and can also increase Medicare’s costs for treating their illnesses. Medicare has the option to cover more oral health care in these situations, but has not chosen to do so. We urge the Centers for Medicare & Medicaid Services, the agency that oversees the Medicare program, to increase this coverage.

Ultimately, our focus is a comprehensive dental benefit within Medicare Part B. Such a benefit would do more to ensure that all Medicare beneficiaries have access to oral health care when they need it, including preventive care, appropriate treatment, and denture coverage. The distinction between oral health and other bodily systems should be eliminated to improve the overall health of older adults and people with disabilities.

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Life Settlement Advisors
June 11, 2019


In telemedicine, or telehealth, a patient meets with a doctor or specialist using a device like a tablet, computer, or even a smartphone. The idea of talking to a doctor through a screen seems a little odd to many patients. After all, without being in the room with you, can someone really diagnose your issue and resolve your concerns? You might be surprised to learn that a 2016 survey by the National Institute of Health revealed 94-99% of patients were “very satisfied” with their telehealth experience. In fact, one-third of those people said they preferred telehealth to an in-person doctor visit. Even with that fact in mind, here’s some more information you might like to know before you take advantage of this exciting innovation.

How Does Telemedicine Work?

The doctor on the other side of the screen is provided with all the patient’s information in advance, including recent test results and imaging or x-rays. If the patient goes to an office for the appointment, the doctor may even be able to see your vitals like blood pressure in real-time. The doctor asks questions and makes a diagnosis just like during an in-person appointment. For patients in rural areas or those with unique conditions, this service allows them to connect with the best possible medical talent and get world-class treatment from anywhere.

What Gets Treated by Telemedicine?

Telemedicine isn’t just useful for those living in rural areas. Those who need treatment on weekends, holidays, or at off hours can use this service to visit with a doctor, even from home. One study found that telemedicine could have replaced 37% of doctor’s visits for residents of senior living communities, including 27% of emergency room visits. Here are just a few examples of issues that can be effectively treated by telemedicine:

  • Inquiries about home treatment for flu, colds, and other minor illnesses
  • Diagnosis of common problems like back pain, sore throat, or digestive issues
  • Faster refill of short-term prescriptions
  • Post-surgery checkups
  • Other situations where it is easier for the patient not to leave the house

Of course, everyone’s medical history is different. You should consult with your current doctor about telemedicine options before downloading any apps.

Can I Refuse Telemedicine?

The short answer is, of course you can. Your medical treatment is always your choice. However, 64% of patients have indicated in surveys they would be open to this option if they understood more. If you have concerns about the privacy of your data, or if the appointment will be covered by insurance, you can resolve those with your care provider. Right now, Medicare does have a limited telemedicine coverage policy. Twenty-six states have also enacted laws requiring insurance companies to pay for telemedicine the same as a regular doctor’s visit.

Will Telemedicine Save Me Money?

Telemedicine has been shown to save money for both patients and doctors. One 2018 study found that using telemedicine technology saves the average patient $100 per visit. When you’re preventing a visit to the emergency room, the savings could be even higher. Since healthcare spending is predicted to grow 5.8% per year every year until 2025, those dollars could add up. That’s especially true for those on a fixed retirement income and Social Security.

Telemedicine is one way that more individuals can receive access to better healthcare on demand. While it may seem like a strange practice at first, those who have tried it say the benefits are worth the change in habit. The cost savings are also appealing, especially for those with chronic conditions who need lots of care. If you’re struggling to cover costs of care, did you know you can sell all or part of a life insurance policy, even term insurance? A life settlement can be a great benefit to those with unneeded life insurance policies that are also looking to add cash to their account balances.

Case Study:  John and Linda both retired last spring.Their only daughter lives in Northern Michigan, a five-hour road trip one way. Linda wanted to move to Northern Michigan, so they could be closer to their grandchildren. John discovered that he could sell his life insurance policy and use the proceeds for a down payment on their new home in Northern Michigan. John sold his policy and used the funds to pay off a few medical bills and buy that home in Michigan.

Leo LaGrotte