Single Point of View

Single Point of View is our way to occasionally share planning ideas relating to personal finance. Our goal is to pass along concepts that you may not be exposed to on a daily basis.

Click envelope icon below to Subscribe

Health Insurance Renewal Season Notification

Fall marks the start of health insurance renewal season for most.  If you are a client, we will be reaching out to you directly to assist you in evaluating the various plan options available to you to identify the best solution for you and your family given how your circumstances have changed over the past year.  In the meantime, we wanted to provide some additional information to help point you in the right direction.   Workplace Insurance This is typically the time of year for employer open enrollment and employees can select their benefit packages for the year ahead.  It is important to review the plans available to you on an annual basis to evaluate changes – both within the plans being offered and relating to you and your family.  Consider whether your doctor is part of the network and the implications of being in an HMO vs. PPO.  It is...
Continue reading
0 Comments

Health Insurance: Medicare & Employee Benefits Reviews

Fall:  leaves change, apple picking, football and health insurance.  Something like that. October 15th began open enrollment for Medicare plan choices for 2017.  If you want to review the coverage you have (Supplemental plans and Part D coverage) we have until December 7th to make changes. Open enrollment for health insurance plans through the Affordable Care Act (the MA Health Connector for those in Massachusetts) begins on November 1st and runs through January 31st.  In most states you have until mid-December to have selected a plan with a 1/1/2017 effective date. This is often the time of year that employers offer open enrollment for benefit selection for the following year.  As health insurance plans are evolving, and more choices become available, it is important to review these options as it relates to you and your family.  Are your doctors part of the network? Are you planning a career transition next year?...
Continue reading
0 Comments

Congress Makes Changes to Social Security and Medicare

As part of the Federal Budget deal passed by Congress (still to be voted on by Senate) there are a couple of major changes to both Social Security and Medicare.Social Security File & Suspend Claiming Strategy Eliminated:We have worked with many clients to develop a plan to maximize social security benefits.  Often times, this planning included a strategy commonly called File & Suspend.  This strategy allowed one spouse to collect benefits off of the other spouse's record from age 66-70, allowing their own benefit to continue to grow.  At age 70 they would switch to their own benefit. This legal strategy has been deemed a "loophole" by Congress and this pending bill will eliminate it.  It is still a little unclear if it will affect those currently implementing the strategy, although some amendments to the bill seem to suggest it will only affect those looking to implement in the future.This bill...
Continue reading
0 Comments

Planning For Medicare

If you weren't able to catch our webinar on Medicare, you can watch the recording here: http://spcfo.com/planning-for-medicareAs always, feel free to contact us with any questions. Call 617-600-0510 or email info@spcfo.com
Tags:
Continue reading
0 Comments

Save the Date | Planning for Medicare

Single Point Partners is hosting an educational Webinar on Medicare. This presentation is geared towards people approaching Medicare eligibility or already on Medicare; it covers the enrollment timeline, Medigap plans, availability to early retirees, and much more.Online WebinarWe will email you instructions on how to view the webinar when the event gets closer.Wednesday, September 30th2:00pmFor updates on this event visit:http://planningformedicare.splashthat.com
Tags:
Continue reading
0 Comments

Medicare Premiums to Increase for High Income Beneficiaries

New legislation that was recently passed, known as the "Doc Fix" also has provisions that will change the income tiers for Medicare premiums beginning in 2018 (based on your income from the 2016 tax year).  While this is not the focus of the new law (Medicare Access and CHIP Reauthorization Act of 2015) it is one component of it that will impact higher income individuals and couples with Medicare Part B & D.Last year we wrote a series of blog entries outlining Medicare.  See the link below to the one highlighting Medicare premiums:http://singlepointpartners.blogspot.com/2014/11/medicare-part-b-d-premiums-other-costs.htmlIf you are single and have a Modified Adjusted Gross Income (MAGI) of $107,000 or less, or, if married and your MAGI is $214,000 or less these changes will not effect you.There are 5 income tiers for Medicare premiums (Part B & D).  Each income tier comes with it a higher premium, with the base premium in Tier 1 being...
Tags:
Continue reading
0 Comments

Medicare: What you need to know about Nursing Care coverage

One of the listed benefits of Medicare Part A is nursing care.  However, there have been many examples of people being surprised by a bill for nursing care that Medicare said it would not cover.  These situations can cur when someone is initially hospitalized, then moves to a nursing home for follow up care.  It all has to do with how you are being coded, or covered, during your time at the hospital.This really comes down to whether the hospital considers you an inpatient or outpatient case.  Inpatient means you are admitted into the hospital per doctor's order.  Staying in a hospital overnight does not necessarily signify this.  If you aren't formally admitted, and are considered to be under observation, you could be considered "outpatient" even if you stay in the hospital overnight.When you are inpatient, Part A covers your hospital services for 60 days after you pay a deductible.When you were outpatient, Part...
Tags:
Continue reading
0 Comments

Medicare: When & How to Enroll:

Medicare:  When & How to Enroll: In our ongoing series of posts on planning for Medicare, we move onto when and how to enroll.  Please click this link to view our previous post on Planning For Medicare, which provides an overview of the Medicare system.http://singlepointpartners.blogspot.com/2014/11/planning-for-medicare.htmlIt is important to enroll in at least Part A of Medicare during the window that starts 3 months prior to your 65th birthday, and ends 3 months after.  If not, penalties may apply.It is even more important to apply for Part B  during the prescribed enrollment period.  For each 12 months when you were eligible and not covered by a group plan, your Medicare Part B premium is going up 10%, and will remain up 10% for the rest of your life.  We have seen this period missed most often by those who have been laid off prior to 65 and are on COBRA.  They assume they...
Tags:
Continue reading
0 Comments