How to Make the Best Medicare plan Decision

When you approach your 65th birthday you have a lot that is going through your mind. The thought of a new lifestyle can overwhelm you. Some of the benefits you were enjoying from your employer will be coming to an end. Some of these benefits include medical insurance. You are therefore required to make new arrangements for your medical insurance.

medicare advantage 2019The best thing about this age is that you are eligible for Medicare plan. It is at this time that you can enroll for free. This is a major decision that involves your health and can give you a smooth landing from your employs’ medical benefits. Therefore you will be required to make good decisions. Before you make your final decision on Medicare you will need to understand various Medicare parts.

Parts of the Medicare

  • Part A- also called Hospital insurance. It cares for inpatient services in the hospital with selected home and hospital care expenses. It also covers skilled nurse care expenses. You are not required to pay a monthly premium if you or your spouse contributed the monthly social security premiums during their working days. And also if you enjoy disability benefits or have suffered permanent kidney failure. If you decide to buy part A, you should have Medicare part B for which you will be paying monthly premiums. Those choosing a Medicare Advantage 2019 plan should visit MedicareAdvantage2019.org to find the best fit.
  • Part B- also known as Medical insurance. This covers the outpatient cares, necessary services, and preventive services costs. Part B mostly covers the use of durable equipment for home and hospital cares, ambulance lifts costs and clinical tests.
  • Part c- also known as medical advantage plans. Covers all benefits provided in part A, part B and part D. it also provides other benefits, not in the three parts mentioned above. It is provided by selected private companies in collaboration with Medicare.
  • Part D- also known as Medicare prescription drug plan. This part covers the cost of prescription drugs in all parts.

Why choose Medicare Advantage plans in 2019You should note that you are eligible to enroll freely at 65th birthday. If you don’t enroll at this thime you will still have a chance to enroll later. However, you will have to pay a late enrolment penalty every time. Making early decisions will enable you to enroll in the plan of your choice on time and avoid penalties which can be a burden to you.

Enquire for Extra help program in your state if you have difficulty in paying premiums. With a proof of low income and must be a beneficiary of social security for you to qualify. However, the final decision lies with your state department.

How To Get Started With Exit Planning For Business

Planning for the business after your death is often overlooked and while the idea for the succession maybe present at the back of your mind, often the financial details, claims and process during the succession are not clearly visualized.

According to a research by the National Federation of Independent Business, only a small portion (23%) of the small scale businesses has a detailed and robust business succession plan. The research also says that around 70% of the traditional businesses lack a succession plan and hence do not transit to the second generation.

It is extremely crucial to ensure that you prepare the business for the next succession well in advance. This ensures a hassle – free retirement and gives ample time for others you have chosen to take over the business.

  • Apply for a life insurance plan immediately: A life insurance is a must have to protect your family and secure them of the finances and taxes in the event of your death. As a result of the security, the family can focus more about the business and figure out how to take it forward. It also enables them to take some important decisions for the same.
  • Enroll in Medicare and Medigap insurance. Find the Best Medicare supplement plans HERE
  • Learn more about Exit Planning: It is a complex decision to take. There are many options to exit a business. It can happen either through selling to a stranger or transferring the rights and assets to a family member. A business owner must realize the value of their asset, learn more about the options they have and sketch out a plan to move the business through the most appropriate option.
  • Build the all – important team of advisors: Building a healthy and professional relationships with your tax advisors, bankers, financial advisors are necessary to increase your sphere of knowledge to alter the course of the business most appropriately.

best medicare supplement plansNot every successful business owner is good with exit planning. Planning the exit choices and understanding the mechanics of each of them can let you choose the best one and execute it. Once the business reaches the right position after your death, it can continue to grow at a pace it had been growing before or even scale higher. Stand out from all the businesses out there by not only stressing on current goals but also securing your business without leaving any checkboxes un-ticked.