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|Posted on August 15, 2012 at 12:47 PM||comments (824)|
United American Insurance is now offering a Reserve Fund Annuity to assist policyholders with accumulating funds needed to meet their health insurance calendar year deductible, copayment, out-of-pocket limits, or Part B excess charges (Plans A, B, and D) amount(s). The Reserve Fund Annuity is available with ProCare Medicare Supplement Plans A, B, D, G, and HDF.
So what does that mean for you? If you are age 65-90, you can earn interest on the money you set aside for healthcare.
Features & Benefits:
- After 14 days, there is no penalty for withdrawing your money to pay healthcare costs.
- No-load annuity, you keep the full amount you deposit
- Interest rate is guaranteed to never be less than 3%
For more information on how you can earn interest on the money you set aside for healthcare click on the link below:
|Posted on July 30, 2012 at 1:56 PM||comments (1)|
The new Affordable Healthcare Act has set regulations for insurance companies when it comes to how they spend your money. Insurers are held accountable by the Medical Loss Ratio which outlines the percentage of your premiums insurers must use on medical care costs and how much they can use towards administrative expenses. If the insurance company spends more than 20% of premiums on administrative expenses (15% for large groups) they must provide rebates to policyholders.
Will I be receiving a rebate?
It depends on your policy’s “block”. The “block” is determined by: the type of policy you have, which insurance company it is, and in which state you are located. You may contact your insurance company directly to find out if you will be receiving a rebate.
If my policy qualifies for a rebate, when will I be receiving it?
All rebates are due by August 1, 2012.
What if I am on a group policy?
If your policy qualifies for a rebate, your employer will receive the rebate and distribute it in proportion to your employee contribution. This can be done by either reducing your premium for the following year or by providing you with a cash rebate. Your employer has the right to decide how these funds will be distributed.
Will I pay taxes on my rebate?
In accordance with the revised regulations that were issued on December 2, 2011, consumers will not pay taxes on any rebates they receive.
If I don’t receive a rebate, do I still have access to the insurance companies MLR information?
Insurers are required to provide individual policyholders and subscribers under group plans information about their MLR regardless of whether there is a rebate.
For further questions, you may contact our office at 239-275-5834 or email us at [email protected]
Cigna Informed on Reform, HHS/CMS News Release & HHS/CMS Fact Sheet
|Posted on April 27, 2012 at 1:35 PM||comments (169)|
The Coverage Gap or Donut Hole (or Doughnut Hole) has caused a considerable amount of confusion for many people and has even surprised seniors when they suddenly are required to pay the a higher price (or before 2011, the full price) of their prescription medications. The following brief over view is based on the 2011 Medicare Standard Benefit Plan Model. For more information, please click here to see Frequently Asked Questions (or FAQs) about the Donut Hole.
Quick Overview: This is a quick overview of the Donut Hole or Coverage Gap.
Please note there are some changes each year but this info is as of 2011 and there are few changes for 2012 so please ask me for details when we speak.
*Complete article can be found on www.q1medicare.com