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This and That

May 02, 2016 11:46AM ● By Colleen Callahan

Colleen Callahan

Phew! Tax time is over.  I’d feel sorry for my CPA if his email account was hacked on tax day!

In the last few weeks, I have made a mental list of things I wanted to put in this article. Here are a few tidbits.

Small Group Medical Insurance: For decision makers of the company health plan, it is a good time to review rates. Some insurance companies offer very competitive options with small improvements in benefits. The key is getting companies to move the anniversary date to any month but December.  It is definitely worth the time to conduct the review. Employees can receive credit for any deductibles they have met. There is a method for transferring to the new insurance company.  Many of you on the Bronze plan feel like you don’t have any coverage, but there have been improvements to 2016 Bronze options.

Retiring at age 65 or older: Be certain you apply for Part B of Medicare right away. COBRA is not really your best option.  Make an appointment to discuss your Medicare options before you retire.  It will help make the transition smoother. You must have Parts A and B of Medicare to obtain a Medicare Supplement.

Between jobs: If you have lost coverage with your employer and the COBRA cost seems sky-high, make sure to look into an individual plan right away. Once you accept COBRA, you are stuck until the next open enrollment period.

Vacation Plans: Make sure to check with your insurance company to see what coverage you will have in another state or in a foreign country. Travel plans are easy to obtain (from us!) and the mobile apps are very helpful.

Colleen Callahan, CLU, CASL, LUTCF