Hello everyone and welcome to our first blog of 2021. I hope that you are all safe and healthy and I hope that you all are thinking about getting your COVID vaccine when they are available. We have received numerous calls about the vaccine but like you we are having difficulties in getting clear information on where and how the vaccines will be distributed. I would urge you to work through your primary care physician or local pharmacy for additional information or you can log onto the Pennsylvania Department of health’s website at https://www.health.pa.gov to find out when and how you can receive your vaccine.
If we are all a little patient, I believe that within the next few months more supply of the vaccine should be available and easier to get. But when you are able, please strongly consider getting the vaccine so that you are protected from the virus and we can get back to enjoying life and being around our family and friends much more frequently.
As the new year is upon us, I hope that you are also doing well with your health plans. If you have a Medicare Advantage plan, please make sure you understand your benefits, copays, and the additional services entitled to you under your plan. Many of you have “over the counter (OTC)” benefits so make sure to use that benefit to order supplies.
We also get a lot of questions regarding prescription drug coverage and the “donut hole.” The donut hole applies to all prescription drug plans (PDP), whether you have a Medicare Advantage plan or a stand-alone PDP with a Medicare Supplement plan. Just as a refresher, the Medicare donut hole occurs when you incur more than $4,130 of prescription drug costs within a calendar year. The costs include what the plan pays for your medications and your copays combined. When you reach $4,130, your medications will have a 25% copay until you reach $6,550 of “true out of pocket” costs. At that point, your copays will be at most 5%. But please do not hesitate to contact us if you have questions regarding your medication costs.
Finally, we believe that January is a good time to take stock of your affairs as you prepare for your tax preparation. At this time of year, many of our clients look at their life insurance policies to see whether they are still working well for their specific needs. As an example, we had a client with a Universal life policy that had a static premium but was experiencing a reduction in their cash surrender value to maintain the death benefit. We were able to get this client a comparable death benefit and eliminate their monthly premium, as well as add a long-term care benefit, just by using the cash surrender value to purchase the policy. This was a big win for this client. More coverage, no premiums and no more reduction in cash value. Please let us know if you would like a review of any of your policies or if you have any coverage needs or perhaps you would like to discuss final expense planning.
Please stay safe this winter and please continue to wear a mask, stay socially distant if you are out and wash your hands frequently. These are practices that will keep you safe.
Please do not hesitate to contact us at 717-980-3201 or firstname.lastname@example.org if you have any questions or need any assistance with your coverage. Thank you!