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843-689-3100
Joyce Meredith
GOLDEN AGE INSURANCE
1000 Main Street
Suite 100-G
Hilton Head Island, SC 29926

YOU CAN COUNT ON US FOR YOUR INSURANCE NEEDS:

• INDIVIDUAL HEALTH
•  MEDIGAP - MEDICARE SUPPLEMENT INSURANCE
• MEDICARE ADVANTAGE
• PRESCRIPTION DRUG PROGRAM
• LONG TERM CARE INSURANCE
• FACILITY ONLY INSURANCE
• NURSING HOME INSURANCE
• SHORT TERM INSURANCE
• DENTAL INSURANCE
• DENTAL DISCOUNT PLANS
• VISION INSURANCE
• HEARING INSURANCE
• TRAVEL INSURANCE
• SENIORS
• MEDICARE SUPPLEMENT
• LIFE INSURANCE

A Medigap (also called Medicare Supplement Insurance) policy is private health insurance that is designed to supplement Original Medicare. This means it helps pay some of the health care costs (gaps) that Original Medicare doesn’t cover (like copayments, coinsurance, and deductibles). If you are in Original Medicare and you have a Medigap policy, Medicare will pay its share of the Medicare-approved amounts for covered health care costs. Then your Medigap policy pays its share. (Note: Medicare doesn’t pay any of the costs for you to get a Medigap policy.)

Also, a Medigap policy is different from a Medicare Advantage Plan (like an HMO or PPO) because those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Medicare benefits.

Every Medigap policy must follow Federal and state laws designed to protect you and the policy must be clearly identified as Medicare Supplement Insurance. Medigap insurance companies in most states can only sell you a standardized Medigap policy identified by letters A through N. Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.

It’s important to compare Medigap policies because costs can vary. The benefits in any Medigap Plan are the same for any insurance company. Each insurance company decides which Medigap policies it wants to sell.

Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medigap insurance company.

You and your spouse must each buy separate Medigap policies. Remember, your Medigap policy won’t cover any health care costs for your spouse.

For additional information on Medigap policies, including why you would want to buy a Medigap policy and information about what Medigap policies cover, read this publication, Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare (pdf). Additionally visit www.medicare.gov for additional information

Medicare Advantage Plans are health plan options that are part of the Medicare program. If you join one of these plans, you generally get all your Medicare-covered health care through the Medicare Advantage Plan. This coverage can include prescription drug coverage. Medicare Advantage Plans include:

• Medicare Health Maintenance Organization (HMOs)
• Preferred Provider Organizations (PPO)
• Private Fee-for-Service Plans

When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care. In most of these plans, there generally are extra benefits and lower co-payments than in the Original Medicare Plan. Most Medicare Advantage Plans are managed care plans, usually a health maintenance organization (HMO) or a preferred provider organization (PPO) and you may have to see doctors that belong to the plan or go to certain hospitals to get services.

To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you may have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.

If you join a Medicare Advantage Plan, your Medigap policy won’t work. This means it won’t pay any deductibles, copayments, or other cost-sharing under your Medicare Health Plan. Therefore, you may want to drop your Medigap policy if you join a Medicare Advantage Plan. However, you have a legal right to keep the Medigap policy.

When can I enroll?

Keep in mind that Medicare limits when you can join, switch, or drop a Medicare Advantage Plan. You can join a plan when you first become eligible for Medicare. This is anytime beginning three months before the month you turn 65 and ends three months after the month you turned 65.

For example, if you turn 65 on May 5, your eligibility period starts on February 1 and ends on August 31.

If you are disabled and have Social Security Disability Insurance, you can join an advantage plan three months before to three months after month 25 of your disability.

You can switch or drop your advantage during an enrollment period between October 15 and December 7 of each year.

For more information visit www.medicare.gov

In its most basic form, group health insurance is an insurance product that provides health care benefits to those who are part of a group. Most frequently, this group is through an employer but it can also be through an association or some sort of membership opportunity such as a school, club, or professional organization.

Group health insurance plans are based on the premise of safety in numbers. Although a few members of the group will get sick, there is still a chance that the health insurance company will remain profitable because the majority of the group members will remain relatively healthy.

Employer-based Coverage

If available, most people choose group health insurance coverage through an employer because frequently the employer helps offset some of the premiums costs. Some group plans may behave other benefits that are not available with individual insurance, such as no waiting period, no physical requirements, or lower rates. Employees contribute anywhere from 10 to 60% of the premium cost.

Types

There are three main types of group health insurance plans: the health maintenance organization (HMO), preferred provider option (PPO) and point of service plans (POS).

• HMO Plans
  In an HMO, each person must choose a physician from the network to serve as a primary care physician. In order to meet with another physician or specialist, the primary care physician must make the referral. In all likelihood, those going out of network or failing to get prior approval before seeing a specialist will not have any benefits paid.
• PPO Plans
  These group plans also have network restrictions, but do allow the patient to go outside the network. If the patient goes out of network he or she will usually pay a higher rate than if the services were provided inside the network. Also, PPO plans usually do not require designating a primary care physician or receiving a referral before seeing a specialist.
• POS Plans
  Point of service plans fall in the middle between the HMO and PPO. The patient is incentivized to stay in the network with better benefits or convenience. For example, if a patient visits a doctor or receives a service outside the network, he will have to submit his own paperwork and might be required have to pay up for the services and then get reimbursed by the insurance company.

Costs

Generally an HMO is the least expensive plan because it is the most restrictive. At the other end of the spectrum is the PPO because it is the most flexible. POS plans usually fall somewhere between HMOs and PPOs in terms of overall cost.

Choice

In some cases, there will be no choice. An employer or group may only offer one type of plan. In cases where both types of plans are offered – usually HMO and PPO – the employer requires different premiums. Overall, any health plan is generally considered better than not having one at all.

If you are considering a trip overseas, don’t assume that just because you have excellent medical, auto, and home insurance that you will have the necessary insurance protection. Many situations can occur while traveling that may not be covered by your insurance. Therefore, it’s important to consider if you will need travel health insurance or some other applicable international travel insurance policy. Below is a list of situations that may not be covered:

• accidents
• illness
• dental care
• trip cancellations
• lost luggage
• rental car damage

Consider International Travel Insurance to Plan for the Unexpected

Planning an overseas trip starts with planning for the unexpected. Purchasing additional insurance when you travel is one of the best ways to cover the unexpected. However, before you start researching travel insurance, review your current insurance policies. Check if you have any travel health insurance and/or international travel insurance coverage on any of your policies. Some homeowner’s insurance policies and renter's policies cover your personal property and liability (such as you accidentally hitting someone with your luggage and break a toe) anywhere in the world, so if you already have this coverage there is no point in buying more.

If you don't have enough travel coverage in your current insurance policies, including travel health insurance coverage, then you will want to contact your travel agent or insurance agent for additional international travel insurance policies.

Disability Income insurance protects you in the case of loss of income. If you lose your ability to work, either from temporary or permanent disability, a disability claim can be made.

There are many different elements that make up a disability income insurance policy so it is important to understand when and how you will receive the disability income if the need arises. For example, you will need to know how your policy defines and covers short and long-term disability and total disabilities.

In addition, it is important to know if there is a waiting period for the income to kick-in and how or if the income from the disability income insurance policy will affect Social Security, workmen's compensation or unemployment benefits. There are also different types of policies to consider such as choosing a short or long-term policy period. Another key element to look for when choosing a policy is knowing if it covers disabilities from both accidents and illnesses.

Think again. The benefits are limited. To determine your Social Security disability benefits and learn more about benefit eligibility visit http://www.ssa.gov/disability

Workers Compensation only kicks in if you are hurt on the job. What happens if you are hurt at home? Think disability income insurance.

What if you tore a ligament, while playing on that weekend co-ed baseball team, and had to have surgery. You'd be out of commission for awhile. Disability income insurance can also replace lost income on a temporary basis, while you heal from the hazards of being a "weekend warrior".

Your greatest asset is your ability to earn a living. Think about it—what would become of you and your family if you suddenly became disabled and were no longer able to work? Disability income insurance can play a crucial role in helping you manage your financial needs if a disabling illness or injury occurs.

Here is some basic information about annuities.

An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.

Unlike retirement plans, however, there is no limit as to how much you can invest in annuities!

The large number of annuity products on the market today can make selecting the most suitable annuity a confusing process. But in fact, there are only a handful of different types of annuities. When selecting an annuity you will be presented with essentially three choices:

• Timing of payout – immediate or deferred: In an immediate annuity, the investor begins to receive payments immediately upon investing. This is for investors who need immediate income from their annuity. In a deferred annuity, the investor receives payments starting at some later date, usually at retirement.
• Investment type – fixed or variable: Fixed annuities are invested primarily in government securities and high-grade corporate bonds. They offer a guaranteed rate, typically over a period of one to ten years. Variable annuities enable you to invest in a selection of sub- accounts, such as securities portfolios, fixed interest accounts, and money market securities.
• Liquidity options – Most annuities allow you to withdraw either your interest earnings or up to 15% per year without a penalty (although any withdrawal from an annuity may be subject to taxes and a 10% federal penalty if taken prior to 59 years of age).

Investment options

• Fixed annuity: Fixed annuities are invested primarily in government securities and high-grade corporate bonds. They offer a guaranteed rate, typically over a period of one to ten years. The insurance company guarantees that you will earn a minimum rate of interest during the time that your account is growing. The insurance company also guarantees that the periodic payments will be a guaranteed amount per dollar in your account. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse.
• Variable annuity: choose to invest your purchase payments from among a range of different investment options, typically mutual funds. The rate of return on your purchase payments, and the amount of the periodic payments you will eventually receive, vary depending on the performance of the investment options you have selected.
• Equity-indexed annuity is a special type of annuity. During the accumulation period – when you make either a lump sum payment or a series of payments – the insurance company credits you with a return that is based on changes in an equity index, such as the S&P 500 Composite Stock Price Index. The insurance company typically guarantees a minimum return. Guaranteed minimum return rates vary. After the accumulation period, the insurance company will make periodic payments to you under the terms of your contract, unless you choose to receive your contract value in a lump sum.

Variable annuities are securities regulated by the SEC. Fixed annuities are not securities and are not regulated by the SEC. Equity-indexed annuities combine features of traditional insurance products (guaranteed minimum return) and traditional securities (return linked to equity markets). Depending on the mix of features, an equity-indexed annuity may or may not be a security. The typical equity-indexed annuity is not registered with the SEC.

Important Considerations

Investors need to be careful to understand the annuity into which they may invest. Finally, consider the following:

• The rating of the insurance company issuing the annuity, particularly in the case of a fixed annuity.
• Understand the fees paid to the brokers that market the annuities on behalf of the insurance company.
• Any withdrawal from an annuity may be subject to taxes and a 10% federal penalty if taken prior to 59 years of age

For additional information about annuities you can visit
http://www.sec.gov/answers/annuity.htm

YOU CAN COUNT ON US FOR YOUR INSURANCE NEEDS:

• INDIVIDUAL HEALTH
•  MEDIGAP - MEDICARE SUPPLEMENT INSURANCE
• MEDICARE ADVANTAGE
• LONG TERM CARE INSURANCE
• FACILITY ONLY INSURANCE
• NURSING HOME INSURANCE
• SHORT TERM
• DENTAL INSURANCE
• DENTAL DISCOUNT PLANS
• VISION INSURANCE
• HEARING INSURANCE
• TRAVEL INSURANCE
• SENIORS
• MEDICARE SUPPLEMENT
• LIFE INSURANCE