If you have the Original Medicare Plan, you might find gaps in your coverage that you want to address. Luckily, there are options to help supplement your Medicare: Medigap and Medicare Advantage. However, Medigap and Medicare Advantage can’t be used together. You have to decide which plan works for you. Discover what the difference between the two plans are and which option will best serve you.
What Is Medigap?Medigap, also known as Medicare Supplement Insurance, is a type of health insurance that offers additional coverage for normal Medicare plans. It helps fill in the “gaps” in normal Medicare coverage by helping you pay for out-of-pocket costs that Medicare won’t cover. Some of these expenses include:

• Deductibles
• Copayments
• Coinsurance
• Health care costs when you travel internationally

Medigap plans are offered by private insurance companies that are licensed by the state to provide the plan. There are typically different types of Medigap plans, each providing different degrees of coverage. Though the number of plans varies from state to state, the majority of the U.S. can offer 10 different types of Medigap coverage. Many people decide to select Medigap Plan F, which has the broadest coverage out of all the different types of Medigap available.
What Is Medicare Advantage?Medicare Advantage, sometimes called “Plan C,” offers an alternative to the original Medicare plans. These plans are bundled with the typical Medicare Plan A and B plans, creating more complete coverage for the insured person. If you opt for Medicare Advantage, you are still a Medicare patient. Medicare Advantage plans are typically provided by private insurance companies that are approved by Medicare, but they are funded by the government. In addition to normal Medicare coverage, the Medicare Advantage plan covers expenses for:

• Vision
• Dental
• Hearing
• Wellness Programs

While the exact details vary depending on the specific plan, Medicare Advantage plans can also be tailored to cover costs related to chronic illnesses or conditions that you may have. The Medicare Advantage plans may also cover additional expenses, such as:

• Transportation to doctor’s visits
• Over-the-counter medications
• Adult daycare services

Most Medicare Advantage Plans will also include Medicare Part D, also known as prescription drug coverage. However, if the plan doesn’t include this, you can always join a separate Medicare prescription drug plan.
Medigap vs. Medicare Advantage - Key DifferencesWhile the Medigap and Medicare Advantage plans can each be beneficial, there are key differences between the two. Being well acquainted with these differences can help you choose the type of plan that works best for you.
PriceThe primary difference between the Medigap and Medicare Advantage plans come at a different cost. Generally speaking, Medigap plans have higher premiums than Medicare Advantage plans. However, Medicare Advantage plans often cover less expenses than Medigap — potentially resulting in more out-of-pocket expenses. You can save money by choosing the plan that makes sense for your specific conditions and lifestyle.
Choice of PhysiciansOne key difference that might influence your decision to select Medigap or Medicare Advantage plan is the choice of physicians they offer. Be mindful of the limitations of both plans if you have a chronic condition that requires you to see specific specialists. Medicare Advantage offers a limited selection of physicians and facilities within their network. Certain Medicare Advantage plans don’t cover out-of-network physicians at all. Some Medigap plans offer more flexibility. Both Medigap and Medicare Advantage will cover any physician or facility that accepts Medicare.
LocationOne major determinant of which plan you choose is where you are located and your lifestyle. If you live in one state and rarely travel, then Medicare Advantage might be best suited to you. If you live in more than one state throughout the year or travel frequently, then Medigap may be a better choice. Medicare Advantage plans usually offer coverage in one region exclusively. They also don’t typically offer coverage when traveling internationally. In contrast, many Medigap plans provide coverage in all 50 states and when traveling outside of the U.S.
Benefits of MedigapMedigap bolsters Medicare plans A and B by filling in the “gaps” in coverage and providing more comprehensive options for the insured person. It covers almost all of the out-of-pocket costs in the Original Medicare plan.
Aside from having more comprehensive coverage in general, one of the top benefits of Medigap is the cost. While the premiums can be higher than Medicare Advantage, these premiums result in few to no out-of-pocket costs.
It also offers a great deal of flexibility in terms of the physician network. Generally, any physician or facility that accepts Medicare is covered by Medigap. This stands in stark contrast to the more limited network offered by Medicare Advantage.
Another great advantage of Medigap is the lack of effort involved in filing a claim. There is virtually no paperwork to deal with. Checks are automatically made to providers and facilities after Medicare pays its portion of the bill.
Benefits of Medicare AdvantageMedicare Advantage is an extension of Medicare plans A and B, offering more coverage than Original Medicare. This option is very popular because it replaces the Original Medicare Plan while still remaining affordable. It often has much lower premiums than Medigap, making it an attractive option if you don’t anticipate using it frequently. For many plans, if you hit the maximum out-of-pocket costs, the plan will cover you for the rest of the year.
Another benefit of the Medicare Advantage plan is that enrollment is simple. You qualify for the Medicare Advantage plan once you qualify for the Original Medicare plan, and enrollment occurs annually.
Most Medicare Advantage plans also include prescription drug coverage, otherwise known as Plan D. In contrast, Medigap does not offer prescription drug coverage. This means that the person being insured must purchase a prescription plan separately. 


Author:  Jacquelyn White
Source: © 2021 TheStreet, Inc.
Retrieved from:  https://www.thestreet.com/
FINRA Compliance Reviewed by Red Oak:  1593464

Families without health insurance have a new opportunity to sign up for coverage through the health insurance marketplace through healthcare.gov.
Certified healthcare navigators, who can assist with the sign-up process for free, said four out of five customers can get a plan for around $10 a month with financial help.
For people who missed open enrollment in the fall, there is a new opportunity for you to sign up on healthcare.gov with expanded financial assistance opportunities.
Usually, everyone would only have the open enrollment period to go in, shop for plans, compare the one they have and then enroll in coverage. But now, everyone can look for new plans through August 15. But right now, everyone can look for new plans. That means families can change the plan they're in as well as sign up for the first time.
The Family Healthcare Foundation, a non-profit agency in the Tampa Bay area that helps families find health coverage for free, is helping families take advantage of new, expanded financial assistance opportunities.
Navigators said people are resubmitting their original application for the marketplace and saving an average of $5-$100 per person for medical coverage.
"Previously, families who made too much money were not eligible for advanced premium tax credits on the marketplace," said Katie Turner with the Family Healthcare Foundation. "That is no longer the case. So those who were told previously that they made too much should definitely come back and look at their options."
Additionally, for people who lost their jobs during the pandemic and would like to keep their existing health coverage, the American Rescue Plan will also provide subsidies for COBRA through Sept. 31.
COBRA gives workers and their families who lose their health benefits the right to continue their health insurance after losing a job.


Author: Lauren Rozyla
Source: © 2021 Scripps Media, Inc
Retrieved from: https://www.abcactionnews.com/
FINRA Compliance Reviewed by Red Oak: 1637146

Fixed indexed annuities are often pegged as a safer way to invest in the market. As such, many financial advisers spurn the product due to its perceived inefficiencies in growing wealth when compared to straightforward investment strategies.
This is based on a huge misconception of the FIA product, which many people incorrectly view as nothing more than a tax-advantaged wrapper that allows insurance companies to take a cut off the top when they’re actually just buying into the S&P or another underlying index security.
This is one of the biggest misconceptions that advisers have about the returns generated by the FIA. Most believe that the insurance company is keeping the difference between what the index generates and the cap. However, this isn’t how the product works. In reality, FIAs result in interest growth being credited to the account based on market returns without actually buying underlying securities in the account.
FIAs should be compared to insurance products, not investment security products like mutual funds. They allow clients to protect the principal of their investment in the insurance product while letting the annuity be credited with growth based on certain indexes like the S&P.​
1. Bond replacementThe data on using FIAs as a bond replacement in retirement income planning look very favorable. Research by academics like Roger Ibbotson has shown FIAs can outperform bonds, making them a solid bond alternative. With interest rates at extremely low levels, an FIA could be a better way to chase yields and provide return while protecting the investor’s principal balance.​
2. Steady income for lifeThe other thing an FIA can do that most other investments, strategies or products cannot is provide a steady income for life. Incorporating lifetime income sources into a retirement income plan is valuable. Annuities — more specifically, FIAs — offer one such option.
Having a secure floor of income throughout retirement can allow investors to take more risk with the rest of their portfolio, which can even result in investors ending up with a higher total spending amount in retirement and a higher legacy amount.
Dave Alison, executive vice president at C2P Enterprises, said many FIAs also allow for a penalty-free withdrawal of up to 10% even in the early years of the contract. So the products don’t completely lack liquidity even during the surrender charge period.
3. Tax-deferred growthFIAs boast tax-deferred growth. Any interest gains earned inside the account aren’t taxed until investors withdraw their money, providing them with tax-free growth. Moreover, when investors are taxed upon withdrawal, it’s likely during retirement when they’re earning less and therefore are in a lower tax bracket.
In addition, if the FIA is purchased outside of a retirement account and it is annuitized, the income will be taxed pro rata. This can be a helpful way to manage taxable income in retirement and a tax-efficient way to grow wealth.
FIAs allow investors to grow their principal up to a certain cap without the threat of market volatility. With an interest-rate floor, investors will never earn anything less than their investment. The security, safety and growth opportunity that FIAs offer investors makes them a solid option for a retirement.


Author: Jamie Hopkins
Source: © 2021 InvestmentNews LLC.
Retrieved from: https://www.investmentnews.com
FINRA Compliance Reviewed by Red Oak: 1581658
https://www.investmentnews.com/3-advantages-of-using-fixed-indexed-annuities-in-retirement-169983
Indexed Universal Life Insurance is an insurance contract that, depending on the contract, may offer a guaranteed annual interest rate and some participation growth, if any, of a stock market index. Such contracts have substantial variation in terms, costs of guarantees and features and may cap participation or returns in significant ways. Any guarantees offered are backed by the financial strength of the insurance company, not an outside entity. Investors are cautioned to carefully review an indexed universal life insurance for its features, costs, risks, and how the variables are calculated.