Collins Insurance Group

MEDICARE

Medicare is a fee-for-service health care program for seniors, in which the government pays health care providers directly for services that fall under Parts A and B of Medicare benefits (see below). However, if you are looking for more coverage than Original Medicare, you can purchase one of our Medicare Advantage Plans to receive all your Part A and Part B benefits.1

Medicare is divided into four categories. This allows you to customize your personal coverage when shopping for a comprehensive policy.

• Part A (hospital insurance): Covers hospital care, emergency services, nursing home care, home health services and hospice.

• Part B (medical insurance): Covers medically necessary services and supplies used for diagnosing and treating medical conditions, and preventative services for illness prevention and/or early detection. Examples include ambulance services, mental health care, outpatient procedures and clinical research.

• Part C: Combines Parts A and B and often part D as well.

• Part D: Offers prescription drug coverage.

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What Medicare options are available?

Original Medicare offers coverage for services and supplies that are considered to be medically necessary, such as doctor visits, lab tests and wheelchairs. There are several alternative plans you can choose from for additional coverage, and each plan must offer at least the same coverage as Original Medicare. There are two Medicare plans that we can assist you with.

1. A Medicare Advantage Plan, also known as Part C, combines Part A and Part B as a replacement to Medicare for more comprehensive health care coverage. This plan can be customized with additional coverage, such as a prescription drug program (Part D), vision and dental.

2. A Medicare Supplemental Plan, also known as Medigap, has a higher premium but supplements the coverage gaps and deductibles that Part A and Part B leave behind.
    

Why do you need Medicare?

Seniors are in the most need of health care, but once retired monthly premiums can become hard to maintain. Enrolling in the Medicare program allows you to get the care you need for a minimal charge.

Contact us today to learn more about coverage options. We are happy to work with you to determine which Medicare options works best for you.

 

1 - This is not a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.

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DISABILITY INSURANCE

Disability income insurance, also called disability insurance, protects your income if you become unable to work for several months or longer due to illness or injury. The income provided by a DII policy can help you maintain your standard of living and pay your medical bills while you recover – or pay them until the policy terminates, which may be at age 65 or when you die, if you don’t recover. It can also protect anyone who has cosigned on a loan of yours but who can’t really afford to make the loan payments on your behalf, such as a parent who cosigned for your private student loans, which may not offer forbearance, deferral or forgiveness if you become disabled

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RETIREMENT

With modern technology and medicine, people are living longer than ever before. That sounds great, but it also means longer periods of retirement, during which you must pay for housing, food and more. It is important to start saving for retirement at an early age. Opening a retirement plan is a great way to invest in your future.

What types of retirement plans exist?

There are six main types of retirement plans.

1. Individual retirement account (IRA): This type of account allows you to contribute money, which is invested tax-deferred. Your gains can grow quicker since they are not taxed until you withdraw funds at retirement.
    

2. Roth IRA: This plan differs from a regular IRA in one main way… contributions are made after tax. This means that funds within a Roth IRA are not taxed again. You can withdraw your funds before retirement without penalties.
    

3. 401(k): This is an employer-sponsored retirement plan to which you can contribute a pre-tax portion of each paycheck. Contributing to a 401(k) lowers the amount of income you pay taxes on. Additionally, many employers offer matching programs as an employee benefit.
    

4. Roth 401(k): This plan combines features of Roth IRA and 401(k). It is offered through employers, but contributions come from your after-tax salary. Like a Roth IRA, funds in the account are not taxed again.
    

5. Simple IRA: This plan is like a 401(k) and is often offered by small businesses. Contributions come from pre-tax paychecks and money grows tax-deferred until retirement.
    

6. SEP IRA: This plan works well for self-employed individuals, who can contribute part of their paychecks. Contributions can be deducted from income taxes. Plus, annual contribution limits are higher than many other retirement plans.

Get started today!

Start saving for retirement today. We can help determine the right retirement plan for your goals and financial needs.

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LIFE INSURANCE INFORMATION

​There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.

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LONG-TERM CARE

Coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.