One of the first steps in retirement planning is to determine how much you'll really need, which is easier to say than to do. There are no hard and fast amounts to just plug in, although some would say a good starting place is to tally up your annual costs, and then take 80% of that to begin. Our financial consultants can help by making sure that what you already have saved is protected and remains safe. For those who truly want to maintain their present pre-retirement lifestyle, it's especially important to invest now.
Long-term Care: Simplifying the Coverage
Many people Loading Videoassume that Medicare and Medicaid already cover long-term care, but the fact is-they don't. Today, nearly two million workers at more than 7,000 companies have long-term care coverage, more than double the level of five years ago.
Some companies are starting to offer LTC to new hires as an extra perk to attract new talent. Let our LTC expert Teresa Eagan help you decide the best option for you and your family.
Prescription Drug Plans: Dare to Compare
Medicare Prescription Drug Plans (also known as Medicare Part D) are a new benefit provided by Medicare (since Jan. 1, 2006) and administered through private insurance companies. Similar to traditional Medicare, enrollment must occur within a certain timeframe or an individual is Loading Videopenalized for enrolling late (by having to pay a higher premium).
Medicare Prescription Drug Plans vary. As a result, it is important to compare them as they relate to your prescription medicine usage. Contact Mary Ann Hack for this product.
If you would like more information regarding any of the above topics, please complete the QuickSend below and Angela Gorton will follow-up with you no later then the next business day.
Life Insurance
Life insurance is available through the ISBA to cover the ISBA member, their family, their employees and employee's family members. The group life plan is available for all members through age 70. Under age 50 members can qualify for amounts of coverage up to $100,000 on a simplified underwriting application. Brand new members under age 50 can receive $50,000 life benefit at no cost to the member for the first six months. Maximum death benefit coverage is $500,000; however, the ISBA Insurance Agency can offer other policies tailored to your specific needs.
Contact Angela Gorton
"Legal Hearing Requires Active Listening"401(k) Pension Plan
The Hartford 401(k) Programs
The Indiana State Bar Association has named The Hartford as its preferred 401(k) provider. Selected for its straightforward, competitive fees, along with industry-leading and award-winning service*, The Hartford is backed by nearly four decades of strength and stability.
For more information on The Hartford's retirement programs designed for small to midsize businesses, contact Diana Jeffers of Agency Associates Financial Services at 317-704-8321 or toll-free at 877-674-2242.
Medicare Supplement
Medicare Supplement insurance is also known as "Medigap" insurance because it provides coverage for the "gaps" in Medicare. These "gaps" consist of a hospital deductible, co-insurance for doctor office visits, etc. Medicare Supplement insurance is standardized and there are 12 plans available called plans "A through L." For example: A Plan G from one company will have identical benefits to a Plan G from all other companies.
Most important for you to know, is that for the first six months from when your Medicare Part B takes effect, there is an "open enrollment" window. During this time, you can purchase any Medicare Supplement plan you want without health underwriting. If you wait to purchase Medicare Supplement insurance until after this window, you may have to answer health questions on the application and the insurance company may have the right to decline your application. So, timing is important.
The ISBA Insurance Agency has a Medicare Supplement insurance and Medicare Prescription Drug Plan specialist. She is available to assist you in selecting the plans that best fit your needs.
Contact Mary Ann Hack about this product.
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*The Hartford has received four consecutive DALBAR Service Awards (2003-2006) Source: DALBAR, Inc. 2006 **Securities offered through Woodbury Financial Services, Inc., Member NASD, SIPC, PO Box 64284, St. Paul, MN 55164, 800-800-2000. "The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries, including issuing company Hartford Life Insurance Company and Hartford Securities Distribution Company, Inc. (“HSD”). HSD (member NASD and SIPC), a registered broker/dealer affiliate of The Hartford, has established certain service programs for retirement plans, including defined contribution employee retirement benefit plans, through which a sponsor or administrator of a Plan may invest in mutual funds on behalf of Plan Participants. The Hartford's 401(k) retirement programs are funded either by a group variable annuity contract (Countrywide: HL-14991; NY & FL: HL-14973) or by a group variable funding agreement (HL-16553 and HL-16553 (NY)) issued by Hartford Life Insurance Company, Simsbury, CT. Retirement programs can also invest in mutual funds through custodial accounts.
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