Todd Myers Insurance and Finance For Nurse Practitioners.
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Transcript of Todd Myers Insurance and Finance For Nurse Practitioners.
Todd Myers
Insurance and Finance For
Nurse Practitioners
Insurance and Finance for Nurse Practitioners
Todd MyersMutual of Omaha Representative
Licensed Insurance Agent –FloridaHealth Insurance: Private, MedicareLifeAnnuitiesLong Term CareDisabilityCritical Illness
Insurance and Finance for Nurse Practitioners
Objectives
Discuss the Affordable Care ActReview Medicare/MedicaidUnderstand types of Life InsuranceDiscuss the importance of Income ProtectionUnderstand Retirement Vehicles
Insurance and Finance for Nurse Practitioners
Obamacare
Affordable Care Act
Can not discriminate against pre-existing conditions
Establish Maximum out of pocket Expenses per year. In 2015:• $6,600/ individual and $13,200/Family• No Life time limits
• Specific screenings/ preventive services• Cover Children to age 26
Market Place
Healthcare.gov
Subsidies based on federal poverty level Total income between 100%-400% of federal poverty level.
Metallic Health Insurance Tiers
Platinum 90/10 Gold 80/20 Silver 70/30 co-insurance to Max out of pocket Bronze 60/40
Consumer pays Max out of pocket then Insurance pays %100
Medicaid
Three basic groups are eligible for Medicaid, if they meet specific income and asset requirements:
Children and families, including pregnant women
Recipients of Supplemental Security Income (SSI)
Seniors and people who are blind or have a disability
Medicare, Medicare Supplement s1-800-Medicare
Medicare, Medicare Supplements
Who Qualifies?
Under 65 - you will qualify for Medicare if you have:
End Stage Renal Disease (ESRD)
Social Security Disability Income (SSDI) payments for 24 months
ALS ("Lou Gehrig's Disease")
Age 65+ and qualify for benefits
Medicare, Medicare Supplements
Medicare or Medicare Advantage Plans
Medicare, Medicare Supplements
Medicare, Medicare Supplements
Medicare, Medicare Supplements
Medicare, Medicare Supplements
Open Enrollment Medicare Supplemental
Guaranteed Issue regardless of pre-existing conditions during
Initial 6 month enrollment : no underwriting so patient cannot be denied for pre-existing conditions.
After 6 months medi-gap plan can deny coverage based on pre-existing conditions
What Nurse Practitioners Need to Know
Life Insurance
Two Types of Life Insurance◦Term Life Insurance
Provides pure protection for specific period of time Typically offers the greatest amount of coverage for the
lowest initial premium Some term policies offer the option to be converted to
permanent coverage
◦Permanent Life Insurance Great fit for long-term protection that can last a lifetime Offers the opportunity to build cash value on a tax-deferred
basis Guaranteed Premiums/ Flexibility
Permanent Life
The Living Benefits of Life InsurancePay off mortgage soonerPay for collegeRiders: Chronic care and terminal illness Return of premiums: return of premium in later
years tax free You can borrow against it
Your Most Valuable Asset:?
What is your Most Valuable Asset?
Your Most Valuable Asset: Your Income
What are the consequences of disability?
Present age
Years until retire-ment
Annual Income
Average NP SalaryLoss
$25,000 $50,000 $75,000 $100,000
30 35 $1,,511,552 $3,023,104 $4,534,656 $6,046,208
40 25 $911,482 $1,822,963 $2,734,445 $3,645,926
50 15 $464,973 $929,946 $1,394,919 $1,859,591
60 5 $132,728 $265,457 $398,185 $530,914
Your Most Valuable Asset: Your Income
Types of disability policies
• Short term: covers up to 2 years
• Long Term : covers up to age 67
• Business Overhead Expense Policy
Retirement Planning
2007 was the beginning of the second greatest stock market crash in
American history
Do you believe they fixed the problem?
Retirement Planning
Retirement Vehicles◦Savings accounts◦Certificates of deposit (CDs)◦401(k)s ◦ IRAs◦Annuities◦Mutual Funds/ Stocks/ Bonds
Retirement Planning
Estate Planning
Estate Planning:Softens the impact of your death
WillsTrustsHandling your estate
Atty. Barbara Coenson