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Risks In Retirement: Don't Forget About Health Care Costs

  
  
  

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“What’s the biggest risk to your financial security in retirement?” Whenever I ask that question, what I hear most often is that people are concerned about whether or not their money will last. Many pre-retirees don’t budget for unexpected medical expenses that can pose a threat to their retirement income plan. The Employee Benefit Research Institute estimates that a couple, both 65, retiring today with median prescription drug expenses needs $151,000 (in today’s dollars) to have a 50 percent chance of meeting their health care costs in retirement, not including long-term care costs. A couple with $255,000 in savings would have a 90 percent chance of covering those costs.

Why the Disconnect?
In my experience, many pre-retirees mistakenly believe that Medicare, the federal health insurance program for those aged 65 and older, will cover the vast majority of their health care expenses in retirement. Not so.

In reality, Medicare doesn’t cover many of the health care expenses older Americans use most. I’m talking about vision and dental care, hearing aids and eyeglasses. And Medicare Part D plans vary widely when it comes to prescription coverage. I remember feeling sticker shock when I helped my mom and stepdad pay their monthly pharmacy bill. Millions of Americans take blood pressure, diabetes, arthritis and other commonly prescribed medications to stay healthy and out of the hospital. These aren’t health care costs you can dial back on to save money.

Offer Your Clients Competitive Dental, Vision, & Hearing Plans


http://www.forbes.com/sites/northwesternmutual/2014/07/23/risks-in-retirement-dont-forget-about-health-care-costs/

Source: forbes.com

Additional Updates:

2015 Medicare Advantage Sneak Peek

  
  
  

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PSM has received the 2015 proposed benefits for two of our top MA-PD carriers. Aetna / Coventry and UnitedHealthcare®. Both companies are offering strong offerings for 2015 with many zero premium areas. Contact us today to make sure you have these companies in your portfolio for the upcoming Enrollment window.

Request Details

Source: psmbrokerage.com

Additional Updates:
  • 2015 Proposed Medicare Advantage Plan Benefits and Certification Details Now Available. Contact a Marketing Representative today at 800-998-7715.

Gingrich's Correct Prediction About Medicare's Future

  
  
  

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On Oct. 24, 1995, Newt Gingrich made an assertion about what would happen to Medicare if its beneficiaries could choose between it and private plans. Medicare is “going to wither on the vine because we think people are voluntarily going to leave it — voluntarily.” Over the nearly two decades since, Mr. Gingrich’s claim has undergone something of a test — and it has largely passed it.

Today, 30 percent of Medicare beneficiaries are enrolled in a Medicare Advantage plan, more than at any time in history. What explains the growing popularity of private Medicare plans? One answer is that baby boomers, who are just entering Medicare-eligibility age, are more accustomed to the types of insurance Medicare Advantage offers, such as H.M.O.s, than their predecessors were.

Given a choice between traditional Medicare or more benefits from more highly subsidized private plans, Medicare beneficiaries may well be willing to let the former wither on the vine.



http://www.nytimes.com/2014/07/08/upshot/gingrichs-correct-prediction-about-medicares-future.html

Source: nytimes.com

Additional Updates:
  • 2015 Medicare Advantage Plan Benefits and Certification Details Coming Soon

Happy Independence Day from PSM

  
  
  

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In honor of our country and forefathers, we've gathered a few classic patriotic quotes for you to take in during this 4th of July holiday.

As a reminder, PSM will be closing Thursday at noon and will be closed all day Friday in observance of the holiday.

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."
                                                                       - Thomas Jefferson


"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety."
                                                                       - Benjamin Franklin

"Idleness and pride tax with a heavier hand than kings and parliaments. If we can get rid of the former, we may easily bear the latter."
                                                                       - Benjamin Franklin


"I am well aware of the toil and blood and treasure it will cost us to maintain this declaration, and support and defend these states. Yet through all the gloom I see the rays of ravishing light and glory. I can see that the end is worth all the means. This is our day of deliverance."
                                                                       - John Adams


"We must all hang together, or assuredly we shall all hang separately."
                                                                       - Benjamin Franklin

 
Additional Updates:

12 Things to Know About Seniors and Retirement

  
  
  

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They are seniors who haven’t retired yet because they like to work; they are still paying for the house of their dreams; they won’t downsize their homes; and they believe that the 2008 economic crisis has made them stay longer in the workforce. However, they are optimistic about pulling through and having enough on their retirement plan.

These results are part of Retirement Advisor’s 2014 Senior Survey, which interviewed more than 200 seniors. The survey revealed that 60 percent of seniors have financial advisors, and 64 percent of them look primarily for an advisor they can trust. In contrast, 78 percent said that they dislike or avoid advisors who are too pushy, while 10 percent said they avoid those who are too expensive.

According to the survey, a whooping 56 percent are confident or very confident that their current financial and health conditions will help them meet their retirement goals, while 30 percent are somewhat confident. Just nine percent are not confident they will meet their financial retirement goals.

And how did the economic downturn affect seniors' plans? While 42 percent didn't specify or selected "other," 31 percent noted it kept them working longer than they would like, 18 percent said that it made them lose faith in financial institutions, and nine percent said they had to turn their 401(k) into a 201(k).

12 things about seniors retirement

http://www.lifehealthpro.com/2014/06/17/12-things-to-know-about-seniors-and-retirement

Source: lifehealthpro.com

 

Additional Updates:

5 Ways to Sell to Seniors

  
  
  

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As longevity increases and more Baby Boomers advance into their senior years, those 65 and older are the most prevalent demographic on many advisors’ prospecting lists. With such a large pool of potential clients looking for retirement and financial advice — and also likely to make referrals to their friends and family — you can’t afford to miss the mark. Try these strategies on for size:

  1. Differentiate yourself online: You might think digital marketing is most effective when targeted towards younger generations, but a 2014 Pew Research Center study shows that 59 percent of seniors today are increasingly Internet savvy.
  2. Be an educator: By providing education to the senior community, advisors establish themselves as experts and earn credibility and trust.
  3. Be available to communicate often: Meaningful conversation is a surefire way to earn a senior’s trust, whether you’re discussing their finances or their children and grandchildren.
  4. Be patient, not pushy: Many times, people get impatient when they’re working with seniors, and it’s the first thing that will kill a sale.
  5. Make your business senior-friendly: Your office and presentation style should be tailored to seniors; handicap access, for example, speaks volumes to your elderly clients when they meet with you for the first time.
http://www.lifehealthpro.com/2014/06/13/5-ways-to-sell-to-seniors?ref=hp-carousel

Source: lifehealthpro.com

 

Additional Updates:

7 Secrets of Success!

  
  
  

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There are certain secret habits practiced every day by all the highest-paid salespeople. The regular pursuit of these habits virtually guarantees your movement to the top of your field. Here are 7 simple secrets for achieving your career goals:

  1. Get serious. Make a decision to go all the way to the top of your field. Make a decision right now to join the top 10 percent. There is no one and nothing that can hold you back from being the best and achieving your career goals—except you.
  2. Determine your weakness. Identify your weakest single skill and vow to become absolutely excellent in that area. Ask yourself “What one skill, if mastered, would have the greatest positive impact on my sales?” Write down the answer, set a deadline, make a plan and work on it every single day. This one decision can change your entire career.
  3. Get around the right people. Get around successful people who have a positive attitude. Associate with people who are pursuing their own goals. Remove yourself from those who are negative, critical or complaining. They will drag you down, tire you out, distract and discourage you. You don’t need that.
  4. Take care of your physical health. You need high energy levels to sell effectively and bounce back when rejection does occur. Be sure to eat the right foods, exercise and get plenty of rest. And find time for recreation. If you spend every last moment working, you’ll quickly burn out.
  5. Visualize yourself at the top. Imagine yourself performing at your best all day long. Imagine how it would feel to achieve your career goals. Feed your subconscious mind with vivid pictures of yourself as positive, confident and competent. Program your subconscious with these clear mental pictures.
  6. Practice positive self-talk. Take control of your inner dialogue. Notice if you have a tendency to berate yourself. Try to talk to yourself as you would to a good friend or someone you care deeply about. Be gentle with yourself.
  7. Take daily steps towards your career goals. Be proactive; grab the bull by the horns. If you’re not happy with your income, get out there and get face to face with more prospects. Whatever it is that dissatisfies you, accept responsibility for it and make a change.

Successful salespeople are intensely action-oriented. They have a sense of urgency about accomplishing their goals. They have a bias for action and a compulsion for closure. They are in control of their own destinies, and as a result, easily take their places at the top. And there is absolutely no reason you can’t join them there.

http://www.lifehealthpro.com/2014/06/04/7-secrets-of-success?ref=hp-carousel

Source: lifehealthpro.com

 

Additional Updates:

What do Americans Spend on Cancer Expenses?

  
  
  

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Half of all men and a third of all women in the U.S. will develop cancer in their lifetimes. The median age of diagnosis is 66. This year, an estimated 1.67 million new cases of cancer will be diagnosed in the U.S. The World Health Organization says more than 30 percent of cancer deaths could be prevented by modifying behaviors.

 

Cancer Spending US Chart


http://www.cnbc.com/id/101718721

Source: cnbc.org

 

Additional Updates:

Memorial Day Message and a Big Thanks

  
  
  

Memorial Day Image In observance of Memorial Day, our office will be closed Monday, May 26th. We will resume normal business hours Tuesday, May 27th.

Our country asks great things of our service men and women. Sometimes we ask for the ultimate sacrifice. On this Memorial Day we honor those that answered that call.

On behalf of all of us at Precision Senior Marketing, we appreciate your business and wish you a safe Memorial Day weekend.

 

Additional Updates:

Medicare Advantage 2014 Spotlight: Enrollment Update

  
  
  

Medicare Supplements Despite concerns that payment changes enacted in the Affordable Care Act of 2010 would lead to reductions in Medicare Advantage enrollment, the number and share of Medicare beneficiaries enrolling in Medicare Advantage plans has continued to climb. Since the enactment of the ACA, Medicare Advantage enrollment has increased by 4.6 million, or by 41 percent.


As of March of 2014, 30 percent of people on Medicare (15.7 million beneficiaries) were enrolled in a Medicare Advantage plan, a 10-percent increase since March 2013. Most of the enrollment growth since 2013 has been in the individual market, but group enrollment in Medicare Advantage plans accounted for almost one-third (32%) of the enrollment growth in 2014 and has been a major factor in the experience of some firms.



Medicare Advantage enrollment continues to grow … ultimately the form of both the overall Medicare program and Medicare Advantage will be shaped by the policy and fiscal climate.

READ the Research/VIEW the Graphs:
http://kff.org/medicare/issue-brief/medicare-advantage-2014-spotlight-enrollment-market-update/

Source: kff.org

 

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