Why You Should Consider a Pet Trust for Your Furry Friends

 

When it comes to pets, they're not just animals; they're part of the family.

So, have you ever paused to consider who would take care of your furry or feathery friends if something happened to you?

The good news is you can ensure they’re cared for through a pet trust.

●Financial Planning: A pet trust isn't just a legal safeguard; it's financial planning for your pet's future.

You can specify an amount of money to be used solely for your pet's care, ensuring that they won't be a financial burden on your family or friends.

●Care Instructions: The pet trust can detail everything from the brand of food your pet eats to the frequency of vet visits.

You can even specify who should take them for walks, ensuring they maintain a sense of routine and stability.

●Trustee: Picking the right trustee is crucial. This person will be responsible for executingyour wishes concerning your pet’s care.

Make sure to choose someone reliable, trustworthy, and willing to take on this responsibility.

Pet trusts aren't just for the wealthy; they're a tool anyone can use to provide for their pets.

With a pet trust, you'll rest easy knowing that your animal companions will be cared for and loved even when you can't be there to do it yourself.

Your friend in the insurance business,
Doug Myrick, FLMI, ACS, ARA
NPN: 225740
Text us 24/7 @ 407.244.0972

The importance of regular eye exams for seniors 🩺

 

As we age, regular eye exams become increasingly important. This is not just a matter of getting a new prescription for glasses or contacts.

Our eyes can tell us much about our overall health; some issues can only be detected through a comprehensive eye exam.

●Glaucoma and Cataracts: Age significantly increases the risk of developing glaucoma and cataracts.

These conditions can develop slowly and might not show symptoms until they are more advanced.

Regular eye exams can catch them early, giving you better options for treatment and potentially saving your vision.

●Macular Degeneration: This is a leading cause of vision loss among people aged 60 and older.

While there's no cure, there are treatments that can slow down its progression, but early detection is crucial.

An eye exam can reveal the early stages of macular degeneration before it severely affects your vision.

●Diabetic Retinopathy: If you have diabetes, yearly eye exams are essential. High blood sugar levels can damage the blood vessels in the retina, leading to vision loss.

Early detection allows for treatment that can prevent or delay further damage.

Taking care of your eyes as you age is not something to neglect.

It's more than just a matter of keeping your prescription up to date; it's about preserving your quality of life and potentially detecting other health issues before they become more serious.

We specialize in educating and helping protect those you love the most. 

Why Life Insurance?

 

34+ years working in Multi-Line Insurance, Auto, Home, Commercial, Work Comp, Life and Financial Services and I still get asked this question: WHY LIFE? 

For many people they will spend thousands of dollars throughout their lifetime on Auto and Home Insurance with the HOPE and the PRAYER that they will never have an accident, a fire, or a claim of any type. YET, why is it that so many people will avoid the conversation and discussion about Life Insurance WHEN it is the ONLY product that is GUARANTEED TO HAVE A CLAIM. We all are going to die, and the unfortunate reality is, that not one of us knows the time it is going to happen.  COVID for example was a prime example of this in our world as we know it, and many are forecasting it will return with a vengeance in the next couple of years or less.

Life Insurance is the greatest sign of love you can offer to those you leave behind.  To make sure your children can have the education you desire, that your spouse/partner can maintain their home and their lifestyle.  THAT YOUR LOVED ONES CAN GRIEVE WITHOUT THE ADDED FINANCIAL BURDEN TO ADD TO THE STRESS.

Also, the greatest time to seek is NOW. None of us are getting younger each day and most of us are getting less healthy and more illness, all factors that impact the price.  

Life Insurance is the only Insurance GUARANTEED to have a claim to pay as long as premiums are paid.  GoFundMe and a Car Wash are not a plan?!?!

Mom was fine until she wasn't...

Aging parents often do well living on their own in their homes. Perhaps they still garden, take care of the yard, and get along well with their lives. Then one day, Dad passed away. Mom may live on her own for years and be just fine after that.

Then suddenly, she has a fall. At first, no one thinks much about an isolated incident. Then it happens again, and then again. Suddenly, Mom's in the hospital getting a hip replacement.

Many families face a pivotal moment when a crisis hits. It's often sudden.

Before Mom leaves the hospital, doctors tell her adult kids she can't go home by herself. Someone must stay with her. She may heal and be well, but somewhere down the line, she has another incident, and it becomes obvious Mom can't live on her own any longer.

The crisis mode comes when a family must make a decision very fast. Mom was fine yesterday, she's not today.

Even when you suspect it's coming, many adult kids never want to think that the person who took care of them as a kid and has been there their entire life isn't able to take care of themselves. Now, they need you to help or make decisions on their behalf.

This is a highly emotional and taxing time for the entire family.

There can be a lot of different emotions family members encounter, and each one may experience different ones independent of others. There's raw anger, denial Mom is in the condition the doctor tells them she's in, or despair.

Still, it doesn't take long for many people to realize they don't have much control over the situation.

At this point, the chief overall concern is finding Mom the best care she can get.

This is typically when a Case Manager enters the conversation with the family. It can be an intense time. The Case Manager needs to be an intent listener and listen for the specific goals the family has for their Mom.

In doing so, it's important to recognize which adult child is bearing the most burden and has the most responsibility. Believe it or not, this person could be in their 60s, 70s, or even 80s. Most times it's a female who's been responsible to help Mom go to the doctor, getting her prescriptions, ensuring she's fed, taking her to various appointments, and making sure she isn't lonely.

The burden on this person is heavy. While Mom's care is the root of the crisis, often family squabbles become the crisis when siblings don't agree with the one who carries the most burden. The more kids there are, the more the Case Manager has to try to make everyone happy.

- Doug Myrick

Appreciation + the no + well wishes

That brilliant five-word formula: Appreciation + the no + well wishes.

Here's how it works:

"Thank you so much for thinking of me (appreciation). I actually don't have time in my schedule right now (the no). I know it will be a great event (well wishes)."

"Thanks for sharing what you're up to (appreciation). Right now, I'm not in the market for [this product] (the no). I wish you the best with this (well wishes)."

"I love that you're passionate about this (appreciation). I won't be able to make it (the no). Let me know how it goes, though; I know you'll crush it (well wishes)."

Sharing a final tip:

"If you're a chronic overexplainer, you'll notice a pull to make the no sentence long-winded," writes Myrick. "Practice keeping this super short and not providing an excuse beyond what is actually true (e.g., 'I don't have time in my schedule right now.')"

So, the next time you're tempted to overexplain, remember the formula:

Appreciation + the no + well wishes.

Doing so will lift the burden of defending your choices and give you the freedom to actually enjoy them.

When Can You Change Health Insurance Plans?

If you’ve ever faced an outrageous bill or were even somewhat unsatisfied with your health insurance, you may have asked, “Can I switch my health insurance at any time?” 

Knowing the answer to this question can make all the difference in receiving the care you need by ensuring that you have the right healthcare coverage.

Keep reading to discover the key moments throughout your life when you are able to make a change in your insurance plan, including the yearly open enrollment period, several qualifying life events, and the specific rules for employer-sponsored insurance, Medicaid, and Medicare. 

We’ll also explore how you can find affordable health coverage by comparing various health plans based on a variety of factors, such as your zip code, monthly premium budget, and overall benefits. 

Knowing when you can change your health insurance is important for many reasons. Whether it’s to avoid a coverage gap or to save money by switching to a plan with lower premiums, knowing the answer can spell the difference between being covered in an emergency or not. 

Annual Open Enrollment Period

The annual open enrollment period is a designated time of year when individuals and families can make changes to their current health insurance coverage for the year. 

The enrollment period typically occurs during the fall and lasts for about six weeks. The timeframe between when it opens and closes provides an opportunity to review and compare different health plans. 

During this time, individuals and families can enroll in a new plan, make changes to their existing plan, or cancel their health insurance coverage altogether. 

These six weeks during the fall are important because it’s often the only time people can make changes to their health insurance coverage unless they have a qualifying life event. We’ll get more into those next.

It’s important to remember that, unless you experience a qualifying event, missing this enrollment period can result in you being locked into your current health plan for the upcoming year. 

That’s why it’s of utmost importance that you pay attention to the annual open enrollment period dates each year and take advantage of this opportunity. 

Helpful Tips

1. Start early. Always review your health insurance options as soon as possible. Start early and allow yourself plenty of time to research the different plans, coverage, and costs. 
2. Assess your health needs. Use this time to think about your current and future healthcare needs. Will you need any upcoming medical procedures or prescription medicine, or do you want to add any dependents for the next year? 
3. Review your current plan details. Go beyond the monthly premium. Always look at how much your plan’s deductibles, out-of-pocket maximums, and co-payments amount to. Knowing this can help you select the most cost-effective plan. 
4. Double-check your network. If you have a doctor you love, make sure they’re included in the provider network for any of the plans that you’re considering. 
5. Compare the marketplace plans with your employers. If your employer offers health insurance and contributes to the cost, consider choosing a plan that’ll maximize your employer’s contributions. 

Qualifying Life Events

The only real way to change your health insurance plan outside of the annual open enrollment period is through qualifying life events. These are specific changes in your life, such as:

• Losing coverage due to job loss
• Marriage or divorce
• Birth or adoption
• Change in residence
• Death of spouse or dependent

As you can see, qualifying life events are events that significantly change a person’s life in a way that may affect their health coverage needs. This policy was designed to ensure that individuals and families have access to health coverage when they need it, despite experiencing a significant life change. 

Helpful Tips

1. Know your options. Review your current plan or contact your provider to see what changes you can make due to a qualifying life event. 
2. Act quickly. In most cases, health insurance plans provide a limited window in which you can make changes. Be sure you act quickly so that you have continuous coverage and avoid any gaps. 
3. Get your documents ready. Some providers may require documentation of the event before allowing any changes to your coverage. Get all the documents you need ready to send to avoid any delays. 
4. Review your options. If you have options, take the time to review them and compare the costs, benefits, and networks of each plan to ensure you get the one that best meets your needs. 

Employer-Sponsored Health Insurance

Employer-sponsored plans are a common way for many individuals and families to obtain their health insurance. With this type of plan, employers will typically pay a portion of the premium cost. 

Most employers will also have an annual open enrollment period where employees can make changes to their health insurance coverage. This is typically during the same time as the annual open enrollment period during the fall. 

However, you will also be allowed to make changes to your plan if you experience a qualifying life event or if there’s a special enrollment period due to the employer changing health insurance. 

In most cases, missing the annual open enrollment period means you’ll be locked into the current plan for the rest of the upcoming year. 

Helpful Tips

1. Understand your employer-sponsored plan. Before making any changes to your plan, be sure to have a solid understanding of what it entails. Review the documents and get a general understanding of the coverage levels and financials. 
2. Research your options. If you’re considering changing your plan, be sure to review all the other plans your employer currently offers and research individual health plans to determine if there’s one that better meets your needs. 
3. Prepare any questions. Prepare a list of questions to ask your employer. Be sure to ask about the enrollment periods, how to make changes to your coverage, and if you can change to other plan options. It pays to be open and honest about your needs and concerns and why you’re considering a change. 
4. Follow up. Be sure to follow up to ensure that any changes are implemented correctly. Review the new plan documents to ensure that the coverage and benefits are what you agreed upon and that they meet your needs. 

Medicaid and Medicare

Medicare and Medicaid are both government-sponsored health insurance programs that provide coverage for a substantial number of Americans. Coverage for these programs always starts on the first of the month, and if you qualify for Premium-free Part A, coverage will start the month you turn 65. 

There’s also the general enrollment period which allows individuals to sign up between January 1 and March 31 each year. In this case, coverage starts the month after signing up, and individuals may incur a monthly late enrollment penalty if they don’t qualify for a special enrollment period. 

Helpful Tips

1. Understand the eligibility requirements. Before making any changes to your Medicaid or Medicare coverage, it’s important to understand each program’s eligibility requirements. Review the asset and income requirements and ensure that you meet the program’s qualifications. 
2. Review your current coverage before making any changes. Review your current health plan coverage and identify any gaps or areas where you may require additional coverage. 
3. Seek assistance. Oftentimes, the process of changing Medicaid and Medicare coverage can be complex. Don’t hesitate to seek out assistance from a licensed health insurance agent or a Medicaid and Medicare representative. 
4. Prepare the necessary documentation. Like with any changes to health insurance plans, you may need to provide documentation to support your eligibility. Be sure to gather all the necessary documents to ensure a smooth transition. 

Find Affordable Healthcare through an Independent Broker 

Understanding when you can change your health insurance plan is critical in ensuring that you have the best coverage to meet your healthcare needs. 

From the annual open enrollment period to qualifying life events, there are multiple opportunities for you to reevaluate and adjust your health insurance. As you navigate the complex waters of the health insurance world, consider exploring our affordable health plans 

We offer a wide range of services that aim to make health coverage more accessible and affordable to individuals and businesses. 

Contact Doug Myrick or visit our website to learn more today. 

 

What Happens if You Don’t Enroll in Medicare on Time?

You already know that you become eligible for Medicare at age 65. But what if you don’t enroll? In some cases, you could face a penalty when you do enroll later (in the form of higher premiums). But there are exceptions to this rule.

If you or your spouse are still working when you reach age 65, and you’re covered by an employer’s group healthcare plan, you might be eligible to delay your enrollment in Medicare. If the employer has more than 20 employees, you can stick with their group plan without facing a penalty from Medicare later.  However, you should note that Medicare does not consider COBRA creditable coverage.  If you are over 65 and losing employer group coverage, you must enroll into Medicare withing 60 days of losing coverage.

At some point, you will either retire or otherwise separate from that employer. You will then have eight months to enroll in Medicare. However, if you miss that enrollment deadline, you will face the penalty for late enrollment.

If you’re not covered by an applicable employer’s group benefits plan, then you’re required to enroll in Medicare when you turn 65. The enrollment window begins three months before your birthday month, extends throughout that month, and then for three months afterward.

Those who neglect to enroll promptly will face a ten percent penalty for each year that they delayed enrollment. These penalties are added to the Part B premium.

If you fear that you won’t be able to afford your Medicare premiums, you can apply for the Medicare Savings Program, which will cover the premiums if you qualify. Those who qualify will also become eligible for the Extra Help program, which helps with the cost of a Part D (prescription) plan.

Remember that we’re here to help as you make decisions about your Medicare plan. Assistance is always free, so give us a call to speak with a licensed agent if you have any questions about your Medicare enrollment or the different plans available to you.

- Myrick

Health Care Expenses not Covered

I wanted to share some important information regarding the financial challenges that often accompany a cancer diagnosis. It's a topic that none of us like to think about, but being prepared can make all the difference.

With the rising costs of healthcare, the need for cancer coverage has become more important than ever. That's why I wanted to highlight the significance of having Cancer Insurance, especially when it comes to covering exposure related to travel, transportation, and prescription drugs.

When faced with a serious health condition like cancer, the financial impact goes beyond medical expenses. Consider the following scenarios that Cancer Insurance can address:

• Travel Expenses: Cancer treatment might require visits to specialized treatment facilities, which can involve significant travel costs. Cancer Insurance can provide coverage for transportation, accommodation, and related expenses.
• Transportation Costs: Regular visits to healthcare providers, clinics, or hospitals can quickly add up in terms of transportation expenses. Cancer Insurance offers financial protection by covering these costs, ensuring you can focus on your treatment.
• Prescription Drugs: Cancer treatments often involve high-cost prescription medications. Cancer Insurance can help alleviate the financial burden by covering a portion of these expenses, ensuring you have access to the medications you need without worrying about the cost.

If you have any questions or would like further information about cancer insurance, I am here to assist you. Feel free to reach out to us at 1-305-741-3684. Or you may set an appointment with us here: https://calendly.com/dougmyrick/discovery-call 

Thank you for your time, and we hope you find our article helpful. Together, let's take a step towards protecting ourselves and our loved ones.

- Doug Myrick

Myths About Life Insurance

Life insurance is one of the most misunderstood type of insurance policies.  Misconceptions and partial truths circulate in the public imagination. Here are the top five myths about life insurance, and the real information:

 

It is Expensive

Many people are surprised by how affordable term life insurance can be. Price policies vary from person to person, which is why people are encouraged to shop around when they apply. Different companies may offer different costs for a plan. But the average yearly cost of a $500,000 policy (20-year term) for a 30-year-old female is $252 a year. That calculates out to less than $25 a month.

 

Only the Elderly and Parents Need Life Insurance

Another common misconception: the beneficiary of a life insurance policy does not have to be a child. Parents are not the only people who need life insurance.   Partners can be beneficiaries, as well as anyone else who depends on the policyholder. And the sooner one applies for a policy, the cheaper the policy is likely to be. The one factor that determines how much the policyholder pays is their health; health is likely to decrease as a person ages.

 

It’s Difficult to Apply for Term Life Insurance

Like many other things, the internet has changed how people apply for term life insurance. In the past, people may have needed to see a doctor in person to qualify for term life insurance policies. With the rise in telehealth accessibility, the vast majority of companies have ways of applying for policies over the phone or online.

 

My Employer Offers Me Enough

For those people who have access to a life insurance policy through their work, the coverage is still likely to not be enough for their family. The median workplace life insurance policy is approximately one year’s salary. It is best to consider workplace life insurance a supplement to a life insurance policy rather than the entirety of the coverage. Online tools exist to calculate how much coverage your family may need, but one guideline is to aim for five to ten times the policyholder’s annual salary.

 

I Only Need Life Insurance If I’m Working

Even if a policyholder isn’t employed outside the home, the value of the labor they provide in the home is enough reason to consider a life insurance policy. Despite life insurance typically being thought of as a replacement for lost income, it can be vital to pay for childcare or housework, especially if the policyholder is the one performing those tasks now. Plan coverage with all of the family’s contributions in mind, not just working benefits.

Watch: Who pays for a golfer’s hole-in-one?

 

On a warm day in September 2009, Jason Hargett, a 35-year-old restaurant manager and father of four, stepped up to the tee at Red Ledges golf resort in Heber City, Utah. It was the end of a charity tournament, and a big prize was on the line: Anyone who sunk a hole-in-one would win $1m. Hargett took a swing The ball careened 150 yards through the air, plopped onto the green, and slowly rolled back into the hole. Cheers erupted from the small crowd as Hargett sprinted down the fairway in disbelief. But one entity wasn’t celebrating: the insurance firm that had been hired by the organizers. Trouble with a tee If you’ve ever watched a golf tournament or charity event, you’ve probably seen some kind of prize for acing a specified hole. The chances of this happening for an amateur golfer are minuscule (~1 in 12.5k). But most organizers can’t risk getting stuck with the bill. Instead, they turn to hole-in-one insurance firms that assume the risk for a small fee — we made a quick video to show you how these arrangements work.

Who Pays For A Golfer's Hole-In-One Prize? - YouTube

2023 ACA - Important Legislative Updates in Review

The American Rescue Plan, passed in 2021, expanded subsidies to provide more Americans with affordable health care through the Affordable Care Act. The expansion was set to expire on 12/31/2022.

The passage of the Inflation Reduction Act in August 2022, extends these subsides until 2025, protecting affordable health care for millions of Americans. It also extends the American Rescue Plan provision that allows many low-income families to receive a subsidy to cover the full value of their premiums and prevents families from falling a financial cliff as their income rises.

Medicaid Unwinding, started in April 2023. Not everyone coming off Medicaid right now is going to be LOW INCOME. That's right!! there could be people that got on there when they were unemployed for a month or 2 but now, they're back to making 5 or even 6 figures.

In Arizona, Florida, Iowa, Missouri, Nebraska, or Texas? Let your friends and family know that I can help if they are losing Medicaid. You may even have children that went on OHP for the pandemic and need help transitioning from Medicaid.

- Doug Myrick cell 407.244.0972

How do I apply for health insurance if I don't have a social security number?

Can I apply if I don't have a Social Security number?

Yes, you can apply if you’re lawfully present even without a Social Security number (SSN) as long as one of the following is true:

• You’ve applied for a SSN
• You don’t qualify for a SSN due to your immigration status
• You do not want to provide your SSN for religious reasons

If your family member doesn't have a social security number, they can still be included on your plan if they have lawful immigration status.

If you or a family member don't provide an SSN on your application, you’ll need to provide appropriate documentation within 90 days. 

• Link: Apply For Your Social Security Number While Applying For Your Work Permit
• Link: How do I apply for a new or replacement Social Security number card?

How to apply without a Social Security number

If you're applying in most states directly on the HealthSherpa site:

• When you reach the "Personal Info" page of the application, click the circle that says "This applicant doesn't have a SSN."

• If you enroll directly with your exchange and would like to keep Doug Myrick as your broker of record, you'll this information: 

  • Our broker name (our CEO and agent of record’s name): Douglas W Myrick
  • Our National Producer Number (NPN): 225740
• If you're applying in Florida, and you need to apply over the phone (305) 741-3684 with Doug Myrick in order to enroll in health insurance if you or a family member does not have a Social Security number. We'll assist you in navigating the application. 

How Do I Start Investing?

When should I start investing? This is a question I get asked often. My first response is “what do you want to accomplish from investing?” What is your destination? Is it more passive income, financial freedom, because you feel like you have to in order to get ahead. Whatever the answer is you can start right now by investing in yourself. You must learn to work the muscle of investing. In order to invest and learn to invest you can start with zero money. In order to have more time and money you need to learn to invest more time and money.  

In order to invest you must learn to sacrifice time and money for other things. Sacrifice is required to invest. Sacrifice today so that you don’t have to tomorrow.  

To learn to sacrifice/invest time, you must learn to invest your time in activities such as working out, journaling, reading, meditating, things that you normally don’t do that you know would be of benefit to you. To learn to invest money start today by opening a bank account called your “investment account”. This account can be invested into each month with a certain amount of money. Then when enough accumulates, I recommend at least $50,000, then you can invest that amount into an investment. You are practicing working the investment muscle with these activities.  

Changing your mindset around investing time and money is how you start today. 

- Doug Myrick, cell 407.244.0972