Todd Myers Insurance and Finance For Nurse Practitioners

Insurance and Finance for Nurse Practitioners Todd Myers Mutual of Omaha Representative Licensed Insurance Agent –Florida Health Insurance: Private, Medicare Life Annuities Long Term Care Disability Critical Illness

Insurance and Finance for Nurse Practitioners Objectives Discuss the Affordable Care Act Review Medicare/Medicaid Understand types of Life Insurance Discuss the importance of Income Protection Understand 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 Silver70/30co-insurance to Max out of pocket Bronze60/40 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 s 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

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 Insurance Pay off mortgage sooner Pay for college Riders: 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? Pres ent age Years until retire- ment Annual Income Average NP Salary Loss $25,000$50,000$75,000$100, $1,,511,552$3,023,104$4,534,656$6,046, $911,482$1,822,963$2,734,445$3,645, $464,973 $929,946$1,394,919$1,859, $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 Wills Trusts Handling your estate Atty. Barbara Coenson