Make Open Enrollment Work for You
Whether you are enrolled in a Medicare Advantage Plan or are on original Medicare with a Part D Drug Plan, Medicare Open Enrollment is an important time for Medicare-eligible members to check their plans and to verify if the current coverage still fits their health care needs and budget.
This enrollment window is the time to make changes to determine if there is a better alternative for your specific needs.
Why Switch?
The Medicare marketplace offers Medicare-eligible beneficiaries a competitive field of plans to choose from.
Every year, insurance companies modify plan benefits, and it’s important to know which ones made modifications and how these changes in benefits impact you.
When it comes to prescription drugs, many companies may also change their drug formularies and cost structure. In other words, you’ll want to know which drugs will be covered for the upcoming benefit year, and what copay you’ll have to pay for a specific drug.
In addition, there may be some changes to the plan’s provider network, such as adding or removing physicians and facilities. It’s important to review your Medicare options, provider networks, and drug formularies to verify if the current coverage still fits your needs or if switching to a different plan will ensure you have the right coverage for your specific health concerns.
George Popa is a licensed sales agent with Strachan-Novak Insurance Services in Twinsburg. He can be reached at 330-963-3800 or [email protected] Visit sn-insure.com for more information.
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Antiques and Collectibles
By Breanna Mona
What’s your attic’s net worth? Fighting off cobwebs and furry little critters is tough enough. Figuring out which mysterious trinkets are worth a pretty penny and what’s simply a hunk of junk is even tougher. You don’t need to appear on “Antiques Roadshow” to get to the bottom of it. Here’s the word from local antique experts.
Over It
Hummel, Royal Doulton, Precious Moments, Lladro — these names used to mean big bucks. But these days, most collectible figurines have lost their bite in the antique business. While still very collectible and worth something, they’re just not the money-makers they used to be. Hummels are a good example.
Jean Koepke, the owner of the Medina Antique Mall, says rarity counts, but the value has still declined.
“If they paid $150 for it, now they may only get $50,” she says.
Ryan Prpic — who manages Eastside Relics in Willoughby — agrees. He says a Royal Doulton figurine bought for $100 may only be worth around $40 today.
Why the decline? Pat Martin, owner of Antiques on the Square in Chardon, explains.
“The antique business changes so dramatically year after year — especially in the last 10 to 15 years,” Martin says. “Millennials want different things. They don’t collect like my generation did. Millennials look for functional pieces. They love repurposed antiques. They like painted furniture, etc.”
Other items Millennials are quick to pitch are pottery, china and glassware. Martin says there’s been at least a 50 percent drop in value — if not more — in these pieces.
What’s Hot Now
Which items are getting all the action across all generations? Furniture. Koepke says Hitchcock furniture is particularly sought after because it’s no longer made.
“It’s very popular and hard to find.
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If you’ve turned 65 or are getting close to it, you’re likely swamped with information about Medicare plan options such as prescription drug plans, supplemental health insurance policies and Medicare Advantage plans.
Some folks may enjoy the challenge of figuring out the process of choosing health insurance coverage. After all, it’s important to choose the right coverage for your needs. However, if you’re not one of them, consider an appointment with a licensed sales agent who can help you navigate through the various options and help you get the right coverage for your health care needs.
Finding a Fit
Brokers (or agents) are licensed by the state and undergo annual required training and testing by the plans they sell.
There’s no cost for the service offered by a licensed sales agent because the agent is paid a commission by the private insurance carrier based on your enrollment in the plan.
Consider meeting with an agent before you turn 65 so you can anticipate costs and coverage. Caregivers or family members who are helping make these decisions can participate in the meeting, too.
A licensed sales agent assures that your enrollment application gets properly completed, follows up with the carrier to ensure timely processing, and provides notification of your enrollment status.
The agent also will research prescription drug plans (PDP) because each has a list of covered drugs. An agent can help determine if your drugs are covered, the co-pays associated with a plan and which plans to offer the best benefits for your situation.
In addition, the sales agent also verifies that your doctors, hospitals and other medical providers are in-network. This is an important step before selecting a plan because many Medicare plans have a network of doctors that they use.
An agent follows up annually to discuss changes to your medical needs, to discuss any upcoming changes to your current policy, and to provide updates on the health insurance industry.
...Finding Freedom
Career Change Takes the Cake — and Sells It
By Margaret Briller
Not everyone can imagine what’s beyond the horizon and make it a reality. Liz Rowan did and now enjoys the freedom and challenges of owning a business.
For much of her career, Rowan, 54, worked with a school system’s employees and students, helping manage their tech needs — database and equipment training for the staff, computer program lessons for the students.
In the back of her mind, Rowan knew she wanted to do something different — really different.
Rowan and her husband had talked for years about owning their own business, but the circumstances weren’t right for a change.
“Now, the timing seems to be right because our children are in their early 20s and moving into their own lives and getting less dependent on us,” Rowan says.
Hard Work, Sweet Success
“I wanted to do something that could use the skills I’ve accumulated through the years of working, being a parent, community member, etc.,” Rowan says. “Being my own boss and making the decisions for my business are important to me. I like having the freedom to be myself and to work as hard as I like and to see the results of that.”
In April, after months of planning and training, Rowan opened her store — a Nothing Bundt Cakes franchise — in Strongsville and never looked back.
She took a chance and embraced the freedom to make a change as an entrepreneur.
Assisting Rowan in growing her business is Dee Sweetnich, her bakery manager. Sweetnich helps her focus her energy on what’s most important at that moment when Rowan has 50 thoughts going through her mind.
“Dee has a different perspective on how things work, and that helps when I am looking at operational issues or how to handle guest service situations,” Rowan says.
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Work Matters
Is Part-time Retirement Right for You?
By James Lineweaver
When you were younger, your first job was probably part time. Those were the days, right?
You had few expenses and made enough money to do the things you wanted to do. You had lots of time for family, friends and hobbies. Many people want to go back to a similar work schedule, especially as they approach retirement age. Rather than working part time in retirement, we like to think of it as a part-time retirement.
Full Time Versus Part Time
There are many reasons to consider part-time retirement. First, people are living longer. According to the National Institute on Aging (a division of the U.S. National Institutes of Health), in 1950 the average man retiring at age 65 could expect to live another 13 years and a 65-year-old woman another 15 years. Today, men average an additional 17 years and women another 20 years beyond what we think of as typical retirement age.
Second, people want to have meaningful work. A 2013 Gallup poll found that 61 percent of employed Americans say they plan to work part time after they retire. And most of those people said they plan to do so because they want to — not because they need the money.
Finally, work can be good for your health. Many studies point to the benefits of a part-time retirement. A 2009 study in the Journal of Occupational Health Psychology found that those who worked in retirement were healthier than those who didn’t. Another study reported by the American Psychological Association in 2014 found that working in retirement can delay mental decline.
What Do You Want?
In our 24 years helping clients plan their ideal retirement, a common theme is that many struggle with retiring from something, rather than retiring to something.
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