McCay & Associates

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The Affordable Care Act has changes coming in 2017. In Bowling Green

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Q: I am retiring now what?
A: That is a multi layered answer. First thing to be determined is whether you are 65 or older.

If you are 65 or older than you need to explore your Medicare options. Options include Original Medicare, Medicare Supplements, Medicare Advantage, Medicare Prescription Drug Plans. Everyone has different levels of needs and a plan that works great for someone may not work quite so well for someone else. The best thing to do is access your needs and pick a plan accordingly.

If you are younger than 65 you will need to look in to the Affordable Care Act, also known as Obamacare. There are many different plan options and many factors to determine how much health coverage will cost. That is why it is best to seek help from a licensed agent to guide you and make sure everything is filled out properly.

Life insurance, annuities, and other retirement plans are also something that needs to be considered.

Q: I was told I don't have to have health insurance coverage. Is that correct?
A: That is false . If you do not have creditable coverage when you fill out your taxes you will be penalized. The penalty for no coverage goes up each year.

Q: I have already enrolled for Part A Medicare. Do I have to enroll for Part B?
A: There is no law that requires anyone to have Part B of Medicare. Part B is optional and the enrollee has to pay out of pocket for that option. In order to

Q: I don't have a Part D Plan. Do I need one?
A: If you do not have creditable coverage for PDP plans there is a penalty assessed for each month you do not have one. The penalty is added to the premium when you do enroll in Part D and can become costly over time.

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Q: When should I start planning for Retirement?

A: As soon as possible! The

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Q: Who do I need disability insurance?

A: Disability insurance replaces your income if you are deemed unable to work. Fundamentally if you lose your income it is very hard to maintain all your expenses, unless you have a large savings, which most people do not.

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Q: I have major heath concerns and was told I couldn't get life insurance. Is this true?
A: Absolutely not! McCay and Associates can offer a person with major health concerns a Guaranteed Issue Life Insurance policy. In most cases on this type of policy an individaul most live 2 years after the polocy effective date to be paid the full death value. If a person were to pass away before the 2 years is up then the beneficiary would get premiums returned plus 10%.