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Everyone wants to hit the sweet spot of optimal coverage and optimal cost when researching health insurance. In order to choose the best, you must be aware of the two main types of insurance. There is small business group health insurance and individual health insurance. Which one should you choose? First of all, the names are not as direct as you would expect, so there are plenty of facts we must explain right now. But once you actually get to purchasing insurance, look no further than Benistar, spearheaded by insurance and business guru, Don Trudeau.

The similarities

There are a few similarities here. Each medical insurance type is created with a specific setting and customer in mind, but both can help families. The second similarity is the tax incentives which may or may not be available. Of course, this cannot be generalized and it depends on the health insurance provider, but in most cases, you can get some benefit with this matter.

Overall, these are the only two similarities you can expect and both of them are important to consider, but not as much as you may hope. There are plenty of differences which must be mentioned as well.

All about group health insurance

In simple words, this type of insurance is suitable for a business owner and their employees. The main advantages here include the fact that insurance begins soon after a new employee is hired. All of this is done automatically, so there is no need for paperwork or anything else. Then we have the fact that group insurance is beneficial to employees. They may not be able to afford this type of health insurance all by themselves.

This is considered as affordable health insurance simply because each employer is able to get tax deductions at any given moment and even to get some special benefits. In a nutshell, you can expect to pay 50% less than in standard situations. Simply said, they are the best way to save money and to get impressive health insurance for all your employees. Benistar is a great option when it comes to retiree medical group plans and benefits. Its mission is to provdie comprehensive, affordable coverage- as enacted by President Don Trudeau.

All about individual health insurance

Individual health insurance is called that because each employee (or person, this isn’t just in terms of company policies) has the ability to choose their own insurance plan and cost. Usually, they are more expensive, but there are some ways an employer can reduce the overall cost of the health insurance plan. However, this isn’t possible all the time and there are a lot of facts to keep in mind before you even start thinking about it.

All payments here are not from pre-tax salaries. It means that employees will pay more than usual. Yes, there are some possible deductions, but only in the case that the employer is eligible for Obamacare.

Of course, private medical insurance gives people the option to choose the plan which is the most suitable for them. They can make a customized plan that may include points to be used at a later date, generally, you can choose the plan that is the best value for you. However, individual plans are often much more expensive than group ones, because often times an employer will subsidize coverage, making group rates lower. Those low prices are what Benistar and their President Don Trudeau are passionate about providing you with.

Summary

Basically, the type of insurance that's best for you, your family, or your business depends on what your needs are, health-wise and regarding finances. There are resources that can help you figure it out. When it comes to group retiree benefits, look no further than Benistar. The experience of the company and their President, Don Trudeau, is unparalleled. 

Choosing medical insurance may seem complicated, but it doesn’t have to be. Below you will find some tips, guidelines and more which will make this task much easier. Keep in mind that it isn’t as difficult as you might expect.

Choosing the best health insurance for you can be tricky.

The following plans are the most common, but not the only ones. Chances are high you will come across one or all of them throughout your search for insurance. Therefore, it would be a smart decision to know more about them. 

This is a cheap health insurance plan which allows you to get a lot of the essentials you are going to need. Yes, you will need to use the network of a provider, except for emergencies. Also, you will need a referral. In essence, this plan is the most common one and could be suitable for you if you don’t have many needs.

With this plan, you don’t need a referral and you don’t have to use the network. Although this type of plan is more expensive and does require some additional factors, it is recommended for those who always want additional options to consider.

You don’t need a referral here as well. But, network procedures are implemented, except in a case of emergencies. You get more affordable insurance which has plenty to offer but isn’t as expensive as you would expect.

In this plan, you will get a private doctor who will guide you. You don’t have to stay in the network but you need a referral. The bottom line is that you get a decent plan which is slightly different than all of the others mentioned above.

Additional facts to know

Private health insurance is probably the best choice nowadays, but you will have to ask yourself a few questions. If you need frequent medical care, it is a wise decision to choose a more advanced health insurance plan. It can provide you far better results and help you save money.

All of you who travel a lot will need to consider more involved insurance. Getting medical help in some parts of the world is more than just expensive, especially if you don’t have coverage! It is essential to remember that your health insurance must provide specific medications you need. Some may provide substitutes, which isn’t an option for all users. A higher insurance plan is also beneficial if you are expecting a baby. Almost all of them offer certain advantages in this situation.

A low-end health insurance is recommended if you are in a good health and you don’t need an advanced plan. Also, they are mandatory if you cannot afford an expensive plan.

Summary

Private medical insurance allows you to customize your health insurance as you like. At the end of a day, you will have a plan which covers what you need. While the aforementioned plans regard private insurance, look no further than Benistar for group retiree medical benefits.

One of the many great things about retirement is that you finally have time to do the things you’ve always dreamed about. You have time on your hands, hopefully a little nest egg and also a lack of self-consciousness that perturbs the young- all of these contribute to a sense of freedom and entitlement to realize your goals and plans. Whats nice too is many bucket list items don’t even require a lot of money, just a bit of creativity. There are loads of fun, engaging activities and adventures that are affordable for retirees. Here, we give you a few suggestions to spark ideas for your own life.

Many older Americans move among state, national and private parks and campgrounds, staying for extended visits. In exchange for free camping, these retirees help park managers and campers with chores like leading nature walks, tidying campsites, collecting fees and offering a friendly welcome to other campers. This is a great and frugal way to explore nature and have plenty of social opportunities.

If you enjoy children/adolescents and would like to try your hand at teaching a specific course (or multiple ones), consider being a teacher’s aide. Teachers’ aides are paid to help in classrooms in many ways- tutoring, supervising play or grading papers. Aides take tasks off teachers’ hands so they can focus on teaching. Or if you’re interested in full-time work, consider becoming a teacher in the more traditional sense. You don’t necessarily need a teaching degree to become certified as a K-12 teacher these days. Alternative certification programs help potential teachers with degrees in other fields get into the classroom.

If painting, drawing and crafts are your thing, you might find it useful to sample different classes and approaches before settling on one. Cities are full of academies and workshops that offer classes to beginners. Community colleges classes and arts and crafts stores have classes, too. Also if you get into crafting, consider selling your wares via the online arts and crafts market, Etsy.

Even if you’ve been cooking all your life, it's always fun to try something new, like a class in Asian or Italian cooking, in knife skills or fermented foods or maybe holiday baking. Look for classes at community colleges, higher-end grocery stores and kitchen supply stores like Williams Sonoma.

Most people have a country that they find themselves inexplicably fascinated with and drawn to. Retirement is a great time to finally visit. Your schedule is freed up at last and you can visit during off-peak times, making the stay less expensive. You are also freer to stay for longer periods of time, which lets you really soak up the culture of the country; it also gives you the option to stay in an apartment instead of a costly hotel. Check out airbnb for apartments/houses to stay in all over the world.

Your 401(k) is set up to allow you to start putting money in it that will grow, tax-deferred. How funds are invested may be limited due to administrator policies, but you can still start contributing funds now. The contribution limit for 401(k) plans as of 2017 is $18,000 for those under age 50, and $24,000 if you’re over 50. Check out your employer’s (and administrator’s) guidelines for employer match policies. Make sure you donate enough to have it matched (up to an extent, usually around 3 percent) by your employer, if possible. The contributions allotted via employer match policies are also not taxed. However much you provide, it will grow until you need it for retirement, so consider investing now.

Most people decide upon term life insurance policies, because they’re cheap, but if you feel you can afford it, opt for a whole life insurance plan. With a term policy, you pay a certain amount for a fixed period of time (up to 30 years, usually). If you die during the period, your beneficiaries receive compensation. If you survive the period, you simply owe the cost of premiums because the term policy has no innate value. With a whole life policy, you have permanent insurance- it doesn't disappear. Subsequently, premiums are more expensive, but its value builds by growing in account without taxation. You can borrow against the policy, and if interested, you can even cash in. This is a great way to create a nest egg that could turn into a luxurious retirement lifestyle or a bucket list realized.

Investing is a good (albeit risky) way to save money for retirement. Investing in real estate is even better, because you won’t pay taxes on appreciated real estate until you sell it, and even then, it is possible to be exempt from a large percent of taxation. You can subtract the gain from the sale of your home so long as you’ve lived in it for two of the five years before the sale. You can exclude up to $250,000 if you’re single and $500,000 if you’re married and paying taxes together. If the property isn’t your primary residence (i.e. a second or vacation home), you can’t exclude the gain, but instead of exemption, it can be deferred, meaning you won’t pay taxes until you sell it. Renting out the property is also a good tax strategy. If you rent out the property for less than 15 a days a year, you aren’t required to report the income achieved by renting.

While a health savings account is obviously intended for health, if you don’t get sick or require medical care often, you can use it to provide for your retirement. This is done by adding pre-tax contributions to your HSA from your paychecks- in some cases, your employer might opt to contribute as well. Employer contributions are not classified as income, so they’re tax free (your two new favorite words). An HSA is transferrable, so it will not only stay the same but continue to prosper, even if you switch professions or retire. And you can be sure it will continue to grow, untouched by federal taxes.

Planning for retirement can be a tricky ordeal. Maybe you’ve been planning out your retirement for a while, or maybe this is something you’re just starting to think about now. Regardless, 75 million Baby Boomers currently stand on the edge of retirement, and most are going to have to look beyond the scope of care provided by government programs to sustain their standard of living. Social Security and Medicare will only cover a portion of the expenses you’re sure to face as you enter retirement. Right now a staggering 80 percent of people ages 30-54 don’t believe they will have enough saved for their retirement. Unless you’ve been saving for a considerable amount of time, you may find yourself in financial trouble once you approach your goal retirement age. You want to be sure that you and your spouse will be financially stable with health insurance to cover any unforeseen expenses regarding your health and wellness. The amount you need to save to remain comfortable well into retirement will vary from person to person, but there are some key points you may want to consider when determining these figures.

While you can begin to collect Social Security benefits at the age of 62, that doesn’t necessarily mean it’s a good idea for you to begin collecting at that age. The amount you can collect through Social Security is reduced by a fraction of a percent for each month before your full retirement age. While it sounds nice to begin collecting your benefits early, you take a severe penalty on the amount you will collect on a monthly basis. This is extremely important to consider, as the amount you receive when you first apply for Social Security will be the amount you collect for the rest of your life. While Social Security offers Medicare plans to retirees, affordable health insurance is also important to span the coverage gap for healthcare benefits and prescription drugs.

Current statistics show that roughly 75 percent of Americans believe they will continue to work through their retirement, and of those another 32 percent claim they plan to continue working out of financial necessity. It is difficult to determine for sure whether or not you will actually continue working after you retire from your full time job, and though 75 percent of those polled by Bankrate say they plan to work after retirement, only 15 percent of those retired today actually do so. Times are drastically changing, so it is important to be conservative with your budget when calculating post-retirement work into your savings, as the job market is forever changing and you could face circumstantial issues or health problems that will prevent you from working.

Paying off your debts before saving for retirement should be an absolute must for anyone approaching the age of 65. In 2013, the average U.S. household held $15,270 in credit card debt. This is partially due to there being extremely indebted households at the time, the average household generally holds just over $7000 in credit card debt. Credit cards generally hover around 14-15 percent annual rate, so it is always best to pay them off as quickly as possible, saving a small balance if you wish to continue to build credit. If you manage to keep your debt low, it’ll be a lot easier to stock money aside for retirement.

Financial planning is critical throughout your lifetime if you wish to enter your retirement comfortably. If you have a spouse, consider their finances as well when planning for your retirement together. You may want to take a look at how stable you and your spouse’s jobs will be throughout the years before you retire. While most people cannot guarantee job security, if you feel concerned over the longevity of your positions you may want to consider trying to save more. Be sure to purchase health insurance to supplement your Medicare policy. Purchasing a Medicare Part D plan with a supplemental health insurance policy will make sure all your prescription drugs and doctor visits will be covered, saving you from being buried under exorbitant medical bills.

Citation:

Beard, S. (2014, February 9). Planning for Retirement? Here Are 5 Crucial Points to Consider. Retrieved July 5^th, 2017 from http://www.cheatsheet.com/stocks/planning-for-retirement-here-are-5-crucial-points-to-consider.html/?a=viewall

Davis, H. (2011, April 21). 9 Things to Consider When Planning for Retirement. Retrieved July 5^th, 2017 from http://blog.quizzle.com/2011/04/9-things-to-consider-when-planning-for-retirement/

When it comes to medical plans, there are certainly a lot of things to consider. It can be hard to make certain decisions about what health plan is best for you. But you never have to fear with Benistar. We offer consulting and administration services for retirees over 65. Here is a little insight it what it all means.

The whole point of our consulting and administration services is to personally provide you with the needed retiree medical and prescription drug plans. Often times these situations can be mishandled when they handle retiree plans too generally. Everyone is unique, so therefore our implementation process begins with getting to know your situation.

Aside from personal consultation, we pride ourselves on how we can make the whole process of receiving retiree benefits a whole lot easier. For instance, we assist the plan sponsor draft an announcement that goes to the retirees. When we go through the enrollment process, we make sure to do so with the carriers and CMS.

Another golden benefit of working with us is our customer service. The people at customer service are the unsung heroes of all companies, since they are able to articulate the plans of the company to the clients. For our customer service staff, they carry extensive knowledge of retiree medical and prescription drug programs and practices. They are perfect representatives of the Benistar managers.

One of the largest benefits that come when joining Benistar is the relief that comes with knowing that your retiree medical health plan is in good hands. Neither you, nor your family have to deal with any technical hassles that comes with going with other retirement companies. The key for us is to treat you as a human being, not as another name on a piece of paper.

When it comes right down to it, Benistar’s managers and staff are all about solving your problems within your Medicare situation. So if you are a retiree over the age of 65, you don’t have to go at it alone. Call us for more information on how we can begin medical consultation for your retirement health plan.