Todd Myers Insurance and Finance For Nurse Practitioners.

Todd Myers

Insurance and Finance For

Nurse Practitioners

Insurance and Finance for Nurse Practitioners

Todd MyersMutual of Omaha Representative

Licensed Insurance Agent –FloridaHealth Insurance: Private, MedicareLifeAnnuitiesLong Term CareDisabilityCritical Illness

Insurance and Finance for Nurse Practitioners

Objectives

Discuss the Affordable Care ActReview Medicare/MedicaidUnderstand types of Life InsuranceDiscuss the importance of Income ProtectionUnderstand 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 Silver 70/30 co-insurance to Max out of pocket Bronze 60/40

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 s1-800-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

Medicare, Medicare Supplements

Medicare, Medicare Supplements

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 InsurancePay off mortgage soonerPay for collegeRiders: 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?

Present age

Years until retire-ment

Annual Income

Average NP SalaryLoss

$25,000 $50,000 $75,000 $100,000

30 35 $1,,511,552 $3,023,104 $4,534,656 $6,046,208

40 25 $911,482 $1,822,963 $2,734,445 $3,645,926

50 15 $464,973 $929,946 $1,394,919 $1,859,591

60 5 $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

WillsTrustsHandling your estate

Atty. Barbara Coenson