Tuesday, June 30, 2020

Buy Your First Home Now

Mortgage rates remain historically low. 
At around 3.13% for a 30 year fixed mortgage, the  time has hardly been better than now to buy a home.  

Homes have begun to appreciate significantly in value in certain parts of the country. But, wherever you are, buy a home for the long term. Consider it a place in which to live, to enjoy, and to raise your family, not just for an investment. . 

Keep in mind with a thirty-year fixed rate mortgage, your monthly payments (with the exception of your property taxes and homeowners insurance)  are set for the duration no matter how high the interest rate may rise in the future. 

Now here's a mortgage calculated upon the current 30 year interest rate of 3.13%. See how much you will be paying for the next thirty years.  For example your monthly note for a $150,000, 4 bedroom house, with a 30 yr fixed rate of 3.13% and a FHA mortgage of 3% down would be roughly $623 per month. 

Now, consider just the financial savings between buying and renting. In many of the urban areas of this country, a 4-bedroom apartment would rent for over $2,000 per month with the rent subjected to increase every year. 

E-mail me at bwillbar@gmail.com and I'll send you a detailed home buying vs renting comparison. For a free consultation, call (773) 614-3201

Click here for a home that's for immediate sale in Chicago. All offers considered. 

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Sunday, June 28, 2020

Here's What You Need to Know About Medicare 2020

Here's What You Need to Know About Medicare 2020

Medicare has Four Parts
Part A is hospital insurance; Part B is medical insurance, covering doctors' services and supplies; Part C covers Medicare Advantage plans, and Part D covers prescription drug plans.

Part A, which is free for most Americans, and Part B, which currently charges a monthly premium of $114.60 for most people, provides the foundation of health insurance for Americans 65 and over.

But you'll want more. Medicare Part A has large deductibles (for example, $1,408 for a hospital stay of 60 days or less). Medicare Part B has no cap on out-of-pocket costs after Medicare pays 80 percent of approved expenses. 

Once the annual $198 Part B deductible is met, as an example,  Medicare will pay 80 percent of a $500 bill or 80 percent of a $500,000 bill, and you owe the rest.

Medicare Additional Coverage
Limitations of Parts A and B prompts an estimated 89 percent of people on Medicare to buy additional insurance, such as a  Medicare Advantage Plan or a Medicare Supplement plan (also known. as Medigap) and Part D prescription drug plan.

Medicare Advantage plans are offered by private companies approved by Medicare. Besides services included in Medicare Parts A and B, they usually offer additional coverage, including vision and dental, and both prescription drugs and transportation. 

Each plan is free to set premiums, out-of-pocket costs and rules for how you get services, such as needing a referral for specialists or having to use in-network doctors and hospitals.
Based on the features and costs of the plans available where you live, you may opt for a Medicare Supplement Plan rather than a Medicare Advantage Plan that may restrict your choice of doctors. This would be your  personal and not my endorsement of one type of plan over the other.

Medicare Supplement plans, which you also buy from private insurance companies, include Plans A, B, C, D, F, G, K, L, M and N. While coverage is standardized for each type of plan (Massachusetts, Minnesota, and Wisconsin have their own plans) associated costs can vary significantly among insurance companies. Plan  A is the most basic. Plan F is the most comprehensive. You can wait on Part D and can apply for up to three months after your birthday.without penalties.

Reach me at bwillbar@gmail.com