Get the 2023 Medicare Benefits You are Entitled to

Aging into Medicare opens you to a wide variety of great benefits and money savings. 

If you are receiving Social Security, you are automatically enrolled in Medicare Part A if you have earned 40 credits through payroll taxes while working. If not, go to the Medicare web site or visit your local Social Security office either three months before your birthday month, on your birthday month, or no later than three months after your birthday month. This is your eligibility window.

Medicare Part A covers hospitalizations, blood transfusions during hospitalization, home health care, hospice care, and stays in skilled nursing facilities.

With regards to Medicare Part B, you do not need any work credits to qualify for Part B. However, if you don't sign up during your eligibility window, but then decide to enroll later, your premium goes up 10% for each 12 month period.   As an example, if you wait five years to sign up, your premium would then be 50% higher than someone who signed up on time.

If you have health insurance through your work or your spouse's work, you can delay enrolling in Part B. But if your employer has fewer than 20 workers or if you are on a company retirement plan, you must enroll in Part B as soon as you turn 65. Your workplace or retiree plan will become your secondary plan.

Remember that Part B Medicare which pays 80% of doctors, supplies, outpatient services, physical or speech therapy does not have a cap after the 80% is paid by Medicare.

However, you can choose Medicare Part C, which is Medicare Advantage and self enroll  These are managed care type plans which covers all your benefits under Part A and Part B, and often will cover your Part D Prescription benefit and may include dental, vision, physical fitness and transportation.  These plans usually have zero or minimum monthly premium and have a cap on how much you will pay out of pocket annually. They are comprehensive plans and I highly recommend that you choose one. 

You will need to check your prescription benefits every year because the list of covered drugs can change. Make a list of the medications you are taking, and check to see if they are covered under the plan you are considering.  

Leave your questions or comments below. Or, email me at bwillbar@gmail.com

Will Barnes, Medicare Consultant

Here's What You Need to Know About Medicare 2022

Know Your Medicare 2022 Benefits

Knowing about  your Medicare 2022 benefits is deeply important. You paid into it during your work life and you deserve all the benefits you have coming. You have come to the right place for all the information you need. 

Medicare has Four Parts

Part A is inpatient hospital insurance. It also covers skilled nursing facility stays, home health care, and hospice care.

Part B is medical insurance, covering doctors' services, diagnostic tests, durable medical equipment, and outpatient hospital services. 

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 charges a monthly premium of $158.50 for most people, provides the foundation of health insurance for Americans 65 and over.

But here's more. Medicare Part A has large deductibles (for example, $1,556 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 amount of $217 Part B deductible is met, as an example, Medicare will pay 80 percent of  your bill and you will have to pay 20% of whatever amount remains with no limits. The $217 is the 2022 deductible up from 2021. All deductibles, premium, and co-insurance amounts above are for Part A and Part B effective January 1, 2022. 

Medicare Additional Coverage

The limitations of Parts A and B prompts an estimated 39 percent of people on Medicare to enroll in a Medicare Advantage Plan. Medicare Advantage plans, Part C, 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, health club membership, and both prescription drugs and transportation. 

Go to Medicare Advantage Plans And see what plans are available to you and take advantage of the benefits you have coming.

If you have additional questions call (773) 614-3201 or email me at bwillbar@gmail.com

Financial Choices for Safety and Security in this Era of Trump

Although 401(k)s are rebounding, financial safety and security continues to be sought in America. 

In this context, traditional whole life insurance and annuities must be considered as safe and secure options for acquiring sufficient money to have a satisfying retirement.

The long standing traditional whole life insurance lasts for your whole life and the premium remains the same as long as the policy is in existence. 

Traditional whole life insurance contains the basic essentials of term insurance, with an investment element added.

You pay a premium amount larger than the premium which would be paid for term insurance and that part of the payment is invested over the life of the policy. 

The growth of that investment is nontaxable to you. This favorable treatment of return on investment is exclusive to life insurance and offers a significant wealth buildup vehicle.

In a nutshell, here's what traditional whole life insurance have to offer:

• ·         tax-favored cash values
• ·         death benefits
• ·         competitive interest rate
• ·         guaranteed return

Next, an annuity is an investment contract between you and the insurance company. You receive a return on your investment that supplements your contribution. In the future, you can choose to "annuitize" the investment to provide income for a specified period of time in your lifetime.

The earnings on an annuity can grow without being lessened by taxes. These earnings are not taxable until you withdraw them, and then they are spread out over a number of years. 

When you begin receiving income from an annuity, only part of your income is taxable because you receive both interest and a partial return of the invested principal.

To make the best use of the positive tax advantages of an annuity, you also must be aware of the potential tax problems. The IRS imposes a penalty of 10 percent along with the tax owed on withdrawals unless you are over age 59 1/2 when withdrawing money from the annuity or cashing it in. 

These charges are in addition to any insurance company fees that might be imposed upon the withdrawal.

It is advisable to approach the purchase of an annuity with the expectation that you will not draw on it until you are older than age 59 1/2. 

To fully make the most of the tax advantages you should plan on holding the annuity for many years so that the earnings can grow without current taxation. No matter what the tax advantages of an annuity are, you still must pay close attention to the rate of return on the investment.

Here's what annuities have to offer:

• ·         a guaranteed return.
• ·         a competitive interest rate.
• ·         and, tax-free or tax-favored benefits

Because of their safety and security, both whole and annuities, should be given a major consideration for providing either partial or full retirement benefit. 

Keep current on the tax laws. They change frequently. 

Call (773) 614-3201 or e-mail me at bwillbar@gmail.com if you have questions regarding life insurance and annuities

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. 

Leave your comments below.

Don’t Be Without A Final Expense Policy

A  final expense policy is a permanent life insurance product which provides coverage throughout the insured’s lifetime.

It combines a death benefit with a savings element. 

A final expense policy also has level premiums throughout with the proceeds being made immediately available to pay off final expenses. 

Such expenses can include funeral costs, medical bills, or other associated expenses.

Burial Insurance

Also called burial insurance, final expense policies are typically inexpensive and offer benefits generally from $2,500 to up to $25,000. 

They often do not require medical exams and are favored by seniors on fixed incomes as an economic way to cover final expenses.

A Sense of Peace and Security

If you have Social Security, Medicare, and either a Medicare Supplement or Medicare Advantage, then you need a Final Expense policy to cover all of your bases. 

You will then feel a sense of peace and security knowing that you will not have to burden your loved ones in any way.

Applying is easy and simple. No height or weight requirements. Most health conditions accepted. 

Call (773) 614-3201 for a personally designed Final Expense policy.

10 Inspirational Quotes for Father's Day

1. A fellow who does things that count doesn’t usually stop to count them.
2. A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.
3. Don’t wait for your ship to come in if you haven’t sent one out.
4. The fellow who has an abundance of pull gets along very well without push.
5. Your mind can hold only one thought at a time, make it a positive and constructive one.
6. Many of life’s failures are men who do not realize how close they were to success when they gave up.
7. It’s a good idea to take an interest in the future – – that’s where you will spend the rest of your life.
8. The man is blest who does his best; do not worry.
9. There is no formula for success except, perhaps an unconditional acceptance of life and what it brings.
10. The man who gets ahead is a man who does more than is necessary and keeps on doing it.

      What do you think? Leave your comments below?

Only Life Insurance Policy You Need

No one’s financial plan is complete without life insurance. 

If your financial planner does not incorporate life insurance in your financial plan he or she is doing you a tremendous disservice. 

The only question is what type of life insurance.

Limited Value of Term Insurance
While term insurance term insurance can be useful for a young person, recently married, with a mortgage and young children, for older people whose children are grown and who have the potential of acquiring a health problem, term insurance is not the way to go. 

Term insurance is just what the words alludes to. It's for a term of years and then it's no more. If you have an option to keep it and do so, your premium jumps significantly higher. 

Forgetting term, for most of us a choice need to be made among four types of life insurance: a preferred whole life, 20 pay whole life, whole life with modified death benefits, and a whole life final expense .

Final Expense Whole Life Policy
If you have a preferred whole life or a 20 pay whole life already in place, then the only type of life insurance policy you still must have is a whole life final expense policy.

You need a whole life final expense policy to provide your family the money when they need it – a policy which will pay all the costs associated with your funeral and burial expenses within 24 hour of the documents being received while you are waiting on the other policies to pay out.

The other policies may be designed to provide for a lifetime income for your surviving family and may take take several weeks or more to pay out. However, only the whole life final expense policy will give your family immediate benefits.


For Illinois residents, call (773)614-3201 for more information and quotes.

Insure Your Children's Life - A Must For Parents

Insuring children lives are often overlooked. Parents and grandparents must consider insuring the lives of children in their care.

Children Lives Need to be Insured
While the parents and grandparents must make sure that their lives are insured first and foremost, if funds are available to insure the children, the children lives need to be insured.

Insurance Premiums for Children are Low
The insurance premiums for life insurance for children tend to be very reasonable because of their long life expectancy. However, tragedies and accidents can and do occur everyday.

And, no one wants to have to take up a collection or draw down savings to bury a child. Therefore, what amounts to less than a dollar a day. for example, for a child entering kindergarten at 6 years old, the annual premium for a 10,000 policy would be $57.60. 

This would be a whole life policy that build up cash value and one that the child can keep at a low premium once he grows up and becomes self-reliant.

One other matter to consider is that if the child become uninsurable, for whatever reason, and the existing policy is in force, it can not be cancelled by the company as long as the premium continues to be paid. 

Call (773) 614-3201 for more information on insuring your children. If you have any thoughts on this matter, leave your comments below.

7 Free and Important Medicare Benefits for 2019

Take advantage of Medicare preventative screenings and services in 2019. 

Here's an update on some no or low cost preventive tests and services available for Medicare Part B recipients under  Medicare's Medicare Advantage Plans.  

In most Medicare Advantage Plans , the free services include various exams, lab tests, and screenings. Also included are vaccinations and programs for health assessment, as well as counseling and education to guide you in caring for your own health and well-being. 

Here are the 7 Medicare benefits for 2019 :

1.   Flu shots -- once a year. Pneumonia shots are also free.

2.  Diabetes screening -- once a year, or every six months for those at risk.

3.  Cholesterol screening -- once every five years. This also includes test for lipid, lipoprotein, and triglyceride levels.

4.   Bone density measurement -- once every two years or more if you have certain medical conditions or meet certain criteria.

5.  Mammogram screening once a year for  all women with Medicare, 40 and older.  Medicare covers one baseline mammogram for women, 35 to 39.

6.  Prostate cancer screening -- once a year. Annual PSA (prostate specific antigen) and a digital rectal exam -- available to all male Medicare enrollees age 50 and older. Under medicare, you pay 20% of the Medicare  approved amount, and the Part B deductible applies for the digital rectal exam. Your Medicare Advantage Plan or your Medigap may cover a portion of all of the 20% and/or deductible.

7.   Colonoscopy -- once every two years for people at high risk, once every 10 years for others, or 48 months after a previous flexible sigmoidoscopy.

These services are mostly free because they re viewed as preventive steps and can effectively reduce the need for  more intensive treatment or hospitalization. 

Please take advantage of them. Leave your comments below. of call (773) 614-3201 for a free consultation.

Type 2 Diabetics Can Buy Life insurance

The diabetes epidemic continues to garner headlines, with the emergence of Type 2 diabetes among young people the most alarming. 

The greatest increases in numbers of total cases of diabetes in industrialized countries are, however, occurring among elderly people. 

This is because of the aging of the overall population as well as a greater absolute increase in the prevalence of diabetes among elderly people than among young people. 

Diabetic Population in the U.S.
People 65 years and older will make up most of the diabetic population in the United States in the next 25 years. 

More alarmingly, the proportion of the diabetic population 75 years or older is projected to exceed 30% in the United States in the next 50 years. 

Most Common Form of Diabetes
Type 2 diabetes is the most common form of diabetes. In type 2 diabetes, your body does not use insulin properly. This is called insulin resistance. At first, the pancreas makes extra insulin to make up for it. 

But, over time, your pancreas isn't able to keep up and can't make enough insulin to keep your blood glucose levels normal. Type 2 is treated with lifestyle changes, oral medications (pills), and insulin.

When glucose builds up in the blood instead of going into cells, it can cause two problems:

• Right away, your cells may be starved for energy.
• Over time, high blood glucose levels may hurt your eyes, kidneys, nerves or heart.

Control Type 2 Diabetes
Some people with Type 2 can control their blood glucose with healthy eatng and being active. 

But, your doctor may need to also prescribe oral medications or insulin to help you meet your target blood glucose levels. 

Type 2 usually gets worse over time - even if you don't need medications at first, you may need to later on.

High Risk Groups
Some groups have a higher risk for developing Type 2 diabetes than others. Type 2 diabetes is more common in African Americans, Latinos, Native Americans, and Asian Americans/Pacific Islanders, as well as the aged population.

Nevertheless, this condition does not prevent you from acquiring life insurance. Protect you loved ones. Don't be without life insurance. If you live in Illinois, call me at (773) 614-3201 to get a personally designed policy.

Easy Way to Get Extra Help with Your Prescription Costs

Even though the AEP (Anuual Enrollment Period) is over, you can still get help with your prescription costs.  

In times like these, every dollar counts. Some people qualify for big savings on their Medicare prescription drug costs and don't even realize it. 

In fact, if you receive Medicare, you may be eligible for the Extra Help, which could save you about $4,000 per year on your monthly premiums, annual deductibles, and prescription co-payments.

Many People Quality and Don’t Know-It

To qualify for Extra Help, you must be receiving Medicare, have limited resources and income, and reside in one of the 50 states or the District of Columbia. 

To find out if you qualify, Social Security will need to know the value of your savings, investments, real estate (other than your home), and your income. We will also need information about you and your spouse, if you are married and living together.

Even if you were previously turned down for Extra Help due to income or resource levels, you should reapply. If you qualify, you'll get help paying for Medicare prescription drug coverage premiums, co-payments, and deductibles. To qualify, you must make less than $17,655 a year (or $23,895 for married couples). 

Even if your annual income is higher, you may still qualify for partial extra help. Your resources must also be limited to $13,640 (or $27,250 for married couples). Resources include bank accounts, stocks, and bonds, but not your house or car.

How to Apply for Extra Help

To get through the Extra Help process, call me at (773) 614-3201 and I'll help you with the process. It will take only a few minutes. 

Once you are determined to be qualified, you can choose either a Medicare prescription drug plan or a Medicare Advantage Plan for your savings.

Make sure you aren't missing out on these easy savings. The sooner you call, the sooner your savings begin.

Any comments? Leave them below.

What You Need to Know About Your 2019 Medicare Benefits

AEP is here. Know your 2019 Medicare benefits.

AEP stands for Annual Enrollment Period. It is the one time of the year you're allowed to make changes to your Medicare coverage, including your Prescription Drug Plan (Part D).

You will also learn about any changes to Medicare as well as changes to your Medicare Advantage Plan (Part C).

AEP is from October 15th to December 7, 2018. This is the Medicare's Open Enrollment for 2019 begins and ends. It is your once a year opportunity for you to switch from a traditional Medicare plan to a private Medicare Advantage Prescription Drug plan (MA/MAPD) or vice versa and to disenroll from the MA/MAPD) and enroll in a Private Prescription Drug (PDP) plan.

Before the start of AEP, if you have a MA/MAPD you will be receiving two important documents the:

1. Annual Notice of Change (ANOC), which lets you know of any changes to your current health plan for the upcoming year

2. Evidence of Coverage (EOC), which provides details about your health plan, including what it covers and how much you will pay for health care for the coming year.

They should have been in your mailbox by September 30th.

If you are pleased with your Medicare Advantage coverage, you don't need to do anything. Your coverage will automatically renew for another year.

If you have any questions about AEP and need a free consultation simply call (773) 614-3201 or e-mail me at bwillbar@gmail.com. I'm ready to help you.

The Annual Enrollment Period has come to an end. However, there is an Open Enrollment Period coming up on January 1, 2019 where you can change to another Medicare Advantage Plan or to return to traditional Medicare, and choose both a Prescription Drug Plan, and a Medicare Supplement Plan. Detail on this in my next blog. Look for it. 

Stop! Don’t’ Get Ripped off by Funeral Directors

Funeral directors are first and foremost businessmen. They are in business to make a profit.

While the title of this article may appear to incriminate funeral directors, it is not meant to do so. In fact, what I do is of great benefit to funeral directors. 

Most of them are honest and are trying to make a good living for themselves and their families. However, at the time of a funeral, the surviving family members are in a highly emotional state and are vulnerable to being ripped off for thousands of dollars.

What is necessary is for the survivors to have a third-party to handle the funeral arrangements free of charge. This is in addition to having a Final Expense Plan for your parents or grandparents in place. 

It is important for them to clearly state how they want their funeral to be handled by the third party. The survivors would then have the option to use the third-party who would have previously received the information directly from the deceased family member and could proceed to get the funeral arrangements in motion.

So, in summary, here are 3 things that should be in place.

1. The chosen third party services must be totally free. It must not be a lawyer, or any other professionals who would charge you.

2. The third party must have the information directly from the deceased family member who stated clearly, when living, how he or she wanted the funeral arrangements to be done as well as how much should be paid for the funeral.

3. The surviving family members must have been informed by the deceased family members that they preferred the third-party to make the funeral arrangements and know how to contact the third party.

As a financial consultant this is exactly what I do for Illinois residents free of charge. I take away the need to identify and negotiate with funeral directors. 

I make it easy for the surviving family member to experience a satisfactory ending with the beloved family members and to deal with the normal grief period that all of us have to go through.

If this benefit sounds useful to you call (773) 614-3201 or e-mail me at bwillbar@gmail.com.

Plan Now for your Children's College Education

An advisor for college whose role is to help parents and grandparents to save money for your youngsters’ education should focus on at least two areas: 529 plans and life insurance.

529 plans were conceived as an opportunity for parents and grandparents to save money for their children or grandchildren’s college education. 

They were created by Congress in 1996 to be offered by each state.

The number 529 reflects the section of the IRS code. It offers a chance for these funds to be put into investment vehicles (including stocks and bonds) in which the returns on the investment can be realized free of federal income taxes. If allowed by your state, your investments may be deductible from your state income taxes.

529 Plans
In that 529 plans are an investment decision, the return on your investment is subjected to the vagaries  of  the stock market cycles. In recent years returns on many of these investments have been non-existent or negative. Such a situation can easily jeopardize your youngster’s college education.

While 529 plans remain a viable option for concerned family members, what’s often not taken into consideration is what if the parent or grandparent meets an untimely death. At that point the contribution comes to an abrupt halt although the costs of a college education continue to rise faster than the rate of inflation. 

If a 529 plan is chosen, then a life insurance plan covering the contributor to the 529 plan is essential. Either a whole life plan or a universal life insurance plan would be appropriate. A term life plan should not be chosen. It offers no cash build up and it’s just limited to a specific number of years.

Whole Life and Universal Life Insurance Plans
Both a whole life plan and a universal life plan offer a tax-free build-up and will not count against the assets evaluated in determining the student’s college financing package. An equally important feature and perhaps the most important, is the death benefit. If the contributor dies prematurely, then their effort to provide for the youngster’s college education would be self-completing.

If you as a parent want to build up a college education fund for your children and have a hundred dollars to invest monthly, it would make sense to invest $25 a month in your 529 Plan and $75 per month your whole life insurance plan. The choice is yours. The return on your $25 per month is totally uncertain, that includes both you principal and your interest. 

All whole life plans which I am familiar with offers you both a guaranteed return and a non-guaranteed return plus the death benefit which would go to your child in the event of an untimely death. 

Keep in mind that the 529 plan has no death benefit, and is therefore, not self-completing.

Are you concerned about college educational planning for your child or grandchild? Leave your questions below.

6 Crucial Estate Planning Tips

Estate planning isn't just for the wealthy. It is to make sure your family is taken care of if something happens to you.

The basic pieces of estate planning are a Will, a Living Will or Durable Power of Attorney, a Revocable Trust, Life insurance, and 
Long Term Care.

1. The Will

The most important part of your estate plan is your will. It names your heirs -- the people you want to receive your money and possessions after you die. If you have children or dependents, a Will also names the person you want to take care of them.

In most states, you need a lawyer to create a will, but it needn't be very expensive. If you die without a will, the state will decide who will get your assets, your money and who will take care of your children.

2. The Living Will or Durable Power of Attorney

A Living Will or Durable Power of Attorney (POA) says what types of medical treatment you want (or don't want) if you get sick and cannot talk to the doctor. This document also states that you give someone permission to make decisions about your money and property if you are not able to make them yourself.

3. Health Care Directive

This document is also frequently referred to as a Living Will. With this document, you name a person who will make decisions about your health care if you are personally unable to make those decisions. Be sure your doctor has a copy of your health care directive.

Although you may have both documents, keep in mind that they may conflict since the Health Care Directive allows another to make decisions while the Living Will already states what is to be done. Absent statutory or document direction, healthcare providers may experience a conflict as to what to do.

4. The Revocable Trust

In incorporating a Revocable Trust into your estate plan, don't forget to update all the account titling into the name of the trust. Not changing titles creates problems.

Moreover, never name a financial institution as successor executive/trustee after surviving spouse or instead of a surviving spouse.  In some cases, this is to the detriment of the spouse and other beneficiaries because large institutions usually follow their fiduciary responsibilities with a less personable approach that another trustee could provide.

Finally, just having a will just about guarantees probate which can cost approximately 3% of your estate. A properly drafted and funded trust-based plan (seriously consider a land trust if your state laws allow for it) can avoid probate and protect your beneficiaries from predators and creditors. It can also incorporate sophisticated tax planning so that you can avoid or reduce estate tax liability.

5. Life Insurance

Do not name minor children outright as primary or contingent beneficiaries of life insurance or retirement plans. When children are named as primary or contingent beneficiaries a court must appoint a guardian who then must be bonded and file a laborious annual accounting with the local court.

Also, with regards to beneficiaries, it is important to remember to change the beneficiary in the event of a divorce or death. And never name a special needs child or a grandchild directly as beneficiary. Instead, use a trust for the benefit of the child. If you list a child as a direct beneficiary, you affect the child's eligibility for Social Security disability benefits.

6. Long-term Care Insurance (LTCi)

Long-term care can be a wise investment. If you become unable to perform routine daily functions such as dressing yourself then long-term care will pay the expense for someone to help you whether in your home or elsewhere. LTCi will also protect your assets, so that you have something left in your Will to direct to your heirs.

Now its your turn. How much importance do you put on estate planning. Do you think that any one of these steps are more important than another?

Leave your comments below.