COVID-19 Resources for Employers and Employees
Medicare Doesn’t Cover Everything!
Medicare helps you get the coverage you need, but you should expect to pay some of the costs. If you choose Medicare Part A and Part B, you’ll often discover gaps in the coverage. Many people enroll in a Medicare Advantage, Part D Prescription Drug and/or a supplemental plan to help pay for the costs and benefits that aren’t covered by the original medicare.
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Medicare Part C (Medicare Advantage plans) covers all the services that Parts A and B cover. Part C may also include prescription drug coverage, as well as vision, hearing and dental coverage, and preventive services.
Medicare Part D plans help with prescription drug costs. Medicare Supplement Insurance plans (Medigap) help cover some of the costs that Parts A and B don’t cover.
As you prepare to join Medicare, it helps to know a little about when you become eligible for Medicare and who handles the paperwork when you join. These are all topics the experts at Osprey Health can assist with, guiding you to the right coverage options – whatever your personal case may be.
Resources and Updated Coronavirus Information
Women & Wealth: Meg McGinn, President of Osprey Health
Life Insurance Resources
PEO 101 by Extensis
Term Vs. Permanent Life Insurance
Term insurance is best for temporary needs while the purchase of Permanent insurance provides coverage on a more permanent, long term basis. If you would like to have life insurance past the age of 75, then buying a permanent insurance policy makes sense (term policies expire around age 75 or 80).
A popular reason people buy Term insurance is to cover the temporary period known as the “dependency period.” This is the time period when a family depends on the money from the income earner(s) to enjoy a certain quality of life. Typically, this period lasts until the youngest child is no longer dependent on his or her parents.
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If you are on a budget then a Term Life Insurance Policy makes the most sense (and most Term Insurance Policies can be converted into a Permanent Policy at any time within the guaranteed Term period). If you have both Temporary and Permanent needs for Life Insurance (and are not on a tight budget), then a combination of Term Insurance and Permanent Life insurance makes sense.
If your goal is estate conservation or if you are trying to pass on money to the next generation, a permanent policy makes sense (either a Universal Life Policy or a Whole Life Policy). A Whole Life Policy is more expensive but it builds up a cash value so you can stop paying premiums after about 20 years (the cash value built up can be used to pay the future premiums until age 100).
If you are in a high tax bracket and are looking for ways to tax shelter money, then a Variable/Flexible Universal Life Policy makes sense (especially when overfunded to the maximum IRS allowable amount) This policy is similar to a regular Universal Life Policy except it is overfunded, and all the overfunded money is invested into mutual fund type of accounts (investments in stocks and bonds).
Why Osprey Health?
At Osprey Health, we make it our priority to offer a personal, hands-on approach to meeting your insurance coverage needs. We take the time to understand your unique situation and deliver long term solutions and signature services that make sense.
Call Now!Heading the Team
Meg McGinn
President of Osprey Health
Address:
1055 Westlakes Drive Suite 300,
Berwyn, PA 19312
Phone: (610) 772-3822 Extension 3822
Maureen Dever
Senior Client Services Manager
Address:
1055 Westlakes Drive Suite 300,
Berwyn, PA 19312
Phone: (610) 772-3822 Extension 3823
Christine Schwartz
Senior Benefits Administrator
Address:
1055 Westlakes Drive Suite 300,
Berwyn, PA 19312
Phone: (610) 772-3822 Extension 3824