Mutual of Omaha is a well respected, long running life insurance and health insurance company. They have high rated products and services, and they are worth adding to your short list of companies to consider when purchasing a life or health policy. Our Mutual of Omaha Reviews Page will outline their company profile and guide you to the most relevant product information to help you in your buying process.

Mutual of Omaha Company Profile

A Brief History 

Mutual Omaha started as a mutual benefit association for health and accident back in 1909. The firm began with its initial president Harry S. Weller, in Omaha, Nebraska, who until 1932, was the CEO. By 1920, it was authorized in 15 states to offer insurance. In the same year, insurance premiums rose over $1 million and the company was approved in 48 states and two territories less than 20 years later.

By 1958, Mutual of Omaha exceeded the $1 billion mark for benefits provided for the policyholder. Additionally, in 1963, the organization was recognized for its wildlife and reality programming, seen by Marlin Perkins in the ‘Mutual of Omaha Wild Kingdom.’ Today, the firm is continuing to advance significantly in the insurance sector as it is one of the few life insurance firms to sell Medicare Supplement policy plans online.

Financial Rating

AA-, Rating as of 05/29/2020

Customer Service Rating

Is 789/1000, Mutual of Omaha is 5th on the J.D. Power list, Rating as of 13, October 2020. Source

Mutual of Omaha Subsidiaries

Insurance company subsidiaries refer to the “other names” the company goes by. Also called affiliates, you may encounter Mutual of Omaha writing you a policy from these following names:

• United of Omaha Life Insurance Company: For life insurance, fixed annuities, Medicare supplements, other life/health products:
• Companion Life Insurance Company: Life insurance only in New York
• United World Life Insurance Company: Medicare supplement insurance
• Omaha Insurance Company: Medicare supplement insurance
• Mutual of Omaha Investor Services, Inc.: Registered broker-dealer for mutual funds
• Omaha Supplemental Insurance Company: Health and accident coverage in limited states

Overview of Products Offered

As of this article, Mutual of Omaha offers the following types of insurance products:

• Term Life Insurance
• Whole Life Insurance
• Burial Insurance (aka Final Expense or Funeral Insurance)
• Annuities
• Disability Insurance
• Long Term Care Insurance
• Accident Insurance
• Dental Insurance
• Medicare Supplement Insurance
• Medicare Part D Drug Coverage
• Investment and Pension Services
• Both Group and Individual Policy Services

Mutual of Omaha covers U.S. clients.

The post Mutual of Omaha Reviews appeared first on Medicare Life Health.

It’s not difficult to imagine the financial hardship your family would face if you died suddenly. Besides struggling with the loss of a beloved, the loss of income can also make surviving family members extremely difficult. Life insurance is vital, and can do a lot to minimize financial pressures. However, life insurance can also be very costly. As a result, options like decreasing term insurance have become more popular.

Why You May Need Life Insurance

Because of its many advantages, life insurance is an important investment for all. This may be an important factor when a family member who helps the family or provides some income dies and the relatives have to look after all financial problems since they have a lower income, but must pay all burial expenses or perhaps hospitalization bills.

It allows the individual to recover a reserved sum of money paid within the policy agreement that has not been taxed by the State as income if they have an insurance policy and a designated beneficiary. This is a way of avoiding any financial difficulties that may occur within a family after the family member dies.

What is Decreasing Term Life Insurance?

To start, term life insurance is a form of insurance that covers the life of an individual for a limited time. Many people choose term life insurance because the premiums are the lowest of all types of policy. However, for individuals, the life insurance premiums rely on several parameters, such as tobacco use, medical history, and jobs. There are several ways to structure life insurance plans, one of which is decreasing term life insurance.

Because all term life insurance plans are purely death benefits policies, it is less complicated. This means there is no accumulations of cash value, loan values, or partial surrender values exist in term life insurance.

One cheaper term alternative is decreasing life term insurance. Decreasing life term insurance is not at first easy to understand, but it should become apparent with some basic explanations.

In decreasing term insurance, the amount of coverage decreases year after year in exchange for a fixed and low premium rate.

Example of Decreasing Term Life Insurance

So, maybe you’re taking a $15,000 five-year policy. After the first year, the coverage will typically be limited by the amount of coverage over which the policy has been divided by years. For a policy of $15,000 for a five-year term, your compensation decreases by $3,000 for the first year, the second year would be $12,000 and the third year would be $9,000, and so on.

In the event of a normal Decreasing term life insurance policy, the beneficiaries will be paying a sum of fixed money on the policyholder’s death before the policy is over and the insurance company is no longer covered. The period can last 30 years for such a policy.

Decreasing term life insurance policy is similar because it will expire, but the difference is that over time, including monthly and yearly, the death payout is lesser. It does not sound good that the death benefit is reduced, but it all depends on your point of view.

What are the Benefits to Choosing Decreasing Term?

Let’s look at the benefits to choosing a decreasing term life policy.

Lower Premiums

One may argue how useful it is to minimize decreasing term life insurance. To start, it is really helpful when protecting kids or people who are in serious health problems or would later have a health problem. Of course, many people have a common desire for protection through a life insurance policy. There are benefits for it, however, decisions on a Decreasing term life insurance can only be taken in exceptional conditions or periods of financial uncertainty because of the extremely low cost.

Perfect for Covering Debts that Are Being Paid Down

Most often, this form of policy is often used to ensure that any significant debt is protected if they die prematurely. AKA Mortgage Insurance.

Additionally, such a program can however also be used to cover payment of other debts, for example, school fees and other loans.

What is Mortgage Insurance?

The payment of a mortgage or home loan is one of the most popular applications for this form of coverage. This also means that a Decreasing Term Life Policy is often called mortgage protection insurance. The condition works well because every time you make your payments, a home loan decreases month by month.

The death benefit of a life insurance policy would reduce at the same rate as your mortgage but would suffice to cover the mortgage if you die prematurely. If you were to dies, it will help your family pay bills and fulfill their monthly commitments by avoiding a big monthly charge, such as a mortgage.

Ensuring that a mortgage is paid off with this form of policy is one of the most popular applications, but not only. This policy will really help you cover some kind of big debt which you could have that you want to ensure you get paid off if you die. Not everybody is covered by a Decreasing Life Insurance Policy.

It will not allow you to create cash value or give any remaining family member a substantial nest egg, but it is a way to ensure that a huge financial burden is taken care of. It’s also the cheapest life insurance that you can get. If you don’t have much money now but want to make sure your home is paid off or any other big debt should be avoided, this kind of policy might be suitable for you.

How Does Decreasing Term Life Insurance Work?

Of the three most popular types of term life insurance coverage, Decreasing Term Life Insurance is most often used by individuals involved in a mortgage or debt protection. The amount of coverage offered by the insurance policy falls with the amount of the debt as well. This is a great option that offers cheap costs for time-sensitive requirements.

Decreasing Term Life Insurance has the same amount premium and the death benefit, which falls steadily every year over the contract period. This method of compensation can mainly be used to minimize the degree of coverage over time, as is the case with most payment debts, to ensure that the debt is paid when the insured dies prematurely before the debt is refunded.

The death reward at the end of the period is zero dollars, and this form of policy is not renewable. But although this is the least costly form of term insurance, keep in mind that it is exclusively focused on debt protection, and the costs of this type of insurance policy vary greatly from traditional insurance plans intended to provide a recipient with a death benefit. The recipient is usually a creditor for these forms of policies.

Like all you buy, the prices and the contract specifics should always be compared.  An insurance web-based tool that enables you to simultaneously compare Decreasing Term Life Insurance policies from multiple companies will save you time and money. To start, policy buyers should be informed that there are two forms of decreasing life insurance schemes, namely mortgage insurance and credit life insurance policy.

Is a Decreasing Term Insurance Policy Right For Me?

Maybe. For policyholders, it is crucial to understand how the Life Insurance Decrease Scheme works in order to decide well on investment in the policy itself. The buyers of policies should bear in mind that, in compliance with the reduction in mortgage debt per year, the payout sum or the value of such policies decreases.

As a result, this does not lead to very large sums of money for the payout amount. In fact, throughout the policy, the size of the coverage is always decreased to the degree that the balance remains, usually equal to the amount of the remaining mortgage.

If the coverage decreases over a span, the premium is still stable. Policy purchasers can also use additional benefits, such as critical disease coverage, that will guarantee the payment of rents either for the diagnosis of a critical disease or if death occurs during the duration of the coverage.

Therefore, if policy purchasers want to ensure that the mortgage debt or loan is repaid when sudden death occurs, the right alternative is decreasing term life insurance. It is also cheaper than regular life insurance policies.

Alternatively, if you are looking for a smaller policy to cover your end of life expenses and funeral / burial expenses, then a Final Expense Policy might be a better option. This is a whole life policy that retains a cash value and will provide a lump sum benefit to your survivors when you die.

Finally, the condition of everyone is different and before the selection of the right kind of life insurance policy, a lot must be taken into account. What’s great for a person may not work for someone else at all. You need to decide what your financial objectives are and what your insurance program is to do for you before you can determine what kind of policy is right for you.

Your Action Steps

If you have an idea of the type of coverage, then it is time to compare a little to find the coverage you need at the best price.

You have to decide when you buy the policy whether it is suitable for your needs.

With decreasing term, death benefits are systematically reduced over the life insurance period and expire at the end of the contract. It is also not the best choice if you are mostly trying to provide the survivors with long-term insurance.

Finally, an overall estate plan should be taken into account especially getting any insurance, including a Decreasing Life Insurance Policy. Evaluating your needs and investigating different insurance policies can help you determine the insurance policy for your needs.

Related Reading

• What is Life Insurance

• What is Burial Insurance

• A Guide to Disability Insurance

• What is Long Term Care Insurance

• How Much Does Medicare Insurance Cost

The post Decreasing Term Insurance: Everything You Need to Know appeared first on Medicare Life Health.

Modified whole life insurance is a special type of permanent life insurance offering a much lesser premium, in return for higher premiums, after an introductory period of the first few years (usually five years).

To begin, modified whole life insurance has much in common with traditional life insurance. However, the distinction between the two lies in the premium contract structure. Unlike in Modified Life, premiums in traditional life insurance are flat throughout the whole policy.

Modified Life Premiums

To start, the amount of premium paid is lower in the first years of the policy for a modified whole life insurance plan. This lower premium period typically lasts for the first five to 10 years, depending on the issuer company.

After the expiry of the lower premium duration, the insurance costs for the rest of the insured’s existence are usually a little higher than the traditional whole life insurance policies. Generally, premium amounts only increase once.

Who Benefits from a Modified Whole Life Policy Structure?

First, a target group is families, in which the breadwinners may be at the early stages of their careers. However, they expect an important wage increase shortly. Second, this product may also work well if you have other financial commitments, and you expect to retire within a few years.

Let’s look at why:

• Modified whole life insurance is life insurance with a fixed amount of time flexibility in the payment of premiums. This encourages you to start building a strong insurance policy until you can pay even higher premiums.

• Modified Whole Life insurance policies deliver lower premiums and also offering all the basic benefits of whole life insurance policies. This kind of policy gives young families a huge opportunity to build assets. Even in times when they struggle to achieve their goals.

• Depending on the policy a family can generate cash value, and at the same time be eligible for dividend payments. Another good thing is that the cash value is tax-deferred and money can be lent from the cash value tax-free.

Financial Protection with Flexibility

In addition, Modified Whole Life is a way to create a financial basis that can be used through financial difficulties. It’s not about “if” you are in a difficult time; it’s about “when” you feel it.

You will handle your financial crisis in such times with the cash value accumulated in this policy. It can also provide education for your kids, help supplement pension income, and several other needs. Each of these needs can be funded as low-interest loans and the quality of the policy can still be maintained.

As with traditional life insurance, you have the key advantage of being able to continue with modified whole life insurers that you can pay flexibly, and still the benefits it offers remain assured. This allows families who want to develop their assets without pushing their financial constraints to achieve life-safety.

How it Works

Basically, for the first five years of the policy, the premium for such insurance is paid at a lower rate. Then, it increases after this period – starting from the sixth year of the policy. This will increase the value of the cash inside it and allow it to use its dividends. Also, the cash value does not require taxes, and if money was taken from the cash value, it is tax-free.

Although the modified whole life insurance can sound too good, it also has a major downside, particularly if you invest in it. Modified whole life insurers take a long time to build up cash value compared with whole life insurers.

This form of insurance allows you to receive a range of coverage at a very low rate and also allows you to tailor the policy to fulfill your particular requirements to eliminate the price of coverage that you do not need.

Structuring Your Modified Whole Life Policy

When structuring a policy, you may opt to customize it with riders. Riders you may consider including in your policy include: accidental death, child coverage, disability, and living benefit.

• If the accidental death coverage is included, it may be helpful because the death benefit payment can be raised if you die in an accident.
• Also, child coverage would be good if you have children because the policy is not costly and when they have grown up you can convert from there to permanent life insurance.
• In addition, if you are concerned with losing your work if you are disabled, coverage of your disability will guarantee you do not lose your policy as long as your premiums are covered.
• Another rider you can think about is the living benefit that comes to you if you are one day diagnosed to have a fatal illness and are supposed to die at a certain time, you can use any of the death benefits.

The same usage as traditional whole life insurance is applied to modified premium products. This includes estate planning, the provision of living costs for survivors, the funding retirement, education financing, or the coverage of a mortgage payment after death.

Who Needs Modified Whole Life Insurance?

The modified whole life policy has many suitable candidates. This involves people who want to protect themselves, but have fewer resources to spare. It works well even for those who know that they will be able to access money later in life.

Modified whole life plans are helpful for persons who do not have much to spend on a whole life insurance policy today, but will have in the nearest future. The kind of person requiring this kind of cover often needs life insurance for their whole life.

Someone who has an increasing job and will make more money over time, somebody who does not need help for children in the future and expenditure is going to decrease, or a family who only has one income earner but may have another in the nearest future can be examples of individuals that might be candidates for a modified whole life insurance program.

It may also make sense for business reasons such as key individuals or buy-selling insurance. This is particularly true when a company is young and does not have the operating budget after many more years.

Another explanation why a modified whole life coverage is beneficial for budget members is that it is necessary to receive insurance coverage while an individual is young. When individuals are healthy, they both ensure that they are insurable in the future and that the premium costs over time are as minimal as possible, since a younger person most likely achieves an entity’s superior health status.

Weigh All Options Before Considering Modified Whole Life

A modified product offers individuals an inexpensive way of achieving these objectives and provides their beneficiaries with the same degree of protection.

However, we should only consider modified whole life insurance when we are completely certain that NO complete coverage option is available. I hope you’ve worked with a broker who weighed all of your choices before proposing a modified whole life insurance plan! Unfortunately, there is a big risk that you will get a short deal if you dealt with a captivating agent instead.

Health Conditions That Suit Modified Whole Life Insurance

While many conditions of health are adapted to \modified whole life policies, I will concentrate on the most common conditions of health.

1. Cognitive Memory Disorders

In most cases, cognitive memory disorders are approved with modified whole life insurance policies because no first-day full coverage would be permitted with any cognitive memory disorder.

2. Kidney Failure

In particular, if you are in dialysis, most insurance firms won’t offer you complete coverage for the first day. You have modified whole life insurance as an alternative or a type of problem coverage guaranteed.

3. Supplemental Oxygen Usage

You must look for no-question life insurance while using an oxygen tank to supplement your breathing as no company will want to cover you from day one.

4. Terminally Ill

Modified whole life coverage is most useful if you are terminally infected, in a hospital, or confined to your wheelchair.

Is Modified Whole Life a Good Product?

There are many reasons why Modified Whole Life Insurance is a smart decision:

• Modified Whole Life coverage is equally as important to the whole life policy
• Death benefit guaranteed 
• Accumulation of tax-deferred f cash value
• The right to borrow cash value on a tax-free basis
• The ability to earn dividends as declared by the firm.

Something that you must always remember is that the younger you are, the lower your premiums are, so it makes sense for you to purchase when you are younger. The premiums are set by the use of actuarial tables, because the longer the probability that you live, the more premium you pay.

Often, your health is probably excellent when you are young; this may not be necessary to wait until you have the revenue to support a modified whole life coverage program.

There is a lot of rivalry amongst life insurance companies, so many different types of deals overwhelm the mailboxes every day. With their low prices, guaranteed coverage, level benefits for insurance terms, and much more, these deals look enticing.

Nevertheless, please ask a licensed agency to help you to search for these good offers. I would be very cautious about any of these policies as very little are really what they represent in your mailbox.

Since the first years are smaller, Modified Whole Life not only gives you a break as you struggle to make a respectable salary, the dollars you pay when the premium upward changes are soft dollars.

This kind of policy has many facets as a winning policy. In early policy years, a lower premium could influence the amount of cash, but it is negligible when you consider the “time value money.”

Modified Whole Life vs. Graded Premium Life Insurance

Graded premiums are commonly acquired as a final remedy for individuals with severe health conditions who do not / cannot have traditional coverage. In comparison to traditional policies, these policies appear to be very costly. Some individuals cannot afford life insurance, at least at the standard premium, due to health conditions. Often the Graded benefit life insurance is the option for these individuals.

The graded whole life insurance may be a marvelous thing if you know that you will live for at least two years or more but not as much for those who may die during that period, The only thing paid as a benefit is usually the percentage specified during the first year, a little more during the second, or maybe only the premiums, interest and dividends are paid.

Graded Whole Life plans typically require no exams, testing, or questionnaire which means they have another advantage, and these are usually the ones you will hear that insurer cannot cancel your coverage at any time.

In essence, a graded whole life plan provides an option to either paying higher premiums due to health conditions or not getting life insurance. The advantage, however, is obvious, if you have a disease that could lead to your death in the first two years, you may want to make sure that is right.

But even when the other route is not covered, it may be the only real choice for others by putting money into a savings account.

Do Your Due Diligence

If you are looking at an insurance package for a Graded Whole Life, read all documents to ensure every bit of fine print is known – many of these policy variations are very significant. No specification is available on how they are run and often these are bought in units.

These units will decrease in value over time or may not, so you want to be sure of something else. As always, it’s the easiest way to know if your graded whole life insurance is for you, or you should find a way to cover yourself, despite your health problems.

Often the cost is equivalent, so don’t instantly think you’re going to need a graded package. Sometimes graded life insurance will cost you more than it pays for. Fortunately, if you live long and prosperous, that will happen. In that case, your premiums can surpass your heirs’ death benefit.

If you could qualify for a standard life insurance plan but did not know it, you would also overpay for a graded policy. It doesn’t mean that you cannot enroll in life-insurance that pays a death payout on day one simply because your medical condition preexists.

It is worth testing other forms of coverage before choosing graded life insurance. That way you can see if you qualify and can also save money. When faced with a serious illness, that’s not to say that you’re left out with life insurance. You may have received a dishonest letter that denies your policy. However, this is not the end of the road. You can still consider an alternative known as graded whole life insurance.

Graded life insurance takes about two years to wait for a life insurance payout. If you pass away, your heirs also receive some compensation during this period. You’re going to get the amount you paid in interest premiums.

Your heirs are given the full benefit of death, whether you die through natural or injuries if you live past the two or even three years of wait.

Who are Good Candidates for Graded Premium Insurance?

Graded whole life policy plans are for people with advanced medical conditions but are not life-threatening instantly.

They are mostly for people over 50 years old with health problems, although younger people may also be disqualified from other life insurer requirements, such as:

• Diabetes
• Parkinson’s disease
• Alzheimer’s
• Coronary artery disease
• Incapacitation
• Cancer

Pros of a Graded Whole Life Insurance Policy  

You can wonder why you should spend two or three years in a life insurance plan without payment. But there are also upsides to these policies:

• The ordeal of a medical examination is normally saved for you. This is a bonus, as the examination could have revealed that your rates were going to rise significantly.
• Approval is quicker than the usual full underwriting phase 
• Premiums would be the same over the period, which is additional for those with a fixed income. It is also great for breadwinners since in later years they normally have higher payments. 
• There is no waiting time if death is accidental.

Cons of Graded Whole Life Insurance Policies

Graded plans are a high risk in the eyes of an insurer. The firms advertise to customers who are denied for chronic conditions by most insurance companies.

This is why the insurance company’s financial risk is reduced by a delayed benefit span.

In comparison to other policies, companies often charge higher prices for graded policies. Depending on your age and coverage, you will pay up to $200 a month, even though policies vary considerably.

On the bright side, most insurers would allow you to adjust your coverage. You could reduce the death allowance, so the premium would lower to fit your budget.

Mistakes to Avoid  

The conditions of a graded life insurance contract often seem too good to be true. If you surpass the two-year threshold, the business pays back your premiums plus interest. There’s a total policy payout after two years. How do you make money from the insurer?

One response is that life insurance firms make more money than the premiums themselves from the investments. Life insurance firms made $145 billion in 2018 from premium, while investments made large $187 billion. Unfortunately for the user the comparatively high cost cannot be afforded, so they just stop paying and many people let it go, so the insurers make money on graded policies. That means that the policyholder lost his insurance cover, and only the cash surrender value of the policy is returned.

This is generally much lower than the premiums charged or the death benefit earned by their heirs. Health conditions depend on the carrier, but Parkinson’s disease, systemic lupus, liver disease, or COPD may put your client in a graded plan for example.

This is normally the case; you have to consult with the carrier of your choice. As an example, Equitable would not give the graded policy a full mortality advantage until the fourth year.

If non-accidental death happens within two years, only a fraction of the death benefit will be paid by the policy.

For instance:

1. When a death occurs in the first year, maybe only 30% of the death benefit is paid.

2. In the case of non-accidental death, 70 percent of the death benefit is accounted for in year two.

3. Death pays 100% of the death benefit in year three or later.

Examples of “Accidental Death”

In case you were wondering, here are some examples of accidental death in insurance language:

• Car accident
• Falls
• Poisoning
• Drowning
• Fire-related death
• Suffocation
• Firearms (excludes acts of war and suicide)
• Industrial accidents
• General accidents (medical professional mistakes, falling objects, air transport injury, etc.)

Examples of “Non-Accidental Death”

“Non-accidental deaths” include:

• Illnesses
• Old age
• Suicide

In general, a graded life insurance plan is close to no risk for you when you have a progressive disease, are disabled, or stay in a nursing home. Your heirs receive the payment of your interest premium or receive a death benefit that is greater than what you have paid.

Final Thoughts on Modified Whole Life

Both graded and modified whole life insurance can be good options for certain situations. In addition, they are also designed for seniors. Often, they come with a simplified and trouble-free application process. Typically, we see simplified issues for Final Expense Insurance.

In summary, shopping for life insurance policy can be confusing, so getting help from a professional is always a good idea. The application process can also be frustrating and difficult, especially if your medical record is not so perfect. This is because by issuing plans to individuals who are older or those with health conditions, insurance providers assume substantial responsibility. In addition, some companies also refuse to cover people with certain specific problems.  For example, Cardiac bypass is one such issue, but that does not mean that a life insurance policy can’t be bought.

As a result, we recommend that you consult with an unbiased agent to compare your choices taking into account both price and profit periods. This is the most effective and comfortable way to shop life insurance companies.

To answer any questions, an independent agent will shop on your behalf around a dozen or more carriers and help you make a good decision based on your unique needs. Find an agent here.

The post Modified Whole Life – What is it & Who Needs it appeared first on Medicare Life Health.

The term “contingent beneficiary” is used frequently in wills, trusts, and insurance policies. A beneficiary is someone who benefits from a gift, such as from a will, trust, or insurance policy. When the term “contingent” is used, it means there are certain circumstances that must occur for the beneficiary to receive the benefit. The contract or policy will state who the beneficiaries are, and if any contingencies to receiving the benefits exist.

Sometimes on tests you will see “which of the following best describes a contingent beneficiary?”

What they are usually looking for is what sets contingent beneficiaries apart from primary beneficiaries. They want you to know that contingents do not receive any assets or benefits unless the primary is unable to accept the benefit.  Sometimes, there are stipulations to a person receiving a gift or benefit. As a result, their failure to comply with the stipulations allows for a contingency beneficiary to take the benefit instead.

What is a Primary Beneficiary?

A primary beneficiary is the person who you would most like to have your asset(s) if you die.

Do you have any assets, such as life insurance policies, 401k accounts, or trust accounts? Then, you can add a beneficiary to the policy or account. That way they take ownership of the asset upon your death.

In most cases, the primary beneficiary is a spouse or child, but it doesn’t have to be. You can choose whoever you want to be the primary beneficiary. If the primary beneficiary cannot accept the gift, then it is given to the secondary beneficiary. However, you must have one listed. If you don’t have a contingency beneficiary listed, it depends on the terms of the account what happens to your assets. Also, it will depend on the laws in your state. Sometimes, the next of kin will have rights to the inheritance if there is no will and no beneficiaries.

What is a Contingent Beneficiary in Life Insurance?

Life insurance policies typically gives you the option to add multiple beneficiaries. This is to protect you in the case that one of the beneficiaries is unable to accept the policy benefits. The primary beneficiary for a life insurance policy is the person you assign to receive the benefits upon your death.

The secondary beneficiary is often referred to as the contingent beneficiary. They are given the benefit if the primary is not alive or cannot accept the benefit for any reason.

In addition, life insurance policies allow you to add as many beneficiaries as you want. Are you are trying to decide how many contingency beneficiaries you need? Then, consider the people you’ve chosen, and whether there is a good chance they would pass away before you. If anyone on your beneficiary list passes away, or becomes unable to accept your policy benefit, you should update your policy immediately and add an additional beneficiary.

What is a Contingent Beneficiary in IRA/Roth IRA?

The beneficiaries of your financial assets work in same way as they do with life insurance. If you have assets that have beneficiaries listed, you will have a primary beneficiary. In addition, hopefully you will have contingent beneficiaries. The contingent beneficiary of your IRA account is one that will receive the funds if the primary beneficiaries are not able to claim the assets for any reason. The same is true for 401k accounts.

What is a Contingent Beneficiary in a Trust Account?

Trust accounts can be a little more complicated. Especially, if the trust account is being held for someone that you have already named. Third parties usually hold trust accounts. Typically, you will pay a third party to hold the account until your stipulations have been met. Then, they release the assets to the beneficiary.

The complications with adding contingency beneficiaries to a trust account occurs when the primary beneficiary is already listed as a joint owner. This considered an irrevocable trust, and they also have to approve who the contingent beneficiaries are. If you are trying to set up beneficiaries for your assets, you can speak with an estate attorney. They can help you evaluate your assets and make a plan for listing beneficiaries.

What is a Tertiary Beneficiary?

A tertiary beneficiary is similar to a contingent beneficiary. However, they only receive the assets if the primary and contingent beneficiaries are unable to accept the assets. It is very rare that a tertiary will receive any assets. But, if you are extra cautious about where your assets end up, you can set up a tertiary beneficiary. Also remember, you don’t have to name a person as a beneficiary. You can name trust accounts, business (such as the funeral home), and even charities as your beneficiaries.

Can you name multiple primary and contingent beneficiaries?

With almost all assets, you can name multiple beneficiaries. This allows the asset to be split amongst the all beneficiaries. Also, you can also choose the percentage that each beneficiary receives. For example, let’s say you have a life insurance policy. You want to leave it to your two adult children. So, you can list both of them as primary beneficiaries, receiving 50% of the benefit each. Note, when you are splitting assets, you have to decide how you want the asset split if one of the primary beneficiaries is not able to accept the asset.

For example, let’s say you leave your life insurance policy to your two children. However, one of them passes at the same time as you. In this instance, you can have the insurance policy set up to give your living child the full 100% of the policy. Or, you can allow that 50% to go to the children or spouse of your child that passed.

This is also possible in the case of real property, or real estate. Although, it can complicate things when the beneficiaries are wanting to sell. Or, if they do not accept their portion of the real estate, if the real estate is not able to be physically split. Just like you can have multiple primary beneficiaries, you can also have multiple contingent beneficiaries to receive split assets.

Final Thoughts on Contingent Beneficiaries

To sum it up, contingent beneficiaries are secondary to primary beneficiaries. They receive benefits only when certain events take place to displace the first named beneficiaries.

So, we hope this clears up the differences between beneficiary designations on legal documents, including life insurance policies.

Here are a few articles that might be helpful in your research:

• Life Insurance Basics

• Final Expense Insurance Basics

• Retirement Planning

The post What is a Contingent Beneficiary? appeared first on Medicare Life Health.

Aging is a bittersweet part of life. Aging is a sign of life and having lived for many wonderful years. But aging also tends to come with challenges, such as decreased health. Moreover, aging comes with the need to plan for a future when a person has fewer tomorrows than yesterdays. In this article, we address one pertinent aging question, how to get power of attorney for elderly parents.

Getting a Power of Attorney for an aging loved one is one way to prepare. It will make the transition into the later stage of life easier on everyone. POA’s are not something people like to think about. However, just like getting life insurance and a will, a Power of Attorney can be helpful and prevent the stress of needing one when it’s a little too late to get a Power of Attorney easily.

Why Should You Get a Power of Attorney for Your Elderly Parents?

Think of everything you have access to and do on a daily or monthly basis. You might call and make a payment to the electric company. Maybe you called the bank to ask about an unknown charge. Maybe you called your insurance company to make some adjustments to your coverage. It is easy for the account holder to complete tasks. However, when you aren’t the primary or secondary owner of the account, completing even the simplest task, like paying an electric bill, can be difficult.

Sometimes the bank will want the account holder’s information, and sometimes a hospital will want a Power of Attorney. You may also need a POA for less frequent things, like selling property. If you have an aging parent, it is time to start talking to them about a POA. Ask them how they plan to manage their finances and health care decisions if they become unable to do so.

Why You Can’t Wait to Get a POA

As people age, they can sometimes suffer memory loss, or other cognitive disorders that require the help of others to complete simple tasks. You shouldn’t wait until your elderly parent reaches that stage before getting a POA though.

If your parent’s health and mental capacity decreases significantly, it can be impossible to get a POA. Then, you will instead have to petition the courts for adult guardianship. It is important to start talking to your parents about who they would like to help them with finances and medical decisions if they become unable to manage it themselves. By talking about it, you can get the POA set up before it’s needed. This will allow you and your family to focus on what is really important, instead of focusing a legal battle.

What Type of Power of Attorney Should I Get for My Elderly Parent?

There are different types of Power of Attorneys and knowing the difference can help you better prepare for getting one. When discussing POAs, the agent is the person who is acting on behalf of the person who is labeled as the principal. In this case, the elderly parent is the principal, and you are the agent.

There are 4 types of Power of Attorneys you need to know about so you can get one that is best suited for your situation and plans.

GENERAL POWER OF ATTORNEY

A general POA allows an agent to act on behalf of the principal in almost every aspect. Some businesses may require a special POA for their business and will not accept a general POA. However, for the most part, a general POA can allow the agent to handle the principal’s accounts and transactions.

A General POA is a great option if you think you will be paying bills, closing accounts, or opening accounts for your elderly parent before they become incapacitated. It’s important to know that a general POA is no longer valid after the principal becomes incapacitated. That means if your elderly parent can no longer make decisions for themselves, the POA becomes invalid. After that, you will need to petition the courts for adult guardianship. For this reason, a general POA may not be the best option for managing an elderly parent’s accounts.  

SPECIAL OR LIMITED POWER OF ATTORNEY

A Special Power of Attorney is limited to specific acts. In this case, the principal decides what they would allow the agent to do and lists it in the POA. This prevents the agent from having the ability to commit acts the principal would not do for themselves or consent to.

If your parent is worried about you having the ability to open accounts under their name, a special or limited POA can give them peace of mind. They can then control what the POA can be used for. Some businesses may also require a specific special POA for their business. For example, a bank may require a special POA. Make sure you or your elderly parent contact the accounts you might be handling. That way, you will know whether or not a special POA is necessary for their accounts.

SPRINGING POWER OF ATTORNEY

A springing power of attorney allows the power of attorney to only become valid after a specific point. These are great for elderly parents who want to wait until they can no longer manager their own accounts before giving someone else the power to manage them. As with the special/limited POA, the principal can determine what they want to allow the agent to have access to and be in control of.

DURABLE POWER OF ATTORNEY

This power of attorney is another great option for elderly parents because it remains valid even if the principal becomes incapacitated. This POA also goes into effect immediately, giving the agent immediate access to it. This is great for an elderly parent who is not incapacitated, but wants a little help with some things and then wants the agent to fully take over when they do become fully incapacitated. This POA should have all of the specific permitted powers listed on it.

What Should Be Included in the Power of Attorney?

This should be a discussion between you and your parent to decide what they are comfortable having you in charge of. They may want you to have a POA for their bank accounts so you can withdraw money for them. Or, they want you as a POA for their finances so you can do their taxes for them. Also, they may also want to allow you to make medical decisions for them.

Common Uses for a POA:

• Buy or Sell Property – If your loved one becomes incapacitated and can no longer live in their home, you may decide to sell their property. You may have also discussed purchasing property for them to be closer to you.
• Pay Bills – Some bill payments require the account holder to make the payments, in these cases, you will need a POA to make a payment on the account.
• Open or Close Accounts – If your loved one moves and you need to turn off the utilities to their home or open a new account, you will most likely need a POA.
• File Taxes – In order to file taxes on someone else’s behalf, you need a POA.
• Make Medical Decisions – If your loved one needs treatment for an ailment but they cannot make decisions for themselves, having a POA will allow you to make decisions regarding treatment. A medical POA is different from a medical directive or living will.

Difference Between a Medical Power of Attorney and Healthcare Directive

Healthcare directives and medical POAs are not the same. Healthcare directives gives directions to medical professionals to carry out the will of the individual in the circumstance that the person becomes incapacitated and requires medical care to keep them alive. Most medical directives involve end of life decisions, such as if the person wants to die naturally or be given medication to ease pain and suffering. They may also have information in the directive on how to handle life support and resuscitation.

Medical POAs are different because it leaves the agent in charge of decisions regarding the principal’s healthcare. This can be used for a lot of medical decisions that may need to be made after the person becomes incapacitated, and before they reach the end of life state. For example, an elderly parent with dementia could fall and hurt themselves. During this time, the medical POA will be asked how to proceed with treatment, such as consent to surgery, or pain management. The principal has to lack the mental capacity to make medical decisions for themselves in order for a medical POA to be activated. An agent cannot make medical decisions for a parent who is capable of making their own medical decisions.

How can I get a Power of Attorney for my Elderly Parent?

Are your elderly parent is of sound mind and judgement, and not mentally incapacitated? Then, you can have a lawyer draw up a Power of Attorney for a fairly low cost. This is the best method to get a POA. It allows you and your parent to be walked through each part of the POA. Then each party fully understands and agrees to everything. Using a lawyer is also a good idea because they can help identify your specific needs for the POA. Also, the lawyer can ask questions to identify what type of POA best suits the needs of your situation.

There are a lot of websites and programs that will draw up the papers for you for a small fee. The websites ask you for questions regarding what kind of POA you would like and then creates the forms for you to print at home. In these cases, you will need witnesses to be present when signing the document, and the form should be notarized. Use caution when using programs and websites that offer POA forms though. While it can be convenient and cheaper than using a lawyer, you will not get any legal advice or guidance.

Final Thoughts on How to Get Power of Attorney for Elderly Parents

Getting a Power of Attorney for your elderly parents can sound daunting. However, you have a few options that can make things simple. We always recommend finding a good professional to help you.

Good luck.

The post How to Get Power of Attorney for Elderly Parents appeared first on Medicare Life Health.

Here at MedicareLifeHealth.com, we focus a lot on Medicare for your health insurance options. However, some people retire earlier than age 65, the age when you are first eligible for Medicare. So, then the question becomes, what are my health insurance options in retirement?

The Traditional Retirement: Age 65+

If you are a U.S. citizen, retiring at age 65 or older, then you will have access to Medicare.

What is Medicare? It is the U.S.’s national healthcare system for citizens over the age of 65, and for some people (of any age) with disabilities. We will look at Medicare as an option for health insurance in retirement at the end of this article.

Early Retirement Health Insurance Options: Under Age 65

Retiring is very exciting for most people. Retiring early? Even more exciting!

We know we need insurance. There is too much at risk without it. Chronic illness, accidents and other big health events are always a possibility as we age. However, when you are too young for receiving Medicare, insurance options can be confusing and even expensive. This is especially true if you are losing insurance that covered your family as well as yourself.

So, what are your health insurance options if you are retiring before you are eligible for Medicare?

Your Spouse’s Insurance

Your spouse may be able to cover you under their insurance if they are still working. This is definitely worth looking into, as premiums are often subsidized by their employer. Couples will often have one person work longer just for the insurance benefits in our limited health insurance market.

Employer Insurance for Health Insurance Option in Retirement

The first option for early retirement health insurance is staying on your employers insurance. However, this is not always an option offered to everyone, and even if it is, the cost can be prohibitive.

There are some businesses that offer options for retiring with insurance coverage from their group plan. As a health insurance adviser and Medicare specialist, I have seen a few of these rare health insurance in retirement plans.

Often times, these plans are offered to employees that preformed dangerous jobs – such as being a firefighter or police officer. Sometimes, other union based jobs might have more options like this available to them.

COBRA Insurance

COBRA is sometimes an option for extending employer coverage. However, it is expensive. Moreover, the time period you can stay on the plan might be shorter than you need. Often times, COBRA is only available for 18 – 36 months.

COBRA may be an option for you if:

Your employer had more than 20 employees.

You get notice from your employer that COBRA is an option for you.

With COBRA, you will be paying for your portion of the premiums in addition to what your employer use to pay for you. As a result, some people find this option to be too expensive and a prohibitive form of coverage.

Private Health Insurance

Next, you also have the option of enrolling in private health insurance. There are a limited amount of insurance companies that offer individual plans for private health insurance on the open market in each area of the United States.

Annually, the U.S. has open enrollment into these private health plans. The enrollment period is from November 1st to December 15th. However, some years (like in 2019) they extend it a few extra days. During this time, you can find a plan and get an acceptance into that plan without going through medical underwriting. These plans are not allowed to disqualify you for illnesses you already have or had in the past.

The Catch?

The big catch here is, these plans are still often very expensive, and have high deductibles. For example, when I ran a quote for myself in my area (and at my age of 36) I was quoted around $350 a month for a plan premium. Then, if I added my whole family of 4 (total) to the quote, the premiums went up to over $1,400 a month. Additionally, that plan had a deductible over $7,000, and a max out of pocket each year of $8,500. Yikes.

If you are a part of the F.I.R.E. (Financial Independence Retire Early) movement, and you plan on retiring at age 40, you will have a lot of years of high medical premiums to consider. Especially if you have dependents.

Another Health Insurance Option in Retirement: Work Part-Time for a Job with Benefits

If you find yourself in a longer time-frame, for needing health insurance before age 65, then you may consider finding a part-time job you enjoy that has health insurance benefits for part-time employees. It is not ideal for “retirement,” but it might solve your problem. Starbucks is always the go-to example for a company that provides this benefit, but you can probably find a few more options in your area.

Option Five: Opting Out of Traditional Health Insurance

I would not recommend it, but if you decide not to have full health insurance in retirement before age 65, that is technically an option too. Up until this year, the government had a fine they would levy against you if you did not have proper insurance. Now, this fine is gone. So, although you should technically have health insurance, no one is going to fine you for not having it.

If you take this option, you can find smaller policies to cover you in catastrophic events. You can find “cash” policies too. These are policies that you pay a premium for each month, and then if you have a qualifying event (such as being diagnosted with cancer), then the policy will pay you a set amount of cash. However, these plans do not pay for routine doctor’s visits or trips to urgent care, so you will need to plan to have money saved up to cover these expenses.

What About Medicaid?

We are assuming here, that if you are entering into retirement early, it is because you have saved up enough money to do so comfortably. In this case, Medicaid is not going to be an option. Medicaid is the United State’s only other option for nationalized health insurance. However, it is only available for those that live at or below the poverty level. I hope that is not you!

Now, let’s look at Medicare.

Health Insurance for Retirees Over Age 65

If you reach age 65, congratulations! Everything just got easier and better, at least health insurance-wise.

For United State’s citizens that paid taxes into Social Security and the Medicare system for their working years, you will get Medicare benefits. Most people have worked long enough in the U.S. to get Medicare Part A at no cost. Medicare Part B, does come at a monthly premium (of $144.60 in 2020).

What Do the Parts of Medicare Cover?

Part A = Hospital Insurance. This covers the following:

• Inpatient care
• Skill nursing facility care
• Hospice care
• Home health care

Part B = Medical Insurance. This covers the following:

• Outpatient
• Home health
• Doctors
• Health care providers
• Durable medical equipment
• Prevention

Visit here for more information on Medicare and what it covers.

Supplemental Insurance

In total, Medicare covers about 80% of the costs of your health care needs with Parts A and B. You will need to find private health insurance coverage to cover the other 20% (or just pay it out-of-pocket). However, unlike private health insurance for those not on Medicare, your options here are pretty good!

You can either find a Medicare Supplement (Medigap) Plan or a Medicare Advantage Plan (aka Medicare Part C) to help you with these extra costs.

Click here for a good article on what these options are and what option is best for your situation.

The last part of Medicare, is Part D. This is the Prescription Drug Coverage Plan set-up by the CMS (Center for Medicare and Medicaid Services). However, these plans are actually run by private insurance companies. When ready, you will choose a plan and pay for it with those companies. If you have a Medicare Advantage program, Part D might be included as part of the plan and at no additional premium.

Conclusions

In summary, retirement health care options are easy if you are over age 65. However, if you are planning on retiring early, then you may need to get creative, or save a lot of extra cash, to cover your premiums and health care costs. Either way, it is important to always be protected and to have a good plan.

The post Health Insurance Options in Retirement appeared first on Medicare Life Health.

Do you have a stash of old or expired medications? Are you concerned about how to dispose of old medications? There are a lot of things you can do with old medications. However, there are also some things you shouldn’t do with unused medications. Let’s look at your options.

What to do With Old Medication?

If you are like most Americans, you probably have a medicine cabinet with medication inside. When is the last time you checked the expiration date for your medications? Everyone is probably guilty of holding on medication past its expiration date.

Many people are probably also guilty of holding onto medication they won’t use before it expires. Maybe you do this because the medicine cabinet is out of sight, and therefore also out of mind. Or maybe you do it because you don’t know what to do with your medications once you’re done with them.

Regardless of why you have old medication hanging out in your medicine cabinet, letting it sit there is not the solution. So, instead of letting it clutter your cabinet, there are some ways you can get rid of your old prescription medications, and even your expired over the counter medications.

Why Should I Dispose of Old Medications?

Disposing of old or unused medications is important for a few reasons. Old medications that are past their expiration date, should be disposed of properly. This is because medication, much like food, has an expiration date. In general, medication should not be used after its expiration date because it could be less effective.

Expired medication can even be harmful because of potential bacterial growth. According to the Food and Drug Administration, expiration dates for medications became a requirement in 1979. These dates play critical part in determining the safety and effectiveness of a medication.

Antibiotics and Expirations for Old Medications

Antibiotics are especially prone to becoming less effective after their expiration date. This can lead to an infection spreading instead of being treated. Moreover, it can also lead to antibiotic resistance. The potency of the an expired antibiotic is reduced. As a result, it allows the bacteria causing the infection to become resistant to the antibiotic.

Finally, when discussing antibiotics, the regime for antibiotics is a critical part in treating infection. Every infection is different, and may require different antibiotics. Relying on unused or expired meds to treat a presumed infection can be dangerous. Always talk to your doctor before starting an antibiotic, and never used expired antibiotics.  

Best Way to Dispose of Old Medicine

The best way to dispose of old medicine is to take it to a drug take-back location. Many hospitals, clinics, and pharmacies have a location where you can drop off old or unused medication. The location will then dispose of the medication properly for you.

The  Drug Enforcement Administration (DEA) hosts a national drug take-back day at least annually. The DEA sets up temporary drop boxes for drugs to be dropped off. The purpose of this national event is to provide a safe place for people to drop off medication. In addition, they DEA can also raise awareness about the abuse of medications.

Locale Take-Back Sites

While the DEA only dedicates one day to setting up temporary take-back sites, there are a lot of year round, or permanent, take-back sites in the United States.

If you are wondering where to take old prescription medications, you can easily find out if there is a permanent drug take-back location near you by using the DEA website. All you have to do is type in your zip code, or city and state. Then, select how far you’re willing to drive to drop off your medication.

The website will tell you every registered drug take-back location in the radius you selected. If you don’t have a drug take-back location, or if the nearest location is too far for you to drive, there are other options.

Local Law Enforcement Take-Back Days

Occasionally, local law enforcement agencies host take-back days. On these days, they set up a site for the local community to drop off their unused or expired medications. From there, the police department handles the disposal process. You can always call your local police department to find out if they will be hosting a take-back event in your community. In addition, you can always call and ask if they can take unused or expired medications.

How do I Dispose of Old Medications?

If you don’t have a local drug take-back location where you can safely drop off your medication, there are other options. First you need to identify what kind of medication you need to dispose of. There are some medications that require special disposal.

Some medications cannot be flushed or put down drains, this is because they might be harmful to the environment and there might be a better or easier way to dispose of it. It is a common myth that no medications can be flushed though. The FDA states there are some medications that should be flushed instead of thrown away.

MEDICATIONS THAT CAN BE FLUSHED

The FDA provides a list of medications that can be flushed down the toilet. It is important to remember that if the medication is NOT on this list, then it should not be flushed. There are other methods of disposals for medications not on the list. The medications on the flush list are medications that should be disposed of immediately.

Holding onto these medications poses a danger to anyone who was not prescribed the medication or is battling addiction. The FDA has determined the risk of keeping these medications in the house exceeds the potential environmental impact from flushing the medication.

The medications they list can cause death to animals and young children if they ingest even just one dose. Because of the serious risks associated with these medications when they are not taken as prescribed, they are better off flushed if they can’t ben taken to a drug take-back location immediately.  

MEDICATIONS THAT CANNOT BE FLUSHED

The FDA has stated that medications not on the flush list, should not be flushed. If you feel you have a medication that needs to be disposed of quickly and you don’t have a local drug take-back location, there are other ways to dispose of the medication. Check to see if the medication you have has special disposal instructions. Typically, if the prescription medication has special disposal instructions, you will be made away by the pharmacist.

Most medications can be safely thrown in the trash, in 4 simple steps.

• First, mix the medication with an unappealing substance. Something such as kitty litter, coffee grounds, or dirty. This will prevent animals, or people, from being attracted to it if they find it in the trashcan. Do not crush tables or capsules. You should also do this with liquid medications as well, just pour the medication in the unappealing substance.

• Next, place the mixture in a sealable bag. Do not just mix it in a grocery bag or trash bag. Being able to seal the bag prevents it from spilling open and becoming easily accessible. Imagine if your trash can got knocked over and your medication fell out and was ingested by an animal. While some medications may not be deadly, others can have harmful side effects. For this reason, it’s important that the bad you place the mixture into, can be sealed.

• Next, throw the sealed bag into your household trash can and take your household trash out to the dumpster or place it in your outdoor trash container. You don’t need to take the household trash out immediately, but it might be wise if you have curious kids and pets in your house that like to get into the trash.

• Finally, scratch out all identifying information on the medication bottle and discard the bottle. Prescription bottles contain a lot of personal information, such as your doctor’s name, your full name, the medication you were taking, and possibly even insurance information. Protecting your identity is important, even when disposing of medications.

Can I Donate My Old Medications?

Medication, especially in the United States, is not cheap. Many people might think it would be better to donate the medication instead of throwing it away. Donating medications can be tricky because there are lot of laws that control how medications are distributed in the United States. Some states do have laws that allow for medications to be donated, especially medications used for the treatment of life threatening diseases such as cancer.

Can I give Old Medications to a Friend or Family Member?

Federal law prohibits controlled substances from being distributed by individuals that don’t posses specific licenses to prescribe or distribute medications, such as doctors and pharmacists. For this reason, you cannot just give your unused medication to a friend or family member. However, you might be able to find organizations that are able to take medication and redistribute it to those in need. In these situations though, the medication cannot be expired, and typically has be sealed in the original manufacturer’s bottle, not a prescription bottle.

As of 2018, there are 38 states, and Guam, that have laws pertaining to the reuse and recycling of unused medication. If you are interested in donating your unused medication, you can contact a local pharmacist. They can tell you if there are any programs in your state that accept unused medications.

Conclusions on How to Dispose of Old Medications

Disposing of old medications is a complicated topic as there are many options. Moreover, not all of your options are good and/or legal. This article is a good place to start. However, if you are in doubt of how to properly dispose of a particular medication, please call your pharmacist.

More Reading on Prescription Drugs

The post How to Dispose of Old Medications appeared first on Medicare Life Health.

South Carolina is quickly becoming a popular retirement state. This beautiful state features mountains, the ocean, and plenty of activities for those looking to retire here. Here is a list of the best places to retire in South Carolina.

First, let’s look at the reasons people enjoy retiring in this state.

Tax Friendly Retirement in South Carolina

South Carolina is one of the most tax friendly states for retirees. They don’t tax Social Security income and there are deductions available for other types of retirement income as well. Property taxes here are also one of the lowest in the nation and the average home value in South Carolina is just $148,000. All of this makes South Carolina a good financial decision for many retirees.

SC Activities in Retirement

South Carolina is beautiful, mountains, lakes, and sunsets highlight this gorgeous state. It even features one of the oldest living things in the country, the Angel tree at over 400 years old. Home to a very active population, golf, hiking, boating, and many other activities await you here in South Carolina. It’s rich in culture and history, so you will never run out of amazing things to learn.

Retirement Haven

South Carolina is a very popular vacation destination. Many of these vacationers turn this into their ideal retirement location after visiting several times. There is really no better praise then those who visit this beautiful state wanting to make it a permanent home. South Carolina continues to grow as not only a tourist destination but as a retirement haven. Those looking to enjoy the later years of their life with beautiful weather, activities, and financial incentives will love it here.

Of course, there are many great cities to choose and all have something a little bit different to offer. Let’s look at some of the best options available.

1.    Seneca

Seneca is a beautiful town surrounded by lakes and mountains. You will find many of your retired peers in this beautiful town as seniors make up about 20% of the population. Seneca is a very active community and common recreation includes hiking, kayaking, and boating on Lake Keowee Marina.

Seneca also has several museums for you and your family to visit and learn about culture, energy, and science. It also has many medical facilities available for you to use. This makes Seneca a great place to continue living a happy and healthy life throughout your golden years.

2.    Murrells Inlet

This quiet community is just a few miles from popular Myrtle Beach. It has only about 8,000 people and seniors make up over 30% of that population. This maritime community has plenty of golf courses and beaches to keep you active. With some of the best seafood in the world you will enjoy eating at one of the many popular restaurants here in Murrells Inlet.

3.    Myrtle Beach

Myrtle Beach is another great place for retirees and is one of the most popular destinations. You will always have fun experiences to entertain you and your family here. Enjoy one the 100 golf courses, endless shopping and restaurant choices, and popular shows playing at the local theater.

Moreover, you can enjoy your retirement years relaxing on the soft white sand beaches while watching the sunset. Myrtle Beach is home to one of the longest continuous beaches on the planet, the Grand Strand. This is a great place for those looking for a little adventure in their retirement. With its large tourist population and all the excitement that comes with it you will never be bored.

4.    Greenville

Greenville is a great small town that is home to several colleges. With a great taste for art the town hosts several events and festivals throughout the year. If you’re looking to retire in a smaller, quieter area that still has attractions and a quaint downtown, Greenville may be the perfect option for you. It has maintained a historic presence. Its Main Street features many original buildings creating a unique experience for residents and visitors alike.

5.    West Columbia

West Columbia is a great choice if continued education is something you look forward to during retirement. The University of South Carolina is nearby and offers free tuition to those who are over 60. Known for its southern hospitality along with a vibrant city life West Columbia has been gaining popularity as a place to retire. It has a multitude of recreational centers located in and around West Columbia. This means you will never run out of fun activities for you and your family.

Conclusions on our List of Places to Retire in South Carolina

Retirement can be an exciting but stressful time in our lives. Especially when still deciding on where we want to live. South Carolina has so much to offer retirees. From its beautiful scenery, active lifestyle, tax benefits, and excellent health care you will find that one of these cities in South Carolina can make a great permanent home for you.

Other Fantastic Retirement Cities and Communities:

• Mexico

• North Carolina

• Florida

• Arizona

The post Best Places to Retire in South Carolina: The Top 5 appeared first on Medicare Life Health.

Here are the best places to retire in Florida. A state that is home to the highest percentage of retirees. With good reason!

One of the main reasons that retirees are drawn to “The Sunshine State”, is for well, the sunshine. With almost 250 days of sunshine each year you can always get out and enjoy the many activities offered here in Florida.

Tax Friendly Retirement in FL

Florida has some of the best tax friendly policies for retirees. There’s no state income tax here and they don’t tax retirement or Social Security Income. With no inheritance or estate tax you can pass on your wealth onto your children tax free. Property taxes are also reasonable in Florida, making it a financial haven for retirees.

Florida’s Active Lifestyle

Florida is a very active state, which has attracted the attention of healthy minded retirees. It’s easy to connect with others who are in the same position as you; trying to enjoy retirement in this beautiful state. You can go to the beach, hiking, running, or go on one of the many excursions offered throughout the state.

Family Activities

With over 1,200 miles of coastline and soft white sand beaches, you will always have something fun to do. Florida is also home to Disney World and is a great experience for both you and your grandchildren when they come to visit you. This is one of the amazing benefits of Florida, it has plenty of activities. These will help keep you and your family connected even if they don’t live nearby.

Florida Retirement Communities

Many of the communities in Florida are 55 and over communities. This means that you will find others who are at a similar place in life as you are, creating a strong sense of community. You will create lasting friendships, bonding over tennis, swimming, or book club. These communities also offer varying levels of living assistance, so assistance can increase as you age.

Of course, there are many cities to choose from in Florida, so take a look at our list of the five best places to retire.

1.    Sarasota

Sarasota has a population of just a little over 50,000 people and 26% of them are over 65. The slow-paced lifestyle features a colonial Spanish history that attracts many of these retirees. Along with plenty of amenities and about an hour drive to Tampa you’re never far from the city. However, with its nearly 100 stores and restaurants you will never need to leave your little slice of heaven. With its miles of white sand beaches, lush landscape, and plenty of wildlife Sarasota offers a beautiful backdrop for all your adventures.

2.    Gainesville

Gainesville is about 75 miles inland, meaning that you won’t go to the beach as regularly. However, when hurricane season hits, this may not be such a bad thing. Home to the University of Florida residents over 60 can enroll in courses for free. If you’re looking to continue learning during retirement this is a great advantage. Just about 10% of its 130,000 population is 65 and older, so they have a wider range of residents. Initially founded as a health care resort, Gainesville now has medical care available at both the Sands Hospital and North Florida Regional Medical Center.

3.    Naples

Naples is another beach town featuring around 20,000 people and over half of those are 65 and up. The miles of beaches, high air quality, and beautiful scenery have attracted retirees for years. Residents of Naples report feeling good about their health, financial security, community, and their sense of purpose. All of these are great things as we age and being surrounded by others who feel the same creates a unique experience here in Naples. However, home prices here reflect this reality, starting around $400,000 for a condo.

4.    St.  Petersburg

Saint Petersburg is the largest city on our list today. With over 250,000 people 17% are over 65. Home prices are lower here starting at just $165,000 depending on the size and location. Getting around in St. Petersburg is easy and you will find many people biking or walking downtown while enjoying the arts scene and local restaurants. Tampa is just a half hour away, meaning you can escape for the day to enjoy its theaters, colleges, and other conveniences of city life. Then you will return to your quiet paradise.

5.    Punta Gorda

Another small town, at around 20,000 people, over half of those are over 65. Retires are drawn by the canal-front living and plenty of retirement communities. Golfing is a popular pastime and there are over 18 miles of trails for those who prefer biking or walking. The average home price in Punta Gorda is $325,000 and rent is just around $1000 a month. This makes it a relatively affordable place to call home.  

Conclusions on Places to Retire: Florida

When looking at places to retire, Florida is always one of the top US states and rightfully so. This trend of people retiring to this temperate, active, and beautiful state shows no signs of stopping. If you want the good life filled with others who are at the same place in their lives as you are, there is no better place than one of these cities in Florida.

Other Excellent Places to Live in Retirement:

• Mexico

• North Carolina

• South Carolina

• Arizona

The post Best Places to Retire: Florida appeared first on Medicare Life Health.

Here are the five best and most exciting places to retire in Arizona.

Arizona has long been one of the best places for retirees and with good reason. With a little bit of something to offer everyone it’s hard to go wrong in this beautiful location.

Tax Benefits of the Best Places to Retire in Arizona

Arizona doesn’t have Social Security Income tax, gift tax, estate tax, or inheritance tax, making it a great financial decision. Other taxable income rates range from 2.59% up to 4.54% for married filers.

Health Friendly

Arizona is also known to be allergy friendly and attracts those looking to improve their health. Many people find that their quality of life here improves drastically; especially those with bad allergies or asthma. This is because the state is a desert and most highly allergenic vegetation does not grow here. Along with its beautiful scenery and outdoor adventures you may find that you feel healthier later in life than before.

Arizona Weather

Arizona also has amazing weather year-round. With no humidity even its hottest days seem bearable. And with over 300 days of sunshine per year you can get out and enjoy all of those beautiful activities as often as you like. However, if you don’t enjoy the heat there are still a few cities that provide a great haven with cooler temperatures and even snow.

AZ Activities

If you’re a golfer, you will find there’s few better places in the world to retire than in Arizona. With over 70 ranked public courses and over 421 courses throughout the state, golfers will love their time here in Arizona.

Arizona’s Annual State Fair draws over 1 million people to its capital. Here you will enjoy prickly pear margaritas, cactus jelly, rodeos, and much more.

Culture

Diversity and culture are abundant in Arizona. With over 20 Native American tribes represented and the highest percentage of land dedicated to reservations, this piece of our history has been maintained in Arizona. In fact, it is still home to nearly 10% of the Native American population.

If the tax benefits, weather, and endless activities seem attractive to you Arizona is a great option for you. Read on to learn about some of the best cities to Arizona has to offer.

1.    Sedona

Sedona is well known in the movie world. The iconic red rocks that call Sedona home have appeared in many major western movies. These amazing natural features create a beautiful backdrop for your new home. The moderate climate and mountains that Sedona has to offer make it a popular retirement community. With numerous hiking trails and a thriving art culture, Sedona has a little bit of something for everyone. This laid-back town is a great option for those seeking an escape from city life.

2.    Mesa

Mesa is the second largest city in Arizona with over 400,000 locals but it is still cost-effective choice for retirees. Ranked number 10 out of the state for cost of living, along with its attractions, museums, and sports centers you will always have something to do. Of course, Mesa also has several golf courses available for retirees of any skill level to enjoy. If you are looking to enjoy the city life with all of its conveniences and amenities, Mesa is a great option for you.

3.    Youngtown

Youngtown has an interesting history. It was initially started by a real estate broker named Ben Sheffield. He created this new community as a senior citizen only living. This idea took off quickly and population increased with those looking for low-cost retirement living. The warm climate, low taxes, and no crime created the perfect environment for these retirees. After many years it came to light that Youngtown was never actually designated as a 55 plus community and it now allows all ages to call this beautiful place home. However, with its parks, clubhouse, and beautiful lake Youngtown has maintained its small-town feel.

4.    Peoria

Peoria is the ninth biggest city in Arizona and is located on the outskirts of Phoenix. Surrounded by the rugged terrain of the Sonoran Desert. It provides the perfect landscape to enjoy a variety of outdoor activities. Being that the city is so large you will find all of the conveniences of city life surrounded by adventure filled days of hiking and enjoying nature. If you are a fan of baseball you will also love the Peoria Sports Complex. In fact, both the San Diego Padres and the Seattle Mariners use it to train during the spring.

5.    Surprise

Surprise is another city located just outside of Phoenix. It provides all aspects you will need in retirement. This includes plenty of activities as it’s surrounded by the Sonoran Desert and mountain park lands. It’s one of the best places to start a business and 9 out of 10 residents suggest you do so. With its low crime rates and excellent amenities, it really isn’t a surprise that Surprise is such a popular location for retirees. Along with its installation of public art and beautiful scenery Surprise is another great choice for those looking to retire in Arizona.

Conclusions on the Best Places to Retire in Arizona

With its tax friendly policies, wonderful weather, endless activities, and cost-effective prices, it’s no wonder that Arizona continues to be one of the best states for retirement. Any city in Arizona will provide you with these benefits, but the cities on our list have something extra. They all offer something that makes them unique and makes them the perfect places for retirees to call home.

Read Next: The Best Places to retire in North Carolina

Or Read: The Best Places in Mexico

The post Best Places to Retire Arizona appeared first on Medicare Life Health.