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If you have a Marketplace plan, you can keep it until your Medicare coverage starts. Then you can end your Marketplace plan without penalty.
If you like, you can keep your Marketplace plan too. But once your Medicare Part A coverage starts, you’ll no longer be eligible for any premium tax credits or other cost savings you may be getting for your Marketplace plan. So you’ll need to return to the Marketplace to terminate any premium tax credits or other cost savings, and pay full price for the Marketplace plan.
Ever increasing marketplace complexity can make transitioning confusing. At the Davenport Agency, we specialize in medicare transition assistance. We’ve helped many clients make informed decisions for themselves and their families and we can help you too.
Many people think the phrase “long-term care” refers to an insurance policy. While insurance may be part of your strategy, long-term care encompasses everything from long-term services and supports and finances, to where you will live and how you will navigate the myriad of legal, family, and social dynamics along the way.
You should consider a number of things before purchasing LTC insurance:
Don’t buy more insurance than you think you may need. You may have enough income to pay a portion of your care costs and you may only need a small policy for the remainder. You also may have family members willing and able to supplement your care needs.
Don’t buy too little insurance. That will only delay the use of your own assets or income to pay for care. Think about how you feel about having care costs that are not covered. While you can usually decrease your coverage, it is more difficult to increase coverage, especially if your health has declined. Look carefully at each policy. There is no “one-size-fits-all” policy
Protecting income with annuities.
People typically buy annuities to help manage their income in retirement. Annuities provide three things:
Periodic payments for a specific amount of time. This may be for the rest of your life, or the life of your spouse or another person.
Death benefits. If you die before you start receiving payments, the person you name as your beneficiary receives a specific payment.
Tax-deferred growth. You pay no taxes on the income and investment gains from your annuity until you withdraw the money.