Investment Advisory Services offered through Claraphi Advisory Network, LLC

Life, Health, and Annuity licensed in FL, AL, MS, GA, SC, NC, and MD

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References made, and discussions of various investment solutions or offerings are for informational purposes only. Such investments may not be suitable or appropriate for all investors. Individual investment strategies and solutions will be based on individual discussions with your advisory representative.

 

Financial and Insurance Services maintains a principal place of business in the State of Florida. Advisors for Financial and Insurance Services may transact business only in States in which they are registered, or in which they are excluded or exempted from registration. The Advisors for Financial and Insurance Services must also be registered or exempted or excluded from registration in any state in which they follow up on individualized responses to persons in that State that involve either the effecting or the attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation.

 

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The information in this website is based on data gathered from what we believe to be reliable sources. Information throughout this site, whether stock quotes or any other statement or statements regarding market or other financial information is not guaranteed for timeliness or accuracy and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific securities and model portfolios is made on the assumption that the investor would participate in the investment or portfolio on a long-term basis and only after consulting with their investment advisory representative to determine their individual needs, financial position, and tolerance for risk among other things. With respect to any such identification, there can be no assurance that fund or model portfolio will in fact perform in the manner suggested. All references that might be made to an investment or portfolio’s performance are based on historical data and one should not assume that this performance will continue in the future. Past performance is not indicative of future results. In some cases, our recommendations may include commission based insurance products. Such products will only be offered through an appropriately registered insurance broker. Claraphi Advisory Network does not offer insurance products.

 

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Our website may contain previous newsletters or articles where specific information may be dated and may no longer reflect the views, opinions and recommendations of Financial & Insurance Services. No client or prospective client should assume that any such discussion serves as a substitute for, or in place of, personalized advice from Financial & Insurance Services.

 

Video Disclosure

Any videos provided by Financial & Insurance Services  are for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of videos presented is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this presentation is derived from sources that Financial & Insurance Services believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

 

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This site may provide links to other websites and resources. Financial & Insurance Services  has no control over such websites and resources, is not responsible for their availability and does not endorse and is not responsible or liable for any content, advertising, products and other materials on or available from them. Financial & Insurance Services shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused with use of such sites or resources. Your use of such sites or resources shall be subject to the terms and conditions set forth by them. All such information is provided solely for convenience and information purposes.

What is Part C - Medicare Advantage?

Medicare Advantage Plans, also known as "Medicare Part C or MA Plans," are offered by private companies approved by Medicare.  Medicare pays these companies to cover your Medicare benefits.

There are 2 types of Medicare Advantage Plans:

     - Managed Care Organizations (PPO or HMO)

     - Private Fee-for-Service (PFFS)

Medicare Advantage Plans receive payments from Medicare to provide you with the benefits covered by Medicare, including Part A and Part B.  These companies must follow rules set by Medicare.

Most Medicare Advantage Plans include Part D prescription drug coverage.

Who is Eligible for Part C?

You must have Medicare Part A and Part B, and you must live in the plan's service area to be eligible.

People with end-stage renal disease (ESRD) or permanent kidney failure cannot join a Medicare Advantage Plan.

What do Medicare Advantage Plans Cost?

With a Medicare Advantage Plan, you must still pay your Part B premium.

Your out-of-pocket costs in a Medicare Advantage Plan depend on:

     - monthly premium

     - yearly deductible

     - cost of each visit or service (copays)

     - type of services you need and how often you receive them

     - whether or not your plan includes Part D - prescription drug coverage

     - if you use in-network providers (if your plan is an HMO or PPO)

     - extra benefits for which the plan charges

     - if you get extra help from your state or Medicaid

Most Medicare Advantage Plans have little to no monthly premiums, but all have copays at the doctor's office and hospital.  The total cost of the premiums, copays, and deductibles is often less that the total costs for coinsurance, copays, and deductibles when on Original Medicare only.

Medicare Advantage Plans have a yearly limit on your out-of-pocket costs for medical services.  Once you reach this limit, you'll pay nothing for covered services.  This limit is different between Medicare Advantage Plans and can change each year.

Each Medicare Advantage Plan charges different premiums and has different costs for services, so it is important to check these before you sign-up with a plan.

What do Advantage Plans Cover?

Medicare Advantage Plans must cover all of the services that Original Medicare covers, except for hospice care.  Original Medicare covers hospice care even if you're in a Medicare Advantage Plan.

In all types of Medicare Advantage Plans, you're always covered for emergency and urgently needed care, even if you're traveling outside of your network area.

The plan can choose not to cover the costs of services that aren't medically necessary under Medicare.  if you're not sure whether a service is covered or not, check with your provider before you get the service.

Medicare Advantage Plans may offer extra coverage, like vision, hearing, dental, and/or health and wellness programs.

Most Medicare Advantage Plans include Medicare prescription drug coverage (Part D).  You will need to check to make sure that all of your prescriptions will be covered on the plan's formulary list before enrolling in the plan.

Important things to remember about Medicare Advantage Plans

     - You are still in the Medicare Program

     - You still have Medicare rights and protections

     - You still get complete Part A and Part B, they are just provided by the Medicare Advantage Plan

     - You can only join a plan during certain times of the year; therefore, you are enrolled in the plan for one

        year

     - You can join with a pre-existing condition, except end-stage renal disease (ESRD)

     - You have to follow the plan rules; if enrolled in an HMO, you must use their network of doctors

     - You cannot be charged more than Original Medicare for services like chemotherapy, dialysis, and

        skilled nursing care

     - You have a yearly limit on your out-of-pocket costs for medical services

     - If the plan decides to stop participating in Medicare, you can join another plan, switch to a Medicare

       Supplement, or go back to Original Medicare

     - You can NOT have both a Medicare Advantage Plan and a Medicare Supplement plan; it is illegal to

        have both.

If you would like to discuss your existing Medicare Advantage Plan, or if you are newly eligible for Medicare and would like to enroll in a Medicare Advantage Plan, please refer to the “Contact Us” section of our website. We welcome the opportunity to sit down with you to discuss your Medicare insurance needs.