Calling All Moms!

One of the most important insurance policies a Mom in today’s society needs is life insurance…. so why do most Moms not have enough of it or any at all?

Historically, many Moms stayed home to care for the children while Dad worked. Currently, more and more Moms are working and with that, may not be covering themselves like they should.

According to Transamerica, 44% of women do not have life insurance. But yet, 40% of working mothers in US families are the bread winner. And it’s expected that 66% of the nation’s wealth will be controlled by women by the year 2030. It is extremely important for these working Moms to have the right protection!

Life insurance would be a great start to getting Mom covered. We all know most families would suffer tremendously in many ways if they were to unfortunately lose the matriarch, but life insurance could help sustain the family by paying for a nanny, a family member to move to help, a childcare facility, schooling, etc if Dad became the sole care giver. And Moms are busy, right? Now, there are even some companies that will issue life insurance with no medical exam! Less time spent and very little effort so Mom can stick to her juggling act of everything else.

Whether or not a family is fully dependent on Mom’s salary, disability insurance or “income protection” is also something that many Moms overlook. This too is a pretty simple process that would help pay the bills or get extra help if Mom is injured or ill.

Mothers are so valued and appreciated for intangible things so let’s not leave them underinsured! We’re always happy to help: nick@mcgriffwilliams.com or (352)371-7977.

What if I’m eligible for Medicare but still working?

How does Medicare work if I’m eligible but still working? What if I’m also drawing social security? How does my spouse fit into all of this?

Medicare can seem like an overwhelming and intimidating time but it doesn’t have to be. A big part of the confusion and nervousness is regarding when you’re eligible but still working and how social security and your spouse can be affected. Here are a few of the most common questions surrounding this:

  • What if I’m turning 65 but still working? If you’re still working full time for a company with twenty or more employees, you are not required to enroll in Medicare Part B upon turning 65. You can wait until you retire. However, if the company you work for has less than twenty employees, you may be required to go ahead and enroll in Part B. Keep in mind, Part A is automatic and has no premium, but Part B almost always does have a premium associated with the coverage, depending on your income. You can still remain on the employer-provided group plan if you prefer.
  • What do I need to do if I’m still working and also drawing social security? If you turn 65, are working, and already drawing from your social security, you will be automatically enrolled in both Parts A and B, and the premium for Part B will be deducted from your social security. If you decide to come off of your employer’s group plan to go on a Medicare supplement, you can elect whether or not you’d like the Part D prescription coverage to be deducted from your social security as well.
  • What if I’m retiring but my spouse isn’t 65 yet? Your employer may offer a group retirement plan that your spouse can remain on but most times, they will need to get an individual health plan in place for themselves when you go on Medicare.

A lot of this is very situational and handled case by case. We are always happy to discuss those specific circumstances with you or you’re welcome to join one of our quarterly Medicare seminars as well. Please contact us at info@mcgriffwilliams.com or (352)371-7977 if we can be of assistance.