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Volume 10, Issue 3 July 2008
Essentials by Debi & Jim Bowman
Bowman & Bowman Consultants, Inc
1700 Alma Rd. Suite 230 Plano, TX 75075 Office: 972-578-5095
Send all mail to: 2701 W. 15th St. #554 Plano, TX 75075
email: debi@bowmanbenefits.com Total Benefit Services www.bowmanbenefits.com
New age 50-64 Health plans Available
Bowman & Bowman Consultants, Inc is now an authorized to offer health insurance plans for ages 50-64 and Medicare Supplements for those 65 and older. The health insurance of ages 50-64 is through Aetna. The Medicare Supplements are written by United HealthCare.
Many of you get their direct mail marketing pieces as part of being members of AARP. If you receive any such mail and would like to discuss, we are available to go over this with you.
Alternative to the Stock Market
Right now there is one insurance company offering an interest bearing annuity with a minimum of 5.10% interest for 5 years. Makes you wish you had one these prior to this year! They only require a 5 year commitment and a minimum of $10,000.
Another excellent option is the EIA (Equity Indexed Annuity), which basis its earnings on the performance of the selected stock indexes. With these indexes at a low point, this makes for a great time to enter this type of investment. PLUS, an important feature of the EIA is when the markets went down, no one who owned one of these policies lost any principle. It’s part of the guarantee in the policy.
Tim Russert’s Heart Attack – What You Should Know
According to Dr. Barry Franklin, Tim Russert hearth attack was caused by a plaque rupture in a coronary artery, triggering a clot (blocking blood flow) and causing an abnormal and fatal heart rhythm. And he recently had a cardiac stress test, but did not disclose this blockage. Had he been given an automated external defibrillator soon after the attack, his chances of surviving would have been 90%. Cost for these machines is about $1500.
Tim had hypertension (ie. high blood pressure), abdominal obesity, elevated triglycerides (blood fats) and low HDL “good” cholesterol. Having 3 or more of these conditions is called Metabolic Syndrome. The cholesterol deposits in his arteries turned in plaque, and one ruptured.
Abdominal obesity is defined as a waist line of 35 inches or more for women and 40 inches or more for men. It is a main indicator for Metabolic Syndrome and subsequent heart attacks.
IRS Deduction Changes for July 2008
Effective July 1, 2008, the standard mileage deduction is now 58.5 cents per mile. This is an increase of 8 cents per mile from the Jan –June 2008 rate. The Medical/Moving mileage deduction is also up 8 cents to 27 cents per mile. There was no change in the Charitable mileage deduction of 14 cents per mile.
Minimum Wage Increase
Effective July 24, 2008, the federal minimum wage increases to $6.55 per hour. This is an increase of $1.40 per hour.
VERY IMPORTANT. For those of you reporting full-time status at 30 hours per week, you will need to adjust your payroll to reflect this change to maintain compliance of full-time earnings. This will affect some small group policy owners.
On July 24, 2009, the minimum wage rate goes to $7.25 per hour.
HSAbank Update
Beginning July 2008 HSAbank will no longer mail monthly statements to its members. They will mail quarterly statements. Monthly statements can be viewed online at: https://secure.hsabank.com/ibanking3/
You can either set-up the online internet banking or login if you already registered.
Life Settlements for those 65+
There are companies out there that will pay you for your life insurance policy. If you own a Universal Life (UL) policy with a death benefit of $250,000 or more, you may be surprised what it is worth to you in cash and you may get to keep the death benefit for your heirs. Best if your life expectancy is 2 years or more.
Another option is term life policies. Many have a conversion option (to a UL policy). These, too, can be worth cash to you.
Let us know if you would like one of these reviewed. We have partnered with a company expert in this field.
Ways to Save on Prescriptions
Here are some suggestions on ways to save money on current and future prescription.
Don’t do free samples as a replacement for current medications. These often have a higher cost, which you will pay once the samples run out. And, newer drugs do not always work better.
Split pills when possible. For example, Lipitor 40 mg is about the same cost as Lipitor 20mg. By the 40 mg and split the bill. Twice as many pills for the same price. Ask the Pharmacist if you can do this with your medication.
Take generics. Ask your Doctor or Pharmacist for alternatives.
$4 generics are offered by most pharmacies now. Often times this is less than your generic prescription co-pay. Of this is the case, don’t use your insurance.
Apply to pharmaceutical company patient-assistance programs.
Honorably discharged Veterans can sign up for low cost VA prescription program.
Don’t request drugs that are advertised on TV or elsewhere. They are not necessarily better and usually cost more.
Websites of Interest
www.aetna.com – Aetna insurance company Client website
www.eams.com – AMS insurance company Client website
www.bcbstx.com – Blue Cross & Blue Shield insurance company Client website
www.unicare.com – Unicare insurance company Client website
www.humana.com – Humana insurance company Client website
www.myuhc.com – United Healthcare insurance company Client website
www.newlifestyles.com – List of state licensed senior living facilities at New Lifestyles website.
This newsletter intends to offer factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. Professionals should be consulted before implementing any option presented. It is meant for informational use only.
This is a Christian business based on the teachings of the Bible, with a strong belief in the Holy Spirit. We believe that God has blessed each of us and assigned us the task of stewardship during our lifetime. All efforts are focused towards this walk.
As it is written, “Minister to one another, as good stewards of the manifold grace of God” 1 Peter 4:10
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