Healthcare Planning Archives

The Savage Blog In Economy, Events, Healthcare Planning, Insurance

Leading health care strategist to visit northwest Ohio

Known as one of the nation’s most prominent and respected speakers in the health care industry, Bradford Koles, vice president and national spokesperson, Advisory Board – a best practices firm helping health care organizations worldwide – will speak on the current and future status of the industry, Wednesday, April 1, 2020 from 8:30 to 10 a.m. at The Pinnacle in Maumee, Ohio, sponsored by Savage and Associates.

“Savage is thrilled to have Mr. Koles present to our region, particularly with the strong attention the health system will receive with the upcoming presidential election,” stated Scott Walsh, vice president of employee benefits and partner, Savage and Associates. “This will be an outstanding value added to our clients, as well as others who would like to gain some fascinating insight.”

Based in Washington, D.C., Koles has significant expertise in health care economics, strategy, and reform initiatives including coverage expansion, vertical integration and physician partnership models, managed care and payer contracting, and quality-based payment.

There is no cost to attend, and a free continental breakfast will be provided. Doors open at 8 a.m. for check-in and networking. Advanced registration is required at savageandassociates.com/rsvp/.

Megan Rightnowar In 401(k), Financial Planning, Healthcare Planning, Investments, Retirement Plans, Saving

An advisor’s four-part strategy to saving

Now that we are more than one month into the new decade, let’s revisit the goals that you made: going vegan, hitting the gym, attending church, sticking to your budget, etc. As we are “adulting,” one New Year’s resolution question I got bombarded with was, “Megan, where do I put the money I am going to start saving?”

I thought this would be a good time to share the specifics of what my husband and fellow financial advisor Nick and I do for our personal finances. Let’s dive into our four-part strategy!

Annual Review
We sit down once a year for an annual review of our budget. Yup, that’s it. That’s how often I recommend that my clients review theirs, too. Money does not have to control your life, and I believe that revisiting your budget once a year is sufficient if you do it right.

Expenses
We get our pumpkin cream cold brews from Starbucks and pull out our budget sheet (see below). We use this to outline our recurring expenses, including our mortgage, groceries (aka, takeout … your girl can’t cook!), Pure Barre, our sweetest employee, Kerigan, etc. We then determine if there are any expenses we can eliminate, such as the gym across the street that I have not gone to once. (WHOOPS!) Next, we estimate expenses that do not occur monthly but know will happen throughout the year like hair appointments. Lastly, we dedicate 10 percent of our income to our church and other charities – SO many people and organizations doing awesome things in our community!

Savings
Now it’s time to add our savings to the mix. We set aside $416.67 a month to our savings account so that each year our savings grows by $5,000. We max out our Roth IRAs and Health Savings Accounts (HSA) with monthly contributions to each. We then put money toward our non-retirement investment account and our LIRPs (Life Insurance Retirement Plan). As business owners, we must factor in savings for taxes each month too – shoutout to all the 1099 business owners out there!

(Fun!) Income
At the bottom of the budget sheet, we include our take-home pay and then subtract our expenses and savings. Drum roll please (with my calculator) … we have our discretionary income, aka our FUN money! Sometimes we may only have $20 left and other times it may be $2,000. This is my, “Girl, get that dress!” money. Some months my closet is growing while other months I ask to borrow a dress from a friend (you know who you are!). Because we have done the hard part first, we have no regrets, and can truly enjoy the money we have earned.

Now that you know our process, let’s get back to you. Take a deep breath and start your own budget sheet. Make a commitment to saving so you can have some FUN! Need help with the savings piece? Holla at your girl.

Securities and investment advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.

The Savage Blog In Healthcare Planning

Healthcare Questions? We Have the Answers

Open enrollment for the Affordable Care Act is right around the corner. Savage and Associates advisors can answer your healthcare questions.

When

Open Enrollment for 2019 coverage runs between November 1, 2018 and December 15, 2018. You must apply by December 15 to ensure an effective date of January 1, 2019.

How We Can Help

A Savage & Associates advisor can help choose the plan that works best for you and your unique set of financial circumstances.

“While it may be tempting to choose the lowest priced plan, it’s important to consider if you can afford the deductible that comes with it,” says Savage & Associates advisor Dan Finkel.

Before you make a decision, speak with a Savage & Associates Advisor. We will work with you to ensure that you and your family have a plan that makes sense for you.

Talk to a Savage & Associates Advisor today and get covered.

The Savage Blog In Healthcare Planning, Insurance

Ready for Open Enrollment 2017?

Know Your Dates

The open enrollment period for 2017 coverage is between the dates of November 1, 2016- January 31, 2017. You must apply by December 15, 2016 to ensure an effective date for January 1. Because of the expected volume of applicants, please contact an agent as soon as possible to complete your application.

Savage agent Steve Milewski cautions clients to make sure they apply as soon they can. His advice is to “Be aware that you will have a limited opportunity to buy coverage outside of the open enrollment period. If you do lose coverage, you should take action within two months”.

Know Your Numbers

Depending on your expected annual income, you may be eligible to receive a subsidy to help offset the cost of health insurance premiums. It is imperative to accurately estimate your household income, as this subsidy can change based on that number. There are repercussions for inaccurately estimating your income; if you use more tax credits than you qualified for, you will have to pay back the difference on your tax return. If your household income ends up being lower than you estimated, you will get the difference back in the form of a tax refund.

Know Your Coverage

The Affordable Care Act includes guaranteed issue provisions, which means that no one can be denied coverage because of their health conditions. While that means anyone can apply, the process can still be cumbersome. A Savage agent is able to simplify the process for you by presenting the best options for your unique scenarios and help you find the coverage you need, at the cost you can afford.

There are four metal tiers of coverage: Platinum, Gold, Silver, and Bronze. All plans include preventive care benefits, but have different levels of cost sharing and coverage. According to Daniel Finkel, a Savage agent specializing in individual coverage, “While it may be tempting to choose the lowest priced plan, it’s important to consider if you can afford the deductible that comes with it, and to have a company and an agent that are there when you need them”.

Know the Consequences

Going without health insurance opens you up to the risk of not being covered in the case of an emergency. It also means you might be responsible for paying a steep fee, known as the individual shared responsibility payment. The fee is calculated based on either your income, or a per person fee, whichever is higher.

Know Your Allies

An agent is your lifeline in a world that may be foreign to you. Agent Tamy Hagan supports her clients by providing “the expertise of helping you choose a plan to best suit your needs by searching all plans available, cross referencing your doctors, and assisting you throughout the year with any questions or concerns you may have”.

In a world of options, your Savage agent can help you navigate through the overwhelming amount of information to find the best coverage for you and your family. Contact a Savage agent for personalized assistance on getting a health insurance policy that meets your needs.

Savage and Associates offers a team of Certified Health Insurance Agents that can help you find the health insurance you need for yourself and your family. Our agents can explain the details so that the process will be completed correctly, thereby avoiding any potential processing delays. Using an agent will ensure that you sign up for a plan that fits within your budget and that your doctors are in network. When using an agent, there is no additional fee, and you will have a licensed professional as an ally who will help you select the correct plan and help with future service questions or claim issues. Your agent is there for you long after you are enrolled in a plan.

Find Your Agent

Healthcare Planning