Financial Advice – S. Cadena

6 Things to Look for Regarding Dental Insurance and Medicare

One of the most surprising things I learned about my teeth when I was already in my 40s was that losing my teeth is not preordained. I always thought that everyone loses their teeth and someday I would have to wear dentures. Not so said my dentist. Instead, it can come down to good dental hygiene to help me prevent developing a gum disease or wearing out of my teeth before I wear out. Since then I have strived to see a dentist twice a year to help me remove plaque and tartar (leading causes of teeth decay) as well as identify cavities via x-rays. I’ve been fortunate, I’ve had health insurance throughout the years that has helped pay for my dentist visits. However, now that I’m older and can see the Medicare train down the road I’ve learned that generally Medicare does not have dental service coverage (medicare.gov)!

So, what can be done now that we know something to plan for?

Since you can receive Medicare through the Original Medicare plan or through a Medicare Advantage plan then we need to consider how dental coverage can be received through either plan.

If you have Original Medicare, then the best way to get dental coverage is to pay for a separate individual dental plan.

If you have a Medicare Advantage plan, then you want to verify that your plan does indeed have dental coverage. Advantage plans come at a price of flexibility, you have to use those doctors in that particular plan, pay those particular deductibles and be ready to change if your plan changes and leaves you behind.

Either way you go you’ll want to verify these features in your dental plan:

What do they cover? (Preventative, oral surgery, etc.,)
What will be the deductible amounts?
When will your coverage begin?
What is the maximum amount they will cover?
Is your dentist on their list of approved dentists?
Do you have upcoming dental high costs needs that you need to consider?

My preferred method is to apply for Original Medicare, this is not always the best way but is my preferred way. And while you are still working and if you are eligible, save money in a Health Savings Account so that you can afford to pay for an individual dental plan during your Medicare Years. This takes early planning so start working on it as soon as possible. Overall, this method should give you the most flexibility.

When should I sign-up for Medicare?

Individuals are generally able to sign up for Medicare at age 65. If you are already receiving Social Security benefits, you’ll automatically be enrolled in Medicare. Otherwise, you’ll be eligible to sign up 3 months before your 65th birthday. You could sign up earlier if you have a disability, End-Stage Renal Disease, or Lou Gehrig’s disease.

However, if you plan to continue working and will be taking advantage of your employer’s health insurance then you might want to consider only signing up for Medicare Part A. Most individuals that have been working for more than 10 years (have earned 40 credits) already paid into Medicare so there should be no extra charge for Part A. Part A is considered “Hospital Insurance” and helps cover inpatient care in hospitals and a few other items.

As for Part B, “Medical Insurance” and Part D, “Drug Coverage” these areas would be generally covered by your employer health insurance if you are still working.

Part C, “Medicare Advantage” is an alternative to “Original Medicare” plan above. This will be covered in more detail in a different post.

These decisions can be daunting especially if you have lots of other things going on. Seek qualified help in working through these issues, especially since missing some of the deadlines can cause life-long financial penalties.

Be aware that these are general guidelines.

Have I mentioned you should seek qualified help in making these decisions?

A good resource to use medicare.gov – lots of great information.

How to keep up with your digital passwords, for estate planning purposes.

Passwords, ugh, love them hate them but we gotta deal with them, for now.

In today’s digital world, it is critical to protect our accounts from potential security breaches. One of the most effective measures for safeguarding our passwords is to use a password management program. Password Management programs allow you to create strong, unique passwords for each of your accounts and store them securely in an encrypted vault. Additionally, some of these programs have various security features such as two-factor authentication, password auditing, and alerts for breached passwords to ensure maximum protection.

Password Management programs are not only a powerful security tool but also a valuable estate planning resource. The best of these programs allow you to designate a trusted emergency contact, you can grant them access to your account information after you pass away, ensuring that your digital assets are protected and accessible to your loved ones.

In the past, I struggled to manage and secure over 200 account passwords that I had jotted down on notecards. But since I started using a password management program, I’ve found it to be an efficient and secure solution for managing my passwords.

I wouldn’t want to leave you without giving you my recommendation of a good password managment program, I’ve used Lastpass for several years and have found it a good solution for myself and my clients. Just don’t forget that we are the weakest link, we’ll always be the weakest link.

Looking for Perspective:

When I took a picture of my cat, I was experimenting with the flash on my camera. It was fascinating to see how the light changed her eyes in just a matter of seconds. It reminded me that there was more to her eyes than what I first realized. There is a purpose and design behind this creature.

Similarly, annuities and investment portfolios may seem like a good fit at first, but upon closer inspection, they may not be suitable for your particular situation. They may have been designed for a different purpose and scenario than yours, there is no one-size fits all portfolio. As a financial advisor, I have had the opportunity to work with many clients over the years and have learned that there is no single product or investment that works for everyone.

That’s where my experience and knowledge come in. I can help you understand the ins and outs of a situation and guide you toward the right financial decision. Gain perspective by looking through someone else’s eyes that has seen many types of portfolios and scenarios. So, don’t be afraid to ask for help when it comes to your finances!