Aguirre Financial & Insurance Services

Fast Fact: As of 2021 workers pay 6.2% of their wages into Social Security on up to $142,800 of their income. Employers contribute another 6.2%. People who are self-employed have to pay both portions, or 12.4%.

Do I need to reapply for homeowners insurance every year? It depends. Most homeowners policies come up for renewal each year, but customers must remain eligible and pay their premiums to renew. It’s a good idea to review your coverage with us every year.

If you own a rental or investment property, you should make sure that you carry adequate rental property insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost.

Medicare Myth: Medicare Costs the Same for Everyone. Nope. The exact amount you will pay for Medicare depends on the specific Medicare coverage you have, the health services and items you use each year and whether or not you have financial assistance for Medicare.

With Medicare, Home Health care our services and supplies a doctor decides you may get in your home under a plan of care established by your doctor. Medicare only covers home health care on a limited basis as ordered by your doctor.

Medicare supplements pay as a secondary insurance to Medicare itself. This means they pay after Medicare first pays its portion of the bill. You stay enrolled in Original Medicare, and Medicare sends the remainder of your bills to your Medicare supplement company. Then the supplement company pays its share according to which plan you are enrolled in.

Most plans with Medicare prescription drug coverage (Part D) have a coverage gap (called a "donut hole"). This means that after you and your drug plan have spent a certain amount of money for covered drugs, you have to pay all costs out-of-pocket for your prescriptions up to a yearly limit. Once you have spent up to the yearly limit, your coverage gap ends and your drug plan helps pay for covered drugs again.

Part D is funded by general revenues, beneficiary premiums, and state payments. The average PDP premium for 2018 was $41 per month. Part D enrollees with higher incomes pay an income-related premium surcharge, with the same income thresholds used for Part B. In 2019, premium surcharges range from $12.40 to $77.40 per month for higher-income beneficiaries.

How much Auto Insurance do you need? It depends on your particular situation. At a minimum, drivers must carry bodily injury and property damage liability coverage at the state-mandated limits to cover vehicle and property damage, injury-related expenses and legal fees for other people involved in an accident you cause.

Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

Medicare Advantage plans were created as an alternative to Original Medicare and Medigap. By joining one of these plans, you direct Medicare to pay the Advantage plan a set monthly amount for your care. In return, the plan will deliver all of your Part A & Part B services. They take on all of your medical risks.

Reminder: Medicare Annual Enrollment runs through December 7th 2020. Please contact us for a no-cost consultation.

Medicare eligibility begins at age 65, and signing up on time can help you avoid premium surcharges. But if you’re working at 65, you get a bit more leeway.