Lynch Insurance Group

10/17/2021

Medicare Open Enrollment started on Friday. If you or anyone you know needs help examining their options please do not hesitate to reach out!

"With a growing number of Medicare private plan choices available each year, the fact that such a large share of seniors and people with disabilities report not comparing plans during the open enrollment period warrants attention, given the potential consequences of year-to-year plan changes for their coverage, access to care, and out-of-pocket costs."

This analysis builds on our prior KFF work to examine the share of Medicare beneficiaries who compared plans during the 2018 open enrollment period for coverage in 2019, the share who compared drug…

01/04/2021

"Documents show the IRS believes that Prince’s estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica’s valuation....With Prince’s probate case dragging on, his six sibling heirs have grown increasingly unhappy, particularly as the estate has doled out tens of millions of dollars to lawyers and consultants."

Two important lessons here - 1)Never die without a will, and 2)your estate is never too large to not see a life insurance policy as an important safeguard to have in place for proper distribution of the estate's value to your loved ones. You think his heirs would be a lot happier paying these tax bills and legal fees from the proceeds of a life policy and splitting the full value of the estate once all this is resolved instead of coupling the stress of fighting the IRS with watching the remaining value of the estate dwindle with each passing day?

Don't leave a mess behind with a lack of proper estate planning!

The IRS determined that Prince’s estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.

07/22/2020

With the federal estate tax exemption set to be cut in half in 2025 and the November election possibly leading to aggressive estate tax law changes, now is the time to explore the best estate tax reduction strategies for your personal situation. Please reach out to me to learn more about estate taxes and how I can help to mitigate them.

If the Democrats sweep in November, make sure your lawyer and financial advisers are standing by.

07/21/2020

Sounds like the types of claims these carriers are seeing now and expecting to see when things get back to normal could create significant volatility to health insurance premiums for the coming year. If you are a business owner and have been managing your benefits yourself or not getting the service you expect from your broker this may be a good time to reach out for a second opinion to make sure you have the guidance you need to find the best coverage solutions moving forward

The Covid crisis is creating a lot of uncertainty for health-care spending on non-coronavirus care and what it means for 2021 insurance premiums.

07/20/2020

If you are one of the far too many who lost their health insurance during this chaos, please do not hesitate to reach out for assistance. Based on these stats you are clearly not alone in looking for coverage, I am happy to work with you to make sure you are not alone in finding it

Nearly 5.5 million people who lost their jobs between February and May of this year also lost their health insurance, according to a new analysis released Tuesday.

07/03/2020

“We need to find health insurance. Where do we start?” This question will face millions of Americans who have lost their jobs as a result of COVID-19

06/17/2020

After receiving word over the last few days that one carrier was increasing rates 20% and another 13.5% within the next month, this article that focuses on how important timing is in obtaining LTC insurance never seemed more relevant. If you ever thought about exploring your options with traditional LTC or hybrid solutions now is the time to reach out!

Here are three questions to answer that can help steer you in making this critical retirement planning decision.

06/02/2020

The special election period for Medicare beneficiaries who were prevented from submitting a Medicare Advantage or Prescription Drug plan enrollment request during another valid election period due to the COVID-19 State of Emergency (declared on March 13) ends June 30th. Please get in touch ASAP if you would like to see if you qualify and discuss your options.

06/01/2020

Haven Life reported that the life insurance coverage gap nets out to men carrying almost double the policy limits as women.
When determining how much life insurance coverage is needed, many families (and advisors, too) focus solely on each member’s salaries and fail to consider how much the surviving male spouse would need to pay to outsource all the work the woman of the house does for free.

One of the cures for this condition may be social media.

05/13/2020

Important changes announced to group employee benefit enrollments and plan change availability. It is important to note that none of these changes are mandatory and it’s up to an employer to decide whether they will offer any or all of the increased flexibility options to employees.

The I.R.S. is giving companies flexibility to allow those decisions, and on pretax accounts for medical expenses and child care, outside an enrollment period.

05/13/2020

"Life insurance will never be your best-performing asset when things are good – it’s not supposed to be – but in times of turbulence, it can provide a stabilizing influence on the overall portfolio and a potential source of cash that can be drawn upon without incurring market losses."

When equity markets are up and the economy is running smoothly, it’s sometimes easy to overlook the value of the downside protection you get from using life insurance as an investment.

04/22/2020

Good overview of the benefits of an HSA and the reasons it makes sense to invest in this type of account if you are on a health plan that allows it. If you have any questions about your eligibility please let me know.

You could save on your taxes and ensure you're prepared in the middle of a health and economic crisis.