Medicare Open Enrollment Starts October 15th

As if Medicare and all of the changes in plans and formularies aren’t enough, you know have to make your choices sooner!  Beginning October 15, 2011, and ending December 7, 2011, you can make changes to your enrollments for:

• Medicare Part D plans
• Medicare Advantage *
• Medigap Plans

*Medicare Advantage plans can also be changed from January 1 to February 12, 2012.

Making the wrong Medicare choices can cost you hundreds of dollars per month.  It is important that during this limited period of time you carefully evaluate your needs and the available plans to make sure that you are in the most cost-effective plan for your situation.   You can do your own analysis by using the online tools provided by Medicare or look for the help provided by local senior organizations or independent Medicare consultants. 

 Taking the time to find the right plan for you can be financially life changing.  Contact your financial planner for resources in your area.

Lost Life Insurance Policies -- How Do You Find Them?

As I watched the many documentaries and tributes to those that perished during the 9/11/2001 attacks, I was reminded of how many spouses and children were left behind.   Families were left with voids in their lives, not only physically and emotionally, but financially as well.  It is likely that many of those that died during 9/11 left behind financial security by way of life insurance policies with their spouses and/or children as the beneficiaries.  What happened if the beneficiaries were not aware of the details of those policies?

Every day, life insurance policyholders fail to inform the beneficiaries of the policies they have in existence.  As a result, death benefits go unclaimed and families are left to struggle financially.  Where can you go to find insurance policies and benefits that you may be due?

• Michigan’s Money Quest - The Michigan Department of Treasury’s site for unclaimed property.
• NAUPA – The National Association of Unclaimed Property Administrators.
• MissingMoney.com – A search engine for unclaimed property in the U.S.
• NAIC – The National Association of Insurance Commissioners orphaned life insurance policy search.
• MIB Solutions – Lost life insurance policy locator service.

If you think you may be the beneficiary on a lost insurance policy, start your search today.

In addition, if you are the owner of a life insurance policy, make sure that the important people in your financial life are aware of the policy (insurance company, policy number, beneficiaries).  Document your life insurance policies and additional important financial information using the Center’s free Personal Financial Record Keeping document.