Mintco Financial, Inc.

Our comprehensive financial planning services involve a thorough review of your circumstances. We analyze your budget and make recommendations so that your cash flows and savings are aligned with your goals. We review your most current income tax returns and develop tax minimization strategies to meet your long-term financial goals. We assess your insurance needs and provide recommendations to help protect you and your family. We analyze your current estate planning documents and provide guidance on how best to minimize your estate tax burden as well as the best ways to meet your wealth transfer goals. We help you determine your retirement needs and give advice on how to achieve the retirement lifestyle you seek while at the same time taking into consideration your income and estate planning goals. We analyze your current investment portfolio and make recommendations so that your portfolio is well diversified and aligned with your risk tolerance.

Medicare offers prescription drug coverage (Part D) for everyone with Medicare. This coverage may help you lower your prescription drug costs and help you protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well. To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Medicare Part D Cost: Each plan can vary in cost and drugs covered. If you join a Medicare drug plan, you usually pay a monthly premium. If you decide not to join a Medicare drug plan when you are first eligible, you may pay a penalty if you choose to join later. If you have limited income and resources, you might qualify for extra help paying your Part D

Medicare Advantage plans are offered by private insurance companies contracted by Medicare and include HMOs. Medicare Advantage plans cover everything that Original Medicare Parts A and B do and also offer prescription drug coverage, routine eye care, transportation and often acupuncture and other integrative treatments. Many also offer perks such as gym membership, dental discounts and allowance for over-the-counter items such as toothpaste, vitamins and skin care products. In addition, they offer several options for you to choose a medical group or an independent physician association (IPA) contracted with them. The upside: These plans offer optimal coverage for just about anything that might arise in your life. There is great coordination of care within your IPA caregivers, and you can change your plan every year according to your needs. One downside: You are typically limited to routine medical services within the network of your IPA or medical group.

Part B covers certain doctor’s services, outpatient care, medical supplies and preventative services. For most services, Part B covers 80% of charges with no out-of-pocket maximum. There is a monthly cost for Part B, which is based on your income. For some, the state will subsidize, while high-income earners will pay more. Details can be found on the official Medicare website, medicare.gov.

Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice and some in-home health care. For most people, Medicare Part A has a $0 monthly cost because of what they have paid into Social Security taxes.

Have 5% co-pays.

About 6 weeks.

7 months.

100 days.

90 days.

Private insurance companies.

Centers for Medicare & Medicaid Services.

Medicare Part A and Part B are considered Original Medicare and by design cover only basic services. Also there is a high hospital copayment charge with both. This is why consumers should consider adding a Medicare Supplement insurance plan to help cover costs not covered by Original Medicare. The best time to get a Medicare Supplement plan is when you are new to Medicare because the premiums based on age and inflation will be the lowest they are ever going to be for you. Also, if you apply when you are first eligible, an insurance company can’t deny you a policy or place conditions on it. These situations include pre-existing conditions (they can’t deny you or charge you more) and moving or travel. A supplement will also give you more control and freedom of choice.

As early as September 15, Medicare Advantage recipients will be receiving their Annual Notification of Change (ANOC) pamphlet from their current insurance company. The ANOC shows if the plan you currently have is changing, such as moving a prescription drug to a higher tier (which could make it more expensive) or adding benefits. It pays to compare. “Most people don’t make any changes, and some see the pamphlet and get overwhelmed. But they shouldn’t—all you really need to do is read the chart comparing the 2019, 2020 and 2021 columns. Confirm the things you like and have had in the past year will continue next year. If you’re happy with your current doctors, your health plan benefits and your coverage, open the ANOC and check for any changes between your 2019 benefits and the upcoming 2021 benefits.

If you are a current Medicare recipient, you might know that every October you have the option to change your coverage during the Fall Open Enrollment Period (also referred to as the Annual Enrollment Period). This provides you the opportunity to review your current benefits and how they might change in the coming year. The 2021 enrollment period, as in prior years, runs from October 15 to December 7. You can make as many changes as you wish, but your final selections submitted by December 7 will stand as your new plan and will start on January 1, 2021. You don’t have to make any changes. If no changes are made, your current plan will simply continue and roll over into 2021. From January 1 through March 31, 2021, there is also a Medicare Advantage Open Enrollment Period during which people in a Medicare Advantage Plan may make one change, which in turn will remain for the year.

You turned 65 or are turning 65! Congratulations! We want to make sure that you have all the information you need to get started with Medicare. But first things first. Medicare is not like regular health plans. You don’t need to wait until Open Enrollment to buy Medicare. You can and should apply before you turn 65. There is a 7-month initial Enrollment Period for signing up for a Part A and/or Part B plan, so you should sign up 3 months before you turn 65. If you haven’t enrolled yet, do it today by calling one of our agents at 716-565-1300. There are penalties that apply for enrolling too late! October 15, 2020 to December 7, 2020 Want to make changes to your Medicare plan? This is the time to do it. This is an important period of time for you, for coverage that will take effect January 2021. Make sure you stay on top of your pickings come this time of year.

It most instances rolling over your 401K to an IRA makes the most sense, but in some situations the better option is to keep the money in your current 401K or roll the money into a 401K at your new company. Taxes work for a 401K/403B plan the same as for a traditional or rollover IRA. You put money in pre-tax, the earnings grow tax deferred, and you pay taxes on any amount withdrawn.

We serve as a fiduciary for our clients, which means that we are legally obligated to put our clients' interests ahead of our own. We believe that this fee-only, fiduciary structure allows us to have a more collaborative relationship with our clients because it reduces the possible conflicts of interest. Fee-only financial planners are registered investment advisors with a fiduciary responsibility to act in their clients' best interest. They do not accept any fees or compensation based on product sales. Fee-only advisors have fewer inherent conflicts of interest, and they generally provide more comprehensive advice.

Yes. We offer Life Insurance for Seniors over 80. Get insured without the need for a medical exam. All you need to get covered is just to answer a few “Yes or No” health questions.

Burial insurance is a basic issue life insurance policy that covers people until they reach 100 years old. It is quite similar to universal life insurance and is sometimes referred to as graded life or burial insurance with easy issue permanent coverage. As an inexpensive insurance choice, final expense coverage can be used to cover the funeral and burial costs of the policy holder. Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance polices.

To be clear on this point, spending that $40,000 every year so that you have the probability of having it $1 leftover at life expectancy. Not that you’re going to have the $1 million still, it’s that you’re going to have $1 left because of that market volatility.

It’s far and away, the fear of running out of money, not having enough or they run out of that income stream, the asset that it was coming from before they get to their life expectancy.

We’ve all heard about the importance of having life insurance, but is it really necessary? Usually, the answer is “yes,” but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection. If you’re single and have no major assets to protect, then you may not need coverage. In the event of your untimely death, your beneficiaries can use funds from a life insurance policy for funeral and burial expenses, probate, estate taxes, day care, and any number of everyday expenses. Funds can be used to pay for your children’s education and take care of debts or a mortgage that hasn’t been paid off. Life insurance funds can also be added to your spouse’s retirement savings. If your dependents will not require the proceeds from a life insurance policy for these types of expenses, you may wish to name a favorite charity as the beneficiary of your policy.

Withdrawing taxable funds from a tax-deferred retirement account before age 59½ generally triggers a 10% federal income tax penalty, on top of any federal income taxes due. (Distributions from Section 457(b) plans are generally not subject to an early distribution penalty; and the penalty for distributions from SIMPLE plans during your first two years of participation is 25%, 10% thereafter.) However, there are certain situations in which you are allowed to make early withdrawals from a retirement account and avoid the tax penalty. (Check your specific plan provisions to see whether a particular withdrawal option is available.) IRAs and employer-sponsored retirement plans have different exceptions, although the rules are similar.

Pandemic has prompted an exceptionally unique rather strange circumstance in the entire world where people are dreading the constriction of this deadly virus. Since it has begun making a fearful situation, an ever-increasing number of individuals are paying attention to life insurance policies and term protection plans. But strangely, pandemic dread isn’t the primary purpose behind individuals purchasing term life insurance. The growing death rate and increasing uncertainties in life regarding health and lifestyles because of an inactive way of life likewise comprise the increased sale of term insurance policies. Because of this, numerous insurance companies have raised their term insurance premiums across all policy tenures. You might think that due to the term insurance increased premiums, people have dropped the idea of purchasing the term insurance plan. All things considered that isn’t the situation. Actually, the chart is as yet moving upwards.

Creditable coverage.

Jan. 1

403(b) Rollover to IRA (Most Common) Potential Benefits: Continue tax-deferred retirement savings No limited investment options like you had in your old 403(b) plan Your financial advisor can incorporate these assets into your investment management strategy The most common way to manage an old 403(b) is an IRA rollover. You may want to consider opening a new rollover IRA for the 403(b) funds, even if you already have a traditional IRA. Doing so may preserve the enhanced creditor protection of the qualified retirement plan.