Specular Financial is a broker, which means we represent our client. This feature gives us a better opportunity to serve you for 2 reasons:
Specular Financial selected the companies it represents based on proprietary research which includes collecting and analyzing historical mentions in the media, customer service reviews, and financial performance.
We get paid a commission from the premiums you pay. It is baked into the pricing of your policy.
We challenge our clients’ “shoulds” because objectives oftentime overlap and contradict each other. Once you have confirmed and validated your goals and their priority, we move on to presenting solutions.
The penalty for not having insurance can be up to $2,000 for a family of 4.
9 out of 10 qualify for further financial assistance. Employed individuals whose employers offer health insurance may not qualify for premium assistance if their employer coverage meets the "affordability" and "minimum value" tests.
Yes and yes. Specular Financial will enroll the client in those additional plans. Children under 19 are automatically enrolled in the dental plan embedded in the health plan if the health plan offers dental and vision. Otherwise, our agents will assist you enroll in stand-alone plans.
No, California has 19 regions and each region offers between three to six plans.
Policy owners can expect to pay less than $.50 for every dollar of death benefit. The living benefits of many policies make life insurance even more attractive. Yes, life insurance is always worth it.
Thankfully, no. There may be life settlement options that will find buyers for your policy’s face value on the secondary market. In some circumstances, a life settlement can yield a much higher sum of money for the policy owner than its surrender value.
No. Term policy has no living benefits and does not build any cash value. Accelerated benefits may be offered with term insurance with some plans, so call for additional details.
Not in most circumstances. The death benefits of a life policy are not taxed to an individual beneficiary. If the beneficiary is a trust, then anything beyond the lifetime estate tax exemption is subject to tax. We strongly recommend speaking with a CPA or accountant for clarification. Specular Financial does not make tax advice. Please, always consult a tax professional.
No. Medicare plans do not cover long-term care and many assets are not safe from long-term care providers.
A viatical is a life policy of a terminally ill insured that is sold on the secondary market.
Yes. Home-based and community care are much cheaper than nursing facility care, therefore children can be paid to take care of their parents/relatives and their policy premiums will be much lower, too. In fact, Long-Term Care policies are available as riders of many life insurance policies.
LTC benefits can be triggered when the insured is unable to perform two of seven ADLs (activities of daily living). There are seven ADLs in CA, while other states have six.
Part A covers inpatient benefits, Part B covers outpatient benefits, Part C is Medicare Advantage (which covers Part A and Part B benefits plus additional benefits such as dental and vision) and Part D covers prescription drugs.
To be eligible for Medicare, you have to be either disabled or 65 years old. Seniors applying for a no-premium Part A benefit- you or your spouse have to have worked for at least 10 years.
No. However, the additional benefit of Medicare Advantage plans is that many of them integrate prescription drugs plans as well as vision and dental benefits. Medicare Advantage plans also offer ancillary benefits which help pay for things like rent, utilities, groceries, and more. Click here to learn more about Medicare Advantage and Medicare Supplement (Medigap) plans.
You can sign up for Medicare 3 months before turning 65, and 3 months after turning 65. There are late penalties for not enrolling in Part B when you are eligible.
The premium is increased by 10% each 12-months that you do not enroll when you are eligible unless you have creditable coverage. When your creditable coverage ends, you must sign up for Part B within 8 months to avoid a premium penalty.
Part B premiums are $170.10 for 2021, adjusted for inflation on an annual basis. The deductible for a Part B premium is $233 also adjusted for inflation on an annual basis.
The income may not exceed 150% of the Federal Poverty Line and adhere to strict resource limits.
TrOOP, as it is referred to, refers to the drug costs that count toward the “coverage gap” to reach catastrophic coverage. This includes the 70% drug manufacturer discount to reach a total of $7,400 (limit for 2023).
Only in limited circumstances. Call to discuss your personal scenario.
No. Wills are NOT private documents. Your asset distribution directives are subject to challenge after your passing.
No. Wills do not protect your assets from going through probate, however, they may reduce probate court costs as the decedent’s assets are assigned to a beneficiary by the decedent.
