Category: Financial Planning

Update on Medicaid Expansion Coming to an End!

Announcements, Financial Planning, Healthcare, Kynect, Medicaid, Medicare, Obamacare

To ALL Clients (“Medicaid, Kynect Exchange, Medicare”)

 

Sorry, this is going out by text and email. I really need to get the word out.

Click the video below to have a “TOD Talk” on the subject of the end of the Medicaid Expansion.

Yep! The free ride is over. For the past three years anyone could get Medicaid. But that time is coming to an end. Here is what this all means to most of you….

You should take the following steps.

First, if you have never done it, you need to add my contact information in your phone. It’s very easy. From your phone click www.popltodd.com and click “SAVE CONTACT“. This way when I call, you will know it is me for real. You will even see my picture.

Second, schedule your own appointment with me at a time that is convenient for you by going to https://calendly.com/michaeltoddoldfield/kynect and picking a day an time. Currently the state is sending me like 20-30 hours a week of new cases to help, so do this now. My calendar is going to be very clogged up this summer. Some cases are taking a week to clean up. Yuck. You should know me by now. Well enough to know that if there is money to be saved, I will find it for you.

If you currently have Medicaid, inquire (or watch for a notice) about when your next review date is. At that time you will either be able to keep Medicaid or you will not. If you are under 65 and have no Medicare, it may be that you will qualify for an exchange plan with maximum assistance. This is excellent.

If you have Medicare, AND, Medicaid (or a Medicare Savings Plan) you and find that you are about to lose your Medicaid ACT FAST. It’s ok. We do have to make a change in your plan. If not you could end up with no plan whatsoever.

Remember, the last three years have been a gift for some of us (Where Medicaid is concerned. Anyone in Kentucky could get it, due to COVID regardless of their income and assets. That is just coming to an end. If you qualify for it then it is there for you. If you do not, then you have to get your records straight. This is where I come in.

Call me ASAP or schedule some time with me well in advance of your review date.

Regards.

Michael Todd Oldfield

 

PS – be sure to drop me a testimonial at https://toddoldfield.com/addmine/

 

 

National Life Recognized As One Of ‘America’s Magnificent Eight’ | National Life

Announcements, Financial Planning, Life insurance, Long-Term Care, Savings, Term Life, Whole Life

National Life Recognized As One of ‘America’s Magnificent Eight’

CEO Forum

Montpelier, VT –  (March 28, 2018)  National Life Group has been recognized as one of “America’s Magnificent Eight Exceptional Companies” by CEO Forum, a media company that highlights the innovative work of chief executives from around the country.

Additionally, Mehran Assadi, National Life’s chairman, CEO and president, was featured in a column on Forbes.com in which seven CEOs shared their insights into building an exceptional business.

Robert Reiss, the CEO of CEO Forum, said four criteria were used in determining who to include on the “Magnificent Eight” list. He included companies that had an incredible and aligned culture; provided exceptional customer experience; have strong financials; and have a higher purpose.

“Through all my research, there are few companies who have all of these elements to the degree National Life does,” Reiss said. “After my first time visiting National Life Group in 2016 and again this year I was frankly blown away by the remarkable caring and focused culture. And not just one person. Every person I met had that same passion, and actually contributes to their own cause.”

National Life’s Assadi was one of about 750 CEOs that Reiss interviewed and considered for inclusion among the “Magnificent Eight.”

Assadi said the key to building and sustaining an exceptional business is “a clear strategy, a strong culture, a purpose-driven and performance-oriented team—resulting in exceptional execution.  It all ties together: First, you dream it. If your dreams do not scare the heck out of you, then they are not big enough. Tie your dreams to a worthy cause and connect your team to the cause. Create a movement.”

For the past 10 years National Life has recorded record growth in sales and earnings and is one of the fastest growing life insurance companies in the country. Chartered in 1848, it holds true to its values to Do good. Be good. Make good.

CEO Forum is rolling out the “Magnificent Eight” in a series of audio interviews and in its magazine over the next several weeks. The print edition of the magazine is being mailed this week.

At National Life Group, our cause is to create positive change in people’s everyday lives. From our products and services to all the good we do in our communities, we dedicate ourselves to ensuring a better future – one person at a time. Learn more at NationalLife.com.

 

Source: National Life Recognized As One Of ‘America’s Magnificent Eight’ | National Life

Medicare’s Trust Fund Is Set to Run Out in 8 Years. Social Security, 16. – The New York Times

Announcements, debt, Financial Planning, Healthcare, Medicare, Obamacare, Retirement, Savings

Today’s rant… The demise of Medicare and Social Security. Oh my lord!!!

Source: Medicare’s Trust Fund Is Set to Run Out in 8 Years. Social Security, 16. – The New York Times

Click the link above for the article. This is not good news sadly. For years they have been estimating when Social Security and Medicare would run out of money. It seems like every time they update the estimate, the end date is moved a smidge closer to now… and it happened again.

Now they are saying Social Security will run out in sixteen years or 2034 and Medicare will run out in just another eight years or 2026.

Medicare is a real problem, just when you think about the timing. So they are telling us it will be done, right when the biggest group of baby boomers are probably going to need healthcare services. Right?

Wow. that is just nuts. So, we are going to be a bunch of old farts and no one to take care of us. Which we already knew any ways, being that the average age of a nurse is above 53. They cannot keep working forever. So what do you think when in 20 years, the average age of a nurse will be 60 or more… but the number of patients will be double? Right? Boomers Rule!!!!

However, we will not have money for our healthcare or our groceries by then. Social security will be gone.. healthcare will be in shambles.

And, all this has been known for, well…. like, forever. Politicians did not want to deal with the problem because the solutions are politically unfavorable. Meaning, if they wanted to work on a solution, no matter the solution, they are going to have to piss someone off. Pissed off constituents translate into votes for candidates who don’t do anything, being that no action is better than a wrong action in their minds. So, by trying to do right, a decent politician will end up possibly out of work. They know this. So, they have not done anything.

It’s all just a mess. This is what our government has left us with.

No healthcare soon. No income either.

Good job government.

Rant over.

 

I Help People Get Completely Out of Debt and Save More for Retirement

Financial Planning, Main Things Left, Retirement, Savings, What I Do Well

I have 100 tough questions to ask you. Just look at the list below. How many of these questions can you answer? This is what I do. I help people make plans to pay off debt, save for retirement, and guarantee some of their later years a little better than they can do on their own. Let’s face it. Nothing is for certain these days. BUT, you really do have to plan at the very least. There is so much uncertainty in the world.

As a Cool Family Banker, these are some of the hardest topics to discuss with people and probably some of the most important.

  • What’s your situation currently? Are you living within your means?
  • Are you adding debt each month?
  • Are you doing well, planning for later in life? Or are you not doing so well?
  • How do you feel about your retirement income? Are you 100% sure you are going to have a great retirement or do you have some doubt?
  • How much do you have saved for retirement? What % is that of how much you will need when you do go to retire?
  • Do you even know how much you will need saved when it comes time to retire?
  • How much income will you current amount of savings generate for you?
  • How much retirement income will you need when you do go to retire as compared to that?
  • How much equity do you have in your life?
  • How much do you save now? How often?
  • Do you save at all?
  • What % of your income are you saving?
  • Are you saving or investing?
  • Do you know the difference between saving and investing?
  • Do you know what you are earning on your savings or investments or both?
  • How much of your growth is guaranteed?
  • How much of your retirement income is guaranteed?
  • Are you paying off debt?
  • How much debt do you have?
  • How much interest are you paying per year?
  • Do you have a plan on how to pay off debt?
  • Do you know what your tax rate will be during retirement?
  • Do you know what income you will need monthly during retirement?
  • Do you know much much your current savings will generate during retirement?
  • Do you know where interest rates will be during your retirement?
  • Do you know where the stock market will be during retirement?
  • How much of your savings can you afford to lose?
  • How much of your savings could your children potentially need in an emergency?
  • Will you be able to leave anything behind to your children? To your charity?

What If’s. Don’t be scared. It will Be Ok.

Whats your plan should your tax rates go up between now and retirement or during retirement (even worse)? It’s a distinct possibility. Our income tax rates are low now compared to past years… and government debt is through the roof. The money to pay that off has to come from somewhere to pay that off. More than likely it is going to come from us… their ONLY bank.

What’s your plan should you or your loved one become sick? Serious illness costs a LOT to treat. Care costs a fortune. Do you have $100K or $200K or more sitting around to pay for care, should you or your spouse become ill and need to live our their years in a facility. 

What’s your plan should you lose your ability to earn between now and when you begin your retirement? Okay. So even if you know where you are today, and where you need to get to and have a solid plan on how to get there, what would happen if you suddenly lost your ability to finish out your plan? What if you could not earn any more, effective today?

What’s your plan should the stock market’s crash between now and when you retire? We have seen this over and over again. Sometimes the market’s do not behave real well, right when we need for them to.

Come see me. Let’s make some plans together.

Getting Out of Debt & Saving for Retirement