It’s not always clear to those who don’t deal with health care insurance and health care coverage every day what the difference is between Medicare and Medicaid, so we thought we’d take some time to point out some of the most basic differences.

First, of course, is the difference in who the programs are designed for. Medicaid is designed for poor individuals and families–those who have less than $1,000 in assets and meet low-income guidelines. The program was created to provide coverage for those who can’t purchase their own health insurance coverage.

Medicare is for any individual over the age of 65 who has contributed to Social Security during their working lives. It’s designed to help care for Americans of retirement age, when they have less ability to provide their own insurance coverage.

Medicaid is funded 50% by the federal government and 50% by each state’s government, so each state has a say in how it is administered for its own citizens. That means each state’s Medicaid rules are different. Medicare, on the other hand, is funded solely by the federal government–theoretically from Social Security funds – and because of that administration of Medicare is more uniform throughout all states.

Both programs require the beneficiary to contribute small amounts in deductibles, co-pays, and in the case of Medicaid in some states, fees. Coverage benefits for each program, however, are somewhat different. Medicaid assumes low-income people have no other way to pay for medical care, so more is covered. Medicare, on the other hand, presumably takes into account that those who have worked enough to contribute to Social Security can shoulder some of the burden of their own health care, so some healthcare procedures and healthcare costs are not covered–or covered at a lower level.

Interestingly, both programs cover a similar percentage of the U.S. population–plus or minus 40%. Chances are, you are close to someone who is covered, or will be covered, by either Medicare or Medicaid. It pays to take some time to study it. If you need help, don’t hesitate to ask us at Midlands Financial Services of Lincoln, Nebraska. That’s what we’re here for!

The obvious benefit of using a financial planning professional and group insurance advisor is to create solid investment and insurance plans for your employees. Professional planning collaborators like Midlands Financial Benefits of Lincoln, Nebraska, also can help you discover employee benefits beyond insurance and investments: parking privileges, employee picnics, flex time, work anniversary raises or gifts, and many other benefits that help employees feel they are valued.

However, your financial planning and employee benefits advisors also provide add-on assistance with a number of things that offer true value to your organization by saving you time and money, helping you avoid pitfalls and maximizing opportunities with your employees.

Below are a few of the additional services committed, full-service financial planning and employee benefits advisors can provide.

Online enrollment
Employees can feel intimidated by the enrollment process. Making it easy for them to access and use online enrollment forms can help, while reducing the amount of time you need to spend with them.

COBRA administrative services
Once an employee leaves your organization, your benefits administrators will be responsible for shepherding COBRA issues for them. A third-party allows you to focus on active employees.

Department of labor compliance
Benefits administrators are responsible for knowing federal and local labor laws and making sure the company is in compliance.

HSA compliance
It’s critical to know and follow regulations for health savings plans. Your employee benefits administrator can set up processes to track eligibility, contributions and qualifying conditions.

ERISA compliance
The Employee Retirement Income Security Act (ERISA) requires minimum standards for employer pension plans, from accountability of fiduciaries to providing information to plan participants.

Medicaid
Employee benefits administrators help employees establish eligibility, make claims and track benefits, among other issues connected to Medicaid coverage.

Healthcare reform guidance
Look to your employee benefits administrator to study healthcare reform issues, explain issues to employees that will affect them, and help prepare your company for upcoming changes.

It’s not always clear to those who don’t deal with health care insurance and health care coverage every day what the difference is between Medicare and Medicaid, so we thought we’d take some time to point out some of the most basic differences.

First, of course, is the difference in who the programs are designed for. Medicaid is designed for poor individuals and families–those who have less than $1,000 in assets and meet low income guidelines. The program was created to provide coverage for those who can’t purchase their own health insurance coverage.

Medicare is for any individual over the age of 65 who has contributed to Social Security during their working lives. It’s designed to help care for Americans of retirement age, when they have less ability to provide their own insurance coverage.

Medicaid is funded 50% by the federal government and 50% by each state’s government, so each state has a say in how it is administered for its own citizens. That means each state’s Medicaid rules are different. Medicare, on the other hand, is funded solely by the federal government–theoretically from Social Security funds. Because of that, administration of Medicare is more uniform throughout all states.

Both programs require the beneficiary to contribute small amounts in deductibles, co-pays, and in the case of Medicaid in some states, fees. Coverage benefits for each program, however, are somewhat different. Medicaid assumes low income people have no other way to pay for medical care, so more is covered. Medicare, on the other hand, presumably takes into account that those who have worked enough to contribute to Social Security can shoulder some of the burden of their own health care, so some health care procedures and health care costs are not covered–or covered at a lower level.

Interestingly, both programs cover a similar percentage of the U.S. population–plus or minus 40%. Chances are, you are close to someone who is covered, or will be covered, by either Medicare or Medicaid. It pays to take some time to study it. If you need help, don’t hesitate to ask us at Midlands Financial Services of Lincoln, Nebraska. That’s what we’re here for!

• A non-working spouse is no longer covered by the spouse’s health insurance policy or dental insurance policy after a divorce.
• An unmarried self-employed worker needs health coverage and dental coverage.
• A married self-employed worker opts not to take expensive health coverage or dental coverage under her spouse’s health insurance policy.
• COBRA health insurance coverage lapses before an unemployed worker finds a new job.

The most difficult part of administering your own individual health insurance plan can be choosing the plan in the first place. People looking for individual health insurance plans can get help sorting out the issues from a third-party health insurance and dental insurance administrator or insurance broker, such as Midlands Financial Benefits of Lincoln, Nebraska.

Many companies offer online individual dental and health insurance quote calculators that are easy to use. They automatically offer suggestions that help the soon-to-be-insured sort out different options for deductible, co-pays and coverage. At Midlands Financial Benefits, we offer a link on our website (http://www.midfin.com) to online health insurance plan selection tools and dental plan selection tools that make choosing a plan very easy.

To use the tools, simply click on the link on the Midlands Financial Benefits home page. You’ll land on a page that offers two selection tools for health insurance coverage and two tools for dental insurance coverage. If you choose the Blue Cross and Blue Shield health insurance quote calculator, for example, you’ll be taken to a page with an easy-to-follow-wizard that takes you step by step through a plan selection wizard where you can choose health insurance plan features that are most important for you.

The plan qualities you choose are based on your individual health and financial situation, so you end up with three plan recommendations that could offer just what you need. If you have questions or to make your final decision on a plan, contact us directly at Midlands Financial Benefits of Lincoln, Nebraska. We’re here to help!

As a society, we’ve evolved in our understanding of wellness and fitness. In the sixties, ladies stood on belt vibrators, thinking the vibrations against their hips would burn fat. It seems silly now—they just stood there and expected to get skinny. Today, we know losing weight and toning up a body takes a combination of healthy eating and exercise that targets cardio, flexibility and strengthening goals. Our ideas about wellness have changed in other ways, too.

We used to believe we had to accept our fate when it came to fatal diseases and accidents. Today, we know there are many things we can do to prevent both disease and accidents. Preventive medical monitoring play a big part. Just being aware of the fact that we can get tested for early signs of disease could encourage us to be healthier—we don’t want to face the negative numbers, so we’re more likely to keep ourselves healthy. Then, of course, there is the fact that the actual screenings could save our lives.

Medical Monitoring reduces Cost of Employee Benefits Programs

The theory of medical monitoring is that employees who stay well longer bring down health insurance and life insurance premium rates by improving the statistics upon which rates are based. Preventive medical screenings fall into three categories:

Wellness exams: These are checkups completed when you are healthy to verify good health and make sure your general health is within a normal range. This includes measuring height, weight and blood pressure, reviewing your diet, and checking hearing and vision.

Medical screening tests: These are tests that indicate signs of diseases before you actually have any outward symptoms of the disease or condition. Pap tests, prostate tests and mammograms are good examples of this kind of screening.

Immunizations: These are preventive measures for conditions and diseases, such as measles, tuberculosis, flu and pneumonia. An immunization introduces a small amount of the disease to help the body build up an immune response to it.

In some ways, the wellness benefits of an employee benefits program are the most valuable of all. It’s good business, and it’s also good life. For more information about ways you can use wellness benefits in your employee benefits program, contact a group insurance advisor today at Midlands Financial Benefits.

For both reasons, every employer should work with a group insurance advisor like Midlands Financial in Lincoln, Nebraska, to offer the best possible employee benefits–particularly healthcare benefits.

Recent changes in the healthcare environment have made this difficult. The cost of health care itself and the cost of healthcare coverage have skyrocketed. Employers find they must provide healthcare benefits with higher premiums and fewer perks.

There’s been a lot of talk about putting part of the burden on employees. This usually means higher co-pays and deductibles. It’s called cost shifting, and it does make sense given the challenges we all are facing.

However, employers can do other things to help reduce costs and soften the burden of cost shifting for employees. Below are a few ideas. If you are an employee, you can encourage your company to consider these actions and improve the employee benefits situation for all of you.

Employee Benefits Tips: Health Care

1. Create a wellness program, or bolster the one you have. Having healthier employees not only reduces sick days and improves productivity, it also reduces the number of healthcare claims. In the long run, this could reduce the cost of health care, and it could reduce premiums. A great wellness program and lower premiums can help employers capture and keep the best workers.

2. Negotiate with insurance companies. Nobody says an employer has to settle for the first plan presented. Even if a company has already chosen the insurance company it wants to work with, plan administrators should put a little pressure on to create the best deal possible. Otherwise, the company could end up with an average plan and average or higher than average costs.

3. Analyze claim data, educate employees and make changes. For example, conditions showing up frequently in claims maybe are being reported more often than necessary. An employer could share this with employees and ask them to claim these conditions only when necessary. Educating employees about the plan and resulting claims will make them more accountable and responsible, especially if you can show how their actions could affect costs in a positive way.

The point is to take the time necessary to think creatively about ways you can improve your employee benefits program in regard to health care. Working with your company’s insurance advisor to think outside the box now can help reduce costs for everybody later–not to mention improving the health of colleagues you care about.

It’s still possible to retire that way. However, the lay of the land for retirement has changed. We have become more responsible for our own retirement planning and investments. Some of us won’t retire as early as our grandparents did. Many of us have lost a good chunk of our retirement money to recent economic problems of the world. For all these reasons and more, we need to change the way we approach retirement.

In this new economic environment, the key to successful retirement is planning, more than ever before. It’s important to work with a financial advisor, such as Midlands Financial in Lincoln, Nebraska, to create a plan early in our working lives and follow through as much as possible. Even if we’re getting a late start, a financial advisor can help us create a plan that will make it more likely we live a retirement life that suits us.

Basic Retirement Planning Approach

Your financial advisor will help you sort out the details, but the following basic ideas should guide your retirement planning.

1. First, determine your current standard of living. This involves knowing exactly what you’re bringing in and spending money on now. Create a budget showing both income and expenses. Take it one step further and identify which expenses are necessary and which are discretionary. This will help you determine which expenses will be critical in retirement and which could be considered optional.

2. Decide whether you want the same standard of living when you retire. Retirement is not just a matter of money, it’s also a matter of quality. If you want a higher standard of living when you retire, you might need to invest more money now. If it’s not critical in retirement to have the same standard of living you do now, you might be able to invest less and use more of your money now.

3. Create a retirement budget. With the help of your financial advisor, write a budget projecting your needs for retirement. This is likely to be different from the budget you use now. You might not have as much a need for travel expenses, for example, because you won’t be working every day. On the other hand, you might need more money for medical care. Again, look at both essential and discretionary money to help you form a realistic retirement budget.

Everyone’s retirement needs are different. Let your financial advisor help you create a plan that fits you, so you can look forward to retirement just as much as your grandparents did.

Securities and investment advisory services are offered solely through Ameritas Investment Corp. (AIC).  Member FINRA/SIPC.  AIC and Midlands Financial Benefits are not affiliated.  Additional products and services may be available through Midlands Financial Benefits that are not offered through AIC.