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Hospital Indemnity Insurance - How Teladoc and Karis360 Work for You

ManhattanLife's Hospital Indemnity Insurance and Sponsored Benefits

As part of ManhattanLife’s efforts to provide efficient, accessible, and affordable care, our Hospital Indemnity Insurance products, Affordable Choice and Central Choice, offer two sponsored benefits: Teladoc and Karis360.

Teladoc and Karis360 are included in your total premium and help reduce your out-of-pocket costs before, during, and even after your medical need - whether it's a routine checkup or an emergency

What is Teladoc?

Before there’s a medical emergency, you can use Teladoc, a modern-day house call. Board-certified physicians are available anytime, anywhere for personalized, secure web or phone-based consultations. Teladoc connects you with a doctor licensed in your state or province when you request a visit.

Members can use 24/7 Physician Consultations:

  • For common, acute conditions that can be treated without a face-to-face visit (may include sinus problems, respiratory infections, allergies, flu symptoms, rashes)
  • From anywhere – at home, at work, or on the road
  • After hours – evenings, weekends, or holidays
  • When they cannot reach their primary care physician

Product Highlights

  • Visit Fee is $0.00
  • Convenient consultations anytime
  • Reduces claims costs for benefit plans and saves members time and out-of-pocket costs
  • Offers a fast, affordable alternative for minor medical problems and health issues
  • All physicians are licensed, board-certified, and based in the U.S.

Your doctor will diagnose your symptoms and provide treatment, which may include a prescription. **

What is Karis360?

Karis360 is a service that’s meant to make navigating healthcare easier. Policyholders can use Karis360 to save on out-of-pocket expenses, find doctors, search and compare facilities, providers, and prescription costs, as well as many other medical services. ***

With Karis360, you’ll have access to 3 services:

Karis Bill Negotiator

  • Negotiates directly with providers and collection agencies to try and reduce medical bill balances
  • Works with providers to develop payment plans

Karis Healthcare Navigator

  • Provides each member a personal, expert advisor to address healthcare-related questions and concerns
  • Services include, but are not limited to:
    • Physician and healthcare facility searches
    • Prescription costs search
    • Health cost estimates
    • Alternative medicine
    • Laboratory and imaging services
    • Elder care solutions
    • Appointment scheduling

Karis Surgery Saver

  • Helps members when a non-emergency surgical procedure is being considered
  • Specialized Advisors provide cost, quality, and availability comparisons of up to 5 facilities in the area

To learn more about our Affordable Choice product and what it covers, check out our Affordable Choice FAQ

*Teladoc and Karis360 benefits are not included in the Child Only Policy option

**Teladoc does not guarantee prescriptions. It is up to the doctor to recommend the best treatment. Teladoc doctors do not issue prescriptions for substances controlled by the DEA, non-therapeutic, and/or certain other drugs that may be harmful because of their potential for abuse.

***Karis360 is not insurance and does not provide funds to pay for bills. This is a best-efforts service and results cannot be guaranteed.


For more information on these sponsored benefits, contact our customer service representatives by phone at (800) 877-7792. We are always happy to address any questions or concerns you may have. You can also visit affordablechoice.manhattanlife.com for a free online quote.


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Retirement Facts - Part 4

This week we’re here with the final part of our Retirement Facts series. We covered the largest reported wealth segment in Part 3, and this week we’re covering the smallest reported wealth segment – “mega-millionaire.”

The Institute defines high-net-worth as assets of $3.5 million or more. Of the total 125,981,701 households the Institute surveyed in 2017, 2% of them fell into this “mega-millionaire: $3.5m or more” wealth segment.

That’s 1,991,343 million households total – as compared to the 85,392,092 million households in the low-net-worth: under $100k segment.

As a reminder, non-financial assets include vehicles, other residential property excluding primary residence, equity in non-residential property, business equity, and other assets. Net worth is the sum of assets (what is owned) minus liabilities (what is owed).

Of the 1,991,343 households counted in this section, 430,332 households were partially retired and 642,852 million were fully retired.

Partially retired households had an average of:

  • $8,884,235 in financial assets
  • $6,123,186 in non-financial assets
  • $910,863 in debt
  • net worth

The average debt for partially retired households was almost 4 times more than the average financial assets.

Fully retired households had an average of:

  • $9,814,950 in financial assets
  • $3,566,346 in non-financial assets
  • $467,750 in debt
  • net worth

The average debt for fully retired households was around 2.5 times more than the average financial assets.

Age Demographics:

Aged 35 or Younger

Average financial assets at $9,604,425

Least in average non-financial assets at $4,454,114

Most in average debt at $2,213,573

Least in average net worth at $13,956,359

Aged 36 to 49

Most in average financial assets at $12,524,944

Most in average non-financial assets at $10,998,230

Second highest average debt at $1,967,355

Highest average net-worth at $21,931,783

Aged 50 to 59

Least in average financial assets at $9,128,513

Second highest average non-financial assets at $8,710,548

Third in average debt at $781,246

Second highest average net-worth at $17,259,640

Aged 60 to 69

Average financial assets at $10,103,825

Average non-financial assets at $6,426,353

Lowest average debt at $537,053

Average net-worth at $16,207,819

Aged 70 or Older

Average financial assets of $10,219,365

Average non-financial assets of $6,720,932

Average debt of $745,755

Average net-worth of $16,632,874

Debt

Overall, 65% of partially retired households (279,179) and 42% of fully retired households (272,479) had some type of debt. The average amount of debt for partially retired households landed at approximately $910,863 – nearly twice as much as average for fully retired households, $467,750.

The four main types of debt are mortgage, credit card, student loan, and vehicle loan debt.

Mortgage Debt

45% (193,974) of partially retired households had mortgage debt, with an average debt amount of $358,113.

33% (204,128) of fully retired households had mortgage debt, with an average debt amount of $334,164.

Credit Card Debt

3% (13,191) of partially retired households had credit card debt, with an average debt amount of $136,013.

7% (43,569) of fully retired households had credit card debt, with an average debt amount of $4,263.

Student Loan Debt

No partially retired households had student loan debt.

1% (8,976) of fully retired households had student loan debt, with an average debt amount of $8,755.

Vehicle Loan Debt

17% (73,585) of partially retired households had vehicle debt, with an average debt amount of $29,770.

5% (31,084) of fully retired households had vehicle debt, with an average debt amount of $43,770.

 

You can go back and compare this smallest but richest wealth segment to the largest but poorest wealth segment covered in Part 3 of our Retirement Series.


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Retirement Facts - Part 3

Retirement Facts: Low-Net-Worth: Under $100k

We took a break to bring physical activity to attention. This week we’re back and covering the retirement facts on the largest reported wealth segment – “low-net-worth.”

The LIMRA Secure Retirement Institute defines low-net-worth as assets under $100,000. Of the total 125,981,701 households the Institute surveyed in 2017, 69% of them fell into this “low-net-worth: under 100k” wealth segment.

That’s 87,342,027 million households total – including 2 million households with zero financial assets.

The Institute’s focused look on the low-net-worth segment excluded those 2 million households and covered average financial assets, non-financial assets, debt, and net worth.

Non-financial assets include vehicles, other residential property excluding primary residence, equity in non-residential property, business equity, and other assets. Net worth is the sum of assets (what is owned) minus liabilities (what is owed).

Retirement Demographics

Of the 85,392,092 households counted in this section, 3.7 million households were partially retired and 15.4 million were fully retired.

Fully retired households had an average of:

  • $18,700 in financial assets
  • $185,662 in non-financial assets
  • $48,500 in debt
  • $156,118 net worth

The average debt for fully retired households was around 2.5 times more than the average financial assets.

Partially retired households had an average of:

  • $22,889 in financial assets
  • $210,488 in non-financial assets
  • $87,836 in debt
  • $162,638 net worth

The average debt for partially retired households was almost 4 times more than the average financial assets.

Age Demographics:

Aged 35 or Younger

Least in average financial assets at $15,510

Least in average non-financial assets at $91,360

Mid-range with average debt at $75,695

Least in average net worth at $54,475

Aged 36 to 49

Average financial assets at $19,912

Second lowest average non-financial assets at $170,226

Most in average debt at $102,566

Second lowest net-worth at $112,884

Aged 50 to 59

Average financial assets at $19,368

Mid-range non-financial assets at $187,094

Second highest debt at $86,938

Mid-range net-worth at $133,526

Aged 60 to 69

Average financial assets at $19,607

Second highest non-financial assets at $191,851

Second lowest debt at $74,891

Second highest net-worth at $142,567

Aged 70 or Older

Average financial assets at $19,702

Highest average non-financial assets at $203,264

Least in average debt at $49,195

Highest net-worth at $175,936

Debt

Overall, 65% of fully retired households (10,043,375 million) and 82% of partially retired households (3,052,450 million) had some type of debt. The average amount of debt for partially retired households landed at approximately $87,800 – nearly twice as much as average for fully retired households, $48,500.

The four main types of debt are mortgage, credit card, student loan, and vehicle loan debt.

Mortgage Debt

45% (4,821,872 million) of fully retired households had mortgage debt, with an average debt amount of $99,957.

65% (1,967,793 million) of partially retired households had mortgage debt, with an average debt amount of $77,409.

Credit Card Debt

43% (6,594,640 million) of fully retired households had credit card debt, with an average debt amount of $4,049.

57% (2,114,224 million) of partially retired households had credit card debt, with an average debt amount of $6,175.

Student Loan Debt

2% (357,889) of fully retired households had student loan debt, with an average debt amount of $35,557.

12% (435,778) of partially retired households had student loan debt, with an average debt amount of $29,688.

Vehicle Loan Debt

18% (2,771,419 million) of fully retired households had vehicle debt, with an average debt amount of $12,739.

46% (1,697,681 million) of partially retired households had vehicle debt, with an average debt amount of $16,524.


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Take a Break! The Long Term Benefits of Physical Activity

Physical Activity: Benefits and Facts to Motivate and Encourage

We’re taking a break from our Retirement Facts Series and reminding you to take a break from your desk. We want to bring some attention to physical activity – why it’s important, what you can do, and how to get the whole family involved.

If you struggle with getting enough physical activity, you’re not alone. The Centers for Disease Control and Prevention (CDC) collected data on physical inactivity in the United States and created the following:

Map

If you noticed, most of the states are overwhelmingly inactive. This doesn’t have to be true for you individually.

How Do We Figure Out the Right Amount of Activity?

The U.S. Department of Health and Human Services, Office of Disease Prevention and Health Promotion published the Physical Activity Guidelines for Americans, 2nd edition in 2018.

The guidelines recommend that adults should aim for the following amounts of activity a week:

  • At least 150 minutes (2 ½ hours) to 300 minutes (5 hours) of moderate-intensity activity, OR
  • 75 minutes (1 hr 15 minutes) to 150 minutes (2 ½ hours) of vigorous-intensity aerobic physical activity, OR
  • A combination of moderate- and vigorous-intensity aerobic activity

25 to 30 minutes of moderate-intensity activity every day would get you into the recommended range.

 

Sun

Mon Tues Wed Thurs Fri Sat Total Minutes

25

25

25

25

25 25 25 175 minutes (~3 hours)  

30

30

30 30 30 30 30 210 minutes (3 1/2 hours)

 

Note: If you’re already getting the recommended amount of activity, try to do a little bit more! Adults doing more than the 5 hours/week moderate-intensity activity can feel additional health benefits.

Why Does it Matter so Much?

Trying to fit in activity with a full workday can be daunting, but the long-term health benefits make the time worth it.

Adult Health Benefits from the Physical Activity Guidelines

  • Decreased risk of developing chronic diseases (cardiovascular disease, type 2 diabetes, several types of cancer)
  • Reduced feelings of anxiety and depression
  • Improved sleep and overall quality of life
  • Temporary cognitive function and state anxiety improvements (from just a single episode of physical activity
  • Improvement in completing everyday tasks without undue fatigue
  • Improved cardio-respiratory and muscular fitness (healthier body weight and composition)

It’s okay if you’re not used to exercising or getting a lot of physical activity. You can start small and add in 10 minutes of activity a day, or if your goal is a total 30 minutes a day, break it up and do 10 minutes 3 times a day.

What Kind of Exercise are We Talking about Exactly?

You have a lot of options when it comes to the kind of physical activities you can do. These are just examples from the Guidelines, not a final list.

Moderate-Intensity Activities

Vigorous-Intensity Activities

Walking briskly

Recreational swimming

Bike riding

Tennis

Power yoga

Ballroom or line dancing

General yard work and home repair

Exercise classes

 

Jogging or running

Swimming laps

Bicycling faster than 10mph

Tennis

Dancing

Heavy yard work

Exercise classes like step
aerobics or kickboxing

Hiking uphill

High-intensity interval training (HIIT)

You can try out different activities and find the one you most enjoy.

Get the Whole Family Involved

Go for a walk down up and down your street or try out a local park.

Not sure where the nearest park is? You can use sites dedicated to connecting people to parks like Map of Play to find a park that works for you.

Have a gym membership but worry about what the kids will do?

Some gyms have children care centers during daylight hours where your kids can get supervised play time while you work out. Look into what your gym offers or consider switching.

The following activities from the Physical Activity Guidelines are examples of how kids can get and stay active.

Type of Physical Activity

Preschool-Aged Children

School-Aged Children

Adolescents

Moderate-intensity aerobic

Games such as tag or follow the leader

Brisk walking

Brisk walking

Playing on a playground

Bike riding

Bike riding

Tricycle or bicycle riding

Active recreation, such as hiking, riding a scooter, swimming

Active recreation, such as kayaking, hiking, swimming

Walking, running, skipping, jumping, dancing

Playing games that require catching and throwing (like baseball/softball)

Playing games that require catching and throwing (like baseball/softball)

Swimming

 

House and yard work

Playing games that require catching, throwing, and kicking

 

Video games that require continuous movement

Gymnastics or tumbling

 

 

Vigorous-intensity aerobic

Games such as tag or follow the leader

Running

Running

Playing on a playground

Bike riding

Bike riding

Tricycle or bicycle riding

Active games involving running and chasing, like tag/flag football

Active games involving running and chasing, like tag/flag football

Walking, running, skipping, jumping, dancing

Jumping rope

Jumping rope

Swimming

Cross-country skiing

Cross-country skiing

Playing games that require catching, throwing, and kicking

Sports (soccer, basketball, swimming tennis)

Sports (soccer, basketball, swimming tennis)

Gymnastics or tumbling

Martial arts

Martial arts

 

Dancing

Dancing

Muscle strengthening

Games such as tug of war

Games such as tug of war

Games such as tug of war

Climbing on playground equipment

Resistance exercises using body weight or resistance bands

Resistance exercises using body weight, resistance bands, weight machines, hand-held weights

Gymnastics

Rope or tree climbing

Some forms of yoga

 

Climbing on playground equipment

 

 

Some forms of yoga

 

Bone Strengthening

Hopping, skipping, jumping

Hopping, skipping, jumping

Jumping rope

Jumping rope

Jumping rope

Running

Running

Running

Sports that involve jumping or rapid change in direction

Gymnastics

Sports that involve jumping or rapid change in direction

 

 

 

Try out activities you and your kids can enjoy together, letting everyone get their physical activity for the day. Kids need physical activity as much as Adults and Older Adults. The benefits for kids are in line with the benefits for adults, but getting them involved with physical activities early sets them up to live healthier lives as adults.

Children and Adolescent Health Benefits from the Physical Activity Guidelines

  • Decreased risk of developing chronic diseases as adults (heart disease, hypertension, type 2 diabetes, osteoporosis
  • Reduced feelings of anxiety and depression
  • Improved cardiorespiratory fitness, stronger muscles, and stronger bones
  • Improvements in:
    • attention
    • cognitive functions of memory
    • executive function
    • processing speed
    • academic performance

 

If you have older relatives living with you, they can still find ways to join in on the family physical activity.

While walking is one of the easiest, low-risk ways for older adults to get in some physical activity, the Guidelines have a few more examples:

Moderate-Intensity Activities

Muscle Strengthening Activities

Walking or hiking

Dancing

Swimming

Water aerobics

Jogging/running

Some forms of yoga

Bike riding (stationary or outdoors

Some yard work (raking/mowing with a push mower

Sports (tennis/basketball)

Golf

Strengthening exercises using exercise bands, weight machines, or hand-held weights

Body-weight exercises

Gardening (digging, lifting, and carrying)

Some yoga postures

Some forms of tai chi

 

Most of the health benefits for Adults and Older Adults are the same, but there are some specific to Older Adults. It's never too late to get into the habit of completing some type of physical activity in a day.

Older Adult Health Benefits from the Physical Activity Guidelines

  • Easier to perform daily living activities:
    • eating
    • bathing
    • toileting
    • dressing
    • getting into or out of bed
    • moving around the house/neighborhood
  • Reduced feelings of anxiety and depression
  • Less likely to fall and also less likely to be seriously injured in the event of a fall
  • Improved physical function
  • Helps prevent/manage chronic illness

The Guidelines have some information on “Being Active in the Presence of Health Challenges” as an older adult on page 76. Even in the face of physical challenges, we can still find ways to be active.

Today's Takeaways

The workday isn’t always flexible or forgiving with time, but small changes add up to big differences.

Take the time to build in some physical activity to your day and make it fun for the family. The activity itself may not last long, but the health benefits are long term.

And of course, always consult with your doctor on what physical activities work best for you, especially when it comes to each activity's length and intensity.

 


Read the Physical Activity Guidelines in their entirety.

Read more about the Adult Physical Activity Map here: https://www.cdc.gov/physicalactivity/data/inactivity-prevalence-maps/index.html

The Behavioral Risk Factor Surveillance System (BRFSS) is “a system of health-system related telephone surveys that collect state data” that completes more than 400,000 adult interviews each year. Read more about BRFSS here.


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Retirement Facts - Part 2

We’re here with Part 2 of our Retirement Facts series. This week, we’re focusing on some demographics of retirement – marital status, age groups, and wealth segments.

For the purposes of these studies, the LIMRA Secure Retirement Institute defined “Single” as widowed, divorced, or never married, and the age of Married households is based on age of the oldest spouse.

 

Overview: Retired Households

Nearly 126 million households were surveyed in 2016.

34.7 million (28%) of the total households surveyed were partially/fully retired.

19.2 million (16%) were married households, 5.3 million (4%) were single men, and 10.1 million (8%) were single women.

 

Average Assets by Marital Status

Married households - $803,999 in average assets

Single men - $333,241 in average assets

Single women - $229,696 in average assets

 

Breaking these three groups down by age group:

Top 3 Age Groups with the Most in Average Assets by Martial Status

Married Households

 

Single Men

 

Single Women

Age Group

Average Assets

 

Age Group

Average Assets

 

Age Group

Average Assets

55 to 64

 $        806,550

 

75 or older

 $          504,031

 

65 to 74

 $          260,168

75 or older

 $        802,034

 

55 to 64

 $          324,581

 

75 or older

 $          206,402

65 to 74

 $        782,975

 

65 to 74

 $          292,806

 

55 to 64

 $          104,651

 

The asset differences between the top 3 married household age groups is relatively small, with only $23,575 between the 55 to 65 and 65 to 74 age groups.

The asset differences between the single men age groups is by far the largest, with $211,225 between the 75 or older and 65 to 74 age groups.

The asset differences between the single women age groups are also fairly large, with $155,517 between the 65 to 74 and 55 to 64 age groups.

 

Financial Products

95% of married households, 89% of single men, and 88% of single women own cash/cash equivalents.

Retirement/pension accounts are the second leading financial product. 62% of married households, 38% of single men, and 39% of single women own retirement/pension plans.

Deferred annuities are the least owned financial product. 4% of married households own them, 2% of single men own them, and 4% of single women own them.

 

Partially/Fully Retired Married, Single Men, and Single Women Households

The study defined 6 wealth segments by assets:

Low-net-worth: Under 100k

Middle-market: $100k to $249k

Mass-affluent: $250k to $499k

Affluent: $500k to $999k

High-net-worth: $1.0 million to $3.49 million

Mega-millionaire: $3.5 million or more

 

Across all three groups, the majority of households fell into the low-net-worth category. We'll cover the statistics for low-net-worth, middle-market, and mega-millionaire.

Married Households

Approximately 19.2 million married households were partially/fully retired in 2016.

  • 9 million of those households (13%) were considered low-net-worth.
  • 2.9 million (4%) were considered middle-market.
  • 909,165 households (1%) were considered mega-millionaires.

 

Single Men

Approximately 5.3 million single men were partially/fully retired in 2016.

  • 3.6 million (17%) were considered low-net-worth.
  • 901,214 single men (4%) were considered middle-market.
  • 91,610 single men (0%) were considered mega-millionaires.

 

Single Women

Approximately 10.1 million single women were partially/fully retired in 2016.

  • 6.8 million (20%) of those single women were considered low-net-worth.
  • 1.4 million (4%) were considered middle-market.
  • 72,409 women (0%) were considered mega-millionaires.

 

 

Check out our previous retirement centered posts:

The Case for Unretirement

The SECURE Act of 2019

Retirement Facts – Part 1


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Retirement Facts - Part 1

A few weeks ago, we had a short discussion on the Case for Unretirement.

This week, we’re looking at some highlights from LIMRA Secure Retirement Institute’s comprehensive Fact Book on Retirement Income 2019 for this first post in a short Retirement Facts series.

 

Increasing Life Expectancy

Life expectancies for men and women have remained stable since 2000, increasing one to two years over time. Women have historically outlived men every year, and that trend has not changed. In 2017, the life expectancy was 83.1 years of age for men and 85.6 years of age for women.

 

Sources of Individual Retiree Income

Retiree income consists of a mix between:

  • Social Security
  • Pensions and retirement plans
  • Interest and dividends
  • Employment earnings
  • Other

Of these, Social Security and pensions and retirement plans make up the largest sources of income for individual retirees.

 

Average Monthly Social Security Benefit

The average monthly benefit in 2018, with or without reduction, was $1,523.

 

Retiree Household Income

10.9 million fully retired households had income of $25,000 or less in 2016. That’s nearly 40% of the total reported fully retired households. (Note: The poverty line for a 2-person household was $16,020 in 20161.)

 

Retiree Debt

The average mortgage debt has shown an increasing trend since 1989. In 2016, the average mortgage debt was $105,900.

 

Pensions in the Long-Term

Although it’s one of the major sources of retirement income right now, the number of pensions will drop off drastically for the younger generations.

 

Retiree Population and the Age Group with the Assets

The number of fully retired households aged 55 or older in 2018 was approximately 29.4 million, which was only 23% of the total number of households reported.

In 2017, that 23% of fully retired households aged 55 or older owned approximately $32 trillion in assets.

 

Retirement in America is changing, with life expectancy and debt increasing and income for the majority decreasing. It’s important to keep an eye on trends and make informed decisions.

Stay tuned for more highlights next week.


https://aspe.hhs.gov/computations-2016-poverty-guidelines


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The SECURE Act of 2019

Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 19th and will incorporate the Act into a 2020 fiscal year appropriations bill.

The Act is made up of 29 bipartisan provisions designed to bring comprehensive reform to retirement security legislation. The Act is meant to increase individuals’ overall access to retirement options and modernize the current retirement plan system.

 

What changes is the SECURE Act bringing?

The SECURE ACT has 5 main Titles, each targeting various areas of retirement and financial reform. Below are highlights from each section.

 

TITLE I--EXPANDING AND PRESERVING RETIREMENT SAVINGS

The SECURE Act will bring big changes to small business retirement planning. Small business owners can now join with other, unrelated business owners in a pooled employer plan.

In addition, if one employer in a multiple employer retirement plan (MEP) fails, the other plans will continue. The assets of the failed plan will transfer to another plan in the group.

The Act simplifies and modernizes the 401(k) system, defining a highly compensated employee, offering student loan debt repayment and emergency savings, and updating the Safe Harbor rules

Individuals age 70 ½ or older can now contribute to Individual Retirement Accounts (IRAs). The age for required minimum distributions (RMDs) is now 72 instead of 70 ½, for those who are not 70 ½ by the end of 2019.

Long-term, part-time employees can participate in retirement savings. The Act defines these individuals as “employees who work at least 500 hours in 3 consecutive 12-month periods and have reached age 21.”

Individuals can make penalty-free withdrawals from their retirement plan to cover childbirth or adoption related expenses.

 

TITLE II--ADMINISTRATIVE IMPROVEMENTS

Employers adopting a retirement plan before the tax return filing deadline can be treated as adopted as of the last day of the taxable year.

Benefit statements to contribution plan participants must include a “lifetime income disclosure” at least once during any 12-month period. The lifetime income disclosure is an illustration meant to show how much monthly income their retirement savings will provide.

 

TITLE III--OTHER BENEFITS

529 Education Savings accounts can be used to cover costs associated with registered apprenticeships, student loan repayments, and certain costs associated with elementary and secondary education.

 

TITLE IV--REVENUE PROVISIONS

All distributions from defined contribution plans and IRA balances must be made by the end of the 10th year after the account holder’s death. This excludes distributions made to certain eligible designated beneficiaries.

The penalty for failure to file is increased to the lesser of $400 or 100% of the amount of the tax due, and the penalties for failure to file retirement plan returns are increased.

 

TITLE V--TAX RELIEF FOR CERTAIN CHILDREN

Unearned income of children will be taxed at the parents’ marginal tax rates instead of rates applicable to trusts and estates.

If you have questions about your current retirement savings, reach out to your financial advisor or the company administering your retirement plan with questions or concerns. The future is uncertain, but you can still move forward prepared to make the decisions best for your individual circumstances.

 

This is a high-level overview of the Act and its provisions. Click here to read a full summary of the SECURE Act or here to read the Act in its entirety.


For information on the annuity retirement options that ManhattanLife offers,give us a call at (800) 247-2045. We can get you in touch with a licensed producer to go over an annuity retirement solution that works for you.


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Cancer Insurance Policy Solutions for You

Why Purchase a Cancer Insurance Policy?

The American Cancer Society estimated there would be more than 1.7 million new cancer cases are expected to be diagnosed in 2019. Approximately 39 out of 100 men and 38 out of 100 women will develop cancer during their lifetime.

According to the Agency for Healthcare Research and Quality, the direct medical costs for cancer were an estimated $80.2 billion in 2015. Of those costs, 52% were for hospital outpatient or office-based provider visits, and 38% were for inpatient hospital stays.

These reports' estimates are based on individual cases, but the reality is cancer affects entire households, not just an individual. Extended time off work, family members becoming caregivers, outside caregiver expenses, medical bills - cancer affects us physically, emotionally, and financially.

Cancer insurance policies can help keep the out-of-pocket costs down so that you can focus on what matters most to you.

What is a Cancer Insurance Policy?

A cancer insurance policy can provide coverage for services major medical plans may not cover.

What Cancer Insurance Policy Solutions does ManhattanLife Offer?

ManhattanLife offers “Cancer First Occurrence” and “Cancer Care Plus” insurance.

Cancer Care Plus and Specified Disease Insurance Benefits

  • Guaranteed Renewable for Life
  • Cancer screening test
  • First Occurrence Benefit Rider
  • Daily Hospital Confinement Benefit
  • Surgical Benefit
  • Radiation and Chemotherapy
  • Hospital and Other Care Facility Benefits
  • Optional Intensive Care Unit and Critical Care Benefit Riders*

Cancer First Occurrence Insurance Benefits

  • Guaranteed Renewable for Life
  • Payment is made directly to you upon an initial cancer diagnosis
  • Choose a benefit amount up to $50,000
  • Family Plan option – pays the same FOB benefit for each covered family member
  • Optional Intensive Unit Care and Cancer Screening Benefit Riders*

*Optional benefit riders have state variations and may not be available in all states

This estimate is from the American Cancer Society’s “Cancer Facts & Figures 2019” and includes all cancer types except basal cell and squamous cell skin cancers and in situ carcinomas except urinary bladder.

These estimates are based on a set of large-scale surveys of individuals and their medical providers called the Medical Expenditure Panel Survey, the most complete, nationally representative data on health care and expenditures. Visit meps.ahrq.gov/mepsweb/ for more information.


For more information on ManhattanLife's Cancer Insurance Policy options, contact our licensed agents by phone at (800) 369-3600. We are always happy to discuss your individual circumstances and help you find a Cancer Insurance Policy solution that works for you.


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The Medicare Advantage Disenrollment Period - What Can You Do?

When is the Medicare Advantage Disenrollment Period?

  • January 1 through March 31.

What can you do during this time?

  • You can leave your current Medicare Advantage plan and switch to Original Medicare (Parts A and B)
  • If you switch to Original Medicare, you can also join a Medicare prescription drug plan. Coverage begins the first day of the month after your enrollment form is received.

What can’t you do during this time?

  • You can’t switch from Original Medicare to a Medicare Advantage plan, or switch from one Medicare Advantage to another.
  • You can’t switch from one Medicare prescription drug plan to another.
  • You can’t join, switch, or drop a MSA (Medical Savings Account) Plan

If you decide to switch back to Original Medicare (Parts A and B), you are eligible to apply for a Medicare Supplement plan.


For information on the products ManhattanLife offers, contact our Medicare Supplement Specialists by phone at (800) 369-3600 or by email at medsuppsales@wula.com. Our Specialists are always happy to discuss your individual circumstances and suggest a plan that can meet your needs.

Visit our website at medigap.manhattanlife.com for more information, to chat live with an expert, or to receive your free quote on Medicare Supplement plans offered in your state.


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The Case for Unretirement

4 Reasons Why Many are Considering Unretirement

Will my retirement income be enough? Will I be able to sustain my standard of living? How will I protect my savings? What will I be doing with my time?

These, and other questions, certainly keep some up at night.  And for those unable to find solutions, retirement may not be an option. Many individuals are remaining in the workforce longer, and some are choosing to unretire and re-enter the workforce.

Many potential retirees are ill-equipped to retire due to insufficient savings

With increasing longevity, many people are rightly worried about a retirement savings gap – whether their savings and retirement income will be enough to last throughout their retirement. According to the Social Security Administration data, about one out of every three 65-year-olds today will live past age 90, and about one out of seven will live past age 95.

Additionally, the World Economic Forum approximated the retirement savings gap to be $28 trillion in 2015.  That’s trillion with a “T”. By 2050, it is expected to increase to $137 trillion.

Not only are seniors faced with a longer time horizon for retirement, but many are also challenged by the savings gap resulting from higher expenses and lack of accumulated funds.

Seniors value work as a social network source

Retirement is a major change, and loneliness is often one result of not continuing the daily routine of interacting with coworkers or maintaining client relationships.

The U.S. Census Bureau states that 11 million, or 28% of people over age 65, lived alone at the time of the census. Working helps to combat isolation and loneliness that could have significant impact on seniors needing social contacts or help with underlying health issues.

Staying mentally sharp to combat aging-related cognitive decline

Everyone is aware that age brings many changes, including the decline in the ability to recall certain things. Several activities are recommended to preserve mental acuity, including dancing, exercise, maintaining a healthy diet, and continuing to work.

While working may not prevent cognitive decline, it could, however, potentially decelerate the inevitable consequences.

Working because they love their job

Lastly, seniors are choosing to continue employment simply because they love their job. Work can provide purpose, fulfill passions, and help maintain vibrancy.

Everyone's exact circumstances are different, but it's important to look at the big picture when determining whether unretirement is right for you. Consider reaching out to a financial advisor where you keep your savings and/or retirement for financial guidance. If the lack of social interaction is a bigger factor, consider finding volunteer opportunities or hobby groups in your area.