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Medicare is a form of health insurance managed by the U.S Government that was founded in 1965. Many different presidents attempted to pass different forms of health care in the past but, in most cases with little success. Medicare really gained steam when a national study revealed that over 56% of Americans over the age of 65 didn’t have healthcare. Legislation was later signed into place by Lyndon B. Johnson. Medicare is primarily for individuals 65 or older but someone under the age of 65 also may qualify. It is managed by CMS also known as the Centers for Medicare and Medicaid Services. In 2017, 58.5 million people were covered under Medicare according to CMS. The original Medicare is made up of Parts A and B but over over the years others have been added.

Medicare Part A

Part A usually covers Hospital Care, Skilled Nursing facility care, Hospice, Home Health Services, and Nursing Home Care (as long as the custodial care isn’t the only care you need). Typically this is free as long as you have paid Medicare taxes for 40 quarters. According to The Official U.S. Government Site for Medicare, if you don’t qualify for premium-free Part A benefits you will have to pay $422 each month if you paid Medicare taxes for less than 30 quarters in 2018. If you worked between 30-40 quarters you will pay a Part A premium of $232.

 

Typically you get premium-free Part A at age 65 if:

• You already get retirement benefits from Social Security or the Railroad Retirement Board.
• Either You or your spouse had Medicare-covered government employment
• Your’re eligible to get Railroad or Social Security benefits but haven’t filed them yet.

If your under 65, you can get premium-free Part A if:

• You got Social Security or Railroad Retirement Board disability for 24 months.
• You have End-Stage Renal Disease also known as ESRD and meet certain requirements.

Medicare Part B

Medicare Part B is also part of the Original Medicare. It can cover medical services and supplies deemed medically necessary. This can include but not limited to outpatient care, preventive services, ambulance services, durable medical equipment along with some other benefits. Part B can also cover part-time home health and rehab services ordered by a doctor.

Medicare Part B is eligible to anyone who is also eligible for Medicare Part A and by paying a monthly premium. If you are not eligible for premium-free Part A you can qualify as long as you are 65 or older and a U.S. citizen or a permanent resident lawfully residing in the U.S. for at least 5 continuous years. In 2018, the cost to enroll in Part B is dependent on your income and range anywhere from $134 to $428.60. Your Part B cost may be lower if you enrolled prior to 2018.

Medicare Part C

Part C is usually referred to as Medicare Advantage or MA Plans. Medicare Advantage is offered through private companies approved by Medicare. With these plans, you will get your Medicare Part A and B coverage from the Medicare Advantage plan rather than the Original Medicare. Most Advantage plans cover Medicare services while  having the ability to offer extra coverage like vision, hearing and dental. The Medicare Advantage plans must cover all the services that Original Medicare covers. The plan can choose to not cover the costs of services that are not dreamed medically necessary under Medicare. Medicare Advantage plans can also include Medicare Prescription Drug coverage also known as Medicare Part D.

Medicare Advantage Plans do have some different guidelines. Each plan can charge different out-of-pocket costs. They may also have different rules like needing a referral to see a specialist or having to go to an in-network provider for non-emergency or non-urgent care. So if you have a Medicare Advantage Plan in Springfield, Missouri you may have to choose a local provider in network. Different Medicare Advantage plans may allow you to see an out of network provider. These rules can change every year and is usually different depending on the company.

Medicare Advantage Plans are only offered in certain areas. Someone who is looking for a Medicare Advantage plan in Springfield, Missouri may have different Company options than someone who is looking for a Medicare Advantage plan in Joplin, Missouri. Plan coverage and benefits may also vary by the area that you live. A Medicare Advantage in Ozark, Missouri may provide different benefits than a plan offered in Columbia.

Medicare Part D

Medicare Part D is also commonly called the Medicare Prescription Drug Benefit. Part D was enacted by the Medicare Modernization Act of 2003 and went into effect in 2006. To be eligible an individual must be signed up for benefits under Part A and/or Part B. Part D can either be obtained by purchasing a Stand Alone Prescription drug Plan or by participating in a Medicare Advantage Prescription Drug Plan. Part D plans are not required to pay for all covered Drugs. Each plan releases a formulary or list of drugs they will make payment on. Each plan can change the drugs on their formulary during the year with 60 days notice to the affected parties.

In 2018, the Part D standard benefit requires the beneficiary to pay a $415 deductible, then the benefits are broken into different coverage tiers known as the initial coverage, coverage gap and catastrophic coverage. Plans are required to either meet these guidelines but may include a better benefit package.

Medigap

Medigap coverage is more commonly referred to as Medicare Supplement. Medicare Supplement is designed to cover the costs for many co-pays and some of the co-insurance related to Parts A and Parts B. These plans are offered by private insurance companies. To be eligible for Medicare Supplement an individual must be enrolled in Medicare Parts A and B. Historically plans A, B, C, F, K,L, G and N have been sold. Each plan offers different benefits but they are standardized. So a plan F you get from one company will be the same plan F you get from another company. The only difference will be the company who provides the coverage. With a Medicare Supplement, you don’t have to worry about in network providers. You just have to make sure you go to someone who accepts Medicare Assignment.

Individuals can sign up for a Medicare Supplement plan during their initial enrollment period which is the 6 months before, the month of, and 5 months after turning 65 or enrolling onto Medicare Part B. During this period no underwriting questions would need to be answered but most asking about smoking as it is required a lifestyle choice not a health condition. You can also enroll in a Medicare Supplement during a guarantee issue which can come from a variety of different scenarios.

How is Missouri Different?

Medicare Supplements in Missouri is different than most other states. In Missouri, you have the right to change carriers based upon the original issue date of the policy. This is known as a guaranteed issue period because you don’t have to go through underwriting questions to switch companies. During the period allows individuals to switch to a different company on the anniversary of their policy. For example, if a Medicare beneficiary has a Plan F Medicare Supplement in Springfield, Missouri then they can purchase the same plan F from another company that offers a Medicare supplement in Springfield, Missouri.

This blog was brought to you in part by Millennium Brokers.

Our world is faced with an abundance of security and cyber crime that just 20 years ago wasn’t as much of a concern. With the evolution of the internet along with data breaches,  cyber crimes are becoming way too common. Data breaches not only hurt business with damage caused and information loss, but also small and large business are subjected to hefty fines by government entities if proper steps are not taken before and afterwards.

Today, its not just the large business that are vulnerable. According to RPS, 43% percent of all cyber target small and medium sized businesses. Today 55% of small businesses have had some form of a data breach. A breach not only makes the business susceptible but also the employees and customers information.

What is Cyber Insurance?

Cyber insurance is a policy designed to cover the business from liability by a malicious data breach. It can help notify customers of the data breach and help restore personal identities of affected customers. Most state require companies to notify customers of a cyber breach.  Cyber Liability can also help recover compromised data or repair damaged computer systems.

What are some examples of Cyber Crimes?

Ransomware – An employee clicked on a malicious link which downloaded  a file known as ransomware. Typically, the malware attacks important systems and demands payment for release of information.

Cyber-terrorism – An employee notices the business has some sort of pro-terrorism propaganda posted on their twitter. Next thing you know it is also posted on the companies website and Facebook page. It was later determined that a terrorism group hacked into their systems and posted the content. 

Trademark – Someone within your company receives a demand letter regarding a trademark issue indicating you violated another parties right.

Employee Information – A number of employees start noticing they were subject to tax fraud. It was later found that all of the employee information was attached through the businesses computer system

Customer Information – Customers start calling into a business complaining of fraudulent activity. It was later found the business was hacked and customer credit card numbers and addresses where compromised. 

Each one of these scenarios could impact practically any large or small businesses. In the past hackers have went after large businesses because they knew they been able to get money. With cyber security becoming a growing field and tightened protections, small businesses are becoming susceptible because of tightened security.

How do I get Cyber Insurance?

Contact Millennium Brokers who offers Cyber Insurance to both small and large businesses across the State of Missouri. Millennium Brokers is located in Springfield, Missouri but they work digitally to provide Cyber Insurance to all of Missouri.

Retail shops make up a big part of the Missouri Economy. Owning a shop comes can be exciting but it comes with lots of responsibility. The last thing you want to worry about is making sure you have the right insurance coverage. While being a retail stop owner, you face many risks and  need customized coverage to fit your needs. Today with cyber attacks and a rise in lawsuits having the right coverage is more important than ever. Being self employed you should be focused on running a successful business. Business insurance for a retail store has more options than personal insurance. 

What’s included:

• General Liability – Helps protect retail businesses from certain liability claims or possible property damage claims as a result of the business operations. It doesn’t cover professional services you may provide. Lets say you have a customer that walks in your retail store. After 10 minutes of looking around they trip and fall on a slippery floor. The Liability proportion of your BOP (Business Owners Policy) may come into play depending on the policy form.
• Commercial Property – Helps protect where you run your business. This can include business property like shelves, computers along with many other items. It is important to speak with your agent about everything the business owns so that you know you have the right coverage in place. Some policies may have limits on different types of property like signs, computers, ect because not every policy is made the same.
• Business Income – Helps protect your business against lost income due to a covered loss. This can include the net profit if no loss had occurred before taxes. Business income may also help protect against expenses like rent, electricity and property taxes in certain cases. How does this actually work? Lets say your retail shop is vandalized overnight and it is covered on your retail BOP policy. If it takes a month to repair the damages, business income coverage will help pay your loss of income.

What Retails Stores Need Business Insurance?

Everyone! Due to many catastrophic events and liability claims having a BOP on your retail store is vital. While online retailers have risks that require insurance not having coverage could cost you Millions!  Furthermore business insurance for a retail store not only protects your assets but it also protects your income. 

Whats many not be included in your Retail BOP:

• Works Compensation Insurance – This coverage is designed to help pay for an employees medical bills, wages, and rehabilitation from a workplace illness and injury.
• Professional Liability Insurance – This is often called Errors & Omissions Insurance. This coverage usually applies to any  lawsuits related to professional duties.
• Employment Practices Liability Insurance – This coverage often pays for expenses related to lawsuits filed by employees. It can sometimes be endorsed onto a Business Owners Policy. 
• Accounts receivable – This coverage protects against losses from unpaid invoices.
• Equipment breakdown – This coverage covers your equipment including air conditioners, boilers, machinery, computers ect.
• Personal and advertising injury – This can cover copyright infringement, libel and slander.
• Employment Practices Liability- Covers the liability of wrongful acts arising from the employment process.
• Flood Insurance– This coverage helps protect your business in the event of a flood.
• Crime Insurance – This coverage helps cover your business against certain acts of crime.

How has Insurance Evolved: Cyber Liability Insurance

Whether you have physical retail store or just sell online, you are at risk for a cyber attack. A cyber attack is an attempt to damage, destroy or steal your business information. It can be anything from information on your customer all the way to a virus damaging your computer system.  While in most cases cyber liability is excluded from your business insurance policy, you can purchase a separate cyber liability policy.  Cyber Liability insurance covers  liability for a data breach involving sensitive  information, such as credit card numbers, social security numbers, account numbers, driver’s license numbers, and much more.

According to RPS, 43% percent of all cyber target small and medium sized businesses. The average total cost of an attack involving the theft of IT assets is $879,582. If your retail shop is hacked you have a duty to notify all everyone who’s information was stolen. Cyber Liability helps pay a set amount to notify your clients.

What can cyber insurance cover?

• Notifying customers about a data breach
• Restoring personal identities of affected customers
• Recovering compromised data
• Repairing damaged computer systems

Where to go for Business Insurance for a Retail Store?

If you live in Missouri and own a retail shop or any other type of business it may be time to get a second look at your policy. Millennium Brokers offers insurance options with multiple companies to help insure that you have the coverage you need.

Above all it is important to remember that every business owners policy is not made the same. As coverage are customized so is your policy. Make sure to check with your agent to make sure to have the coverage you need.

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