On this episode of the Moneywise podcast, Rajesh (R. J.) Jyotishi is joined by his long time colleague Kirit Ghandi to talk about travel insurance. 

Kirit is originally from Bombay India, and has resided in Atlanta for nearly four decades. A pioneer of the Indian Community, he is a founding member of IACA, ICRC, and Gujarati Samaj.  Kirit is a Georgia Tech Engineering graduate (B.S. and M.S.) who has enjoyed many successful years in the technical field.  A Registered Life and Health Insurance Agent, he has been associated with Shalin Financial since 2004 while providing fulltime guidance and services to individuals and businesses in the area of Insurance and Financial well being. 

Jennifer Stukey will be back on future episodes of the Money Wise podcast. 

Today's topic is appropriate for this time of year, looking into traveler's and visitor's insurance policies. These would be policies purchased when traveling outside of your home country, providing protections in case of medical emergencies or other issues occuring outside of primary coverage. It should be considered as another part of the overall travel expenses. 

Check your own policy specifically for coverage in the areas that you will be traveling, to determine whether you are covered for medical emergencies. Out of Network deductibles may be double the amount of in-network deductibles for today's popular, preferred provider policies. 

R.J. relates a story of a fellow traveler in Tibet who fell from a yak, and broke her shoulder in four places. Unfortunately, there was no medical evacuation services available in the area, so the entire expedition had to escort her back to Katmandu for treatment. Her traveler insurance policy covered the medical expenses that she incurred. 

Look closely at the policy's clauses regarding pre-existing conditions and illnesses or injuries that occur as a reslut of a pre-existing condition, which might not be covered. Policies that are comprehensive in nature where there is a deductible but no caps on hospital stays etc., might be a best option.  And you may find some high-risk activities are excluded from your coverage. 

Other types of insurance include trip cancellations, lost luggage and other services offered by cruise lines and travel agents. 

The question arises as to where to get these policies, is the home country better or from the country of travel. This really depends on your level of comfort, as many find that having an insurance agent to work with in the home country prior to travel provides the most secure feeling. 

Check out the Visitors Health Plans page on ShalinFinancial.com for more information. 

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.

On this episode of the Moneywise podcast, Rajesh (R. J.) Jyotishi and Jennifer Stucky get back into podcasting after a brief hiatus. One outcome of the hiatus however was the standup comedy class that R.J. participated in and was documented in this video clip from the RJ at the Punchline Comedy Club in Atlanta.

The topic for this episode is Pre-existing Insurance Coverage in GA. It is part of the Affordable Care Act and is funded by the federal government and provides up to $5 Billion in funding to support pre-existing insurance coverage in each state.  Georgia currently has a pre existing insurance plan and it is a great option for people who are not insurable on an individual basis.

If an indivdual loses any of these coverages and are unable to obtain new coverage due to a pre-existing condition within a six month period, this would be an option.

Something to consider as the population in this country continues to diversify, eligibility for Medicare comes after working and contributing to the social security system for 10 yrs or 40 quarters.  Meanwhile, many individual plans do not cover individuals over the age of 65, based upon the assumption that Medicare would be kicking in. A pre-existing plan is an option that can be the alternative. 

An applicant must go about proving that they have a pre-existing condition that has impacted their ability to get coverage including a denial letter from a private insurer, or proof that the premium to be charged by the insurer is subtantially higher than the premium under the pre-existing insurance coverage. 

Some states offer eligibility based upon a conditions list, requirements of which can be found at Healthcare.gov.

Benefit Options

Currently there are 3 options. Each plan has a max out of pocket of $5950/yr. There is a network of preferred providers you can view on healthcare.gov.

Standard option:

• $2000 deductible plan in netowork.
• $25 co-pay for office visits.
• $500 Rx deductible with generous benefits for Rx.

Extended option:

• $1000 deductible
• $25 co-pay for office visits
• $250 Rx deductible instead of $500 with lesser co-pays for

HSA Option:

• $2500 deductible

Important Documents

Enrollment Form rev. November 2010

Benefits Summary 2011

Brochure for 2011

Pre-existing Condition Insurance Plan Guide

For children with pre-existing conditions that are having a hard time getting coverage, there is a web site called InsureKidsNow.gov with additional information about resources.

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.

On this episode of the Moneywise podcast, Rajesh (R. J.) Jyotishi and Jennifer Stucky discuss the complexities of the Medicare system, eligibility requirements and various options of coverage. 

The primary location for accessing information about Medicare is the web site at Medicare.gov and we highly recommend working with an advisor who is an expert in this field. 

Medicare is health insurance for U.S. citizens and lawful resident aliens over the age of 65.  Some exceptions can be made for individuals with disabilities.  Historical information about this social insurance program can be found here.  In some cases the coverage can be purchased if applicants do not meet the eligibility requirements. 

Medicare can be broken into four coverages.  It is important to be aware of the timeliness of the application requirements for eligibility.   

Part A - Hospitalization

Part B - Doctor's visits

Part C - Medicare Advantage plans, supplemental to the above coverages provided by insurance companies.

Part D - Prescription benefits are also provided by traditional insurance companies. 

So, what are some of the insights we can provide when looking at participating in a Medicare Advantage plan.  

•  Make sure your healthcare provider is in the Network
• The prescriptions you are taking are in the Formulary
• Make sure that emergency coverages are available internationally if planning on travel

 RJ was recently at a conference where it was discussed that on January 1, 2011 over 10,000 seniors will be reaching the age of 65, and each day after, another 10,000 will reach that age of eligibility. It is this influx of Baby Boomers that is challenging the financial viability of the Social Security and Medicare systems. 

To stay on top of this complicated and shifting topic, work with a qualified financial advisor and pay close attention to changes in legislation. 

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.

Since we have reached the date of October 1, 2010 there are implementations of the Healthcare reform act that we would like to call to your attention.  There are several provisions that apply at the time of the first renewal of a plan post September 23rd, so this first day of October is significant for many employers.

A first item to address is the extension of coverage for adult children up to the age of 26.  This is regardless of marital status or whether child is a student. 

January 1, 2011 will find that over the counter medications will be excluded from reimbursement in Flexible Spending Accounts (FSA's).

For some plans that are not grandfathered, plans will now have to provide preventive care at 100%. There will no longer be allowable deductibles or co-pays.  The definition of preventive care can be found at U.S. Preventive Services Task force web site.  

A new provision eliminates any pre-existing conditions for children under the age of nineteen. Plans can no longer excludes pre-existing conditions, in particular this is having a big impact on individual plans. 

Grandfathered provisions must be looked at carefully regarding what compliance factors must be adhered to when looking at renewals.  Provisions such as patient protection and 100% preventive care can be determinants 

Losing grandfathered status can come about if you significantly cut or reduce benefits, you cannot raise co-insurance to your employees, and you cannot significantly raise co-pays. They can only be raised by $5.  This applies to all size groups.  Finally, as an employer, you cannot change insurance companies and must not pass any additional rate hikes on to employees. 

On Good Morning America this morning they announced a web site called Healthcare.gov, that is a great resource on information regarding the changes being made under Healthcare Reform. 

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.

With the cost of healthcare and insurance increasing, Medical Tourism is becoming an interesting option for many individuals seeking medical procedures. Medical Tourism is a way of getting care provided by a healthcare practitioner in another country, some times with a vacation or tourism activities included.

Steve Forbes made a statement in 2007, that Medical Tourism is expected be a $30 Billion dollar industry by the year 2010.

In this issue of the Moneywise podcast, Rajesh (R. J.) Jyotishi and Jennifer Stucky discuss the pro's and con's of medical tourism and what you should look out for when considering this option.

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.

Disability is 16 times more likely than death to cause foreclosure:

Death 3%

Disability 48%

Source: Federal Housing Administration

Many of the conditions that once would have killed people are leaving them disabled instead. Like high blood pressure, diabetes, heart disease, etc.

Percentage of people who can expect to suffer a disability lasting at least 90 days before reaching age 65.

If a disability of 90 days or more lasts two years, it will probably continue longer, even for life:

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

You can Listen, Subscribe & Download on itunes

Theme music for the Money Wise podcast is "Now or Never" written by Rajesh (R. J.) Jyotishi on an upcoming CD called Carpe Diem.

One question we get asked very often from small business owners is, which type of health plan is better for me in GA?  An individual health insurance plan or a group health plan? The answers may surprise you!

In this issue of Moneywise  Jennifer Stucky and Rajesh (R. J.) Jyotishi discuss the pros and cons of each arrangements.  Some of the questions addressed in this podcast are:

• What does it take to form a group health plan?

• Health Insurance:  Group vs. Individual

• Main benefits of group plans         

• Main benefits for individual health plans.               

• Life & Disability insurance:  Group vs. Individual

• Dental:  Group vs Individual

• Other Ancillary benefits:

Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs.

For questions, they can be reached at Rajesh Jyotishi:  770-451-1932, Jennifer Stucky: (770) 664-5526.

You can Listen, Subscribe & Download on itunes

Theme music for the Money Wise podcast is "Now or Never" written by Rajesh (R. J.) Jyotishi on an upcoming CD called Carpe Diem.