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Fleming Financial Services Blog

At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.

Open Enrollment for Medicare

Thomas Joseph Thomas Joseph , 11/6/2014
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Fleming Financial Services, PA, National Stroke Awareness MonthThe period between Oct 15 and Dec 7, 2014 is open enrollment time. This season involves many changes and updates to present Medicare plans. If you find you need to make a change to your existing plan there are several things you should know.
  • During open enrollment you are able to:
  • Go from basic Medicare to Medicare Advantage.
  • Change between Medicare Advantage Plans.
  • Exchange a prescription-drug plan for another.
  • Sign-up for a prescription-drug plan.
Now is a good time to think about all the factors surrounding this period. Cost will involve new premiums, present reductions in fees, coinsurance and supplementary payments to include plan payment additions. There is also the fact of which doctors, medicines and medical services will be covered under the new plans, whether or not your plan of choice includes the services and doctors you need and finally how serviceable every individual plan is. If new developments in your health require that you must make adjustments to your present plan, or switch all together, now is the time to review all aspects of open enrollment to ensure you get complete coverage. Parts A and B of Medicare are automatically available to clients ages 65 and over. There are premiums on Part A for the beneficiary if their job paid Medicare taxes for 10 years or more. Without employment assistance you will pay a premium of $104.90 per month. The Part A deductible is $1,069.00 higher than the part B, which is $147.00. By 2015 Part A will go up an extra $44. The difference in payment amounts can be supplemented with the purchase of other policies. The Medicare coverage gap will be reduced every year and will become obsolete by 2020 – provided the Affordable Care Act stays in place. Those who paid 47.5 percent for brand-name medication will only pay 45 percent next year and people who have social security receive Medicare automatically.