Insurance Planning - Insurance is a big part of retirement planning. Whether it is to protect your health, your life, or your assets, insurance tools may be needed. Dolphin Financial Group includes an insurance agency - Dolphin Insurance Inc., with expertise in insurance solutions to fit your need.
For many people, deciding on when to retire is dictated by health coverage options for themselves and/or their spouse. This seems like the tail wagging the dog, but the reality is that health insurance does play a significant factor in retirement planning.
Most people qualify for Medicare when they turn age 65. This can be a very confusing time as the Medicare health insurance program will be new and unfamiliar. In addition, there are many supplemental health insurance options that go along with Medicare. We help people navigate through this extremely important health insurance milestone.
Affordable Care Act (Obamacare)
The passing of the Affordable Care Act has lead to the creation of Health Insurance Marketplaces for those not on Medicare or other group coverage. Many people will want to retire before qualifying for Medicare and need to understand their health insurance options. We assist people in navigating the Marketplace, understanding how the health insurance subsidies work, and choosing a health insurance option that meets their needs and complies with the law.
Ancillary Insurance (Dental, Vision, etc)
When people retire from their jobs, they often lose the ancillary benefits offered by their former employer. In fact, many retirees are surprised to learn about the limited coverage for ancillary benefits offered by Medicare. If certain benefits are important to you, we help find options.
Life insurance is usually associated with younger, working families. However, life insurance can play a big role during retirement, particularly for objectives such as income replacement after the death of a spouse, to pay off debts carried into retirement, or to create a legacy for the next generation. Part of our retirement planning process includes reviewing existing life insurance policies and making sure they are purposeful and financially suitable during retirement.
As people are living longer, the potential to need some form of long term care assistance (home health care, assisted living, nursing home) has gone up. It is critical to understand the potential need for care, the costs of care, and the ways to pay for such care. We help people understand how to protect against the financial strain Long Term Care can put upon a retirement plan and include the use of all tools, including "hybrid" insurance options outside of traditional long term care insurance.
For people who are still working, it is important to protect that stream of income heading into retirement. A loss of income during peak earning years before retirement can be financially devastating. We help obtain disability insurance for those needing to protect against the potential disability, particularly for those people who don't have adequate employer sponsored coverage.
Annuities are contracts with an insurance companies. There are many different types of annuities, each with its own benefits and uses. We will review annuity options when clients need to create income streams during retirement. We also use annuities for legacy planning or for long term care planning. The most popular types of annuities we sometimes use with clients are Immediate Annuities, Fixed Annuities, and Indexed Annuities.