The Office of the Commissioner of Insurance (OCI) established the Senior Issues page to assist seniors looking for help with purchasing insurance, comparing policies that supplement Medicare, making decisions on planning and paying for long-term care; and information about life insurance and annuities.
Medicare Part D is the program created by the federal Medicare Prescription Drug, Improvement, and Modernization Act (MMA) of 2003 to provide some assistance for Medicare beneficiaries to pay for outpatient prescription drug costs. It is an optional program available to Medicare beneficiaries eligible for Medicare Part A and/or enrolled in Part B.
Planning for long-term care allows seniors to make informed decisions on what is best for them, based on their own individual needs, preferences, financial status and family situation. Long-term care insurance is one way for individuals to protect their assets against the potentially catastrophic cost of extended long-term care.
Many seniors are including annuities in their financial planning. Because there are many different types of annuity contracts and a variety of annuity options available, it can be difficult to understand how they actually work. When considering the purchase of an annuity, it is important to understand the different types of annuities, how annuities work, the contractual features of the policy, and the benefits, as well as risks, in order to choose the kind of annuity that would best fit your retirement needs.