Crop Insurance Information for 2017

Crop Insurance Information for 2017 - Decoration Only

Crop Insurance Information for 2017

Price Select

Would you like an opportunity to use other months besides February and October to determine your insurance revenue guarantees?

You can increase your coverage if the average price for that chosen month is higher than the base price and the harvest price.

Available for both corn and soybeans!

Chose from the following months:
December, January, March, April, May, June & July

Chose one month or a combination of months.

If you are interested in more details on this program, please contact one of our agents today!

Did you take advantage of price rallies this year?

Did you know that when you buy a revenue policy you get two things?

Minimum Crop Insurance Revenue Guarantee
Nothing else in farming guarantees you income. Not your land, your equipment or your inputs.  The only guarantee in farming is that you will receive at least the minimum crop insurance revenue that your policy guarantees.

With the right policy, it can guarantee you bushels to market.
When you contract your guaranteed bushels you should always get what you sold them for plus any amount it takes to cover a shortfall to the elevator or your brokerage account.

You get both!  Give one of your crop insurance specialists a call today to find out how you can benefit from a revenue policy.

 

Keep up to date!

Would you like daily updates with commentary about that day’s markets and trends?  Each morning at 10 a.m. Rich Morrison, Senior Risk Analyst for Diversified Service Marketing Group, calls with updates on markets and conditions that day.  There is also a daily email from Rich that summarizes the market closings for the day and occasionally includes an update from DCIS’s agronomist, Mike Tohill. If you are a current crop insurance customer and are not already receiving our daily calls and emails from Rich Morrison, give your agent a call to get signed up today!

Kevin Jansen – 217.895.5800
Samantha Hutchinson – 217.837.2491
Ross Green – 618.562.8410

 

Insurance policies are obligations of the issuing insurance company and are not obligations or deposits of or guaranteed by any bank and are not FDIC insured.  First Neighbor Bank is an equal opportunity provider.  The U.S. Department of Agriculture (USDA) prohibits discrimination against its customers, employees, and applicants for employment on the bases of race, color, national origin, age, disability, sex, gender identity, religion, reprisal, and where applicable, political beliefs, marital status, familial or parental status, sexual orientation, or all or part of an individual’s income is derived from any public assistance program, or protected genetic information in employment or in any program or activity conducted or funded by the Department. (Not all prohibited bases will apply to all programs and/or employment activities).

 

 

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Important Insurance Open Enrollment Dates For 2017

Insurance Open Enrollment Image

Did you know one cannot apply for health insurance or change policies anytime throughout the year?   There are designated times of the year when changes can be made.  With the Affordable Care Act came Open Enrollment and Special Enrollment Period.

Below is information on dates, deadlines and changes on individual health insurance plans and Medicare supplement and prescription drug plans.

Dates & deadlines for 2017 health insurance

Open Enrollment for 2017 health plans starts November 1, 2016. Important dates to note:

  • November 1, 2016: Open Enrollment starts — first day you can enroll, re-enroll, or change a 2017 insurance plan through the Health Insurance Marketplace. Coverage can start as soon as January 1, 2017.
  • December 15, 2016: Last day to enroll in or change plans for coverage to start January 1, 2017.
  • January 1, 2017: 2017 coverage starts for those who enroll or change plans by December 15.
  • January 31, 2017: Last day to enroll in or change a 2017 health plan. After this date, you can enroll or change plans only if you qualify for a Special Enrollment Period.

 

Special Enrollment Period (SEP)

A time outside the yearly Open Enrollment Period when you can sign up for health insurance. You qualify for a Special Enrollment Period if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child.

If you qualify for an SEP, you usually have up to 60 days following the event to enroll in a plan. If you miss that window, you have to wait until the next Open Enrollment Period to apply.

You can enroll in Medicaid and the Children’s Health Insurance Plan (CHIP) any time of year, whether you qualify for a Special Enrollment Period or not.

Job-based plans must provide a special enrollment period of at least 30 days.

 

Changes for 2016-2017

Here are just a few examples of the changes covered in the updated guide:

  • Subsidy eligibility levels will increase slightly to reflect the increased 2016 federal poverty level, and for the first time, carriers will have the option of offering standardized health plans through HealthCare.gov.
  • Provider networks and drug formularies will continue to change and evolve, and tiered network plans may become more popular with consumers and health insurance carriers.
  • The maximum out-of-pocket allowed under the law will be higher in 2017 than it was this year, and health insurance carriers will keep pace with the new guidelines, offering plans with higher out-of-pocket maximums in order to keep premiums as low as possible. (They will also continue to offer a wide range of plans with out-of-pocket maximums well below the upper limit allowed by law.)
  • The federal government has issued another extension that gives states the flexibility to allow grand mothered/transitional health plans in the individual and small-group market to renew again for 2017, and many states have opted to go along with the extension. So if you’ve got a grand mothered health plan, you may be able to keep it for 2017 (though that might not be your best option, and you’ll want to compare it with the full range of new plans available in your area during open enrollment).
  • Across the country, several insurers are exiting the exchanges altogether at the end of 2016, in larger numbers than we’ve seen in prior years. This will have an impact on enrollees’ plan choices for 2017, and also on the auto-renewal process. It’s highly recommended that you return to the exchange to pick your own new plan if your carrier is leaving the exchange, but HHS has also implemented a new protocol under which they will — if possible — select a new plan for you if you don’t select one yourself.

 

Medicare Open Enrollment

When’s the Medicare Open Enrollment Period?
Every year, Medicare’s open enrollment period is October 15 – December 7.

What’s the Medicare Open Enrollment Period?
Medicare health and drug plans can make changes each year—things like cost, coverage, and what providers and pharmacies are in their networks. October 15 to December 7 is when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.

How do people know if they need to change plans?
People in a Medicare health or prescription drug plan should always review the materials their plans send them, like the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC). If their plans are changing, they should make sure their plans will still meet their needs for the following year. If they’re satisfied that their current plans will meet their needs for next year and it’s still being offered, they don’t need to do anything.

When can people get information about next year’s Medicare plans?
Information for next year’s plans will be available beginning in October.

Where can people find Medicare plan information or compare plans?
1-800-MEDICARE or Medicare.gov.

 

Insurance products available through First Neighbor Insurance Agency are: Not a Deposit, Not Guaranteed by the Bank, Not FDIC Insured, Not Insured by Any Federal Government Agency, Not a Condition to Any Banking Service/Activity.

 

 

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Higher Education 529 College Savings Plan

529 College Savings Plan

HAVE YOU PRICED COLLEGE FOR YOUR KIDS?

Many parents today suffer from sticker shock when they learn what it costs to send their children to college. While the cost of college can be a hard pill to swallow for parents of college-bound teens, now is the time for parents to get familiar with a 529 College Savings Plan. The commonly used college savings plan has offered parents, and their college-bound kid(s), tax-free withdrawals to pay for college.

Here’s what you need to know about a 529 College Savings Plan:

  • Also known as a “qualified tuition program,” a 529 Plan allows an individual to save for higher education expenses for a determined beneficiary.
  • Anyone—whether they are a family member or friend—can establish a 529 Plan for a designated beneficiary.
  • A 529 Plan is provided by a state, an agency of the state or by an educational institution itself.
  • Money invested in the plan accumulates on a tax-deferred basis and distributions used for higher education expenses are tax and penalty-free, as long as the funds are used for approved education expenses.

If you are considering establishing a trust for your child to pay for college instead, here’s what you should know:

  • Most trust funds may not be effective means of sheltering this cash from the financial aid process—if your child will be applying for aid trust funds can be counted in the financial aid process as an asset of the child. This could affect your child’s eligibility for aid.
  • A potential work around to the above issue could be established if the trust was restricted to withdrawing just the principle for the beneficiary.

Be sure to work with a financial professional before investing in a 529 Plan to understand eligibility requirements. Some plans will only allow savings to be used to pay for college in that designated state, for example.

Before investing, the investor should consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only for that state’s 529 Plan.

If you are interested in starting a 529 College Savings Plan for your children, give First Neighbor Investments a call today to discuss savings and investment strategies.

 

SAVING FOR COLLEGE

There is not one correct way to save for college.

There are many strategies, such as a 529 plan, Coverdell Education Savings Account or a UGMA/UTMA, to help you reach your savings goal. These savings plans have different advantages in terms of:

  • What income limits are on contributors,
  • What contribution limits exist,
  • How earnings are taxed,
  • Who oversees the plan,
  • How you can use your earnings and
  • How flexible your investment is

You can view a complete comparison table of these savings here, provided by American Funds.

Please call First Neighbor Investments if you have any questions or want to schedule an appointment. Or visit us online at http://www.firstneighborinvestments.com/

 

Are you one of the millions of people using 529 plans to save for higher education?

This savings strategy is a great way to help you reach your college savings goal. 529 plans, highlighted here from American Funds, offer you tax advantages, flexibility and control, more specifically:

  • Anyone can contribute regardless of income level,
  • Withdrawals for qualified expenses are free from federal taxes,
  • Some states offer tax deductions or credits,
  • Account owners always control their accounts and
  • Beneficiary changes are permitted

Before investing, the investor should consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only for that state’s 529 Plan.

Please feel free to contact First Neighbor Investments to schedule an appointment today to figure out how to use 529 plans to achieve your savings goal. Or visit us online at http://www.firstneighborinvestments.com

 

Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC. Cetera is under separate ownership from any other named entity.
Investments are: • Not FDIC/NCUSIF insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency.

 

 

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Insurance Review – Let’s Do This

Insurance Review - Let's Do This!

Everyone knows the importance of insurance protection.

Does everyone like insurance? More than likely the majority of you will respond with a resounding “NO”.

Do you understand how your insurance protection works? “Maybe”, “A little”, “Kind of”…

Do you find insurance confusing? Absolutely!

Are you covered the way you should be? “I’m not sure”, “How do I know?”

When/if your insurance agent calls to schedule a review of your insurance protection, do you think “OK, what is he trying to sell me now”? Do you put it off? Are you too busy to make the time to meet?

The value of an insurance review resolves and reassures many issues. Insurance reviews take away the uncertainty of your protection.

Your insurance protection is like life – its ever-changing. Insurance is not something you put in place and walk away from it never having to make adjustments again. Your insurance protection needs to change with your life changes such as buying your first car, getting married, buying a home, remodeling a home, having a baby, having a second baby, children graduating from college, children getting married, becoming empty nesters and retiring. These are just a few of the things that may call for an insurance evaluation.

Agents reach out to their clients because they want to prevent gaps in their clients’ insurance coverage before it is too late. If your agent does not reach out to you it’s important for you to contact your agent to schedule a meeting. If one agent handles all your coverages the task is simple. Make a list of anything that has changed since the last time you met even if you’re not sure whether it’s significant enough to mention. By doing this you will be assured all of your insurance policies fit your needs and life style.

Examples of the changes and questions that should be discussed with your insurance agent are listed below.

  • Change of marital status
  • Added family members – a new baby, an adopted child, a foster child
  • New drivers in household
  • Others living with you other than family members
  • Who is protected under my policies
  • Purchased new properties
  • Purchased new furniture, electronics or fine jewelry
  • Started a home based business
  • Added or updated anything around your home
  • Change of vehicle
  • Any significant purchases
  • Family size reduced
  • Life style change
  • Recommend any protection that’s needed

Your insurance policies should reflect the life you have now – not the life you had when you first purchased your coverage.

Insurance is Peace of Mind
Insurance reviews allow Peace of Mind

Insurance products available through First Neighbor Insurance Agency are: Not a Deposit, Not Guaranteed by the Bank, Not FDIC Insured, Not Insured by Any Federal Government Agency, Not a Condition to Any Banking Service/Activity.

 

 

 

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