Get a jump on Medicare Annual Enrollment Period!

Several ways to tell how the seasons transition from summer to fall are: the weather changing, foliage and the major sport going from baseball to football.

Another way to tell there’s a difference coming is the Medicare Annual Enrollment Period (AEP). Happening this year from October 15th through December 7th, anyone who has health coverage through Medicare can either review, enroll or change their Medicare plans, including stand-alone prescription drug plans.

“Medicare is designed for individuals who are aged 65 or older, or under age 65 with certain disabilities” said Nicholas Pacheco, owner of Independent Benefit Solutions, LLC, based in North Providence, who has devoted nearly two decades in the insurance and financial services industries. “Most people know that Medicare Parts A and Part B provides hospital and doctor services, respectively. But Original Medicare does not cover prescriptions, vision, dental, co-pays or Medicare’s deductibles and only pays 80% of the bill,” Pacheco added. 

Medicare is run by the Federal government but plans are administered by private insurers. Maintaining a healthy lifestyle while not being concerned about how to pay for potentially devastating health care costs is a difficult task for some. For most people, they often find themselves confused as to which type of plan or carrier to go with or haven’t reviewed their plans in a while to see which benefits they may be eligible for.

Fortunately, there is help in ensuring you make the right decision. Pacheco said he and his team of experienced licensed agency members are appointed with many carriers with a goal of saving their clients money on premiums and prescriptions and making sure they are aware of and getting all the benefits they deserve.  “Our desire is to help people select the best insurance coverage based on their needs, health and most importantly their budget. We work with each client to select the right plan while ensuring the access and affordability to care while giving clients complete piece of mind.”

Part C for example, also known as Medicare Advantage, combines the benefits of Medicare Part A and Part B but add other benefits. This year, there are various Medicare plans that offer differentiating services such as $0 co-pays for physicians, $0 co-pays for most generic medications, expanded dental and vision coverage, hearing aids, and gym memberships to name a few!

The annual 8½ week window not only enables people to review their plan and see what options are available, it also allows them to go from one plan to another with an effective date of January 1st, 2021.  However, please keep in mind about the government deadline of December 7th. That means anyone who misses the cutoff point will not be able to change plans unless they have a limited number of extenuating circumstances or qualify for a “special enrollment period” after the 1st of the year, Pacheco said. 

“Having initial contact with people and determining their best outcomes can be done seamlessly,” he said. “It’s better to plan early and understand the plans and benefits and risks associated with each. This is not something people should wait until ‘the last minute’ to deal with.”

 Independent Benefit Solutions hosts numerous informational events both in person and virtually during this time. For people who have questions, they can make an appointment with him or one of his licensed team members to go over their options so they can make informed decisions that ultimately impacts their lives.

Independent Benefit Solutions provides a myriad of other services in addition to Medicare plans. The agency also works to provide retirement income benefits and legacy or business planning for their clients. They ensure that clients have the right safeguards in place so their loved ones are not burdened with making difficult decisions or having unnecessary tax consequences. Using a comprehensive approach and open architecture, they work closely with each client and their strategic referral partners to develop a tailored plan to fit their client’s lifestyle, goals, and budget. The staff specializes in asset protection strategies and creative insurance solutions that protect against unnecessary risks and inefficient wealth transfers.

For more information about the Medicare Annual Enrollment Period, Independent Benefit Solutions or their menu of services, please call Nicholas Pacheco at 401-314-4100 or email him at: npacheco@independentbenefitsolutions.com.  Further details may be found by visiting their website at www.independentbenefitsolutions.com. 

Carolyn Tadamala joins Spinnaker Asset Management

She comes to the financial services company with a world of  experience. 

In helping to build a solid foundation for their continued growth, the Warwick-based Spinnaker Asset Management has announced the hiring of Carolyn Tadamala as their newest Financial Advisor.

In this capacity, Tadamala will assist clients with their retirement and allocate resources in hopes of generating additional income to help them attain their long-term goals. 

Spinnaker President Ronald Kent, Jr., said it was her knowledge of business both locally and abroad that set her apart.

“Carolyn comes to our firm from the vantage point of working in the financial services industry and being an International small business owner,” said Kent. “She will be instrumental in understanding clients’ needs and issues from their standpoint. We look forward to having her join our firm.”

Spinnaker Asset Management hired Lisa Picillo in a similar  position about one year ago. Along with Kent, there are three Financial Advisors on staff.

Tadamala has a world of experience…literally. After graduating from Loyola University, she moved back to her native India and founded her own bakery, Eclaire Bakery, where she also served as head chef. Before that, she worked for several years as Superintendent and Residential Director for The Rock Foundation. There, she formed and created numerous revenue streams to help students have the resources necessary to increase student graduation rates.

Upon returning to the United States, she worked at Santander Bank, N.A., as a Relationship Banker for over a year and as a Financial Advisor for Merrill Lynch, both located in Providence, before coming on board at Spinnaker Asset Management. 

“I’m looking forward to working with Ron and Lisa and am excited to help grow the firm,” Tadamala said. “My years of aiding people both locally and overseas has prepared me for this job.”

Kent said the recent worldwide events mean more uncertainty and opportunities to make important decisions.

“The market is fluctuating daily, and with the pandemic throwing a monkey wrench into the mix, people are concerned that their investments are not going to be there when they want to use them,” he said. “We see the market indicators and can adjust to make the most of a difficult situation.”

Spinnaker Asset Management, located at 400 Commonwealth Avenue, #7, in Warwick, works to ensure their clients’ money and other assets are working to maximize their investments.

For more details about their services and products, please call them at 401-884-3210. Additional information about the firm may be found by visiting www.spinnakerassetmgt.com. 

This press release is distributed for general informational purposes only and is not intended to constitute legal, tax, accounting or investment advice. No part of this newsletter nor the links contained therein is a solicitation or offer to sell investment advisory services except where applicable in states where we are registered, or where an exemption or exclusion from such registration exists. Information throughout this newsletter is obtained from sources which we believe reliable, but we do not warrant or guarantee the timeliness, accuracy or completeness of this information and the information presented should not be relied upon as such. All investments involve risk of loss, including the possible loss of all amounts invested, and nothing within this newsletter should be construed as a guarantee of any specific outcome or profit.

ABLTC Foundation Holds Virtual Silent & Live Auctions

The ABLTC Foundation will host its 13th Annual Silent Auction to benefit its mission of helping adversely affected groups of people statewide virtually.

The Virtual Silent Auction begins on Thursday, September 17 with the virtual LIVE EVENT set for Thursday, September 24, starting at 7:00 pm. The LIVE EVENT will run until 8:00 pm.

According to ABLTC Foundation’s General Manager Keri Salinger, funds raised through its annual signature event helps the most vulnerable people in the state. The Foundation achieves this through supporting programs, services, outreach and support to the elderly, disabled and neglected.

“Your generosity helps to protect the rights of mothers, fathers, grandparents and all elderly and disabled individuals who are victims of abuse, neglect and financial exploitation while receiving long-term care services in Rhode Island,” she explained.

The event was initially scheduled to happen during the spring. However, due to the ongoing pandemic and subsequent complications associated with social distancing and maintaining large crowds, the decision was made to make this event virtual.

Those who sign up for the virtual silent auction will have a chance to bid on unique baskets and packages, including gift baskets filled with gift cards to local merchants, restaurants, services and more. There are a few great raffle drawings and some “Buy Now” items as well, according to Salinger. 

Participants who register and attend the LIVE EVENT are also eligible to one of several door prizes through drawings throughout the evening. There will be Premium Auction items that will be up for bid during the LIVE EVENT, among them include: a Foxwoods Getaway for Two that includes a dinner and show of the winner’s choosing, a one-week getaway to Simpson Bay Royal Resort in St. Maarten (Dutch side) and a seven-day trip for four to Italy.

Besides entering the raffle and auction, people are also encouraged to make a one-time donation through the website. Salinger said any amount helps in forwarding the mission and reaching their financial goals.

Companies may also sponsor the Silent Auction in varying levels. Platinum Level ($2,000) includes eight raffle entries, Premium ad placement and Facebook recognition. Gold Level ($1,500) includes six raffle entries, Home Page ad placement and Facebook recognition. Silver Level ($1,000) includes four raffle entries, Item Page ad placement and Facebook recognition. Bronze Level ($500) includes two raffle entries, Item Page ad placement and Facebook recognition. 

For $200, individuals, families and companies may take out an Event Page Advertisement. Images need to be in either .JPEG, PNG or GIF format.

The ABLTC Foundation is a not for profit registered 501 (c) (3) organization. The ABLTC Foundation’s purpose is to benefit and support the Alliance for Better Long Term Care, Inc., a Rhode Island non-profit corporation formed over 30 years ago to protect the rights of our most vulnerable population throughout the state. 

Any donations and/or contributions made to The ABLTC Foundation are tax deductible. 

Registration is free to sign up and attend the event at www.abltc.givesmart.com or text “abltc” to 76278. Click on the prompts to complete the process.

For all other questions, please contact Keri Salinger at 401-785-3345, directly at 401-487-1085 or by email at Keri@abltcfoundation.org.

The New Kid on the Block

Business Partners Matthew Swain and Michael Souza started RI Auto & Detail for their love of cars.

Matthew Swain figured out early in his life that he would be surrounded by cars. His father owned a truck repair company in Cranston and worked as an auto mechanic and was a service director most of his life. It was that foundation set from the age of 12 that propelled the younger Swain to the field.

After getting experience in every aspect of the industry, Swain decided that maintaining vehicles would be his calling. Two months ago, he and Souza opened RI Auto and Detail, located at 35 Zipporah St., in North Providence, as a full-time venture.

The company helps clean, recondition, and keep cars, vans, motorcycles and other vehicles sparkling. Swain and Souza actually started the company in March 2019 as a part-time endeavor. The decision to ramp up to full time happened this past July after he realized that working two jobs had to stop.

“I was working full time at Toyota of Smithfield as an Assistant Service Manager and doing the detailing jobs during the evening and on weekends,” Swain said. “It got to the point that I had to decide which of the two jobs I wanted to keep doing. So, I quit my job at Toyota and devoted my energy toward this business.

“It was time to find out if I needed to jump ship and make it on my own or stay there and never know,” he added.

He jokingly said that after spending time as a mechanic that he wanted to be on the “cleaner” side of the industry. The work is primarily done by Swain with some help from Souza and an intern they have brought in. On an average week, the company does between eight and 10 cars per week. They do all types of jobs, from small jobs like a “waterless” car wash to complete details.

He prides himself on establishing long-term relationships with customers. There was a recent case of a customer needing a car wash quickly. Swain returned the finished car within an hour. Another patron  spilled primer on his floor—on a Sunday morning when Swain’s shop is normally closed. Swain managed to work on the car and remove the primer before it dried and left permanent damage. 

While he can do emergency type jobs, Swain said he wants to take the time to make sure the cars leave his shop in much better shape than when they arrive.

“One of the problems I find in this line of work is other shops are looking to sell customers as many services as possible,” he said. “I am going to tell you what you actually need and not upcharge you. I had people tell me they need a complete detail. After looking at their car, I may tell them they just need to have it washed and clean out the interior. I try to save them money with just giving them the services they need.”

Perhaps the most interesting—and surprising—thing Swain said is people who think they are cleaning the outside of their cars are doing themselves more harm than good.

“One of the biggest misconceptions about car washes is that they automatically clean cars. Instead, those brushes can leave scratches, swirl the paint or even ruin it. We can come in and decontaminate the vehicle during our gentle hand wash process to help make the paint brighter and last longer,” he said.

Moving ahead, Swain looks to add a mobile vehicle service. When operating (it is scheduled to start around mid- September), services such as car washes, interior detailing, spot removal, steam cleaning and other services. Swain said going mobile can help families who cannot reach North Providence and people who can’t leave their office. Swain can arrive at the location, do the necessary work and leave.

RI Auto & Detail also offers pick up and drop off service. They adhere to all of the social distancing rules, including using floor mats, steering wheel covers and covering the seats and dashboard. Jobs can take as little as an hour for small ones to as long as four hours for a complete detail.

For more information about Swain or to make an appointment, please contact him at 401-400-2720 or by email at services@riautodetail.com. They also accept appointment requests on Facebook @riautodetail and on Instagram @riautodetail. He usually books appointments within a two-day window of the customer’s call.