INSURANCE AND FINANCIAL PROGRAMS
~A PTOS Membership Benefit ~
The PTOS, in cooperation with Financial Advantage Associates (FAA) provides access to financial professionals, through e-mail, telephone, and brown bag lunches, (1) to help design and shop for insurance coverage that meets your needs and (2) to understand your financial portfolio at no additional cost. These financial professionals provide programs aimed at helping PTOS members supplement their insurance coverage, and/or reduce costs on their family protections needs, while positioning themselves for financial growth. These programs include: Life Insurance, Retirement and Financial Strategies, Disability Insurance, Long Term Care Insurance and Transition Health Insurance.
Life Insurance — You may have FEGLI or other group life insurance already, however, as a PTOS member, you will have access to insurance professionals to figure out: 1) How this group insurance plan fits in your overall life insurance strategy? 2) How much life insurance is enough? 3) What type of life insurance is appropriate for you? These insurance professionals will also be able to find you competitive rates through various insurance carriers. You have the ability to talk to these experts who will be able to tailor your life insurance coverage to meet your needs and answer any question you may have. For more information regarding Life Insurance, please click here.
Retirement and Financial Strategies — Did the 2008 market decline stop you clear in your investing tracks? Do you know that you need to save and invest, but just don't know how or where to get started? Whether you are saving for retirement or other financial goals, there are many investment techniques that you could be using. As a PTOS member, you have access to financial professionals to help you navigate the turbulent investment waters, make sense of your different options, and make sure that you are on the right track. For more information regarding Retirement & Financial Strategies, please click here.
Disability Insurance — With the disability Insurance benefit provided through the PTOS, you are eligible to supplement your government or company provided disability benefits with an individually owned insurance policy. For those in need of supplemental disability income, you can take part in this program at a discounted member rate and speak with disability insurance experts who can help you design your plan. For more information regarding Disability Insurance, please click here.
Long Term Care Insurance — As the baby boomer population begins to retire, more and more people are beginning to plan for when their health deteriorates. As part of that planning, it is vitally important that you retain control of the situation financially. Through Long Term Care Insurance, one can make sure that they will not become a financial burden on their loved ones as they age. The PTOS has found that plans outside the government are beneficial to our members because they can be individually tailored and offer a more cost effective solution. Please contact an insurance expert below to begin customizing a plan that fits your needs. For more information regarding Long Term Care Insurance, please click here.
Transition Health Insurance — Over the years, many people will change jobs and in turn leave their health insurance behind. There is often a waiting period between when one leaves their old job, starts their new job and when the new health insurance would begin. In response to this challenge, the PTOS Transition Health Program will help those individuals in need of bridging-the-gap between health insurance plans. For more information regarding Transition Health Insurance, please click here.
For MORE INFORMATION regarding any of these programs,
please contact:
Jason Silverberg
301-610-0071 (MD/DC/VA)
1-800-804-4736 x3022
Life Insurance
As an employee of the Federal Government, you currently have life insurance coverage through the Federal Employee Group Life Insurance program (FEGLI).
This program is a great benefit to have for basic insurance coverage. It was designed to be the foundation of your life insurance plan. One of its main advantages is that you do not have to go through underwriting and will automatically qualify for coverage equal to a multiple of your salary. On the other hand, the FEGLI coverage does not reward you for good health. This is why the PTOS has decided to offer the Life Insurance Member Benefit Program.
As a member of the PTOS, you may be able to qualify for a less expensive rate on your life insurance if you are in good health and a non-smoker. Also, unlike the FEGLI coverage, your coverage through the PTOS is portable. Since it is held outside of the government's benefit program, you have the ability to move your coverage from job to job (government to private sector, and back). While the FEGLI coverage does give you up to 5 times your salary, most families need upwards of 10 times their salary to be adequately covered. The benefit provided by the PTOS will allow you to fill in that gap by designing a customized plan with help from insurance experts.
If you would like to find out more or if you have any questions, please call Jason Silverberg at 1-800-804-4736 x3002 or jason@finadvinc.com.
Retirement and Financial Strategies
2008 and 2009 brought a wave of volatility to the financial markets. Some of us felt fearful and helpless as our hard earned retirement assets were washed away. Some actually acted on those fears and sold out of the stock market all together to stop the bleeding. This may not have been the best move to make.
As part of your PTOS membership, you have access to financial professionals to assist with your investing techniques. Whether it’s learning the importance of Asset Allocation and aligning that with your personal tolerance for risk, making sure that your accounts are rebalanced at least quarterly to stay consistent with your risk profile, or even just creating a strategy to Systematically Invest in the markets, these professionals can help you navigate through the treacherous economic climate.
Financial Advantage Associates’ (FAA) financial professionals will not only help you with your TSP, but they can also help analyze your total retirement situation, taking into account any old 401(k)s, IRAs, or spousal accounts as well. Since all of these accounts are working toward the same financial goal, retirement, it makes sense to treat them as one financial portfolio.
You may also have questions about savings and investing strategies for other goals, not just retirement. These professionals can help answer your questions when it comes to saving for College, a New Home, creating an Emergency Reserve, or even just General Wealth Accumulation.
To view an October, 2009 presentation, click here: https://uspto.connectsolutions.com/p48913698/
If you would like to find out more or if you have any questions, please call Jason Silverberg at 1-800-804-4736 x3002 or jason@finadvinc.com.
Disability Insurance
As an employee of the Federal Government, you currently have disability insurance coverage. This coverage was designed as a safety net in case you become disabled. Depending on which retirement system you are in, either CSRS or FERS, your disability income situation will be drastically different. If you are a CSRS member, please contact Jason Silverberg at 1-800-804-4736 x3002 for specific details. You can also e-mail him at jason@finadvinc.com for specific details.
Under FERS, your disability benefit will come in two pieces. The first piece will be for the first year that you claim disability. It equals 60% of the average of your highest 3 years of salary. The second piece will be for every year after and that will be equal to 40% of your highest 3 years of salary. These benefits are fully taxable to you. For example, if you are a Patent Examiner earning $100,000 a year (or $8,333 per month), your disability income benefit will be $5,000 a month for the first year and $3,333 a month every year after that, before taxes. Obviously, you will not be able to live the same lifestyle you were used to when were earning $8,333 a month.
To see how much of your income is unprotected in the event of a disability, please click here.
The Government's disability income program does give you a solid foundation for your overall disability plan. As a member of the PTOS, you are now eligible to purchase supplemental disability insurance that can be designed and customized to fill in the gaps. As an added bonus, you will be able to receive this benefit at a discounted cost with proof of PTOS membership.
To learn more about this program or for answers to any of your questions, please contact Jason Silverberg at at 1-800-804-4736 x3002 or jason@finadvinc.com.
Long Term Care Insurance
As you know, the Federal Government already provides Long Term Care insurance to you as an employee benefit. While this coverage is a good basic plan, it is not as customizable to your needs as other plans could be.
Because of this lack of flexibility, the PTOS is now providing a more flexible option. You will now be able to work with industry experts to design your Long Term Care Insurance plans. They can answer any questions you may have, as well as help you take advantage of the discount program the PTOS has put in place for its members.
These experts will explain and help you choose the appropriate characteristics that apply to you. Some of these include: the elimination period, the benefit amount, the benefit period, and inflation protection choices.
With all the options that Long Term Care insurance has, there is no question that you will need some guidance along the way. If you have any questions or would like to start designing your plan, please contact Jason Silverberg at 1-800-804-4736 ext 3002 or jason@finadvinc.com.
Transition Health Insurance
As more and more people leave and enter the workforce, there is an astounding need for health insurance. Many people entering the USPTO or private corporations cannot qualify for health insurance immediately and have a need for something to bridge this gap until coverage with their employer starts. Additionally, those who are leaving the USPTO or private corporations can qualify for COBRA to fill their medical insurance need, however, these costs are usually very high. This same need may arise for college students who can no longer qualify under their parent's health insurance. They need something to bridge-the-gap between where their parents' insurance leaves off and where their future employer's plan picks up.
For these situations, the PTOS is offering Transition Health Insurance that will allow you to put health insurance in place for a period of up to 12 months for a low cost. This will help those in need of filling the gap until they qualify under their new health insurance programs through their new employer or on their own.
If you would like more information or fill out an online application, please click here. If you would like to discuss how this impacts your entire financial picture please contact Jason Silverberg at 1-800-804-4736 x3002 or jason@finadvinc.com
