GNYADA February 2020 Newsletter

18 GNYADA Surety Bonds – Lowest Fee in the State GNYADA’s Surety Bond service can get you a bond within 24 hours and at the lowest price in the State. With GNYADA, all dealers pay a flat with no additional paperwork or new forms needing to be filled out! In addition to Surety Bonds, If you need a bond, please call or email Jennifer Berman at 718.746.5900 x235 or jennifer@gnyada.com.

GNYADA can assist you with your other insurance bond needs. Whether you need a bond for your utility com- pany, out of state dealerships, new dealership’s opening, street permits, secondhand dealer license bonds, or even bonds for games of chance – we’re here to help!

fee of $300 for a New Car Dealer Surety Bond. Unlike other bond issuers who could charge up to $1,000 because they rate each appli- cation according to individual risk. GNYADA’s Surety Bond process is quick and easy. No financial state- ments required, and no credit bureau checks for you or your spouse. And, we issue riders to make amendments to names and/or addresses at no addi- tional charge. Surety Bonds need to be renewed every two years. GNYADA takes care of the renewal automatically for you

PROGRAM OND A AD GNY

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Shopping for Medicare 19

If you have dealership employees who are 65 or over, you should make sure that they are aware of their options. Coverage offered through Medicare may be better for the employee, and cheaper for the dealer, making this a win- win! It is estimated that there are 75 million baby boomers and approximately 3 million will hit retirement age (65) every year for the next 20 years. After reaching retirement age, individuals who are still working can opt to stay on their dealer-sponsored health insurance or apply for Medicare Coverage. n You are a US Citizen or permanent legal resident n You or your spouse have worked long enough to be eligible for Social Security n You have end stage renal disease; n You have been entitled to Social Security disability benefits for at least 24 months n You have amyotrophic lateral sclerosis (Lou Gehrig’s disease) Anyone who meets the below criteria is eligible for Medicare:

There are four parts to Medicare:

n Part A covers hospital stays, skilled nursing care, home health care and hospice care. Most people don’t pay for Part A. n Part B covers doctors’ services, outpatient medical and surgical services, diagnostic tests, and outpatient care. You do have to pay for Part B coverage. n Part C is a plan that is offered by insurance companies. It is referred to as a Medicare Advantage Plan. It combines both Part A and Part B and normally Part D. There are premiums and co-pays associated with these plans. n Part D is prescription drug coverage. Medigap plans and Medicare supplemental insurance are very popular; these are issued by insurance companies to help cover some of the costs not covered by Medicare. There is a cost associated with this insurance. If you would like to discuss Medicare in more detail, please contact Michael W. Conway, Executive Director of the GNYADA Insurance Brokerage (718.746.8100 or mconway@gnyada.com ).

10 Greater New York Automobile Dealers Association • www.gnyada.com The Newsletter • February 2020