Marvin Kolodny couldn't be happier with the way he gets health insurance: It's through a Medicare Advantage plan he'd found when he turned 65. For a $29 a month premium, (in addition to his regular Medicare premium deducted from his Social Security payment) he gets Medicare insurance, along with certain other benefits, such as eye care and gym membership coverage — although dental would be an extra charge.
Because everyone is living longer, many life insurance companies have found traditional long-term care (LTC) policies are not profitable enough.
Several years ago, MetLife and Prudential stopped selling these policies, and they were joined recently by John Hancock, which increased the premiums for existing policies. Genworth still offers new policies, but it has increased the premiums for existing and new policies. Other companies are still selling traditional policies, but premiums are generally guaranteed for one year only, and can be increased if the insurance company gets your state insurance commissioner's approval.
How many times have you heard that what you don’t know can’t hurt you? Actually, what you don’t know can hurt you – just ask any taxpayer who has tried to persuade the IRS not to hold them accountable for an error on their tax return because they didn’t realize it was an error.
Clients who don’t realize life insurance can be leveraged for tax diversification in a retirement plan may suffer negative financial impacts due to what they don’t know. Although many permanent life insurance policies can help diversify a retirement plan, innovation in index universal life (IUL) insurance has brought about the potential to provide protection, supplemental retirement income and long-term wealth accumulation, typically with no tax penalties on properly structured distributions at any age.
While politicians and the public ponder our national health-care policy, under our current system the Affordable Care Act requires that people get health-care coverage, either through their work, individually through insurers or through state-run health-care exchanges. This year, the open enrollment deadline is Feb. 15 for people who want to secure coverage through the health exchanges and related insurers.
Retirement income planning can be like hitting a moving target in the wind. The target keeps moving because you do not know when you will retire, how much money you will need, or how long you will live. The wind is there because there is not an exact straight line path to get to your retirement target as laws will change, interest rates will go up and down, financial markets will rise and fall, and a variety of uncertain risks could impact your plan. One specific risk that can derail a retirement plan is long-term care. While most retirees will need some long-term care during their lives, it is hard to determine how much care one will need, how expensive the care will be, and how to fund this unknown cost.
The financial advice industry faced some significant headwinds in 2016 from the rise of competition from robo-advisers to the historic expansion of regulation under the Department of Labor's fiduciary rule. Although the economic and public policy outlook is murky, thanks to the largely unexpected victory of president-elect Donald Trump, 2017 could be the year that holistic retirement planning becomes the norm.
Last week, the U.S. Department of Health and Human Services announced it was escalating its efforts to to enroll young people in health insurance by, among other things, offering discounts to users of the ride sharing service Lyft who travel to open enrollment events.
When we buy insurance we are buying financial protection in case an incident occurs that we cannot afford.
The next time you visit your bank branch, ask yourself a simple question: “What am I, the small business owner, getting in return?” If your current bank relationship is not supporting your small business initiatives, the time may be ripe for a change.
About 10,000 people turn 65 every day, and along with that milestone comes a challenge: You need to get up to speed on the many ins and outs of Medicare. There’s a lot at stake. You have to pick supplemental insurance to fill Medicare’s coverage gaps, and you might have to switch to less-expensive versions of some medications. If you don’t sign up by the deadline or you make other mistakes, you could end up with lifetime penalties, denied claims or big bills you shouldn’t have to pay.
Every day, my in-box is filled with questions from readers about the nuances of Medicare. The following frequently asked questions will help you navigate the system and deal with tricky issues.