Thursday, October 30, 2014

How to select an insurance plan

If you already have an insurance plan from 2014 now is the time to get it out and review it, so that
you can decide if you want to make any changes for 2015.

Why would you want to change your insurance plan?

1. Insurance companies often makes changes to their premiums, benefits, or the services they provide, and it’s possible that your current plan may no longer meet your needs.

2. Perhaps your financial situation or health conditions have changed and you need a different plan to better suit your current needs.

If you don’t already have a health insurance plan you can begin by considering what benefits you need and how much of a premium you can afford to pay each month.

Where to Buy Your Health Insurance

Now that you know what the Affordable Care Act is (aka ObamaCare) and how it works, you just
have a few decisions to make before you’re ready to sign up for a health insurance plan.

A good place to start is by choosing where you will be purchasing your insurance.

These are your main options:

1.       Your State’s Health Insurance Marketplace.
2.       An insurance broker.
3.       Directly from the insurance provider.

Tuesday, September 30, 2014

Remember, Remember, the 15th of November

Get out your calendar and draw a bright red circle around November 15th   (hint: it’s a Saturday) because you have some important decision to make before the Open Enrollment clock starts ticking.

But first- how much do you actually know about the Affordable Care Act (aka ObamaCare) and how it effects you?

Sunday, September 28, 2014

Am I Prepared for Long-Term Care Expenses?

In general, Americans are not sufficiently prepared to pay for long-term care. Many of them go through their lives simply hoping that they won’t ever need it. Unfortunately, in the event that you or a loved one does need long-term care, hope won’t be enough to protect you from potential financial ruin.

Also, the odds that you will need some kind of long-term care increase as you get older.


Self-Insurance as an Option

To self-insure — that is, to cover the cost yourself — you must have sufficient income to pay the rising costs of long-term care. Keep in mind that even if you have sufficient resources to afford long-term care now, you may not be able to handle rising future costs without drastically altering your lifestyle.


Thursday, September 11, 2014

Why Purchase Life Insurance?

We’ve all heard about the importance of having life insurance, but is it really necessary? Usually, the answer is “yes,” but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection. If you’re single and have no major assets to protect, then you may not need coverage.

Sunday, September 7, 2014

How Much Do I Need to Save?

Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.
One rule of thumb is that retirees will need approximately 80% of their pre-retirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.
Here are some factors to consider when determining a retirement savings goal.

Retirement Age

The first factor to consider is the age at which you expect to retire. In reality, many people anticipate that they will retire later than they actually do; unexpected issues, such as health problems or workplace changes (downsizing, etc.), tend to stand in their way. Of course, the earlier you retire, the more money you will need to last throughout retirement. It’s important to prepare for unanticipated occurrences that could force you into an early retirement.