When your local weather forecaster tells you that it's going to rain, what do you do? That's easy--you reach for your umbrella. So why not purchase an umbrella that can protect you in stormy financial weather? Umbrella liability insurance (ULI) can do just that. By providing liability protection above and beyond the basic coverage that homeowners/renters and auto insurance policies offer, ULI can protect you against the catastrophic losses that can occur if you are sued.
What Makes an HSA so Great?
On March 6, House Republicans released their proposed health-care plan, The American Health Care Act (AHCA), as a replacement for the Affordable Care Act (ACA). The bill repeals the health insurance mandate for both individuals and large employers; caps Medicaid funding to states beginning in 2020; eliminates several ACA taxes including those applicable to high wage-earners; and replaces tax credits and subsidies based on income with tax credits based on age and income.
The Patient Protection and Affordable Care Act (ACA), enacted in 2010, contains some provisions that directly affect our nation's elder population. If you're a retiree or a senior, you may be concerned about how these reforms may affect your access to health care and insurance benefits. The following is an overview of health-care reform legislation provisions you should be aware of.
The Patient Protection and Affordable Care Act (ACA) established Health Insurance Marketplaces for individuals, and Small Business Health Options Program (SHOP) Marketplaces for small employers. The general purpose of these Marketplaces is to provide a single resource for consumers and small businesses to compare health plans, get answers to questions, and enroll in a health plan that is both cost effective and meets their health-care needs.
"Save thousands on health insurance." "Cut your premiums in half." We've all seen the ads for high-deductible health plans (HDHPs), touting their low rates. But do lower rates mean less coverage? And if they are so good, why do so few workers opt for them?
Long term care (LTC) has been a growing concern over the years with life expectancies and medical advancements increasing the likelihood of a long term care need. Additionally, the cost of this care has been rapidly increasing. Many people may find the need for long term care insurance (LTCI), which makes it even more important to understand the various strategies and advantages available when paying for LTCI. One important benefit to LTCI beyond the base coverage is that long term care insurance can provide additional tax incentives for individuals and business owners.
Over time, as your individual and family circumstances change, you may find that you own an annuity or cash value life insurance policy no longer suits your needs. If you have such holdings within your portfolio, there are attractive ways to repurpose such assets where they again can play a role in your overall financial plan such as for long-term care insurance protection, for example.
Earlier this year, Kirsten Simon attended the Low Load Insurance Conference in Tampa, FL. She brought back some useful statistics regarding long-term care that we wanted to share with you as D3 begins the annual insurance review for all of our Affordable Family Office clients this month.
Every year, the Trustees of the Social Security and Medicare trust funds release reports to Congress on the current financial condition and projected financial outlook of these programs. The 2016 reports, released on June 22, 2016, project a small Social Security cost-of-living adjustment (COLA) and Medicare premium increases for 2017, and discuss ongoing financial challenges. Click here to read more.