Americans are generally more confident in their ability to afford retirement than they were last year. But many aren’t taking steps to achieve that goal. The 2015 Retirement Confidence Survey found that the percentage of American workers who were very confident they would have enough money for a comfortable retirement increased again in 2015. In...
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How to Insure Your Boat
A survey by one insurer found that 29 percent of all boat owners did not have a separate watercraft insurance policy. This could be a mistake. Many boat owners mistakenly think their homeowners or personal auto policy will provide coverage; however, the standard homeowners policy limits property damage coverage for boats to $1,500—far less than...
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Ten Homeowners Insurance Problems…and How to Solve Them
The worst time to find out that you have no insurance, or inadequate insurance, is after a loss. If any of the following situations apply to you, a standard insurance program might not be enough. Problem: Your home is 30 or more years old. Insurance will cover the cost of bringing a damaged or destroyed...
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Controlling Emergency Room Expenses
Every year, Americans make 31 million visits to the emergency room for unintentional injuries. Emergency room charges average about $1,200 per visit. Your out-of-pocket expenses could vary wildly depending on the type and severity of injury, where you are treated, and your coverage. Emergency room visits account for a significant chunk of healthcare spending in...
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Understanding the Claims Process, Part 2
In our last issue, we discussed some of the factors that determine whether a claim is covered. In this article, we’ll discuss plan design features that affect how much your plan will pay toward a covered claim. Just because a claim is covered doesn’t mean your insurer will pay 100 percent of the provider’s charges....
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How Giving Impacts Your Retirement
Can you be too generous? A recent survey by the Employee Benefit Research Institute (EBRI) found that providing financial support and/or unpaid care to family or friends can affect your retirement savings. Whether it’s a friend recuperating from surgery or an adult child going through difficult times, you might find yourself providing financial support or...
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Term Life Insurance: A Bargain-Hunter’s Dream?
The average cost of term life insurance has been dropping over the last several years. If it’s been a while since you’ve updated your coverage, consider adding a term life insurance policy to your financial portfolio. Value Penguin, a provider of consumer information, recently released a study of average term insurance costs by age. For...
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The ABCs of Health Insurance
Annual Limit: A cap on the benefits your insurance will pay in a year. Under the Affordable Care Act, health plans can no longer place annual maximums on benefits. They can limit certain non-essential covered services or the number of visits they will cover for a particular service. After you reach the limit, you must...
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How To Plan for Long-Term Care Needs
About 70 percent of people over age 65 will require some type of long-term care services during their lifetime. More than 40 percent will need care in a nursing home. Planning ahead for the care needs of yourself or a family member can reduce stress and ensure funds are available when needed. You need long-term...
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Annuities vs Life Insurance
Most life insurance companies sell both life insurance policies and annuities. Both require you to be in good health to get the best rates. And both provide financial security. But they play very different roles in your financial portfolio. How They Work When you buy life insurance, you name a beneficiary (usually a person, but...
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