Before negotiating either a viatical or life settlement or taking accelerated death benefits from a life insurance policy, consider the financial consequences carefully. The passage of the Health Insurance Portability and Accountability Act of 1996 made proceeds from viatical settlements or accelerated death benefits fully excludable from income under certain circumstances. First, a physician must...
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How To Get the Most Out of a Visit to the Specialist
In 2010, visits to medical specialists (not including pediatricians and obstetricians/gynecologists) accounted for 44.8 of medical visits, up from 33.8 percent in 1980. So despite managed care, we’re using medical specialists more than ever. And that adds to medical costs. Seeing a specialist costs more than seeing a primary care physician. A specialist also does...
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What Are My Retirement Plan Options?
Thirty-six percent of Americans don’t have any savings for retirement. If you have taxable income but your employer doesn’t offer a retirement plan, you need to ask yourself: What are my options? myRA The U.S. Treasury Department introduced the myRA last year as a simple, no-fee “starter” retirement plan. To participate, you must earn less...
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Fight Back Against Car Theft
A motor vehicle is stolen every 45 seconds in the United States. And that’s the good news—five years ago, a vehicle was stolen every 33 seconds. Nearly half (45 percent) of stolen vehicles are never recovered. It’s not just your vehicle — thieves want the parts, too. Vehicle thieves can strip a vehicle in less...
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4 Ways To Use Life Insurance for Charitable Giving
Life insurance does more than protect families from the financial costs of a breadwinner’s untimely death. It can also help individuals make a substantial bequest to a favorite charitable organization and possibly enjoy a tax break as well. There are several ways life insurance can help you make a donation to a cause you believe...
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7 Strategies For Paying Retirement Healthcare Costs
A Kaiser Family Foundation study found that retiree health benefits supplement Medicare for approximately 15 million Medicare beneficiaries and provide primary coverage for more than two million pre-65 retirees. However, the portion of employers that offer retiree health benefits is dropping yearly. If you can’t rely on employer-provided retiree benefits, how will you cover your...
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Income Protection Insurance
What is your most valuable asset? Your home? Its contents? For most working individuals, their ability to earn an income is worth far more than these physical assets. You insure your home. Do you also have income protection insurance? Why not cover your most valuable asset — your ability to earn an income? According to...
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Airbnb and VRBO – Know The Risks
Home rental clearinghouses such as Airbnb and VRBO make it easy for homeowners to rent out a spare bedroom or a second home when they aren’t using it. This might sound like a good way to earn extra money. Before diving in, consider the risks and your insurance coverage. VRBO and Airbnb VRBO handles mainly...
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Protect Yourself from Volunteer Liability
The Bureau of Labor Statistics reports that Americans age 16 and older donated a median of 50 hours annually to volunteer activities in 2013. Most people volunteer because they believe in a cause, want to help others or want to improve their community. Although volunteering might feel good, it’s not always risk-free. Here’s how to...
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Renters Need Insurance Too
Many renters aren’t even aware that they need their own insurance, mistakenly believing that their landlord’s policy covers them. Your landlord’s policy will cover the building itself from damage or loss. But if your home is burglarized or destroyed by fire, your landlord’s policy provides no protection for your personal possessions. Renters insurance is inexpensive...
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