Fourteen percent of people age 65 or over need long-term care. Among those 85 or older, half need some long-term care, according to the Georgetown University Long-Term Care Financing Project. If you don’t like the sound of a nursing home, relax because today’s long-term care insurance policies can cover many other long-term care options. There...
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Improve Your Financial Wellness
Consumers can experience financial well-being—or a lack of it—regardless of income. How would you rate your financial wellness, and why does it matter? Money problems rank as one of the top causes of stress, divorce and relationship problems. They can also affect your physical health. And when your health begins to deteriorate, that can further...
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Choosing Term or Permanent Life: A Simple Guide
You may have heard the phrase “Buy term and invest the difference.” That works if you have the discipline for a regular investment program. But for some, a permanent life insurance policy will provide more security and better returns. It also offers tax advantages that other investments lack. There are two categories of life insurance:...
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How To Save Money on Long-Term Care Insurance
The American Association for Long-Term Care Insurance recently published an article on some of the ways you can save money on your long-term care insurance…and how not asking the right questions can cost you. Some points to consider: Marital discounts. Some insurers give discounts to married people, on the theory that married people are more...
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Lose Weight, Save Money
Excess weight not only affects your health; it can affect your finances. Researchers have linked overweight and obesity to the following health conditions: Coronary heart disease Type 2 diabetes Cancers, such as endometrial, breast, and colon High blood pressure (hypertension) High total cholesterol or high levels of triglycerides (dyslipidemia) Stroke Liver and gallbladder disease Sleep...
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What are Viatical Settlements?
For many people, a chronic condition such as heart disease or cancer starts a downward spiral of declining health and rising bills. A life insurance policy can help you improve end-of-life quality—here’s how. In a viatical settlement, a terminally ill policyholder sells his/her life insurance policy to investors through a viatical broker. Once investors purchase...
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Cashing In Early on Life Insurance
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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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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