- Average Cost for Long-Term Care Insurance After 60
Age is the prime factor in setting premiums for long-term care insurance. The older the policyholder, the more insurance companies charge for coverage. Age-based cost hikes are modest for younger applicants, but starting at age 60, premiums ramp up sharply with every birthday. Other factors, including gender and geography, can also influence premiums. And a… read more…
- How to Deduct Health Insurance Premiums If You’re Self-Employed
If you’re self-employed, you can deduct the premiums that you pay for health insurance, saving money at tax time and helping to offset the cost of health coverage. The self-employed health insurance deduction is an above-the-line deduction, so you don’t have to itemize deductions to take it. It’s not available in all situations, however. Key… read more…
- Is There an Age Limit for Social Security Disability?
You can apply to receive Social Security Disability Insurance (SSDI) benefits if you have worked and paid Social Security taxes, are at least age 18 and haven’t reached full retirement age, which depending on your birth year is 66 or 67. Once you reach full retirement age, you can’t apply for or receive SSDI payments.… read more…
- What Happens to Your HSA When You Change Jobs
When you change jobs to a new employer you leave your old position behind but your health savings account (HSA) comes with you. You retain complete control over it and can keep paying your medical bills with the funds in your account. This is the case whether your HSA was set up through your former… read more…
- We Put $80k of Renovations Into Our Home. Do We Need to Report It to Our Homeowners Insurance?
Homeowners naturally know that the price tag for remodeling and improvements can be high. An average kitchen remodel, according to Home Advisor, costs more than $40,000, while a lavish makeover that includes custom cabinetry, fancy tile backsplashes and restaurant-quality appliances can run more than $130,000. A financial advisor can help you plan for major home… read more…
- Documents You Need to Apply for Medicare in 2024
Medicare enrollment starts with your application. You can typically initiate this process on the Social Security website or at your local Social Security office. And it requires the completion of certain forms. Applicants will have to provide information about their identity, employment history and health status. The process can typically span up to three months.… read more…
- I Was Quoted $7,000 Per Year for Long-Term Care Insurance. Is That Too Much?
At $7,000 per year, or about $583 per month, a long-term care policy like this is priced higher than average for what most people can get. According to market data from the American Association for Long-Term Care Insurance (AALTCI), a single male or female should pay around $2,100 to $3,600 per year (or $175 to… read more…
- I’m 68 and My Long-Term Care Insurance Now Costs $600 Per Month. Is This Too Much?
Imagine that you’re 68 years old and have a long-term care insurance policy in place that will help you pay for this all-important type of care later in life. You pay $600 per month in premiums and tell yourself it’s a good investment, considering how expensive long-term care can be. Consider working with a financial… read more…
- What Is the Medicare IRMAA and How Is It Calculated?
Understanding the concept of income-related monthly adjustment amounts (IRMAAs) is crucial for anyone navigating the Medicare system. In simple terms, an IRMAA is an extra charge added to your monthly Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums if your income is above a certain threshold. It serves as a mechanism… read more…
- My Net Worth Is Over $1 Million. Do I Need Umbrella Insurance?
With a question about umbrella coverage, your net worth doesn’t much apply. The question is more about what you need in order to protect yourself, your assets and your family. That has more to do with your exposure and risk of loss than with how much you have to lose. As to whether someone would need… read more…
- How Much Money Can You Make and Still Get SSI?
Supplemental Security Income (SSI) is a federal income assistance program in the United States that provides financial support to disabled, blind, or elderly individuals with limited income and resources. Here’s a breakdown of the requirements for SSI and how much you can get. A financial advisor can help you create a financial plan for your… read more…
- Pros and Cons of Having Multiple Health Insurance Plans
While the phrase “two are better than one” applies to many situations, two health insurance plans can be a burden, depending on your situation. However, two plans can also help you access needed care and save money on annual medical costs. Whether driven by specific needs, life circumstances, or a desire for comprehensive coverage, individuals… read more…
- Accidental Death and Dismemberment (AD&D) vs. Term Life Insurance
Accidental death and dismemberment (AD&D) insurance and term life insurance are both designed to provide financial security to beneficiaries in the event of the policyholder’s death. However, they differ in the circumstances they cover. AD&D insurance provides coverage if the policyholder suffers a serious injury or death due to an accident, whereas term life insurance… read more…
- I Was Quoted $2,000 Per Year for Long-Term Care Insurance. Is That Too Much?
Long-term care insurance is an important way to mitigate risk in retirement. Unexpected health issues and the related costs can take over a retiree’s financial life if they don’t have a plan to pay for costs of care. The cost of such a policy will depend on a handful of factors – including your age… read more…
- What Income Is Used to Determine Medicare Premiums?
Understanding your income and how it impacts your Medicare premiums is crucial for effective retirement planning. Your income can directly influence the cost of your Medicare premiums. By learning how to manage and potentially lower your income for premium calculations, as well as familiarizing yourself with the income limits set for premiums, the method of… read more…
- Calculating the Average Value of Personal Property for Insurance
Imagine that your home is destroyed in a fire. As you start the process to rebuild your life, a hard reality settles in: Your insurance coverage falls short of replacing your lost personal property. While this is an unfortunate situation, understanding how to calculate the average value of your possessions can help avoid such predicaments.… read more…
- What Is the Medicare Giveback Benefit and How Can It Save You Money?
If you’re enrolled in a Medicare Advantage plan, you may qualify for special savings through the Medicare Giveback Benefit. This benefit allows your Medicare Advantage plan provider to pick up the cost of some or all of your Part B monthly premium. You don’t actually get anything back, but you can still benefit from savings… read more…
- What Is Errors and Omissions (E&O) Insurance?
In the dynamic world of business, mistakes are bound to happen. But when these errors result in financial setbacks for clients, it can result in pricey lawsuits for businesses. Errors and omissions (E&O) insurance protects businesses from claims of negligence or inadequate work, serving as a critical safeguard for individuals and businesses in various industries. … read more…
- What Does Property and Casualty Insurance Cover?
Outside of health and life insurance, property and casualty insurance are at the heart of most insurance policies. Property insurance is a policy that covers you against damage or destruction to your property. Casualty insurance is a policy that covers you against liability for injury to someone else or their property. Typically, these two insurance… read more…
- Equity-Indexed Life Insurance
Equity-indexed life insurance is a type of permanent life insurance policy that combines elements of traditional life insurance with investment opportunities. While more expensive than simple term insurance, it allows policyholders to build cash value in a separate account. With an equity-indexed life, the cash value can grow tax-free by earning a return that tracks… read more…
- What Is a Life Insurance Conversion Privilege?
A life insurance conversion privilege allows you to convert your policy from one kind to another. For individuals who hold a life insurance policy, it’s common for their coverage needs to change over time. For example, you may outlive a term life insurance policy and want a permanent one. With a conversion privilege, you can… read more…
- How an Adjustable Life Insurance Policy Works
Life insurance can supply financial protection for your loved ones in case of your untimely passing. Many different types of life insurance exist, most of which call for policyholders to pay unvarying premiums in exchange for set coverage amounts. Adjustable life insurance, also known as universal life insurance, offers more flexibility. The policyholder can change… read more…
- Why Life Insurance Is Not a Scam and How It Can Help You
Life insurance is a financial tool that can offer cash value, peace of mind and a legacy for your loved ones. However, navigating the world of life insurance can be daunting, with its myriad policies, terms and options. Life insurance may not be worth it if you have no dependents, a tight budget or other… read more…
- Health Insurance Options for High-Net-Worth Individuals
In the intricate world of healthcare and insurance, high-net-worth individuals often face unique challenges and opportunities. Their healthcare needs, lifestyle and financial situation necessitate a different approach to insurance, one that is tailored to their specific circumstances. Whether you have a high net worth or not, a financial advisor can help you manage risk and… read more…
- Guide to Universal Life Insurance: Benefits, Drawbacks and Costs
Just as investments can be an integral part of your financial plan, so too can life insurance. Universal life insurance, in particular, offers a unique blend of insurance coverage and investment opportunities. However, before determining if it’s the right fit for you, you should understand the benefits, drawbacks and costs of universal life insurance. To… read more…