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Medicare plans aren’t intended to cover every medical expense – there are still copayment, coinsurance, and deductible payments to be made. Can you afford them yourself, or should you get Medigap insurance? What is ‘Medigap insurance’? Medigap insurance is simple: You pay a modest premium each month. In exchange, you take much of the pain out of any possible deductibles or copayments. While Medigap is standardized under federal law, these policies are private health insurance plans that cover expenses you may still...read more
About 25 percent of today’s 20-year-old adults will become disabled before they retire. There are more than 37 million Americans who are already disabled, and more than 10 percent of the entire population falls in this category. Of the disabled population in America, more than 50 percent are young enough to be working. At the end of 2013, more than five percent of American workers were receiving disability benefits from Social Security. This number is up from less than three percent in 2012. Likelihood Of Becoming Disabled An...read more
For many who do not have long-term care insurance, the idea of waiting to buy it later is a common occurrence. While some people know how important this coverage is for protecting assets and insuring a very likely financial risk, few people want to endure the task of finding coverage. Even more people are put off by the idea of paying regular premiums for this type of insurance. However, it is important to remember that putting off buying coverage comes with a higher price. Since long-term care coverage is based on age, people who wait to...read more
Whether they work at home or away from home, women are often vital contributors to their families’ finances. However, many do not realize how important it is to buy a life insurance policy. If women who contribute to the family finances were to die, the loss of that income would likely alter survivors’ lifestyles considerably. Recent research shows that more than 40 percent of adult women do not have any form of life insurance. Among those who did have insurance, most did not have adequate coverage. The majority of insured women...read more
Thus far, Social Security has been a remarkable success. Since its inception in 1935, it has provided a desperately needed retirement income cushion to millions of senior citizens and certain disabled individuals for generations. But there is trouble on the horizon. People are living many more years into retirement than planners banked on when they set up the system during the Great Depression. In those days, it was common for people to work until age 60 or 65, then pass away at 72. Now, retirees are still retiring at age 65 or 68 –...read more
Recent research shows that over 50 percent of both Gen X and Y members have admitted to knowing little or nothing about financial products and investments. A study showed that consumers from both age groups who did not work with financial professionals were less likely to have knowledge about investments than those who did work them. However, only about 20 percent of the combined groups actually worked with financial professionals. Experts believe that those who did have more knowledge about financial products had likely been educated by...read more
When an insurance company learns that one of its policyholders dies, the law requires the company to find the deceased’s beneficiaries. This means that insurers must make all possible efforts to locate any survivors, which can be a difficult task in a modern and very mobile society. However, with the use of modern technology and resources, insurers are often able to track down even hard-to-find beneficiaries. What Is Done With Unclaimed Insurance Money? To keep track of all deaths of insured individuals, the Social Security...read more
At some point, someone you love may make the transition from living at home to residing at an assisted living or nursing home facility. When should that transition occur, and what factors must be considered along the way? And what don’t these facilities tell you about? When is it time? If an elder is a) safe and content at home, b) in reasonably stable health, c) can draw on personal or family resources for in-home care, d) has a sufficient “rotation” of family or professional caregivers available so as not to exhaust loved ones, then...read more
The incidence of diabetes is rising, along with the costs of the disease, both to those who have the disease and to the businesses that employ them. The U.S. Centers for Disease Control and Prevention estimates that more than 18 million Americans have diabetes. The vast majority of diabetes cases-90% to 95%-are Type 2 diabetes, a condition commonly associated with obesity (among other factors) and one that typically surfaces as an individual ages (although recently the incidence of Type 2 diabetes has risen in children and young...read more
Unfortunately, disaster can strike at any time. No one is immune to the threat of losing his or her home due to any number of possible hazards. But a recent survey found that most homeowners are seriously underinsured. Marshall & Swift/Boekh, a leading insurance data services company, found that 66 percent of homeowners had inadequate coverage by an average of 18 percent. That works out to $36,000 for a typical $200,000 home. While few people would willingly choose a policy with a $36,000 deductible, that is the net result of being...read more