- 7 Key Benefits of Long-Term Care Insurance
Long-term care insurance helps provide financial support for individuals who need assistance with daily activities due to aging, illness, or disability. This insurance helps cover the costs of services like nursing home care, home health care and personal or adult daycare. Understanding the benefits of long-term care insurance can help you prepare for future health… read more…
- What Are Dental Savings Plans and How Do They Work?
Dental savings plans can help reduce out-of-pocket expenses for routine checkups, treatments and even major dental procedures. It’s important to understand the benefits and limitations of dental savings plans, so you can manage your costs effectively. Whether you prioritize affordability, flexibility in choosing providers, or comprehensive coverage, understanding the different types of dental savings plans… read more…
- Health Insurance Options for Retirees Younger Than 65
Retirees under age 65 face a unique challenge: As they don’t yet qualify for Medicare, they’ll need to secure some other form of health insurance coverage. From employer-sponsored plans to individual marketplace policies, there are many options available. Here’s what you need to know. A financial advisor can help you create a retirement plan that… read more…
- Can I Add My Retired Spouse to My Health Insurance?
If your spouse retires before you, a common question many people ask is, “Can I add my retired spouse to my health insurance?” The answer often depends on your specific health insurance policy and circumstances. By understanding the process and eligibility requirements, you can make sure that your spouse receives the necessary coverage without any… read more…
- Is It Necessary to Have Life Insurance After Retirement?
As you enter retirement, the need for life insurance might not feel as pressing as it once did. But life insurance after retirement still has a place in financial planning. It can provide financial security for your loved ones, cover your final expenses, or contribute to a favorite charity – these benefits may make it… read more…
- Long-Term Care Insurance: Does It Cover Hospice?
Long-term care insurance is designed to cover the costs of services that assist with daily living activities. When it comes to hospice care, this insurance can indeed be beneficial. Hospice in long-term care focuses on comfort and quality of life for terminally ill patients. Many long-term care insurance policies include provisions for hospice care, covering… read more…
- Umbrella Insurance vs. Excess Liability Coverage
Umbrella insurance and excess liability coverage both provide additional liability coverage beyond your existing insurance, but they serve distinct purposes and offer varying levels of protection. Umbrella insurance typically extends broader coverage across multiple policies, such as home and auto. Excess liability insurance, on the other hand, boosts the limits of a specific policy. Knowing… read more…
- How to Lower Retirement Taxes With Life Insurance
There are two main ways to use a permanent life insurance policy for retirement planning. The first is through cash value. You can take money from your policy’s cash account up to the amount of premiums paid tax-free. The second is through a loan. You can borrow against your policy’s death benefit tax-free. This loan will typically… read more…
- Can I Contribute to an HSA Without an HDHP?
HSAs are not just a means to set aside funds for medical expenses. They’re a strategic financial tool that provides tax advantages and long-term savings potential. These accounts allow you to contribute pre-tax dollars, grow your savings tax-free and make tax-exempt withdrawals for qualified medical expenses. Understanding the rules that govern HSAs can help you… read more…
- Understanding Social Security Back Pay for Disability Benefits
For many individuals who find themselves unable to work due to a disability, Social Security Disability Insurance (SSDI) offers a crucial financial lifeline. However, the process of applying for these benefits can be lengthy and complex, often resulting in a significant delay between the initial application and the approval of benefits. This is where Social… read more…
- How to Find the Right Wedding Insurance
Wedding insurance can help protect the amount of money that you’re spending on your big day. From sudden venue closures to severe weather disruptions, this specialized policy can act as a safeguard against a variety of sudden events. As you pour over guest lists and seating charts, here are some common risks that wedding insurance… read more…
- How Cancel for Any Reason (CFAR) Travel Insurance Works
Cancel for Any Reason (CFAR) travel insurance allows policyholders to cancel their trips for a variety of reasons, including those not typically covered by traditional policies, and still receive a partial refund of their trip costs. As a premium add-on, CFAR offers the ultimate flexibility, but with higher costs and specific eligibility requirements than traditional… read more…
- What Is Wine Insurance and How Does It Work?
Wine insurance is a specialized form of insurance coverage that is designed to protect valuable wine collections from various risks, such as theft, damage, or loss. It typically provides coverage for the replacement cost or market value of the wine in case of unforeseen events. Wine insurance policies may vary in coverage limits and specific… read more…
- Average Cost for Long-Term Care Insurance After 60
Age plays a major role in determining long-term care insurance premiums. The older you are, the more you’ll pay for coverage. While premium increases are relatively small for younger applicants, costs begin to rise sharply after age 60. In fact, premiums can nearly double between age 60 and age 79, which is also the age… 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 2025
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?
Put simply, an income-related monthly adjustment amount (IRMAA) is an additional charge added to your monthly Medicare Part B and Part D premiums if your income exceeds certain limits. It’s designed to ensure that individuals in higher income brackets contribute more toward the cost of their Medicare coverage. Here’s what you need to know about… 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
In today’s complex healthcare landscape, many individuals are considering the option of having multiple health insurance plans to maximize their coverage and minimize out-of-pocket expenses. While this approach can offer significant benefits, such as broader access to healthcare providers and enhanced financial protection, it also comes with its own set of challenges. Understanding the pros… read more…