Anthem Health Care Reform and You

Here is a website from Anthem.  Great info for individual health coverage changes we will be seeing.

http://www.healthcarereformforyou.com/home

More Life Insur? I have Group Term at work or do I?

When talking to my clients about increasing their life insurance coverage, I often hear: "I really don't need extra coverage.  I've got life insurance where I work".  Unfortunately, most of these prospects don't realize that group term insurance is not enough to adequately secure their family's future.  Let me explain.

Many employers provide group term life insurance in multiples of an individuals salary.  Under current tax law, face amounts above $50,000 are taxable to the employees.  That means that employees have to report income using IRS Table 1 each year and pay income taxes on that amount.  The older they get, the higher the premium reported out will be.

Premiums for group term insurance, by nature, utilize healthy employees to somewhat offset a portion of the cost of covering other employees who may have chronic conditions or unhealthy lifestyles. Costs are also kept low because most employees discontinue the coverage before they reach the point where they are most likely to die-after retirement.  Group term coverage ends at retirement or whenever the employee terminates his employment with the employer.  Of course the coverage may be converted to individual coverage, but that can be very expensive, especially at older ages. 

This is not to say that group term insurance is a bad thing. Group term provides a valuable benefit, but is should only be considered temporary insurance coverage and not the basis for a financial plan.

An individual term policy would be a better alternative.  You can save money and purchase larger face amounts, with premiums guaranteed level for up to 30 years.  And if you are in good health now, the cost for an individual policy can be lower than the reportable premium for group term.  An individual policy will allow you to guarantee your insurability in care it changes in the future.

By taking the time to talk to me about the advantages of an individual life insurance policy over group term, you will see that your group term insurance policy is just a temporary part of your overall plan.  An Individual life insurance policy can save you money and help secure your financial future, for both you and your family. 

Young Adult CoverageUnder the Affordable Care Act, if your plan covers children, you can now add or keep your children on your health insurance policy until they turn 26 years old.  This is the Federal Law. The State of Ohio has their own law which extents this to the age of 28, with additional stipulations. 

Achieve Immortality on Installment plan

Everyone has something to give-I can help put the pieces together
No matter how old we are, what we do for a living, how much money we make, or where we live, we all want to be able to make a difference.
We make contributions of our time and our money to our favorite charities throughout our lifetimes, but once we die, those contributions stop. But what if there were a way to continue those monetary contributions beyond the grave?
A Life Insurance policy naming the charity as owner and beneficiary can be the perfect way to provide that lasting legacy. 
The satisfaction of giving to a charity combined with the practical benefits of tax deductions can be accomplished through life insurance, turning affordable contributions into major gifts. 
A tremendously large benefit can be created with life insurance compared to an outright gift of the same out-of-pocket cost.
A gift of a life insurance policy is a practical and affordable way to make a charitable contribution that is much larger than might be made through direct contributions alone.  You don't have to be wealthy to make a significant and meaningful gift.  Even modest annual gifts can have a substantial impact.

PPACA’s Impact on Insurance Premiums: Actuarial Study Predicts 32% Increase in Costs Over Next Five Years

A new report by the Independent Society of Actuaries predicts that individual market health insurers could experience as much as a 32% increase on average in health care costs from 2014 through 2017 due to changes brought on by the Patient Protection and Affordable Care Act (PPACA). This would result in higher premiums as the increased costs are passed on to those who purchase health insurance in the individual markets. 
The report refers to an “average” increase in costs, but the actual increase in “per member per month” (pmpm) claims expenses will vary from state to state.  

Health Care Reform-Are you ready for the next step?

With implementation of PPACA in full swing, employers need to understand how the Affordable Care Act will impact their employees and their health plans starting in 2014.  Come learn how to navigate the employer responsibilities under ACA, including the time lines for upcoming changes, the impact of health care exchanges and the penalty implicaitons for employers of all sizes.  I invite you to be my guest at this free MedBen university presenation, sponsored by Miller-Lewis Benefit Consultants featuring speaker Caroline Fraker.  Caroline is VP of Compliance and Chief Privacy Officer at MedBen.   She will examine the immediate and long-term effects of health care reform-and offer timely advice to help you stay ahead of the latest federal rules.  Event will be at the Fairfield Medical Center; 410 N Ewing St., Lancaster, OH-Registration-9AM; Presentation-9:30 AM; Adjournment-11:30 AM.  Space is limited, so register today by contacting me at (740) 654-4055. 

What is "Never" Money? Ask me

There are three types of Money
Everyday Money-This is money used to pay for current livng expenses like food, clothing, prescription drugs, et.
Someday Money- This is money that might be needed someday in the future to disburse for travel, second home, etc.
Never Money-This is money that is planned for bequeathing to a spouse, children, grandchildren, or as a gift to a favorite charity.

Do you know your wealth transfer options?
How do you want your money to work for you and your beneficiaries?
You decide! -Taxable, Tax-Deferred, or Tax-Free.

Taxable (CD's, Money Market Accounts)

• safety (FDIC insured)
• Liquidity (Withdrawals permitted subject to bank penalty)
• Good rate of return
• Interest taxable each year to owner
• Subject to probate process

Tax-Deferred (Annuities)

• Safety (Backed by insurance company reserves)
• Liquidity (partial withdrawals permitted without company penalty)
• Good rate of return
• Tax-deferred accumulation (until withdrawn or death)
• No probate delay (payable directly to named beneficiaries)

Tax-Free (Preferred Whole Life Insurance)

• Safety (backed by insurance company reserves)
• Liquidity (loans permitted without company penalty)
• Guaranteed cash values
• Tax-deferred accumulation
• No probate delay (payable directly to named beneficiaries)
• Income TAX-FREE death benefit

I can offer you Annunities and Preferred Whole life Insurance as alternatives to traditional vehicles, such as certificates of deposit and money market accounts.