NCN at No Credit Needed had this great post yesterday.  It helped to remind me to do that home/auto/umbrella insurance review that I have been meaning to do for six months now.

I think I have decent homeowners and auto insurance, but I also want to add an umbrella policy.  It can definitely save some money to combine those coverages under one insurance company. 

The main thing to remember about life insurance is that it is an expense - not an investment.  The rates of return are almost always so low that you are much better off to buy term life coverage and then invest the difference in premium in good mutual funds.

20-year level term insurance is a great value.  Just remember to get the new term policy in place before you cancel/cash out any existing whole life policies.

read_more: http://www.kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=53513

read_more: http://www.kaisernetwork.org/daily_reports/health2008dr.cfm?DR_ID=53511

Life is sometimes so busy that we don’t think about taking some time out and think about ourselves and our family’s welfare. It doesn’t take much time to get a life insurance and considering the security it ensures to our family, I think we should make it happen. We should not just waste our time thinking about bills, mortgages, etc and keep life insurance on a wait.

Compare life insurance quotes before you get one. You never know when something goes wrong in life and you need to provide some kind of security to your family. You don’t want to leave your family in financial stress after your death along with the pain of your passing away?

We all can get a life insurance by following some simple steps. The hardest part is to get started, filling up the application form and taking the exam. Once you have done all these steps, you don’t need to do anything else. The life insurance company will take care of everything and in a few weeks to a few months, the life insurance policy will be handed over to you. Compare life insurance quotes with different companies before investing your money.

Browse through the internet and find out various companies that offer life insurance policies. Read the terms and conditions carefully before you invest your money.

Here are the tips to avoid any possible life insurance fraud:

• Always keep in mind if it’s too good to be true, it is

• Always keep a track of all the notices sent by your insurance companies even if your agent tells that it was sent by “mistake”. There’s must be something that the agent is trying to hide from you.

• Be careful of any life insurance policies that promises vanishing premiums or guarantees a premium free policy over a specific period.

• Life insurance is not a pension plan. Don’t get misguided if someone tries to befool you and make things look sketchy.

• Don’t come under any kind of pressures when you are looking for a life insurance. You do not have to face any deadlines.

• Don’t buy any coverage that you don’t understand. Sometimes, you might fall into something that was not clearly explained and as a result your investment will face a loss.

• If an old policy is replaced by an old policy, make sure that the new policy gets issued before the old policy is terminated.

• If your life insurance agent is selling you a policy that has a maximum return, make sure that it is clearly mentioned in the contract copy.

• If you are offered a chance to turn in a small policy for a larger one without paying substantially more, watch out.

• If you are asking your agent to deposit the insurance premium, always make sure that he gives you a receipt after the premium is deposited to the insurance company. You don’t want to miss your premium and get penalized because your insurance agent kept your money into his pocket.

• Don’t sign a form that includes blank spaces, even if the agent ensures that they are not at all important. He may put something in those blank spaces after you have signed the papers and it might go against you.

Always make sure that you buy insurance from a licensed agent or an authorized company. Call the Department of Insurance to verify the state of a company or an agent that you are dealing with.

I thought I would join in, but July has not been a very frugal month for me.

First, I had surgery. We just got records from the insurance company saying how much they covered, let's just say it still costs a lot. 

Then, I had pneumonia. I had to get an x-ray to determine this, and I will need another x-ray at my followup appointment. 

We have a really high deductible to keep monthly costs down, which works perfectly unless you have emergency surgery done. So, the only frugal thing I have done lately is meet my high insurance deductible.

If you want some real frugal tips, check out Crystal's post and the comments/links or her other blog: Money Saving Mom.

Big Insurer's Bid To Up Rates Scary Blow After Two Calm Years

The Tampa Tribune

Published: July 25, 2008

On its face, State Farm's request to increase rates for hurricane coverage by an average of 47 percent statewide is outrageous and unjustified.

If so, it should be rejected. But if the company has based its application on a state-approved formula and solid numbers that don't export profits to its parent company, the implications are ominous after two storm-free years.

If State Farm Florida really needs sharply higher rates to stay in business here, that means the state-sponsored Citizens Property may be even more underfunded than has been acknowledged.

It could also be a warning that many of the smaller new insurers offering lower rates are gambling on good weather and might not survive a major storm.

In Hillsborough, State Farm customers already pay rates about 20 percent higher than those insured by Citizens, according to the state's comparisons at shopandcomparerates.com. Yet State Farm in recent years reports having $1.20 in costs for every dollar it collected in premiums. The storms of 2004 washed away the company's surplus.

Those numbers should be troubling to every policyholder. They suggest today's average rates of $2,000 statewide still aren't high enough.

If rates really do need to increase about 50 percent to cover the actual risks, that means typical homeowners can expect to pay an extra $70 to $100 each month for property insurance. That's scary.

Many lawmakers were quick to call State Farm's request unjustified. All Floridians should hope that a hearing Aug. 12 confirms that general suspicion.

Congressman Robert Wexler is calling for a congressional investigation. The Democrat from Boca Raton says State Farm's rate increase is "not consistent with the realities of the conditions in Florida."

We concur. But if State Farm's numbers do hold up, they will blow a hole in the Legislature's insurance reforms. Other insurers will be quick to ask for more.

And even with higher rates, all ratepayers will remain at risk of paying even more if the statewide cost of storm repairs exceeds the cash available in the Florida Hurricane Catastrophe Fund.

We know the state is paying $224 million for the right to borrow up to $4 billion from Berkshire Hathaway in case a major storm hits this year. But that's not half of it. The Legislature, in an attempt to keep rates low, has exposed the state to up to $28 billion in liability.

Numbers that big should make all taxpayers nervous.

What would make Florida breathe easier would be the return of a healthy private insurance market.

An indicator that things are returning to normal will be an attempt by the big insurers to expand their market share.

Just the opposite is happening. Winning a 47 percent rate increase is a sure way to lose customers.

One bright spot among the many clouds is that the new, smaller companies have learned from others' mistakes. They are spreading their risks and not concentrating in a few counties, especially coastal ones.

Every property owner and renter should hope the small companies are right and State Farm is wrong. If not, there are stormy financial times ahead, hurricanes or not.

Of course, anyone going into practice today needs to look at all of the available options in terms of record-keeping. Right now there are two basic ways to keep your files and records: electronically and paper. They have their pros and cons, and electronic records are more complicated, require a safe network for HIPAA, require constant backups and remote backups for the event of an office or computer disaster (which will happen at some point), etc. But, the trend in insurance is that the standard is switching to EMR (electronic medical records), so it behooves you to really look at all the options for EMR that are out there. You can spend a lot of money on a software system for your office, so make sure you do all your homework and settle on something that works, is user-friendly, does what it is supposed to do, is well-supported, and meets all of the privacy standards being set forth by Medicare.

Most of these systems utilize a tablet PC or a PalmPilot type of device that you use while working with your patient. There are check boxes, pull down menus, etc that once you are really familiar with the system save you a lot of time. The software can generally spit out all sorts of narratives and other reports as needed for insurance and file audit purposes, too, but you do have to be careful about "canned" reports as the insurance companies can spot them from a mile away and, while not illegal or unethical, can create some unneeded problems for you. 

Your best bet is to attend a large state or national convention and really spend some time in the expo area. Those guys are there to make sales, so make sure they take you through every aspect of the program and how it all works, and discusses all of the costs (there are startup and yearly maintenance fees, too, that can range from several hundred to several thousand dollars) with you. Take your own notes on your likes and dislikes because at a large convention there could be 25+ software vendors there. Be sure to ask about national standards and if they meet them, what updates and upgrades cost, etc.

Also, go online and Google search "EMR chiropractic" and see all the possibilities. Watch the demos and contact the companies for more information (they usually don't have pricing right on the webpage, unfortunately). There is only one Mac-native software I am aware of (MacPractice), which looks phenomenal, but is very expensive, but don't think you have to have a PC for this!

Another alternative for people not ready to jump straight into EMR is to use shorthand when taking histories and recording your SOAP notes, then setting aside time a few times a day to dictate your notes. Dragon Naturally Speaking and MacSpeech are two excellent dictation software packages that allow you to speak your notes instead of write or type them. So, you can transfer your shorthand into speech and let the software "type" it out for you. Then you can save it in the patient's file or print and add it to their paper file. This is a huge time-saver, but ultimately, all records are going to need to be EMR, so this option simply puts off the inevitable.

Also, don't be afraid to look outside of the chiropractic profession at medical options, too. A lot of these systems are built more or less the same way and simply are tailored to one profession or another, but with some changes and some presets changed are frequently totally usable by any health care provider. So, if you don't see the product or the price you are looking for in chiropractic, see what else is out there for medical offices.

:)

I've been complaining about our HMO plan since Craig started his new job, and, starting next month we are getting a new plan.  We may end up paying a little more out of pocket, but we can see whoever we want to see.  WOOHOO!!!  I am so happy.

Apollo DKV Insurance Company Limited

Website: www.apollodkv.co.in

This Privacy Statement covers the Web site www.apollodkv.co.in (“Website”). Because this Web site wants to show you its commitment towards your privacy, it has agreed to disclose its privacy practices.

We value and respect your right to privacy. In the process of your visit to the Website and operating the Web Site, we may become aware of information relating to you, including session information, contact information, financial information, information that is of a personal, confidential nature, etc. (“Information”). We are strongly committed to protecting your privacy online and have taken steps to protect Information.

If you are a Customer (as defined in the Website General Terms and Conditions, hereinafter “Terms”), to aid us in protecting your Information and privacy, you should maintain secrecy of your login ID and password, if any, provided to you in connection with your account with www.apollodkv.co.in.

Collecting your personal information

Apollo DKV may collect Information when you:

• Access or browse the Website.
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We collect “contact information” such as your name, address, and email address and other details as given in the registration page of our website. If you purchase a policy from us we will collect “financial information” such as credit card number and expiration date through the payment gateway of the credit- card company or the Internet banking service of your bank. We store this information for our records and in order to verify authenticity of the financial information. We also collect information such as beneficiary name, address and your relationship to the beneficiary when you buy a policy from us. This is required to maintain a record of your beneficiary details for your insurance with us.

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We will use the Information primarily for the following purposes:

• Allow you to access specific account information
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We use this session information, which does not identify individual users, to analyze trends, to administer the site, to track users’ movements around the site, to gather demographic information about our user base as a whole, etc. We generally do not link this automatically collected data to any personally identifiable information.

We would like to reiterate that this information is not shared with third parties, except as provided under “Disclosure of Information” clausebelow.

Use of Cookies

Apollo DKV uses General Cookies and Session Cookies. Cookies are parcels of text sent by our server to your computer and then sent back unchanged to our server each time you access our website. Cookies are used for authenticating, tracking user behavior, and maintaining specific information about users, such as site preferences or information of an online transaction in our website. Cookie is required to create and maintain a secure session. Our cookies do not have your confidential or personal information. Our session ID cookies would expire the moment you leave our website and are required if you want to buy a policy online from us.

The General HTTP Cookies of our website are only used to analyze how users move within our Web site.

Disclosure of Information

We will not disclose your Information to any person, unless acting under a good faith belief that such disclosure is necessary to:

• Conform to any statutory or legal requirements or comply with legal process
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We may also use your Information for the purposes of providing you with any services and service-related activities. In this regard, it may be necessary to disclose your Information to one or more service providers of Apollo DKV.

We reserve the right to exchange, share or provide the Information relating to your personal and financial details and information with other Apollo Group Companies or Statutory Bodies as required, and you will not hold us and/or any other group companies of Apollo Group and their agents liable for use or sharing of the information.

Updating your personal information

If you need to update your Information or if there is any change in your Information, you may update the Information by making the change on our registration page or by emailing our Website team at customerservice@apollodkv.co.in or by contacting us by telephone or postal mail at the contact information listed on the Website. If you have any queries about this Privacy Statement you can contact us at the contact information listed on the Website.

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We follow generally accepted industry standards to protect the Information submitted to us, both during transmission and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100% secure, however. Therefore, while we strive to use commercially acceptable means to protect your personal information, we do not guarantee its absolute security.

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We reserve the right to modify this privacy statement at any time by posting the updated privacy statement on the Website. If we materially change our privacy practices we will post a notice on our web site.

Gwalior Engineering Colleges List

Gwalior Schools
List of Government and Private Schools in CBSE, ICSE and State-board syllabus

Gwalior Undergraduate Degree Colleges
Find a college that offers University Degree courses such as BA, BSc, BCom etc.

Gwalior Engineering Colleges
List of colleges that offer Engineering, Architecture, Urban Planning and other related courses

Gwalior Medical & Health Science Colleges
List of Medical Colleges including colleges that offer health courses

Gwalior Homoeopathic Medical Colleges
Colleges that offer Homoeopathic courses

Gwalior Nursing Colleges
Nursing schools offering Nursing degree, Midwifery and other nurse training courses

Gwalior Ayruvedic Colleges
List of colleges offering Ayruvedic, Unani and other related courses

Gwalior BEd Education Colleges
Also includes colleges that offer other Teacher Education Programs

Gwalior Law Colleges
Colleges offering Law Degree programs

Gwalior Postgraduate Degree Colleges
PG Colleges offering courses such as MA, MSc, MCom etc.

Gwalior Business Management Colleges
Provides list of BSchools offering MBA, MCom and other Business and Management courses

Gwalior Distance Education Study Centres
List of Regional Centres or Study centres offering Distance Education / Correspondence courses of universities such as IGNOU etc.

Gwalior Other Educational Institutions
Provides list of Research Establishments, Boards and other institutions offering academic courses etc.

Govt. Kamala Raja Girls PG College
Gwalior
English

Jiwaji University, Gwalior

Lakshmibai National Institute of Physical Education

Indian Institute of Tourism & Travel Management
Gobindpuri

Indian Institute of Information Technology & Management, Gwalior
Indian Institute of Tourism and Travel Management (IITTM)

What can we get in engaging to different health insurance plan?

Different person has his own answer to this question. They have  common answer's and that was they want to insured for future use and for their own benefit.  You can get different benefits to different insurance. For the group health plan.A valuable compensation of a component packaged, the group health insurance plan can  really help you hire and train the best workers you have. You will also have special tax incentives for businesses that provide health insurance.You can have also have different insurance partner that can give you the best service they have. That insurance partner also can help you find right health insurance plan at a more compensated prize.  Their are 5 reason why we need to get to small health plan.

1.We should able to personalized  some services from a licensed insurance agent.

2. Their are those  best prizes that are available.

3.You can have broad selection of plan from a  leading health insurance company.

4. You can secure you online application.

5. Their is being provided to you without extra cost.

With those benefits you are know ready of getting health insurance? Different kind and different insurance company has being build. So it depend only to that person what would be his type.

Their are different kind of health insurance.

And those are the following:

Individual and Health Insurance Plan- this plan is the same to those who are being offered to the employees are available to those people who want to expand their coverage, or their present coverage. The major coverage of this kind of insurance was on medical aspect which is the health insurance.

Student Health Insurance Plan- this insurance offered the major coverage for the student. It is also for the medical aspect but not as the same to the Individual health insurance that they expand their coverage. This insurance has a limited indemnity or it only offers mini-medical plan. It depend to student health care plan if what they want to offer.

Short Term Health Insurance Plan-to be one of the member of this kind of plan you need to answer  first this question. Do you don't have any insurance plan or you are uninsured. If you can answer yes to this following question so you need to consider enrolling to the short term health insurance plan.

Alternative Health Insurance- their are some program that as design for individual who don't obtain most of the health care coverage and that is what we called guarantee acceptance program or it is also known as mini-medical plan. This plan offer limited medical benefits.

Life Insurance & Accident Death And Dismemberment. In this type of insurance many customer ask question what king of insurance is this. You may wonder what really life insurance is. But you are going understand it well in engaging this type of insurance. Accident insurance are being offered to those person who engage to accident, but before you can avail this benefit's you should be a member of that insurance company before you've been to that accident. But still most of the people today is still asking what really is accident death insurance.

The Almighty Insurance

Your insurance should cover your digital gear, but take the time to ensure that your coverage is adequate. Laptops, cameras, and audio players (iPod etc.) are often used on the go. Ask your insurance company if the gear is covered when you are using it outside of the house. Coverage amounts and deductibles are also important. Insurance should cover the full value of your gear: preferably, replacement value versus the cash value when you bought it. Yet keep in mind that your deductible may be higher than the cost of smaller items, and your plan may only cover certain events. Ensure that any loss is covered under your policy. You'll probably pay extra for flood insurance.

Register Your Products

Many people overlook product registration, or refuse to do it because they fear that their information can be used for marketing purposes. Take the time to mail in the warranty and register your new gear.  One advantage of completing your product registration is that the company can contact you in the event of a recall. After the battery recalls of the past few years, this should be a no-brainer. While registration won't help you recover something in the event of theft, it will help you prove ownership.

No, not cereal... Serial!

If your camera or computer were stolen, would you know the serial number? Probably not-unless you wrote it down. A serial number will help if you report a stolen item. The police can match serial numbers on recovered property. Your insurance agent may also need the serial number for claims. So make a list of serial numbers and product information, including brands and model numbers. Store the list in your safe-deposit box. You may also want to include photographs.

Please Call Me

Many gadgets let you enter your contact information. Make sure the address and phone numbers you enter are current. If the gadget is found, it can be returned easily. You can also create a Read Me file containing your contact information. Put it on memory cards for cameras and other gadgets. This assumes, of course, that the person finding the gadget is honest. You can't count on that. So consider buying a product such as STOP (Security Tracking of Office Property) tags. These tags can't be removed without damaging a gadget's case, and further, the tag leaves an indelible mark on the case in the event it is removed. This makes reselling your gadget difficult if not impossible. Another benefit is that STOP can return recovered items to you, for a nominal one-time fee (about $25) for the service.

Laptop Security

You've probably installed anti-spyware and anti-virus software. You should also think about physical theft. Protect your data with encryption software which prevents thieves from accessing sensitive data on the stolen laptop. Tracking software is also a good idea. When connected to the Internet, a stolen laptop sends a signal to the software's publisher. This helps police locate the laptop. Computrace and XTool are just two of the vendors that make tracking programs.

I had every reason to be there. I should have been there. Obviously, I wasn't judged important enough to be there.  I appreciate that I may not have been able to contribute much, but as the "insurance manager" of this bloody practice- I should have been at the very important insurance meeting that I  set up.  

I am furious. I have  half a mind to tell my boss exactly what I think about this. This is just, a shambles.  So fed up.

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in a stronger economic growth and higher productivity levels and firms.

SAVE OVER 30% ON YOU DENTAL BILL, DOCTOR VISITS AND MUCH MORE. 

ACCORDING TO A REPORT BU THE SURGEON GENERAL, OVER 180 MILLION PEOPLE LACK DENTAL INSURANCE.  ARE YOU ONE OF THEM?  THE HEALTH CARE SAVINGS PROGRAM CAN HELP YOU SAVE OVER 30% ON YOU DENTIST/SPECIALIST BILL.  BUT THAT'S NOT ALL.  IT ALSO HELPS YOU HAVE ON PRESCIRPTIONS, DOCTOR'S VISITS, VISION CARE, AND MUCH MORE.  SO WEATHER YOU'RE UNINSURED OR UNDER-INSURED , THE HEALTH CARE SAVING PROGRAM CAN  HELP YOU CUT COST WHEN YOU NEED IT MOST.

TO GET MORE INFORMATION ON THE HEALTH INSURANCE PLEASE VISIT WWW.LIVETOTALWELLNESS.COM/BRANDY AND CLICK ON MORE INFORMATION

I don't have the full details yet, but she did say that it is an assistance program set up by Astelas since many of the Transplant clinics are recommending that their patients not use the generic form of Prograf when it comes out. Yes, you read that correctly. I was specificaly told to not use the generic version of Prograf when it becomes available later this year. The reasoning for this is that the potency levels are not expected to be the same, or something like that; and since it is an essential drug for so many, they don't want to risk it? I'm not sure about this bit. The cynical side of me thinks that is a crock of bull, and it's just the big pharma company getting their way. The other side can see where hey would be cautious, and I for one would be very happy not to have my life goofed up by a new drug.

The Value Card Program will likely work like a debit card, so you can just use it every time you pick up your Prograf script. It is also only targeted to those who have private health care, and not those who are on government assisted programs - whether or not that would include the VA, I don't know for sure but would assume as much.

There are still a lot of questions and unclear aspects just yet, but I will post more information as I get it. In the meantime, I would encourage anyone who is interested to contact the social worker attached to your hospital or clinic.

Many consumers feel that Disability Insurance offers them adequate protection in the event of a critical illness. This misconception has its roots in confusion regarding the difference between Critical Illness Insurance (CI) and Long Term Disability Insurance (LTD).

While there are similarities between these two types of coverage, CI and LTD address entirely different needs, and each is most appropriate in the circumstances it was designed for. Knowing the specific reasons for CI and how it differs from LTD, can help you avoid a costly mistake that may affect your family's financial security.

Understanding Long Term Disability Insurance:

LTD usually pays a regular monthly benefit to an insured individual who can no longer perform the normal duties of their work because they have suffered a disability. The amount of the monthly benefit is typically a percentage (often 67%) of the insured individual's monthly earned income before becoming disabled. Before benefits will be paid, a doctor's diagnosis must confirm the disability and the insured individual must complete the waiting period, typically 90-120 days from the onset of the disability, depending on the policy.

It's very likely, for example, in the case of a mild heart attack, an individual may never satisfy the waiting period and therefore may never receive any benefits. LTD is commonly made available to people through their group employee plan at work or as individual policies set up with a benefits broker.

Understanding Critical Illness Insurance:

CI usually pays a one-time lump sum benefit to an insured individual suffering from one of 23 critical illnesses covered under the policy. These illnesses typically include cancer, heart attack, stroke, Alzheimer's, Parkinson's, multiple sclerosis. Before benefits will be paid, a doctor's diagnosis must confirm the condition, and the insured individual must complete the survival period, usually 30 days from the incident diagnosis. No disability, permanent or otherwise, is required to qualify for a CI benefit.

The advantage of a CI insurance policy is that it provides cash up front, to be used for anything that the insured individual chooses. These uses can range from paying for the many indirect expenses of coping with the illness, to pursuing treatments and therapies, beyond the scope of our over-burdened provincial health care system.

According to the May 20, 2002 edition of National Underwriter, two thirds of the costs to cancer patients relating to their illness in 2000 were for indirect expenses. These expenses, totaling $77 billion, included nursing care, medical care, day to day living expenses, travel to receive treatment, home health care, child care and other expenses not covered by provincial or private health plans.

Expenses such as these can strain a family's finances and quickly deplete their savings. A CI insurance policy helps relieve this financial strain. It provides the insured individual with a much-needed measure of security during a trying time so they can focus on recovering, free from worries about paying for additional medical or family expenses.

www.bestillnessprotection.com This article is courtesy of Mark Halpern CFP.

We just came off the RRSP season and for many this will be the only investment strategy that they will use their entire life.

With 80% of Canadians retiring financially challenged does it really make sense to be doing what the masses are doing when it come to money? Probably not. The challenge is, people don’t get educated, instead; they get sold too. My industry is largely the problem.

In his book: "The 10 Secrets Revenue Canada Doesn't Want You To Know," Author David Voth shares secret #8 with us: Create a Tax Shelter.

Actually, this isn't a secret at all but a widely used strategy by many professionals and financial planners.

What does it do? Well, it can give you tax free income. Let's compare it to the RRSP. When we retire and we take money our of ourr RRSP/RRIF it is fully taxable at our marginal tax bracket (no different than the paycheck you are getting right now.)! The government doesn't care how old you are they tax it all the same.

With a personal investment tax shelter that has been set up correctly you can create the possibility of having tax free income. Meaning, if you were getting $100K from your RRSP today in income after tax you'd have about $53,000 to spend - exciting isn't it :( With a personal investment shelter you'd have $100K - I wonder why the government isn't promoting this?

Are these tax shelters hard to set up? Not at all, it's as easy as setting up an RRSP, you just need a financial Advisor who is Insurance Licensed.

What are the investments like? The investments are the same as your RRSP, for most it will be a mutual fund, and you can have the best available.

Tyler Hoffman, FMA

Vancouver's Wealth Coach

www.tylerhoffman.ca

An often neglected area in people’s personal finance is the mortgage life insurance they took out when they got their mortgage from their lender.

Do you have mortgage life insurance from your lender or bank? If you do, you could have a much better alternative.

One major problem with plans that are offered thorough the bank is that many of them offer decreasing benefits. In other words your insurance benefit will decrease as your loan decreases. For example if you start out with a $100,000 mortgage and you pay on it for 15 years and now you only owe $72,000 your insurance contract's death benefit will also drop to $72,000. At first this might not seem like a problem and it's really not. But what if you could instead have a level benefit for the same price? For example what if you could have a $100,000 death benefit no matter how much you owed on the house and it didn't cost you anymore to do it that way? Wouldn't that be a better deal? Well that deal dose exist so you may want to be careful before you sign up for the first plan you see. Contact Tyler Hoffman, FMA to get a 2nd opinion.

The other thing you really want to look out for with the bank's plans are that almost all of them are non-transferable. This means that if you change banks, or you refinance, or even if you just sell your home you now have to get a brand new mortgage insurance plan because the bank's plan doesn't carry over. What if your health changes and you don't qualify? What if your new bank doesn't offer mortgage protection (not all banks do)? What if a few years have gone by and now you are older and the costs have increased due to your age? If any of these things happen than you would have been better off buying a plan that was transferable from one mortgage to the next. Theses transferable plans are often not available through the bank but must be purchased through an independent insurance bro

Please find attached a link to a recent CBC News Marketplace segment on the perils of mortgage insurance provided by lending institutions. Very powerful. The program is about 15 minutes long but well worth the time.

http://www.cbc.ca/mrl3/8752/marketplace/in_denial.wmv

Tyler Hoffman, FMA

www.tylerhoffman.ca

Fidelity's Long-Term Care Insurance Estimates

Recently, Fidelity, the mutual fund giant began surveying insurance providers asking how much long-term care insurance you might need to calculate into a retirement strategy, often referred to as a plan. In truth though, it is only a strategy that if followed over the course of a great many years, develops into what looks to e a well thought-out plan. Plans seem so inflexible. (I travel deeply into this jungle in the tenth chapter of the book Retirement Planning for the Utterly Confused.)

Mark Meiners, director of the Center for Health Policy, Research and Ethics in the College of Nursing and Health Science at George Mason University says “Unfortunately, many Americans falsely believe that their long-term care costs will e covered y Medicaid, but this is true only after they’ve spent themselves into impoverishment.”

As I write in the book, “I can tell you two things for sure. Social Security and Medicare will not pay for your long-term care.

“Most insurance companies use a fairly straightforward criterion when making the decision to pay the insured for their claim. The insurer will require a certified and licensed health provider do a determination of “chronically ill”.

“What is chronically ill?"

“What is chronically ill you ask? Generally this refers to someone who is incapable of performing at least two daily activities of living such as feeding themselves, bathing and toiletry activities or someone who requires substantial supervision. This is often referred to as an ADL or Activity of Daily Living.

“Sounds simple enough but insurance companies rarely have fixed guidelines when it comes to triggering the policy. Policies can e written to cover a variety of care situations and you must determine this at the time of policy execution. The problem is: how do you know what you will need? Will your policy need to cover a nursing home stay, of which a portion of the total is reimbursed over a preset time period?”

That said, I think everyone considering this kind of a policy read the book, I will take what Fidelity has suggested and see if it passes muster.

Measuring Up

Fidelity recommends that folks considering a long-term care policy narrow the search to six categories, each with its own characteristics.

1) A policy premium that fits comfortably within a family’s financial means.

At first glance this sounds like a relatively easy target but the main problem with retirement and the saving for it, those premiums can eat up a good deal of potential retirement cash. Finding the right balance between saving and tossing the cash to an insurance policy, that is cheaper the earlier you buy it, can e so difficult to determine that most folks who may need it will pass on the chance.

Fidelity writes that, “Investors should carefully forecast their ability to pay the premiums year after year.” I think is both old and wrongheaded y a mutual fund company to refer to insurance as investment. Insurance is not a liquid asset.

Bottom line

Bottom line: Figure about $200 a month if you are fifty years old, in good health and have prioritized all of your other insurance products based on risk. A 65-year-old might pay as much as $350.

2) backing by a carrier with a strong track record of paying claims.

I have argued this topic over the past months with numerous people in the field. Fidelity offers this piece of advice: “The ability to receive policy benefits depends on the integrity of the company and its history of financial strength.” This is huge unknown since so few are actually in the position to pay out on claims. Once the Baby Boomers retire en masse, it will be difficult to switch policies if your insurer turns out to e financially unable to handle a sudden increase in claimants. Like all insurance products, the gamble is on both ends, with the insurer and the policyholder.

3) Comprehensive coverage that covers in-home as well as facilities-based care.

Fidelity found that families want “flexibility in terms of the services they opt for when facing a long term care challenge.” Remember, this kind of flexibility will cost you extra. Few folks calculate in the inflation factor and/or whether the facility will keep you. Most folks would rather stay at home.

4) A benefit period of at least 2, but no more than 4 years, for each person.

Most people split the difference.

The numbers Fidelity analyzed are not so ad in terms of how they were gathered. But consider this. Most disability policies run for five years. The data they collected “on over 6 million long-term care insurance policies sold between 1984 and 2004, found that 75 percent of all individuals would not have exhausted benefits lasting 2 years. A 4-year benefit period would have been adequate 90 percent of the time.”

Sometimes, companies will separate the policy into nursing home or in-home care coverage but the lifetime benefit is easily calculated y multiplying the benefit times the policy coverage period.

Into the Great Unknown

Like many policies that have a wide swath of unknown territory to deal with, such as LTC policies, there is generally a waiting period before the policy kicks in. because Medicare covers the first one hundred days, many LTC policies do not begin before 90 days. You can request a shorter waiting period but the monthly premium is often prohibitively higher.

5) Five percent guaranteed annual benefit increase except for buyers older than age 75.

Fidelity seems to have little faith in the Federal Reserve’s ability to use monetary policy to keep inflation in check. The 5% mark is well about what the nation’s top bankers deem suitable. Inflation protection usually comes via a rider on the policy. Three percent is usually the norm with the costs of this add-on rising with each percentage point in protection.

6) For joint policies, a “shared coverage” provision that enables each insured person to tap the other’s benefits if necessary.

This may e one extra cost too many.

Now consider the following. You put $180 away in a portfolio with a modest long-term return of 9% and save it for 20 years, taxed at 10% and with inflation calculated at 3%, you would have amassed $56,447. The policy paying $300 would cover only $129,600 in total lifetime cost, which, if you suspect you will e in relatively good health, will leave paying for a policy that may have been just as well even paid for in cash.

If you need cold hard facts... You will need $100,000 in savings at retirement for both you and your spouse to cover health care and insurance. From that point, you should calculate your retirement savings.

I would pass on the LTC if you were planning on leaving nothing to your heirs (but you still need to save much than you are now unless you want to spend those golden years with your kids). but if your heirs are concerned about you spending down their inheritance, ask them to chip in on an LTC policy and then it might be worth the costs.

Reversing Mortgages

The post I stumbled upon suggesting that seniors - because they are the only ones eligible for such a program look at the possibility of reverse mortgages as part of their retirement income went something like this:

(My comments follow)

"Life after retirement is never easy, especially if you are facing a financial crunch. It is a very well known fact that after retirement the monthly flow of income stops and this can have adverse impact on the life of the senior citizen. It goes without saying that money plays a very important part in the life of an individual and no matter whether you are retired or working you need to have a constant flow of money to take care of all your needs. Reverse mortgage is something which can help out the senior citizens who are looking for a constant flow of money even after retirement. It becomes very difficult for an individual to lead a life of dignity and honor if there is lack of money and this can set this just right for you. Reverse mortgage is something that citizens residing in and around California can use for their benefit.

"To be eligible to get money through this, the person must be the owner of a house. "The California reverse mortgage loan is available to any senior citizen above the age of 62 years who owns a house on the equity of the house. The person who takes the reverse mortgage loan will not have to repay the loan amount till the time he decides to sell the house, move out of the house or the borrower passes away. One of the main advantages of this is that this will never be passed on to the heirs if and when that person who takes the loan passes away. The loan amount will be automatically paid off as the person who provides the reverse mortgage loan will become the owner of the house after the house owner passes away. The loan amount will vary based on the equity of the home.

"To be eligible for any reverse mortgage loan in California a person must fulfill certain eligibility criteria. First the person must be a senior citizen, which means that he must be more than 62 years of age. The other primary requirement to get a reverse mortgage loan is that the loan seeker must in possession of a home. Therefore, if you want to take a loan from a broker, you must make sure that you know about the various things that are associated with taking the loan amount. Since you want to take a loan, it will be best for you to be informed about these aspects, so that you do not fall prey to any fraud loan brokers.

"Life is full of both pleasant and unpleasant surprises and that is why we need to be prepared to deal with any eventualities at any time. Taking a California reverse mortgage loan is one way to deal with the financial aspect of any emergence that you may face in your life and especially if you are retired you need the money form this loan to take care of all your day to day needs. You can take the loan money either in lump sum amount or in monthly installments based on your needs.

"Antonio Redford is a legal expert. He gives advice to clients who are looking for expert counsel on reverse mortgage. For more queries about reverse mortgages loan, American reverse mortgage, California reverse mortgage and California reverse mortgage visit www.reverse-mortgage-seniors.com"

Which is all fine and good with the following exceptions.

I wrote in reply to this "I am increasingly worried that this will be the new sub-prime. I see folks reaching for cash from their equity that has been appraised much lower than market value because the home is technically not sale-able. The current resident, if they are considering a reverse mortgage just to stay in the house, is not going to use the money for maintenance or improvements but for day-to-day living expenses, which is not what equity should be used for. Lenders will use actuarial tables to determine the worth of the home against the length of life left in the borrower.

"Once the borrower hits the “dire straights” that forces them to consider this option, they often forget that they are indeed entering a loan, that the fees and interest rate are never advertised and are often not competitive with home refinancing or even second mortgages and that the contract will impact what they may have wished to do with the home in the future. The word “lien” is often played down.

"Reverse mortgages are an option of last resort and should only be entered into with legal, financial, and tax counsel and, if at all possible, the help of the homeowner’s family."

Retirement Planning and the False Hope of Reverse Mortgages, Part two

As fate would have it, there was a front page story in the New York Times today suggested counseling for a mortgage holder who had fallen behind in his payments on a new row house in East Baltimore. Only the mortgage holder in question was 75.

According to the article, this 75 year old man and his wife had purchased the home in 1988 for $55,000 and refinanced it in 2006 with an adjustable rate mortgage that, like many of these sad tales tell, raised the payment to untenable levels. They missed a couple of payments as a result.

Now what does this have to do with reverse mortgages? And, who lends to a 75 year old man?

Yesterday, in response to an entry about reverse mortgages, Cory Matelli a reverse mortgage specialist took me to task. His comments basically focused on my lack of facts and figures and politely asking me to not make blanket statements about an industry that is his livelihood.

He wrote the following, with my comments at the end.

"Thank you for your article. While I don't agree with entire presentation quoted in the article you featured in your post, I also take exception to some of what you wrote, as well.

"You make a blanket statement that people don't use the proceeds from their reverse mortgage for maintenance or home improvement. How do you know this? Each borrower and their needs are different. There is no way you can make such a statement without knowing the individual borrower.

"You make another blanket statement that equity "should not be used" for day-to-day living expenses. I would agree with you if you're talking about someone in their 30s, 40s or even 50s, but when you're talking about retired seniors in their 60s on up, it very well may be the perfect avenue to help them with those very things.

"In most cases, seniors have lived in their homes for decades and have built an enormous amount of equity. Today, the senior homeowners throughout the United States combine for over 2 trillion dollars in home equity. When a senior has chosen to age in place, meaning they desire and intend to live the rest of their lives in their home, the infusion of cash generated by a reverse mortgage can be the very ticket to financial independence.

"It's easy for people to press the panic button and compare something they don't understand to something which is notably troubled, such as the sub-prime mess. For a variety of factual reasons, there is no comparison.

"None.

"You make an issue about reverse mortgages not "advertising" interest rates and fees. I don't know about your marketing knowledge, but most effective advertising you see plays up the positive aspects of a product. I've never seen a conventional mortgage advertisement that broke down the fees, either. The fact is, current interest rates can be found under 5%. Fees by the lender are comparable to conventional mortgages. The key is that HUD charges 2% for mortgage insurance which can double the up front cost. All of these details are disclosed and given to prospective borrowers.

"Ok, I've gone quite long in my reply. In closing, I want to say that I can see you are interested in the best interest of seniors, as am I. I have seen, first hand, the incredible positive impact seniors have enjoyed in obtaining a reverse mortgage. 93% of seniors surveyed by AARP indicated that their reverse mortgage had a positive affect on their lives.

"Just be careful when making blanket statements. As with all loans, reverse mortgages are not for everyone. But for whom they are appropriate, they are a godsend.

"Have a great day."

Thank you Mr. Matelli but that is not what I was questioning. So I replied, "True, each borrower is different. But you do not offer any statistics on who gets these types of loans or how they can attain financial freedom! Living in place has a warm and fuzzy tone but the truth is, no lender will give you what you think you deserve.

"Consider the following calculations done using my zip code on a $400,000 with no mortgage and no liens. The most available as cash is $171,280 through FHA and $62,289 from Fannie Mae. Monthly payments amount to $887 and $510 respectively.

"True, no other lender advertises the closing costs but neither do reverse mortgage lenders talk about the MIP (Mortgage Insurance Premium) at 2% (of the appraised value of the home - not the loan) or 0.5% limit on the premium. Some of the upfront fees have totaled $14,000 or more. Banks charge upfront fees of 2% or more on the home's value (in addition to HUD) and levy annual servicing fees. Nowhere have I seen a 5% rate as you suggested.

"Even though I used a $400k figure, this exceeds the limits currently available (FHA loan limit varies from $200,160 for rural areas to $362,790 for high-cost areas).

"You say there are a variety of factual reasons why this does not compare to the sub-prime mess that I suggest this could become but you offer no facts. Each year, the amount of reverse mortgages has climbed with the latest figures available showing more than 85,639 homeowners taking advantage of these types of loans in 2006. That's nearly double the amount from the previous year. That is due to aggressive promotions done by an industry fixated on making money.

"The average age of those seeking reverse mortgages is 73.62 with the primary purpose was to increase income: 73.2%, create an emergency Fund: 18.3% cover medical costs: 6% or fund a pending home project: 3%.

"There is no doubt that this is good for some who have no mortgage - which must be paid off before any money can begin to be dispersed.

"With your back against the wall because you have made bad financial decisions does not justify making yet another potentially harmful one. Taxes, insurance and upkeep do not go away either. What happens when HUD determines the home has not been kept up to their standards. How often will these appraisals be done?

"The sub-prime mess would never had happened had lenders offered detailed counseling to borrowers who could ill-afford a home in the first place. Disclosure was done then to uneducated first time buyers and, as many of us have found, did no good. Lenders are not the type to suddenly become beneficent just because grandma needs a few extra dollars to get by. There is money to be made with those gray hairs and they know it.

"Those blanket statements are generalizations and I hesitate to suggest, may also be predictive. Can you say, in all honesty, that reverse mortgages are the best option or is there some other less capitalistic method of helping seniors?"

Although the industry closely guards who applies for these types of loans/liens, the vast majority who consider reverse mortgages want to keep their homes, spending their last days in-place. But, and yes, here comes another blanket statement, they come with mortgages they should not have in the first place.

If the industry was truly focused on keeping these seniors where they want to be, wouldn't so many fees be unwarranted? You secure the property. You charge them interest. You use the actuarial tables to predict their expected life.

My problem you see is not with the borrowers, it is with the lenders.

Ok now on to last night’s show. Last night was SUPPOSED to cover Black women and Families. Let’s start with the family topics; I do think that the family reunion and the Rand family was a nice story. Now we’ve all seen black folks with white family members. That’s certainly not new or unusual, but they all seemed like a nice decent NORMAL black family and we haven’t seen too much of that on TV since the Cosby show. The Smith’s were also a lovely family really enjoyed watching them ( and the oldest son was a cutie!)
They also discussed healthcare and pointed out some more stuff that black people already know. That many of us really aren’t getting adequate healthcare insurance, the lack of affordable healthy foods in predominantly black neighborhoods, and that too many of us are scared of the doctors (particularly older Black people) . Now I felt that CNN really should have aired this series for 4 days so that they could devote an entire episode to health. There were so many important healthcare topics that needed to be addressed that this show didn’t even talk about. Topics that haven’t been run into the ground like (drum roll please!) Mental health!! Mental Health in the black community is a seriously ignored issue. The single Mom (we’ll talk about her later) in the piece was practically begging to discuss her depression and they just breezed past it. Big mistake! Also the issue of reproductive health! Too many black babies are being born underweight, pre-mature etc. Research is currently being done bout it. And it’s not just babies of single mothers and moms with healthcare either. CNN missed the boat!
Last night’s series also tackled the controversial “experiment” of paying elementary school children for making good grades. Now I’m about to be really unpopular, but I think this is a good idea. Yeah I said it a good idea!! Why? I know men who grew up in poor families and dropped out of school in order to work, and now as elderly adults they regret that decision. Perhaps if a program like that had been in place these men would has stayed in school and gotten an education. I went to high school with boys who never got the connection between work/money and education. Why? Because they lived in neighborhoods where the only men that had money were the dope boys, who had as much education as they did and the only folks who had degrees were their teachers who we all knew weren’t getting paid what they were worth. So maybe those kids need to see a direct connection between income and education. And yes the “joy” of learning is important, but how many people never got rewarded by their parent for good grades?? That new CD, that hot outfit, or that trip to Disney? It’s all incentives. These Kids have parents that can’t afford to provide them with incentives. Why should they just learn for the joy of learning when we all know that most (middle and upper class) kids get rewarded?? On another note I loved that little boy, Eric Kennedy Jr. He was so wonderful!

On the whole more families were covered than women in this special, but when we were talked about, it really wasn’t from the best perspective. This was my biggest problem! Who in the World can a show that supposed to be about women only devote about 15 minutes to black women’s issues within a 2 hour show??? The whole night made me feel depressed about being a black woman!!! Here’s what I learned about being a black woman from”CNN’s Black in America.”

1. If I don’t get an education or a good job, I will more than likely have about 5 kids and no husband
2. One of those children will go to jail or be shot
3. If I am depressed (severely) it will be ignored and we’ll continue to focus on how horrible it is to be a single mother.
4. Now that I have my education and a good job .I’m more likely to be single but amazingly fabulous. In either situation I’ll end up alone and because I seek an equal partner. Maybe I should lower my standards
5. Unless of course I start dating and marrying outside of my race! If I can manage to withstand the racist and hate filled comments that will come from my new “family” and my new husband’s confusion toward raising black/mixed kids.
6. That is of course unless I get AIDS, which apparently black women are catching like a cold.
And that’s what I learned about being a black woman from CNN’s Black in America! I’m not trying to make light of these serious problems (particularly not AIDS) but really!!? Is this the best we could do on a show that’s supposed to be about the black woman!? We get told that all of our prospects are negative! No other group of women is punished with “aloneness” for their success.
There are virtually no young (18-35) black women featured and then there are hardly any black female leaders even on the show! The president of Bennett College was on but there were so many more women that could have supplemented this program, that is, if this show had really been about black women in the first place. Once again black women have been lumped up with families and kids. Don’t we deserve our own show?? Can the kids and the families have their own show? We have so many more issues that could not be addressed when you pile us up with hypertension and neighborhood shootings! What about black working mom’s, young black female professionals, black sorority members, middle class black women etc? We are so much more than poor single mothers, rich lonely divas and AIDS patients!
Maybe I’ll like tonight’s special on “Black Men in America” better I’ll let you know.

In case you missed it Watch here!

Last fall, Dad developed pneumonia and ended up in a rehabilitation center for a couple of months. I kid you not: The insurance hassles related to a rehab stay are mind-boggling. Enough to make an adult kid want to find ANY solution other than a rehab stay for an elderly parent.

One good thing came out of all this, though. By pure luck (ok, and maybe some divine intervention of some kind!), I found a folder in my dad's papers titled "Tricare." I had a vague sense that this was an extra insurance program my dad had through his federal government pension. But he rarely used it when he was of sound mind. There was only one piece of paper in the file--coverage for some long-forgotten dental services.

On the off chance that it could help us pay for several thousands of dollars of rehab services that weren't covered by insurance, I contacted Tricare. I told them my dad had dementia, I was handling his finances (I have power of attorney), and could they tell me 1) If he had some sort of coverage through Tricare and 2) What kind of benefits did he have?

It turns out that he indeed has this coverage! It kicks in after Medicare and Blue Cross pay their shares of his medical costs. It took several months of exchanging information back and forth, and at times was a huge pain in the butt to deal with, but it turned out well: Last week, Tricare ended up paying more than $4,000 of my dad's rehab stay -- money that would have come directly out of his accounts! I felt like we won the lottery!

Even better, I just found out yesterday that Tricare will also pick up the copays for my Dad's prescriptions-- a value of almost $200 a month! While Blue Cross covers most of my dad's prescription costs, we still fork out small copays of $10 here and $20 there. My dad has a lot of meds, so I was paying his pharmacy about $200 a month. No more! The pharmacy now bills both Blue Cross and Tricare, so we pay next to nothing for his meds.

And it gets even better: Because of my dad's dementia and the fact that he wasn't able to tell me about his Tricare coverage, the plan is also going back and reimbursing us for my dad's prescription charges for 2007, 2006, and 2005!

And those funds are much needed. My dad's care runs about $3,500 a month at a private adult foster home. It's wonderful care, but it's not cheap. Those of you with elderly parents know what I'm talking about.

The bottom line: Research every possible insurance program for which your elderly parent might be eligible. You never know when you're going to find a golden lining.