When to buy long-term care insurance

When should you start thinking about purchasing a long-term care coverage policy?

In the video below, Dan Danford, Founder and Chief Executive Officer of Family Investment Center, gives an outlines the four things everyone should consider when deciding to purchase long-term care coverage.

You can't afford to go without health insurance

The Kansas City Star's Dollars and Sense Blog reported this week that 7 million Americans lost employer-sponsored health insurance last year. That's a huge number - but it's somewhat expected, since we've seen lots of layoffs and downsizing in the past few years.

This is what the U.S. Census Bureau reported:

Census data released today said 50.7 million Americans lacked health insurance in 2009, from 46.3 million in 2008. That was the highest number of uninsured since the bureau began collecting such information in 1987.

If you want to read the original summary of key findings from the survey, go here: http://www.census.gov/newsroom/releases/archives/income_wealth/cb10-144.html

Most Americans get their health insurance through their work, and if they lose their job, some may not be able to afford to pay for it privately. Here's something you need to understand though: going without health insurance, no matter your age and health, is a huge gamble. Even though you may be in terrific health, you could easily be involved in a car accident or suffer from a previously undiagnosed condition. If you're without health insurance, and something happens to you, it can leave you bankrupt. You cannot afford to be without it.

Shop around for quotes. Independent insurance agents may be able to help you find a deal that you can afford. Some opt for a high-deductible plan that would kick in if anything catastrophic happens, but doesn't cover the everyday doctor visits. You should also check with your state to see if you're eligible for any sort of state plan.

Whatever you do, don't go without. You can't afford it.

You can't afford to skip exercise

We caught this great blog post on Boomer-Living about fitness, and wanted to share it with you. (You can follow Boomer-Living on Twitter @BoomerLivingNow - and of course we're at @family_finances.)

The basic premise is that sometimes folks cut luxuries when times are tight, as they are right now for a lot of people. But exercise is something you really can't afford to cut - and if you aren't in shape, consider starting an exercise routine.

First of all, fitness doesn't have to cost - walking is free, and great exercise for those who may not have had a previous fitness routine. The options that writer Angelena Craig outlines are low cost, and also good choices for seniors, or anyone, really. You can check out a 75-minute segmented video by Angelena outlining yoga using a chair for free right here: http://www.thenewagingmovement.com/

The truth is, if you neglect your health through a lack of exercise, you'll likely spend a lot more later repairing the damage you've done in earlier years. This is preventive - and something you can't afford not to do.

Read on for the whole post.

http://www.boomer-living.com/2010/08/you-cant-afford-not-to/

Health Care Reform: For or Against, it's here

It remains to be seen if health care reform is going to save you and your family money in the long run. Whether you're in favor of the changes or in opposition, your best course of action is to get up to speed on the changes, and fast. In some cases, families can see a reduction in costs.

Some of the most touted changes are that health insurance companies can't decline coverage for a family if there is a child who has a pre-existing condition. That's certainly favorable, and I imagine there are many parents with sick children applauding that change. Also, parents can keep children on their health insurance policy until the children are 26. That may help some adult kids, as more are living with their parents after college instead of branching out on their own.

If you want to read all about the changes, check out this article from The New York Times, which compares the House and Senate bills:

http://www.nytimes.com/interactive/2010/03/19/us/politics/20100319-health-care-reconciliation.html

Should I get a job with benefits?

Dan Danford receives questions from viewers who see his podcast on Dad's Divorce, a web site for men going through the divorce process. He recently addressed a question from a viewer who wanted to know if he should close his small business and take a job with benefits, including health insurance. Get Dan's take on it below.

And by the way, Happy New Year! Set some strong financial goals for yourself for 2010. Don't let the recession be an excuse not to address financial issues.

It's too risky to skip health insurance

On Mondays, we answer a question from a reader. If you have a question, please leave it in the comments section.

Q: If I lose my job, should I keep the health insurance through COBRA? It seems expensive.

Answer from Dan Danford: COBRA is a continuation of the employer's health plan after termination. The reason it's so high is because the terminated employee is now paying the entire premium cost whereas before that the employer paid some portion. Under the Stimulus Plan, for a limited period of time, the government will pay 65 percent of COBRA premium costs for most terminated employees. Actually, as I understand it, the employer pays the 65 percent and then gets reimbursed by our government. Of course, health plans differ from employer to employer, so exact cost, terms, and benefits for one person are often different than another.

Whether to use the COBRA provisions from your former employer should be decided based on your circumstances. People who are young and in good health may be able to find an individual of family health policy cheaper than the COBRA costs. Older workers may not be able to find better or cheaper coverage, especially with the 65 percent reimbursement. Whatever your circumstance, it's probably wise to check into buying another policy, just for comparison's sake.

In all circumstances, it's very hazardous to run without health coverage. The cost of even minor accidents or illnesses is enough to sink most family boats. At the very least, find a high deductible policy that protects against catastrophic events. Without one, a lifetime of savings could disappear in a moment. The risk is too high to go without.

Health insurance premiums should be deductible for all

By Dan Danford

Politicians SAY they love small business. But often, they DO something different. Through what looks like to me a fluke in the law, self-employed people pay taxes on the money they spend on health insurance premiums. Anyone employed by any other type of business does not. Why should self-employed folks (I'm not self-employed) be the only people to pay tax on insurance premiums? It's been this way for years, and it make no sense at all. In a lot of ways, smaller businesses already carry a massive burden in our bad health care system. It's time to fix the system, and this is one necessary fix. Our economic system should encourage small businesses in every way possible. Our flawed health care system is a major impediment to rebuilding a small business culture in America.

Read more:

http://news.yahoo.com/s/bw/20090813/bs_bw/aug2009sb20090811026953