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Long Term Care Insurance: 6 Ways to Buy It Right

Monday, November 29th, 2010

Analyze what is most necessary and don’t go overboard. A long-term care insurance policy which covers both institutional and community-based care is enough. Doing so helps you stick with your resources and prevents you from spending too much. You need to be certain the insurance company is reputable and that both the company and the agent are properly licensed to sell long term care insurance.

We came across this article which gives a clear view that you need to keep in mind when buying long term care insurance.

It’s not only the insurance companies and investment markets that are messing with the future of long-term care. They’re doing it in the name of consumer protection. But that adds to the need for even higher premiums later, Some states don’t permit short-term policies or other money-saving designs that could reach a wider market.

Nevertheless, this industry isn’t going away. People with assets should get their heads out of the sand and protect themselves against these old-age costs. Here are six rules for buying LTCI today:

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Retirement Planning – Preparing for ‘Guaranteed Income in Life’

Monday, October 4th, 2010

In the thick of the stock-market catastrophe in November 2008, Craig Smith, a new retiree at 58, was seized with dread and anxiousness. He wasn’t aware of retirement funds, he was too young to collect Social Security benefits, and he was banking wholly on his savings.

In his mind, he was aware that he couldn’t cash out his stocks because he might live another 30 years or so and would want higher investment returns that would come in from stocks, but emotionally, he was completely scarred.

As retired folks watched their account balances drop sharply, most of them were counseled to cut down their retractions or head back to work to maintain their steady income. The thought of turning into a Wal-Mart welcomer or McDonald’s counter person was certainly not appealing to Craig as he found impossible to sleep at night.

Probabilities are alright — till you become a data point. The recent global recession that gripped the world in fear and horror was so serious and so uncommon (since nearly every asset class, save treasury bonds, endured grievous losses) that it has challenged the accuracy, integrity, and propriety of every conservative strategy.

The biggest source of danger to retirement income lies in removing too much money from a shriveling nest egg, for there may not be adequate left to gain from the unavoidable market backlash. Making the most of all the financial assistance you have at the moment and setting a plan in place that will take care of unforeseen outcomes into consideration is the most crucial and primary step in insuring against them.

Over the next few days we will touch topics such as how to map your time and how you can look out for while looking for a Fulfilling Retirement.

What is a Section 125 Cafeteria Plan?

Monday, April 19th, 2010

One of the most under used employee benefits for any business today is the Cafeteria Plan. A Cafeteria Plan, or a Flexible Benefits Plan. It is basically an Employee Benefits plan, assigned to aid the employee avail of Section 125 – the Internal Revenue Code – and was legally implemented under the IRS Code – Section 125 in 1978. This plan would ideally allow an employee to elect certain tax benefits – on a pre tax base in the form or Qualified Expenses (for example – a health insurance premium). Thus, in turn, reducing the total tax paid and, in turn, allowing them to have more in-hand income.

The advantages are:

1. Employees can save on much needed income tax – thus taking home a larger pay

2. Employees can now save on the payroll taxes

3. The morale of the employee gets boosted

4. There is no net cost incurred to implement this sort of a plan

5. Funds put into these accounts are not subject to Federal Taxes – State Taxes or Social Security Taxes.

6. On an average, for every dollar they contribute to the FSA people save any where from $.25 to $0.49!

In this plan, if you are an employee and you have not been reimbursed for your medical expenses, you can manage them through a Medical Flexible Spending Accounts (FSA). A Medical FSA allows you to fund some medical expenses on a pre tax basis. This also allows you to pay for dependant care.

Cafeteria plans provide the necessary funds for the employer to purchase fringe benefits. There are three ways an employer can fund a fringe benefits plan, namely:

a.) Employer Direct Contributions

b.) Employee Pre Tax Contributions

c.) Employee Post Tax Contributions

In a nutshell, Cafeteria Plans, are not only beneficial to an Employee, but have a vast scope to directly, and indirectly aid the employer as well! To know about the other employee benefits we could help you with, please view our complete services list.

The Urging and Surging Need for Group Benefits

Thursday, April 8th, 2010

There are many thing people look for in a job. A great pay package, a feasible location, and so on. Today, some people even ask for group benefits or employee benefits. These are the additional bonuses offered by the company, in addition to the existent salary package.

Some companies today feel that investing in Group Benefits for their employees is crucial. What is so important about Group Benefits? Why are companies world over shifting to models with a focus on employee benefits? Well, the answer is simple. Would you rather work for a company who pays you, and gives you additional perks, or for a company who just pays you!

Both employee as well as employer benefit from these perks. One could say, by providing incentive to the staff, the employer can see better output and performance. On the other hand the employee is availing of facilities like health insurance, dental, etc. which would be likely to boost his morale to work.

You might be contemplating the reasoning behind this – it is very simple. The pay package or the wages you pay your employees are their dues for the effort and work put in by them, over a certain period of time (a day’s wages, a week’s salary, a month’s pay, etc). The gratuity on the other hand is to thank the employee for being a part of that particular institution.

Also, by offering benefits you bring about an atmosphere of “you get what you put in”. This is a way of being grateful for using their talent to the optimum. For every additional qualification and experience the employee has – the employer is likely to add to the benefits, thus ensuring the best possible outcome.

Since, these benefits are employer defined; the employer is more likely to find the perfect fit for the employee he is looking for by offering more lucrative packages, thus taking the first step forward, in a great employee – employer relationship!

Last, but not the least, these benefits create a sense of safety for the workers. If, you know that the company you are working for is for example, covering your Mediclaim to a certain amount, you have on less responsibility to shoulder.