Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ Thu, 26 Aug 2021 07:55:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wankanyaklaselfhelpgroup.com/wp-content/uploads/2021/06/icon-80.png Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ 32 32 Why women need life insurance, regardless of their age https://wankanyaklaselfhelpgroup.com/why-women-need-life-insurance-regardless-of-their-age/ Thu, 26 Aug 2021 06:59:57 +0000 https://wankanyaklaselfhelpgroup.com/why-women-need-life-insurance-regardless-of-their-age/

By Suzanne Stevens

Although women make up almost half of the workforce, it appears that many women still lack long-term coverage. This can be seen in the number of insurers adapted to the needs.


When you’re young, you feel invincible. Why would we need life coverage when we have few assets, no dependents and we are in good health? To some extent, this is true. When entering the workforce, most people really only need enough life insurance to pay off debts and pay for funerals. But where the real need arises is with disability insurance. The most important thing that women need to protect at this stage is their ability to earn an income; they still have a lifetime of paychecks in front of them and they need to protect them. Although young women are not as likely to suffer from a serious illness like cancer, they could still be the victims of an accident, for example, which could affect their potential for future earnings.

Moving in

For women who work with families, in addition to making sure they have disability coverage, they should also prioritize death coverage. When women have financial dependents, they must make arrangements for those they leave behind in the event of death. Critical illness coverage is also essential here, as the likelihood of illness increases with age and unforeseen costs can arise.

Stay-at-home moms may think they don’t need life coverage because they’re not earning an income. However, one thing that is often overlooked is the importance of temporary disability or impairment insurance. If a stay-at-home mom becomes ill or injured and is unable to care for her children for a period of time, it could lead to unforeseen expenses for the family, such as the cost of child care or transportation. Temporary coverage would fill this gap. As with working mothers, critical illness coverage is also essential, again for additional expenses associated with illness or injury.

It is essential that single mothers have full life insurance, to cover their families for all eventualities. Death, disability and critical illness are all critical.

For working women in their 30s and 40s without children or significant others, their focus should be on disability and serious illness. While they may think that because they don’t have dependents they don’t really need life insurance, these women still need to protect their ability to earn an income. A death cover amount will still be required for final expenses associated with the death, such as the cost of the funeral and any taxes that may be due.

Rise socially

The general assumption about age and life insurance is that the older you get, the more death coverage you need. However, the opposite is true. Usually, as people get older, their financial liabilities tend to decrease. You need less death coverage as well as less disability coverage because you have fewer paycheques to protect. What should increase for women at this stage of life, however, is critical illness coverage. Good health becomes much less certain and cancers, heart problems and other diseases become more common.

The golden years

Once women reach retirement age and start living off their retirement savings, they no longer need disability coverage because they are no longer actively earning income. Critical illness insurance remains a high priority in the golden years, as declining health becomes more likely. Death cover only applies here for funeral costs and death bed costs.

Just like men, the life insurance needs of women will continue to evolve throughout their lives. So it’s in their best interests to have coverage that changes with them, so that they get the maximum benefit from what they pay for their life insurance.

Suzanne Stevens is the Deputy Managing Director of BrightRock


John Clay: Football is starting, but here are five college basketball notes worthy of attention | Sports https://wankanyaklaselfhelpgroup.com/john-clay-football-is-starting-but-here-are-five-college-basketball-notes-worthy-of-attention-sports/ Wed, 25 Aug 2021 09:30:00 +0000 https://wankanyaklaselfhelpgroup.com/john-clay-football-is-starting-but-here-are-five-college-basketball-notes-worthy-of-attention-sports/

LEXINGTON, Ky. – As we prepare for the start of college football, let’s not forget college basketball. Five developments you may have missed:

1. Kentucky’s New and Better Goal

Whispers from early Kentucky basketball practice insist that they are a much better shooting team than previous editions of John Calipari. That goes without saying given that the transfer portal delivered snipers Kellan Grady from Davidson and CJ Fredrick from Iowa to the Cats. But the word is that others have also increased their perimeter game.

It is true, we have heard this speech before. Too often, players who would drop it in training at Joe Craft Center, suddenly can’t drop the ball at Rupp Arena or opposing gyms. Feel like this year could be different, though.

2. The NCAA may still have some bite after all

Just when you thought the NCAA has gone powerless, the organization is jumping and imposing two years probation on the Texas A&M men’s basketball program and a two-game suspension on coach Buzz Williams for violations during the pandemic.

Williams made inadmissible contact with a rookie. An assistant coach performed several tries during the unofficial visit of another recruit. And the assistant completed 24 supervised off-campus workouts with team members who were banned by COVID-19 restrictions.

Meanwhile, the NCAA has extended its investigation into LSU beyond the July 31 deadline. According to The Advocate in Baton Rouge, the alleged violations now include “at least 13 potential student athletes” in connection with Will Wade’s basketball program. It sounds like a lot.

3. Memphis continues to make the news

First, Penny Hardaway hired Larry Brown, 80, he of the NCAA and NBA title rings and checkered past, as an assistant coach. Now Hardaway is adding former North Carolina center Rasheed Wallace to the Tigers staff. When he wasn’t picking up technical fouls (a record 41 in 2000-01), Wallace was helping Brown win the 2004 NBA title with the Detroit Pistons.

And after adding coveted center Jalen Duren to Memphis’ roster, Hardaway could be in the running to get Emoni Bates, the 6-foot-8 forward who has upgraded to play this season. He decides between Memphis, Oregon, Michigan State and the G League. After Bates’ disengagement from Michigan State, Memphis is considered the frontrunner for his services. According to 247Sports, Bates is the No. 4 ranked prospect in the class of 2021. Duren is ranked No. 5.

4. Overtime Elite continues to recruit players

The new NIL reforms do not have a total influence on some of college basketball’s most renowned rookies. This month, Jazian Gortman, Tyler Smith and Bryce Griggs all signed big contracts with Overtime Elite, the Atlanta-based group that “gives the world’s most talented young basketball players a better path to becoming professional athletes.”

Griggs is said to have signed a two-year contract worth $ 1.2 million. A five-star prospect for 2022, Gortman is said to have signed a $ 600,000 contract. Smith is ranked eighth best prospect for 2023 by ESPN. “I already wanted to be a pro, working on things the NBA is working on,” Smith told ESPN.

Fifteen high school juniors and seniors have now signed with OTE, which guarantees a minimum wage of $ 100,000. Players will also receive ZERO income through the sale of jerseys, collectible cards and video games, as well as health care coverage and disability insurance.

5. Louisville offseason is a mixed bag

On the one hand, as part of court records in his extortion case, former Louisville assistant Dino Gaudio made new allegations about the Cardinals’ program, including that head coach Chris Mack threatened to withdraw scholarships from players after the U of L failed to make the NCAA tournament last. season.

(If you recall, Calipari wrote a letter supporting Gaudio as part of the sentencing case after Gaudio pleaded guilty in the case.)

On the flip side, the Cardinals used the portal to add four of ESPN’s top 100 transfers, including West Carolina’s Mason Faulkner; Jarrod West of Marshall; Noah Locke from Florida and Matt Cross from Miami. Faulkner averaged 16.9 points per game last season. West averaged 12 points and six assists. Locke is a career 42% 3-point shooter. Cross was ranked 86th by ESPN in the Class of 2020.

© 2021 Lexington Herald-Leader. Visit kentucky.com. Distributed by Tribune Content Agency, LLC.

Copyright 2021 Tribune Content Agency.

Cut off from Australian squad, champion Alberto Campbell set to race for Jamaica at Tokyo Paralympic Games https://wankanyaklaselfhelpgroup.com/cut-off-from-australian-squad-champion-alberto-campbell-set-to-race-for-jamaica-at-tokyo-paralympic-games/ Sun, 22 Aug 2021 19:39:09 +0000 https://wankanyaklaselfhelpgroup.com/cut-off-from-australian-squad-champion-alberto-campbell-set-to-race-for-jamaica-at-tokyo-paralympic-games/

Runner Alberto Campbell will wear green and gold at the Tokyo Paralympics, but it will be to represent his native Jamaica, not Australia.

The 28-year-old had proudly represented Australia in athletics for more than a decade at the international level, but was excluded from the Rio squad due to a technical issue.

The International Paralympic Committee reduced Australia’s quota for the track team and Campbell was eliminated.

He was in uniform, had been promoting the Games and was crushed when he missed his match.

Campbell at his training track in Brisbane, before leaving for Tokyo.(

ABC News: Brittney Kleyn


“But I found a way to get over it and you know tell me, it’s not the end of the world.”

A decade of dreams come true

Campbell was born in Jamaica and raised by his adoptive parents in Brisbane, which gave his coaches an idea of ​​how their national champion could still compete in Tokyo.

Julie-Anne and Paul Staines with Campbell on Christmas Day in 2002.
Campell with his adoptive parents Julie-Anne and Paul Staines on Christmas Day 2002.

“One of the Australian coaches said, ‘Why don’t you contact Jamaica to see if there is a chance that they will represent them at the Paralympic Games?’” Said his adoptive father, Paul Staines.

Campbell, who has dual citizenship, received an email from the Jamaican Paralympic Committee earlier this year confirming he could represent his home country in the 400-meter track event.

After more than a decade of training, his dream of becoming a Paralympian is coming true.

Runway star with her adoptive mother
Campbell and his Mrs. Staines on their first Mother’s Day together in 2003.(



He flew to Tokyo on Saturday and will compete next week, joking that if he wins a medal, he hopes to sing two national anthems on the podium.

“My allegiance doesn’t go one way – I’m right in the middle,” Campbell said.

Mr Staines said it was Australian officials who helped tick all the boxes.

“[One] actually told me, ‘He’s competing for Jamaica, but he’s always going to be an Australian,’ and that shows how fantastic the athletics community is, ‘said Mr Staines.

Alberto Campbell at the Jamaican Orphanage, 2001, as a freshman.
Campbell at the Kingston Orphanage, 2001, as a freshman.(



From the street to the track

Alberto Campbell’s story began when he was abandoned when he was born on the streets of Jamaica.

He suffered from malnutrition, leaving him with an intellectual disability.

Teachers Paul and Julie-Anne Staines met Campbell while working at a Salvation Army orphanage in Kingston and adopted him at the age of nine.

Campbell's adoptive father Paul Staines on a training track in Brisbane.
Campbell’s adoptive father, Mr. Steines, at his son’s training track in Brisbane.(

ABC News: Brittney Kleyn


They only discovered his talent for athletics at his first sports carnival.

Mr Staines said his advice to his son then was to follow his friends, have a good time and remember, “it doesn’t matter.”

“Then he ran and won and won convincingly,” said Mr. Staines.

It didn’t take long for Campbell to represent Australia, winning bronze in her category at her first world championship.

Alberto Campbell and his friends at the Jamaican Orphanage, 2002.
Campbell with his friends at the orphanage in 2002.

Running is “my comfort zone”

Today, Campbell feels more comfortable when he’s at home or on the track.

“I feel like I’m going to stop running?” ” he said.

“It means a lot to me because I can show people what I can do and I feel more comfortable.

“It’s like my comfort zone.”

Campbell’s goal isn’t necessarily to get on the podium on his Paralympic debut in Tokyo.

“I have goals for me, so my goal is to reach the final,” he said.

“My goal in the final is to have a good time [and] a medal would be a bonus. “

Campbell has gained self-reliance in recent years and has moved on on his own, in part with funding from the National Disability Insurance Scheme (NDIS).

The conundrum of long-term care https://wankanyaklaselfhelpgroup.com/the-conundrum-of-long-term-care/ Sun, 22 Aug 2021 08:30:05 +0000 https://wankanyaklaselfhelpgroup.com/the-conundrum-of-long-term-care/

Man scratches his head Getty Images

Long Term Care Insurance, or LTC, helps pay for the cost of home health care or a retirement home. It also covers prolonged illness or disability. While LTC coverage can be great for retirees, premiums have started to rise in recent years, making it a difficult expense for those with limited income.

So how do you determine the best way to prepare for the costs of long-term care in retirement? Here are two factors you should consider.

Would you prefer a long term care facility or home care?

Before determining the type of insurance you want, you need to determine the likely cost of long-term care. A good first step is to identify where you want to live. The average cost of living in a retirement home in the United States is $ 93,075 per year ($ 255 per day) in a semi-private room and $ 105,850 ($ 290 per day) in a private room. By 2030, these costs are expected to reach $ 125,085 and $ 142,254, respectively. I recommend visiting long term care facilities in your area to see how much they cost and to determine if you can consider living there.

What if you wanted to live in your own home? You can maintain this comfort and familiarity by hiring someone to come to your home. The average price for home care is $ 53,768 per year. The average price of home care is slightly higher at $ 54,912 per year.

Should you choose traditional long-term care insurance or a hybrid plan?

Once you’ve decided where you want to live, the next step is to decide if you can self-insure the cost, essentially determining whether you can allocate some of your current assets to pay for those healthcare expenses. long term if necessary. I recommend thinking about this in a simulation context: “If I go to a long-term care facility for ‘x’ years at cost ‘y’, can I pay that cost without affecting my other goals? of retirement ? If the answer is yes, self-insurance will probably be the most cost-effective and flexible solution to cover a possible LTC expense.

If the answer is no, but you have significant liquid assets held outside qualified retirement accounts, a hybrid LTC insurance policy might be an alternative solution. These insurance policies are designed to provide LTC benefits, but are backed by whole life insurance. After paying a single initial premium, if you need long-term care, the policy pays a specified monthly benefit for a predetermined number of years. If you do not need long-term care or if you decide to stop insuring the risk at any time, you will get your original premium back. Hybrid long-term care policies tend to have a more transparent and flexible cost structure than a traditional long-term care policy.

Also consider the likelihood that your rates will increase over the life of your policy. A 2019 report claims General Electric does not have enough funds to cover claims from its long-term insurance plans. As a result, the company plans to increase premiums by $ 1.7 billion over the next 10 years. Many companies are doing the same. In this case, if you are unable to pay your premium, your policy will expire and you will not be able to recover anything.

I recommend speaking to a certified financial planner to determine the best option for you.

Defined Financial Planning LLC (“DFP”) is a registered investment adviser providing advisory services in the States of California, Nevada and other jurisdictions where it is exempt. Life insurance policies are contracts between your client and an insurance company. Guarantees for life insurance products are based on the financial strength and claims settlement capacity of the issuing insurer. Living benefits and LTC riders are not available on all index universal life insurance products and may not be available in all states. Adding an accelerated death benefit or LTC rider may require additional fees. Accelerated death benefits and LTC riders are subject to eligibility criteria. A public relations firm was paid to assist with media placement.
California Insurance License # 0L77279 and # 4042728.
Certified Financial Planner Board of Standards Inc. (CFP Board) holds the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER ™ certification mark and the CFP® certification mark logo (with plaque) in the United States, which it authorizes use by those who meet the initial and continuing certification requirements of the CFP Board.

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ACT registers 19 new cases of COVID-19 https://wankanyaklaselfhelpgroup.com/act-registers-19-new-cases-of-covid-19/ Sun, 22 Aug 2021 05:10:08 +0000 https://wankanyaklaselfhelpgroup.com/act-registers-19-new-cases-of-covid-19/

The ACT recorded 19 new locally acquired COVID-19 cases within 24 hours to 8 p.m. last night, with six of the new infectious cases in the community.

There are now 121 active cases associated with this outbreak.

Of the 19 new cases, 17 are linked to the current epidemic in the territory and two of them are still under investigation.

There are now three positive cases in the hospital, two of which are unrelated to symptoms of COVID while the other is receiving treatment for COVID-19 but does not require respiratory assistance at this time.

A group of 14 people grew up in the ACT disability sector, including support workers.

There is a case related to the Australian National University.

At 9 a.m. today, ACT Health continues to work with more than 15,400 people who self-identified as close contacts of ACT outbreaks.

Yesterday, over 3,600 tests were collected from government and private providers through ACT.

ACT Pathology and private providers returned 4,586 negative test results within 24 hours until 9 a.m. today.

Vaccination rollout continues in ACT, with the total number of vaccine doses administered now at 186,420.

The 19 new cases were more than double the total number of cases announced on Saturday, but Chief Minister Andrew Barr said this reflected the slight change in the notification deadline to 8 p.m. daily.

“This reflects the situation we are facing, there will be more new cases in the days to come,” he warned reporters in Canberra on Sunday.

“What we are looking for is that not all of these new cases are contagious in the community.”

The list of ACT exhibition sites was updated last night with over 320 locations listed while the Assembly pub in Braddon was reclassified as a ‘survey location’.

Anyone who was at the Assembly pub on Lonsdale Street on Saturday, August 7 from 7:00 p.m. to 11:59 p.m. has been asked to come forward for testing to help contact tracers find the source of the ACT COVID-19 outbreak.

In a statement released this afternoon, ACT Health advised the following:

Case related to the Housing ACT complex

ACT Health is investigating whether Condamine Court in Turner, which is an ACT Housing complex, is an exhibition location linked to any of the current active cases of COVID-19. Currently, there are no cases among residents of the complex.

ACT Health works closely with a wide range of partners, including Housing ACT and the Community Services Branch to communicate directly with those affected.

This situation is still evolving and the emphasis is on supporting tenants and their needs.

Case in the disability sector

ACT Health can confirm that there is currently a cluster of disability cases under management.

At this point, 14 cases are in the cluster, including four clients, seven support workers, one tradesperson and two support workers from NSW who are linked to the ACT cases.

ACT Health worked closely with all partners, including the Directorate of Community Services, the Office for Disability, the National Disability Insurance Agency (NDIA), disability service providers and industry leaders. to ensure that everyone involved receives the support they need.

ACT Health and the Community Services Branch will continue to work with the disability sector to keep them informed of the current situation and how the government is responding.

Case at Australian National University

ACT Health can confirm that there is a positive case of COVID-19 linked to ANU.

ACT government public health response teams work closely with ANU staff and students and communicate directly with those affected.

At this point, ACT Health has not confirmed any exposure sites on the ANU campus, but this remains under investigation.

With PAA

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Long-distance COVID patients fight for disability benefits, lawyer says https://wankanyaklaselfhelpgroup.com/long-distance-covid-patients-fight-for-disability-benefits-lawyer-says/ Mon, 09 Aug 2021 17:30:00 +0000 https://wankanyaklaselfhelpgroup.com/long-distance-covid-patients-fight-for-disability-benefits-lawyer-says/ “The problem with long haul is that there are no diagnostic criteria set for it, there are no tests,” said Barrie lawyer Steve Rastin.

As the medical community strives to resolve persistent health issues linked to COVID-19, these patients known as long haul are struggling with more than their health.

Barrie attorney Steve Rastin says a battle is brewing between those with long haulers who haven’t been able to work and are looking to use their benefits to survive, and insurers who refuse to pay.

A year-old British study found that 10% of people infected with COVID-19 would have symptoms that do not resolve over the following months, describing it as a multisystem disease.

But Rastin believes it could be the bottom of the ladder an American study suggests it could go up to 30 percent.

But even at 10 percent, that’s 140,000 of the 1.4 million Canadians infected with COVID-19 who could be long-haul.

Their struggles with insurance companies over benefits have already resulted in lawsuits.

“We don’t have a working definition of long-haul COVID” describing how long a patient exhibits symptoms before being considered long-haul, Rastin said. “There isn’t one unified set of symptoms for everyone.”

Long-lasting symptoms often include fatigue and brain fog. But some people have also complained of muscle pain, shortness of breath and / or gastrointestinal issues as well as other medical issues.

A local pulmonologist said earlier Barrie today that the symptoms are varied and that the medical community is confused as to how to treat the underlying cause of all problems.

Some people with persistent symptoms who have been off work for an extended period of time hit a brick wall while applying for long-term disability benefits. Rastin says insurance companies want proof that claimants are indeed sick and unable to work.

“The problem with long haul is that there are no diagnostic criteria established for it, there are no tests for it … a lot of insurance companies ask for objective evidence,” he said. -he declares.

Susie Goulding, who started COVID Long-Haulers Support Group Canada, which now has about 14,000 members, says the lack of definition of what makes a long haul is the problem. Insurance companies have relied on this “loophole” to prevent disability awards, she said.

“They deny the claims left, right and center,” Goulding said. “Because there is no definition, these insurance companies have no code to write off.

“The people who have not been supported throughout this pandemic are the people who have actually been directly affected by the virus, who have the virus and who are not able to work. They fall through the cracks, ”she added.

Goulding, who had the virus in the first wave, criticizes Canada’s national health system, which only recognized symptoms of long-lasting COVID-19 in recent weeks, much later than other countries, she says.

In a July 7 statement, Canada’s Chief Public Health Officer said prolonged or recurring symptoms, called Long COVID, are recognized by the World Health Organization as a “post-COVID-19 condition.” .

Initial results from the Public Health Agency of Canada indicated that most 83 percent of lab-confirmed COVID-19 patients continued to have one or more symptoms within four to 12 weeks and 56% beyond 12 weeks.

“Due to the low certainty of the evidence, more research is needed to determine the true burden of the post COVID-19 state,” the country’s director of public health said in a statement.

The belated recognition has delayed efforts to find a definition of what constitutes long haul, leaving an entire community that is not ready, able or willing to work and without access to benefits, Goulding says.

Some of the other obstacles that Rastin and Goulding point out are the inability for some to see their family physicians to obtain documents on the objective evidence requested by insurance companies and, for some of the early COVID-10 patients like Goulding, not not have positive results. test results.

“We’ve had these issues before,” Rastin said, pointing to the chronic pain resulting from fibromyalgia, which was difficult to diagnose, and even Lyme disease. “It’s a chronic post-infection syndrome.

“Insurance companies have usually set people on fire, ‘Well, you have to prove that you have this problem.’

Rastin sees a major legal battlefield develop as these patients struggle to prove they are too disabled to work. He says it is fundamentally unfair that after paying long term disability benefits, long haul carriers are now denied benefits.

All of this, he adds, follows an insurance vacuum resulting from the pandemic lockdown in which there were far fewer people on the roads, resulting in far fewer insurance claims. Personal injury attorneys found that their phones had stopped ringing for an extended period of time as there had been so few accidents, slips and falls and bar fights.

Closing or downsizing courts meant existing insurance claims were not being processed or settled and those receiving benefits did not have access to many therapies.

“Insurance companies have benefited in a number of cases” from the pandemic, said Rastin.

Goulding’s group calls for recognition of Long COVID, research to identify and define the problem, and rehabilitation to treat it.

“Canada must recognize that Long COVID is a national crisis and that it is a handicap,” she said. “It also needs to be taken seriously by the government and, like other countries, we need to have access to disability benefits. … And what does returning to work look like?

KNOWLEDGE CENTER: Four Ways to Invest Extra Money in Your Savings Account [Column] | Company https://wankanyaklaselfhelpgroup.com/knowledge-center-four-ways-to-invest-extra-money-in-your-savings-account-column-company/ Mon, 09 Aug 2021 05:30:00 +0000 https://wankanyaklaselfhelpgroup.com/knowledge-center-four-ways-to-invest-extra-money-in-your-savings-account-column-company/

Over the past year, many Americans have amassed money to prepare for the uncertainty of the COVID-19 pandemic. So much so that the personal savings rate of Americans has reached record levels. The U.S. Bureau of Economic Analysis (BEA) reported that Americans’ savings rate reached 33% in April 2020, the highest ever recorded by the BEA.

As 2021 approaches, Americans’ savings rate has declined as the economy reopens, with consumers releasing pent-up demand. However, even with higher spending compared to 2020, Americans continue to show high savings rates compared to pre-pandemic levels.

While it may seem prudent to maintain excess levels of money in a savings account, there are also opportunity costs to consider in keeping extra cash on hand. Most importantly, it is worth considering the return that can be generated in a savings account. The rate of return on a savings account (even a high yield savings account) continues to be below the historical average and is unlikely to keep pace with inflation. These extra reserves fail to even cope with their purchasing power and end up losing value in the long run. Instead of leaving funds on the sidelines underutilized, there may be more practical solutions for that money to maximize overall return.

Maximize 401 (k) and IRA contributions

First and foremost, maximize the contributions to your pension plan offered by your employer. While you can’t fund a 401 (k) from your savings account, it may be a good idea to get less take-home pay by increasing the amount deducted from your paycheck. Money taken from take home pay and placed in a 401 (k) reduces taxable income. If you do not participate in a 401 (k) or other qualifying plan, contributions to a traditional IRA may also be tax deductible.

Contribute to the Health Savings Account (HSA)

Another investment vehicle that could potentially be a home for additional funds is a Health Savings Account (HSA). HSAs allow an individual to contribute annually towards health care costs and offer significant tax benefits. Some of the benefits of an HSA are:

• Contributions to an HSA are tax deductible at the federal level, which reduces your taxable income.

• Contributions and income increase sheltered from federal tax

• Withdrawals for eligible reimbursable medical expenses are also tax-exempt – whenever they are taken, regardless of age.

Pay off the debt

Apart from investing excess cash, paying off outstanding debt is another way to reduce the opportunity cost of excess cash. Making prepayments on bonds, like credit card payments and car loans, could be an effective way to save interest and fees. Paying off debt sooner than expected basically allows someone to create a rate of return. To illustrate this, if there is an annual interest rate of 5% on a loan and we manage to repay this loan 12 months before maturity, this individual has just blocked a 5% return on his loan. silver.

Review existing plans

You may also want to take this time to review your risk management plan, including items like auto insurance, life insurance, and disability insurance. If you need more coverage, you can use your extra funds to set up the coverage you need.

If you feel like you are in a position where you don’t know how to maximize your additional savings, you should take the time to think carefully about your larger goals and how you can use the money to achieve them. Investing your money in the stock market can help you reach your long-term goals faster. Although this carries more risk than keeping money in a savings or money market account. It may be beneficial to partner with a financial advisor to analyze your goals and design a portfolio that you are comfortable with navigating this market environment.

Balaj Singh is a research analyst on the West Capital Management research team and supports the West Capital Management investment committee. Singh is responsible for investment due diligence on managers and strategies, portfolio construction and performance reporting. Singh graduated from Rutgers University with a Bachelor of Science in Finance and Accounting with a minor in Economics. Singh has achieved the CAIA® designation and is currently a Level III candidate in the CFA® program.

It’s no fun haggling with your insurance company over a claim. Here’s how advisors negotiate their way to bigger payouts https://wankanyaklaselfhelpgroup.com/its-no-fun-haggling-with-your-insurance-company-over-a-claim-heres-how-advisors-negotiate-their-way-to-bigger-payouts/ Fri, 06 Aug 2021 20:08:00 +0000 https://wankanyaklaselfhelpgroup.com/its-no-fun-haggling-with-your-insurance-company-over-a-claim-heres-how-advisors-negotiate-their-way-to-bigger-payouts/ Financial advisers love to talk about how they add value. From preparing tax returns to providing career advice to clients’ children, they strive to offer a far-reaching service beyond their basic investment management and financial planning offerings.

When a client seeks insurance or files a claim, certain advisors step in. They provide advice on selecting the best carriers, how and when to report a claim, and tips on negotiating larger claims settlements.

To get started, knowledgeable advisors guide clients through purchasing policies from reputable companies. They monitor insurers by verifying their financial soundness, their regulatory record and their customer service.

Specifically, they assess the credit scores of insurers with agencies such as AM Best Company and Demotech. Since insurance companies are regulated by each state in which they operate, advisers can contact a state’s insurance department to confirm that a particular insurer is in good standing and licensed to sell policies in that state. . They can also track customer satisfaction surveys that measure complaints service.

Thomas O’Connor, a certified financial planner in Huntsville, Alabama, recalls helping a client purchase a home insurance policy from a reliable, highly rated insurance company. The client heeded O’Connor’s advice. When the customer subsequently filed a complaint and received superior service, O’Connor took full advantage.

“We introduced him to what we knew to be a reliable insurance company and we oversaw the whole process,” said O’Connor. “Just this week, he called to rave about how the insurance company responded to a recent claim he filed.”

The real test of an advisor’s worth comes when clients experience a loss and file a claim. Some people may not realize that their advisor can suggest ways to get a larger claim payment.

Atlanta-based counselor Faye Sykes cites the example of a woman in her 40s with three children. After the death of her ex-husband, she sought to receive the death benefit from her three life insurance policies.

To her dismay, the widow discovered that two of the three policies had lapsed for non-payment of the premium. Due to a long-term disability, her ex-husband had stopped paying the bills.

Inspecting the fine print of the policies, Sykes discovered that the ex-husband had sought disability waiver when he initially purchased his life insurance, but never sent the final documents. (A disability waiver frees policyholders from continuing to pay premiums if they become severely disabled.)

“It took about 60 days for everything to be sorted out,” said Sykes. “I involved my wholesaler who works with the insurance company and received all the correct documents. “

As a result, his client ended up receiving $ 750,000 in death benefits. Left on her own, the widow would have ended up with far less money – than just one of the three policies.

“She didn’t know what a disability waiver was,” said Sykes. “People in her situation might assume, ‘Oh, the policy has lapsed’ and think they won’t benefit. But you can’t stop there. Having incomplete documentation can delay things.

Filing a claim quickly almost always works to your advantage, regardless of the type of insurance. But it’s worth speaking with your advisor who can work with you to analyze the policy provisions.

“Notify your insurance company as soon as possible of a claim, but know your deductible first,” said Eileen Freiburger, certified financial planner in Sebastopol, Calif. For example, it may not make sense to file an auto insurance claim for a car. burglary or pebble hitting a windshield, she says, because the coverage may not be great – and your rates may go up later.

Filing a long term care insurance claim is long and complicated. But delaying the tedious process can work against you and your loved one in care.

Echo Huang, a certified financial planner in Plymouth, Minnesota, urges policyholders to be quick when it comes to gathering a doctor’s letter and filling out other forms necessary to submit a health care insurance claim. long duration. Many policies impose a waiting period that typically ranges from 30 to 180 days before benefits begin.

So once you know the policyholder can’t perform at least two of the six activities of daily living (like washing, eating, and dressing), start putting together the documentation to file a claim. “If you don’t report, no one knows when the start date is,” Huang said.

Some counselors are used to helping clients recover from disasters. This is especially true if they live in a high risk area prone to severe storms or forest fires.

Based in Sonoma County, California, Freiburger is familiar with the destructive nature of massive fires. She says that after a total loss, a key question for policyholders is how to ensure that they receive a fair settlement that fully reflects what they are entitled to charge on their home insurance policy.

From her experience advising clients, she found that insurance companies could withhold a seemingly generous amount to move faster to a settlement and close the claim file. It recommends that policyholders proceed with caution.

“Some insurers might say, ‘We’ll write you a check for 50% or 75% of your content coverage, so don’t bother to itemize.’ [the contents you’ve lost]”Freiburger said. But that settlement figure may not be enough if a home had personalized features with antiques, art, and jewelry.

Diligent owners keep detailed records and receipts of content and architectural improvements so that they can accurately calculate the value of what has been lost.

Following: Medicare covers hospital care and doctor’s visits. But did you know that it also covers grief counseling and screening for depression?

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Police and firefighters’ disability claims tripled after George Floyd’s murder https://wankanyaklaselfhelpgroup.com/police-and-firefighters-disability-claims-tripled-after-george-floyds-murder/ Fri, 06 Aug 2021 11:02:42 +0000 https://wankanyaklaselfhelpgroup.com/police-and-firefighters-disability-claims-tripled-after-george-floyds-murder/

The number of police and firefighters requesting disability benefits from the state pension fund has tripled in the past fiscal year, with 79% saying they cannot do their jobs due to the syndrome. post-traumatic stress.

The number of claims has exploded since George Floyd was assassinated by then-Minneapolis Police Officer Derek Chauvin in May 2020, sparking days of protests, riots and arson in the Twins. Cities.

The Minnesota Public Employees Retirement Association, known as PERA, received 119 disability benefit claims in 2019; 236 in 2020; and 165 in the first six months of 2021.

The vast majority of claimants are police officers, PERA CEO Doug Anderson said.

“We rarely get more than 10 applications a month and we’ve had as many as 40 for a while,” Anderson said.

The numbers started to stabilize in April, with requests reduced to around 20 per month.

Almost 100% of PTSD disability claims are approved by PERA through a 2019 state law. This allows the employee to receive 60% of their salary – the average of their five most earning years. high – tax-free up to age 55, and the city must continue to provide them with health insurance until age 65.

Then, armed with the PERA approval, many employees apply for workers’ compensation benefits.

When workers’ benefits are combined with disability benefits, they can be added to a full salary.

Anderson said he was “not too” concerned about the increase because as long as it is a one-time thing, the Police and Fire Department pension plan – with 25,000 members – can handle the increase. wave.

“It’s not really going to change the direction of the plan,” he said. “The plan is really, really well funded right now and getting better – should get better.”

He said he would be worried if the trend continued.

PERA funds just posted their best investment performance since 1984, with returns of over 30%, bringing their total assets to over $ 40 billion for the first time. But the PERA actuary suggested that PERA lower its current yield assumption to 7.5%. The liabilities of the police and fire regime are 88% funded, which corresponds to the asset / liability ratio, with a target of 100%.

The high percentage of claimants complaining of PTSD during the post-Floyd flare is higher than usual, Anderson said, although trauma claims have increased even before 2020.

State law was changed in 2019 to make it easier for police and emergency responders to apply for a PTSD-related disability as a result of their work; now the presumption is that if they suffer from PTSD, it is work related.

As a result, almost all PTSD requests are approved by PERA.

If two doctors say the person can’t do the job, it’s hard for PERA to counter. PERA can do an independent medical examination and have members speak to a psychologist or psychiatrist to validate claims, but that often doesn’t carry as much weight as the member’s doctor, Anderson said.

The League of Minnesota Cities is concerned about the increase in disability claims as the number of disability retirements versus regular retirements has increased over the past five years.

All but nine of Minnesota’s cities have workers’ compensation coverage through the League Insurance Trust, a self-insured membership co-op.

Adding to the expense: State law requires that cities continue to provide the person with the same level of health insurance benefits until age 65, even if the person finds other employment.

Anne Finn, public safety lobbyist for the League of Cities, said the number of disability benefit claims has increased since the law was changed to make PTSD a presumed condition.

“It has really sped up the number of people receiving workers’ compensation and PERA service disability,” she said. “It is unsustainable from a fiscal point of view.”

The League has convened a task force to tackle the problem.

Although more than half of PERA claims come from Minneapolis employees, they are not the only emergency responders making claims for PTSD.

“The Minneapolis situation, I think, has created new claims of PTSD statewide,” Finn said. “There are police officers who were not involved in the civil unrest, who I think were so confused by what happened that we are seeing bigger trends statewide.”

Lawyer Ronald Meuser Jr., who represented About 200 Minneapolis police and firefighters who have filed workers’ compensation claims since Floyd’s murder, also represent a large number of PERA candidates, Anderson said.

Finn said it was “disturbing” that the same lawyer – Meuser – and the same doctor were used for “almost all of the claims”.

“I think employees are consistently receiving the same advice from him, regardless of their prognosis,” she said.

Meuser said Finn was correct that his company handled the vast majority of PERA and workers’ compensation claims, but said they had “dozens” of mental health clinicians and a number of experts who deal with agents statewide.

“On the other hand, the League uses a bunch of (swear words),” he said. “They routinely refer these gentlemen to one or two of their doctors who, in 98% of these cases, never find they are suffering from PTSD.”

League insurance trust administrator Dan Greensweig said that figure was not accurate, but that he did not have the actual percentage at hand. He said the League receives a significant number of complaints that are not properly documented with a proper diagnosis.

Meuser said the League was upset because it had failed to get PERA to deny more claims. Meuser said PERA has started performing enhanced and independent assessments of about half of applicants, but continues to approve most applications. This is because people are actually suffering from PTSD, he said.

“So maybe they need to clean their house rather than throw stones at the complainants’ barn,” Meuser said.

Finn said the League has a responsibility to protect both city workers and taxpayers. She said there is a misconception that PTSD ends a career.

“We would like to see more focus on promoting treatment and people’s well-being,” she said. “We would like to see the energy put into healing people instead of proving they are sick. And I’m not at all trying to downplay the reality that these jobs put people at risk and expose them to mental injury… and PTSD is absolutely real, but it’s treatable.

2 things to do with your money before you quit your job https://wankanyaklaselfhelpgroup.com/2-things-to-do-with-your-money-before-you-quit-your-job/ Tue, 03 Aug 2021 13:35:40 +0000 https://wankanyaklaselfhelpgroup.com/2-things-to-do-with-your-money-before-you-quit-your-job/

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The COVID-19 pandemic has brought many changes to the US economy. Businesses have changed the way they operate and have struggled to manage disrupted supply chains, and consumers have faced soaring prices for goods and services.

To some extent, these particular challenges were expected. But a more surprising aspect of the post-pandemic economy is the transfer of power from employer to employee that we see unfold.

Polls have shown that up to 95% of workers plan to quit their jobs in what commentators call the “big resignation”. Workers cite both burnout and the lack of growth opportunities in their current jobs as reasons to seek employment elsewhere. (I’m pretty sure the large new hire bonuses that many companies are now offering are also playing a big part in this trend.)

But before you join the crowd and hand in your own resignation notice, make sure you’re financially ready for a personal career change. Here are two things to consider.

Many workers tend to quit their jobs without thinking about what to do with their company-sponsored pension plan. You have three main options when dealing with an old 401 (k) plan, and you need to choose one to ensure that you keep your retirement on track for success.

Your first option is to do nothing and leave the plan to your previous employer’s 401 (k) provider.

This is obviously the path of least resistance, but it may not even be an option depending on your balance; some employers will not allow you to leave a plan with less than $ 5,000, for example. You also forgo some of the usual perks available to active employees, such as the ability to take out a loan from your 401 (k).

Your second option is to ride your old woman employer’s company pension plan in your New employer’s pension plan. Before taking this route, check with your new employer to make sure their plan allows for direct shifts from previous employers.

Once the funds are renewed, your plan will treat these funds as if they were there from the start. You will be able to get things like 401 (k) loans on funds. In addition, this option allows you to consolidate all of your company’s pension plans to make it much easier to ensure that your asset allocation remains in line with your goals and risk tolerance.

Your third option is to transfer your funds to a rolling IRA. This option gives you the most control over your investment choices and withholding tax requirements if you are withdrawing funds.

The downside here is that rolling funds to an IRA means losing the Employee Retirement Income Security Act (ERISA) creditor protection over qualified retirement funds.

Generally, ERISA allows qualified employer-sponsored pension plans federal protection against funds seized by creditors. Unqualified retirement accounts such as IRAs are not federally protected and are subject to each state’s respective creditor protection laws.

One of the many benefits of being an employee is the ability to use the company’s group insurance plan offerings to mitigate or supplement the coverage needed to protect you and your loved ones.

You may be aware that COBRA for Medical Insurance allows employees to maintain their medical coverage even after leaving their employer due to a qualifying event. But most people are not as familiar with their separation options when it comes to life and disability insurance.

Before you leave your employer, obtain a copy of your employer’s Summary Plan Description (SPD) for your life, health and disability insurance policies.

Not only will this document answer general frequently asked questions (like how much you have in coverage amounts and how to file a claim), but it will also give you your employer’s rules regarding termination benefits (such as retirement or, in your case, resignation).

Depending on how your employer has designed their respective benefits, your group insurance policy may be transferable after your resignation. The portability feature allows an employee to purchase and transfer group insurance coverage to an individual policy when the employee has voluntarily or involuntarily separated from the employer.

Leaving your job, and therefore your current benefits, could put you at risk of a lack of insurance. Understanding where the gaps can be is important for everyone, but can be of particular concern to anyone with major health concerns.

With group policies that you can enroll in as part of a company’s benefits program, you can usually get life, disability and health insurance coverage without going through an underwriting process. With private insurance, however, an insurance company may not approve you based on your medical history or current state of health, leaving a particularly large coverage gap if you quit your job without something else that allows you to take advantage of the new benefits of the group plan.

Perhaps now is the perfect time to capitalize on the power shift we are seeing between employers and employees. Leaving your current job in search of something that better meets your wants and needs could provide you with better long-term financial results, but remember some of these key planning considerations before you move. Make sure you don’t ignore your retirement plan and expose yourself to extreme levels of risk.