Retiree Health Care Coverage Overseas

Lake Louise, Alberta, Canada

One of my favorite topics to discuss with clients are their travel plans. The answers I get range from China to Europe and all across the U.S. One couple I know is visiting Norway right now and another will be traveling to Africa later this month.

Apparently, they are not alone. According to AARP, 47% of baby boomers expected to travel internationally in 2018.

Overseas travel may be one of the more popular aspirations in retirement, but it does raise an important question: “Will my health insurance coverage travel with me?”

Take the 30-Day Brain Health Challenge


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Over 5.7 million American’s live with Alzheimer’s or related dementia. Two thirds of them are women.

Although there is no known cure for the disease or specific, medical treatment for the prevention of Alzheimer’s, there may be steps you can take now to make brain health a priority.

Start by taking the 30-Day Brain Health Challenge sponsored by BeBrainPowerful.org.

Does Your Credit Score Affect Your Car Insurance Premium?


Not long ago my car insurance agent called to let me know that I may be eligible for a discount on my insurance rates due to my “excellent credit”. This was a little surprising to me since it had never occurred to me that my auto and homeowners insurance premiums were based, at least in part, on my credit rating.

Apparently, however, this is a thing.

One landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.¹

While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.

Several Factors

Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. Other factors may be considered, depending upon the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.

The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.

You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.

If you want to improve your credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.

  1. Predictive Analytics: Achieving Greater Decision Accuracy, Better Risk Segmentation, and Greater Profitability, Fair Isaac Corporation, 2012 (most recent statistics available).

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

Only 2 Days Left For Seniors To Make A Major Healthcare Decision

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If you are a Minnesotan age 65 or older and have what is known as a Medicare Cost Plan, you may experience changes to your insurance that will go into effect in 2019.

The State of MN estimates that up to 200,000 Minnesotans will be required to take action during the current enrollment period to obtain replacement coverage for 2019. Another 125,000 or so may be “auto-enrolled” into new Medicare Advantage Plans with their current insurer.

How To Make The Most of The Dow at 25,000

5 ways to capitalize on markets that are at all-time highs

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“Make hay when the sun shines.” That’s what the farmers say.

 

On Thursday, January 4, 2018 the Dow Jones Industrial Average (Dow) topped 25,000 for the first time.

That’s a lot of sunshine! And it’s obviously great news for investors and anyone who has been “long” in the market these past several years.

How high will markets go? What’s the best way to make hay before the sun sets on this amazing run in the stock market?