Month: September 2022

Helping adult children financially doesn’t have to hinder their path to independence

The conventional advice for parents is to sever the financial relationship with their young adult children as soon as they can.

We’re told to push them out to fend for themselves financially or risk raising irresponsible adults — slothfully living in their childhood bedroom or the basement — incapable of managing their money.

But that advice is outdated amid the reality of an economy still struggling from the fallout of the pandemic. Helping adult children doesn’t have to hinder their path to independence.

The most-regretted (and lowest-paying) college majors

Our kids now face monthly rent payments that can be more than 50 percent of their take-home pay. Inflation is causing food prices to surge. Energy costs are up. If your offspring need to purchase a new or used car, they face exorbitant prices.

I’ve long advocated that parents encourage young adults to live at home as long as possible, especially

Continue reading

Rising health care costs likely to crunch employers facing tight labor market

All signs are pointing toward significantly higher health costs in the employer market next year, which will translate into larger-than-normal premium increases.

Why it matters: Employers will have to choose between taking the hit or passing the added cost to their employees — a decision that’s particularly difficult in a tight labor market.

Driving the news: Seven in 10 employers expect moderate to significantly increases in the cost of health benefits over the next three years, according to a recent Willis Towers Watson survey.

  • “There’s this terrible reality that they’re trying to increase affordability at the same time the actual total cost is going up more than they expected,” said WTW’s Jeff Levin-Scherz.
  • More than half of survey respondents said they plan to address rising costs by using programs or vendors that would reduce total spending. Less than a quarter said they will shift costs onto employees through higher premium
Continue reading

Average Cost of Medicare Supplemental Insurance in the US

Happy senior man

Happy senior man

When you reach retirement age, Medicare insurance offers basic medical insurance protection for your health needs. However, this coverage is basic and does not cover all of the costs for covered medical services and supplies. Medicare supplemental insurance policies are known as “Medigap insurance” and they fill in the gaps in Medicare coverage.

A financial advisor could also help you create or adjust a financial plan for your medical care needs in retirement. Let’s break down the average cost of Medicare supplemental insurance.

What Is Medicare Supplemental Insurance?

Medicare supplemental insurance plans cover the costs that you’re responsible for with Original Medicare. These policies are offered by private insurance companies and are on top of your Part A and Part B benefits. Supplement insurance policies offer a predictable monthly expense versus the unknown cost of visiting a doctor or going into the hospital.

Original Medicare insurance policies

Continue reading

Hip Substitute Surgical procedure

Fitness ChallengesGirls are of late involved so much in body building with many looking for to realize fitness and develop our bodies that entice men. Hitting the gymnasium or some sort of train or indulging in an sports activities exercise is essential to keep match. Fitness training, which is a option to preserve match refers to getting coaching and pointers on what exercises to do, in accordance with your body capacity requirements. Fitness training helps channelize the workouts in the direction of enhancing our well being. So if you happen to’re keen to tackle the hardest of physical and mental challenges this year — and maybe explore the world whereas doing so — listed below are fitness challenges that you simply need to join now. To do that problem, you may need an space with loads of space, like a soccer discipline or monitor. Set a timer to three minutes. On …

Continue reading

Making sense of health savings accounts in 2023 insurance coverage

Peopleimages | Istock | Getty Images

As open enrollment season gets underway, you may find yourself having to decide whether a health savings account should be part of your 2023 medical coverage. These tax-advantaged accounts let users save for medical expenses.

Many companies will soon — or already have started to — hold their annual open enrollment period for workers to pick their health plan for next year, among other employer-sponsored benefits. Some of those firms will offer so-called high-deductible health plans, which are what HSAs are tied to, as an option for coverage.

“For the most part…an [HSA eligible] plan is the most cost-effective way to get health insurance,” said certified financial planner Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida.

More from Personal Finance:
4 key dates to know about student loan forgiveness
Here are ways to protect yourself from identity scams
NBA star James Harden

Continue reading

Health Coverage Guide By Small Business Majority

Health CoverageNEW YORK (Reuters) – With the destiny of the Affordable Care Act up in the air after President Donald Trump took workplace in January, some taxpayers skipped a query on their 2016 returns that asked them to certify whether or not they had medical insurance.

Small Business Redefined: On October 7, 2015, President Obama signed into law the Protecting Affordable Coverage for Employees (PACE) Act. The PACE Act amends the definition of small employer” in the Affordable Care Act (ACA) so that it could continue to use to employers with one to 50 staff, reasonably than altering to at least one to one hundred employees as of 2016 as provided in the original ACA; nevertheless, the brand new legislation additionally permits states to opt for the one-to-100 employee definition of small employer in the event that they choose.

The Oklahoma Employer/Employee Partnership for Insurance Coverage (-EPIC) program was created to …

Continue reading

Here’s what Murphy said about latest deal on NJ public worker health benefits

Gov. Phil Murphy on Thursday said he doesn’t want big health insurance premium increases for public workers to “become an annual event” and called a last-minute move to ease a bit of the pain for some of those workers “a fair deal.”

A New Jersey health board on Wednesday approved rate hikes for health plans that cover more than 800,000 public workers. The vote calls for boosts in premiums on state health plans by about 21%, and local government plans by nearly 24%.

After Wednesday’s vote by the State Health Benefits Commission, five labor unions issued a joint-statement saying they had reached an agreement with the Murphy administration that will limit the increase on state employee contributions to 3%, shifting the rest of the financial burden to the state.

As part of the compromise, state employee co-pays for specialists will double from $15 to $30 and co-pays for urgent care

Continue reading

Long Beach dockworkers billed union health insurance for sexual services, prosecutors say

LONG BEACH, CALIF.  - MAR.  6, 20222. A fisherman casts a line into the mouth of the Los Angeles River where it empties into the Port of Long Beach.  (Luis Sinco/Los Angeles Times)

The Los Angeles River empties into the Port of Long Beach, where eight dockworkers were charged in a scheme to fraudulently bill their union health plan for sexual services and falsified physical therapy claims. (Luis Sinco / Los Angeles Times)

Eight workers at the Port of Long Beach, a business owner and one of her employees were charged this week in federal court in connection with a scheme to fraudulently bill the dockworkers union’s health plan for sexual services and falsified physical therapy claims, prosecutors said.

All of the defendants except for one dockworker submitted plea agreements. The alleged ringleader, 46-year-old Sara Victoria of San Pedro, admitted in her plea agreement to owning three businesses between 2017 and 2021 that provided sexual services as well as chiropractic and acupuncture treatments.

Knowing that the health insurance is provided by the International Longshore and Warehouse Union – Pacific Maritime Assn. generally covered

Continue reading

NJ public workers bring fight over big health plan rate hikes to Murphy at Statehouse rally

New Jersey’s labor unions were undeterred by rain clouds over Trenton Tuesday as hundreds of government workers descended on the Statehouse in labor’s latest push to fend off massive rate hikes on health insurance premiums.

A coalition of at least 14 unions organized the rally after Democratic Gov. Phil Murphy’s administration signaled it would move forward with a vote Wednesday on proposed rate increases of more than 20% for state health plans.

A deep of union members filled the outside corridor of the Statehouse annex and spilled into West State Street, where crowds of off-duty police officers and firefighters gathered, listening to the handful of speakers lined up for the event.

“Governor Murphy, hear our call,” the crowd shouted, as chants echoed off the annex walls.

New Jersey state troopers blocked off a section of the roadway between Calhoun and Barrack streets, where a line of buses sat empty after

Continue reading

Big rate hike for NJ public worker health benefits approved, but late deal eases pain for some

The State Health Benefits Commission on Wednesday approved rate increases of about 21% on state worker health plans and nearly 23% on local government benefits.

But a last-minute deal reached after the meeting could ease a bit of the pain for some public workers.

The new rates will affect the health plans that cover more than 800,000 state and local government workers, and it could have financial implications for millions of New Jersey taxpayers.

After Wednesday’s vote, five labor unions issued a joint-statement saying they had reached an agreement with Gov. Phil Murphy’s administration that will limit the increase on state employee contributions to 3%, shifting the rest of the financial burden to the state.

As part of the compromise, union leaders said they agreed to double co-pays for specialists from $15 to $30 and increase co-pays for urgent care from $15 to $45.

The agreement only applies to plans

Continue reading