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But that advice is outdated amid the reality of an economy still struggling from the fallout of the pandemic.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.

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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

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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
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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

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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 … Read more

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Making sense of health savings accounts in 2023 insurance coverage

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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.

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