Resource of the Month: Life Insurance and Long-Term Care Combination Plans

Robin_Weingast_Life_Insurance_ResourceAs regular readers of our blog know, long-term care is a pressing issue for everyone, regardless of what age they are. Of primary concern is the fact that as long-term care costs keep rising, Medicare covers only a fraction of them.

Our May Resource of the Month is on Life Insurance and Long-Term Care Combination plans, which offer a pathway to paying for long-term care. The Resource provides an overview of options and reviews other factors to consider when thinking about a combination plan.

Click here to download the resource and contact the Robin S. Weingast & Associates team to discuss your options. We’re here to make sure that long-term care is not a source of stress for you and your family.

Need to Know: When to Review your Life Insurance Coverage

Robin Weingast life insurance benefits planningMay always feels like a “milestone month,” with graduations, proms and weddings at every turn. While a milestone is a wonderful opportunity to celebrate, it’s also a reminder to check in on your life insurance to make sure it’s meeting your needs. Here are some key life events that should also trigger a review of your life insurance policy:

Marriage: Everyone likes a spring or summer wedding, just make sure when you’re planning, you take a moment to review your life insurance policy. Will it provide enough coverage for your spouse? If this is a re-marriage for you, have you updated the beneficiary information? Taking time to make sure your spouse will have financial security is always a smart idea.
Home Ownership: If you’ve just received the keys to your new home, you’ll want to review your policy to make sure that it will cover your mortgage.
A New Addition: New babies bring great joy, and also additional financial considerations. Did you know that the US Department of Agriculture estimates that a child born in 2013 will cost almost $250,000 to raise — not including college costs? Make sure your life insurance plan is set up to provide financial security for all of your children.
More Money: If you’ve recently gotten a raise, or you haven’t looked at your life insurance policy in the past 3-5 years, it’s a good time to do so. The policy that you selected when you first started working is probably not a great fit for you now.

The Robin Weingast & Associates team recommends making life insurance review an annual practice. We’re always available to review your policy and ensure it’s the right fit for you and your family’s financial security. Contact us today to set up a time to talk.

What Robin’s Reading: May 2015

Robin Weingast Reading RecsWelcome to a new installment of “What Robin’s Reading,” our bimonthly feature that highlights what the Robin Weingast team is reading to stay current and up-to-date on the issues that will most impact our clients and their benefits planning.

This month we’re reading “Big threat to small biz workers in Obamacare case” and “States Scramble for ‘Plan B’ Ahead of Court Ruling on Obamacare.” This June, the Supreme Court will rule on King v. Burwell, a case that could alter the Affordable Care Act for the almost 8 million people in 24 states who rely on the federal exchange. Pending the ruling, millions of Americans stand to lose their subsidized coverage.

In a “Need to Know” post from last year, we explored how small businesses benefitted from the Affordable Care Act. With this ruling on the horizon, small businesses are particularly vulnerable to any changes to Obamacare. In the meantime, states are preparing for the ruling by creating workaround solutions that would ensure those covered under the Affordable Care Act don’t lose their healthcare coverage.

The Robin Weingast & Associates team is carefully watching to see how the ruling will impact all businesses — small or large. If you have questions, please contact us; we’re here to help.