Single Point of View

Single Point of View is our way to occasionally share planning ideas relating to personal finance. Our goal is to pass along concepts that you may not be exposed to on a daily basis.

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Health Insurance: Medicare & Employee Benefits Reviews

Fall:  leaves change, apple picking, football and health insurance.  Something like that. October 15th began open enrollment for Medicare plan choices for 2017.  If you want to review the coverage you have (Supplemental plans and Part D coverage) we have until December 7th to make changes. Open enrollment for health insurance plans through the Affordable Care Act (the MA Health Connector for those in Massachusetts) begins on November 1st and runs through January 31st.  In most states you have until mid-December to have selected a plan with a 1/1/2017 effective date. This is often the time of year that employers offer open enrollment for benefit selection for the following year.  As health insurance plans are evolving, and more choices become available, it is important to review these options as it relates to you and your family.  Are your doctors part of the network? Are you planning a career transition next year?...
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NerdWallet: Life Insurance Policy

imageI'm 40 years old, in good health, and considering a life insurance policy for the benefit of my wife and one-year old. Would you rather get a whole life insurance policy, or a term life insurance policy and "invest the difference" in the market? I'm also contributing to a 401K, a 529 account, and have about $1M in loan liabilities.     Shaun Erickson CFP® Boston, MA My opinion is to first get enough term insurance to cover the income you are trying to protect, for the time period you are trying to protect it.  As mentioned before, a convertible term policy would be preferable as it gives you greater flexibility in the future should you need the insurance longer than you initially planned. The conversation of "invest the difference" should really be one of analyzing your overall budget, and ability to save (not just investing what you would have put into an insurance policy otherwise). ...
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