Archive for the ‘Insurance Planning’ Category

Education Savings Account is an option

Tuesday, July 13th, 2010
Scott Flowers, Wealth Advisor

Scott Flowers, Wealth Advisor

People want to know — “Should I open an ESA or a 529 plan for my child?”

If the money is only for K-12 schools then an Education Savings Account (ESA) makes sense.  With a $2,000 annual contribution limit, distributions are tax-free if they are “qualified education expenses”.  These include:  tuition, books, room, board, etc.  However, certain income limits might restrict parents from contributing to ESA’s. 

If the money is for college or post secondary education then a 529 plan may be a suitable option.  With lifetime contribution limits up to $250,000 per child, and distributions tax-free for qualified expenses there is a lot of flexibility.  Contact your financial professional today to explore the best options for your family.  

To find out more about college planning, use our college planning calculator located on our Investment Tools page of our website.  This is an easy way to determine how much money you may need to be saving for the future.

Submitted by Scott Flowers, Wealth Advisor

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Murfreesboro Insurance Advisor comments about disability insurance

Tuesday, July 13th, 2010

When folks ask me about what they should look for in disability insurance, my short answer is this:

Make sure you apply for adequate coverage, and that you get the best rate available for your occupation.  Some occupations allow for longer payout periods than others so it is important that you review your options.  Adding an “own occupation” rider is a great way to protect a loss of income from your specific job.  Another benefit is the cost of living adjustment (COLA) rider, which raises your benefit with inflation.  Make certain that the policy pays for partial disability as well.  The future option benefit allows for you to increase your coverage on the each anniversary date of the policy.  Contact your financial professional today and see if a disability policy makes sense for you.  

submitted by Scott Flowers, Wealth Advisor, FSS

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Buying Health Insurance with a Pre-existing condition

Friday, September 18th, 2009

Typically, there are standard 12 month waiting periods for most pre-existing conditions. This means that you may be able to get coverage, but the insurance company may not provide benefits for a specific ailment or condition during the waiting period. This exclusionary period can be for 12 months or in some cases the entire length of the policy for medically underwritten plans. One of the most critical things to do is to maintain credible coverage: do not have more than a 63 day break in coverage if you change jobs and lose your employer health insurance. HIPAA portability laws may allow you to avoid some of the standard waiting periods. In case you are denied coverage due to a pre-existing condition, there are additional options available to you.

Authored by Ben Leyhew bleyhew@fssplanning.com

http://www.fssplanning.com/bios.html

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Health exchanges

Friday, September 18th, 2009

One of the legislative proposals currently being discussed is a taxpayer funded health exchange set up by the government to compare different plans and options. Fortunately, qualified insurance brokers can do the exact same thing for you right now (and without raising your taxes). One of my jobs as a financial advisor is to compare all the available plans and options and help you determine the best plan for your budget and medical needs. As one of the fastest growing expenses in a household budget, medical insurance planning is a critical component of your overall financial plan. The Financial Planning Association states that medical insurance costs are second only to mortgage expenses in households 35-65 and for retirees it is often their biggest expense. Whether you are looking for a comprehensive medical plan, a health savings account, or long term care insurance, I can help you take the guess work out of choosing among the different plans. Authored by:  Ben Leyhew bleyhew@fssplanning.com

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Financial Services & Solutions on Beneficiaries

Monday, August 24th, 2009

I recently reviewed my company retirement plan and was surprised to find that my beneficiary was someone who my ex-spouse.  I’m not sure who to designate as beneficiary now?

This is a common issue; one that needs to be reviewed periodically.  Some company plans require that spouses be beneficiary of company retirement plans.  There are times that you might want to designate children, or your estate as beneficiary of retirement plans.  A financial planner can help you determine the beneficiary designation that most fits your individual situation.  The proper beneficiary designation will allow your assets to pass as you intended.

Author:  Jeff Brown, CPA, CFP

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