Well, it has finally happened. Someone out in the vastness of the internet was able to obtain my personal information and use it to try to fraudulently withdraw funds from my accounts. But this was not the normal type of fraud. This was someone who contacted an insurance company where I owned my life insurance policies.
These fraudsters managed to change the mailing address on all of the policies id fraudalong with the email address the company had on record. Because these were permanent policies, they had accumulated substantial cash value over the years. So, the next day they requested the loan and surrender values on two of the policies.
Spring’s a good time to give your finances a good scrubbing. A lot may have changed in your life over the past year, and some seasonal touch-up work is a good way to stay on top of your finances and maybe save a little cash in the process. Time to get to work.
Medicare does not pay for long-term care services, as explained by the Social Security Administration: “Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance (emphasis added).”
Without proper planning, a serious accident or illness could rob you of your financial independence. Whether purchased for yourself, your spouse or for an aging parent, long-term care insurance can help protect assets accumulated over a lifetime from the ravages of long-term care costs.
The most common reason that people get declined for life insurance coverage is because they have a specific health condition, but it isn’t the only reason. I’d like to cover the top ones and let you know what your options might be.
Do you know how much it takes to raise a child these days?
Are you sitting down?
That would be almost a quarter of a million dollars.
It cost $245,000 to raise a child born in 2013 until they hit 18, according to the U.S. Dept. of Agriculture.
This is not about a luxury upbringing. This is no Kardashian-esque baby outfitted in cashmere onesies. This is not about a privileged college education, because these numbers do not include the cost of college. That’s extra. Add on about $14,000 a year of public and $41,000 for private college.
This number, $245,000, is a place to live, food, clothes, health care—the basics.