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A Better Deal Than Life Insurance From Your Employer? Maybe.
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Lots of companies will be gearing up for their annual open enrollment of benefits in the next few weeks and months. Some of you probably have life insurance as part of your benefits package. If you have the ability to purchase additional life insurance, DO NOT ASSUME it is cheaper than what you can get on your own, outside of work. ESPECIALLY if you are 45 or older.
Most voluntary, employer-sponsored life insurance gets more expensive as you get older. It is frequently age-banded, so when you move into the next higher age band, there can be a considerable jump in rates. The last several years we have been able to help several people who work for large companies located here in Richmond save money by doing this.
So before you sign up, give us a call and let us see if we can save you some money. In addition to maybe being cheaper than what is available through work, you get to keep our policy if you leave your current job.
Something to think about... |
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HSAs Continue to Grow In Popularity
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As the debate in Washington continues on health care reform, it is clear that HSAs are catching on. A report by the AHIP Center for Policy and Research clearly shows growth in this type of health plan - across all markets - large group, small group and individuals. Some highlights of the report:
- In January 2009, over 8 million people were covered by HSAs, compared with 6.1 million in 2008, and 4.5 million in 2007.
- Those choosing HSAs come from all age groups.
Thanks to Joe Moss, HSA Specialist at M&T Bank for sending this to us!
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NEWSFLASH: HSAs Appeal To Uninsured |
Following up on the story above, we came across an article that said,
"Even more surprising is the demographic that is buying HSAs. Once thought to be appealing only to the rich, the young and the healthy, several majors insurers have reported an unexpected trend.
40% of those buying Consumer Drive Health Plans (CDHPs) and investing in Health Savings Accounts are reporting average income of under $50,000.
The most encouraging news which is being reported by three different insurance sources is that 33 - 40% of those buying CDHPs with HSAs were formerly uninsured."
Perhaps this is due in part to;
- the HSA's inexpensive price relative to other insurance plans
- the HSA design is appealing to those who were willing to self-insure their health care rather than pay for coverage they did not feel they needed.
Have questions about HSAs? Let us know. We will be happy to explain them to you to see if they are right for you.
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First-Time Homebuyer Seminar |
Ok, we all know the federal government has a difficult time making ANYTHING easy. But sometimes, it is worth trying to get through all of the red tape to take advantage of some of the plans they come up with. I think a tax credit of up to $8,000 for first-time home buyers is one of those situations.
Some friends are putting on a seminar in Richmond on August 25 from 7:00 - 8:30pm to help first-time home buyers get information and ask questions. You can get more details here, or you can contact Darlene Green by email or call her at 804-360-8139. If you know a potential first time home buyer, let them know about this.
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Last month we celebrated the 40th anniversary of the moon walk by the Apollo astronaut Neil Armstrong. Using that occasion as a springboard, comedian Argus Hamilton said, "Neil Armstrong is being hailed today on the anniversary of the moon landing. He is from Ohio. The first man to orbit, John Glenn, and the first man to fly, Orville Wright, were also from Ohio.
It shows that no challenge is too great when a man is trying to get out of Ohio."
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