You'd like to do something to protect yourself against the staggering costs of long-term care, but you can't see paying rising premiums for a long-term care insurance policy that you may never need. A viable option may be a policy that combines life insurance with long-term care payouts. These combination policies provide a death benefit for an individual's heirs and a pool of money that can be used for long-term care. Funds used for care are generally subtracted from the death benefit.

Combination policies have become more popular as baby boomers witness the impact of long-term care costs on their parents' portfolios. Meanwhile, more people in their 50s and 60s are considering life insurance because their shrunken nest eggs may not cover expenses for surviving spouses. Some people who already have life insurance are swapping into versions that can provide tax-free payouts for long-term care expenses. Additionally, there are policies that give a fixed daily amount payout, regardless of actual long-term care expenses.

Individuals have different needs when it comes to life and long-term care insurance, and the policy possibilities are seemingly endless. Let COPIC Financial Service Group help you prepare for your future. Contact Cary Lamb at (720) 858-6282 with questions or for more information.

Managed Investment Accounts: Greater Flexibility, Customization and Tax Control

Don't let health care reform sneak up on you. We can keep you informed and help you stay on top of the changes under the Affordable Care Act (ACA). Employers will see an impact on the health coverage they offer their employees as a result of some changes under the ACA. While the cost may differ for each employer based on location and plan design, some "older" age groups may actually see a decrease in rates, and the reverse may happen for some of the "younger" age groups.
 

Here are some areas that will experience change in the next few years:

Adjusted Community Rating and Market Restriction: Adjusted community rating (ACR) rules will apply to non-grandfathered individual and small group insurance markets effective for plan years (policy years in the individual market) beginning on or after Jan. 1, 2014. Under the ACA provision, the use of actual or expected health status or claims experience to set rates for premiums is prohibited.

Minimum Essential Coverage: The ACA does not explicitly mandate an employer to offer employees affordable health insurance. However, employers with 50-plus full-time employees may be subject to a penalty if an employee receives a premium credit or cost-sharing subsidy through a health insurance exchange. An individual may be eligible for a premium credit or cost-sharing subsidy either because the employer does not offer coverage or the coverage offered does not provide "minimum essential coverage."

Deductible Caps: As of 2014, plan design deductibles may not exceed a $2,000 (self-only) or $4,000 (other than self only) annual limitation provided under the ACA.

Out-of-Pocket Maximum Changes: Beginning in 2014, all cost-sharing toward services including flat-dollar co-pays that are defined as Essential Health Benefits must accumulate to a plan's out-of-pocket maximum.

We understand the ACA may seem complicated and that it will affect every employer differently. We will continue to provide updates throughout the coming months to keep you informed of these changes and what to expect. Please contact Andrea Levine at (720) 858-6287 with any questions. Rest assured, the one thing that won't change is our commitment to helping you!