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Monthly Archives

April 2015

Apr 01
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Four Ways Your Tax Refund Can Make a Big Financial Impact

By Employment Resources

It’s tax month! Before you spend your entire refund on a shopping spree or exotic vacation, consider four ways your refund can make a big financial impact on your household budget, asset portfolio and financial health.

 

  1. Boost Retirement Savings

 

Are you lucky enough to work for an employer that matches your retirement savings? Take advantage of that free money and increase your contribution to ensure you get the maximum matching funds. You probably won’t miss those dollars in your paycheck now, but it will grow and make a big impact on your future retirement. Plus, your tax refund check can go into a designated account and cover gaps in your household budget if needed.

 

  1. Pad Emergency Savings

 

Do you have enough money saved to cover emergencies like a broken washing machine, damaged roof or health insurance deductible? Many financial planners suggest households save at least three to six  months of living expenses. Pad your emergency savings with your tax refund, and be prepared for whatever life throws at you in the near future.

 

  1. Pay Debt

 

The average American household carries $15,611 in credit card debt according to the Federal Reserve. Erase that burden or at least reduce it thanks to your tax refund. Apply this money to the debt balance with the highest interest rate. Whether it’s credit card debt or a student loan, car loan or mortgage, reducing your debt boosts your momentum to keep working toward financial freedom.

 

  1. Update Insurance Policies

 

Have you been putting off boosting your insurance coverage or buying a dental or life insurance policy because you couldn’t afford it? Turn your tax refund into insurance coverage. Your agent can provide details about coverage and costs to make sure you get insurance that’s right for you.

 

This tax season, take charge of your refund check and use it to make a big financial impact. Which one of these steps will you take this year?

Apr 01
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Five Steps Keep Food Safe and Employees Healthy at Work

By Employment Resources

Are you planning to celebrate World Health Day on April 7? This year’s theme is food safety, and it’s an important topic because two million people die each year from consuming unsafe food. Plus, over 200 diseases spread through food that’s contaminated by bacteria, parasites, viruses and chemicals. Follow five important tips at work that keep food safe and employees healthy this month and year round.

 

  1. Promote Cleanliness

 

Nobody wants to clean the break room, but cleanliness is the first step in food safety, so make sure someone takes responsible to:

 

*Disinfect the counters and tables daily.

*Wash and dry the dishes daily.

*Clean the fridge weekly.

 

While you’re promoting break room cleanliness in the break room, remember to wash your hands before  and after you eat.

 

  1. Separate Raw and Cooked Foods

 

Whether you bring or buy meals, strictly ensure that raw and cooked foods remain separate. Use designated cutting boards, cooking utensils and storage containers to ensure your meals and snacks remain safe to consume.

 

  1. Cook Food Thoroughly

 

Did you bring your famous egg omelets or beef soup to work? Heat your food properly. Soups and stews should be brought to boiling, and heat meats and poultry to an internal temperature of 165 degrees F.

 

  1. Keep Food at Safe Temperatures

 

Have you ever gotten distracted and forgotten about your food in the microwave? Cooked foods that sit at room temperature for longer than two hours are unsafe to eat. Monitor your food and eat it as soon as it’s hot. Then refrigerate cooked and perishable foods immediately as you maintain safe food temperatures.

 

  1. Use Safe Water and Raw Materials

 

Food safety depends on safe ingredients. Prepare beverages with water that’s safe to drink, and wash all fruits and veggies before you consume them. Toss expired foods right away for added food safety.

 

You don’t expect to get sick from your lunch break. That’s why you’ll want to follow five food safety steps at work. They help you and your coworkers celebrate World Health Day and stay healthy.

Apr 01
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Which Health Insurance Premiums are Deductible on Your Tax Return?

By Life and Health

As you file your 2014 tax return this month, consider your health insurance premiums. They’re an essential part of your budget, and it makes sense to deduct them if you can.

 

Employer-Provided Premiums

 

You can’t deduct health insurance premiums taken from your paycheck before taxes were deducted. However, you can deduct premiums you paid with after-tax money. See Schedule A of Form 1040 for details.

 

Medicare Premiums

 

Medicare premiums are considered deductible medical expenses in certain cases. Parts B, C and D premiums are deductible on Schedule A of your tax return. Part A is only deductible on Schedule A if you paid for it yourself and did not get it through Social Security.

 

Self-Employed Health Insurance Premiums

 

The health insurance premiums you pay as a sole proprietor, partnership partner or shareholder in a Sub S Corporation are deductible if the insurance is for your benefit, purchased in your name and under your business. Use the Self-Employed Health Insurance Deduction Worksheet to calculate your deduction, and list this expense on page 1 of Form 1040 as an adjustment to income. Premiums for your spouse and dependents and dental, vision and prescription coverage may also be deductible.

 

Utilize Schedule A

 

Even if you can’t deduct your health insurance premiums on your tax return, you might be able to utilize Schedule A. It itemizes your medical expenses which you can then deduct if they total more than 10 percent of your adjusted gross income. For example, your AGI is $50,000. Ten percent would be $5,000. If your itemized medical expenses total $7,000,  you can deduct $2,000. You won’t be able to deduct anything if your medical expenses total less than $5,000.

 

See IRS Publication 502 for a complete list of medical expenses you can deduct on Schedule A. A short list includes doctor visit copays, prescription medications, medically necessary equipment, dental treatments and vision exams.

 

Because deducting health insurance premiums can be complicated, see your human resources manager or accountant for more details. Then consider using these tips to prepare for tax season next year.

Apr 01
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What To Do If Your Child’s Special Needs Health Care Claim Is Denied

By Life and Health

Caring for a child with special needs is expensive. From doctor visits to therapy appointments, you rely on your health insurance to cover life-saving and life changing treatments. What do you do, though, if the insurance company denies a claim?

 

Call the Insurance Company

 

Maybe someone accidentally typed in a wrong code or the doctor’s office didn’t submit the claim in a timely manner. A simple phone call to the insurance company could set the record straight.

 

Follow the Appeals Procedure

 

Your insurance company has an appeals procedure that might help you. Be sure to document every phone call including the names and phone numbers of the customer service reps to whom you speak, the calls’ dates and times and what you discuss.

 

Submit Written Treatment Notes and Invoices

 

Written words hold more weight than verbal words. Ask the doctor or therapist to focus on how the procedure, treatment or equipment is medically necessary.

 

Document Your Child’s Needs

 

You don’t want to spend time educating the insurance company, but that’s sometimes exactly what needs to happen, especially if your child has a rare disability. Track your child’s daily activities, needs and limitations as you detail your child’s specific condition and influence the insurance company to pay the claim.

 

Consider Paying Out-of-Pocket

 

Rather than fight a denied claim that’s for a service your child needs, pay for it yourself. You won’t want to take this measure, though, if an ongoing service continues to get denied. In that case, contact a lawyer.

 

Contact a Lawyer

 

When all else fails and your child needs ongoing services or the denial of a claim threatens your child’s life, contact a lawyer. He or she can take action that protects your child’s health and quality of life. Choose a lawyer with specialized knowledge of special needs to maximize your chances of winning the case.

 

Your precious child with special needs can receive the medical treatment, therapy, medication and equipment he or she needs. When claims are denied, follow these steps. Ask your insurance agent for additional tips, too, as you fight for your child.

Apr 01
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Does Life Insurance Cover Funeral Expenses?

By Life and Health

Planning for the future is a smart financial move. As you prepare for retirement, remember to make funeral preparations. Since the average funeral costs over $7,000, you’ll want to save enough cash or pre-pay this inevitable expense. You could also purchase life insurance that covers your funeral costs.

 

Term Life Policies

 

Is a term life insurance policy part of your employee benefits or did you purchase a policy on your own? It only covers you for a set number of years. If you die before the term ends, the policy could be used to pay for your funeral. However, that’s not the case if the policy expires before you die. Relying on a term life policy to pay for your funeral is a risky move.

 

Whole Life Policies

 

A whole life insurance policy remains in effect for the duration of your life. As long as you pay the premiums, this type of life insurance doesn’t expire, end or mature until your death. Your beneficiary can use a whole life insurance policy to pay for your funeral. Also, if you purchase a whole life policy as a young person, it grows in cash value. Use that cash to pre-pay for your funeral today rather than wait until inflation raises the costs.

 

Talk to Your Beneficiary

 

Since the life insurance beneficiary decides how to spend the policy’s proceeds, talk with him or her before your death. Discuss your funeral wishes to ensure your life insurance funds are used for the funeral you want.

 

Pre-Plan Your Funeral

 

Despite your best intentions, your life insurance policy could be held in limbo for weeks, months or years. Consider pre-planning your funeral. Figure out if you can assign a portion of your life insurance policy to the funeral home to cover final expenses. Then discuss specific details about the service and interment and lock in today’s rates as you save money and relieve the burden on your survivors.

 

Life insurance certainly can pay for your funeral expenses. Just make sure you purchase an adequate policy today before you need it.

Apr 01
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Are You Ever Too Old For Life Insurance?

By Life and Health

Most people agree that young parents need life insurance as they provide financially for their family. What about older adults and grandparents? In certain cases, life insurance is a good investment for you at any age.

 

Do you Have Dependents?

 

Did you wait until your 40s to have kids? Are you raising grandchildren? Do you care for aging parents? Your dependents need your income, and that fact makes life insurance a wise investment. The policy will provide your dependents with cash to pay bills, cover living expenses and receive the care they need.

 

Can you Afford a Funeral?

 

The National Funeral Directors Association reports that the average funeral cost $7,045 in 2012. You might have enough money saved to cover that cost, but consider purchasing life insurance. It pays for your funeral expenses, leaving your assets to provide for your survivors.

 

How Many Assets do you Own?

 

Your home, vehicle and investments count as assets. If you own them outright and they add up to a significant value, your estate executor can use those assets to cover taxes, medical bills, funeral costs and other expenses you may incur at the end of your life. However, if you don’t own adequate assets, life insurance covers the gap and ensures your final expenses are paid, which lessens the financial burden for your survivors.

 

Can you Afford to Pay Higher Premiums?

 

Life insurance premium costs typically depend on the amount of coverage, type of policy and age or health of the insured. That means you will probably pay more for a policy if you’re over 50. Numerous options are available for every budget, though, so talk to your insurance agent and choose a policy with affordable premiums.

 

Life insurance policies do cover dependent care and funeral costs, but they’re also useful for other purposes. They can pay for your grandchild’s education, support a charity or help your children retire early. Consider these factors as you talk with an insurance agent about purchasing life insurance as an older adult.

Apr 01
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Umbrella Insurance Covers Invasion of Privacy

By Personal Perspective

Invasion of privacy covers everything from pictures you post on your blog to cameras in fitting rooms. If you’re a victim, you can file a lawsuit against the person responsible and recover damages. However, what if you or someone in your home is the perpetrator? Umbrella insurance provides the peace of mind you need as you protect yourself against lawsuits that result after an invasion of privacy.

What is Invasion of Privacy?

When you intrude into someone’s life without a reasonable and just cause, you’ve invaded their privacy, even if you committed the crime accidentally. Invasion of privacy includes:
*Meddling in private affairs

*Intruding on someone’s solitude

*Disclosing a embarrassing and private information

*Sharing things that are false and demeaning

*Using someone’s picture or name for your personal advantage.
Where do you Have a Right to Privacy?

Everyone expects to have privacy in their own home. People also expect privacy in places where they believe they can undress without being filmed or photographed and places where they believe they’re safe from hostile surveillance or intrusion.

Who Has to Worry About Invasion of Privacy?

Public figures, including celebrities, volunteer for the spotlight, and they typically do not receive invasion of privacy protection. Normal people like you, though, don’t expect people to be in their business. That’s why you need to be careful about your actions and those of your family members. Whether you’re a landlord, on a civic organization board or a normal person who enjoys using the Internet, you could perform an invasive act of someone’s privacy.

How Does Umbrella Insurance Protect Your Privacy?

Say you post on your blog a private fact about a neighbor or use someone’s name to promote your business even though that person did not give you permission. In both cases, you could be sued for invasion of privacy. We all know that lawsuits are highly expensive. Your umbrella insurance policy could cover incurred expenses and protect your assets.

Discuss umbrella insurance with your agent today. Invasion of privacy can occur at any time, and you want to have protection in place.

Apr 01
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Avoid Five Common Mistakes During Your Springtime Move

By Personal Perspective

Is moving on your agenda this month or in the near future? Spring is one of the most popular times of the year to move. Avoid five common mistakes, though, as you relocate to your new rented apartment or house.

1. Poor Scheduling
Because spring is a busy moving season, don’t expect to call a moving or van rental company today for your move tomorrow. Schedule these details at least two months in advance. Start collecting boxes and packing supplies in advance, too, so you have everything you need before the big day.

  1. Winging It

Do you think you’ll just toss stuff into boxes, pile the boxes into the back of your vehicle and drive to your new home where you’ll unpack? Moving is never that easy. From choosing a moving company to finding a new doctor, plan ahead to ease stress and make your move smooth.

week day moves more inexpensive

  1. Choosing a Poor Moving Company

The wrong company could damage your valuables, overcharge you or not show up. The right moving company can make your experience pleasant and professional. Spend time researching moving companies and checking references so you choose one that’s reputable, reliable and trustworthy.

  1. Overpacking

Do you really need to move your entire paperback book collection or clothes you haven’t worn in years? Use your move as an opportunity to cull your possessions. Save money since most moving companies charge by weight, and spend less time packing and unpacking when you only pack what you absolutely need.

  1. Insufficient Insurance

From your valuable jewelry to priceless heirlooms, you want adequate insurance for all your possessions. The moving company might cover some liability, but talk to your insurance agent to beef up your renters insurance policy. Make sure it covers your valuables before you move.
Moving causes enough stress. Avoid these five mistakes to make the experience more pleasant and less chaotic. You’ll be glad you did.

Apr 01
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Six Topics Status Is Your Vehicle Ready for Spring Break Travel?

By Personal Perspective

Now that winters’ over, you’re ready to take a break and hit the open road. Is your vehicle ready for spring break travel? It will be when you follow this checklist of six helpful tips.
1. Fill the Fluids

Windshield wiper fluid, coolant, oil and transmission fluid deplete quickly over winter. Fill them to the recommended level for your vehicle as you prepare the engine to operate properly in warmer weather.

2. Check the Tires

After carrying your vehicle over rough winter roads, your tires need some tender loving care. Check the tread and make sure it’s sufficient to handle the wet roads you’ll encounter this spring. Then inflate the tires to the proper pressure as recommended for your specific vehicle. Consider a wheel alignment, too, as you ensure your tires are ready to work hard all season.

3. Replace the Wiper Blades

The wiper blades work extra hard all winter as they remove ice and snow from your windshield. Protect your view and safety when you replace the wiper blades.

4. Wash the Exterior

Salt and grime build up on your vehicle’s exterior and can cause corrosion, rust and damage. Wash off winter dirt with a high-powered hose at home or at the car wash. Reach the underbody, lower doors, roof and all exterior surfaces.

5. Clean Out the Interior

Food wrappers, mud and a dirty windshield create an untidy interior. Plus, salt residue can destroy the fabric on your vehicle’s floors and seats. Grab a trash can, steam cleaner and wash cloth as you clean out the inside of your vehicle this season.

6. Update Your Auto Insurance

Insurance requirements don’t change with the seasons, but double check your coverage as part of your prep for spring break travel. Make sure your coverage meets your needs and renew your policy if necessary. With the right insurance coverage, you have peace of mind wherever the road takes you.
Where are you traveling this spring? Make sure your vehicle is ready when you follow these six tips.

Apr 01
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Be Prepared For Volatile Spring Weather With a Home Emergency Kit

By Personal Perspective

Heavy rains, floods, hurricanes and tornados can all threaten your home and family this spring. While no amount of preparation prevents volatile spring weather, a home emergency kit helps you prepare to be safe and survive.

Survival Essentials
A warm blanket, spare set of clothes and matches could make the difference in your survival. Pack these and all other essential supplies you might need in an airtight container that’s easily accessible.
Food and Water
The Red Cross suggests families store two weeks’ worth of food and water, which means you’ll need one gallon of water per person per day and a variety of easily prepared, non-perishable foods. Don’t forget to stock baby and pet food if necessary, too.
First Aid
Minor bumps and bruises can occur as your family rushes to safety. Your first aid kit should include basic first aid supplies like bandages, antibacterial cream, burn cream and pain reliever. Pack prescription medications, hearing aid batteries and other specialized medications if needed.
Hygiene Items
Toilet paper, toothbrushes and diapers are essential. Hand sanitizer and bleach should also be included in your emergency kit.
Stay Connected
You’ll want to stay connected to the outside world and signal for help, so include a battery-powered radio, extra batteries, your cell phone and chargers in your emergency kit. A flashlight and whistle for each person is also a good idea.
Tools
Whether you have to dig out of the basement or open a soup can, tools come in handy. Stock a multipurpose tool, work gloves, scissors, shovel, screwdriver set, hammer and manual can opener in your kit.
Important Papers
In the rush of an evacuation, you may forget to grab your purse or wallet. Copy important papers like your driver’s license, birth certificate, insurance policies and medical information. Store them, extra cash and your family’s emergency contact information in a waterproof bag to keep them safe.
This home emergency kit will play a big role in keeping you safe when volatile spring weather strikes. Update your insurance policies, too, as you stay protected and prepared.

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