Why Life Insurance Is Still Important If You’re Single
Posted: February 7, 2022
Many single people believe they don’t need life insurance. With no one relying on their income to act as beneficiaries, why should they pay the monthly premiums? The truth is life insurance is not just for married people with children. It can have many benefits for single people as well. When Can Single People Benefit from Life Insurance? Life insurance can benefit single individuals in...
Is Medigap Insurance Tax Deductible?
Posted: February 6, 2022
If you have Original Medicare along with a Medigap insurance plan, your Medigap premiums are tax-deductible. They are treated as a medical expense on Form 1040, Schedule A, Itemized Deductions and subject to the same guidelines as any other medical expense in this category. As with other medical expenses, to be able to deduct your Medigap premiums, you must be itemizing deductions. Only the portion...
How Do Medicare Advantage Plans Work?
Posted: January 21, 2022
Medicare has four different parts -- Part A (hospitalization), Part B (healthcare services), Part C (Medicare Advantage Plans), and Part D (prescription drug coverage). Medicare Advantage Plans are an alternative to Original Medicare for Part A and Part B coverage. These plans are offered by private companies approved by Medicare and administered according to set Medicare rules. Because they work like private health insurance, Part...
Common Life Insurance Riders to Consider
Posted: January 21, 2022
Life insurance can play a vital role in financial planning for your family’s future. It is primarily designed to provide for your loved ones when you are gone. You can also add supplemental benefits with riders – amendments to your life insurance policy. Riders make it possible to opt in for benefits not typically included in basic life insurance policies and to modify your policy...
New Year, New Life Insurance Review
Posted: January 7, 2022
It is a good policy to review your life insurance every year. If you have paid your premiums on time, the policy will still be there, most likely without any material changes since you purchased it. However, if major changes have occurred in your life, your life insurance policy may need adjustments or no longer suit your needs. Why Review Life Insurance Annually? Conducting a...