Health Care

Generally, if there are others that are financially dependent on you, then the answer is yes.
If you are married and/or have children, the insurance will help replace your lost income. It will also help prevent your family from selling assets to pay the bills. How much life insurance is dependent on many factors:
Your current income, your current mortgage and credit card bills, and your current and future educational needs.
Speak to your local CPA about your life insurance questions.

Most people believe that term life insurance is better than cash value life insurance. Insurance agents may make as much as 50% of the first year's commissions on a cash life insurance policy. Term life insurance can be about 10% of the cost of cash value life insurance. Term life insurance guarantees a lump sum payment specified within a specific period. Premiums usually increase with your age. Term policies usually are renewable at the end of the term. Cash value life insurance is insurance, plus an investment. Speak to your local CPA abount your insurance needs.

This type of insurance is relatively new, but becoming popular for people over 60 years old. Long term care provides home custodial care or nursing home care. Long term health care makes sense for those who want to protect their assets for their spouse or children.

Many policies offer "market value coverage" which may not be enough to rebuild your house after a major disaster. You should look for a policy that offers "100% replacement coverage" for both your home and possessions. Also verify that the policy includes an automatic inflation provision. Generally, home insurance policies also include liability coverage to protect you from injuries that occur on your property. The minimum standard of $100,000 may not be enough. Consider increasing it to $300,000, $500,000 or as high as $1,000,000. Get price quotes for the additional coverage amounts. Also consider getting additional riders for items such as jewelry. Generally there is a limited maximum payout on jewelry theft losses. Also consider the geographic location of where you live when considering additional coverage for floods, hurricanes, tornados or earthquakes.

Lenders usually require PMI if the mortgage loan is more than 80% of the home's purchase price. If you do not have the standard 20% down payment, there are ways to avoid the PMI. Speak to your local CPA about the 80-10-10 financing plan and other strategies to avoid the PMI.

Employers with 20 or more employees must offer the same benefits, including health benefits under the same conditions, to current or active employees age 65 and over as they offer to younger employees. If they offer coverage to spouses, they must offer the same coverage to spouses age 65 and over that they offer to spouses under 65. If your employer's or employer group's health coverage does not follow this rule, call your regional office of the Health Care Financing Administration (HCFA)

COBRA is the abbreviation for the Consolidated Omnibus Budget Reconciliation Act of 1985.
It is a law that requires employers with 20 or more employees to allow employees and their dependents to keep their group health coverage for a time after they leave that job under certain conditions.
It is called "continuation" coverage. Generally, COBRA allows the ex-worker and their dependents to keep their existing group coverage for 18 months (29 or 36 months in some cases) after termination from the job. Generally, the ex-worker will have to pay both the ex-employee's share and the previously paid employer's share of the premium.
Some state's require employers with less than 20 employees to keep their group health coverage.
Speak to your local CPA or your State's Insurance Department for additional information on your COBRA rights.

Medicare is a national health insurance program for people ages 65+, or younger individuals with certain disabilities. Like most other insurance programs, Original Medicare does not pay for all health care costs. You must pay for deductibles, premiums, coinsurance or copayments. Original Medicare - which includes Parts A and B - does not pay for long term care, extended stays in nursing homes or coverage when outside of the country. Coverage gaps like these are why some people choose to buy additional coverage. You have choices with how you receive Medicare. The first of which is whether to go with Original Medicare or with a Medicare Advantage plan. Once you determine how to receive your primary coverage, you should consider options for prescription drug coverage. Many Medicare Advantage plans include prescription drug coverage - you can also enroll in a Medicare Part D plan as an alternative. The options you choose affect the cost and level of your coverage. Go to http://www.socialsecurity.gov/ssi for more information.

Depending on where you live, you may have three choices:
The original Medicare plan which is available everywhere in the US; A Medicare managed care plan (similar to a HMO)available in many areas of the country; and A Private Fee-for Service plan offered by a private insurance company.
This third option allows the insurance company, rather than the Medicare program, to decide how much you pay for the services you receive.