FINANCIaL
FIELd NOTES
How to Appeal Higher Medicare Premiums
Social Security mails a letter in November that tells you if you are subject to higher premiums - otherwise known as “IRMAA” or Income-Related Monthly Adjustment Amount. The cost is based on your income from two years prior. For 2022, you would have received a letter in November 2021 telling you your premiums based on your 2020 income.
This is the extent of the information that Social Security uses to determine how much you will pay. They don’t know anything about what has changed since 2020 or why 2020 was possibly an abnormal year for you. Because of this, it is your job to appeal if you feel the premiums don’t accurately reflect your income…
Reviewing Your Auto Policy For Common Mistakes
Your auto insurance policy is one of the types of insurance that you are most likely to use. With that in mind, it’s important to make sure your policy is up to snuff! Here are some of the most common mistakes I see when reviewing auto policies…
Should You Keep Your Old Whole Life Policy?
Last week I wrote about the differences between term and whole life insurance. In general, I am an advocate for putting cheaper term policies in place and investing outside your insurance.
With that said, I talk to many individuals with whole life policies they put in place years ago. In some cases, their parents bought it for them and they still own it 60 years later!
The Math Behind Term vs. Whole Life Insurance
When deciding on life insurance, you have a lot of options to choose from. I am often asked about my opinion between whole life and term insurance. Whole-life policies are designed to last your whole life, while term insurance only lasts for a certain amount of time.
In general, I am an advocate for term insurance but there are some benefits to whole life…
Making Sense of Medicare, Part 2 – The Cost
Last week, in Part 1, I reviewed the 5 pieces to Medicare and the 2 main ways to get Medicare coverage.
This week, in Part 2, I will outline the cost for the 2 options.
Making Sense of Medicare, Part 1 – The 5 Pieces
Medicare is a confusing topic to navigate, in part because there are so many choices. In the first part of this series, I will discuss the various parts of Medicare. Next week I will discuss the cost of putting these pieces together.
There are 5 pieces to Medicare…