Any kind of insurance is fundamentally about risk. Risk can be defined as the chance of financial loss due to an unexpected event. Insurance involves the transfer of risk from an individual or from an entity to an insurance company. The insurance company pays compensation for the loss. It is important to recognize that any […]
Social Security, also known as the Old-Age, Survivors, and Disability Insurance (OASDI) is a federal program that includes several insurance and welfare programs. The original Social Security Act was signed into law by President Franklin Roosevelt in 1935 and the current version of the Act has been amended numerous times. Social Security is funded through […]
Medicare Part D was signed into law in December 2003 by President George W. Bush, and retirees began to sign up for these Medicare-approved private prescription drug plans in 2006. Part D gave retirees the option to purchase prescription drug coverage through Medicare. Since then, 51 million people have enrolled in prescription drug plans. Enrollment […]
There are essentially two types of life insurance policies: Term life insurance Cash value life insurance Term insurance is pure insurance protection and lacks a “saving” or “investment” element. Cash value insurance, on the other hand, blends term insurance with a savings or investment component. Cash value insurance policies are sold as whole life insurance, […]
Many life insurance policies now contain a provision enabling a person who is terminally ill to essentially receive an advance, during his or her lifetime, of the “death benefit” that would otherwise have been paid to the designated beneficiaries at the time of his or her death. “Living benefit” provisions are very different from – […]
Updated December 2025 As Benjamin Franklin’s said – “Nothing is certain except death and taxes.” If you own a life insurance policy, and continue to make premium payments on time, the life insurance company will be expected to pay out the face value of the policy, less any liens or advances paid. This only applies […]
Updated February 2026 Your parents are enrolled in Medicare and they’re insured for hospital, outpatient visits and drugs, so their basic health needs are covered. Well, yes and no. Don’t be blindsided. There are some glaring gaps in coverage–especially when it comes to an aging population–and you should be aware of those gaps and what […]
Every fall, Medicare recipients–your parents included–are bombarded with notifications about the upcoming “open enrollment” period and their options for switching coverage. As you read them, be aware that these notifications basically are advertisements for the different plans. This annual “open enrollment” period, currently from about October 15 through December 7, should not be confused with […]
Updated February 2026 Most people, including your parents, sign up for Medicare when they “retire” and hit 65, unless one or both of them still works and they may be covered by an employer’s health plan. But retirement at age 65 is not as fixed as it once was. Maybe because people are living longer, […]
Most people over 65 know all about Medicare, what it costs, what it does and doesn’t pay for, even why it makes financial sense to pay extra for a Medigap or supplementary insurance policy to help with deductibles and co-payments. These policies are sold by private insurance companies, but exactly how these policies supplement the costs […]