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The Value of Insuring Against Life’s Risks

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The Value of Insuring Against Life’s Risks
Building wealth requires protection from the forces of wealth destruction.

 

Provided by M. Zachary Zinser

 

When you are planning for your future, what do you think about? You may think about your retirement, enjoying having the time and money to take trips and pursue your interests. Maybe you think about your home and enjoying the feeling of stability that can come with home ownership. In making these plans, people often find that their long-term view involves money, in some fashion.

 

That said, life also involves risk as well as unforeseen events that can change our plans in an instant. As an example, sudden injury or disability could leave you in a financial bind, unable to work for an extended period of time, or ever again. For this reason, among others, insurance is an important tool in allowing you to build and maintain your wealth, as well as protecting it from unanticipated and destructive forces.

 

Did you know:

* Sixty-eight percent of American workers have no long-term disability income protection.1

* Roughly 70 million Americans aged 18-38 have no life insurance.2

* About one driver in eight is uninsured?3

 

If you ask a homeowner, replacing a roof is probably the least satisfying expense they will ever face. While the value of such an investment is obvious, it doesn’t quite provide the satisfaction of new landscaping. Yet, when a heavy rain comes, ask that same owner if they would have preferred the nice flowers or a sturdy roof.

 

Insurance is a lot like that roof. It’s not a terribly gratifying expenditure, but it may offer protection against the myriad of potential financial storms that can touch down in your life.

 

The uncertainties of life are wide ranging, and many of them can threaten the financial security of you and your family. We understand most of these risks; for example, a home destroyed by a fire and a car accident are just two common risks that could subject you to outsized financial loss.

 

Similarly, your resulting inability to earn a living to support yourself and your family due to death or disability can wreak long-term financial havoc on those closest to you. Insurance exists to protect you from these forms of wealth destruction.

 

Some insurance (e.g., home or car) may be required, but when it isn’t mandatory (e.g., life or disability), individuals are tempted to avoid the certain financial “loss” associated with insurance premiums, while simultaneously, assuming the risk of much larger losses, which are less likely to happen.

 

 

But insurance premiums aren’t a financial “loss” – they are designed to help protect you and your family as you build personal wealth. Keep that in mind as you consider your coverage options and make decisions about your future; you could be making a decision that could affect the rest of your life.

 

Zachary Zinser may be reached at 502-245-6674 or zach@zinserbenefitservice.com

or www.zinserbenefitservice.com 

 

 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

 

Securities Offered through Silver Oak Securities, Inc. Member FINRA & SIPC. Zinser Benefit Service, Inc. and Silver Oak Securities, Inc. are not affiliated.

 

Citations.

1 – ssa.gov/news/press/factsheets/basicfact-alt.pdf [2018]

 

2 – ajc.com/business/personal-finance/free-term-life-insurance-yep-thing-and-here-how-you-can-get/zzoBg0QQqRgjoBMAN1QfWM/ [12/3/2018]

Flow Chart for Employers

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Below is a flow chart for all sized employers.  The flow chart is an easy configuration to determine whether or not your employer will pay a penalty if they don’t offer affordable coverage.

Remember, your employer doesn’t have to offer coverage, the employer can still decide that it’s in their best interests to pay the fine than to offer coverage.

PPACA FLOW CHART

W-2 Reporting Requirements

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Starting with the 2012 Tax Year, businesses that file more than 250 W-2’s will be required to disclose the cost of the employee’s medical insurance.  All size businesses will start doing this with the 2013 tax year.

Please consult your Accountant about what other benefits may also be required to be reported.

This guide was published by United Health Care.  It’s only suppose to be used as a guide.

UHC W2 Reporting Requirements

Medical Loss Ratio Rebates

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A few points to mention:

  • This represents less than 10% of private health insurance consumers
  • The average rebate is $151/family
  • A small percentage will actually see a check b/c if you currently acquire your health insurance through your employer, the employer will get the insurance rebate check – however, most carriers are not wanting to issue checks, so they will be offering future savings instead of individual checks
The following was taken from healthcare.gov website

On June 1, 2012 health insurance companies nationwide submitted their information in regards to Medical Loss Ratios.  Below is what this amounts to.

Because of the Affordable Care Act, insurance companies now must reveal how much of premium dollars they actually spend on health care and how much they spend on administration, such as salaries and marketing. This information was not shared with consumers in the past.  Not only is this information made available to consumers for the first time, If an insurance company spends less than 80% of premiums on medical care and quality (or less than 85% in the large group market, which is generally insurance provided through large employers), it must rebate the portion of premium dollars that exceeded this limit.[1] This 80/20 rule is commonly known as the Medical Loss Ratio (MLR) rule.

On June 1, 2012, insurance companies nationwide submitted their annual MLR reports for coverage provided in 2011 to the Department of Health and Human Services (HHS). Based on this data, insurance companies that didn’t meet the 80/20 rule will provide nearly 12.8 million Americans with more than $1.1 billion in rebates this year. Americans receiving the rebate will benefit from an average rebate of $151 per household.

Under the new health care law, rebates must be paid by Aug. 1 each year. As a result, 12.8 million Americans will see one of the following:

  • a rebate check in the mail
  • a lump-sum reimbursement to the same account that was used to pay the premium if it was paid by credit card or debit card
  • a direct reduction in their future premiums
  • their employer providing one of the above rebate methods, or applying the rebate in a manner that benefits its employees.

Appendix II: Total Rebates by Market and State for Consumers and Families: Table shows state by state rebate data for the individual market, small group market, and large group market.

Appendix II: Total Rebates by Market and State for Consumers and Families

To see full results, here’s the link:

http://www.healthcare.gov/law/resources/reports/mlr-rebates06212012a.html

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