The steps Congress Needs To Take To Protect Workers And Retirees

For 30 years, Mary Fry's husband, Virgil, worked in construction. The pension he earned — $3,568 per month — was guaranteed to continue for Mary if he died first. But starting in April, three years after Virgil's death from cancer, Mary's payments were permanently reduced by more than half, to $1,514 per month. “It was quite a shock,” says Mary, 72, who lives in western Ohio and is a cancer survivor herself. “It's worrisome, and I don't think I need worry in my life right now."

Fry is one of tens of thousands of workers, retirees and spouses whose pensions have been cut over the past two years because of a growing weakness in the U.S. pension system A million more workers and their families are at risk of suffering the same fate in the coming years.

"This is a huge crisis,” says Karen Friedman, executive vice president of the Pension Rights Center. 

At issue are “multiemployer” pension plans. Unlike most private pension plans, which benefit only employees of a single company, multiemployer plans cover pools of union members working for different companies, each of which helps fund the shared plan.

“Retirees have told us they're going to lose their houses, they can't pay their medical bills — and they are panic-stricken. The rug has been pulled out from under them."

Karen Friedman, executive vice president of the Pension Rights Center

These plans are failing at an alarming rate. About 12 percent of workers with vested multiemployer pensions are in plans expected to run dry within 20 years. And the plans’ weak safety net is getting weaker. The federal Pension Benefits Guaranty Corp, which insures private plans, pays no more than $12,870 per year to a 30-year worker whose multiemployer plan has failed. Plus, the PBGC's fund for these plans will likely go broke by 2025.

Unfortunately, there are no easy solutions. Declining union membership means that fewer active workers are paying into the plans. Many of their employers in industries such as mining and construction are losing business to nonunion competitors, so fewer employers are contributing. AARP and other organizations say congressional intervention is necessary to protect workers and retirees in these plans.

In 2014, over AARP's objections, Congress passed a law allowing troubled plans to cut vested benefits in the hopes of staying afloat — the law that allowed Mary Fry's pension to be cut. That's not an adequate or sustainable solution, says Mark Iwry, a former retirement policy adviser to the treasury secretary: “The brunt of the sacrifice falls on the retirees, who can do the least for themselves."

Iwry and others say multiemployer plans need new legislation spreading the pain more equitably among retirees, active workers and employers, and also providing government financial help. In March, for example, AARP declared its support of the rehabilitation for multiemployer pension Act, a House bill with bipartisan support. It would provide low-cost, 30-year government loans to qualifying plans while forbidding increases in promised benefits and reductions in employer contributions.

"People have seen this problem coming for a while,” says Michele Varnhagen, an AARP legislative representative who focuses on financial security. “The sooner you can come up with a solution, the better it will be.”

See more at : Cheap and Best Health Insurance for Senior Citizens

What Happens To Your Debts After You Die?

 

How many times have you told your loved ones that you don’t want to be a burden, and saddle them with a financial mess at the end of your life? It’s a common sentiment.

 Despite their good intentions, however, many people do leave a pile of bills. So, what happens to unpaid bills, and how can you make sure that your loved ones don’t have to spend too much time getting those bills paid?

This is where you should consider some Best insurance plans for seniors or the Find The Best Retirement Plans in New Jersey. A perfect insurance plan according toy your needs can help you in several ways and lessen your bureden.

 

Better to start a plan now, should you become incapacitated or die prematurely, says Greg Giardino, a Certified Financial Planner (CFP) at J.M. Franklin & Co., LLC, in Tarrytown, New York. “To help things go as smoothly as possible, make sure that you have granted power of attorney, a legal document that appoints someone — a personal representative, estate executor or administrator — to act on your behalf, whether it is for your financial, medical or property affairs.”

 

Doing so will lighten the load for your grieving loved ones who must announce your passing, write your obituary, arrange your funeral, empty your home, and disperse your belongings, among other things.

 

Following are more tasks to consider. Be sure to consult a financial adviser, estate attorney or CPA for advice, as needed.

 

1. Start by getting — and staying — organized

 

If you haven’t done so compile your most important documents. Such as bank, brokerage and retirement accounts; insurance policies; will or estate plan, living will, power of attorney; and your health care, Social Security and Medicare records. In the process, simplify if you can; multiple bank and credit card accounts can make things more complicated, says Martin Hewitt, special counsel at Fried, Frank, Harris, Shriver & Jacobson, LLP in New York, and a commissioner to the American Bar Association’s Commission on Law and Aging.

 

2. Figure out what you owe

 

Now, create an honest accounting of every liability you have now, or may have in the future, on a spreadsheet, and update it at least once a year. Include your mortgage, credit cards, personal loans, student loans or medical debts, as well as any loans you may have cosigned for others.

 

A person’s financial obligations are not automatically forgiven once they’ve died. According to the Consumer Financial Protection Bureau, in most cases, any unpaid debts are covered by the person’s estate — the total assets owned at death. If the individual appointed a personal representative, executor or administrator, he or she is responsible for paying any debts from the estate, including medical debt.

 

Debts must be settled before heirs receive any money. If there is no will, a judge will decide how the assets should be distributed, and will appoint an administrator to carry out those decisions.

 

Also, consider your insurance needs. Are you planning to self-fund your long-term care, or should you buy insurance? How will your funeral expenses be covered? here you should consider Methods Of  Top Life Insurance Companies to get appropriate solutions. “Insurance planning can be buy time for grieving loved ones with debts to pay,” says Giardino. “When life insurance proceeds are paid out, they usually sit in a safe, liquid account. The beneficiary is provided with a checkbook to use to make withdrawals against the account as needed

 

3. Keep your estate plan current

 

Obtaining legal advice may be wise for other reasons. “Parents are responsible for the deceased minor children’s ‘necessaries’ and spouses for the deceased spouse’s ‘necessaries,’” Pirner says. In other words, goods or services required for sustenance or support of that person. A lawyer can define them for you.

 

In addition, if you cosigned for a loan, your estate will be responsible. Similarly, if you are a joint account holder on a credit card you will be responsible for any balances on the card. To be clear, a joint account holder is different from an “authorized user,” who is not usually responsible for the amount owed.

 

Creditors, of course, also have their rights, says Hewitt. “They can file claims in probate [i.e., the legal process of establishing the validity of a will] and can sue any of your heirs if they try to bypass the probate process.”

 

4. Consider state law

 

What if your debts exceed your estate’s assets? State statute will direct who gets paid and how much, Hewitt says. “An insolvent probate is like a bankruptcy with the unpaid balances being written off by the creditors. On joint accounts, the creditors can or may generally collect from any joint account holder. Often, the best course of action on an insolvent estate is to turn it over to an attorney or to the court public administrator (if the court has one).”

 

5. Instruct your representative to take their time

 

Fortunately, your estate won’t need to be settled immediately, and things should be done step by step to avoid errors. Some final bills, such as those for medical care, may take some time to come. “Generally, there is a minimum period in state probate law for creditors to present a claim, or let the estate know they are owed money,” Hewitt says. “On average this is between three and six months. If there is more than enough money to pay all debts, they can be paid sooner.”

 

What about debt collectors? To avoid these calls, your representative should advise any creditors that you have passed, and that they are working on settling your estate. If reasonable progress is being made, most will be understanding, says Pirner. “By law, if the estate is filed for probate, the creditors need to file claims, and will do so. If a creditor persists, and the debt is in the decedent’s name only, your representative should consult a lawyer.” This Article was taken from AARP website and has been modified to represent in a smaller version:

Find The Best Final Expense Insurance Plans in New Jersey

 

When we talk about the Best Final Expense Insurance plans in New Jersey, it covers final expenses and burial costs. In other words, it is life insurance that is specially intended to cover your final disposition costs and any funeral or celebratory services that take place.

It also covers funeral or celebratory services that take place so it is also known as burial insurance or funeral insurance. It is suitable for people of age 50 and older. You can also purchase a Final Expense Insurance plan to support other life insurance.

However, the premiums for these policies are higher compared to other policies with a lower payout. At the same time, you can easily qualify for final expense insurance as compared to other policies. In addition, it can be a good solution once you pass a certain age or develop health problems. It can be used as a guaranteed issue coverage that doesn’t need a medical exam.

Highlights of the Best Final Expense Insurance Plans in New Jersey-

• Anyone can qualify with health issues as it doesn’t require a medical exam 

• Monthly premiums are affordable

• Policy premiums are fixed

• The death benefit is assured

• Pay your premiums once per year or once per month

• As long as you are paying the premiums, the policy will never expire 

• The policy could earn dividends relying on the issuer

The Best Final Expense Insurance Plans in New Jersey- Is It for You?

Benefits for your family- Considering life insurance policies earlier is a smart choice.  The Final Expense Insurance covers the cost of your funeral and burial or cremation so your family will get readily available cash for this funeral and burial.

No medical exam- This is the best part of this insurance policy. So you can qualify for it with pre-existing health issues. Everything is fine As long as the premiums are paid on time.

Reasonable coverage- It ensures affordable premiums that will not increase over time. 

Death benefits- It pays out a death benefit to your beneficiaries so beneficiaries can take a decision to use your policy as per their need.

The Takeaway- 

Final Expense Insurance Plans can give various benefits to different people. It can be a sustainable solution as it never expires. 

All you need to do is hire a professional agent that can help you in choosing the best health and life insurance suited to you. They will help in many ways. 

For the Best Final Expense Insurance Plans in New Jersey, visit www.healthinsurance545.com

Choose The Best Retirement Plans in New Jersey Carefully

 

Every person should be prepared for their retirement so they must plan ahead for their retirement. This is where you should consider the best retirement insurance plans for the well-being of you and your loved one. One of the best Retirement Plans in New Jersey will secure your family’s life after retirement. 

However, choosing the right insurance place is essential and you need to seek professional advice. A company should be committed to excellence and working hard to ensure that clients receive the best possible insurance services.

There are several financial instruments and assets people generally rely on to save for their retirement, but they are traditional ways owing to the recent recession. It incorporates the value of real property, stocks & any investments and savings accounts.

On the flip side, involving retirement insurance plans in your life can prevent various potential risks. The right plan will accommodate you with a solution for the harsh wider economic climate as well as offer financial security for your beneficiaries as it was your death.

You might be wondering how retirement insurance plans will work. Different types of Retirement Plans are available to choose from and they come with different features as well. You can choose one of  the Best Retirement Plans in New Jersey as per your needs and capability. It depends on how you find the right deal. 

It is so common that everyone is going through the same circumstances and conditions so before choosing the right RETIREMENT PLANS IN NEW JERSEY, you just need to evaluate your situation carefully and consider any dependents you may have. It will help you in making an informed and right decision.

If you are searching for good Retirement Plans, you need to understand them thoroughly. Most often people get confused to find the best plan for them. To make this process easier, there are many quality insurance brokers available and they represent all the insurance companies and can sell all the plans to you.

Having the right insurance plans guarantee a happy and secure retirement as well as helps care for the beneficiaries named in your policy. In this case, you can hire a professional team that can offer unparalleled customer support and expert advice. They can ensure the protection of your principal from market downturns and still grow your principal, guarantee tax-free income for life, grow your retirement assets, overcome today's key retirement challenges, and much more!

For the Best Life Insurance and  Retirement Plans in New Jersey, you can visit www.healthinsurance545.com 

Who needs life insurance?

While not everyone needs life insurance, there are some situations where it could be a good idea. Here are a few of them:

Someone depends on your income. This is one of the most common reasons for purchasing life insurance. If your children, spouse, or dependent adult relatives rely on your income, life insurance can protect them from the potential loss of your income.

You own a business. Business owners might need a life insurance policy in place to protect their business and their family. This could help ensure that your business can continue running without you at the helm or it could provide the cash necessary for your family to dismantle or sell the business without taking a loss.

You have debt. After you die, any debt that’s solely in your name will be paid off using your estate funds. If you had debts that were cosigned with another individual, those debts will become their responsibility after your death. Either scenario could create a financial burden for your heirs or cosigner. However, if you have a life insurance policy large enough to pay off your debts, your estate or cosigner won’t be on the hook.

As you get older-and specially once you have a spouse or/and children-securing a life insurance policy is critical.

Life Insurance provides several different types.of policies. It is important to understand them.  

To Ensure you are getting the best suited plan for you or your family needs, It is important to find a good,reliable and trustworthy Agent. Who can guide you the right way?

How to find life insurance Agent

Before choosing an agent, make sure you know what type of agent they are. Do they work directly for an insurance company, If yes, they are called captive agent and can likely only help you with company specific policies and products.

If they are an independent Agent, they have access to many policies across many insurance companies. These types of agents are usually your best bet, as they can make personalized recommendations, not just ones based on their employee's offerings.

Choose The Best Medicare Insurance Plans For Seniors Easily

 

Everyone wants better coverage on their medical expenses. Especially, the senior citizens have highly required it. This is where Medicare insurance plans for seniors come in. Many senior citizens cannot afford the basic medical care that they need. Well, Medicare will help you a lot. Even when you are a senior or 65 years old, you do not have any choice other than to get Medicare automatically. 

With Medicare insurance plans for seniors, you can stay healthy and enjoy a longer life. It is a social insurance program that is specially intended to cover the basic insurance needs of the elderly. So, you can apply for the Medicare supplemental insurance plan without any hesitation. It is the key to health and well-being.

Several senior citizens are dealing with aging-related issues when they are 65 or older. Well, Medicare will fit their needs and those elderly (65 or older) eligible for this program. Medicare plan is specially designed to subsidize health care costs for people 65 and older. However, people with some disabilities or conditions can be included in this policy although they are below 65.

It offers most of the basic coverage that implies the senior citizens will be left with inadequate coverage. They don’t need to suffer a health emergency anymore due to the lack of facilities or money. This is directed by the state governments and is sold by private insurance companies. It is a cheap health plan for senior citizens that will help you in reducing your medical expenses, but not cover everything. 

However, before applying for these insurance plans for seniors, you need to understand them thoroughly. Sometimes, people get it critical to find the best plan for them. Do not bother about it as you are not alone. 

To help you out and make this process easier for you, several service providers or quality insurance brokers are available. They will represent all the Medicare insurance companies and can sell all the plans to you. You just need to tell them your concerns and they will recommend the best insurance products that fit your needs and living structure. A few reputed service providers don’t take charge any fees for it. So you can rely on them without any hesitation. 

All you just need to locate a reliable service provider that can help you with this and get you the coverage you need. For the best deal, you can visit www.healthinsurance545.com

Purchase the Best Senior Citizen Health Insurance Plan Online

Many senior citizens are looking for Medicare programs to save their money. Usually, most of them don’t afford basic medical care. Well, you can opt for Medicare Senior citizen health insurance plan in that case that will enable you to stay healthy and enjoy a longer life that you cannot expect from any other insurance programs. 

The Medicare insurance programs are specially designed for the elderly of the nation to cover their basic needs. Thus we can say that having the best Medicare insurance plan is a key to the health and well-being of senior citizens.

These insurance plans are designed to cover holes and gaps in basic Medicare coverage. Usually, most elderly people are experiencing aging-related issues by the time they turn 65 years of age. This is where they can take advantage of Medicare programs and essentially, they can get more than the basic coverage. 

Medicare insurance for senior citizens!! This insurance plan is specially designed to subsidize health care costs for people 65 and older. However, people with some disabilities or conditions can be included in this policy although they are below 65.Although it offers a Senior citizen health insurance plan and it will help you in lessening your medical expenses, not cover everything. At the same time, you will realize the actual benefits when you suffer a health emergency. 

Medicare consists of 3 major categories that offer different facilities such as Medicare Part A, Medicare Part B, and Medicare Part C (Medicare Advantage). 

Are you interested in a Senior citizen health insurance plan? Before purchasing one of the plans, you need to ensure that it is available in your state. This is the best approach undoubtedly but always checks all the information thoroughly before deciding on them.

We would suggest that you should hire a professional Medicare insurance agent that can help you with this process. However, gather at least three price quotes from different companies so that you can easily compare and see what best deals are available to you.

We understand that finding the best deal on your own can be a daunting task. This is why many reputed insurance agents are available for you. They can make you understand about different Medicare supplements of different companies as well as recommend the best insurance products to you. Rest assured that you can get the best deal.

Looking for the best Medicare Senior citizen health insurance plan? You can visit www.healthinsurance545.com