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Tag: Insurance

  • Annuities and Tax

    An annuity is simply a “series of payments made at equal intervals.” That means that your mortgage, insurance, savings, and pension are all annuities. Mostly what makes something an annuity is the regularity of the payments. But the kind of annuity we are talking about here is the kind of long-term investment where you pay into it over time, and then you collect payments from it over time – often for life.

    How Annuities Work

    Usually, the funds that are paid into the investment are tax-deferred until you start accepting annuity payments. The taxes you pay are only regular income taxes too, which means that you pay taxes on the income just like you would any other income you receive. However, you can purchase annuities with after-tax money too. If you do that, you don’t have to pay taxes when you receive it until you receive your principal back. All earnings from annuities are subject to ordinary income tax.

    Immediate Annuities

    The two types of annuities, immediate and deferred, both require you to pay ordinary income tax on your earnings. An immediate annuity is when you give the entire principal to the insurance company, and then they invest the money and set up equal payments to you for your whole life right away with no waiting.

    Deferred Annuities

    As mentioned above, you can also buy an annuity with after-tax money – in which case only a portion after your principal is taxable. The deferred annuity means that you may not receive payment for several years while you keep investing your money and let the money keep growing tax-deferred until retirement. After that, the rules are the same; you pay taxes on the income you receive from each payout.

    Ordinary Income Tax

    You only pay taxes on your earnings at the ordinary income tax rate. What’s really exciting about this is that once you retire, your income will go down as you won’t have income from working. You may then be receiving social security retirement, your annuity, and other investment payouts. But at least on the annuities, you’ll only pay ordinary income tax on your earnings.

    Annuities are a good idea if you believe you’re going to need a set income for life. You will pay ordinary income taxes on it and you don’t get a better deal than you’d get if it were considered capital gains, but you do get a safe investment that guarantees you money for life. It’s all dependent on what risk level you like to take on investments. And, as always, it’s a good idea to diversify your investments so that you have many options when you retire. As to how annuities are taxed in states versus the federal government in the USA, you will have to check with your state as it’s different in each one.

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  • Should Gays Be Allowed to Marry?

    Should Gays Be Allowed to Marry?

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    Marriage is more than a piece of paper. It confers numerous benefits, such as health, disability and life insurance, pension funds and tax refunds for spouses. Many gay couples desire to marry and partake in these benefits but have been denied this right because of their sexuality and that is not fair. According to some individuals, America is the greatest country in the world. It is supposedly filled with opportunities for everyone, not just financially but an opportunity to be free from judgement. This is not true. Everyday, millions of people are denied a right many take for granted. Gay couples in most states cannot marry because it is illegal to marry someone of the same sex and that is not fair.

    Marriage is a legal commitment between two consenting adults. It is about sharing, love, trust, and legal status. Two adults who make this private personal choice to form a life-long commitment should not be denied the right to marry just because their sexual orientation. It is illegal to discriminate against gays seeking employment, education or housing. Gays keep communities safe as firefighters and police officers, staff hospitals, and pay taxes. Denying gay couples the right to legally marry takes away their legal rights in receiving employee benefits, government benefits, and other benefits that heterosexual couples enjoy.

    A person's sexuality should not be an obstacle to whether he or she wants to marry someone. A gay person has the same needs and desires as a heterosexual individual. The only difference is the way he or she has sex. If two individuals fall in love and wants the same economic advantages that marriage offers heterosexual couples, they should not be denied that right based on their sexuality.

    Although American society denies the right to marriage to gays, it glorifies heterosexuals who make a mockery out of marriage by marrying and divorcing a succession of partners. This practice is called "Serial Monogamy" and it is sickening and very hypocritical of American society to stand judgment on gays for their lifestyles but sanctions heterosexuals who do not have good judgment or morals. Most people who are opposed to gay marriage often bring up the Bible, saying that the Bible does not condone the gay lifestyle and that marriage is strictly between a man and woman.

    However, these same individuals are often involved in extra-marital affairs, are cohabitating without the benefit of marriage or are gay themselves, hiding behind pious words of morality. Gays are just like anyone else and they deserve to partake in the economic advantages that marriage has to offer. Instead of denying the right to marriage to gays, American society should concentrate on fixing the widening economic gap between the wealthy and the poor and figuring out why American society is the laughing stock of the world.

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    Source by Kathy Henry

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  • Importance of MVRs and Drug Screening

    Importance of MVRs and Drug Screening

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    Why an MVR Check is Important

    Employee driving records can greatly help employers identify and mitigate risk liability in the workplace. Driving Records can help employers avoid risk of third party lawsuits, medical bills, and other costs associated with automobile accidents by an employee whose primary role or even incidental role includes driving on the job.

    An MVR check includes include license details such as state issued, status, expiration, suspensions, revocations, violations and sanctions. MVR Reports are easy to read and include standardized ACD violation codes.

    MVR Driving History mostly repeats itself. So, if a company runs an MVR check it would be able to predict the chances of any negative activity happening in the future. Moreover, insurance companies focus on several factors in determining auto insurance rates and their premiums are sometimes based on driving history records. If a company employs drivers with a negative driving history, it can be charged with higher premiums by the insurance company. Knowing about MVR driving records helps companies safeguard themselves from higher premiums.

    Driving Records should be checked at least annually; however, it is recommended to check them more frequently to proactively determine if there have been any changes to the driving record and to further reduce company liability.

    A real-time MVR ordering and monitoring system can provide companies with instant verification of their company drivers.

    Why Driver Drug Screening is Important

    Generally, all CDL drivers who operate commercial motor vehicles subject to the CDL requirements on public roads in the U.S. are performing safety-sensitive functions are subject to DOT drug and alcohol testing. This includes all full-time, part-time, intermittent, backup and international drivers. DOT truck drivers must undergo a drug screening test prior to their employment. This is to be done once per year, after any accident, and if there is a suspicion that a driver is taking drugs. Also, CDL drivers must be randomly tested throughout the year.

    DOT Drug Screening requires laboratory testing for the following five classes of drugs:

    • Marijuana
    • Cocaine
    • Opiates – opium and codeine derivatives
    • Amphetamines and methamphetamines
    • Phencyclidine – PCP.

    DOT alcohol tests identify alcohol concentration of 0.02 and greater.

    NOTE: Effective January 1, 2018, CDL drivers will be tested for four semi-synthetic opioids (i.e., hydrocodone, oxycodone, hydromorphone, oxymorphone). Some common names for these semi-synthetic opioids include OxyContin®, Percodan®, Percocet®, Vicodin®, Lortab®, Norco®, Dilaudid®, Exalgo®. In addition, they will no longer be tested for MDEA.

    When drivers take drugs, their motor skills suffer and their reaction times are severely hampered. This can be dangerous and lead to accidents. Proper Drug screening ensures that a company has healthy drivers on the road.

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    Source by CW Wade

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  • Is My Doctor Filing for Divorce Because He/She Is Cheating on Me?

    Is My Doctor Filing for Divorce Because He/She Is Cheating on Me?

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    After 35 + years, my doctor is divorcing me! The mistress seems to be… concierge medicine. Yes, the “honeymoon period” has worn off, and we, as consumers have been expecting our doctors to accept our insurance till “death do us part.” Well, malpractice insurance has gone through the roof, the paperwork has become overwhelming, and reimbursement rates have diminished to practically nothing in some cases, causing a few stresses in this marriage. In fact, it has been reported that 1-in-10 doctors who own private practices, will start direct pay or concierge medicine in the next one to three years.

    Even though Congress effectively avoided the 27 percent slash in Medicare payments during the fiscal-cliff negotiations, the damage was already done. Doctors know this is not a “permanent fix,” and that is cause for the “wondering medical eye.” For example, under ObamaCare, doctor payments from the Medicare health insurance program are dropping at an alarming rate in order to help fund the Affordable Care Act over the next ten years. Doctors need to know there is more stability in a “good thing.”

    So are doctors giving up on their long time patients all together? An AMA survey revealed that one in five physicians plan on restricting the number of Medicare patients in their practice, but will you or your loved one be one of the lucky ones? How will you keep your doctor from straying to that “medical relationship-wrecker,” Concierge?

    Spice up your doctor/patient relationship! No, no, get your head out of the gutter; sending in strippers and showing your “physical assets” is NOT what I am talking about (plus that novelty will wear off, and these distractions can lead to bad patient care), but keep it genuine and simple, like my grandmother did!

    Remember that you know your doctor best (you have been their patient for years), so work with that base! Here are some successful tips from my grandmother who will be celebrating her golden anniversary with her doctor:

    1. Say “thank you” to your doctor – you might be surprised by how many patients DON’T utter a word of appreciation.

    2. Have a heart-to-heart with your doctor – let your doctor know you want to keep them through reimbursement cuts, etc, and Obamacare or not, you will be loyal… no cheating on them with another specialist without them knowing, or slipping some herbal remedies without consulting with them, etc.

    3. Negotiate an affordable rate – if your doctor is dropping your insurance, ask them what a reasonable cash rate would be and work out a payment plan.

    4. Show an interest in your doctor – knowing your doctor’s anniversary, asking them about their kids or favorite sports team, etc. My grandmother knit a blanket in her doctor’s favorite sport’s team colors for the holidays one year and he LOVED it.

    5. Bake an apple strudel. OK, my grandmother bakes the best apple strudel and her doctor looks forward to that freshly backed strudel whenever she comes into his office.

    By following these simple tips, Grandma has been able to keep her relationship with her doctor not only alive, but fun. So keep your doctor from straying, engage him/her by following grandma’s lead, and you might be happier with the outcome.

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    Source by Michelle Katz

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  • Health Insurance: The Race Against the Clock

    Health Insurance: The Race Against the Clock

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    There is still time for Congress to pick up the pieces of changing the healthcare system to help stabilize it. The fate of the Affordable Care Act is yet to be determined. In the meantime, people wait while paying extremely high premiums and have mountains of out-of-pocket bills on the kitchen table. Where is the affordability of the Affordable Care Act?

    Tick ​​Tock for the insurance companies as well. They are under a timeline for filing dates this summer. Insurance companies have time to decide if they will still offer ACA plans or not. By withdrawing ACA plans, things will start moving back to before the law was signed. This time capsule can be good for many.

    The insurance companies may begin screening for health conditions. Do not panic just yet! Years ago, the only problem with pre-existing conditions was not 'if' an insurance company would take you, but which one. Each insurance companies had personalities for health conditions. Just because a big name insurance company turned someone down, that did not mean you could not get health insurance from another company. Insurance brokers just had to match the personality with the insurance company. It is as simple as that.

    If nothing happens by late March, we could be moving into more increases on the health plans in 2019. This is terrible news for folks on the brink of losing their health insurance due to cost. Not everyone does well enough to pay for their health insurance with no problem, and much more do not qualify for any government subsidies for the premiums.

    Governors in Alaska, Ohio, Colorado, Pennsylvania, and Nevada came up with "A Bipartisan Blueprint for Improving Our Nation's Health System Performance." It brings together a high-level overview of what some changes should occur. It does not get specific enough to make a difference. Maybe it is too soon at this point. However, policyholders need some answers, and hard proof something will change that will benefit them.

    Collective action by 20 US States recently sued the federal government claiming the law was no longer constitutional after the repeal of individual mandate starting in 2019. Individuals and families not having ACA compliant coverage will no longer be fined a tax penalty in 2019. The Individual Mandate was the very rule that was determined by the Supreme Court in 2012 saying it was constitutional as a tax penalty.

    The future of the law and health plans are yet to be determined. Since 2014, it seems that most policies are changing every year. Every year the premiums go up, and the policies cover less. At what point is the breaking point? With this race against the clock, we will have to wait until the clock stops to know if we have real change coming.

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    Source by Butch Zemar

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  • Family Doctors Are Important To A Person’s Health

    Family Doctors Are Important To A Person’s Health

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    A family doctor is essential to all people who need health care. Doctors help people in a variety of different ways. They keep close records of their patient’s medical history and they are able to diagnose and treat people when they become ill or are injured. A family physician can even screen their clients to figure out if they have a disease or if they are developing some type of condition that could negatively impact their lives.

    Most families must have insurance to receive help from a family doctor. A primary care physician wants their patients to have insurance because they receive payments from them. Most people cannot afford to pay out-of-pocket for health care. Doctors know this and rely on insurance to receive payment. Without insurance, most doctors just could not afford to see patients.

    Doctors are also trained to provide care in specific areas of medicine or for general health problems. Their training is important because it gives them the ability to help people to resolve basic medical issues. A doctor will be able to treat and diagnose patients for medical issues related to their body. They will also deal with infections, broken bones, physical and they should be able to detect when their patient is having a medical issue.

    Many hospitals and health clinics often employ doctors and physicians. They can also work within private offices. These offices typically located in various locations within a city. Some doctors serve inner city neighborhoods and some medical professionals help people who are located suburban neighborhoods. Most doctors offices are located in areas that best serve specific communities where the population can pay or are in need.

    Private practices are very lucrative for doctors and for their patients. This is because doctors can charge their own fees and set their own prices for visits and care. Many doctors no longer make house visits. However, they might perform this service in rural locations. Many doctors can also be found inside of hospital facilities where they are also needed to provide care.

    Family doctors also help to ensure that children remain healthy and strong. They know that children face a lot of problems during the early developmental stages of life. Doctors ensure that children are receiving adequate check ups and physical and that they have safe environments to live. They also help to safeguard a child’s emotional and mental state.

    In modern times, doctors have to closely monitor their patient’s mental health. No longer are they just concerned with the physical aspects of health care, they must make sure that their clients mental state is functioning normally. Doctors routinely diagnose their patients to determine if they are suffering from ailments such as depression or emotional instability.

    They also focus on sport related problems such as concussions and broken limbs. These areas of sports related health issues are impacting people on a greater degree and is impacting people more than ever before. Athletes and sporting teams also have their personal family doctors that are designed to help them to prepare for sporting events and to stay in good condition during the season and when they have time off.

    Having a personal doctor just makes sense. As people get older in life they typically need more medical care because their bodies break down. Since this is the case, doctors have a tendency to serve seniors within their communities. Older people also need more care and frequently visit the doctor more so than younger people.

    A good family doctor will also endorse the benefits of good health care and stress its importance. As a matter of fact people with family doctors could live longer and healthy lives under normal circumstances. Some people could even extend their lives by at least 15 years with the proper care from a licensed and trained doctor. Family doctors are important to help families to live healthy and productive lives for many years to come.

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    Source by Ryan A Buffington

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