Connect with us

Finance

Few Seniors Are Maximizing Social Security Benefits or Paying the Least in Costs for Medicare

Published

on

Social Security Benefits inception was in 1935 during FDR’s term as President. It was one the government’s responses to the Great Depression. The key debate on Social Security back then was whether the benefits should be “doled out” or pay as you go insurance approach. Self-financing was the centerpiece of the original concept. Social Security benefits generate lifetime income to retirees starting as early as age 62. Originally there was no taxation on Social Security benefits. Now there’s a means testing income threshold that taxes benefits on a two-tier system. And with the exception of Roth IRA distributions, Reverse Mortgage income, Cash Value Life Insurance and Health Savings Accounts, all other income is includ in the provisional income test to determine Social Security benefit taxation.

Medicare Health Coverage was enacted in 1965 under LBJ for seniors age 65 and older. Knowing the basic benefits of Medicare Parts A and B can save you time and create fewer headaches in the future. Operated by the federal government, Medicare is available to qualifying individuals age 65+ and consists of three main parts: Part A, Hospital Insurance and Part B, Medical Insurance. Part D is the prescription drug program. With Part A Hospital Insurance, you usually don’t pay a premium because you or your spouse already paid for it throughout their payroll taxes when they were working. Part A helps cover inpatient care in hospitals, including critical access hospitals and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and some home health care, but beneficiaries must meet certain conditions to get these benefits. With Part B Medical Insurance, most people pay a monthly premium. Part B helps cover doctors’ services, outpatient care and some other medical services that Part A doesn’t cover.

Home Equity Conversion Mortgage program was enacted in 1988 by Ronald Reagan. There are many HECM strategies Tax-Free Income, Mortgage Payment Elimination and an Appreciating Equity Line of Credit, just to name a few.

Reverse mortgage is an alternative use of your home equity for tax-free income. In a traditional mortgage, you make payments to the lending institution. In a reverse mortgage, the institution makes loan payments to you. Loans on an existing mortgage are not classified as income while you maintain the mortgage.

A home purchase mortgage is another alternative use of your home equity where you can buy a home for around half its sale value not to exceed the maximum claim amount. The main stipulation here is you need around 50 percent cash down to secure the entire transaction. You have a government-insured mortgage, but no mortgage payment. An equity line of credit is an additional alternative use of your home’s equity, where the line of credit grows separate from your home’s market value.

All three government programs are designed to support seniors in their retirement years and deliver a quality of life to older Americans.

Continue Reading
Advertisement

Finance

Shop The Cheapest Home and Auto Insurance Quotes in Florida with Velox Insurance

Published

on

By

Shop The Cheapest Home and Auto Insurance Quotes in Florida with Velox Insurance

Drivers in Florida that are looking for savings on their car and home insurance premiums can call on Velox Insurance to find the lowest rates on car and home insurance in Florida. Anyone seeking new insurance for auto or home can either call Velox Insurance who has offices in Florida and Georgia to get the lowest rates available. You can shop online, in person or over the phone. Florida drivers and homeowners can get the best rates easier by visiting Velox Insurance.

Visit Velox Insurance today and enter your information and find the low rates you deserve. Or call our office in Georgia at 770-293-0623 or our office in Florida 813-425-5115 and speak to one of our live agents.

Florida drivers that need savings on their auto insurance premiums can with Velox Insurance. When it comes to saving money on your auto or Home insurance in Florida the only way to know if you are getting a good rate for your car, truck or home is to compare your rates with Velox Insurance.

Visit Velox Insurance and enter your information on the website and get the quote you deserve and make the switch today.

About Velox Insurance

Since 2003, we have been serving our communities around Atlanta, GA with affordable insurance.   In 2007, we rebranded our business as Velox Insurance. Velox Insurance, Inc was established with the goal of providing competitive rates and superior customer service to meet insurance needs of our customers in the Southeast.

Our commitment to excellence in providing affordable coverage and value to our customers has propelled our growth to 9 states and 40 locations  throughout Georgia and Florida.

At Velox Insurance, we understand that your time is valuable, so we strive to provide reliable, fast service and to obtain the best coverage at the lowest price for your vehicleproperty and business insurance needs.

We are able to accomplish these goals by partnering with dozens of major insurance companies, which allows us to select the appropriate coverage at the best rate in just a short few steps.

We are also focused on making the insurance shopping experience as convenient and easy as possible for our customers.

With this goal in mind, we created an online platform for our customers to get a quote and purchase immediate coverage online in a matter of minutes. This platform has allowed us to expand to  AlabamaArizonaCaliforniaFloridaIndianaSouth CarolinaTennessee and Texas.

At Velox Insurance, our business philosophy is to continuously evolve to meet the needs of our valued customers. Our mission is to deliver peace of mind at a great value and to provide a world-class customer service experience.

Contact Velox Insurance

Florida Phone: 813-425-5115

Continue Reading

Finance

Norwalk Insurance Agency Educates On The Cost of Contractors Insurance

Published

on

By

Norwalk Insurance Agency

Norwalk, Connecticut (findit ) January 20, 2021 – JMG Insurance, a Norwalk specialty insurance agency, offers readers some valuable information regarding how much contractors insurance costs. The new article is guided by the insurance experts at JMG who have extensive experience helping clients find the perfectly priced plan for their needs. They have designed this new article to help readers get a better idea of what factors will affect the cost of contractor’s insurance the most.

JMG Insurance offers readers some valuable information that explains how to calculate what the cost of contractor’s insurance may potentially be. In the article, they explain what contractors insurance is before getting into the things that affect their cost. Some of the factors they go over include the number of employees, the types of contracting jobs, the risks associated with services, and others. They hope that this article will help contractors searching for insurance understand what to expect while also demonstrating the importance of working with experts.

While this new article focuses on explaining how to calculate the cost of contractor’s insurance, JMG’s website offers visitors more information regarding their team, experience, as well as a full list of service offerings. JMG offers personal, business, and specialty insurance that helps clients get the protection they need at the best possible rate. They offer thorough insurance plans for business owners, contractors, errors and omissions, general liability, group benefits, construction companies, and more. Their agency was built on the principles of providing superior customer service and quality insurance solutions for their clients, and they work hard to uphold these values. Their team strives to make the insurance process as simple as possible for every client.

With the addition of this new article, the team at JMG hopes that contractors will have a better understanding of what factors will affect how much a comprehensive insurance plan will cost. For more information, reach out to the qualified contractor insurance experts at JMG today at 1-844-304-7332 or visit their website at https://jmg.com/. Their offices are located at 29 Haviland Street in Norwalk, Connecticut 06854.

###

Continue Reading

Finance

Apply For Student Debt Relief Programs Available to Borrowers with Freedom Loan Resolution

Published

on

By

Students that are living paycheck to paycheck and struggling to make ends meet as a result of their past due student loans can apply for available student debt relief programs with Freedom Loan Resolution. We our a group of experienced student loan debt counselors that know and understand the situation that you are in and we are here to help you apply for the right debt relief program to meet your needs.

Oftentimes, juggling mandatory living expenses such as housing payments, car payments, utilities, and food and credit card bills, there is not enough money left over to pay your student loan debt. Moreover, when you are in a financial hardship, struggling to make ends meet, it can be difficult to figure out the best course of action for your student loan debt. Let us help you apply for the right debt relief program that will help you get the debt relief that you need so you can move forward on the right financial path.

Our student debt counselors are extremely experience and know and understand the situation you are in. With several types of programs available to borrowers right now, we will help you get the relief that you need. You may be eligible for: student loan forgiveness, income based payment plans, and federal student loan consolidation and we will help determine which program you qualify for and is best suited to your needs.  

In student loan forgiveness, students may be eligible for a principal reduction, partial loan forgiveness, or total loan discharge. Each case is different and we will help determine which you qualify for.

For some students, an income based payment plan can be the right choice. With an income based payment plan, students repay their student loans at a rate that is calculated based on their income and family sizes. In some cases, this could mean a payment of $0.00 per month.

With federal student loan consolidation, all of your student loans are consolidated into one new loan with one payment that you can actually afford. This is a great way to tackle your student loan payments without having to juggle multiple loans.

For more information, contact Freedom Loan Resolution to start your student loan debt relief application with us. We look forward to working with you and helping you get the debt relief that you need. Contact our student loan debt counselors now at 888-780-6225.

Continue Reading

Trending