Welcome to the DF Private Client Risk Advisory Blog. Our aim with the articles in this section of the Deerfield Advisor Knowledge Base blog is to provide relevant and helpful information for Individuals seeking to minimize their exposure to risk and maximize their chances of achieving or maintaining Financial Independence. It’s a risky world out there so it helps to be well informed about all the things that can cause loss and get in the way of achieving your financial goals. We hope you find it helpful. As always, don’t hesitate to contact us if you have questions or comments…
The Deerfield Team
Critical Illness Insurance II
In terms of U.S. individuals that file for bankruptcy each year, 60% involve medical illness issues, and over 75% were insured by traditional health insurance when the illness began. Traditional health insurance is important but financial gaps still exist because of the co-insurance & deductible constraints embedded in these policies. Securing coverage through critical illness insurance is one way to fill those gaps. Continue reading…
A Practical Guide to HSAs?
If you’ve been following our series, you know that a Health Savings Account is a tax-advantaged, IRA-like creation designed for people covered under a High-Deductible Health Plan. If you also found out that you are eligible for an HSA and like its many benefits, it may be time to open an account. But how do you go about it?
Is an HSA Right for You?
Despite its unique triple tax advantage, over one third of those eligible for a health savings account do not have one. Since the average 65-year-old married couple will need well over $200,000 in healthcare expenses during retirement, it’s worth considering whether opening an HSA is right for you. Of course, an HSA is not the only way to save money for retirement or immediate healthcare costs. What advantages does an HSA have over other savings accounts? Are you able to open one? Should you?
HSAs : An Introduction
Not many people know about the benefits of health savings accounts, a relatively new addition to the healthcare menu. With premium healthcare costs during retirement for the average couple recently estimated at over $260,000, starting a tax-advantaged savings account for health expenses now may make the future less formidable.
Credit scores and premiums: Are they connected?
Many companies use credit-based scores to evaluate policy seekers. A high score will help you get insurance or pay less for it, while a low score makes you more of a risk. Studies have shown that credit scores are a good indication of how much a policy holder will cost an insurance company, though no one knows exactly why.
Providing For Those You Love When You’re Gone
No one likes to think about their own mortality. But if providing for the financial well-being of loved ones when you aren’t there anymore is important to you it may be a good idea to start. Like paying taxes, death of course is an absolute certainty. According to the US Census Bureau, about 2.5 million people die every year in the United States. Heart disease, cancer & chronic respiratory disease are the three leading causes, according to the CDC. One common denominator in most deaths is not having time to prepare financial provisions for loved ones.
Umbrella Liability Coverage
Have you ever heard the phrase “you don’t have to be a millionaire to be sued like one?” Well, it’s true. It happens every day in the court systems all across Texas. There are many nightmare scenarios that demonstrate the need for liability insurance protection; so many, in fact, that the most careful, most conservative person I know…yours truly, has an umbrella policy, and I highly recommend it for our clients as well.
Law & Ordinance
One of the most important or potentially important types of property or homeowner’s insurance coverage available in some policies & also one of the most commonly overlooked is a coverage called Law & Ordinance.
Holiday Gathering & Liability Risk
Party hosts need to understand their responsibilities when inviting others into their homes and serving food and drinks. “All hosts should be aware that if someone drives drunk or becomes sick after consuming food at a holiday party, the host could actually be liable.”
Before & After a Windstorm
The season for wind storms is fast approaching. Although last season was relatively quiescent, it’s advisable to be ready this year. Most of us think: “It won’t happen to me,” but if it does, it helps to be prepared. Below are a few before & after tips that will get you through just in case.
Home Fire Fatalities–Simple Steps to Prevent Them
Between 2007 and 2011, the NFPA reported a yearly average of 366,600 home structure fires resulting in 2,570 civilian deaths, 13,210 civilian injuries, and over $7 billion dollars in damage. That’s an average of seven deaths per day. In 2013, a home structure fire was reported every 85 seconds in the United States.