I first wrote on this topic two years ago and decided to revisit as the numbers keep marching upward. Whenever the topic of COBRA comes up, the immediate response is always: “COBRA is expensive!” That’s true - COBRA is expensive, because health insurance is expensive!* What is COBRA? The acronym comes from the Consolidated Omnibus Budget Reconciliation Act. COBRA gives employees the right to continue their employer-sponsored group health insurance when they leave their jobs. Generally employers with 20 or more employees must offer this continuation, usually for 18 months. Between 153-180 million people in the US (a little more than half the population) …
Insurance
Could your ex-girlfriend get your money when you die?
Remember that guy or gal you dated then broke up with in the 80’s? I know, I know, I’d like to forget him too. Could that old flame get some of your money when you die? Remarkably this scenario is playing out now in federal court. You can read the whole fascinating story in the Wall Street Journal. (non-paywall link) From the article: “Jeffrey Rolison and Margaret Sjostedt dated in the 1980s. Now, almost 40 years after they broke up, she stands to inherit his $1 million retirement account.” In 1987 Rolison listed Sjostedt on a handwritten 3x5 card (pictured below) as “cohabitor” and the sole beneficiary of his Procter & Gamble workplace retirement …
Do You Know How Much Your Employer-Provided Health Insurance Actually Costs?
So yes, it’s true that COBRA is expensive…. because your insurance is expensive. Recently, I was talking with a friend who is planning to leave the workforce and take some time off before looking for a new job. I asked what she would do for health insurance and mentioned COBRA. Her immediate response was “Oh, no, COBRA is expensive”. * It is true, COBRA is expensive, because her health insurance is expensive!* What is COBRA? The acronym comes from the Consolidated Omnibus Budget Reconciliation Act. COBRA gives employees the right to continue their job’s group health insurance in certain circumstances such as voluntary or involuntary job loss. …
If You Outlive Your Term Life Insurance Did You Waste Your Money?
Later this year, the first of my husband's and my term life insurance policies expire. Twenty years ago, I found out I was pregnant. In between waves of nausea I remember thinking "We should get life insurance". We chose 20-year term life insurance policies. Term life insurance pays a benefit in the event of the death of the insured during a specified term. It is especially important for people with young children. In the event of an untimely death, life insurance helps the surviving spouse and children maintain their lifestyle. It's important for anyone with earnings, but also for stay-at-home caregiving spouses. If the caregiver spouse dies how much would it cost to hire out all …
