🗓 Open Enrollment for Health Insurance starts Friday November 1st running through December 15th 2019. Special guest Jack Hooper from Take Command Health shares 2 new HRAs available for businesses in 2020 - ICHRA and EBHRA in addition to QSEHRA from 2017.

Acronym Definitions:

ICHRA = Individual Coverage Health Reimbursement Arrangement

EBHRA = Excepted Benefits Health Reimbursement Arrangement

QSEHRA = Qualified Small Employer Health Reimbursement Arrangement

These HRAs can add more options and flexibility for employers and employees searching for the best health coverage and benefits.

Business Owners in any of the 50 states can choose from a couple types of HRAs to eliminate the hassles of trying to choose the best group health plan, and deal with premium increases.  You can also outsource the on-boarding, compliance and reporting to make an HRA the obvious simple solution for your business health benefits program.

Shopping for individual coverage? Use the Take Command Health system to find the best health insurance options across ___ states.

And if you’re an employee who’s not entirely happy with your employer offered group health plan, you may want to take this information to your employer and encourage them to implement an HRA that could give you better options in 2020.

Resources:

For more information on shopping for Individual and Family Health Insurance Coverage see:

How to Save Money on your Health Insurance - 2018 podcast with Jack Hooper

and

Comparison of Heathcare Sharing Options - Podcast

🗞Everything you need to know, and probably more than you’ll ever need to know, about Indexed Universal Life Insurance (IUL). Universal Life Insurance has been promoted since the 1970’s. IUL insurance is even more recent, but still based on the same idea of buying term insurance and investing the difference.

If you like risk, fees, a possibility of greater gain when the market goes up (never when it goes down), an ever increasing cost of insurance, and a thick contract that obviously protects the insurance company over the policy owner…you might want IUL.

Yes, we’re biased toward good traditional Whole Life insurance, and you’ll understand why as you listen. Complexity is not your friend when it comes to IUL.

Resources:

If you already have an IUL policy contact Life Benefits for a review: 702-660-7000

How Indexed Universal Life Insurance Works: https://www.life-benefits.com/how-indexed-universal-life-insurance-works-iul/

19 out of 20 Americans with a 401(k) are paying fees of some sort whether they know it or not. 😰 Even if the account, or advisor, does not charge a management fee, there are usually fees hidden in various ways.

If you know these fees are present you can figure out how to deal with them, overcome, or avoid them strategically. Just don’t be a sucker and think you have no fees until it’s too late to recover the money you lose.

If you’re going to invest, be aware of expense ratios, transaction fees, and front-end or back-end fees. There can even be custodial or accounting fees. Not all of these fees are easy to track down especially when they are pre-packaged within various investments or funds so you simply see a net return.

Even when you just have money in a bank there are possible fees so it pays to be vigilant and strategic about how you save money and where you save your money.

Best known as a billionaire tycoon and a hostile corporate takeover entrepreneur, T. Boone Pickens was an amazing person with great financial sense.

But in 2008 one of his ideas crashed. Pickens had helped Oklahoma State University buy life insurance through Premium Financing. After the 2008 crash T. Boone Pickens stepped in personally to bailout OSU and they still lost the life insurance.

Today you’ll see a lot of people encouraging premium financing on the internet or in seminars. Unless you have deep pockets or a rich benefactor like T. Boone Pickens it’s much better to stick with a “comfortable and affordable” strategy for funding your life insurance assets. If Premium Financing was a wildcard for T. Boone Pickens, what makes you think it could be different for you?

Resources:

Premium Financed Life Insurance: A Risky Endeavor

Today is #InternationalPodcastDay! And we have a winner for the Beats Solo3 Wireless headphones - announced during this show.

Thank you for participating in the WealthTalks celebration sharing your favorite podcast shows!

And some of you went above and beyond sharing more on how you use your policies + asking questions for the WealthTalks show and leaving reviews on iTunes & Stitcher. We appreciate you!

Hear an answer to 4 of the many great questions you asked through the celebration entries:

1. How do you decide when to take a policy loan or when to use outside money?

2. At what point do you become maxed out on your life insurance coverage?

3. How can this concept be integrated with real estate and business cash flow strategies?

4. What is the fastest way to pay down debt?

Resources:

How Life Insurance Works - Human Life Value Calculation