Retirement on the horizon? 5 questions you should ask about health insurance

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Retirement equals lots of exciting plans for many people — as well as worry about transitions, finances and healthcare. What are the options for health insurance for retirees? These insights help you learn more as you start planning. Waking up on your own time clock. Hitting the gym after rush hour has passed. Meeting friends for lunch. If you're getting close to retirement, the good stuff is easy to understand. More complex: figuring out health insurance . Here's what to think about first. 1. When should I start exploring my options? You can enroll in Medicare three months before your 65th birthday month, but give yourself time to learn what the program offers, says Rebecca Kinney, acting director of the Office of Healthcare Information and Counseling for the Administration for Community Living with the U.S. Department of Health & Human Services. Her advice: Dive in six months before your 65th birthday. You'll have a seven-month window to sign up, "but prices chan

4 Reasons why you need life insurance in college in USA

How important can life insurance be while you’re enjoying your college life? Let’s find out.

We’re sure you’re having a blast in college! Amongst all the lectures, cafeteria rounds, friends and fun, you must not forget that you’re a young adult now and it is vital you secure your life and of those who shall be dependant on you soon. And what better way than buying a life insurance policy?

Let’s delve deeper to know the 4 reasons that prove why you would need to buy a life insurance policy in college-
1. Protection against any unforeseen situation- One of the most obvious reasons to buy life insurance early in life is when you want to be financially protected from any unforeseen situation. In case of your unfortunate death, your nominee i.e. your parents shall receive the payout, which may be used to ensure that any loans on your name if any, are taken care of.

2. Premiums are substantially low- A major advantage of buying a life insurance plan while you’re still in college is the substantially lower premium amounts. Simple reason behind this move would be- the younger you are, the healthier you are. And as your chances of falling ill are considerably low, most insurance companies charge much less premiums.

3. Your responsibilities are only going to increase- As you age, your responsibilities are only going to increase. Also, your responsibilities are going to add up as you pass out from college and enter the corporate world. You may also decide to settle down in your late 20s or early 30s and at that point, the appeal of life insurance becomes clearer. Hence, it’s good to get a term plan to make sure that those who are financially dependent can maintain a similar lifestyle, even in your absence.

4. Avail Tax benefits- Yes, yes, I know! You’ve not started earning yet, but you surely will begin soon. Hence, it’s wise to look for options that will help you save taxes. With a life insurance policy, you can avail tax benefits under Section 80C of the Income Tax Act, 1961, thereby reducing the taxability when you end up paying for your own life insurance. This would matter more when you’ve just started your career, have a lower pay package and cannot afford to lose any of it in taxation.

While we’re at it, let’s also tell you what happens if you ignore buying a life insurance cover. As the aforementioned points prove, buying a life insurance at an early age helps you in more ways than one. If you delay this decision, it may be fatal as your dependents will not have the same financial security in your absence that you could have provided them, in case you would have bought a life cover. Also, you may end up paying more premium amounts for the same cover, which might eat up on your hard earned money. What’s more? Because you don’t have a life insurance plan, you might not be able to avail tax benefits that could otherwise help you save a lot.

It is imperative to know that there will be no ‘right time’ to buy a life insurance policy. The earlier you buy a life insurance plan, the more you stand to gain from it. So, wait no more. Compare and choose the right insurance plan today!

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