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From the Northeastern Section of the ACS, focusing on career management and development
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10/18/08
Watch-outs. 2. Insurance sign-up, IRA provisions, SS
Filed under: Networking, Mentoring, Mature professionals, Technicians, Legal matters
Posted by: site admin @ 2:39 pm


HEALTH CARE BENEFITS
It is that time of year when most companies ask
you to sign up for your insurance preferences for
2009.  The default is to continue 2008 into 2009.

A WSJ article proposes to consider looking a
little deeper. 

Plans are changing at many employers, including
  -    higher co-pays
  -    shifts from co-pays to % of total cost
  -    raising the max employees are responsible for
  -    ‘tweaks’ to prescription benefits

Suggestions are offered.

RESCUE PACKAGE ADD-ON
Check some things out with financial advisers.
It happens that the bank bail-out package has some
features that are not well known.  WSJ reports
that a provision of the Pension Protection Act
of 2006 has been extended such that if you are
intending to donate money and you have to
extract money from your IRA, you don’t have
to report up to $10,000 donation.

Why is this important?  It can affect your
Medicare Part B premiums, taxability
of social security benefits and eligibility
to convert traditional to Roth IRAs.

If you don’t need to know this now, you
may in the future.  File it away.

RETIREMENT ESTIMATORS
Ok, we find we might need to work longer
because of the economy.  What if we need
to wait beyond 65?  SS does not send
annual estimates after 65.  Other problems
can happen (See ask Encore).

The article nicely offers short term
estimates.  Hard data will take longer.

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