Published: Monday, 2 Dec 2013 | 10:09 AM ET
By: Andrew Osterland, Special to CNBC.com
All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs.
"It's the biggest expense for retirees," he said.
If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples.
"We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement."
—By Andrew Osterland, Special to CNBC.com
3x TIMES the MONEY that CALFEE raises will go to 'ONE FUND'
So here's the scoop-
The Arthur D. Calfee Insurance Agency, Inc. is proud to join the business community to support those most affected by the tragic events at the Boston Marathon.
The Arthur D. Calfee Insurance Agency, with offices located in the Homeport Office Complex at 336 Gifford Street in Falmouth and across the street of the North Falmouth Ball Field at 121 County Road will be raising money for the Boston Strong - 'One Fund.'
From now, April 29th to June 1st, 2013, the Arthur D. Calfee Insurance Agency will be raising 'One Fund' to turn in to 'One' large supporter who has agreed to match 3x TIMES the amount raised by Calfee Insurance, meaning they will match donations on a $3 to $1 basis up to $1,000 in total from the supporter.
Massachusetts Governor Deval Patrick and Boston Mayor Tom Menino have announced the formation of 'The One Fund Boston, Inc.' to help the people most affected by the tragic events that occurred in Boston on April 15, 2013.
AP | By LINDSEY TANNER
Cost of amputating a leg? At least $20,000. Cost of an artificial leg? More than $50,000 for the most high-tech models. Cost of an amputee's rehab? Often tens of thousands of dollars more.
These are just a fraction of the medical expenses victims of the Boston Marathon bombing will face.
The mammoth price tag is probably not what patients are focusing on as they begin the long healing process. But friends and strangers are already setting up fundraisers and online crowd-funding sites, and a huge Boston city fund has already collected more than $23 million in individual and corporate donations.
No one knows yet if those donations – plus health insurance, hospital charity funds and other sources – will be enough to cover the bills. Few will even hazard a guess as to what the total medical bill will be for a tragedy that killed three people and wounded more than 260. At least 15 people lost limbs, and other wounds include head injuries and tissue torn apart by shrapnel.
Please visit www.CalfeeInsurance.com for more details.
TYPE OF FLOOD MAP CHANGES
WHAT YOU SHOULD KNOW WHAT YOU SHOULD SAY Low- or moderate-risk zone (B, C, X) changing to a high-risk zone (e.g. AE, VE) or Change in Base Flood Elevation
Grandfathering Offers Savings·
The National Flood Insurance Program (NFIP) has “grandfather” rules to recognize policyholders who have either built in compliance with the flood map or who maintain continuous coverage. These rules allow such policyholders to benefit in the rating for that building.
· Grandfathering is available for new purchasers as well as existing customers.
· Always use the new map if it will provide a more favorable premium (lower rate).
· Your building has been designated in a high-risk area for flooding.
· You will be required to purchase a flood policy if you carry a mortgage from a federally regulated lender.
· If you don’t carry a mortgage, you should protect your home with flood insurance. National statistics show that you are 3 times more likely to have damage by a flood than by fire.
· Purchasing before the map revision allows you to save on insurance.
Loyal Customers Can Keep Existing Zone (Pre- & Post- FIRM)
· Customers, who buy a policy before maps are adopted and maintain coverage, can retain the lower-risk zone rate.
· Eligible customers can purchase a PRP now. It will renew to an X zone rated standard policy.
· Have a policy: maintain continuous coverage.
· A policy can be assigned to future property owner.
· Buy now to save later.
· Renew to stay protected and save money.
Show Compliance With a Previous FIRM for Lower Costs (Post- FIRM only)
· To keep existing zones when the structure was built: Get a copy of FIRM effective at time of construction or a compliance letter from community official.
· To keep existing BFE when the structure was built: Get Elev. Cert, and copy of FIRM effective at time of construction; or compliance letter from the community official.
· Lower cost options: show building was built in compliance at time of construction.
· Makes you eligible for a lower rate, keeps costs DOWN.
High-risk zone (e.g. AE, VE) changing to a low- or moderate-risk zone (X, shaded X)
Conversion Offers Savings · Write a Preferred Risk Policy (PRP).
· Use existing policy’s current effective date, and use closest coverage limit or next highest options if no exact match.
· Submit PRP application, and insured signed conversion form.
· Your risk is reduced, not removed!
· Eligible for low-cost, Preferred Risk Policy
· Stay protected and get money back once maps are adopted.
· No gaps in coverage; no additional money up front.
· 20-25% of all flood claims occur in low- or moderate-risk areas.
Review of Current Coverage Ensures Protection·
Do they have flood insurance?
· If so, is the building limit up-to-date?
· Contents coverage provided and limit up-to-date?
· Homeowners insurance doesn’t cover damage due to floods.
· Floods happen anytime, anywhere.
· Your home is a major investment—protect it.
Something to share; the National & State Do Not Call List:
888-383-1222 National Do Not Call List
866-231-2255 State Do Not Call List
888-567-8688 Credit Card Do Not Call List
Just call to get on the listing.
WHAT YOU SHOULD KNOW ABOUT
THE NATIONAL DO NOT CALL REGISTRY
The National Do Not Call Registry gives you a choice about whether to receive telemarketing calls at home. Most telemarketers should not call your number once it has been on the registry for 31 days. If they do, you can file a complaint at this Website. You can register your home or mobile phone for free.
There is now a new option for more than 58,000 Cape and Islands homeowners who have been relegated to the FAIR Plan for their insurance coverage.
Arthur D. Calfee Insurance Agency Inc., is introducing a new insurance program for Cape and Islands homeowners. Calfee Insurance have offices in Falmouth and North Falmouth but write insurance all over Cape Cod and throughout MA.
Homeowners switching from the FAIR Plan, which provides coverage for those unable to obtain it in the private market, can expect to save an average of $300 per year or more, said Davidson O. Calfee, President of Arthur D. Calfee Insurance Agency Inc.
"We think it's going to be pretty widely sought-after," Calfee said yesterday. "And the pricing is very competitive as well."
"We can write everything from waterfront, to those homes that might be located more inland such as the Mashpee and Sandwich area," he said. There is also
The new homeowner's insurance will be available to Cape Cod, Martha's Vineyard and Nantucket homeowners with single-family homes worth between $200,000 and $5 million.
Homeowners insurance has been a significant concern on the Cape and Islands even before Hurricane Katrina hit the southern coast. Many private insurers began limiting their coverage in coastal areas or pulling out entirely.
Tens of thousands of homeowners were forced into the FAIR Plan. At the end of 2003, there were 10,007 Cape and Islands homes insured by the plan; today, it covers over 60,000 properties in the region.
Currently, 52 insurance companies offer homeowners coverage in at least parts of the Cape, according to the Web site of the state Division of Insurance. Other counties are served by dozens more insurers.
Some companies serving the Cape and Islands do so selectively, said Kevin Beagan, director of the State Rating Bureau, which reviews insurance filings for compliance with regulations.
It was this limited availability of homeowners coverage on the Cape and Islands that prompted Arthur D. Calfee Insurance Agency Inc. to develop its own product, Calfee said.
"The problem is, the reinsurance treaties have been getting more and more restrictive," Calfee said. "This creates an opportunity for someone to come in who has no exposure on the Cape today."
Calfee Insurance worked with UPC Insurance, to put together its new coverage offering. Because Buttine does not currently underwrite any homeowners policies on the Cape or Islands, it does not have to worry about incurring too much risk in the area.
United Property & Casualty Insurance Company ("UPC") is a Florida domiciled Property & Casualty stock insurance company located in St. Petersburg, Florida. UPC is a wholly owned subsidiary of United Insurance Holdings, L.C. whose parent company is United Insurance Holdings Corp., a publicly traded company.
The heart of the matter is the insurance protection you need for your home and family. UPC is your one source for superior and affordable homeowners protection to suit your lifestyle.
"We've been writing a lot of policies with Narragansett," Calfee said. He cautioned, however, that "not everybody qualifies and they are very selective."
State regulators and local insurance reform advocates were pleased to hear that a new homeowners insurance option is coming to the area.
"We always welcome new competition coming in to give a choice," Calfee said. "We're always happy to hear that there are companies that are looking to come back into the Cape."