By Pamela Dombrowski-Wilson

Unless you have spent considerable time with your parents and are aware of how they manage their finances and resources, it is likely you will end up contributing financially to their retirement and healthcare needs. This will significantly affect your retirement planning not to mention your time, family relationships and your career.

While children are generally supportive of caring for aging parents and many would not change anything about the time, effort and financial support provided, with proper planning this support does not have to be a personal or financial drain. Be prepared to open the discussion. This is difficult subject matter that many people put off or put aside to focus on other priorities like raising children and funding college. However not planning for long term care often results in crises and stress later in life. This type of planning is just not for our parents it is for us because accidents and health care issues occur throughout life.

Most of us feel psychologically young while our bodies chronologically age. It is this unexpected chronological aging that catches us off guard. We approach our fifties and our body parts begin to fail due to overuse, especially in those who have been very active like distance runners or those who ski. Or we are diagnosed with high blood pressure or diabetes and we may be destined to take medications the rest of our lives.

Our parents face the same chronological issues on an accelerated level. Hip and knee replacements are common as are the increased number of medications older adults often take. And how well your parents cared for themselves when they were younger will have a direct effect on their ability to age with or without significant health issues.

After age 65 a stay in a nursing home is common whether it be for short term rehabilitation or to recover from a medical emergency. Most older adults have excessively negative memories of nursing homes because their parents or older family members may have been placed in the “home”. The skilled facilities of today have come a long way in dispelling this old impression, however many people do not want to live the last years of their lives in a nursing home. All the better reason to make a long term care plan now.

We often see our parents as the authority, however depending on their level of education and experience in the world, we may be the actual authority. Children are often better educated than their parents and more familiar or at least aware of financial planning and insurance products. I was surprised when I learned after my mother’’s death that she never knew how to balance a checkbook. She was just good at making sure there was always enough money in the account to pay the bills.

Here are five steps you can take to avoid financially supporting aging parents. If you are already at the point of crises, many of the discussion points still apply, however you may have to make other hard choices about finances because long term care insurance may no longer be an option due to health reasons.

1. Have a discussion with them about their finances. Many parents feel this to be an invasion of privacy but they might understand if you tell them that you are making your own long term plan and want to make sure that they are equally prepared for retirement.
2. Take them with you to a financial planner and while you are there share information and make your own plan to stress the importance of proper planning with your parents. Set an example.
3. Prepare budgets. Have a realistic discussion of available finances and the costs of long term care. Look at expected monthly retirement income versus available monies to pay for unplanned hospitalization or skilled nursing facility co-pays. If there will not be sufficient funds available for unexpected expenses, consider long term care insurance which pays for home care, assisted living and skilled facility care.
4. Discuss life insurance if this has not already been purchased. It could mean the difference between having a paid off mortgage or not, in addition to paying for funeral arrangements and paying off other bills.
5. Follow through with finalizing a plan. If you wait too long some options may no longer be available.

About The Author

Pamela D. Wilson, The Care Navigator, provides long term care planning and education for families experiencing transitions in health care. Visit http://www.thecarenavigator.com for information or call 303-810-1816. Receive free education and tips at http://www.thecarenavigatorblog.com

By Catherine Harvey

If you listen to all the health reports and warnings in the paper everyday you”d be a confused wreck. It seems we can”t do right for doing wrong. We try to eat healthily but are bombarded with information that tells us what is good for us and what isn”t, followed the following week by conflicting news about how certain health foods cause horrible diseases of one type or another.

Lifestyles, diet and health are some of the biggest issues that affect our life insurance premiums. Doctors are not huge fans of alternative therapies and prefer to go down the drug route. And this is how so many menopausal women have come to take hormone replacement therapy.

However, it would seem that HRT therapies are being held responsible for cancer cases long after the treatment is finished. The risk of breast cancer is still 27 per cent higher three years after treatment when compared with women who have never received this therapy and these are worrying statistics.

At the height of the debate of HRT and the knock on effects, over a million women in Britain ceased treatment, leaving them with the unpleasant menopausal toll on their bodies. Unpleasant, but better than cancer.

Heart disease is another impact of HRT and women are being advised to only use it if absolutely necessary and then for as short a time as possible.

Life insurance companies will be taking this into consideration which will leave you with higher premiums for longer than necessary, given that these women are trying to help themselves and relieve symptoms. It seems doctors can help one thing but this often leaves us vulnerable to other problems.

Medicine is big business and if you are concerned about your cancer risk after taking HRT you could always treat yourself to the new test that is available through private medical services. It is now possible to indulge yourself in a complete MOT for the measly price of 2,200. pounds.

The UK government are hoping to implement measures for monitoring the nation’’s health more accurately but the Biophysical 250 is the mother of all tests and promises to be a huge money saver for life insurance companies.

For the price of two tablespoons of blood you can have your prediction read as to whether you are likely to develop heart, blood or cancer diseases. How uplifting!

In your detailed report will be an idiots guide to your health. Of the 250 listed possible problems, there will be a colour coded guide. Red means immediate action required, amber denotes preventative action needed and green symbolises a low risk. It will cover illnesses such as heart disease, stroke, diabetes, rheumatoid arthritis, lupus, pneumonia, hormonal imbalances, vitamin and protein deficiencies as well as numerous types of cancer. Just what you want dropping through your letterbox on a Monday morning!

This comprehensive health check is being billed as an effective one stop health check but surely this is only wise if you have the private medical insurance or life insurance to cover such problems that may be thrown up. This also brings further into the light the class system so prevalent in this country.

For those who can afford private medical care, they can have the test and deal with any problems. The rest of us pay our taxes for the NHS, knowing it is completely overwhelmed already and the chances of us getting the test, or the medical aid we need, are very remote.

Wealthy people will not be affected by the hike in life insurance premiums that this brings about but the average person certainly would be. Will it one day be a case of life insurance companies insisting on us taking this test before it decided if or how it will cover us? And would this not be discrimination against those of us who can just about scrape together the money for life insurance premiums as it is?

About The Author

Insurance expert Catherine Harvey looks at the effects on life insurance of new discoveries in the medical world. To find out more please visit http://www.theidol.com/

By Catherine Harvey

In the UK, the level of health service you get depends on your postcode. Can the NHS stretch to life saving drugs on their budget in your area or do you need to move to live? Will your car insurance be extortionate? That depends on the statistics of car crime in your postcode. The same applies to your home insurance. A home is a home is a home is no longer applicable.

So many factors come into play when deciding on your annual home insurance premium that it has become a virtual science to work out, based on your postcode, of course. Is your area prone to subsidence, thieves or flooding? It makes virtually no odds what your personal incidence of these things are, it’’s not like car insurance. It doesn”t matter if you haven”t made a home insurance claim for 15 years, your premiums will still depend on your postcode.

The best thing you can do to keep home insurance premiums to a minimum is to move to Meifod, Powys in Wales. Get yourself a small holding with a million sheep and you”ll fit in a treat. You”ll also have the lowest home insurance costs in the country. Why is this, I hear you ask. Well, let’’s take a look at the possible risks and counter measures.

Many people will make a claim on their home insurance because of the damage caused by flooding. Flooding is possible in Wales, especially if you live in the bottom of a valley. But think about it - you are surrounded by these large balls of cotton wool, perfect for soaking up excess fluid. Chuck a few sheep in the flood area and hey presto - you”re sorted and dry.

Fire is another risk factor that determines claims on home insurance. This is where ”drop and roll” comes into play. Whistle your sheep dog, who has been trained to line your sheep up. Line them up in the fire vicinity, lay them down and roll in one swift movement. This will stifle flames through lack of oxygen, thus saving your small holding.

Never find yourself needing to make a claim on home insurance due to subsidence. Most Welsh crofts are built on hillsides so only one side will be a problem for subsidence. If this occurs, bung a few fat sheep, shove them underneath and there you go - one level home again. In the event that this doesn”t work, you could always shell out 2.99 pounds and buy another house.

Vandalism, of course, is not something you can avoid anywhere. However, given the distance between crofts in the Welsh hills and the inherent laziness of youths these days, your chances of being victim to vandals is pretty slim. In fact, the most they can manage if they make it to your land is to spray paint your sheep and at the worst this makes them look silly but doesn”t actually have any detrimental effects on your home insurance.

In Wales, you are most unlikely to be subject to any terrorist attacks and this is so remote that you may even still be covered in your home insurance, unlike your counterparts in London.

In London, you will pay anything in the region of half a million, even for the smallest property. You will then be subject to bombing from terrorists, for which your home insurance will not cover you (because of Clause 5.3.2.4.5.9), you will be prone to flooding due to the Thames overflowing from global warming, subsidence is possible due to every square inch of London being dug up to provide more box size accommodation and vandals make you an easy target because they probably live next door.

All this, accompanied by horrendous home insurance charges because of your postcode!

About The Author

Insurance expert Catherine Harvey looks at how home insurance premiums can alter depending on where you live. To find out more please visit http://www.theidol.com/home.cfm/

By Jennifer Stromsteen

If it’’s time to buy auto insurance, you should consider purchasing your auto insurance online, because it’’s the best way to save plenty. But what else can you do to get affordable car insurance? Glad you asked. Here are just a few things.

1. The More The Merrier - If you”ve got more than one vehicle look for a multi-vehicle discount that offers you enough of a discount to make it worthwhile to have all your vehicles insured one place.

2. Professional Discount - Some insurance companies will offer you a professional discount. Different professions earn different discounts but it’’s certainly one way to get more affordable car insurance.

3. Auto Clubs Count - You can get a discount for being a member of an auto club. You do need to watch that the fees for being a member don”t kill any savings. Also, if you are a member of an auto club doesn”t automatically take insurance through them even if they give you a discount because there may be better savings out there.

4. It’’s Up To You - If you drive responsibly, have no traffic violations, and no accidents you”ll save a lot more. If you”ve got a DUI, you”ll not see low rates for several years to come. So you can play an important role in what type of insurance rates you”ll pay.

5. Don”t Let It Lapse - The best discounts come as your premium ages year after year and your discount rate goes up. So if you want the most affordable car insurance possible don”t let your policy lapse or you”ll be paying way too much for years to come.

6. EFT - E F who you say. EFT is short for electronic funds transfer, which simply means that your payments will automatically come out of your bank account. For using this form of payment, you can save because the cost to administer the policy is much less.

7. To get the most affordable car insurance rates you need to get a minimum of five quotes.

8. Take It Serious - It’’s important that you take saving money on your auto insurance seriously. Just 15 minutes of your time invested and you”ll reward yourself with substantial savings. So don”t just renew because it seems like too much effort to shop around.

Affordable car insurance isn”t difficult to find at all. Your driving record, the kind of car you have, where you live, how much you drive, when you drive home from work, your age, are also contributing factors that can lower the insurance rates you”ll pay. It pays to shop around. With these eight simple tips, you should be getting the best rates around.

About The Author

Jennifer Stromsteen is an auto insurance expert. Her website, http://cheapauto-insurance.com, helps consumers compare multiple car insurance companies to get the lowest rates.