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The Boss Can Force You To Buy Company's Health

Insurance

Mos people don’t know this but under Obama Care your company can make you purchase their health care plan. So much for choices. A lot of people object to this as an intrusion of their freedom to buy whatever they want. An lot of people see this as a good things because a lot of their co-workers don’t have insurance and are, in effect, causing their medical expenses to rise. So what do you think? Under the health law, large employers that don't offer their full-time workers comprehensive, affordable health insurance face a fine. But some employers are taking it a step further and requiring workers to buy the company insurance, whether they want it or not. Many workers may have no choice but to comply. Some workers are upset. One disgruntled reader wrote to Kaiser Health News: "My employer is requiring me to purchase health insurance and is automatically taking the premium out of my paycheck even though I don't want to sign up for health insurance. Is this legal?" The short answer is yes. Under the federal health law, employers with 100 or more full-time workers can enroll them in company coverage without their say as long as the plan is deemed affordable and adequate. That means the employee contribution is no more than 9.5 percent of the federal poverty guideline and the plan pays for at least 60 percent of covered medical expenses, on average. "If you offer an employee minimum essential coverage that provides minimum value and is affordable, you need not provide an opt out," says Seth Perretta, a partner at Groom Law Group, a Washington, D.C., firm specializing in employee benefits. -- Compliments of NPR News The democrats tried to create a comprehensive health care system, but thanks to the republicans, the health care act was modified and bastardized. Now what we have is a “nice try but no cigar” health care system. Why didn’t we model our health care after the Euopeans? Theirs works and ours doesn’t. Still I think it’s better than nothing. A lot of people who couldn’t afford health care or were ineligible can now get health care. -- Mark

Can You Have Too Much Term Life Insurance?

Life insurance is one of those things you will never see the benefits of, but if you pass away and don’t have life insurance you could leave your family up a creek. A life insurance agent once told me that most people have either too little life insurance, or too much life insurance. Have you checked your policy lately? If not, here are some things to consider Buying the right term life insurance policy is an important element of many people’s financial plans, but can you have too much life insurance? If you do, you’re wasting thousands of dollars on something you don’t need. Here are ways to avoid overinsuring. Age Consider the ages of your spouse/partner and your children during your life insurance decision process. Start by estimating when your children will be on their own and no longer in need of financial support. For example, if your children are ages 12 and 14 and you want a policy that would last through age 22, you don’t need a 20- or 30-year term life insurance policy. You’ll also want to cover your spouse for your lost income until the age at which you would retire. But if you’re 45 now, a 30-year life insurance policy would be more than you need for that purpose. Current income One of the primary reasons people buy a term life insurance policy is to cover income replacement. There are many good, free life insurance calculators that can help you pinpoint an amount. If you have substantial savings and money put aside for college, you may not need to replace your entire income. Heck, if you have considerable savings you might not need life insurance at all. Mortgage and debts Be sure to wrap your home mortgage, car loans and other debt into your life insurance planning. If you have a $200,000 mortgage and a $4,000 auto loan, you’ll need at least $204,000 in benefits to cover those debts, plus a little more for interest. Compliments of Nerd Wallet It’s important to be realistic about your life insurance needs. If you have too little, you could leave your family in debt, and if you have too much, heaven forbid, you could be paying too much for something you don’t need. I know, life insurance is a boring subject, but it might be a good idea to check you policy today. You never know when something migh happen to you. -- Mark

Mortgage applications head downward

As mortage rates begin to rise, mortgage applications are falling. Could this be the beginning of another market recession? I don’t think so, but if mortgage rates begin to really escalate, a lot of people in the housing industry will be out of a job, and a lot of people who were looking forward to buying their fiirst home will be out of luck. The zig-zag pattern continues for mortgage applications.   After rising last week for the first time in 3 weeks, mortgage applications are down again.   Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey shpws applications slipped 1.3% on a seasonally adjusted basis in the week ending March 6.   The Refinance Index tumbled 3% pushing the refinance share of mortgage activity down 2% to 60% of total applications. The adjustable-rate mortgage (ARM) share of activity increased to 5.6% of total applications.   The average loan size for purchase applications increased to the highest level in the history of the survey at $294,900.   The FHA share of total applications dipped to 14.0% from 14.6%, the VA share of total applications jumped from 9.8% to 10.8% and the USDA share of total applications was unchanged from last week at 0.8%. Compliments of Consumer Affairs No much is happening so far, at least not enough to raise concerns about the housing market. But is history tells us anything, there’s always the possibility we could be headed for a housing bubble. The key here is if you’re in the market for a home, don’t wait to buy your home. Prices aren’t coming down any time soon, and interest rates are going up.   -- Mark
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