Sunday, June 24, 2012

Michigan Consumers To Receive Rebates From Health Insurance Companies

Surprising enough to me in this article, Michigan consumers are set to receive 13.9 million in rebates from health insures from the state.

That is correct, over 114,000 consumers in Michigan will receive rebates based on certain health insurance carriers that they have.  This is based on carriers spending more on admin costs, then what was allowed by the initial stages of the health care bill.

So how much?  According to numbers around a rebate of $214 by 8/1/12.  Again, this changes based on if you bought individual health insurance, or covered by group coverage.  If covered by group, your rebate could possibly be a little higher.

Keep in mind if you have BCBSM, you will not be eligible for a rebate based on the DFP article.  Most of the carriers who will be sending rebates are out of state carriers.


Wednesday, June 20, 2012

Michigan Retirement Options

Caught wind of a product yesterday that I would love to bring up to my book of business.

Let us look at some of the options that we are told about to use for retirement options.  We do we usually do?  We take pre-tax money, and put it into a "retirement vehicle" that we are told is tax deferred.  Well at some point we are going to have to withdrawal that money, and usually at an older age where most of the time we have less tax deductions.  So what happens, we pay more in taxes at an age where probably our income is not as high as once was.

What about other perks of these "vehicles?"  In some plans if we need money before were 59 and a half, we get hit with extra taxes.  In some we have to start withdrawing at age 70.  Not saying these are bad for our interests, but their are other options to consider.

Consider this.  A way to save with after tax money.

  • Principle Protection (All the upsides to the market.  No risk of loss.)
  • No penalties for withdrawals before 59 and a half.
  • Not required to take withdrawals at age 70.
  • Tax free accumulation, with tax free access.
  • Etc.

Was really surprised about what this plan can do for you.  Want to see more?  Contact me today to view more with a information video.