“What role do benefits such as health insurance, life insurance and retirement plans play in our rapidly changing world?“.

The importance of this question can not be overstated due to the fact that these benefits not only impact our current lives, but greatly affect what we will be able to do in the future when we start to consider slowing down or maybe retiring.  With changes taking place in virtually every area of our lives including, but not limited to, our business, our family, the economy, the political landscape and our finances, it is vitally important that we have a clear picture as to the role benefits play so we can begin the process of planning, then implementing our plan.  The optimum goal is to correctly allocate our current finances in the best products that will not only protect us now, but will maximize our earnings in a safe environment so when we need them in the future, they are readily available and more than enough to meet our needs at that stage in our life.

Below are a few thoughts that may help as you begin to plan for 2010 -

1 - Health Insurance – Look to a higher deductible and HSA option.  If you want to decrease your premiums, choose to bear the cost of well check-ups and a higher portion of the cost when you are sick and let your health insurance cover the major health items that may arise.  Look to offset up front costs of prescriptions, medical, vision and dental with a discount program.  Realize that this is not an “either – or” but these products can be used in combination to save on your out of pocket expenses.

2 – Life Insurance – It is important that you maintain the responsibility for providing for your family and business upon your death, no matter when that may occur.  Your best options include:
- Term Insurance – Rates are at historical lows for this temporary coverage.  If your needs are temporary or cash flow is an issue, look to this option for coverage for 10, 15 or 20 years.
- Guaranteed Death Benefit Universal Life – This moderately priced product guarantees the death benefit until age 100 or beyond at a guaranteed rate.  This is a very good option for permanent needs.

3 – Retirement – Review your options.  Take a look at 401-K plans if your employer matches your contribution.  If not or if a 401-K is not available, look to a Roth IRA for tax free retirement funds.

In closing, a principle comes to mind that holds true – “you reap what you sow, later than you sow and greater than you sow”.  Wise benefit planning now will reap great rewards in bringing a sense of both emotional and financial security to both you and your family for the future.  Therefore, once you have reviewed last year, renewed yourself for 2010 – plan and proceed with confidence in your decision.

Just in case you missed the last post…. “Review and Renew”