The One Mistake You DON’T Want to Make with Your Long Term Care Insurance

Contributed by: Sandra Adams, CFP®

If you’re reading this, you are likely among the few people who have planned ahead and purchased Long Term Care insurance. By doing this, you intend to protect yourself and your family, and hedge your assets against the possible threat of a long-term care event (need for care in your home, assisted living or nursing home).

Given that only about 15% of Americans own Long Term Care insurance (Fidelity 2016) and 70% of Americans over the age of 65 will need some form of long-term care services for cognitive or physical impairment (HealthView Insights 2014), you will likely need the insurance you’ve purchased. The question is, will you use your Long Term Care insurance when the time comes?

I have had several client experiences that looked like this:

• The client was at or near a point of qualifying for benefits under their Long Term Care insurance for either physical or cognitive reasons;

• The client and/or the family made the decision to not begin the claim process. Why? They wanted to wait a while longer, continue to try to care for the client on their own, save the Long Term Care insurance benefits for later, when they really needed them.

• The results in nearly all of these cases? The clients either never filed a claim or filed far too late, ended up in a long-term care facility, and ultimately passed away without ever receiving the policy benefits for which they had made years – even decades – of payments.

In my experience as a financial advisor, I have never had a client run out of a Long Term Care benefit pool. I am not here to tell you that it does not happen – it certainly can. But I am here to tell you that I do not believe it happens often. I have searched far and wide for statistics that would show how often it happens and cannot find a number!

Although your Long Term Care insurance company would prefer that you wait to put in your claim, I recommend that you do so as soon as you are eligible. You can always stop the benefits if you no longer need them, then restart later. And if you max out your benefits, you have the satisfaction of knowing that you received 100% of your benefits and protected your assets to the greatest possible degree. Don’t lose out (or let your parents lose out) on the Long Term Care insurance benefits they have purchased!

If you have questions or need additional guidance on this or related issues, please do not hesitate to reach out. We are always happy to help! Sandy.Adams@centerfinplan.com

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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Any opinions are those of Sandra D. Adams, CFP® and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Guarantees are based on the claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 1⁄2, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options. These policies have exclusions and/or limitations. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.

Webinar in Review: 2019 Medicare Open Enrollment: Selecting the coverage that works for you

Contributed by: Kali Hassinger, CFP®

A significant part of the retirement planning process includes making the transition from an individual or group health insurance plan to Medicare. The choices are numerous and are driven by many factors – from your personal health, your choice of doctors, financial considerations and even your zip code. Join us for an upcoming webinar with James Edge of Health Plan One, a Raymond James partner and Medicare consultant, to learn the basics of how Medicare coverage works and what you need to consider before selecting coverage.

See the time stamps below to listen to the topics you’re most interested in:

• 1:30: Understanding what HPOne is

• 2:00: Medicare Coverage Options

• 11:45: Medicare Part A— Hospital Insurance

• 11:50: Medicare Part B— High Income Premium Surcharge

• 14:15: Medicare Part D— Prescription Drug Coverage

• 16:30: Medicare Part D—The Donut Hole

• 21:15: Original Medicare—Coverage Gaps

• 22:15: Medigap—Standardized Benefits but Varying Costs

• 27:30: Closing the Coverage Gaps—Medicare Advantage

• 28:00: Part C— Medicare Advantage

• 30:15: Enrollment Periods

• 36:00: Enrollment Penalties

• 40:20: Core Capabilities of HP One

Kali Hassinger, CFP® is an Associate Financial Planner at Center for Financial Planning, Inc.®

Employee Benefits Open Enrollment: 2018 Game Plan

Contributed by: Robert Ingram

Now that the Fall season is upon us and the holidays are right around the corner, it is also the annual benefits open enrollment season for many employers.  I know it can be tempting to quickly flip through the booklet checking the boxes on the forms without too much consideration, especially if things haven’t changed too much in your situation.  You’re certainly not alone.  However, setting aside some extra time to review your options is important for not only understanding the benefits you have and what might be changing, but also for identifying potential gaps in your coverages or underutilized opportunities.

Below are some benefits that, if offered by your employer, you should keep top of mind as you are making your elections.

Retirement plan contributions (401(k)/403(b) )

• Are you contributing up to the maximum employer match? (Take advantage of free money!)

• Are you maximizing the account?  ($18,500 or $24,500 for age 50 and over in 2018)

• Traditional 401(k) vs. Roth 401(k) options? 

Click here for a summary of 2018 retirement plan contribution limits and adjustments

Health insurance plans

• Review and compare your available plan offerings (e.g. PPO vs HMO). Want to explore some of the differences between plan types in more detail? Click here.

• Focus on more than just the premium cost. Think about the deductibles, copays, and the annual out-of-pocket maximums

• Consider your health history and the amount of services you use. For example, are you likely to hit the deductible or maximum out-of-pocket costs each year? The benefit of lower premiums for a high deductible plan may be outweighed by higher overall costs out-of-pocket.  Are you less likely to hit the deductible but you have excess cash saving just in case?  A lower premium, high deductible plan could make sense.

Health Care Flexible Spending Accounts vs. Health Savings Accounts

Flexible Spending Accounts and Health Savings Accounts both allow you to contribute pre-tax funds to an account that you can then withdraw tax-free to pay for qualified out-of-pocket medical expenses.  There are, however, some key differences to remember.

Flexible Spending Account for health care (FSA)

• Maximum employee contribution in 2018 is $2,650

• Generally must spend the balance on eligible expenses by the end of each plan year or forfeit unspent amounts (use-or-lose provision).

• Employers MAY offer more time to use the funds through either a grace period option (you have an extra 2 ½ months to spend the funds) or a carryover option (you can carry over up to $500 of the balance into the following year)

For more information on the FSA click here.

Health Savings Account (HSA)

• Can only be used with a high deductible health insurance plan

• Maximum contribution in 2018 for an individual $ 3,450  ($4,450 for age 55 and over)

• Maximum contribution in 2018 for an family plan $6,900  ($7,900 for age 55 and over)

• All HSA balances carryover (no use-or-lose limitations apply)

Click here for more information about the basics of using an HSA

Dependent Care Flexible Spending Account

• Pre-tax contributions to an account that can be withdrawn tax-free for qualified dependent care expenses within the plan year

• Maximum contribution in 2018 is $5,000 ($2,500 if married filing separately)

• Use-or-lose provision applies 

Life and Disability Insurance

• Employers often provide a basic amount of life insurance coverage at no cost to you (typically 1 x salary). 

• You may have the option to purchase additional group coverage up to certain limits at a low cost.

• Many employers also provide a group disability insurance benefit. This can include a short-term benefit (typically covering up to 90 or 180 days) and/or a long-term benefit (covering a specified number of years or up through a certain age such as 65).

• Disability benefits often cover a base percentage of income such as 50% or 60% of salary at no cost with some plans offering supplemental coverage for an additional premium charge.

• Life and disability insurance benefits can vary widely from employer to employer and in many cases only provide a portion of an employee’s needs.It is important to consult with your advisor on the appropriate amount of coverage for your own situation.

Like most things related to financial planning, your benefit selections are specific for your family’s own unique circumstances; and your choices probably would not make sense for your co-worker or neighbor.  We encourage all clients to have conversations with us as they are reviewing their benefit options during open enrollment, so don’t hesitate to pass along any questions you might have. If we can be a resource for you, please let us know.

Robert Ingram is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.®

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This information has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional. Life insurance Guarantees are based on the claims paying ability of the insurance company.

Risk Expectations – Markets Go Down Every Year

Contributed by: Nicholas Boguth

Investing is risky: the price of securities can go down, but there are strategies to help mitigate this risk: diversifying and sticking to your plan.

The chart below shows the price return (gray bar) and the largest intra-year decline (red dot) of the S&P 500 since 1980. This is one of my favorite charts because it reminds me that stock prices have indeed gone down at some point during EVERY year, but ultimately returned a positive number a vast majority of the time.

It states an appalling statistic: the average intra-year decline of the S&P 500 over this period is more than 14%. I say appalling because despite the average decline being -14%, the average return by the end of each year is over 8%, and this does not even include dividends! This acts as a great reminder to stay invested and don’t change your plan when the markets take a dive.

Our ultimate goal is to diversify in order to reduce that average intra-year drawdown, without sacrificing too much return. It is not easy for most investors to stomach watching their money decline by 14%, which is why risk management is a key part of the investment process. The right amount of risk is going to be different for everyone; working with us to determine your financial goals and capacity/willingness to take risk is step one in building your personalized portfolio.

Nicholas Boguth is an Investment Research Associate at Center for Financial Planning, Inc.® and an Investment Representative with Raymond James Financial Services.

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This information has been obtained from sources deemed to be reliable but its accuracy and completeness cannot be guaranteed. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. Past performance does not guarantee future results. Dividends are subject to change and are not guaranteed. Diversification does not ensure a profit or guarantee against loss. There is no assurance that any investment strategy will ultimately be successful, profitable nor protect against loss.

A New Season: Empty-Nesters

Contributed by: Laurie Renchik, CFP®, MBA

This year the fall season took a different turn than the past eighteen and it wasn’t associated with the weather.  My youngest child was college bound for his freshman year.  How did that happen?  It was a mad rush from high school graduation festivities in June to college move in day in August.  The reality of an empty nest began to set in as my husband and I drove home leaving our son to settle into his new digs.  Our conversation took many expected turns reminiscing about the past and looking forward to the future.  

This new chapter we surmised was as an opportunity to put some additional focus on our life goals including a “catch-up” sprint to shore up retirement savings. More questions than answers surfaced.  Should we downsize, take a big trip, save more, spend more, double up on mortgage payments, or put a finer point on our expectations for the future?  Perhaps you can relate to this milestone in life. 

The following Empty Nest Checklist can help to organize thoughts and prioritize action steps:

1. Revisit the big picture.  Make time to talk about lifestyle changes you’re thinking about, along with their financial impact. Think of it like a test drive for your retirement years. While you are at it, give your financial plan a fresh look. Celebrate successes, clarify goals and identify potential gaps.

2. Consider your finances.  Updating your monthly budget is a good first step.  Putting money you were using to support children toward larger financial goals like paying down your mortgage and boosting retirement savings may be an option with surprising benefits.

3. Review investments.  The status quo may not meet your future needs.  Your financial advisor can help with a review of retirement savings accounts.  Learning how your savings can generate income in retirement helps financial decision making during this new chapter. 

4. Update your goals and need for insurance.  The bottom line is to make sure that existing insurance policies still make sense for your situation.  If your mortgage is paid off and dependents are now independent you may want to reassess your coverage.

Goals change at every stage of life, so regularly reviewing your plans is an important step. Revisiting the basics can build confidence as you plan for tomorrow. Reconciling your next steps as empty nesters is essential to enjoying all that is to come. Don’t forget to celebrate each milestone you’ve achieved along the way and put in place a plan for what comes next.

Laurie Renchik, CFP®, MBA is a Partner and Senior Financial Planner at Center for Financial Planning, Inc.® In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie is a member of the Leadership Oakland Alumni Association and is a frequent contributor to Money Centered.

Financial Scams Target Social Security and Medicare

Contributed by: Sandra Adams, CFP®, CeFT™

According to the Federal Trade Commission, of the 65 and older population, over 33% are victims of financial frauds and scams on an annual basis. It is not surprising, then, that the latest scams to come out are related to Social Security and Medicare – two of the most widely used social support programs by the 65 and older population. Here is what you need to know about the newest scams:

Social Security:

There are two Social Security scams on the current watch list:

• The first one is where you will receive an official-looking e-mail from the Social Security Administration with an invitation to create a Social Security account so that you can receive your benefits. You land on a webpage where the scammers hope you will fill out your confidential information. DO NOT FALL FOR THIS. Never click on links in any of these e-mails. If you want to sign up for a Social Security Account, go directly to https://ssa.gov/myaccount/ (see our blog with detailed instructions about how to set up your Social Security account here).

• The second one is where the scammers actually create an account for someone and redirect their payments to a bank account controlled by them, not by the victim. To prevent this from happening, create your own MySSA account with a strong username and password. This is similar to filing your tax return early before the scammers file a fake return and steal your refund. In addition, a recommended and increased security measure is that when you create your MySSA account, go to the settings and choose the option that any changes to the bank account into which your check is electronically deposited can only be done in person at a Social Security brank office and not done using your online account.

Medicare:

This scam is related to Congress’ passage of the Medicare Access and CHIP Reauthorization ACT (MACRA) in 2015 which is requiring the Centers for Medicare and Medicaid Services to remove Social Security numbers from all Medicare cards. Thus, they will begin reissuing Medicare cards in 2018. The current scam has scammers calling Medicare beneficiaries claiming to be Medicare and saying that they must confirm their current Medicare numbers before sending them a new card. Others call saying there is a charge for the new card and are collecting beneficiaries’ personal information. Please note that there is no charge for your new card and Medicare will never call you for your information. They already have it. 

As an additional note, there are still tax scams continuing to occur. We wrote a blog about tax season scams earlier this year -- please take a moment to review this information to protect yourself and your loved ones.

Always Remember:

• A government agency will not contact you by phone or e-mail to request personal information or to demand money/payment from you.

• You will always be contacted by mail or registered letter by government agencies and if money is owed, you will be given an opportunity to dispute charges.

If you suspect fraud related to these examples or any other type of financial scams or fraud, please contact the U.S. Senate Special Committee on Aging Fraud Hotline at 1-855-303-9470 or contact your financial planner for assistance.

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Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

What are Investment Policy Statements?

Contributed by: Angela Palacios, CFP®

Each investor is unique. You have your own attitudes, expectations, objectives, and guidelines for your investments. These factors are important to communicate to, not only your team of investment managers, but also to your family if needed (not to mention to remind yourself during turbulent times). An investment Policy Statement (IPS) that is revisited regularly can keep everyone on the same page.

We carefully craft a tailored Investment Policy Statement with you and review and update it each year or when something changes. We first define an asset allocation target (ratio of stocks and bonds) for your portfolio that is appropriate to help you achieve your goals while balancing your tolerance for risk. Also important is the amount of cash you need to hold within each account, carefully evaluating potential withdrawal needs coming in the next year. Lastly, we add your goals and unique preferences we should take into account while managing your investments. 

Unique preferences could include holding a position in a taxable account because selling would cause you to incur a large capital gain. Or, it could mean incorporating socially responsible (ESG) investment strategies into the portfolio. It could also mean excluding any investment strategies you prefer not to have included in your portfolio, like real estate, for example.

Laying out your goals and objectives is a great way to focus on and determine future success. Success in financial planning and investing goes far beyond beating a benchmark. Goals like making sure you can travel during the first 10 years of retirement or obtaining sufficient health coverage during the early years of retirement are things that cannot be measured by a stock index. These goals become personal benchmarks that you can track achievement of over the years.

It is not expected that the IPS will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the IPS. Major life events, however, can prompt an update. For example, marriage or divorce, retirement or deciding to extend your working years, entering a nursing home or receiving an inheritance are examples of reasons that could prompt you to update your IPS.

Investors who fail to plan may then plan to fail! Developing an IPS is an important step to take in order to help you make rational decisions about your investments no matter what the markets may tempt you to do! If you have questions about or wish to update your Investment Policy Statement, please contact your planner!

Angela Palacios, CFP® is the Director of Investments at Center for Financial Planning, Inc.® Angela specializes in Investment and Macro economic research. She is a frequent contributor The Center blog.

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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Angela Palacios, CFP®, and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Introducing Secure Messaging - A New Way to Help Keep Your Personal Information Safe

Contributed by: Lauren Adams, CFA®, MBA

From presidential campaign email hacking to “zombie” internet-enabled devices, it’s hard to watch the news lately and deny that cybersecurity will likely be one of the most important issues and challenges of our time. Cybersecurity is a constant threat for individuals, businesses, and governments alike, and it’s a subject that we take very seriously here at Center for Financial Planning.

That’s why we continually work to find ways to make sure your personal information is kept safe and secure. Going forward, you should expect to see messages from us that contain personally identifiable information (such as Social Security Numbers or account numbers) sent via Raymond James’ Secure Messaging system. Secure Messaging allows us to encrypt the entire message we send, not just the attachment. Opening and replying to this email is fairly straightforward once you get the hang of it, and the process depends on whether or not you have an Investor Access account.

For Clients That Have Investor Access

You can receive and view a secure email on your computer, open the secure email, and open the secure email attachment entitled SecureMessageAtt.html (opening the attachment may differ slightly depending on the internet browser you use). If viewing from a mobile device, just click the link embedded within the message itself. Then, you will be able to click a button to “Read secure message” by logging in with your Investor Access email address, password, and security question. Your secure message will then appear. Need to send us an attachment back? Make sure you reply within the Secure Messaging system (not just to the email you received alerting you that have received a secure message from Raymond James Financial), and use the Attach a File, Add, and Upload buttons to send us the document back.

Want step by step instructions with screenshots? Check out this link.

For Clients That Do Not Have Investor Access

You can receive and view a secure email on your computer, open the secure email, and open the secure email attachment entitled SecureMessageAtt.html (opening the attachment may differ slightly depending on the internet browser you use). If viewing from a mobile device, just click the link embedded within the message itself. Then, you will be able to click a button to “Read secure message.” The first time you open a secure email, you’ll go through a one-time registration process. After that, you access a secure message by logging in with the password you’ve established. Your secure message will then appear. Need to send us an attachment back? Make sure you reply within the Secure Messaging system (not just to the email you received alerting you that have received a secure message from Raymond James Financial), and use the Attach a File, Add, and Upload buttons to send us the document back.

Want step-by-step instructions with screenshots? Check out this link.

Other Secure Ways to Send and Receive Information

Furthermore, as an alternative to Secure Messaging we also continue to use e-Signature, to allow clients to easily and securely sign forms electronically, and, our online content management and file sharing platform, the Vault. Haven’t tried the Vault yet? Get signed up for Investor Access and discover this easy way to upload secure information for your planner to review! Check out the blog articles we’ve already written on e-Signature and Vault for more information, or contact your Client Service Associate. We love when clients start using these tools for the first time, and we’re happy to walk through Secure Messaging, the Vault, or e-Signature together!

Lauren Adams, CFA®, MBA is Director of Client Services at Center for Financial Planning, Inc.®

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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Lauren Adams and not necessarily those of Raymond James.

Beware of Potential Tax Seasons Scams

Contributed by: Nick Defenthaler, CFP®

Scams are everywhere in the world we live in today. It seems as if it’s a daily occurrence to see a report on the nightly news of a new ploy to take advantage of consumers. Recently, the U.S. Federal Trade Commission (FTC) said it tracked a nearly 50% increase in identity theft complaints in 2015 and that the biggest contributor to this massive spike was due to tax refund fraud. Thousands of Americans have realized when going to file their taxes, that their return has already been processed! This could easily occur if a cybercriminal gets a hold of your Social Security number. 

Source for chart and statistic:  https://krebsonsecurity.com/2016/01/ftc-tax-fraud-behind-47-spike-in-id-theft/ 

With tax season now in full swing, avoiding an IRS/tax return related scam or a “phishing” ploy is top of mind for many. Below are some helpful tips the IRS has provided:

• The IRS will NOT…

  • E-mail or text taxpayers

  • Call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail.

  • Demand that you pay taxes and not allow you to question or appeal the amount you owe.

  • Require that you pay your taxes a certain way. For instance, require that you pay with a prepaid debit card.

  • Ask for your credit or debit card numbers over the phone.

  • Threaten to bring in police or other agencies to arrest you for not paying. 

If you’re contacted by someone who claims to work for the IRS or is demanding you to take action, the best course of action is to not provide any personal information, immediately hang up and contact the IRS directly by phone at 800-829-1040. Click here to visit the IRS’ website for more tips on protecting yourself from a potential tax related scam.   

Also, if you haven’t already, I’d recommend watching the webinar we hosted in early 2016 with Andy Zolper, Chief IT Security Officer with Raymond James to learn more about the measures we take to ensure the integrity of client information. Andy also offers some great advice on how to protect yourself from cyber threats at home and on your mobile devices. 

Nick Defenthaler, CFP® is a CERTIFIED FINANCIAL PLANNER™ at Center for Financial Planning, Inc.® Nick works closely with Center clients and is also the Director of The Center’s Financial Planning Department. He is also a frequent contributor to the firm’s blogs and educational webinars.

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This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Links to third party websites are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. Raymond James Financial Services Inc. and its advisors do not provide advice on tax or legal issues, these matters should be discussed with a tax or legal professional.

No Such Thing as too much Security!

Contributed by: Raya Chope

Raymond James has rolled out a new feature for Investor Access called Enhanced Authentication. This is a new, free option that allows clients to add another layer of security to Investor Access accounts.

How Enhanced Authentication Works

If you have ever logged into your Investor Access account from a new, unrecognized device you may have been prompted to answer a few security questions. This new feature replaces security questions with a one-time text message or voice call that includes an authorization code. It’s not until the code is received and entered that you’re able to gain access to your Investor Access.

How to Get Started

To enable Enhanced Authentication, follow these simple steps:

• Log in to Investor Access from a trusted device

• Select the Account Services tab

• Select the Password & Security sub-tab

• Click the bubble at the bottom of the page to enable Enhanced Authentication

Once the feature is enabled, you will be prompted to choose either a mobile device or a landline from the phone numbers we have on file. If a mobile device is selected, you have the choice to receive the authentication code via text message or voice call. If a landline is selected, a voice call is the only option to receive the code. If you do not see your corresponding phone numbers or would like to add another one to our files, please contact the office.

If you’re new to Investor Access, get started by visiting our webpage and clicking on the Investor Access tab at the top.

Raya Chope is a Client Service Associate at Center for Financial Planning, Inc.®