Personal Financial Management in a Transition 6. Decision Information Regarding Insurances

1. Personal Financial Management in a Transition 6. Decision Information Regarding Insurances Making insurance decisions and selecting the source and cost of insurance can be complicated – and it is a personal decision. This portion of the workshop is to present decision information needed as you make your risk management and insurance decisions. Apply the sleep test and seek more advice!

2. Personal Financial Management in a Transition Decision Information Regarding Insurances 6A: HEALTH INSURANCE Will you have a VA Disability Rating? +30% ? Do you have a pre-existing condition? Veterans Affairs? Retiree Tri-Care or Tri-Care for Life w/Medicare? Employer – based? Spouse – based? Obama - care Exchanges?

3. Disclosure for the Differently-abledyour range of options of “If and When” to disclose information about yourself • Disclose in theApplications and Résumés • Will be seeking an accommodation. • Part of your “up front” marketing plan • State your abilities to do the job! • The accommodations are a minor side issue • TTY / Interpreter • Ramps or rails • Special key boards • Don’t Disclose • The information is not relevant for the bosses and team members to know. • The information has no impact for their decisions or actions. • Disclose After the Job Offer (before you accept the offer) • Will be seeking an accommodation in negotiations. • First get them interested in you as their prime candidate • Solve their problems • Make and save them money & time • Team player • Meet their goals • Disclose Before the Interviews • Once invited to an interview, will then be seeking an accommodation. • The desired accommodation(s) will be obvious during the meeting(s)

4. Personal Financial Management in a Transition Decision Information Regarding Insurances6B: LONG TERM CARE (LTC) http://www.ltcfeds.com/

5. Personal Financial Management in a Transition Decision Information Regarding Insurances 6C: LIFE http://www.benefits.va.gov/insurance/vgli.asp You cannot be denied coverage http://benefits.va.gov/insurance/vgli_rates_compare_vgli.asp

6. http://benefits.va.gov/insurance/vgli_rates_new.asp

7. Life Insurance: Decision Information Elements What is the need? Who has an “insurable interest?” What are all of your sources to meet the need already? Over time? Do you have (or will have) a VA Disability Rating? Are you insurable? (Now – over time?)

8. Personal Financial Management in a Transition Decision Information Regarding Insurances 6D: ANNUITIES Survivor Benefit Plan (SBP) for Military Retirees http://militarypay.defense.gov/survivor/sbp/01_overview.html SBP: Do I take out the sub-annuity for my survivor(s)? What are the alternative? Who is making the decision?

9. 6D continuedSBP: Do I take out the sub-annuity for my survivor(s)? What are the alternatives? Who is making the decision? • It is your survivor’s (spouse) decision – can they live without your Retired pay if and when you pass? • If the Sponsor passes early and the Spouse lives a long time – it could pay off big; • If the Spouse passes first, all of the premiums paid are gone. • Some example alternatives (there are more) • Take what would have been your premium, • Buy a term life insurance policy, • Invest the rest in a mutual fund • Buy a commercial, joint annuity

10. Personal Financial Management in a Transition Decision Information Regarding Insurances 6E: PROPERTY AND LIABILITY You may be familiar with auto, home and renters’ insurance Any special insurance needs due to the transition?