How do I determine the amount of life insurance that is needed for my spouse and me?
ANSWER:
The first thing to determine is the amount of your outstanding monthly obligations, then you need to determine your future obligations such as college cost and taxes on retirement plans. In addition you need to look at inflation, your cost of living today will increase by 2 to 10 percent per year due to inflation. If you are spending $50,000 per year to live in 2003 dollars you will need more money to live 10, 20, 30 or 40 years from now.
Typically people need 10 to 20 times their income in life insurance and other liquid assets. Most people are substantially underinsured based on their income and their consumption. It is good to run a human life value calculation to see what you are worth to your family in the event of your death. We can refer you to insurance specialists who can work with you to help you determine if you have the proper amounts of life insurance coverage.
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Health Savings Accounts
You can use this account to pay for your qualified health expenses, including expenses that the plan ordinarily doesn’t cover, such as eyeglasses and hearing aids.
Expenses paid out of the HSA that are eligible expenses under your high-deductible health plan will count toward the plan’s deductible.
