For those folks tying the knot or are going to a wedding feel free to share these helpful tips.
Click here to download the PDF with 7 tips.
Newly married or know someone who is? Contact Robert today.
86% of incoming college students take out student loans. Scary? Try this: the total of all college loans is $1 Trillion dollars…that’s right TRILLION; which is more than all of the credit card debt combined.
Most parents not in the know will steal from retirement to pay tuitions. Those ‘in the know’ understand that 95% of all “free money” comes from the schools themselves. Not scholarships, not loans but endowments from the actual college or university.
Here are 5 Tips most parents will never hear at their child’s College Planning Night:
Tip 1: Volunteer and do community service– schools are more apt to give money to the students that will likely donate back upon graduation. Good deeds ultimately do pay one back.
Tip 2: Apply to 10 or more schools and the competitors of the schools where your students want to go- the competition will drive up the scholarship awards as they see where you apply. If you only apply to one why should they increase their financial endowment when they’re the only game in town?
Tip 3: Don’t accept their initial offer-awards can always be negotiated higher, there are $Billions sitting in college endowment coffers. They won’t be offended and ultimately you and your student will benefit.
Tip 4: Hire a professional– we see parents spending thousands for tutors and SAT prep for students to get into top schools they can’t afford to send them to. While prepping for the SAT is important don’t overlook the importance of professional advise on what will be your largest investment second to the purchase of your home.
Tip 5: Apply to your student’s dream schools not just those you can afford. The answer is always ‘no’ unless you ask. Also some of the more desirable schools may have larger endowment funds possibly giving your student a larger award making them more affordable.
To learn how you can get proven college financial planning advice contact Robert here today.
The best pizza in NYC resides outside of Manhattan and can be found in Brooklyn and Queens! The following list represents the best pizza places to do financial and insurance planning.
DiFara: in Brooklyn. Best designer pizza and best place to do your estate planning. Dom DeMarco can only make so many pies in a day, folks may not live to eat the pie by the time it comes out. When he passes, so does DiFara.
Rosa’s: metropolitan ave in queens. Best grandma’s slice and best place to do your life insurance planning.
L&B Spumoni Gardens: Brooklyn. Best Sicilian square slice and best place to review your auto insurance as it’s crazy outside with limited parking.
Newpark: Howard beach queens. Best traditional thin crust slice and best place to review your homeowners insurance as it’s in the middle of a residential area.
Lucali: Brooklyn. Best brick oven pies and best place to do your retirement income planning by reading the “pie charts”!
Nicks: Forest Hills, queens. Best gourmet-style thin-crust pizza with the best toppings. Order the “half and half” red and white pizza. Best place to review your health insurance as those toppings clog the arteries.
Roberta’s: Bushwick Brooklyn. Best wood-fired pie and best place to review your disability income insurance. Total hipster chaos outside, watch out crossing the street.
Let’s meet up for a slice and some planning! Call Rob at 917-359-3985 today or email Rob here.
Robert discusses the important difference between an insurance agent or broker and which will save you substantial money when shopping for your health insurance policy.
Watch part 2 of our three part series on understanding and maximizing the benefits of Obamacare compliant health insurance policies.
Watch part 1 of our three part series on understanding and maximizing the benefits of Obamacare compliant health insurance policies.
While doing long range planning with folks I’m seeing a lot of stressed out people living below their means and not taking any vacations. It’s as if they are awaiting the holy grail at age 65. To me, it makes no sense to skimp on life and keep grinding it out all for a “perceived” great life from age 65-85? Here’s why!
It has been proven that people that work 40-46 weeks/year out produce folks that work 50-52 weeks/year. I know for myself when I’m going away. I must be laser focused at least 2 weeks before to prepare and 2 weeks after to catch up from a vacation. Yes, my efficiency improves dramatically!Stressed and anxiety ridden is no way to live life! People that have concrete plans with the proper life, long-term care and estate planning done don’t have the same stress levels as those that don’t. Get planned out and give yourself a permission slip to start spending money, taking vacations and enjoying what precious life we have left. For more information contact us here today.
Here’s the truth. It doesn’t have to be this way. There is a huge difference between student financial aid, loans and grants/endowments (free money). The sad fact is 95% of parents and guidance counselors are chasing after 5% of the money available. Good news. There is a better way. Learn how to extract free money from the schools themselves instead who are often sitting on billions of dollar in endowment funds. Here is one example of recent award letters received by one of the students I was privileged to help who enrolled in our coaching program.
By the time you are reading this article the enrollment window will have closed for 2014 and the administration will surely be telling us how wonderful things are going. By hiring navigators (that are not licensed) and cutting broker compensation by a staggering 80% it’s clear to me is that they are trying to phase brokers out. This leaves the public vulnerable and on their own to solve the health insurance puzzle and whether or not to go onto the exchange.
It’s important for readers to understand how these policies work as many brokers are either exiting the business or not accepting new health insurance clients anymore.
The initial factor that drives premiums is the insurance company that you choose. Be careful with this as there are several new insurance companies that have entered the marketplace. These companies have no track record.
TIP#1: Don’t buy strictly on price as many of these new carriers are using very limited doctor networks. The price might be attractive but if your primary care physician doesn’t accept that plan (in-network) you will have to change doctors or foot the whole bill yourself.
TIP#2: Contact all of your preferred doctors and ask them which companies they are in-network with and which networks they accept. For example Oxford has 3 networks so you need to specify which one(s) your doctor takes before changing plans.
The second factor is the type of plan. Will it be in-network only or in and out of network plan? Going with an in-network only plan (also known as EPO or HMO) can save you as much as 20-40% on your monthly premiums.
TIP#3: Take note that the in and out of network plans (also known as PPO’s or POS plans) have changed the way they reimburse for out of network usage. These subtle reductions can drop your reimbursement amounts to under 50% so be sure to ask for a “summary of benefits” before buying these pricey plans.
The third factor is the plan-design. This takes into account variables such as office co-pay, hospital co-pay, drug card, deductibles and co-insurance amounts. The higher the co-pay the lower your monthly premiums.
TIP#4: Use a broker to help decipher how to read the spreadsheets and to help find the “sweet spot” where the premiums are the most reasonable. Insist the broker shop the market every year. The price will be the same so why do it yourself? Unlike the banking system and stock market, the insurance industry is regulated by individual states who decide the premiums.
TIP#5: People ask me “Robert, when would it make sense to go onto the exchange?” If you earn less than $46,000 as an individual or $94,000 as a family of 4 and are willing to leave your doctors-then take about 40 minutes with your tax return, fill out your profile and see if you qualify for free/subsidized coverage. If not then you will do better off the exchange.
Some positives on the new Obama care plans are that pre-existing conditions are covered, kids can stay on their parents’ policies until age 26 (age 29 with the purchase of a rider) and many plans include dental and vision options. Keep in mind that these benefits incur a cost and it may make sense to keep your pre-Obama care plan should you still have access to it. I’m always interested in reader’s feedback so feel free to contact me at robcintel@aol.com or at www.InsuranceDoctor.us with questions or concerns.
By:
Robert C. Intelisano CLU,CSA,LUTCF
Intelisano & Associates, Inc.
Forest Hills, N.Y. 11375
Life insurance is one of the most interesting and flexible financial products ever created. It single-handedly can solve a myriad of problems. The 2 greatest issues people face is dying too soon or living too long and outliving their money! A sound life insurance policy can pay off a lump sum at death and is also tax free.
TIP #1. Find a good independent agent/broker. First, the price of life insurance is the same whether you go through the internet or use a broker. So why not get the professional advise you need face to face and for free? Life insurance can be confusing, is different than other types of insurance and needs to be custom-tailored to the buyer based on need, income, budget and family situations. How can a broker who only represents 1 or 2 companies find the right product at the right price for you? Also, I suggest searching for an agent with advanced-planning life insurance designations like CLU (Chartered Life Underwriter) or LUTCF.
TIP #2. How much do I need? Good question. Each situation is unique. Some advisors say 5-7 times annual income and go to 10 times if there’s young kids and a lot of debt. People ask me, “Robert what is the best policy”? I tell them the best policy is the one that pays when you need it! A spouse never said to me what type of insurance is it, they only ask how much and do I have to pay tax on the proceeds. I suggest buying what your need is first and worrying about what type it is later.
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TIP #3. What type should I buy? This question is unique to everyone and also based on personal beliefs. The 2 primary types of life insurance are term and whole life. Term is temporary, has no cash value and eventually terminates or runs out. Whole life is permanent, has a cash value and other tax advantages. There are pluses and minuses to each.
TIP #4. Take a look at some of the newer hybrid policies. For those people that say “whole life is too expensive and 20 year term is also unsatisfactory because after 20 years I lose the insurance and all the money I put in” there’s a great alternative called (ROP) return of premium term.
For example, if a 35 year old buys a 20 year ROP term and lives the 20 years, he/she would then get back 100% of all premiums paid in a lump sum with no taxation. There are also life insurance policies that have long-term care riders that can cover that risk without having to buy an expensive long term care policy. This way you are getting both types of insurance in one policy. Food for thought.
TIP #5. Get a second opinion. After the new census information released in 2010 reflected longer life spans, the insurance companies were forced to lower rates. We have been able to help folks with existing policies save money on premiums even though they are now older and perhaps in worse health. For more information feel free to go to www.InsuranceDoctor.us
Call Robert at 917-359-3985 
Contact Robert here
By: Robert C. Intelisano CLU, CSA, LUTCF, The Insurance Doctor