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As we begin the 2022-2023 school year during what I call “The Covid-19 Era,” there is some uncertainty and trepidation.  Some schools are commencing this week, others will start the following, and others after Labor Day Weekend.

No matter when it starts for your student(s), there is one thing that is a certainty, our students will continue to be schooled and they will need school supplies this year and going forward. 

Like many things, back-to-school shopping is a habit.  Some are efficient habits, and some should be broken.  With the evolution of the internet, Covid-19, and the closing of many malls and brick-and-mortar stores, buying habits have changed for many parents and grandparents.

Regardless of your habits, there are always things to learn, new habits to form, and ways to save money on these annual expenses.  Review my top 8 money-saving tips and perhaps start a new habit:

1. Make a List, Then Shop Your House First:  Look through closets, storage, and utility drawers first.  There is a possibility you might have items left over from the last school year.
2. Craft a Budget:  It is always a good idea to have a price range that you are willing to spend.  Keep the list with you when you are shopping either online or in person.
3. Consider Setting Up a Gift Closet or Large Draw: A client shared this tip with me as she showed me how she turned a little used hallway foyer closet into a gift closet.  She buys many offseason gifts early at a deep discount and has saved big $$$ over the years.
4. Check Out the Dollar Store First:  Before going to the big online and mega-retailers, there is a chance your local dollar store will have the items you are looking for at a discount.  Dollar stores often buy excess lots or last year’s leftovers in bulk at a big discount and pass some of their savings on to you.
5. Consider a Desktop, Laptop, or Tablet: For online shopping, it is prudent to use the bigger screen to review and compare prices.  In addition, although smartphones have many good apps, there are discount and coupon-finding extensions that can be added to your computer (especially if you use google chrome) to save you major search time.  See Tip #6.
6. Consider Adding the Honey Google Chrome Extension to Your Computer: On your laptop, desktop, Ipad, or another tablet, click www.JoinHoney.com and add the Free extension.  This extension (not for phones) automatically searches for the best prices (often less than eBay and Amazon) and you are notified immediately before “check-out!”  There are other extensions such as Capital-One, that you can use, although some are better than others.
7. If You Use Amazon, Consider Camel, Camel, Camel:  The big four (Amazon, Walmart, Target, and eBay) account for most internet sales.  If you are a loyal Amazon user, consider Camel, Camel, Camel. (CCC) Camel is an Amazon price tracker.  Find the product you are interested in buying, then cut and paste the URL into CCC to look up the item’s price history and/or add it to your price watch list.  If this is too complicated, go back to #6!
8. Consider Holding Off Buying Trendier Gear:  It is advantageous to wait a few weeks after school starts to see what are the “in” styles.  Sometimes kids are wrong, so it is better to wait instead of trying to anticipate the hip new clothes and sneaker trends.

Heed these 8 tips and watch your savings grow!   I wish you and your families a safe and productive school year!

Last Sunday night, August 7^th I was scheduled to return from a combination business and pleasure trip to Buffalo, New York.  I had a 7:25 pm flight from Buffalo Airport to JFK and, even though I had been reading about mass flight cancellations, I didn’t expect it to happen to me on a short 52-minute flight.

I arrive at the Buffalo airport and it already shows “delayed” by 30 minutes on the board.  I ask the Delta employee at the gate what is the reason for the delay and he says, “The weather from JFK airport, so the plane can’t leave JFK.” 

Immediately, I called my parents and inquired about the Rockaway Beach weather, which was hot and sunny last Sunday night.  A Delta supervisor then shows up and said, “The flight was cancelled, I’m going to give it to you straight, please come and get rebooked either through me or any other gate ticket attendant.” 

I was 3^rd in line and it turns out both couples ahead of me were heading onto vacations overseas, one to Paris and the other one to Iceland, both having to connect at JFK.  There were no more Delta flights that night and we were ALL stuck in Buffalo for the evening.  Both couples were going to miss their next morning JFK connection and one of the women was already crying as she left the counter because they had no way to change their trip or to get a refund.

When I got to the front of the line, I let the supervisor know that there is no way this is a weather issue!  Look at Google JFK weather on my phone.  It also costs about $150 per night for a decent hotel in Buffalo, so I asked her “who is paying for that?”  She said, “there are no vouchers available for a Delta flight canceled by weather.” 

At this point, it was clear that Delta was intentionally lying to save money on vouchers.  She did tell me airlines are more likely to cancel smaller plane flights.  I have known their “cancel and combine” policy, which combines 2 flights into 1 for more profitability.  These are the airlines that received fat stimulus checks!

I decided to have a “kill her with kindness approach,” thanked her for her positivity, and asked to be rebooked for first class the next morning after she declined my voucher request.  Her reply was, “That I can do!.” Basically, I got off easy missing only a half day of work and having to stay in Buffalo one more night.  The 2 other couples are looking at losing many thousands of dollars and stress, which could have been avoided. 

It is always better (and less expensive) to learn from the mistakes of others.  Here are my 6 Tips for traveling in the new world of Covid-19:

1. Try to NOT Check a Bag: Those couples had to go back to baggage claim to find their bags.  Also, these flight cancellations leave baggage in limbo.  Most airlines allow for 1 carry-on bag and 1 personal item, which can be a knapsack holding lots of stuff.  If you have to check bags, “baggage insurance” will cover the lost or damaged items as well as provide a daily dollar amount for purchasing “essentials” while your bag is missing.
2. Buy a Carryon Bag That is NOT Black:  The majority of carry-on bags are black.  Using a different color bag allows you to easily identify it and describe it when missing.
3. Consider Buying Travel Insurance:  These are unique times that call for unique measures.  Depending on your situation, there are several types of travel insurance available, such as trip cancellation, trip interruption, medical injury, (usually up to $50,000) lost or delayed luggage, and/or “bundled packages” which can be a combination of these travel insurances.
4. Arrive a Day Early:  If you are flying internationally and do not want to or cannot afford the insurance, it is a wise move to arrive at your connection city a day early.  It will cost you 1 additional hotel night which is much better than missing your trip and losing all the money you might have prepaid.
5. Sign Up for TSA or Clear: The TSA or Clear pre-check can make the difference in making or missing a flight or flight connection.  The TSA is easy to get and for $85 it goes a long way, good for 5 years.
6. Do Your Research:  Spending the time doing your due diligence can save you a tremendous amount of money and stress!  Read your credit card, health insurance, Medicare, or Medigap policy to see what is covered and what is not.

I hope your summer is going well and you are catching up on traveling as I have.  Heeding these 6 tips will decrease the risks of losing out on a wonderful vacation. Enjoy!

We are in the middle of a pandemic and a borderline recession with a 9.1% inflation rate over the last 12 months!  If there were ever a time to learn how to stretch your dollars and get some “FREE Stuff,” that time is now!

There is a saying, “If it’s FREE, it’s for me.”  If you believe in this, read on.  Who doesn’t like FREE stuff?  With some research, there are many things you will uncover that are FREE or FREE for a limited time period. 

For example, many states require a “fishing license” to go fishing without incurring a fine.  California allows you to “Fish for FREE” on July 2^nd and September 3^rd.  Go to www.TakeMeFishing.org to see when there is FREE fishing in your state of residence or if/when you are visiting another state.

Other examples of FREE Stuff are:

1. FREE Tax Preparation: Yes, we are in the middle of the summer; however, tax time will be here soon enough.  As per John Waggoner of AARP, the AARP Foundation provides FREE in-person and virtual tax assistance available to those age 50 or older.  If your adjusted gross income (AGI) is under $73,000, you can use the IRS’s “FREE File” by going to www.apps.irs.gov/app/freefile to answer a few questions and to see if you qualify.
2. FREE Trees:  If you are looking to plant large trees, you can organize a “tree giveaway event” and the National Wildlife Federation (NWF) will reimburse you for native trees.  Go to www.nwf.com for more information.  You can also obtain FREE trees from some state and local governments, which often work with local tree-planting groups to encourage the cultivation of native trees.  Tree giveaways are common around “Earth Day” and “Arbor Day,” both in April.
3. FREE Books:  The best place to go for FREE books is your local library.  There are numerous APPS for your IOS or Android phones such as “Libby,” which gives patrons apps to browse your local library’s collection of audio and ebooks on your device.  Other apps include “GoodReads,” where readers can see book reviews (and sometimes score free new book releases). “LibraryThing” is FREE for the first 200 books and “Bookly,” where the first 10 books are FREE, to name a few.
4. FREE Coffee:  To score FREE coffee, you could join “Peet’s Coffee Rewards” called “Peetniks,” and receive 125 points after your first purchase, which earns you a FREE beverage.  The “Starbucks Rewards Program” allows you to get a FREE coffee on your birthday as well as FREE refills on your brewed coffee or tea.  Both programs are FREE to join.
5. FREE Movies:  If you don’t want to pay the monthly fees for streaming services like Netflix or Hulu, you can watch FREE movies on www.Crackle.com or www.TubiTv.com. They both have a good menu of movies.  You will have to watch a few ads in between; however, they are FREE, and Netflix will soon have ads as well.
6. FREE Birthday Stuff:  Who doesn’t like FREE stuff on their birthday?  Chili’s Rewards Program will give you a FREE dessert on your birthday.  Most restaurant chains give FREE gifts to join their rewards programs.  Denny’s gives you a FREE grand slam breakfast on your birthday, then you can hit Sephora for a FREE skincare gift or birthday makeup from their ”Beauty Insiders Club.”
7. FREE Music:  Websites such as “Soundcloud” will give you FREE MP3 downloads of many artists for 30 days, though not full albums at a time.  “Last.FM” will also let you stream or download music for FREE!
8. FREE National Parks Entry:  This is my favorite one as our National Parks have been crowded this summer.  The National Park Service (NPS) manages 423 parks across the USA, of which over 100 parks charge entrance fees.  The NPS waives fees five days per year; January 17^th (MLK day), April 16^th (Start of National Park Week), August 4^th (Great American Outdoors Act), September 24^th (National Public Lands Day), and November 11th (Veterans Day)!  Veterans, members of the military, and Gold Star Family members can all get a FREE entry pass for national parks.  Those ages 62 and older can buy a “Lifetime Senior Pass” to national parks for only $80 plus a $10 processing fee.  State Parks are FREE in Hawaii, Illinois, Iowa, Missouri, Tennessee, and Pennsylvania.

Now that you have the knowledge of where to find FREEBIES, enjoy the rest of your summer!  If you know of additional FREE stuff opportunities, feel free to share them with me at Rob@InsuranceDoctor.us

The length and intensity of this pandemic have made many of us more introspective.  Covid-19 has put a spotlight on our mortality.  One of the few positives of this Covid Era is that people are now more comfortable talking about their life and death with others.  Many of those with dependents worry about what would happen if they were taken prematurely by the Coronavirus.

There is a misconception that Estate Planning is only for the rich.  If you have possessions, you have an estate!  Their orderly care during your lifetime is referred to as Financial Management.  Their disposition after your lifetime is referred to as your Estate Settlement.  Deciding in advance how your estate will be disbursed is called Estate Planning.  Estate Planning is that simple.

5 of the biggest mistakes I have seen include:

1. Thinking Estate Planning is Only for the Wealthy:  One school of thought says the more modest your estate, the greater your need to arrange for its careful handling and disposition, to stretch it further and help those closest to you.
2. Thinking that New York State Laws Will Suffice:  Leaving matters up to the state can be dangerous, short-sighted, and COSTLY!
3. Not Making a List of Assets:  Making a list of your possessions in writing is the first step toward developing a cohesive plan for distribution.  This is referred to as an “Estate Inventory” or an “Estate Directory,” helping your beneficiaries by listing your assets and where to find important documents, etc.
4. Not Forming Your Estate Team of Advisors:  After drafting your list of assets, the next step toward Estate Planning is to assemble and confer with a team of advisors.  This team should include a trusted estate or elder law attorney, an insurance advisor and/or financial planner, and a tax professional. 
5. Thinking a “Will” is the way, or not having a Will at All:  According to legal zoom, less than 50% of American adults have a written will.  These numbers were even lower before the pandemic.

Having assets go through your will is the worst way to distribute your assets!  The best way is to have designated beneficiaries for each of your assets.   This is where valuable tools such as life insurance, annuities, and trusts come into play.  One of the most important qualities of life insurance and annuities are that they have specified beneficiaries.  They also bypass probate, and court fees and are protected from lawsuit creditors. 

Probate is the process of “Proving Your Will,” processed by the courts.  It is a slow, lengthy and costly procedure.  Also, it is not a private matter, meaning your probated assets can be viewed by anyone as public record.  After your passing, the nosey neighbor can legally look up your assets that passed through your will!

As an advisor, I cannot over emphasize how important it is to plan your estate.  You can leave a planned legacy (even if it is modest) or an unplanned mess that your beneficiaries will need to sort out; the choice is yours!

Take this quiz below and let me know how you do.  Of course, please consult your advisors before making any changes to your assets.  Feel free to reach out to me at Rob@InsuranceDoctor.us.

1. Estate Planning is:

A. Only for the rich 

B. Vital for anyone with assets

C. required by law

2. The First Step of Every Estate Plan is:

A. Prepare a List of Personal Inventory

B. Draft a Will

C. Make a list of Insurance Policies

3. Estate Planning Experts Include:

A. Actuaries

B. IRS Agents

C. Life Insurance Advisors

4. Experts Say the More Modest Your Estate:

A. The Greater the Expenses

B. The Shorter the Will

C. The Greater the Need for Careful Disposition

5. Good Estate Planning Involves:

A. Relying on Do-It-Yourself On-Line Forms

B. Owning Sufficient Assets

C. Financial Management During Your Lifetime

Answers: 1. B  2. A  3. C  4. C  5. C

We are making history for the wrong reasons!   In 2020, because of the Covid-19 pandemic, American Life Expectancy declined by almost 2 years (1.87 years).  In 2021, it declined another 0.3 years. 

To give you some perspective, as per the Washington Post, the largest total decline in U.S. life expectancy occurred in 1943 (2.9 years) when U.S. deaths peaked in WWII.

The average American now lives to age 76.60.  This sharp decline places us last compared to the other 19 “wealthy nations” that were analyzed. 

It is hard to find someone that has not been affected by this.  Personally, we lost my Uncle John Intelisano at age 65 due to Covid-19 in February of 2020, when nobody knew what was going on at that time.  In May of 2020, I had 7 clients pass away from Covid-19 in less than one month.  One client, between life insurance and annuities, owned 12 policies.  I spent the better part of June 2020 processing death claims and tracking my clients’ policies. 

Following the death of an insured loved one, it is important to file a life insurance claim in a timely manner!  There is extensive paperwork involved and the process may seem burdensome while grieving!  Beneficiaries must file the necessary paperwork to receive their death benefits (usually tax-free with life insurance) and comply with the law and tax rules. 

It is important to have a process and a checklist, see below:

1. Contact Us: The first step to filing a claim is to contact your life insurance agent or broker.  Remember, an agent represents (works for) an insurance company.  A broker (like us) represents YOU the client.
2. Find ALL Their Policies: When filing claims, some people might not know what types of insurance the deceased owned, and a search is in order.  There is an art to this search as there could be savings bank life insurance, credit card insurance, a military policy or perhaps an old employer policy.  It is important to search old files, safety deposit boxes, bank statements, home safes etc.
3. Organize the Paperwork: Contact the funeral director handling the final arrangements to obtain a “certified copy” of the death certificate for a nominal fee.  We suggest ordering between 8-10 copies upfront even if there are only 3-4 known policies as you might find more using these tips.
4. Choosing a Benefit Payout Plan: With most policies, there are options to choose how the death benefits are to be distributed.  Options include Lump Sum- the entire benefit is paid in a single payment.  Specified Income Provision- The insurer pays the beneficiary both the principal and interest using a set schedule of payments.  Interest Income Option- The life insurance carrier holds the proceeds and pays the beneficiary interest on the sum.  Life Income Option- The beneficiary receives a set income for life.  The payout amount on this option depends on the death benefit amount, the age of the beneficiary, the gender of the beneficiary, and interest rates at the time of death.
5. Processing the Claim- After the claim has been submitted (assuming the paperwork was done properly) processing usually takes between 1-2 weeks.  Insurance companies must analyze the claim, confirm the policy is active, and review the paperwork. 

When we are doing life insurance planning with clients, one of the best features of life insurance we emphasize is that it cannot be accessed by creditors or lawsuits.  To make it easier for family members, we suggest completing a simple “estate directory” which lists policies, policy numbers, beneficiaries, contact people in the event of an unexpected death, and a list of where to find their wills and where files are stored. 

We have access to over 100 life insurance companies, and we regularly track over 2000 types of policies.  Since I am a broker, I represent YOU the client and shop the markets for the most suitable policy at the best price.

We also provide a “Coaching Sheet” with tips on how to obtain the best results on an exam, which can include a blood and urine test.  In my 30 years of experience, I have never seen an insurance broker that provides this!  The less premium you pay, the less money we make!

For more information or life insurance quotes, feel free to reach out to me at Rob@InsuranceDoctor.us!

Never has your diet been more important than during this current Covid-19 Era!  This is not the time to be going to the hospital for heart surgery.  As we now know, one of the most dangerous aspects of Covid-19 is its unpredictability as to which body organs it chooses to attack!

The United States has one of the highest costs of healthcare in the world!  In 2020, U.S. healthcare spending reached $4.1 trillion, which averages to over $12,500 per person.  This was over $4,000 more expensive per person than any other high-income nation. 

My friend Don recently had a heart attack at age 49 and had stents put in.  He had an artery blockage, and the doctor said a better diet could have avoided it.  Don’s medical and hospital bills exceeded $160,000 by a large margin.  Before his heart attack, he estimated that he ate red meat 5-6x/week and had at least 2 alcoholic drinks every day except Sundays.  He was lucky to survive!  He was also fortunate that we implemented a strong group health insurance policy for his 12-employee law firm.  Don paid less than $8,000, out of his pocket, less than 5% of the total cost.

We can all significantly reduce the occurrence of heart disease (regardless of family history) by making modest lifestyle changes.  According to the CDC, (Centers for Disease Control and Prevention) more than 800,000 first heart attacks occur annually, with more than half followed by a 2^nd heart attack.

I have always maintained that your diet starts at the supermarket.  I understand, due to inflation it can cost significantly more money to eat healthy organic foods; however, the cost of not doing so can be much greater!

My top 4 tips to improve your diet (in addition to reducing sugar and alcohol intake) and drastically reducing the odds of heart disease include but are not limited to:

1. Eat a Minimum of 1 or 2 Squares of Dark Chocolate Several Times Weekly: Evidence in the British Medical Journal shows that 1-2 pieces of dark chocolate several times per week may decrease the risk of a heart attack by 37%, compared to those who consume less.  Who says prevention must be boring and painful?
2. Include More Fiber in Your Diet: Fiber has what is called a “dose-response” to reducing risk.  In other words, the more fiber you ingest, the greater your reduction of risk.  The average American consumes roughly 15 grams of fiber per day.  The American Dietetic Association recommends 25-38 grams of fiber per day.  Studies show for every increase of 10 grams of fiber consumed per day, there was a corresponding 14% reduction in the risk of a cardiovascular event and a 27% reduction in the risk of heart disease.  Good fiber sources include whole grains, fruits, vegetables, cereals, and beans.
3. Eat More Legumes: In a survey by (NHEFS) the National Health and Nutrition Examination Survey conducted using over 9500 men and women, found that those who consumed more than 4 servings of legumes per week (compared to those who ate less than 1 serving per week) reduced the risk of coronary heart disease by 22 percent!  Common sources of legumes are beans (great northern, kidney, lima, navy, green, and pinto), peanuts, lentils, chickpeas, and snow peas in their pods to name many.
4. Eat More Omega 3 Fatty Acids: Eating both plant-based and seafood-based Omega 3s will reduce your risks and extend your life.  Good sources of plant-based Omega 3’s include nuts and ground flaxseed.

The more significant the lifestyle modifications one makes, the odds are better to live a long and healthy lifestyle!  Even modest changes in your diet will result in significant reductions in risk!  The goal should be to become “heart-attack proof,” a term used by Dr. Sanjay Gupta!

In a nutshell, you can pay a little more for healthy food now to prevent paying a lot more later! 

To be added to our monthly e-newsletter, email Add-me to Rob@InsuranceDoctor.us