A recent report released by the U.S. Government Accountability Office (GAO) paints a depressing financial picture for local and state government “employees, reties and poor people” in respect to health insurance.  According to a National Underwriter article about the report within the next fifteen years “GAO projections suggest that employee and retiree health coverage programs, Medicaid and other state health programs will start throwing state and local budgets out of balance.” 

The GAO calculated the astonishingly large amount of local governments (87,525) and all fifty states to come up with the numbers for total taxes and fees and grants and loans “from the federal government.” 

“The 50 state governments and 87,525 U.S. local governments collected a total of about $1.4 trillion in taxes and fees in 2006 and about $400 billion in grants, loans and loan guarantees from the federal government, GAO officials report.”

In the year 2007 I posted several hundred times on this blog while covering a wide array of topics.  With the start of the New Year I though I’d take a look back at some of the more popular posts based on visitor comments with a dash of my own personal interest in the story thrown in for good measure.  

See for yourself if any of these articles peek your interest and pass the links along to others who might benefit from them.  The comments count does not include my own comments.  Thanks for visiting my blog.


New Insurance Law Euthanizes Pit Bulls In Arkansas – 11 comments

Insurance Scam Review: Recent Insurance Fraud News – 6 comments

HealthyToys.org Offers Guide To Toxic Chemicals In Toys – 5 comments

Travel Insurance: Read The Fine Print Before Submitting A Claim - 5 comments

Mississippi Insurance Commissioner Approves 90% Rate Increase – 4 comments

 

Below are two of the most visited posts from 2007 regarding a very popular product, the iPhone.

Apple iPhone Insurance: Is The New iPhone Worth It Without Insurance Coverage? - 4 comments

Apple iPhone Insurance Revisited: Apple Warranty Only Option - 3 comments 

 

My favorite post of the year was unrelated to insurance.  I had a blast writing it and I hope you enjoy reading it.  

Golden State Warriors Topple A Giant - 2 comments

With the beginning of a brand new year the smell of steadfast resolutions is wafting through the air.  Many of us endeavor to lose ten or twenty pounds by utilizing a variety of diet and exercise routines while others have lofty financial or business goals for the New Year.  With the thought of a clean slate and fresh perspective firmly in my grasp I’ve decided to throw my hat into the ring with some important New Years insurance resolutions.

Whether you are a homeowner, single, married or living in an apartment the following ten suggestions will help you start your finances off on the right foot.

1. Pull out your life insurance policy, dust it off and look to see how much coverage you actually have.  If you have not looked at your policy in some time you may be surprised to find out actually how much coverage you do have.
2. Increase or decrease your life insurance coverage depending on recent changes (marriage, divorce, children, new home, debt etc.) to your financial situation.  You should of course speak with a trusted insurance agent that will analyze your specific situation to see if you need more or less coverage.
   
3. Learn about renters insurance if you are currently renting.  The cost is minimal and the coverage usually extends to property in your car while it is parked at home.  This small investment could protect some of your more expensive items in the home.
4. Make an appointment with your homeowners’ insurance agent to discuss your coverage.  Be prepared for the New Year by ensuring you have adequate coverage and find out about appropriate additional coverage (fire, earthquake, wind, flood and landslide insurance to name a few) for your situation.
   
5. If you are currently paying Private Mortgage Insurance (PMI) then find out when and if you can drop the coverage.  You may be unnecessarily paying PMI coverage instead of redirecting that money to a better purpose.
6. Find out the maximum annual guidelines for your Variable or Universal life insurance policy and if you are not currently maxing it out do your best to contribute more.  Every extra dollar you contribute will go towards either the sub accounts you have chosen or the separate universal life account.
7. Contact your human resources department and find out the exact amount and kinds of insurance coverage you have.  Companies vary but many offer not just life but disability as well.  Write down the coverage and keep it with your other important financial information.
8. Speak with you auto insurance representative about lowering your rates.  Compare your current premiums with other companies and see if you can receive a better deal.  That extra one hundred or more dollars saved in a year can be squirreled away for other purposes.
9. Consider purchasing Long Term Care (LTC) insurance.  This type of insurance is often considered frivolous or unnecessary but if you are not on a path towards saving enough money for retirement it could be a solid back up plan.  I highly recommend speaking with an agent that has many years of experience in the LTC market as this type of product is very different from many other personal insurance products.
   
10. Write down all of the insurance coverage you have on one piece of paper and put it in a file.  List the coverage amounts and premiums you are paying.  Make sure and update the list as you add or drop certain insurance coverage.  Let your family know where the information is so they can access it if needed.  This will come in handy for not just personal convenience but also in case the coverage is ever needed.

With a little planning, preparation and organization you can establish a firm foundation for the future. 

Happy New Year and I wish you the best for your varied resolutions.