Retirement and inheritance planning is very complicated because of all the factors we can’t know, like when people will die or how the stock market will behave. When you throw in trying to plan for a special needs adult family member as well, it probably triples the complexity. With help from ChatGPT, I created a spreadsheet that can help with the planning and model different financial circumstances. I intentionally used realistic numbers in the base case so that the year-by-year page would show a funding gap that would need to be planned for by the family. There are various scenarios the sheet will calculate so families can get a better idea of what might happen if some of the variables change. Give it a try and email me at charityawareness@commonheart.org to let me know how it worked for you. It works best on a laptop or desktop computer. You can use it in Google Sheets or download it to Excel.
Tag: resources
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Community Partners in #Union County, NC: Your Resource Finder Tool
Community partners, please test out this new tool for finding resources in Union County. You can find it at this link or scan the QR code.
It can be very useful for you to quickly look up resources specific to your clients’ needs. It will even translate in the chat if you ask it to.
Please ask a question about resources; the more specific, the better, and please send the results to charityawareness@commonheart.org so I can keep improving the tool. You can even ask the tool to translate the answer into another language, or ask your question in your preferred language. If you use it on a smartphone, you should be able to press the microphone in the lower right corner to enable you to ask your question verbally.
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What is COBRA?
COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act of 1985, is a federal law that requires employers with 20 or more employees to offer “continuation coverage” for group health plans. This allows employees, their spouses, and dependent children to keep their health insurance for a limited time after it would normally end due to specific life events.
How COBRA Works
- Continuation of Benefits: The coverage provided under COBRA must be identical to the “core” or basic benefits you received while employed.
- Fees: Unlike employer-sponsored insurance where the company often pays a portion of the premium, you are typically responsible for paying the full cost of the coverage yourself.
- Duration: Coverage generally lasts between 18 and 36 months, depending on the nature of the qualifying event.
Qualifying Events
You may be eligible for COBRA if you lose your health coverage due to any of the following:
For Employees For Spouses For Dependent Children Voluntary or involuntary job loss (except for gross misconduct) Job loss of the covered employee All events listed for spouses Reduction in work hours Reduction in employee’s work hours Loss of “dependent child” status under plan rules Employee becomes entitled to Medicare Divorce or legal separation Death of the covered employee How to Apply
- Notify Employer: You or a family member must inform the employer within 60 days of a qualifying event.
- Election Period: Once the employer notifies you of your rights, you have 60 days to choose to elect COBRA coverage.
- Risk of Loss: If you do not choose COBRA within this 60-day window, your medical coverage will end.
Important Note on Medicare
If you are transitioning to Medicare, it is important to know that COBRA is not considered coverage based on current, active employment. This means that even if you have COBRA, you must generally enroll in Medicare Part B within eight months of your actual employment ending to avoid late enrollment penalties. Furthermore, you are not entitled to a special enrollment period for Medicare once your COBRA coverage expires.
For More Information
- Local Assistance: Union County residents can contact the Council on Aging in Union County at 704-292-1797 for help with Medicare and SHIIP counseling.
- State Resources: Call the Seniors’ Health Insurance Information Program (SHIIP) at 1-855-408-1212 or visit ncshiip.com.
- Federal Resources: Contact the Department of Labor’s Employee Benefits Security Administration (EBSA) at 866-444-3272 or visit askebsa.dol.gov.