Insurance When You're Young and Single
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WEEKLY EDUCATIONAL UPDATE - APRIL 17, 2019
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The transition to adulthood is an exciting new stage that marks true independence. You may have graduated from college, taken your first job, even rented your first apartment. With this new freedom comes real responsibilities, including protecting yourself from some of the financial risks that life presents.
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Auto
Once you are no longer covered on your parents' policy, you will need to find insurance coverage in your name. It can be expensive for a young driver, so consider shopping around for the best rates, and finding ways to reduce this cost, such as coverage and deductible elections, the type of car you own, and available discounts.
Renters
If you are moving into an apartment, you should consider renters insurance. You may not think you've accumulated much in value, but when you calculate the cost of replacing your computer, electronic equipment, clothes, and everything else you own, it can total thousands of dollars. Renters insurance is often very affordable. Pro tip: when shopping for a policy, ask about whether it includes liability coverage, which can help protect you in the event you are sued by someone who is injured while in your apartment.
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Health
Health care coverage is frequently obtained through your employer. However, if your employer does not offer a health insurance program, you have two choices for obtaining coverage.
The first is to maintain coverage through your parents' health insurance plan. Federal law permits parents to keep adult children on their plan up to age 26. This choice may be relatively inexpensive, so you may want to ask your parents to inquire what the monthly premium is to add you to their plan.
The second option is to purchase a policy directly, either through a private insurer, the federal health insurance exchange (HealthCare.gov), or through a state exchange, if available in your state of residence.
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Disability
Your single most valuable asset is your future earning power. Your ability to work and earn an income is essential when it comes to your financial survival. Incurring a disability, even for a short period of time, can have substantial economic consequences, making disability insurance one of the most important insurance needs at this stage of life.
Life
Since a young, single adult typically does not have other people depending upon their ability to earn a living (such as children or dependent parents), you might think your need for life insurance is minimal.
However, due to a long life expectancy at this young age, life insurance coverage can be very inexpensive. You may want to consider obtaining some coverage to take advantage of low rates and good health in advance of a time when you will have dependents.
Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
Extended Care
Given limited financial resources, extended care insurance may be a low priority. Nevertheless, you may want to have a conversation with your parents about how extended care insurance can protect their financial security (and yours) in retirement.
Talking with a trusted financial professional can help you make the right choices for you, find coverage that meets your needs, keep within the bounds of your current budget.
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"In this world nothing can be said to be certain, except death and taxes."
- Benjamin Franklin
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Serves 6
Ingredients:
- 1 medium head of cauliflower
- 2 to 3 tsp. olive oil (you can use avocado oil as a replacement)
- 2 cloves garlic, minced
- ½ cup scallions, chopped
- ½ lime, zest and juice
- Sea salt and freshly ground black pepper
- ¼ cup toasted almonds (you can use pine nuts or walnuts)
- ¼ cup fresh chopped parsley (you can use cilantro or basil)
Directions:
- Wash and dry cauliflower. Cut the head into manageable pieces.
- Pulse or grate fresh cauliflower head until it is minced into rice-sized grains.
- Heat up a large skillet over medium-high heat.
- Quickly cook the garlic for about 30 seconds.
- Add the riced cauliflower, season with salt and pepper, and cook for about 5 minutes until soft.
- Add the scallions, lime juice and zest, almonds, and parsley.
- Garnish the top with almonds and parsley, and serve immediately.
Recipe adapted from Love and Lemons[3]
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It's that time again. If you need to pay this year, the IRS makes it easy for you to make payments. In some cases, you may be able to make installments if you're not able to pay the full amount on time. Here are some ways to pay that bill:
Direct Pay: You can pay your tax bill online from a bank account with IRS Direct Pay. You'll have the ability to schedule payments up to 30 days in advance, and there is an option for you to change or cancel your payment.
Credit or Debit Cards: Using your debit or credit card, you can pay your tax bill online, by phone, or with your smartphone. There may be fees that apply.
Installment Agreement: The IRS may arrange monthly payments if you can't pay your tax bill in full. In order to use this service, you'll need to have filed all required tax returns. Visit https://www.irs.gov/payments/online-payment-agreement-application to learn more.
IRS App: If you're on the go, then the IRS2Go app may be for you. You can make payments and more. Download the IRS app from your favorite app store.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[4]
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Grip It, Rip It, and Put Your Body Into It
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Many people focus on the smaller mechanics of using their irons to greatest effect. But sometimes, it's about the bigger picture.
In order to get the most distance out of your irons, try to put your entire body behind the ball during your swing. Make sure you have a slight tilt to your shoulders, so your spine is angled away from the ball. Finally, make sure to angle out your left foot, slightly. This helps your body powerfully rotate through the shot.
But don't forget: before you start rotating your hips on the downswing, shift them toward the target a few inches - this should actually start happening before you finish swinging the club back.
Tip courtesy of Sean Foley, PGA | Golf Digest[5]
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As if your morning cup of joe wasn't enough, now trending are add-ins to your morning brew. You just may get more out of your cup! Check out these trends:
Butter: Skip the toast and go right for the coffee. The folks at bulletproof.com tout the benefits of adding grass-fed butter or ghee to coffee for a slower release of caffeine, reduced food cravings, and improved gut health.[6]
MCT Oil: Medium-chain triglycerides (MCT) oil is a processed oil that combines palm and coconut oil. It boasts many health benefits, such as sustained energy and giving you a feeling of fullness. Try it in your morning coffee.
Cinnamon, black pepper, other spices: Not only will these spices make your coffee taste good, they offer many health benefits and are loaded with antioxidants.
Tip adapted from MyRecipes.com and The Alternative Daily[7]
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Did you know that adding a few vegetarian meals to your diet each week can help save energy and fuel and can even improve your health? Raising livestock increases greenhouse gases, uses a lot of water (cows can drink 50 gallons of water a day), and makes use of farmland that could be better used to plant crops.
Here are four ways to "veg-out" with meat alternatives:
- Plant power: Plant-based proteins, like chia seeds, hemp seeds, broccoli, kale, and mushrooms, all pack a protein punch with 2 to 4 grams of protein per serving (find your protein requirements at https://fnic.nal.usda.gov/fnic/dri-calculator/).
- Meat-like fare: Veggies like mushrooms, eggplant, and jackfruit (a fruit), have a meat-like texture and are very versatile in recipes. Tofu, tempeh, and seitan have a meaty texture as well, and they take on the flavor of the dish and seasonings in your recipe.
- Beans and legumes: Beans, lentils, peas, and peanuts, oh my! From peanut butter to hummus, you're adding to your daily protein intake by including these delicious alternatives.
- Beat it: Eggs whether hard-boiled, poached, over-easy, or folded into an omelet, are an easy, nutrient-rich whole food.
Tip adapted from Medical News Today[8]
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[1] www.thebalance.com/best-rental-insurance-4158701
[2] www.transamericacenterforhealthstudies.org/affordable-care-act/consumer-categories
[3] www.loveandlemons.com/how-to-make-cauliflower-rice/
[4] www.irs.gov/newsroom/easy-ways-to-pay-taxes
[5] www.golfdigest.com/story/sean-foley-smash-your-irons
[6] blog.bulletproof.com/butter-coffee-benefits/
[7] www.myrecipes.com/extracrispy/what-is-mct-oil
www.thealternativedaily.com/add-these-ingredients-to-coffee-to-fight-inflammation/
[8] www.medicalnewstoday.com/articles/321474.php
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