Financial News Friday – June 28, 2013

Some doctors are becoming fed-up with the insurance system in America and are no longer accepting insurance from their customers. The result? “Cash only” doctors are opting for direct payments from consumers. Instead of accepting health insurance for routine visits, doctors can offer a “concierge” approach to care. At Atlas M.D. members pay $10 per month for kids, $50 per month for adults under 44, and $100 per month for those older than 44. Patients receive unlimited care and lower prices for services such as MRIs (only $400 vs $2000) and cholesterol tests (only $3 vs $90.) An interesting proposition. (CNNMoney)

 

This past week the Defense of Marriage Act was declared unconstitutional by the Supreme Court, meaning all same-sex marriages are now eligible for the same federal benefits as opposite-sex marriages. Therefore, it may behoove same-sex couples to consider getting married to take advantage of Social Security maximization strategies, as same-sex couples should now be eligible for the same benefits as opposite-sex couples. If you sign up for the Retirement Planning Academy waiting list you’ll immediately be sent a video course about how to maximize your Social Security benefits. It looks like I may have to update that course to acknowledge this change. (Yahoo Finance)

 

The financial education gap between men and women is leveling off. While most of household spending is controlled by women (73%), the largest gap in financial education between the genders was found in debt and money management. There was no difference among the genders for retirement plan participation. The article goes on to note that women are better at following a financial plan, a trait we financial planners appreciate immensely. (AdvisorOne)

 

High profile estate battles are just another reason high net worth individuals need estate plans with bulletproof legal directives. 8 Big Battles Of The Rich And Famous (AdvisorOne)

 

56% of employees are saving less to pay for rising healthcare costs, 25% of employees within five years of retirement expects to have less than $250,000 saved, and 80% of employees expect to have increased healthcare costs within the next 2 years. (Wealth Management)

 

If you’re moving to a no income tax state, give this article a look. States are hungry for income tax and will closely scrutinize your tax returns and your time you spent within their state to determine if you are indeed a resident of your new no income tax state. (CNNMoney)

 

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