Almost everyone has experienced or knows someone who has experienced a cancer diagnosis either themselves or in their family.  I have personally experienced this in my family within the past 6 months.  Even with excellent health insurance or Medicare coverage, cancer sufferers can still be hit with unexpected medical and non-medical expenses.  Alternative cancer treatments are becoming more and more popular due to their effectiveness but unfortunately are not covered by insurance and must be paid for 100% out of pocket.  Indirect costs of cancer due to loss of employment can greatly impact the ability to pay monthly bills, insurance deductibles, copays, etc all increasing the burden of the family.  

First Diagnosis Cancer Insurance provides a lump-sum cash benefit when an individual is first diagnosed with cancer.  A low monthly payment can provide up to $25,000 in cash that is paid right away upon diagnosis.  The policy will remain in force as long as premiums are paid and can even offer inflation protection.  The cash can be used for medical bills, debt, house payments, etc providing peace of mind knowing the financial burden of the individual being treated and the family will be less.  

When it comes to creating a retirement portfolio, most people focus on their company's 401k or their own IRA.  While these types of retirement accounts have certain tax advantages and the ability to accumulate growth over an extended period of time, they also have some flaws.  

Most 401k's and IRA's are heavily invested in the stock market during their accumulation years which creates the potential for downside market risk.  I think we all remember October 2008 where millions of people lost over 40% to 50% of their retirement accounts in a single month.  It was a devastating time for millions of people and forced a lot of people's retirements to be put on hold.  

An IRA also has limits on how much can be contributed each year.  If you are under the age of 50 you can only contribute up to $5,500 per year towards all of your IRA accounts.  If you are 50 or over you can contribute up to $6,500 per year.

Wouldn't it be great if there was a retirement product that grew based on the rise of the stock market without the exposure to downside market risk, the ability to contribute as much as you want every year AND have the tax deferral advantages of a 401k and IRA?  Well there is!  It's called a Fixed Indexed Annuity (FIA).  

An FIA is an insurance product where the Insurance Company assumes the risk.  The annuity owner can invest as much as they want during the accumulation (growth) phase and the growth of the account is  tax-deferred.  Interest is credited every year based on a stock market index (such as the S&P 500) with the annuity owner's funds never actually being in the stock market.  This means that if the market were to ever decline or "crash" the principal and the interest credited is protected.  This creates an ideal environment for sustained growth through the life of the annuity.  Once the accumulation phase has ended and it is time for "Annuitization" or distribution phase, you can choose several ways to distribute your retirement funds with one being a guaranteed income for life.  

There are many things to consider when purchasing an annuity and it is certainly not right for every retirement investor, so make sure to speak to one of the Licensed Experts at The Legacy Council at (513) 442-2000 to help guide you through the process.  

According to Healthcare.gov you may still enroll into a health insurance plan even though it is past the Open Enrollment Deadline of Feb 15th.  If you did not enroll into a plan for the 2014 year and owe a penalty on your 2014 Income Taxes you qualify for this Special Enrollment Period and may choose a plan to cover you for the rest of 2015. You may also apply for a tax subsidy to help cover a portion of the cost of the monthly premiums (income qualifications apply).   

This new Special Enrollment Period began on March 15th and runs through April 30th.  

The "shared responsibility payment" or fee for not having creditable coverage is increasing every year and each year you go without having coverage will increase the tax penalty you will owe when you file taxes.  We at TLC don't necessarily agree with this government mandate but it is a fact that we all have to consider when declining to have health insurance coverage moving forward.