
Month: October 2019


Secretary of State Jocelyn Benson to Attend MADA Annual Meeting

Long-Term Life Planning Blueprint
To many, the concept of the future seems scary. Most of us live in the present and might not even know what we’re having for breakfast tomorrow. While it’s easy to only look at the not-so-distant future, it’s incredibly important to plan for your long-term needs. It’s never too early to be prepared.
Here are three key ways to make sure your family isn’t left not knowing your wishes in the event of a tragedy or unexpected setback.
- Create an estate plan. Estate planning is creating a plan for how your estate will be managed and who will manage it throughout your life and after death. When planning where your belongings will go, it’s also important to consider the other implications that it will pose to the beneficiaries, such as tax and legal effects. Federal and state taxes on estates can be some of the highest. It may seem unnecessary to a college student, but experts encourage young adults in their 20s to start estate planning. It’s always helpful in the event of a tragedy and only requires a few important legal documents.
- Designate a power of attorney. Everyone should also have a designated power of attorney. POAs are commonly selected when someone gets to retirement age, however you may select a POA anytime after your 18th birthday. Special circumstances may prompt the need for a POA earlier in life. This person has the power to act on your behalf if you are ever deemed incapable. It should be someone you trust, who knows you well and who would be comfortable making very difficult decisions. Always ask your desired power of attorney if they are okay with the responsibility before you officially designate them as POA.
- Consider long-term care insurance. Unlike traditional health insurance, long-term care insurance is designed to help you in the event of a long-term service need. These policies reimburse the policyholder for daily needs such as food, bathing, etc. The cost associated with the policy varies based on a variety of factors, but it is recommended that you apply for long-term care insurance in your 50s. At this age, your health is generally pretty good and you’re able to add coverage down the road if you need it. Learn more about supplemental insurance options to consider here.
For all of these decisions, it is recommended that you consult with a trusted professional advisor to make sure you are choosing the best option for you. They can also offer legal advice in the event of uncertainty.
Long-term planning may seem like a major undertaking, but you can set smaller tasks and goals to accomplish all the planning you need. Breaking it up will help to make it more manageable.
Conversations such as these can be hard, but they are necessary and can save you and your loved ones from confusion down the road.
This article was originally published on www.ahealthiermichigan.org, a website sponsored by Blue Cross Blue Shield of Michigan. Blue Cross and MADA are your trusted partners in building a healthier business and workforce.
Photo credit: PeopleImages

Training Reminder for Standalone Class B Dealers
Please note: this does NOT apply to Class A/B…or supplementals to a Class A license
The Michigan Department of State recently mailed dealer license renewals. This is a good time to remind standalone Class B dealers that new regulations require renewing Class B dealers to have a designated employee at each retail sales location that has completed the standard or continuing education dealer training program. A single individual cannot be the designated employee for more than three (3) locations.
When renewing a dealer license, standalone Class B dealers (those not connected to an A license) must sign and certify that this requirement will be done (or has been done). Dealers will have a short grace period after renewal to meet the designated individual training requirement; however, it is recommended that training be completed in advance. The training will be verified by the state in 2020 and violations will be written for non-compliance.
For more information, refer to this March 2019 bulletin from the state, or this FAQ with a link to the training schedule. If you have further questions please contact Jean Quinn at (800) 292-1923 or email jquinn@michiganada.org.