Ask Liz Weston

Get smart with your money

Liz Weston

Q&A: Long-term-care insurance

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Dear Liz: I’d appreciate your thoughts about long-term-care insurance programs. Ours has just announced a 52% rate increase with a possible 25% increase next year. Although I realize that none of us can predict the future, are there any guidelines you can suggest for deciding whether, for example, an 80-year-old in good health needs the maximum 10-year coverage or can get by with a three-year coverage period?

Answer: Most people over 65 will need some kind of long-term care, but most need it for less than three years. You may want to err on the side of caution and opt for a longer coverage period if you have a family history of dementia.

Thursday’s need-to-know money news

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Today’s top story: How video games can level up kids’ money skills. Also in the news: How Twitter became the unlikely hero in a rental car fiasco, what to buy (and skip) in September, and 5 steps to turn your side gig into a full-fledged business.

How Video Games Can Level Up Kids’ Money Skills
These four conversations can help your video game-loving kids learn about money.

How Twitter Became the Unlikely Hero in a Rental Car Fiasco
Here’s how and when customers might use social media to get through to customer service.

What to Buy (and Skip) in September 2021

5 Steps to Turn Your Side Gig Into a Full-Fledged Business
Formalize your freelance business by separating your business and personal finances and making a business plan.

Wednesday’s need-to-know money news

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Today’s top story: Where to turn when a natural disaster upends your finances. Also in the news: 5 ways women can combat investing disadvantages, Ask a Travel Nerd on when to book holiday travel, and why your rent is often more than a mortgage payment.

Where to Turn When a Natural Disaster Upends Your Finances
Act quickly to get free aid first, then turn to financial tasks like contacting insurers and creditors.

5 Ways Women Can Combat Investing Disadvantages
Here are some of the investing disadvantages Americans say women have, and advice on how to overcome them.

Ask a Travel Nerd: Is It Time to Book Holiday Travel Yet?
Despite ongoing uncertainty caused by the pandemic, it still makes sense to book your holiday travel early.

Why Your Rent Is Often More Than a Mortgage Payment
The extra costs baked into your monthly rent.

Tuesday’s need-to-know money news

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Today’s top story: How to get free money for college and help to find it. Also in the news: 4 alternatives to big banks, workplace scams to watch out for, and unexpected things you could buy with crypto.

You Can Get Free Money for College — and Help Finding It
The FAFSA qualifies you for federal financial aid. And it’s not too late to submit it for this academic year.

Tired of Your Big Bank? Consider These 4 Alternatives
Become more than just a number.

Scam Alert: Avoid a Big Mistake in a New Job
CEO fraud and other scams try to get employees to purchase gift cards, send money or divulge sensitive information.

Unexpected Things You Didn’t Know You Could Buy With Crypto
From home goods to travel.

Monday’s need-to-know money news

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Today’s top story: Pandemic puts personal finance on high school agenda. Also in the news: A new episode of the Smart Money podcast on Delta spending habits and marriage vs. mortgage, 4 new rules for entrepreneurs in 2021, and the mortgage outlook for September.

Pandemic Puts Personal Finance on High School Agenda
“Educators say there’s never been more interest in the subject from students and parents.”

Smart Money Podcast: Delta Spending Habits and Marriage vs. Mortgage
How the Delta variant is changing the way people spend money.

4 New Rules for Entrepreneurs in 2021
How COVID has rewritten the rules.

Mortgage Outlook: September Rates to Ascend, Then Level Off
What to expect in the month ahead.

Q&A: Retiring early doesn’t mean losing affordable health insurance

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Dear Liz: I am 55 and have health issues that I don’t talk about at work. I want to retire soon. I know that getting health insurance is going to be hard. I am just at a loss as to how I am going to keep working when I don’t feel well. What are my options?

Answer: In the past, getting health insurance could be difficult or prohibitively expensive if you had even relatively minor health conditions. That changed with the Affordable Care Act, which requires insurers to extend coverage without jacking up the premiums for preexisting conditions. In addition, most people qualify for tax subsidies that reduce the premiums, and those subsidies were expanded this spring when President Biden signed the American Rescue Plan into law. You can start your search for coverage at HealthCare.gov.

Before you quit, however, consider whether your employer could make accommodations that would allow you to continue working. Many people at 55 don’t have enough saved for a comfortable retirement that could last decades. Shifting to part-time work, if your employer allows it, could help you continue to save or at least reduce the amount you need to withdraw from your savings.