The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 is the first major revision of the Medicare program since its creation in 1965. The law introduces several new benefits for Medicare-eligible individuals, all of which are voluntary, including a prescription drug benefit. It also expands the health care options available to individuals who are not yet eligible for Medicare through the creation of health savings accounts. The provisions of the new law will be gradually implemented, beginning in 2004.

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Posted by Michael Chapman at 12:00 PM UTC

When you own cash value life insurance, your premium payments are allocated three ways. First, a portion of each premium pays for the actual insurance costs. Like term insurance, a specific cost is associated with the policy’s death benefit, based on your age, health, and other underwriting criteria. Second, a portion pays for the insurance company’s operating costs and profits. The remainder goes toward the policy’s cash value.

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Posted by Michael Chapman at 12:00 PM UTC