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HEALTH INSURANCE FOR HIV PERSON AT NEW JOB
Aug 18, 2000

I HAVE MANY QUESTIONS REGARDING MY NEW EMPLOYMENT...I HAVE A GREAT JOB, BUT DON`T KNOW ABOUT THE FOLLOWING.

1. SHOULD I SIGN UP FOR 401K AND IF SO, JUST THE MATCHING AMOUNT AND WILL I BE PENALIZED WHEN I GET SICK.

2. LIFE INSURANCE..HOW MUCH AND SHOULD I TRY TO SELL MY POLICY TO HELP ME WITH MY PRESENT EXPENSES.

3. FLEXIBLE SPENDING?

4. LONG TERM, SHORT TERM, GROUP LIFE, ETC

HELP I NEED THE ANSWERS I'M SCARED TO MAKE A MISTAKE

Response from Ms. Franzoi

1. You should probably sign up for the 401(k), especially if it has a company match. First, the money you contribute is contributed on a pre-tax basis so it reduces your taxable income. If there is a company match, that will just increase your account balance. There is typically a vesting schedule attached to the company match. A 401(k) provides an effective way to save for retirement or disability.

2. You need to determine what financial liabilities your beneficiaries will have to deal with after your death and purchase coverage based on your needs. You might be limited in the amount that you can purchase. A life insurance plan typically has a limit on the amount of coverage that it will provide without medical evidence. Whether or not you should or can sell your coverage to a viatical settlement company depends on the terms of the policy and the insurance laws in your state. You should check to see whether the policy has a living death benefit option before you sell the coverage.

3. For flexible spending, you should determine what your out-of-pocket medical expenses will be and then make an election that meets your needs. Some things to consider are the deductible, your co-pay, etc.

4. You should sign up for short and long term disability as these plans will provide you with income in the event you become too ill to work.

Lynn



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