Asset Valuation

Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) Review

In a highly competitive operating environment in which we live, it is often difficult for a company to raise prices, unless it can differentiate its products and services in such a way that customers are prepared to pay a premium price. Even then it is necessary to produce the best value at optimal costs.

Most companies are price takers and the only area that they have control may be their costs. This is where this book is very handy and it provides managers with effective techniques and tools that they can employ to control and manage costs. The book shows that all departments can adopt best practices to ensure that their costs structures are optimal. Other areas to target for cost control include outsourcing, rightsizing organisations, the use of consultants and elsewhere.

This is an excellent book that is essential reading for all managers who need to learn the techniques, strategies and best practices in reducing costs for organisations. The author reinforces their well presented arguments, proposals and solutions with case studies and real examples that should assist managers in implementing the tips that they would have learnt.

Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) Feature

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Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) Overview

Cost Reduction and Control Best Practices provides financial manages with no-nonsense, balanced, and practical strategies that are being targeted and used nationwide for controlling costs by thousands of companies in areas such as human resources, compensation, benefits, purchasing, outsourcing, use of consultants, taxes, and exports. These best practices are based on the trenches experience, research, proprietary databases, and consultants from the Institute of Management and Administration (IOMA) and other leading experts in their fields.
* Provides best practices and techniques for controlling costs within a company
* New chapters focus on outsourcing costs, downsizing, consultants’ costs, and business tax costs
* Provides the latest strategies companies re using to control costs

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The European Court of Justice (”ECJ”) ruled in Praktiker Bau- und Heimwerkermärkte (C 418/02) that a trade mark that is now in use by a company on its goods can be extended to cover the services provided by this company.

A DIY retailer Praktiker Märkte, filed for registration with the Deutsches Patent und Markenamt (the German Patent and Trade Mark Office) of the mark PRAKTIKER in respect of the slogan ‘retail trade in building, home improvement and gardening goods for the do-it-yourself sector.’ However the German Patent Office refused registration of this slogan on the grounds that the concept of ‘retail trade’ did not denote independent services having autonomous economic significance.

Praktiker Märkte brought an appeal before the Bundespatentgericht (Federal Patents Court) against the rejection of its application. The company argued that the economic trend towards a service society necessitated a re-appraisal of retail trade as a service. The consumer’s purchasing decision would increasingly be influenced not only by the availability and price of a product, but also by other aspects such as the variety and assortment of goods, their presentation, the service provided by staff, advertising, image and the location of the store, etc. Such services provided in connection with retail trade enabled retailers to be distinguishable from their competitors. They further argued that such services ought to be eligible for protection by service marks.

The case was referred to the ECJ who concluded that:-

Retail services should be registered as trade marks if the services differ from the goods under which the trade mark is sold; and

The contents of the services provided by the retailer must be specified so as to enable consumers to know in concrete terms (1) what the service consists of (expressions such as “retail trading” or “retail services” are not explicit enough) and (2) what goods or types of goods the services relates to.

Comment: This is a significant decision for trade mark owners.

If you require further information contact us.

Email: enquiries@rtcoopers.com

© RT COOPERS, 2005. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances.

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The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies Review

Although much of the organization and explanation of valuation techniques presented here repeats the presentation in Damodaran’s previous books, he does two things which make this the better book than the previous books: 1) he discusses the role of “tech” companies in our economy and he selects 5 specific companies which serve as his examples in every chapter and 2) he makes reference to excel spreadsheets (available for free download on his web page) which he has prepared to allow readers to apply what they are learning immediately and with a minimum of set-up time. As tech companies play a larger and larger part in our economy, the specific quirks and issues related to the operation of tech businesses and the impact of those industry-specific issues on the valuation process become more important for us. One might argue that all companies, whether they are wine makers or processor makers, face industry-specific valuation issues which do not affect companies in other industries, and in light of that, many issues discussed here might not be relevant to the wine makers. But tech is so important to us now that we can no longer afford to use generic, non-tech specific techniques in the face of an increasingly tech-heavy stock market.

As for the reviewer who compained that Damodaran doesn’t do enough work in real option theory: Damodaran says in this book exactly what needs to be said about real option theory: that it has very limited applications (which is not to say that it is not revolutionary within those limited applications) and that the push to broaden the use of real option valuation beyond its traditional applications can more often than not constitute misuse and abuse of the models. Not every investment contains options, and not all of those options have value, to paraphrase Damodaran himself. Damodaran doesn’t ignore real options, of course: he calls them contingency claims (as they technically should be called) and dedicates a chapter to explaining there use and abuse. Using real options, when it comes down to it, involves building and solving partial differential equations based on stochastic processes. As any actuary or financial analyst could confirm, teaching stochastic processes presupposes a very strong math base and still would require an entire book. Damodaran did the right thing by limiting himself to a single, illustrative chapter.

The best part of this book is that thanks to Damodaran’s congenial and accessible ability to write, this book can be read and prove valuable to people with a variety of needs. As an MBA student this book has been invaluable. But I even gave this book as a gift to my brother, a decidedly non-financial person, to replace his countless “How to Invest” books sitting on his bookshelf.

The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies Overview

(Pearson Education) A comprehensive guide to valuing technology companies, for investors, financial executives, venture capitalist, and other professionals. Includes 5 detailed case studies that cover the entire tech lifecycle, from Amazon.com to Cisco and Motorola. DLC: Valuation.

The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies Specifications

If the tech-stock swoon merely whets your appetite for this roller coaster of a market sector, and your eyes don’t glaze over at the very sight of formulas like “Return on Capital = EBIT (1 – t) / Capital Invested,” then The Dark Side of Valuation is the investment guide you’ve been waiting for. Whether considering New Economy firms at their peak or their valley, writes Aswath Damodaran, the problem has always been determining their true value with equitable dispassion. A leading expert on the topic, Damodaran begins by noting that standard corporate valuations are determined by four factors: cash flow from existing investments, growth expected from this cash flow, length of time this growth is sustained, and cost of capital to sustain it. In what he admits is not always an easy read, Damodaran then details various ways to adapt conventional valuation methods for companies that lack key traditional variables (such as profits, track records, and even competitors with which they can be compared) in order to arrive at realistic valuations. Those not scared off by charts comparing the historical risk for T-bills and T-bonds since 1928 will find this book worth a look. –Howard Rothman

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The Complete Idiot’s Guide to Value Investing Review

As the author writes,

“If your’re looking to make a quick buck, this is not the book for you. Value Investing involves looking for a company on sale and having the patience to wait until others realize that company is a bargain.”

Value investing has served many of those who practice it. The best example of its success is Warren Buffett. This book provides good value for readers because it shows them not only that it is important to buy below intrinsic value, but also how to evaluate companies. It shows how to read income statements, balance sheets, and statements of cash flow. I liked the section where it teaches readers how to read the Auditor’s Letter or Report. The author argues that this report should be read before spending any time looking at the core financial data.

Readers will also benefit from the chapter on how to listen to analysts. These reports should be read just as a means of gathering information, but never as following the buy and sell advice.

“Whatever type of analyst you’re listening to or reading, the one thing you can be certain about is that analyst isn’t working for you unless you’re the one paying him for the information.”

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

The Complete Idiot’s Guide to Value Investing Feature

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The Complete Idiot’s Guide to Value Investing Overview

Sound investment basics.

Value investing concentrates on business tangibles and common sense. This guide explains these strategies in clear, jargon-free terms, and gives advice on: the importance of knowing the four major parts of a companyÂ’s annual report and how to read them, how to listen for insights into the company plans and performance during the CEOÂ’s discussion with analysts, and major strategic investment policies that drive value investing and how to select the one right for your goals.

· From an expert financial writer
· Red-hot investment strategy in this troubled financial climate
· Billionaire gurus like Warren Buffet advocate value investing

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Characteristics of Depreciation

Depreciation has the following characteristics:

(1) Depreciation is charged in case of fixed assets only, e.g., Building, Plant and Machinery, Furniture ‘etc. There is no question of depreciation in case of current assets-such as Stock, Debtors, Bills Receivable etc.

(2) Depreciation causes perpetual, gradual and continuous fall in the value of asset

(3) Depreciation occurs till the last day of the estimated working life of asset

(4) Depreciation occurs on account of use of asset In certain cases, however, depreciation may occur even if the assets are not used, e.g., Leasehold Property, Patent right, Copyright etc.

(5) Depreciation is a charge against revenue of an accounting period.

(6) Depreciation does not depend on fluctuations in market value of asset

(7) The amount of depreciation of an accounting year cannot be determined precisely-it has to be estimated. In certain cases, however, it may be ascertained exactly, e.g., Leasehold Property, Patent Right, Copyright etc.

(8) Total depreciation of an asset cannot exceed its depreciable value (cost less scrap value).

Basic factors of determination of depreciation

(1) original cost of fixed asset i.e., purchase price plus freight and installation expenses;

(2) estimated amount of expenditure on repairs during the useful life;

(3) estimated useful life of asset after which it will be discarded;

(4) estimated residual or scrap value;

(5) interest on investment-the amount invested on purchase of asset, if it had been invested in some other investment what interest would have been earned;

(6) possibility of obsolescence.

Fixed Installment or Original Cost or Straight Line Method, reducing/Diminishing Balance method

Under this method depreciation is not calculated on cost of asset. It is computed on the book value. of asset. The book value of the asset is obtained by deducting depreciation from its cost. The book value of asset gradually reduces on account of depreciation charge. Since the depreciation percent rate is applied on reducing balance of asset. this method is called reducing balance or diminishing installment method or written down value method.

Merits and demerits.

Declining balance method not only equitably matches depreciation expenses against the related revenue but also fairly spreads. the incidence of depreciation and repairs (viz higher depreciation but heavier repairs in later years.) on profit and loss account over the assets life span. Elimination of major portion of cost in early years also minimizes the impact of obsolescence. It is equally useful to management as accelerated depreciation means smaller taxable profits and taxes hence lesser outflow of cash.

Accelerated Depreciation Methods

Sum-of-the year’s digits (SYD). This method of depreciation accelerates depreciation expenses so that the amount recognized in the earlier periods of an asset’s useful life are greater than those recognized in the latter periods. The SYD is found by estimating an asset’s useful life in years, then assigning consecutive numbers to each year, and totaling these numbers. For n years,

SYD = 1 + 2 + 3 + 4 + … +n

Annuity Method

The method recognizes the time value (Interest) of money and hence regards the real cost of using a long-lived asset equivalent to the actual amount invested thereon plus the interest lost on the acquisition of asset. Under this method, so much depreciation is written off each year as after debiting the asset account with interest upon the diminishing value, will reduce the asset to nil at the end of its life. Thus, the amount written off as depreciation is the same every year, but the interest will diminish each year.

The amount of annual depreciation to be written off by Annuity method will be ascertained from Annuity Tables

Depreciation Fund method or Sinking Fund method

Under this method, a fixed amount is charged as depreciation every year. It endeavors to provide the required lump sum cash at the retirement of a long, lived asset by annually setting aside and investing a fixed sum in readily realizable securities. These securities earn interest at fixed rate and the same being reinvested along with successive fixed installments of depreciation, allowed to accumulate at compound interest. The sinking fund method thus takes into account of this probable income from interest while fixing the annual depreciation and investing the same which together with compound interest accumulated to the asset’s depreciable cost by the end of its useful life. Obviously, the fixed installment of annual depreciation is here smaller as compared to straight line method. Its magnitude, however, rests on the asset’s life span and interest rate. Longer the span and higher the rate, smaller is the annual depreciation per rupee of depreciable cost.

Shortcomings of Depreciation Fund Method

Depreciation fund method assumes constant rate of return on every periodic investment in identical securities. This is hardly true in this dynamic world where rates do vary now and then. Any variation in the rate of return upsets the earlier periodic allocation for depreciation and entails refection thereof. Further the amount realized on the sale of security rarely agrees with its acquisition cost owing to made fluctuations which may be both erratic and considerable. Those may cause a wide gap between the required and supplied cash.

Insurance Policy Method

This method endeavors the supply of required cash at the retirement of a specified asset in return of periodic contribution (premium). Under this a trader takes a ‘Capital Redemption Insurance Policy’ from an insurance company which undertakes to pay at a given date a certain sum if the trader, paying a fixed number of premiums after regular intervals. The trader treats the periodic payment as depreciation and charges it to profit and loss account. In this case, depreciation is charged at the end of the year, whereas, the premium is paid at the beginning of the year. At maturity, the insurance company pays the policy money which is normally sufficient to replace the retired set. Normally, amount received is more than total premium paid as the policy yields interest.

Revaluation Method

Under the system, each year the asset is valued and the value is compared with that in the beginning of the year. The fall is treated as depreciation. Suppose if the value of the tools at the beginning of the year was Rs. 8,000, during the year tools worth Rs. 6,000 were purchased and at the end of the year, on valuation these amounted to Rs. 11,000. The amount of depreciation for the year will be : 8,000 + 6,000-11,000 = Rs. 3,000 . This method is useful for charging depreciation on livestock and loose tools.

Depletion Method

Natural resources include physical assets like mineral deposits, oil and gas resources and timber stands. These natural resources get exhausted by exploitation. In some cases, the reduction in physical deposits is offset by growth or development of additional deposits.

The cost of natural resources is the price paid for its acquisition plus price paid for development of such asset in order to bring it to a state suitable for production.

The periodic depletion is better not calculated in terms of year. Rather it is better to calculate the cost per unit and then multiply the cost of unit to units produced in that particular year.

Machine Hour Rate

Under this method, the total number of working hours of a machine during the whole of its effective life is estimated, and then the cost of machine is divided by the expected number of hours of useful life, this gives the rate per hour. The annual depreciation is calculatedly multiplying this rate by the number of hours, the machine actually runs in a year.

Mileage Method

This method is used only for those assets whose useful life depends upon the fact that how many kilometers they have been driven e.g. buses, cars, trucks and rolling stock etc.

Global Method

Under this method, the value of the assets, irrespective of their nature is added together and depreciation is charged at an average rate on aggregated value.

Choice of a Method

Aforesaid methods of depreciation reveal that none is absolutely best or worst as each method has its own merits and demerits. Suitability of every method is relative and depends upon various factors. Most important of these are the type of the asset and purpose of depreciation.

Straight line method suits to buildings and lease etc.. reducing installment method fits to machinery equipment etc. and depletion method for wasting assets like mines. quarries etc. However, the underlying purpose is the basic determinants of the propriety of a depreciation method. Important purpose comprise of true reporting of accounts, tax benefits, comparative product cost, financial flexibility, replacement and expansion etc. For example. depreciation fund method envisages that the amount set aside for depreciation is to be invested outside the business in specific securities. Similarly under insurance policy method, the amount so set aside is handed over to insurance company. If a business is having working capital problems the advisability of these methods is questionable.

Of the above-mentioned methods (1) Fixed Installment and (2) Reducing Installment methods are most widely used.

Distinction between Fixed Installment Method and Reducing Installment Method

Fixed Installment Method

1. The rate and amount of depreciation remain the same each year.

2. Depreciation rate per cent is calculated on cost of asset each year.

3. At the end of its life the value of asset is reduced to zero or scrap value.

4. The older the asset, the larger the cost of its repairs. But the amount of depreciation remains the same each year. Hence, the total of depreciation and repairs increases every year. This reduces annual profit gradually.

5. Computation of depreciation comparatively easy and simple.

Reducing Installment Method

1. The rate remains the same, but the amount of depreciation diminishes gradually.

2. Depreciation rate percent is calculated on book value of asset.

3. The value of asset is never reduced to zero at the end of its life.

4. The amount of depreciation decreases gradually, while the cost of repairs increases.

So the total of depreciation and repairs remains more or less the same each “year. Hence, it causes little or no change in annual profit/loss.

5. Depreciation can be computed without any difficulty, but it is not so easy and simple.

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One area of the real estate market is bucking the generally negative trend, with values and sales volumes up. Fractional ownership of luxury real estate has been slowly gaining in popularity over the last 10 years or so, but now seems set to reach a tipping point and become a mainstream concept.

What is the Credit Crisis?

In case you’ve been living in the wilderness for the last year, a short history of the credit crisis! It all started with a relaxation of lending criteria, both with regard to the size of loans compared to income and the credit rating of the borrowers. People who 10 years ago wouldn’t have been able to get a mortgage at all were offered large loans with very little proof of income. These loans were then packaged up by “clever” bankers and sold on to financial institutions around the world. This fueled a boom in asset valuations and while this continued everything appeared OK – if people couldn’t afford to pay their mortgage interest they simply rolled up the interest into a new loan. The party ended when interest rates in the US were raised and some of the more ridiculous deals that had been sold (balloon/deferred interest schemes) started to go wrong. Bring on a period of falling real estate values (both in the US and in the UK) and panic in the banking world. Some of the losses for individual banks on mortgage-backed securities are truly amazing, running into tens of billions of dollars.

What Effect is it Having on Real Estate Values?

Whilst all the chaos has been going on in credit markets banks have been unwilling to grant new mortgages without the security of large deposits. This is continuing to this day, with rates on mortgages increasing (in the UK) whilst the official rate charged by the Bank of England falls. Sales of homes are forecast to be down 40-50% in 2008 compared with 2007, with the decline in prices being put at between 5 and 10%. All connected with home sales are feeling the effects, and there is no end in sight to the crisis.

Why is Fractional Ownership Different?

Fractional ownership so far seems to be less affected by the problems in the credit market, and is still growing in popularity. This seems surprising, given that the main selling point of fractional ownership is that you own a fraction of the real estate – an asset that is declining in value. There are however genuine reasons for the continuing success of fractional ownership:

1. Many purchasers of fractional ownership have been “cash buyers” and are therefore not dependent on getting a mortgage. If they do need to raise mortgage finance against their primary home, they probably fall into the category of consumers that banks are still willing to lend to (large amount of value in the home, and a perfect credit record).

2. The people buying fractional ownership are not (or should not) be motivated mainly by investment concerns. Whilst it is true that the value of fractions over time should increase, and should be much better than timeshares, it is still not primarily an investment. People should regard fractional ownership as a life investment.

3. Fractional ownership is growing from a relatively small base. Market penetration is still small when compared to timeshare. The negative effects of the current credit crisis are more than offset by the rapidly increasing reach and acceptance of the fractional concept.

A Real Example

Steve Navaro runs Paris Home Shares LLC, a company specializing in fractional developments in Paris. After a recent article in the New York Times featuring his developments, Steve was overwhelmed with inquiries and quickly sold out one development. Steve admits that the exposure from the article made a big difference, “I think that if the product is done well, and priced fairly, it will sell, but only if there is plenty of exposure. Up until the article, things had been pretty slow”. Interest has continued at a high level, and Steve’s next Paris development is 50% sold out even though the renovation is not complete.

This example supports the idea that the limiting factor for fractional ownership sales is market awareness. The fractional market looks set for more years of growth whatever the fate of the wider economy and real estate market.

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Valuation of Marinas (An Appraisal Institute Handbook) Review

Valuation of Marinas (An Appraisal Institute Handbook) Overview

Valuation of Marinas provides background information, definitions, a brief investment history, and a description of all the factors that affect marinas. Readers will learn about site and building characteristics, the need for specialized management, and other business elements that distinguish marinas from other types of property. A case study based on an actual appraisal assignment is included.

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How to Live Your Dream of Volunteering Overseas Review

There are so many volunteer opportunities available that I really didn’t know where to start my search. This book is a terrific resource. It goes into exactly the detail I was looking for: nature of the work, country, cost, what type of volunteer a particular group suits and how to get started. My daughter, who is in college, loved it as well … and has begun exploring volunteer opportunities, too. I highly recommend this book.

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More than 100,000 people contact the Peace Corps every year, but only 3,000 are placed overseas. To help more Americans find volunteer opportunities abroad Joseph Collins, Stefano DeZerega, and Zahara Heckscher-all founders of respected volunteer organizations-have written a guide that provides all the necessary information on volunteering in Latin America, Africa, Asia, the Middle East, and Eastern Europe. Presented in a user-friendly format that includes case studies, worksheets, and quotes from international volunteers, How to Live Your Dream of Volunteering Overseas provides college students, senior citizens, and everyone in between with information on:

* How to decide if volunteering overseas is for you
* How to choose the right program
* What to do before and after you go abroad
* Fundraising and financing
* How to be an effective volunteer
* Political and social contexts of Americans volunteering abroad
* The Peace Corps
* More than one hundred volunteer organizations

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As if being the parent of a hormonal walking ball of energy is not enough excitement, half way through your child’s junior year of high school in Connecticut you realize that you will be the one filling out the college admission forms, financial aid forms and paying for the application fees. This means that you will most likely be the one stressing out about deadlines, scrambling for your financial records and being tempted to apply to a couple of Connecticut Colleges because each one charges a small fee to apply.

If you have all of a sudden found yourself in this situation then here are some life and hair saving tips:

Apply to at least 6-8 colleges. Make an appointment with a Connecticut college consultants because this will give you some financial aid options.
Apply to some colleges where you know you will get a good award.
Request a refund of room deposits and admission fees from the college by May 1.
Some colleges will waive the admission fee if requested to do so, especially in the case where the fee is a hardship.
Some colleges waive the admission fee if the admission application is filed over the internet.
Attend any Connecticut college admission counseling and help or speak with a Connecticut college admissions consultant
Apply early to attract Connecticut college scholarships which are awarded not on the financial need of the student but on the college’s desire to meet their enrollment quota at an early date. Don’t apply early decision unless the student is on the borderline of being admitted and the desire to be admitted is greater than the need for financial aid. Early Decision often leads to poor offers of financial aid. Some colleges state that early decision will not be binding if the financial aid offer is not satisfactory. The family should inquire if this is the policy of the college.

Here are some financial aid form tips that will keep you from making big mistakes when applying for financial aid.

Application for financial aid may adversely affect the student’s chances for admissions. Therefore, don’t apply for financial aid until after the student is admitted. And learn as much as possible about Connecticut colleges admission processes.
Be aware of the deadlines for filing the various application forms required by each college. Missing a college’s financial aid deadline can result in a reduced or zero offer of financial aid from the college.
Know what application forms (FAFSA, PROFILE, etc.) are required by each college.
Estimate tax return numbers to meet college financial aid deadlines or to file early to be in line for the first-come, first-serve sources of financial aid.
Connecticut parents should apply for financial aid even though you may not qualify because he must file to be eligible for a Federal PLUS loan and to be able to file an appeal. Also, some colleges will not consider the student for future financial aid if he did not file the application forms in prior years.Know what the application form deadlines are for the student’s state of residency.
Be advised that estimated tax numbers used on the financial aid application may trigger selection for verification.
Inconsistency of data reported on the financial aid application form may trigger selection for verification (e.g., interest income reported, but no corresponding asset is listed).
Connecticut real estate values that are greatly less than the Inflation Index Multiplier tables may trigger selection for verification.
Typically, verification consists of sending in a copy of the parents and students tax returns, reporting the number of persons in the household, and reporting the number of persons in the household who are planning to enroll in college.
If assets are verified, usually the financial aid officer will request information or values from the family’s accountant. They will not ask for a formal valuation of the family’s assets.

These are just a few of the insider tips and strategies for Connecticut parents of college bound students that you can access for FREE by clicking on the link below.

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With so many different types of insurance now available, it can be difficult for some family’s to know which coverage they must have, versus which ones they should have.

Here are a few tips on choosing the right insurances for you and your family:

-Think about your needs.

-Consider your budget.

-Think about future changes to your family.

-Consider what would happen to your family if you didn’t have a certain type of insurance.

Once you’ve considered what your family’s needs are, it’ll be easier to decide which types of insurance are necessary. Here are a few of the most common insurance policies today’s average consumer should consider:

Health Insurance:

No one can dispute the need for good quality health insurance these days, especially if you have children. The most common types of health insurance these days include:

HMO Plans – the most restrictive type of health coverage, HMO’s are also the cheapest for both the employer and the employee. These plans require participants to see only approved physicians. Specialists may be seen with a referral from your Primary Care Giver. Co-pays are relatively low, with virtually no deductibles on basic services.

PPO Plans – is a combination plan, which works like an HMO, but allows patients to see any physicians they choose whether they participate in the plan or not, at an increased fee. Many people like the flexibility and options with this type of plan, however premiums are usually much higher and deductibles can reach 20% when seeing an out-of-network provider.

Indemnity Plans – work very much like old-fashioned insurance policies. A patient sees any doctor they choose without a referral or pre-approval, but is responsible for 20% of the fee. Clearly the most versatile type of policy, it is also the most expensive, both in the case of premiums and deductibles.

Automobile Insurance:

If you own a car, you are legally bound to cover every driver in your household with collision and liability insurance.

Disability Insurance:

How would your family pay the bills if you were taken ill or injured and were unable to work for an extended period of time? Many employers offer short and/or long term disability insurance policies, but many do not. In the event that you are left unable to work due to medical circumstances, short term disability coverage will pay you anywhere from 60-100% of your current salary (depending on the policy), beginning 30-60 days after your injury, for a period of 3-6 months.

Long-term disability insurance is just that – insurance for longer illnesses and injuries. Once your short-term disability coverage expires, long-term disability benefits will enact until you return to work. This is not the same as government disability benefits that some people with permanent disabilities may qualify for. Be sure t check with your employer to see if they offer these types of benefits. If not, you may want to consider purchasing your own policy, especially if you are a sole breadwinner or work at a high-risk job.

Dental/Eye Coverage:

While dental and eye coverage used to be a normal benefit for most fulltime employees, this is no longer the case, leaving some employees solely responsible for taking care of their family’s dental and eye costs. These types of policies usually cap at a certain amount and only offer coverage on certain procedures. Still, they can be beneficial to those without enough income to handle these unexpected costs.

Homeowner’s/Renter’s Insurance:

If you own your own home, your mortgage company required you to carry enough insurance to cover the cost of the mortgage should your house be destroyed in a fire. But, what id you rent? Your landlord has coverage on the building, but you are responsible for covering your belongings. Fairly inexpensive, renter’s insurance covers the cost to replace your furniture, clothes, appliances, personal items and displacement costs in the event of an apartment fire.

Life Insurance:

It’s not always easy to consider your own mortality, or that of your spouse or children. But, accidents and illnesses do happen and people die. Life insurance for adults is meant to help your family continue to pay the bills in the event of your death and the loss of your income. Insurance for children is meant mainly to cover funeral costs and is a good idea for lower income families who would be financially burdened by these costs in the event of a tragedy.

As you can see, there are many different types of insurance to consider. Check with your agent to see which policies are right for you.

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