Care Costs in Retirement – Controlling Your Health

It’s no secret that health care becomes a bigger concern for most of us as we grow older. More ailments are likely to develop, which means more money spent to visit health professionals and buy medication. Even if you remain healthy through your later years, the costs of preventative care and preparing for potential unexpected health situations are rising.

Health-related expenses will likely be one of the biggest components of your retirement budget. You need to be prepared to pay for comprehensive insurance coverage and potential out-of-pocket costs for care. Here are three strategies to help you manage this critical expense in retirement.

Understand how Medicare works

The good news for Americans age 65 and older is that you qualify for Medicare. That makes increased dependence on health care services more affordable. At age 65, most people automatically qualify for Medicare Part A at no cost, which primarily provides coverage for hospital stays and skilled nursing care. Medicare Part B must be purchased (approximately $109 per month in 2017 for most retirees). Part B covers the costs of visiting a physician, but with some deductibles. Many people purchase additional coverage to use for out-of-pocket expenses, such as a Part D prescription drug plan or a Medicare Supplement policy.

With Medicare, timing is important. Signing up when you first qualify for coverage will keep costs at the lowest level. If you maintain insurance through your employer after turning 65, you can delay Medicare enrollment without risking late penalties.

If you retire prior to age 65, you will need to purchase insurance on the open market to cover health-related expenses until you become eligible for Medicare. Individual coverage tends to get more expensive as you grow older, so work the cost into your retirement budget. Some employers offer retiree health insurance as a benefit. Check with your human resources department to see if this option is available to you.

Allocate sufficient funds for health care costs

As you develop your retirement income strategy, make sure you have money set aside for health expenses that will be your responsibility. By one estimate, the average 66-year-old couple will need to tap more than half of their lifetime pre-tax Social Security benefits to pay for health care expenses throughout retirement. Most people will likely have to rely, in part, on their own savings to help offset some medical expenses.

Along with other retirement savings, you may want to establish a health savings account (HSA) during your working years. HSAs are designed to help build tax-advantaged savings to pay for out-of-pocket medical expenses you incur during your working years. However, any leftover funds can be applied to health expenses later in life, including premiums for Medicare and long-term care insurance. Keep in mind that you must be enrolled in a high deductible health plan to open an HSA.

Focus on your own health

One way to potentially keep health care costs under control in retirement is to create or maintain a healthy lifestyle. Small changes you make today, such as eating right or prioritizing sleep, could reduce the likelihood that medical issues will impact you later in life. Being physically active may also benefit your finances in retirement – according to the American Heart Association, it could potentially help you save $500 a year today on health-related expenses.

Having a plan doesn’t guarantee that you will avoid heath issues, but you may find comfort in knowing how you can tackle health care costs in retirement.

Mining Industry Builds Up Smart Solutions

The present-day mining industry provides large-scale possibilities for the latest automotive and connective technologies to be tested out.

It goes without saying that the process of recovering the planet’s natural resources is hard. Apart from being difficult, it can be environmentally damaging. In these circumstances human safety is of top priority. It is provided by such IT revolutionary systems as: ‘extreme Wi-Fi’ that is able to cover vast deserts; autonomous vehicles that deal with extracting vital minerals and rocks without the need for operator action; smart communications that warn employees if they get close to gigantic machines and much more. The experts in the field believe that the potential of these systems will help to achieve the ambitious goal of the fully autonomous mining site, where the actual presence of humans is not required.

Smart mining premises

All the leading manufacturers of mining machinery are currently developing the best autonomous practices to increase efficiency and productivity, reduce cost, and lower emissions without sacrifice of safety. By using connectivity and valuable data analytics they develop the optimal dig patterns at the coalface and enable the vehicles of exact autonomous routing. Mining has become the mutual combination of big industry, big data and big money.

The underground IoT provider

One of the most ingenious contributions to smart mines so far is the Smart Rockbolt. Basically, this is the device that creates an underground Internet of Things. The global mining industry uses 100 million of bolts every year. These tools are used to prop up walls and ceilings during dynamiting. The concern is that they are rather susceptible. Being damaged, they lose their load bearing capability. As a result, there is the risk of deadly collapsed tunnels and cavities.

The innovative Smart Rockbolt was designed at Lulea University of Technology in Sweden and has an impressive list of virtues. It is equipped with sensors that measure vibrations and strain. When linked to 4G or Wi-Fi it empowers a mesh network with the might of a 24/7 safety monitoring system. What is more, a single non-rechargeable battery cell is able to run for years.

The art of geofencing

Geofencing technology serves to keep workers away from dangerous equipment. It is integrated with various microclimate monitoring systems, which benefit from sensors that measure humidity, temperature, sound and gas levels in the area. In case of any problems mining workers and engineers receive the corresponding text messages on their phones. Employees can get warnings not to enter an area because the air quality is not satisfactory or because there is heavy machinery working. A worker also can send an alert to the control center when they are in need of assistance. Another important value of the technology is that it can give real-time feedback on the physical condition of workers (e.g. blood pressure, heart rate, etc.) by means of special wearable devices.

The ultra-reliable Wi-Fi

To guarantee successful remote operation, the connectivity should be just flawless. But in case of the open mines somewhere in high mountain ranges the task demands a lot of effort. Sometimes, the environmental conditions are so tough, that for electronics it’s like going to Mars. But there is such advanced networking equipment with ruggedised routers that allow remote mining and construction workers to take advantage of the so-called ‘extreme Wi-Fi’ everywhere they go.

The need for 5G

Providing reliable connectivity that is flexible and durable enough for underground mining operations is quite a challenge. To arrange the work of autonomous mining machinery on a regular basis, the connectivity should be of no less than the 5G standard. Telecommunications equipment companies have already launched the projects that aim at investigating how to remotely control monster-like vehicles. For this reason, distributed radio networks with carefully arranged antennas are being set up in the mines to deal with the long underground tunnels and rough walls.

Mine of the future

Autonomous haulage around the mine is not a dream, but the reality that is tested nowadays at the Pilbara iron ore mine in Western Australia. The concept under the big name ‘Mine of the future’ is being realized with the help of 69 partially autonomous trucks. Other outstanding plans include automated drilling and even a fully autonomous long distance railway to get the ore to market.

In the near future a fully remote control over dump trucks is planned to be ensured through an electric steering module, installed between the steering wheel and valve. Moreover, the trucks will use data from the on-board sensors, as well as digital maps that will help to navigate around a mine and identify an exact location for dumping.

Great Expectations

Alongside big behemoths in the form of haul trucks, there are smaller versions of transportation trucks in the form of tippers that are also used for bulk cargo haulage around a mining site. Autonomous transport solutions for construction sphere have become one of the prime concerns for Swedish automotive manufacturers. Thus, Scania tippers represent the company’s ongoing commitment to profitability and sustainability. As an initial result, two collaborating construction vehicles from Scania have already demonstrated its self-driving abilities. A distinctive feature of the project is that its final goal is not to take away the need for human intervention but to make the driver to be a key player in proficient autonomous transporting and dumping solutions.

Why Your Company Needs Cyber Privacy Insurance

The universe in which we live in is so very different than how it used to be. Home and personal life has been drastically improved.The general difference in our present lives is particular evident in the manner in which business conducts activities. Technology has taken over virtually every aspect of commercial performance in all industries – worldwide!

With the advancement, however, there remains serious cyber and privacy breach liability. Companies that protect themselves with Cyber and Privacy Insurance can rest assured that they have the necessary coverage in the event of a data breach.

Privacy Claims Instances that Could Very Well Occur to any Business:

• A large healthcare provider partnered with a national merchant to help with its office move. In middle of relocating, the healthcare provider learned there were a number of laptop computers missing. The laptops all contained personal data of members. After consulting with a lawyer and forensic vendors affected parties were notified and offered credit monitoring services. The healthcare provider was investigated and became the defendant in a class action lawsuit. Data breach costs reached $7,000,000 and privacy liability costs came to $2,000,000.

• An online retail shop was hacked and shoppers experienced fraudulent credit card charges. The shop’s tech support employees asked the host web-company to review the stored server data. The web-company discovered a virus and removed it. However, the breach compromised privacy of almost a million records, plus fraudulent usage of 50 credit cards. Besides this, the online shop acquired fines and penalties as a result of not being Payment Card Industry. Data breach costs amounted to $750,000 and privacy liability costs came to $500,000.

• Two employees of a $100 mil retail outlet stole credit card info from a client and fraudulently utilized it for personal shopping. The workers was caught in the act and legal action was taken against them. The retail outlet shop provided credit card monitoring services to its customer (the victimized credit card owner) and provided compensation to her for any related damages. Privacy liability costs amounted to $75,000.

• A $50 million business servicing corporation organized a mailing project for a client and accidentally sent out about 60,000 envelopes displaying account numbers. Data breach costs amounted to $320,000.

• A neighborhood municipality mistakenly posted tax licenses on its website, leading to improper release of personal data. The municipality used forensics services as well as the services of an attorney’s and a public relations company. The municipality also notified affected people and offered credit monitoring services. Data breach costs reached $150,000.

Step Moving Companies – Choosing the Best

When you are moving, you want to make sure that your possessions are safe, that they are going to arrive at your new home undamaged, but how do you make sure this happens? One way is to move your possessions yourself but if you have a lot of stuff to move or you are moving to another state moving everything yourself might not be possible without hiring a moving company.

The first step is to sort through your household stuff and divide it into three categories, which would include items to be given away, items to be sold, and items to move. This will help you know just how much stuff you have to move so you would know what type of mover you would need to hire. When you either sell or give away things that you do not need you will be getting rid of things and not taking it with you to store in your new home.

To find a good mover talk to family, friends, neighbors, or co-workers to see if they know of a reputable moving company they can recommend. If possible it is better to hire a moving company that someone recommends than to hire one from a listing in the phone book or from an online search. With a recommendation, you know that they will give you good service. Even if you have a recommendation it is best to check with several moving companies to sure that you are getting a reputable company and the best deal. When talking to the moving companies ask them how many years they have been in business, and what amenities they offer. You should inquire how long it would take them to move your household goods to the new home. You also want to make sure that they have the required licenses.

Make sure that the company is regulated by calling the state transportation department. You should also check with the Better Business Bureau to see there were any complaints filled against the moving company. Doing these things should give you an idea of how trustworthy and reliable they are. Next call and get an estimate of three or four companies. This estimate should include packing fee, storage fees, insurance, surcharges, and more.

Some moving companies will give you a non-binding or binding estimate. With a binding estimate, it includes all costs with no additional charges. In a non-binding estimate, as much as ten percent or more can change on the original estimate. Once you have the estimates compare all the companies and choose the one with the best services for the best rates. Make sure that you get a copy of the estimate before signing the contract.