You have just been hired as a Level 1 Financial Coach at UNT Financial Services. Now...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
You have just been hired as a Level 1 Financial Coach at UNT Financial Services. Now your first clients, Latoya and Sam Kroger, have asked for your assistance putting together a simple family financial plan. They are both 27 years old and Latoya is pregnant with their first child. They plan to have at least 2 more children over the next 5 years for a total of 3 children. They want to make sure they are taking the right steps financially. You will assist them and make recommendations to help them improve their situation in a video presentation. Latoya is a manager at a Real Estate Management Firm and earns $78,000 a year. Sam is a videographer and earns $42,000 a year. Sam's life expectancy is 92 years and Latoya's life expectancy is 96. They plan on retiring when they are 70. There are three health insurance policies that they could choose from (see attached). Health Insurance: 1. Help Latoya and Sam determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately $15,000 per year and which plan to use if they estimate their medical costs closer to $45,000 per year. Latoya travels for work 50% of the time including out-of-state travel. Help the Kroger family determine how much of their risk they should transfer and how much they should retain (higher deductibles/co-insurance means they are retaining more risk). You will enter your data into canvas for submission and to check for accuracy. (Hint 1: Find out which one provides sufficient coverage at a reasonable cost.) Use this table to track your results Low Medical Expenses (~$15,000/year) High Medial Expenses (~$45,000/year) Estimated Medical Cost: First Care Bronze First Care Gold Blue Choice Gold First Care Bronze First Care Blue Choice Gold Gold Out of Pocket Expense: Annual Premium: Cost: Total Cost: Which plan should they choose for each situation (Low vs High)? And Why? What factors might influence their decision? (Address in presentation) You have just been hired as a Level 1 Financial Coach at UNT Financial Services. Now your first clients, Latoya and Sam Kroger, have asked for your assistance putting together a simple family financial plan. They are both 27 years old and Latoya is pregnant with their first child. They plan to have at least 2 more children over the next 5 years for a total of 3 children. They want to make sure they are taking the right steps financially. You will assist them and make recommendations to help them improve their situation in a video presentation. Latoya is a manager at a Real Estate Management Firm and earns $78,000 a year. Sam is a videographer and earns $42,000 a year. Sam's life expectancy is 92 years and Latoya's life expectancy is 96. They plan on retiring when they are 70. There are three health insurance policies that they could choose from (see attached). Health Insurance: 1. Help Latoya and Sam determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately $15,000 per year and which plan to use if they estimate their medical costs closer to $45,000 per year. Latoya travels for work 50% of the time including out-of-state travel. Help the Kroger family determine how much of their risk they should transfer and how much they should retain (higher deductibles/co-insurance means they are retaining more risk). You will enter your data into canvas for submission and to check for accuracy. (Hint 1: Find out which one provides sufficient coverage at a reasonable cost.) Use this table to track your results Low Medical Expenses (~$15,000/year) High Medial Expenses (~$45,000/year) Estimated Medical Cost: First Care Bronze First Care Gold Blue Choice Gold First Care Bronze First Care Blue Choice Gold Gold Out of Pocket Expense: Annual Premium: Cost: Total Cost: Which plan should they choose for each situation (Low vs High)? And Why? What factors might influence their decision? (Address in presentation)
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these finance questions
-
You have just been hired as a Level 1 Financial Coach at UNT Financial Services. Now your first clients, Latoya and Sam Kroger, have asked for your assistance putting together a simple family...
-
respond to the instruction using the following criteria: Individual Written Case Exercise Respond to the specific questions provide in the case document it will be seven documents. Please make sure...
-
Question 4 The following is the baseline case that we have for Albion Computers in the class, where the exchange rate will remain at $/=1.60: Sales (50,000 units at 1,000/unit) Variable costs (50,000...
-
Out of four offspring, two are tall, and two are intermediate. When there are more than two outcomes of a trial, the distribution of all possibilities is described by the multinomial distribution....
-
Current mobile devices offer Everything from ordering a pizza to playing video games to doing your banking . IS having this consumer control and access a benefit or are We ceding some control over to...
-
Consider the multiple linear regression model fit to the baseball data in Problem 3.41. Problem 3.41 Consider the 2016 major league baseball data in Table B.22. While team ERA was useful in...
-
Snowy Mountain manufactures snowboards. Its cost of making 19,000 bindings is as follows: Direct materials ............................................................................... $ 22,000...
-
A diet-conscious housewife wishes to ensure her family' daily intake of vitamins A, B and C does not fall below certain levels, say 24 units, 30 units and 18 units, respectively. For this she relies...
-
From the Cash account and the non-current asset of Bent Ltd for 2019, prepare a cash flow statement using the direct method. Cash Account Opening balance Cash from cash sales Cash from credit sales...
-
You are considering investing money in Treasury bills and wondering what the real risk-free rate of interest is. Currently, Treasury bills are yielding 4 percent and the future inflation rate is...
-
Identify the type or types of alimony that might be granted to a spouse who supported his or her spouse while the latter pursued a graduate degree during the marriage.
-
Identify the kinds of factors courts will consider when making alimony determinations.
-
The CFO of your firm has asked you for an approximate answer to this question: What was the increase in real purchasing power associated with both 3-month Treasury bills and 30-year Treasury bonds?...
-
Converting a business idea into a profitable company is challenging. Finding and using a mentor is one approach entrepreneurs can take to increase the probability of being able to convert an idea...
-
Transactional communication model. Respond to the following: Scenario: you are attending a town council meeting where you meet community leader Fran Richardson who is influential in the...
-
Hotel Majestic is interested in estimating fixed and variable costs so that the company can make more accurate projections of costs and profit. The hotel is in a resort area that is particularly busy...
-
What are the types of interpersonal communication?
-
How does one choose between communication methods and handle barriers to effective communication?
-
What are the various forms of virtual communication used in modern organizations?
Study smarter with the SolutionInn App