Health & Advice

 

By Mark Miller

Tribune Media Services

 

Say hello to M and N, and goodbye to E, H, I and J.  The letters are part of the alphabet soup used to name Medigap insurance policies-an important tool for capping the out-of-pocket health care costs you can face in traditional Medicare.

I have a metal paperweight on my desk with the inscription, “What would you do if you could not fail?” It’s a nice ornament with a feel-good message, but it’s completely wrong and dangerous. Anybody can fail at anything. If you start a new venture without first thinking about and limiting risks, you can put your finances and, worse yet, your relationships in jeopardy. What starts as a way to build a dream life during the other eight hours, become your own boss or make a fortune can turn into a nightmare if you don’t limit your risk.

 

The economics editor for public radio’s “Marketplace Money,” Farrell thinks the recession is ushering in some very healthy changes in our consumer behavior and personal financial habits. The debt-and-consumption driven 1990s are giving way to a more sustainable lifestyle.