Most of us have life insurance, retirement plans, and other death benefits that at our death, will pass by beneficiary designation to a trust or to one or more individuals that we name in that beneficiary designation. The beneficiary designation is a contractual arrangement with the insurance company or other party paying the death benefit. It is important to realize that the benefits will be paid according to that beneficiary designation regardless of what your will or trust may provide. As a result, your beneficiary designations for death benefits should be coordinated with your estate planning documents to make certain that all of the assets pass to the appropriate persons in the appropriate manner.
What is HIPAA privacy?
The Health Insurance Portability and Accountability Act (HIPAA) was passed in 1996 to reform certain aspects of the health care industry. Some of the goals behind the passage of HIPAA included improving access to health care coverage, providing greater portability of coverage to ease the process of changing plans and reducing the cost of coverage by requiring that information be used and disclosed in a standardized form. Perhaps the most significant and widely publicized goal of HIPAA, however, is the increased security and privacy of health information.