(BPT) - The year 2016 was devastating for some safe deposit box holders. In New York, thieves cut holes in the roofs of three banks and brazenly emptied hundreds of safe deposit boxes, leaving the victims' pillaged boxes on the roof and strewn around the vault.
A stealthier thief in Florida picked safe deposit boxes in several banks, emptying the contents without damaging the box or leaving any visible sign of the theft.
These are not isolated incidents. On average, there are between 15-18 robberies or burglaries involving bank vaults every year according to the FBI. Millions of dollars of jewelry, cash, gold and family heirlooms are stolen, leaving devastated box holders dealing with unrecoverable losses.
Still the safest
Despite these occurrences, law enforcement agencies, FEMA, the American Red Cross and AARP all recommend safe deposit boxes to store valuable items, heirlooms and documents. A safe deposit box in a vault is superior to home storage even with a safe. Why? Because a residence is almost 20 times more likely to be robbed than a safe deposit box in a bank. And with rental costs starting at around $30 a year, safe deposit boxes remain one of the best values offered by a financial institution.
Today, most people who rent a safe deposit box assume the bank or a federal agency insures the contents. This is not true, and unfortunately, too many people learn this the hard way.
A standard homeowners policy provides limited coverage for some items in a box, but excludes losses from flood and other risks. They may also have a high deductible.
Specialty insurance designed to cover and protect everything inside of a safe deposit box - including cash, gold and important papers such as wills, titles, deeds, photos and digital backups, is now available. There is no deductible, and risks such as terrorist attacks, hurricanes and earthquakes are covered.
And because you do not need to identify what is stored inside the box to obtain coverage, you can maintain your privacy.
Clearly, there are events that no vault or safe deposit box can protect against. However, there are steps you should take. Safe Deposit Box Insurance, LLC (SDBIC), the leader in protecting valuable assets in secure boxes, has developed a secure storage quiz on secure storage options.
So, despite there being some high-profile break-ins, a safe deposit box is still the best place to store your documents, family heirlooms and other valuables. But because nothing is 100 percent foolproof, it's important to do your research, select the right bank and insure the contents of your box through SDBIC.
(BPT) - Millions of Americans with high-deductible health insurance plans rely on health savings accounts to help them manage the costs of health care. If you're among them, you know how important it is to maximize the value you get out of every HSA dollar.
If you don't yet have an HSA, you may qualify for one if you receive health insurance through an employer-sponsored plan with a high deductible. Individuals may qualify if their deductible is at least $1,300, and families may qualify with a deductible of at least $2,600, according to the IRS. With an HSA, you can deposit pre-tax dollars into the account to pay for certain health and medical-related expenses - up to $3,400 for an individual and $6,750 for a family in 2017.
While there are approximately 17 million HSAs currently in use in the U.S., insurance industry watchers predict that number could rise significantly as the federal government again addresses health care reform, the Boston Globe reports.
You can maximize the value of your HSA in several ways, including:
* If you're at risk for arterial or heart disease, you and your doctor may decide preventive screenings are in order. Screening proactively can help catch warning signs of trouble before a more serious problem develops. However, most insurers won't pay for preventive screening for arterial health.
You can use your HSA dollars to schedule vascular health screening through Life Line Screening. You don't need a doctor's referral to schedule a simple, safe and painless ultrasound to detect possible plaque buildup in arteries - a leading factor in stroke and heart disease. Life Line Screening tells you the price of the screening up front and offers appointments in convenient locations throughout communities. Visit www.lifelinescreening.com to learn more and schedule an appointment.
* Keeping track of HSA-eligible expenses can be challenging, but budgeting software can help. Numerous free programs are available online. Most HSA providers also offer online access and digital tools to help you monitor your account, track saving and spending, and better understand the tax impact of your contributions.
* If your employer doesn't provide vision insurance, you can use HSA funds to pay for eye exams, corrective lenses and even Lasik surgery. Studies show regular vision care is an essential component of overall health, and helps not only preserve your eyesight and eyes, but can also help detect other serious health problems.
* Only about half of American workers have dental insurance through their employers, according to the Bureau of Labor Statistics. For those who do have dental insurance, it typically does not cover all expenses. Yet dental health is intrinsic to overall health. You can use HSA money to pay for dental care, including exams, X-rays, braces, dentures, fillings and oral surgery.
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