Meaningful protection from surprise medical bills

  Many Americans purchase health insurance under the impression that doing so will protect them from exorbitant, one-time costs associated with medical care. Insured patients pay premiums every month rather than having to worry about paying a large medical expense at once. In some instances, however, insured patients visit their doctors and receive a costly, unexpected bill. This is a consequence of the current structure of health insurance and provider networks, wherein insurers and health care providers negotiate to accept discounted payments as payments in full for services in exchange for sending patients to those providers. When patients visit out-of-network providers—those who haven’t agreed to these discounts—they can lose the benefit of their insurance. The provider may charge them the entire, non-discounted price for a service—and insurance may not cover any of the bill.

Joe Valenti: A secure retirement demands limiting conflicts of interest

  Can you trust your financial adviser? Many Americans aren’t so sure. Thanks to a recent announcement from the U.S. Department of Labor, however, the answer may soon be “yes.”

  This week, the Department of Labor announced its final rule on conflicts of interest in retirement investment advice, also known as the fiduciary rule. Fiduciary is a five-syllable legal concept, but in practice, the intended effect of the rule is quite simple: All financial professionals selling retirement products will be legally required to act in the best interests of their clients rather than their own.