After home and living expenses such as rent or a mortgage, for a good number of American families healthcare can be the next greatest expenditure, and for many a big part of that overall healthcare cost can be their health insurance premium. However, according to financial experts, when it comes to preparing your family's budget, there are ways to reduce both your health insurance cost, and what you pay for healthcare in general. Whether you are shopping for the first time for health insurance, or are looking for a new plan to reduce your monthly payments, here are 10 suggestions that can lead to a lower health insurance quote, and more affordable healthcare:
1. Stop Smoking - Depending on where you live you can save over $200.00 a month on the costs of cigarettes alone. As far as a health insurance quotes goes, non-smokers always pay significantly less than smokers for any policy. According to a recent study, even though smokers generally have a shorter lifespan than non-smokers, they pay a third more in overall healthcare than non-smokers throughout their lifetime.
2. Reduce Weight - Again weight plays a significant factor when getting a health insurance quote, it's a fact that if you are overweight you will pay more. Obesity is becoming one of the greatest drains on our healthcare system. According to a recent study by the Rand Corporation, being obese adds $395 each year to your average per-year health care costs, more than smoking (an addition of $230), aging 20 years ($225), and problem drinking ($150).
3. Get More Exercise - While it may be hard to put a quantitative amount on how much you can save on a health insurance quote by exercising and getting in shape - regular exercise will not only reduce weight (see above) but can also improve cardio-vascular health and reduce other risk factors that lead to higher costs for health insurance and medical care.
4. Select a Higher Deductible - A higher deductible and higher co-pay will surely result in a lower health insurance quote, and may qualify you for a Health Savings Account (HSA) which can help defray the costs of the higher deductible.
5. Read and be Sure you Understand your Health Plan - you would be surprised at how many consumers pay more for healthcare simply because the do not know the details of their own heath insurance plan.
6. "Cheaper" isn't always more "Affordable" - When it comes to a health insurance quote you must pick a plan that is right for you and your lifestyle. Cheaper doesn't always mean more affordable in the long run. If you go for a health insurance quote with a smaller monthly premium, but if you have health problems and must make many doctors visits the high deductible or higher co-pay may cost you more in the long run. Choose a plan that is right for you.
7. Consolidate Your Health Plans -if you and your spouse both have separate health plans you may save money by consolidating under a single plan.
8. Be Proactive - and you can save money. For example know before you need them what if any ambulance services in your area are covered by your insurance, and when and if your regular physician is available after hours.
9. Be willing to Negotiate with Your Doctor - most physicians will offer reduced or discounted rates to patients with no or limited insurance.
10. Reduce the costs of Prescription Drugs - if you have heath insurance with prescription drug coverage, take advantage of the "lower tier" by asking your doctor to prescribe generic drugs, even if you do not have prescription drug coverage look into the discount programs offered by many drug companies and retail pharmacies.
Saturday, March 17, 2007
Health Insurance For Self Employed Persons by Keith George
One of the greatest uncertainties in life is falling sick or being disabled with no money in your pocket, especially if you are self-employed. This uncertainty can be overcome by a health insurance which is a system in which the insurer, usually a private company or government owned company pays the medical expenses of the insured, if the insured falls sick or gets in an accident due to covered causes. In return the insured has to pay a monthly premium to the insurance company. Health insurance which provides insurance for the self-employed is known as self-employed health insurance.
Self-employed include farmers, contractors and small business owners, freelance writers, lawyers etc. There are some factors that separate self employed health insurance from ordinary health insurance.
Cost - Self-employed health insurance is costlier than health insurance provided through an employer (like a company). This is because in larger groups the cost of insurance gets distributed as compared to smaller groups. This is one of the reason people are reluctant to go for self employment. There are ways and means to reduce this cost which will be detailed subsequently.
Tax Benefit - Fortunately the self-employed health insurance premium is 100% tax deductible.
Reducing Costs - The best way to reduce insurance cost is to go for family cover in your spouse group insurance through his/her company (that is if your spouse is working). Another way is if you employ between 2 to 50 people, you can go for group insurance.
If you are leaving a corporate job you can opt for COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA is a law that makes it mandatory for your employer to provide the option of retaining membership in their health insurance plan. However you will have to pay the entire monthly premium part which was paid by your company earlier. However you may be surprised at the high cost of the premium which may run up to 500$ a month.
Temporary Health Insurance - If you are planning to remain self employed for a small period of time and plan to join another company later, you can opt for a temporary health insurance. This is the cheapest type of health insurance available today. However annually the premium keeps increasing as you grow older.
If you have none of the above ways to reduce insurance cost then the only way is to go for standard individual policy. As mentioned earlier they are usually costly but are very important for insuring the future.
Self-employed include farmers, contractors and small business owners, freelance writers, lawyers etc. There are some factors that separate self employed health insurance from ordinary health insurance.
Cost - Self-employed health insurance is costlier than health insurance provided through an employer (like a company). This is because in larger groups the cost of insurance gets distributed as compared to smaller groups. This is one of the reason people are reluctant to go for self employment. There are ways and means to reduce this cost which will be detailed subsequently.
Tax Benefit - Fortunately the self-employed health insurance premium is 100% tax deductible.
Reducing Costs - The best way to reduce insurance cost is to go for family cover in your spouse group insurance through his/her company (that is if your spouse is working). Another way is if you employ between 2 to 50 people, you can go for group insurance.
If you are leaving a corporate job you can opt for COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA is a law that makes it mandatory for your employer to provide the option of retaining membership in their health insurance plan. However you will have to pay the entire monthly premium part which was paid by your company earlier. However you may be surprised at the high cost of the premium which may run up to 500$ a month.
Temporary Health Insurance - If you are planning to remain self employed for a small period of time and plan to join another company later, you can opt for a temporary health insurance. This is the cheapest type of health insurance available today. However annually the premium keeps increasing as you grow older.
If you have none of the above ways to reduce insurance cost then the only way is to go for standard individual policy. As mentioned earlier they are usually costly but are very important for insuring the future.
An Affordable Health Insurance by Keith George
With the rising cost of medical treatments, it has become a necessity to have a good insurance scheme. This lowers the burden on the pocket and is ideal for the salaried class.
There are many insurance companies who specialize in affordable health insurance covers. It is better to scout around for the best quote and policies. There are mainly two types of affordable insurance for the consumers. They are:
a) fee for service b) managed care An affordable insurance helps one to combat against unforeseen diseases or illnesses. It may not be possible for the individual to meet the costs of treatment of a serious ailment. So the affordable health insurance provides the funds needed so unexpectedly costs can be met.
These kind of insurance can be of various types like individual, family and group health insurance. There are many schemes for different age groups.
Low cost or affordable schemes are available for children under nineteen years of age, pregnant ladies, adults with or without families, adults over 65 years of age, womens routine tests with mammogram and pap tests, immigrants emergency health tests and insurance.
Health insurance should be chosen with an eye on its flexibility and whether it is catering to the particular need of the policy holder. Here it is pertinent to mention that no scheme is the best for anyone, some health insurance policies can be better than others.
The first thing that should be looked into is the type of insurance coverage and the cost of the plan. When one is going for the affordable health insurance scheme, choosing the right type of plan is very important.
The next important step is to work out the deductibles and find details about the monthly premium. All insurance companies have a network of physicians, hospitals and pharmacies. The next step is to find out whether any amount will be refunded if one goes to a physician not covered by the companies' network and how much will the insurance company pay for the prescription medicines. Majority of the prescription medicines are covered by the insurance companies.
It has been mentioned earlier that there are basically two types of affordable health insurance. The first one, that is, fee for service, means that in this type of coverage the patient must pay a fee to the doctor whenever he or she visits the doctor. The claim can be filed either by the patients or by the doctor.
The second type of insurance, the managed care, is very popular. The company has a network of physicians and the insured has to visit them if necessary. Patients have co-pays which they pay when they visit the doctor.
There are many insurance companies who specialize in affordable health insurance covers. It is better to scout around for the best quote and policies. There are mainly two types of affordable insurance for the consumers. They are:
a) fee for service b) managed care An affordable insurance helps one to combat against unforeseen diseases or illnesses. It may not be possible for the individual to meet the costs of treatment of a serious ailment. So the affordable health insurance provides the funds needed so unexpectedly costs can be met.
These kind of insurance can be of various types like individual, family and group health insurance. There are many schemes for different age groups.
Low cost or affordable schemes are available for children under nineteen years of age, pregnant ladies, adults with or without families, adults over 65 years of age, womens routine tests with mammogram and pap tests, immigrants emergency health tests and insurance.
Health insurance should be chosen with an eye on its flexibility and whether it is catering to the particular need of the policy holder. Here it is pertinent to mention that no scheme is the best for anyone, some health insurance policies can be better than others.
The first thing that should be looked into is the type of insurance coverage and the cost of the plan. When one is going for the affordable health insurance scheme, choosing the right type of plan is very important.
The next important step is to work out the deductibles and find details about the monthly premium. All insurance companies have a network of physicians, hospitals and pharmacies. The next step is to find out whether any amount will be refunded if one goes to a physician not covered by the companies' network and how much will the insurance company pay for the prescription medicines. Majority of the prescription medicines are covered by the insurance companies.
It has been mentioned earlier that there are basically two types of affordable health insurance. The first one, that is, fee for service, means that in this type of coverage the patient must pay a fee to the doctor whenever he or she visits the doctor. The claim can be filed either by the patients or by the doctor.
The second type of insurance, the managed care, is very popular. The company has a network of physicians and the insured has to visit them if necessary. Patients have co-pays which they pay when they visit the doctor.
What Is Term Life Insurance? by Ralph Ramah
Term life insurance is the least expensive type of coverage and least complicated type of life insurance, at least initially. Coverage is in effect for a fixed term or period of time, typically 1 to 30 years and usually, can be renewed.
The policy pays your beneficiary a fixed amount of money if you die during the term of the policy. The premiums are lowest when you are young and generally increase upon renewal as you age. These policies do not build up a cash value. Term life insurance provides life insurance protection for a specified period of time. If you die within the term period and the policy is in force, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no "accumulation" element, or cash value with term life insurance.
Term life insurance is mainly for: * People with a temporary need for life insurance protection. * Those who need a large amount of life insurance protection but have limited budgets. * People with specific business needs (e.g., business owners who want to cover the life of a key employee who has a set number of years until retirement).
The following are the benefits of Term life insurance that should be considered: * Term life insurance provides insurance protection for a low cost (at least initially). * If your needs change, most term policies allow you to convert to a permanent life insurance policy without having to take a medical exam or provide other information about your health. * Term life insurance is a good way to supplement other coverage when you have added financial responsibilities for a given period of time (e.g., mortgage, college expenses). * Death benefits are generally received free from income tax
There are certain things which every individual should consider while taking the Term life insurance: * Premiums generally increase with age and they could become unaffordable later in life. There is no cash-value element, so you miss the tax-deferred growth of the cash value of permanent life insurance policies, such as Whole Life Insurance. * Once the term period expires, you should renew your policy as it is possible.
The policy pays your beneficiary a fixed amount of money if you die during the term of the policy. The premiums are lowest when you are young and generally increase upon renewal as you age. These policies do not build up a cash value. Term life insurance provides life insurance protection for a specified period of time. If you die within the term period and the policy is in force, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no "accumulation" element, or cash value with term life insurance.
Term life insurance is mainly for: * People with a temporary need for life insurance protection. * Those who need a large amount of life insurance protection but have limited budgets. * People with specific business needs (e.g., business owners who want to cover the life of a key employee who has a set number of years until retirement).
The following are the benefits of Term life insurance that should be considered: * Term life insurance provides insurance protection for a low cost (at least initially). * If your needs change, most term policies allow you to convert to a permanent life insurance policy without having to take a medical exam or provide other information about your health. * Term life insurance is a good way to supplement other coverage when you have added financial responsibilities for a given period of time (e.g., mortgage, college expenses). * Death benefits are generally received free from income tax
There are certain things which every individual should consider while taking the Term life insurance: * Premiums generally increase with age and they could become unaffordable later in life. There is no cash-value element, so you miss the tax-deferred growth of the cash value of permanent life insurance policies, such as Whole Life Insurance. * Once the term period expires, you should renew your policy as it is possible.
Finding A Lost Life Insurance Policy - What Can You Do? by Terry Edwards
Do you know what to do about finding a lost life insurance policy? You may not think too much about this, but for many people, this is an everyday occurrence. They lose a loved one and know they carried a life insurance policy, but they can't find it. They have no idea who the life insurance company was that wrote the policy.
This happens a lot. In fact, over one-fourth of all life insurance death benefits are never claimed. That is amazing. The policies were paid for over the years in the event of the insured's death to protect their family and now no one has any idea where the missing life insurance policy is.
Under federal law, all death benefits that are unclaimed go into a trust until they are ever claimed. Consider that last year nearly $23 billion was put into the fund, with only $1 billion getting claimed.
What can you do in the event you know there is missing life insurance policy?
1. If you have access to their personal records, go through old bank statements or canceled checks to see if they paid any insurance companies.
2. Did they have a personal lawyer or accountant who may have known about any old policies?
3. Talk with a past employer about any group life insurance policy that may have existed.
4. Get in touch with the Medical Information Bureau. They track all requested medical records by insurance companies for the past 7 years. So, if they took out the policy during this time period, most likely the MIB will know about it. You can find more information about them online.
5. Look at the mail that continues to be delivered after the person's death. If it was a policy that was still being paid for, you'll see premium notices.
6. Look at income tax returns to see if interest dividends on any life policy were claimed.
There is no time limit on claiming the benefits of any missing life insurance policy that you are the beneficiary of. It can be 25 years later and the company will still pay you the proceeds.
Finding a lost life insurance policy may not be the easiest thing to do, but with patience and a little detective work, you should be able to track it down in a short period of time.
All Rights Reserved Worldwide. Reprint Rights: You may reprint this article as long as you leave all of the links active and do not edit the article in any way.
This happens a lot. In fact, over one-fourth of all life insurance death benefits are never claimed. That is amazing. The policies were paid for over the years in the event of the insured's death to protect their family and now no one has any idea where the missing life insurance policy is.
Under federal law, all death benefits that are unclaimed go into a trust until they are ever claimed. Consider that last year nearly $23 billion was put into the fund, with only $1 billion getting claimed.
What can you do in the event you know there is missing life insurance policy?
1. If you have access to their personal records, go through old bank statements or canceled checks to see if they paid any insurance companies.
2. Did they have a personal lawyer or accountant who may have known about any old policies?
3. Talk with a past employer about any group life insurance policy that may have existed.
4. Get in touch with the Medical Information Bureau. They track all requested medical records by insurance companies for the past 7 years. So, if they took out the policy during this time period, most likely the MIB will know about it. You can find more information about them online.
5. Look at the mail that continues to be delivered after the person's death. If it was a policy that was still being paid for, you'll see premium notices.
6. Look at income tax returns to see if interest dividends on any life policy were claimed.
There is no time limit on claiming the benefits of any missing life insurance policy that you are the beneficiary of. It can be 25 years later and the company will still pay you the proceeds.
Finding a lost life insurance policy may not be the easiest thing to do, but with patience and a little detective work, you should be able to track it down in a short period of time.
All Rights Reserved Worldwide. Reprint Rights: You may reprint this article as long as you leave all of the links active and do not edit the article in any way.
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