MEDICAL INSURANCE

MEDICAL INSURANCE

Choosing the right medical insurance can be a difficult and confusing endeavor The primer below is designed to give you a basic overview of what to look for in an insurance plan

How to Obtain Medical Insurance

If you are fortunate enough to get health coverage through your job your premium payments are most likely deducted from your check Many companies offer basic coverage including emergency room costs doctors visits prescriptions xrays lab tests and chiropractic care cheap insurance,general insurance,health care insurance,insurance companies,insurance policies,insurance policy,life insurance,medical insurance, car insurance
Additional health insurance is often available to cover dental vision and longterm conditions This type of supplemental insurance will most likely involve additional fees

If you freelance or are a small business owner you may need to purchase an individual medical insurance policy This can be accomplished by contacting an insurance carrier or by contacting an insurance broker The benefit of using an insurance broker is that a broker is not tied to any one carrier and can provide you with a variety of different rates

However a note of caution about choosing an individual medical plan be sure to check the rating of your company with A M Best which evaluates the fiscal health of various insuring agencies If the carriers rating is less than A you need to keep searching for other options

Types of Health Insurance

There are two main types of medical coverage fee for service plans and managed care Under fee for service plans you will need to submit a claim for each medical cost You are then reimbursed for each covered expense

Under managed care certain rules and regulations apply to keep healthcare costs as low as possible Preferred Provider Organizations PPOs and Health Maintenance Organizations HMOs are two types of managed care plans With PPOs you have the option to see any doctor within the PPO network You may also be referred by a PPO doctor to another doctor outside the network and still receive the lower cost However if you decide to see a PPO doctor outside of the network without a referral your bill may be significantly higher

HMOs stipulate that you must visit a doctor within the HMO network with the exception of emergencies HMOs are excellent for covering routine medical costs such as checkups flu shots and hearing tests However although HMOs are considerably easier on the pocketbook they offer much less flexibility than PPOs

Policy Checklist

Whether comparing programs offered through your job or shopping for medical insurance on your own you should take the following into consideration

Your overall health and the health of your family

Does anyone in your family smoke

How the medical insurance plan handles fundamental care

Outofpocket costs to you

When investigating an insurance carrier you may want to ask yourself the following questions

How often will you need to see a doctor Do you or any family members require specialized care

Will the plan cover the basics beyond annual office visits How does the medical plan handle maternity care prescriptions surgery hospitalization lab costs and other medical fees

Is there a deductible or amount of money that you need to pay before the medical insurance plan begins to extend coverage What is the copay if any A copay is the difference between what the carrier covers and what you pay out

How much will it cost to see a doctor outside of your plan

All of these factors need to be carefully considered before choosing a health insurance plan

Supplemental Medical Insurance

Beyond basic medical coverage you may wish to investigate supplemental coverage such as vision care dental care disability insurance and longterm care insurance For instance many plans cover dental cleanings and eye exams but do not cover more extensive procedures Disability insurance pays out an income if you are unable to work and long term care insurance can cover costs associated with an extended illness such as at home care and physical therapy

Health Insurance Plan

When it comes to fee for service and managed care most people will choose an HMO Health Maintenance Organization as a health insurance plan With HMOs there are lower premiums and minimal copays for all covered services In addition with this type of health plan there are no claim forms to fill out The catch with HMOs is that seeing an out of network doctor can result in a higher outofpocket cost to you Although less flexible than other health plans HMOs can provide excellent medical coverage for both you and your family

Avoid Health Plan Pitfalls

Finding a great medical insurance policy can be a definite boon but choosing from the myriad of options available can be confusing Being an educated consumer can definitely protect you against health insurance fraud You dont have to be an expert but knowing the terminology of your plan can help you to make the best decision Be familiar with terms such as copay the difference between what the health insurance plan covers and the doctor charges premium what you pay before your benefits kick in and fee for service a type of health insurance in which you submit claim forms and are reimbursed for covered procedures If you are not sure what something means be sure to ask your agent or broker to explain it to you in simple and clear language

Some indicators of a bogus health insurance plan may include the following

You are billed for services that you never requested or received

You do not receive a copy of your health insurance policy at the time of purchase

You fail to receive a receipt for cash premium payments

The paperwork for your health plan is so hopelessly complicated that you cannot even understand the basics of coverage

Any one of the aforementioned situations should lead you to question your carrier or maybe even take legal action

Protect Yourself from Health Insurance Fraud

Here are a few ways to protect yourself from health insurance fraud and get the best plan

Request written copy of your health plan You should automatically receive a copy of your paperwork at the time of purchase and a receipt of payment Fully review all terms of the health insurance plan before putting pen to paper

Make sure the insurance company is licensed as an insurance carrier in the state in which it operates and in your state An insurance company can be set up as a legal corporate entity but still not have the licensure to operate as an insurance provider

Ask to see a copy of your broker or agents license It is required by law that agents and brokers carry proof of licensure at all times If you are not sure check with the Insurance Licensing Bureau to verify qualifications

Do plenty of comparison shopping between health insurance plans and verify your carriers financial status with rating companies such as Standard and Poorsand A M Best The carrier should have a rating of A or higher for the company to be considered as a sound insurance provider

FIRE INSURANCE

FIRE INSURANCE

Most homeowners insurance policies and renters insurance policies include fire protection Several insurance companies however offer separate policies to cover additional expenses resulting from a fire

Fire Damage

Fires have the potential to cause minimal damage or to devastate an entire residence Not only can fires destroy a home or apartment but all the contents of the home can be lost in a major fire as well Other related damages can occur from small fires some of which many people do not even think about beforehand

Structures can collapse

Water from firefighters may flood the residence

Explosions may occur if highly combustible materials are reached by the fire

Nearby landscaping may be ruined

Extinguished fires leave more than blackened walls and a lingering smell of smoke Extra fire protection can help pay for all the damage caused by a fire direct or not

Discounts for Fire Protection

Just like auto insurance certain safety features throughout the home may result in less costly insurance rates

Homes and apartments that have smoke detectors throughout the residence are usually eligible for discounted fire protection insurance

Having an alarm system which features fire detection and automatic connection to emergency services or the alarm system company may also yield a nice discount in insurance coverage premiums

Sometimes the home or apartments proximity to a fire station can bring the cost of insurance down If it takes less time for firefighters to arrive on scene they may be able to save the residence

Because some roofing is less liable to burn quickly than other types of roofing certain types of roofing might also cause the cost of the policy to be reduced

Causes of Home Fires

The single largest cause of home fires is unattended food cooking on the stove Other common causes include

Candles and other open flame items being left unattended or getting knocked over

Clothes dryers catching a spark and bursting into flames

Cigarettes smoldering in a flammable trash can or on bedding

Fire experts recommend people take as many precautions as possible to avoid fires Lowering the risk of fires by not leaving cooking candles and cigarettes unattended will help as will making sure that smoke detectors are in place and functioning It is also suggested that families create a fire escape plan in the event of a fire

Fire Protection Beyond Primary Policies

It is important to check with your to find out exactly what your fire protection coverage is Find out what level of protection you have and also ask what sort of deductible you will need to pay in the event of a claim It may be that your current policy is sufficient for your needs but in some cases you will want to add a fire protection rider to your policy

You may also want to ask how much money the insurance company estimates it would take to completely rebuild your home in the event of a devastating fire If the companys numbers are lower than what they should be you need to give them a more accurate number Your monthly premiums may go up in price but it will certainly be worth it if a fire does occur It would be unfortunate to say the least to have insufficient fire coverage and not realize it until after a fire

Not all insurance companies offer fire insurance in every state You should check with your insurance company to find out what sort of coverage they offer If you do decide to purchase fire protection be sure to shop around to get the best policy at the best price

TERM LIFE INSURANCE

TERM LIFE INSURANCE

Term life insurance means that your insurance policy is only good for a certain amount of time usually anywhere from one to thirty years depending on the coverage you choose Whole life insurance on the other hand is in effect from the day you sign up for coverage until you die or cancel the policy Once term life insurance expires you can usually renew it for another term shop around for another policy or switch to whole life insurance

Each insurance company offers their own type of policies and options but some of the most common term life insurance programs are

This insurance covers you for a set period of time usually 10 20 or 30 years The amount of coverage stays the same for the duration of the policy so your family would receive the same benefits during the first year as the last With some policies your monthly premiums may go up

Decreasing Just like it sounds the value of a decreasing term policy goes down over time However you will typically pay the same amount each month in premiums even though the policy decreases This policy is usually bought by individuals who have a lot of upfront debt that they want to protect their family against

Yearly Renewable or One Year This insurance covers the carrier for only one year but can be continued on a yearly basis usually with the same conditions This can be a good idea for individuals who need life insurance coverage but are not ready to make a longterm commitment to a policy It may also be good for those who have large shortterm debt

Purchasing Term Life Insurance

Before signing on the dotted line for what could be a lengthy relationship make sure you are getting the right coverage Not all term life insurance policies or the companies that offer them are valid in every state Check with your states insurance department to find out which policies are applicable in your area

Many of the countrys largest insurance providers including Metlife State Farm and Nationwide offer term life insurance policies If you are working with a smaller insurance company or are not sure about the reliability and history of an insurance provider you can research the firm through reporting companies like Standard and Poors or AM Best

BUSINESS INSURANCE

BUSINESS INSURANCE

If you are a business owner you need to understand the importance of business insurance and how it can impact your enterprise It is also important to note that certain types of business coverage may be compulsory by law. Liability insurance is the mainstay of any business insurance package Employers liability insurance can protect your business if your employee suffers as a direct result of your companys actions If an employee is injured on the job this type of insurance will allow for the employee to be adequately compensated and cared for without incurring excessive legal fees

Product liability insurance is another insurance staple for any business If a consumer is harmed by your companys product liability insurance will ensure that potential legal fees and damages will be covered

Health insurance for employees and disability insurance are also important for businesses to contract Health dental and disability insurance usually need to be negotiated separately from a basic business insurance policy

You may also want to consider employee and corporate officer or owner life insurance as a part of your coverage When key personnel in a company die it can create an expensive undertaking to replace him or her

Business Owners Policy

A business owners policy is a common type of business insurance for small and mediumsized companies A business owners policy covers property insurance for your companys property and contents business interruption insurance this will cover loss of revenue if your business is disrupted and general liability This combined form of business insurance can save smaller businesses a significant amount of money However employees health insurance disability insurance and vehicular insurance if required must be contracted under a separate policy

Other Types of Business Insurance

Beyond the basics there are several types of specialty policies that may be purchased For example professional liability insurance will cover your agency in the event a client suffers due to insufficient training or negligence on the part of your employees Professional liability insurance may also be called errors and omission insurance

Employee Practices Liability Insurance is another type of insurance that your agency may require EPLI covers lawsuits resulting from company practice such as sexual discrimination wrongful termination and misappropriation of employee benefits

If you own and operate a vehicle for business purposes it may be wise to purchase a commercial auto insurance policy This kind of insurance policy will cover damages to your vehicle whether driven by yourself or your employees It is important to distinguish your commercial auto insurance policy from your personal policy by making sure that the name of your business not your own name appears as the principle insured

Choosing the Right Insurance

Working closely with a reputable insurance company will go a long way towards getting you the best business insurance package One indicator of a financially stable insurance agency is their standing with ratings companies such as Standard and Poors and A M Best It may be a good idea to spend some time researching ratings companies and consumer magazines before making a final decision

Working with a qualified agent or insurance broker can also help you to choose the right policy An insurance agent can also help you reduce the cost of business coverage An agent can suggest ways to prevent losses that will result in lesser premiums such as instituting workplace safety programs and other management initiatives

Term Life Insurance

InsuranceFor many people term life insurance is the most sensible and least expensive way to provide for their family

Life Insurance Basics

In todays high cost society life insurance is a necessity to maintain a familys quality of life if one of the breadwinners dies suddenly Although no one likes to think about this happening planning ahead can save your family hardships and financial struggles

Life insurance provides your family and beneficiaries with the financial means to cover medical bills funeral costs pay off a house or other property secure a childs education and eliminate any outstanding debts you may owe at the time of your death More valuable than the financial benefits is the peace of mind that life insurance provides your family or loved ones

Like medical insurance life insurance policies are based on a number of factors such as your medical history station in life and your income and debts

HEALTH INSURANCE

HEALTH INSURANCE

As medical costs continue to rise many individuals and families are interested in less Costly health insurance coverage But choosing less Costly insurance can be tricky Its crucial to understand which discounts are legitimate and which ones may result in inadequate coverage that could lead to outstanding bills and accumulating debt in the case of a medical emergency

When looking to cut costs one of the first questions people ask is why should they bother with health insurance anyway Theyre healthy not prone to chronic conditions and have never needed to invoke the insurance system before so wouldnt the less Costlyest option be to drop their coverage altogether

Health insurance is emergency coverage

Insurance providers often have discretion about whether or not they choose to cover preexisting conditions

If you were to cancel your coverage and then get into an accident even a minor one slip on a patch of icy sidewalk twist an ankle going down the stairs cut yourself while cooking dinner etc you could face steep emergency room bills

Similarly if you are without insurance but develop an ongoing condition diabetes or heart disease for example insurance carriers may refuse to cover you whereas a current provider would be more willing to enhance your coverage to accommodate your changing needs

Even if you dont use your policy frequently maintaining adequate health insurance is a protective measure that doesnt need to cost a mint

Less Costly Health Insurance Tips

There are many ways to lower your health insurance costs including

Raising your deductible you would pay a higher initial cost should you need service

Opting for higher copayments in exchange for lower premiums if you use your insurance infrequently

Dropping unnecessary coverage eliminating pregnancy and prenatal coverage if you will not have children for example

Investigating discounts for your specific career health history or insurance claim history

Investigating discounts for paying premiums in a lump sum instead of monthly

Improving Your Health for Discounts

One of the best ways to get less Costly health insurance is to not need it in the first place Individuals with a healthy past are generally offered lower premiums because they are considered less likely to use expensive services While you may not be able to change your health history you can begin to build a healthier past by adopting a more conscientious lifestyle with certain healthy changes such as

Quit smoking Many insurance carriers offer substantial discounts to nonsmokers

Join a gym Demonstrating a dedication to exercise can lead to insurance discounts

Lose weight Overweight and obese individuals are at a greater risk for many health problems and their insurance rates are generally higher even if they have not demonstrated those problems

Limit alcohol Light to moderate drinking has proven to have some health benefits but excessive alcohol intake is detrimental and can lead to higher health insurance premiums

Take a multivitamin Keeping your body healthy by giving it the minerals and vitamins it needs to function properly is a significant step toward not needing to use your health insurance

Get regular physicals Catching problems early can substantially reduce medical expenses and insurance carriers may offer discounts to individuals who get regular checkups

By adopting a healthier lifestyle not only do you have the opportunity to lower your health insurance premiums but you will be using the policy less and therefore paying fewer health expenses overall

Finding Less Costly Health Insurance

There are many places to find discounted health insurance policies Before buying a particular plan be sure to research that it meets your health needs and price compare against other policies to find the best deal

You never know when you will need insurance Employers Insurance Plans Many employers cover their employee for free and offer discounts for additional family members

SelfEmployed Plans Investigate group plan options through professional organizations and trade associations

Medicaid This statecontrolled plan provides discounted health insurance to lowincome individuals and families State requirements vary so be sure to investigate whether or not you can qualify for the plan

Medicare This federal insurance is offered to individuals over 65 years old as well as disabled individuals Requirements and precise coverage may vary for individual circumstances

Online Insurance Providers These companies can offer discounted rates because they function electronically rather than amassing paperwork and cumbersome office procedures Always check that the provider is licensed to operate in your state and for the type of coverage you seek

Noninsurance options that can help cover medical expenses

Health Savings Accounts These accounts are not insurance coverage but do provide a way for individuals to save for potential and unforeseen health expenses The accounts also provide tax benefits and they roll over from year to year to accumulate larger sums

Flexible Spending Accounts These accounts are a way for individuals to pay for copayments and deductibles from a sheltered account though they are not health insurance Many employers offer these plans and may match contributed funds but be aware that these accounts frequently expire at the end of the year and accumulated funds may be lost FSAs may also be used to save money for prescriptions doctor visits and other healthrelated expenditures

Discount Medical Cards These subscription plans offer members substantial discounts on frequently used services such as prescription drugs eyeglasses allergy shots and dental visits Be wary of excessive administrative or monthly member fees that can raise costs however

Auto Insurance Coverage

InsuranceIf you own a car auto insurance coverage isnt an option By law you must insure vehicles that are titled under your name Read on to find out more about the type of coverage you should have and why you should evaluate your coverage on an annual basis