By Marty Lisevick
My wife Donna and I are driving around Glastonbury, CT. yesterday and she started telling me how the gas prices differ dramatically in town. She is a very astute woman who can always find a bargain. As I looked around the town I saw she was absolutely correct. One station has regular at $2.28, another at $2.16, and yet another at the other end of town at $2.06. I'm sure the bargain hunters like her go to the one that sells for $2.06 - money's tight and you save it wherever you can. Then I started thinking about the similarities of pricing in CT when it comes to health insurance. Our capitol of CT is Hartford - "Insurance Capital of the World" - a lot of different insurance companies selling similar health plans - sometimes with a wide variety of pricing. I wonder if people spend as much energy looking to save money on gas as they do on their health insurance. If they did their savings would be a lot more substantial!
With that in mind, here are my six ways to reduce your health insurance costs.
1) Review your coverage and cost every year - It never ceases to amaze me the people who brag about how they saved $100 bucks for the year on their car or home insurance but never bother to look into their health insurance plan. If they put the same type of effort and research into this they could be putting a lot more money back into their pockets. There are health insurance companies now that offer 2 or even 3 year rate guarantees (the premium rate stays the same over that period) and insurance brokers like myself can help you review your coverage, often times help you find a similar or more inclusive plan for less money. This past week I helped a 55 year old woman reduce her health insurance costs by $250 a month - changing her plan to a different company (she had never switched before, they just continually rated her up each year) that she had for over 6 years to a different company. In the process I lowered her deductible, and helped her get improvements in her overall coverage amount, prescription drug coverage, increased number of doctor visits per year, and added a dental plan. She essentially just saved $3000 over the course of the year and walked away with a much better health plan. If you want to do this on your own, there are many websites out there that can help - you can compare costs and plans with all of the major companies - or feel free to contact me and I will be happy to help you. Do not be afraid to change companies - rates and coverage can vary dramatically.
2) Unnecessary options - Take a look at your coverage - are there options in it that you really don't use or need? For example, if you are young and healthy and rarely go to the doctor - you probably don't need a plan that gives you unlimited doctor visits over the year. There are many plans that will cover 2 -4 visits a year or you can choose to pay for the visit out of pocket it you wish. This can drop your premium down dramatically. Do you rarely need prescription medications - if you don't or you can go to Wal-Mart and get the generic brand for $4 - that is a great solution. I have had clients who had great prescriptions drug plans that had a $2000 a year cap that didn't need it - just reducing it to a $500 cap can reduce your premium. Do you have a vision plan, but don't wear glasses or contacts? That is an easy and obvious option to take a look at! If you pay a lot for dental coverage, you can see if you have an Aspen Dental office in your area. Look into getting a dental discount card (usually around $9 a month) and see how much a month going there can save you. Dental plans can vary dramatically - I have been able to drop clients costs from $45 a month to $15 a month in CT. - be sure you look at it.
3) Look into a high deductible plan with supplementary coverage - One of the greatest costs to a client in health insurance is caused by accidents. Many companies offer supplementary accident coverage that will fill in the holes left by high deductible insurance policies. For example, I have a 41 year old female client with a high deductible plan - $5000 on any hospital/surgical visit. The plan is very basic - offers a couple of office visits a year, prescription drug coverage, dental, vision, etc. She is paying around $180 a month for the plan. One of the smarter things we did was include a $2500 supplemental accident plan - covers her up to $2500 in the event of an accident - has a $100 deductible. Sure enough, she slipped in her kitchen and fell - threw out her back - by the time she was done she had $1800 in expenses - the plan covered all of it except for the $100 deductible. She saves money on a high deductible plan each month, and has the accident piece taken care of. If you own a business, look into a high deductible group plan, combined with a supplementary plan like AFLAC - they offer great solutions to the holes in the coverage and help keep your premiums low.
4) Quit smoking - You can save big dollars on your insurance costs just by quitting smoking. To test this, I plugged myself (45 year old man - good health/preferred rating) into a health plan that would cost me $219 a month. Next I rated myself as a preferred smoker and the premium jumped to $318 a month! So then I put my wife (39 year old and myself -non-smokers-preferred rating) on the same plan and our premium came to $386 a month. That same plan would cost us $562 a month if we are listed as preferred smokers. So if you smoke, give it up - if you won't stop for your health, then stop smoking for your wallet!!! A lot of companies will give you the preferred rating if you have stopped for 6 months. You can save up to 30% on your costs by kicking the habit!
5) Overweight - drop the pounds - If you are overweight, health insurance companies will rate up your policy premium. The average rate up can be around 25% if you are 20-30 pounds overweight. Once you drop the weight, contact your company - if they won't make the adjustment for you - start looking at different companies - your savings could be substantial.
6) Find a solution to your coverage problem - There is a solution out there for you. I recently sat with a group of realtors who were under the misconception that they could not get health insurance because their company did not offer a group plan. Nothing could be further from the truth - I showed them some individual plans that several of them are now with. I also was able to put four of them into a small group plan (they were willing to start their own business together that could produce a Schedule C and the appropriate tax documents). I recently also had a 50 year old female client - who was not insurable by individual plans due to her condition - but we were able to find her a guarantee issue plan that would cover her. Companies that would routinely deny coverage to people for years for such conditions like diabetes are now accepting the exact same people as clients. The message here is don't give up - and if you need help - get a broker/agent to help you find the coverage you need.
I hope this helps you to find ways to reduce your health insurance costs. If I can be of further assistance, feel free to drop me a line at your convenience.
Article Source: http://EzineArticles.com/?expert=Marty_Lisevick
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Showing posts with label Health Insurance. Show all posts
Showing posts with label Health Insurance. Show all posts
Health Insurance Quotes Online - 3 Questions to Answer Before You Shop
By Barbara Dearing
Ready to shop for health insurance quotes online? Maybe -- maybe not. Shopping for any type of insurance usually requires the shopper to make a number of on-the-spot decisions, so it helps to have your priorities firmly in mind before you begin. If you want to avoid a mind-numbing shopping experience, you may want to write down the answers to the following 3 questions -- before you fire up your computer and start shopping for online quotes.
1. How flexible are you? Do you have your heart set on seeing a specific doctor, or receiving medical care at a specific hospital? If so, you will want to start your shopping process by ruling out all Health Maintenance Organizations (HMO's), which are very restrictive about using their "in network" health care providers.
On the other hand, if you have been referred to a particular HMO, ask them up front whether or not your favorite providers are included in their network. If not, you'll want to look elsewhere -- perhaps a PPO that provides more flexibility.
2. How healthy are you? Are you looking for a specific kind of coverage? Keep in mind that health insurance coverage comes in all shapes, sizes and flavors and what is necessary for your neighbor isn't necessarily the right kind of coverage for you. Think about your lifestyle and decide whether or not any of the following optional benefits are important to you -- prescription drug coverage, mental health benefits, maternity care, vision care, dental, or chiropractic care. If you don't expect to need these benefits, there is certainly no point in paying for them in your policy.
On the other hand, make sure you are including optional coverage that you are likely to need. For example, if you have any thought of starting a family in the near future, maternity benefits are an absolute necessity as they will be prohibitively expensive or impossible to purchase once a pregnancy has occurred.
3. How much deductible can you afford? Early in the quote-seeking process, you will need to declare the amount of deductible you are seeking. Remember, the higher the deductible, the lower your premiums. It is generally advised that you accept the highest deductible being offered, even if it seems like a financial stretch -- the lower premiums will usually out-weigh the deductible over time.
Once you have a firm grasp of the flexibility, coverage and deductible that you're seeking, you're ready to begin shopping for health insurance quotes online. If you need help finding the right quote provider, please visit the website recommended below.
Barb Dearing is a freelance writer, specializing in topics that help consumers save money in a variety of areas. She recommends the following website for consumers seeking multiple health insurance quotes: http://www.shop-health-insurance-quotes.com
Article Source: http://EzineArticles.com/?expert=Barbara_Dearing
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Ready to shop for health insurance quotes online? Maybe -- maybe not. Shopping for any type of insurance usually requires the shopper to make a number of on-the-spot decisions, so it helps to have your priorities firmly in mind before you begin. If you want to avoid a mind-numbing shopping experience, you may want to write down the answers to the following 3 questions -- before you fire up your computer and start shopping for online quotes.
1. How flexible are you? Do you have your heart set on seeing a specific doctor, or receiving medical care at a specific hospital? If so, you will want to start your shopping process by ruling out all Health Maintenance Organizations (HMO's), which are very restrictive about using their "in network" health care providers.
On the other hand, if you have been referred to a particular HMO, ask them up front whether or not your favorite providers are included in their network. If not, you'll want to look elsewhere -- perhaps a PPO that provides more flexibility.
2. How healthy are you? Are you looking for a specific kind of coverage? Keep in mind that health insurance coverage comes in all shapes, sizes and flavors and what is necessary for your neighbor isn't necessarily the right kind of coverage for you. Think about your lifestyle and decide whether or not any of the following optional benefits are important to you -- prescription drug coverage, mental health benefits, maternity care, vision care, dental, or chiropractic care. If you don't expect to need these benefits, there is certainly no point in paying for them in your policy.
On the other hand, make sure you are including optional coverage that you are likely to need. For example, if you have any thought of starting a family in the near future, maternity benefits are an absolute necessity as they will be prohibitively expensive or impossible to purchase once a pregnancy has occurred.
3. How much deductible can you afford? Early in the quote-seeking process, you will need to declare the amount of deductible you are seeking. Remember, the higher the deductible, the lower your premiums. It is generally advised that you accept the highest deductible being offered, even if it seems like a financial stretch -- the lower premiums will usually out-weigh the deductible over time.
Once you have a firm grasp of the flexibility, coverage and deductible that you're seeking, you're ready to begin shopping for health insurance quotes online. If you need help finding the right quote provider, please visit the website recommended below.
Barb Dearing is a freelance writer, specializing in topics that help consumers save money in a variety of areas. She recommends the following website for consumers seeking multiple health insurance quotes: http://www.shop-health-insurance-quotes.com
Article Source: http://EzineArticles.com/?expert=Barbara_Dearing
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Do You Need A Health Insurance Plan?
By Uma A Ilango
Medical Bills Can Ruin You
There is no socialized medical care in the United States of America. This means that in times of medical need, you will have to pay for the bills out of your own pocket. All it takes is one serious illness or an accident to send you filing for bankruptcy. The medical bills can be raked up to tens of thousands of dollars easily.
Haven’t Got Any Health Insurance?
It is no doubt that with the surmounting bills and expenses of basic necessities in daily life, setting aside money for it may seem like a luxury or a chore. To make matters worse, a lot of plans in the market are relatively expensive. In order to feel good about the decision to not buy one, we tell ourselves a simple lie – It will never happen to me. We may even justify the decision by looking for facts to substantiate it such as being a non-smoker or having a low-risk job. Are you guilty of this?
Do you really believe that serious illnesses and freak accidents choose a particular group or type of people to “attack”? Nobody says that a non-smoker will never get cancer. All the experts say is that a smoker stands a higher chance of getting cancer. Are you really invincible? Of course, there are others who have not invested in a health insurance due to other reasons such as lack of funds or lack of understanding of how it works.
Health Insurance 101
A health insurance is basically a protection against large medical bills. You can pay monthly, quarterly or annually for your it. The first step to getting a good one is to assess your current financial standing as well as health conditions and needs. There are many types of these plans in the market and you should be able to find one that fits your situation.
Group health insurance is affordable and it can be gotten via your employer for you and your colleagues. A private one also come in many forms – indemnity insurance plans, HMO plans, POS plans and PPO plans. Find out more about each of these plans so that your final choice will be one that is well-informed. Research is required to get a good idea of it. As in other service sectors, these plans are also susceptible to a degree of misleading advertisement, promises and information. Often you hear that it will cover most or all of the medical bills. On the contrary, it does not happen all the time. It all depends on the terms, conditions and limitations listed in the health insurance plan.
As this is quite tricky and requires quite a bit of reading up and work, you may consider hiring the services of health insurance broker. Another way of getting the perfect one is to use the information on the Internet to guide you to read and understand the plans. There are many articles to help you do this. There are also many websites that help you to compare various quotes online. Also obtain online reviews about how well the health insurance company you are interested in has dealt with previous clients’ needs. For those who may need more financial assistance, there are government funded such programs such as Medicaid and Medicare. Look them up as well.
Not having a health insurance is a serious gamble with far-reaching financial and emotional effects. It need not be costly. Look for an affordable one. Know the terms, conditions and limitations. To be honest, I do wish all of you are invincible and will never ever be in a situation where you are faced with large medical bills. At the same time, I know that isn’t reality and I sincerely wish you’ll not be caught unprepared.
Many people consider that finding health insurance are for those who fall ill often and those who do risk filled jobs. However, the truth lies in the way when sudden blow of health hazard occupies one of our family members leading to consecutive problems in economy and normal life. Having a Healthinsurance is a must.
Uma Ilango is a programmer from profession. Has lots of interest in non-technical writing too. She has written articles in several topics. Her hobbies include reading, surfing, writing and playing chess. She writes regularly at Bigarticlepool.com
Article Source: http://EzineArticles.com/?expert=Uma_A_Ilango
Read More......
Medical Bills Can Ruin You
There is no socialized medical care in the United States of America. This means that in times of medical need, you will have to pay for the bills out of your own pocket. All it takes is one serious illness or an accident to send you filing for bankruptcy. The medical bills can be raked up to tens of thousands of dollars easily.
Haven’t Got Any Health Insurance?
It is no doubt that with the surmounting bills and expenses of basic necessities in daily life, setting aside money for it may seem like a luxury or a chore. To make matters worse, a lot of plans in the market are relatively expensive. In order to feel good about the decision to not buy one, we tell ourselves a simple lie – It will never happen to me. We may even justify the decision by looking for facts to substantiate it such as being a non-smoker or having a low-risk job. Are you guilty of this?
Do you really believe that serious illnesses and freak accidents choose a particular group or type of people to “attack”? Nobody says that a non-smoker will never get cancer. All the experts say is that a smoker stands a higher chance of getting cancer. Are you really invincible? Of course, there are others who have not invested in a health insurance due to other reasons such as lack of funds or lack of understanding of how it works.
Health Insurance 101
A health insurance is basically a protection against large medical bills. You can pay monthly, quarterly or annually for your it. The first step to getting a good one is to assess your current financial standing as well as health conditions and needs. There are many types of these plans in the market and you should be able to find one that fits your situation.
Group health insurance is affordable and it can be gotten via your employer for you and your colleagues. A private one also come in many forms – indemnity insurance plans, HMO plans, POS plans and PPO plans. Find out more about each of these plans so that your final choice will be one that is well-informed. Research is required to get a good idea of it. As in other service sectors, these plans are also susceptible to a degree of misleading advertisement, promises and information. Often you hear that it will cover most or all of the medical bills. On the contrary, it does not happen all the time. It all depends on the terms, conditions and limitations listed in the health insurance plan.
As this is quite tricky and requires quite a bit of reading up and work, you may consider hiring the services of health insurance broker. Another way of getting the perfect one is to use the information on the Internet to guide you to read and understand the plans. There are many articles to help you do this. There are also many websites that help you to compare various quotes online. Also obtain online reviews about how well the health insurance company you are interested in has dealt with previous clients’ needs. For those who may need more financial assistance, there are government funded such programs such as Medicaid and Medicare. Look them up as well.
Not having a health insurance is a serious gamble with far-reaching financial and emotional effects. It need not be costly. Look for an affordable one. Know the terms, conditions and limitations. To be honest, I do wish all of you are invincible and will never ever be in a situation where you are faced with large medical bills. At the same time, I know that isn’t reality and I sincerely wish you’ll not be caught unprepared.
Many people consider that finding health insurance are for those who fall ill often and those who do risk filled jobs. However, the truth lies in the way when sudden blow of health hazard occupies one of our family members leading to consecutive problems in economy and normal life. Having a Healthinsurance is a must.
Uma Ilango is a programmer from profession. Has lots of interest in non-technical writing too. She has written articles in several topics. Her hobbies include reading, surfing, writing and playing chess. She writes regularly at Bigarticlepool.com
Article Source: http://EzineArticles.com/?expert=Uma_A_Ilango
Read More......
Individual Medical Insurance Coverage
By Howard Kaufman
If you've been recently laid off from work and your COBRA benefits have expired or are near expiring, or if you are self-employed, then your only recourse to obtain health insurance would be to purchase your own individual medical insurance coverage.
Though buying your own individual medical insurance coverage is generally more expensive than employer-sponsored healthcare (because your employer is subsidizing a significant percentage of your actual healthcare costs), there is some good news for individuals who are shopping around for the best deals:
You have a far greater degree of flexibility in terms of the type of plans you can choose from, since you are free to subscribe to and drop a health insurance provider any time you want to. You are never locked into one specific plan like you would be if you were obtaining coverage through an employer.
* You can choose your health insurance provider.
* You can choose from a wide array of deductible options.
* You can choose from a wide array of monthly premiums.
* You can choose plans that include or exclude the coverage and features that you want, such as prescription coverage, maternity coverage, flexible spending accounts, coinsurance and copay amounts.
Another piece of good news is that, even though you don't pay for your individual medical insurance coverage premiums with pretax dollars the way you would under an employer-sponsored plan, you get to take a tax deduction for qualified medical expenses that are in in excess of 7.5% (as of this writing) of your adjusted gross income.
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If you've been recently laid off from work and your COBRA benefits have expired or are near expiring, or if you are self-employed, then your only recourse to obtain health insurance would be to purchase your own individual medical insurance coverage.
Though buying your own individual medical insurance coverage is generally more expensive than employer-sponsored healthcare (because your employer is subsidizing a significant percentage of your actual healthcare costs), there is some good news for individuals who are shopping around for the best deals:
You have a far greater degree of flexibility in terms of the type of plans you can choose from, since you are free to subscribe to and drop a health insurance provider any time you want to. You are never locked into one specific plan like you would be if you were obtaining coverage through an employer.
* You can choose your health insurance provider.
* You can choose from a wide array of deductible options.
* You can choose from a wide array of monthly premiums.
* You can choose plans that include or exclude the coverage and features that you want, such as prescription coverage, maternity coverage, flexible spending accounts, coinsurance and copay amounts.
Another piece of good news is that, even though you don't pay for your individual medical insurance coverage premiums with pretax dollars the way you would under an employer-sponsored plan, you get to take a tax deduction for qualified medical expenses that are in in excess of 7.5% (as of this writing) of your adjusted gross income.
Not sure which health plan is right for you? Compare health plans now and get a free insurance quote.
Article Source: http://EzineArticles.com/?expert=Howard_Kaufman
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