Author: insureadmin

It is important to save money on Employee Health Insurance. It’s not easy to figure out how to save money. There are different strategies to follow. Let’s take a look on the ways to control the cost of the Insurance.

• Make sure you are familiar with all of the rules of your employee health insurance plan, and that you follow them. Each plan will have rules of regulations of pre-authorization and providers networks. If you don’t stick to the rules you may find that you don’t have coverage for your treatment. Do not make assumptions about the plan. You must read your policy terms and feel free to ask questions from policy provider representative. Remember that a lack of information can cost you money.
• You may be able to opt out of certain coverage features that you do not need. There are certain services like Mental health services, chiropractic services, and maternity stays, are not required for many people. In some states, employee health insurance companies are allowed to offer insurance policies that include only mandated items of coverage. You can save money from these policies.
• Be prepared for emergencies by becoming familiar with the full aspects of your health insurance coverage. If when an accident occurs you are familiar with which hospitals and physicians are included in your network, you will be in a better position to make confident decisions in an emergency. This information should be kept handy in case you need it quickly.
• Saving money on prescription costs will help your overall health insurance strategy. There are typically eligibility requirements for programs such as these as they are primarily designed for those with low income or no insurance coverage.
• Do you have any bad habits? If you quit smoking you will become a more desirable candidate for insurance coverage. Smokers automatically pay higher premiums. You want to see immediate results, as it may take about 3 years to qualify for better rates enjoyed by non smokers.
• Exercise, and get fit. The obese will pay more premium than smokers, the aged, or alcoholics. Getting fit will surely benefit you and let your life span more healthy. Healthy people experience less stress also.

EMPLOYEE HEALTH INSURANCE AFTER 30

Different kinds of medical health cover are appropriate at different times of life. From 30 years of age, preventative activities take on more importance such as gym memberships, massage, acupuncture and other extras. Whilst these may not be important in your 20s, including them in your employee health insurance premiums after 30 becomes important.

If you have not “settled down” in your twenties, the thirties is a decade when most people are likely to start thinking about a family. It is also an age at which you are better able to afford more comprehensive health cover. The insurers are keen to get the mid-20s to 30-somethings on board as; generally speaking, they are still fairly fit and healthy.

COMPULSORY PRIVATE COVER

As well as the extras and family considerations from age 30 there is another important aspect of health cover to be aware of. Over the age of 30, the Government charges a penalty, if you do not have private health insurance. Each year a person is over 30 and without private health insurance, a two percent loading is added to the eventual cost of their premium capped at a maximum of 70 percent.

Those who have purchased private health insurance before their 31st birthday, and maintain their cover, may be offered loyalty bonuses by their insurer for being a long-term customer. As well, the Australian Government rewards those who have had 10 year’s continuous private health insurance membership with the removal of the loading.

WHAT’S IT COST?

An average private health insurance policy, providing basic hospital cover and mid-range extras, can cost between $60 and $100 a month. Basic hospital cover often takes care of things like transportation in an ambulance, pregnancy and birth-related needs, major eye surgery and hip and knee joint replacements.

The top of the line benefit cover may include full cover for hospital accommodation, no excess on day surgery and night stays in hospital, and extras cover for optical, dental, orthodontic and chiropractic needs.

EMPLOYEE HEALTH INSURANCE & PLANNING A PREGNANCY

For those wanting to start a family, there is only one piece of advice to remember: get in early (pun fully intended).

Take out your cover well in advance of falling pregnant, as there are often penalties and fees early in your coverage. Most funds have a waiting period of at least two months before any cover actually begins and for pregnancy this waiting period is typically 12 months.

If you’re going to play it by the numbers, and you like a little risk, this means it would be wise to wait at least four months after buying your insurance before falling pregnant, so that your baby will arrive after the waiting period has concluded. Obviously, the less of a gambler you are, the longer you want to wait, as many babies are born premature.

This Christian Science Monitor column introduces a new breed of life insurance: term life insurance policy with Return of Premium (ROP) features. Unlike regular term life insurance, in which you lose all the premium if you outlive the term of the policy, in ROP policies you will get all your premium back if you survive the policy term.

As you can expect, ROP policies will be more expensive than regular term policies. In the quoted example, “[f]or a basic $500,000, 30-year term life policy a healthy 40-year-old man might pay $895 annually vs. $1,232 for one with an ROP feature.”

Is this a good deal? If you just buy the regular term life insurance for $895, and save and invest the balance of $337 ($1,232 – $895) in the stock market, you will be able to get all the premium balance of $36,960 ($1,232 * 30) after 30 years if your investment turns in 7.82% annual after-tax return. It is actually a good guaranteed return for ROP policy holders.

However, the downside is for early withdrawal, your return on premium will be significantly less(the article quoted you will get 50% premium back if you withdraw after 15 years in a 20-year policy). In addition, if you die within the term, the payout is no different from the regular term life insurance.

The article correctly concludes that “you come out ahead with ROP insurance only if you hold the policy until it expires.”

In terms of life insurance, I will only consider regular term policies. Insurance and investment are two very different activities and it does not make sense to me to get an ROP or universal life policy and have my choices limited.

Life Insurance For Your Kids: Creepy, But…

Should you purchase life insurance for your kids? There are already many personal finance articles telling you no, but Jeff Opdyke put the reasoning in the neatest way by sharing his struggle in his WSJ column.

Let me summarise some rational and/or emotional reasons below:

1. Do you want to benefit from the death of your kid?
2. Kids don’t produce income, so the only tangible loss is burial cost. Do you really need an insurance to cover the small cost of burial?
3. Think insurance as a saving tool at the minimal? Life insurance for kids can hardly be an efficient saving vehicle. Try tax-advantaged 529 plans or Coverdell Education Saving Accounts for your kids’ college expenses.

To put it into perspective, Insure a company offers to provide $10,000 coverage to my 2-year old at $7.28/month (WA Grow-Up Plan). The rate is guaranteed until my kid turns to 21, and the cash value is equal or higher than the total premium paid after 20 years. Coverage can be as high as $20,000. (Yes, it is Gerber the baby face — do you know Gerber is also in the business of insurance writing?)

By simple math, I need to pay $87.36 a year for $10,000 benefit. I don’t think I will be in short of $10,000 for the rest of my life, so the insurance coverage really does not mean anything to me. Think this as saving? Is less than $100 a year enough to cover the college books, not to mention tuition?

For many people who have lived in Florida all of their life, and have not been able to get health care insurance because of a pre-existing condition, will soon be able to buy health care insurance as long as they meet certain requirements. Soon insurance companies have to offer health care insurance to every citizen of the United States at a reasonable price. Insurance companies cannot charge a higher monthly rate to people who have a pre-existing condition.

A young person who has a pre-existing condition will pay less each month compared to an elderly person who will pay considerably more money each month. A younger person is more likely to get well quicker and will not require as much medical care as an elderly person will need. Elderly people are often in poorer health and take a longer time to recover and the medical expenses can add up very fast, so it is understandable that an elderly person will have to pay more on a monthly basis.Not only will there be the monthly premium to pay, but there will be other expenses that will be added on. A person must meet the required deductible before they are allowed treatment. Once that deductible has been met, they will then only be responsible for the co-payment that is needed when they go see the doctor or enter the hospital.

In order to take advantage of this health care for pre-existing conditions a person must be a citizen of the United States, and live within the United States borders and have a legal address either in the state of Florida, or one of the other states in the United States. A person must have been diagnosed with a pre-existing condition by a qualified doctor. When a person has been denied health care insurance due to a pre-existing condition the insurance company must write a letter explaining why they denied coverage, and a person must be without health care coverage for six months due to the pre-existing condition.

Even though a person has been without health care coverage for a long period of time, it is best to check out several insurance companies before deciding on a certain one, so you know that you are getting the coverage you desire.

Dental Insurance

A healthy smile and healthy teeth go a long ways in helping a person to maintain a healthy lifestyle. As a person ages their teeth can become infected, brittle, and fill with cavities and other maladies. There are a lot of cases where a person has infections and problems with their teeth and simply do not have the funds or the insurance to be able to go to the dentist. The great thing about living in the great state of Florida is that there are plenty of underwriters who offer dental insurance and it is certainly a benefit that is offered by numerous employers from around the state.

Florida Dental Insurance is a nice thing to have because when an emergency such as having a tooth pulled or having a root canal done, a person may not have the funds at hand but with insurance they know that they can get any kind of dental procedure done. Proper dental plans offer all the industry wide dental insurance benefits such as co-pay and the ability to get the services of most any dentist. This dental insurance is certainly a nice help because it will erase any notion that a person will not have the funds to have to go to the dentist. The benefits of dental insurance is that any kind of dental work and procedures will get paid for by the insurance company.There are several insurance companies that offer Florida Dental Insurance.

The first thing that a person who is inquiring about this dental insurance is to compare different policies and seeing and selecting the insurance and policy that is best for the person and their family. Compare monthly premiums and prices and make sure that the dental insurance that is selected is one that is going to be cost beneficial. If a person is able to work for an employer who offers dental insurance as a benefit, they are in a good position because then all they have to do is rely on the dental program that their employer is registered with. Just like car insurance, fire insurance, and health insurance.

Short Term Health Insurance

We all need health insurance. In fact none of us can live without it these days. There used to be time when health insurance group plan was only offered if the person was severely sick and in need of sleep. But nowadays with every one going to the hospital and getting sick, it’s become an epidemic and no one can afford not be without it. In fact some places require you to have it or they will not touch you or even offer you a basic check up. In fact the first thing that someone does when you go in for an appointment is ask for your insurance card. And if you don’t have on, some places will turn you away based on the notion alone that you don’t have insurance.

With some states it has become mandatory and one of those states is Florida. So let’s take a look at a few of the benefits of having health insurance. One of the benefits of having short term is that it’s good for if you are in between jobs. If you lose a job and you don’t have any prospects right away, getting the short term is a good option. It allows you to continue getting health care coverage, even through limited means, until you find something. Some benefits don’t carry over if you lose your job, so it’s a good option to keep in the back of your mind. It’s also a good option if you just got a job, but your job doesn’t offer the benefits until a certain period or time has passed. So while you wait for those benefits to kick in it’s good to have something else to work with. Another benefit is that it’s good for college students who are just fresh out of college. Many students who are just getting out of college don’t have a job yet, but they need something. Because what happens if they get sick and need attending to right away.

Health insurance is a big deal these days. and If you are just getting out of school and still looking for that job and haven’t come up with anything at least you have the short term to hold you in. At least it’s something that the doctors and hospitals can work with. Short term may not last long, but it gives you a small window.