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Guide to choosing the best health insurance policy – What steps to take?

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Would you wish to buy health insurance coverage? Are you planning to call up your agent? Once he drops in to your hour, he is well armed with forms and brochures and soon after he starts with explaining the policies which range from simple to complex. As he goes on to explain the pros and cons of each plan, you keep struggling with the overload of information and you gradually get confused about weighing the benefits and pitfalls of each policy. You keep wondering to yourself which policy suits best in accordance with your health needs. Should you focus on cancer coverage or maternity coverage or coverage for traveling abroad with some disease? You are left in a clear mess!

So, we’re here to help you with finding the best health insurance policy in the market and choosing the cream of the crop. Apart from comparing and contrasting from pet insurance australia – iSelect, you can also take some other vital steps. What are they? Read on.

#1: Look for the apt marketplace

Most people grab their health insurance policies from their employers and if you too are one among them, you won’t require using the federal insurance marketplaces and exchanges. The workplace where you perform your job is the marketplace. When your employer provides you with health insurance, you will still have the urge of searching for some other alternative plan that you get in the exchanges. Majority of the employers who provide insurance pay a part of the premiums of the workers and hence they will most likely offer you the least costly alternative. In case your job doesn’t offer you the benefit of health insurance policy, you should check the Affordable Care Act.

#2: Go on a comprehensive market comparison

You will come across few acronyms like PPOs, HMOs, POS and EPO plans, most of which you won’t understand at the beginning. The type that you choose will help you decide the total out-of-pocket costs that you have to pay and the doctors you can include in your network. Watch out for the summary of benefits as you compare plans. When you check on online marketplaces, they will have a link at the summary which will give you a gist of the entire plan. Even when you’re going through an employer, don’t forget to query about workplace benefits.

#3: Health plan networks should be compared

When you opt for in-network doctor, costs are lower as the insurance companies decide on lower rates with the providers within the network. On the other hand, as soon as you reach out of network, the doctors won’t have discounted rates and this will cost your insurance company. In case you have some preferred doctors whom you wish to keep seeing, ensure they are included in the plan which you’re opting for. Look for more choices than what you’re given.

Therefore, now that you know the ways in which you can settle down with the best health insurance policy, what are you waiting for? Get the best coverage and start saving for your future emergencies.

Mistakes to Avoid when Buying Senior Life Insurance

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Now that you have decided to purchase your senior life insurance policy, it’s time to take the next step. Finding the right insurance provider can be more challenging than you might think. With so many insurance companies from which to choose, how can you be sure you selected the right one? When you stop to consider the reason why you are buying life insurance, it becomes even more critical to make the right choice.

You Are Still Able to Buy Senior Life Insurance

Far too many people are under the mistaken idea that once you reach your 50s and 60s, you are no longer able to purchase senior life insurance. This is, in reality, a complete myth. The truth is that the older you are before you buy a life insurance policy, the higher your premiums are likely to be. Keep in mind; life insurance companies are in business to satisfy their shareholders while at the same time managing their risks. They know their chances of paying out on a 30-year old are far less than those of paying out on a 60-year old. The other side of this is that the longer you have to pay on your policy before collecting on it, the more money the insurance company has to invest. As you age, the less time they have to invest your money. This explains why the premiums increase the older you are when the policy is initiated.

Should You Invest in Life Insurance?

Another critical question is whether buying life insurance is worthwhile once you reach middle age. Unfortunately, there aren’t any simple answers to this question. No matter what your age, you need weigh the cost of the policy and any available options the particular policy you are considering has to offer. One thing to consider is that the older you get and the worse your health becomes, the more your premiums are likely to cost. At some point, the cost may reach a point at which buying senior life insurance may no longer make good financial sense.

Of course, doing without life insurance does represent a significant financial risk. But, before you decide to go without proper coverage, it is imperative that you take the time to look at your current and future financial needs. Keep in mind that buying life insurance may not be your best decision if:

  • If your monthly premiums are too high in comparison to the expected payout.
  • If your children/spouse are self-sufficient and do not need you to support them.
  • If you have already made your last mortgage payment and have no outstanding debt your spouse could end up being responsible for once you die.

For many people, buying a senior life insurance policy is a way of leaving behind a legacy rather than out of necessity. Many seniors continue paying into their policy to help their children or even grandchildren once they are gone. Keep in mind that the death benefits of a life insurance policy are non-taxable, which makes this a great way to leverage your money and at the same time take care of those you love.

There is so much to think about before buying a senior life insurance policy. Most of all, you must decide not only if the policy you choose offers the coverages and benefits you need at a price that is within your budget.

 

Should You Buy Your College Student a Car?

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cars and college students
Preparing for college can be stressful. Oftentimes, many questions arise that you’ve never considered, like should you buy your child a car for college? When it comes to cars and college students, there are a number of things to consider before making a decision.

Financial Considerations

Whether or not your child needs a car at school depends on a number of things. Obviously, you want them to be able to travel to-and-from the grocery store and visit home without any mishaps. However, it may not be all that necessary for them to have a car on campus. In fact, many schools prohibit first-year students from having a vehicle on campus.

This is to promote freshmen to be more involved on campus and not travel home as much but it can have its financial benefits as well.

The average 18-year-0ld pays $3,148 in insurance each year. Annually, you can also expect to spend more than $1,200 on gas, $800 on maintenance, and around $700 on licenses, taxes, and registration. Not to mention that if your child decides to bring a car on campus they will also have to pay for a parking pass as well as other parking costs.

It is also good to consider the financial perks of having a car on campus as well. Although having a car may be expensive, on-campus stores usually charge high prices for snack items. Having a car can help save money on groceries. It can also provide a way for them to save money when traveling home for the holidays. Instead of an expensive plane ticket, they’ll be able to drive their car.

All in all, you will need to weigh out how much you stand to save vs how much you stand to lose when sending your child to school with a car. This should determine whether or not you decide to do so.

Best Cars for College Students

If you’re going to spend the money on it though, it is a good idea to do research and determine which car may be a good fit for your child. Luckily, Edmunds releases a list of best used cars for college students each year. Parents considering purchasing their college student a car should think about the options listed below.

  • 2014 Honda Accord Hybrid: On average, a newer used Honda Accord runs about $16,430. It gets 49 mpg city and 45 mpg highway. It is a popular car amongst college students because of its fuel efficiency and utility (seating up to five).
  • 2013 Volkswagen GTI: The GTI has an appeal to people who love cars. You can get a 2013 GTI for around $13,826. This model gets 24 mpg city and 33 mpg highway.
  • 2014 Mazda 3: Comparable to the GTI, a Mazda 3 is a bit more affordable at an average price of $12,770. It also gets better gas mileage at 29 mpg in the city and 39 mpg on the highway.
  • 2016 Toyota Rav4: For students looking for a bit more space and utility in their vehicle, there is the Toyota Rav4. You can get a 2016 model for around $21,235. It isn’t as great on gas mileage (23 city/30 highway) but you’ll have plenty of space for road trips.

When it comes to finding a car that will be safe and provide value for your student, you’ll want to go newer but used. Each of the options above, along with a number of other used cars may be the perfect fit for your child. The key to finding the right car is determining what will fit your budget, shopping around, and comparing prices as well as weighing needs and wants.

Readers, do you think you should buy your college student a car? 

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Do You Need to Buy Separate Health Insurance for College Students?

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health insurance for college students
In many cases, health insurance is less than affordable, making it difficult for individuals to decide whether or not coverage is worth the cost. It isn’t something to be overlooked, especially for students. More than 20 million students are expected to return to college this fall and, without fail, colds and the flu will begin spreading. You don’t want yourself or your child to fall behind because they didn’t have the health care they needed while away at school but do you really need separate health insurance for college students?

Health Insurance Options for College Students

According to HealthCare.gov, each of the options below is available for college students.

  • Your parent’s insurance: Children are permitted to remain on their parent’s insurance until they are 26 years old.
  • Student health plans: Many colleges and universities offer a student health plan. In many cases, this is much cheaper than purchasing your own health insurance and gives you the basic coverage you need.
  • Individual health insurance: You can enroll in your own health insurance program that covers the essentials. Catastrophic health plans are available for individuals under 30. Catastrophic plans cover severe illness or injury and can be more affordable than full health insurance coverage.
  • Medicaid or Children’s Health Insurance Program: If you apply for individual coverage, you may discover you are eligible for Medicaid or CHIP. If you qualify for one of these government-funded programs, you can begin coverage immediately.

Each of the options above is available to all college students but it may be wise to compare the cost of each side-by-side. You may find that remaining on the family’s health plan may prove to be cheaper than a student health plan or individual coverage.

Do You Need Health Insurance?

You may be able to save the money you planned to spend on insurance altogether. You’ll need to take note of a few things before you decide to do so though.

This year, the health insurance mandate will subject individuals without insurance to a $695 tax penalty per adult and up to $2,085 per family. While the new tax law signed by President Trump removed the mandate, it is not in effect until 2019. So, anyone without health insurance in 2018 will still be required to pay these fees.

However, many students won’t be subjected to the fines at all because most won’t be making enough money to file income taxes ($10,000 a year or less). So, you probably don’t need health insurance for college students to avoid a fine but the decision to go uninsured should not be taken lightly.

Generally, it is a good idea to hold health insurance at all times. This helps ensure you will have the means to pay for a doctor visit, ER visit, or other medical procedure, whether money is tight or not.

Health Insurance Tips for College Students

If you do decide to purchase health insurance for yourself or your child, there are two things to keep in mind if they are traveling to school.

  1. Know where to go (within your network): Once you get settled in into your dorm, find out what local offices accept your insurance. It is a good idea to get the name and number of an eye doctor, dentist, and general practitioner in the area. Then, make a well visit with them and get your insurance on file.
  2. Pick a local pharmacy that accepts your insurance: Once you find a doctor that will accept your insurance plan, you’ll need to find a pharmacy that works with your coverage as well. Most of the time, your doctor’s office can point you in the right direction. You can also call the number on the back of your insurance card for more information.

If you’ve been considering buying a new health insurance plan for your college student (or yourself), consider all of your options and the cost of each. Then make an educated decision based on what is best for your health and finances.

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Insurance By Profession: What’s the Difference?

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Most people don’t like to think about their insurance plan. For one, insurance programs are often littered with legal, medical, and/or financial jargon, and sifting through different packages is no one’s idea of a good time. In addition, it’s often unpleasant to consider the need for insurance in the first place. After all, people only tend to focus on their insurance package after something bad has happened. Fortunately, taking time out now to study your insurance options could end up helping you out massively later on. Here then are a few things to note about insurance and how your choice of profession affects it.

High-Risk vs Low-Risk Occupations

The system isn’t “fair” in regard to insurance payments currently. It’s a reasonable question to ask why two people have to pay different rates on their insurance; and it can be frustrating to end up paying more because of a factor outside of your control. Indeed, insurance companies will take nearly everything about you into account before agreeing to a policy with you. Everything from your age, gender, marital status, driving record, and, yes, choice of occupation will have an impact on how much insurance will end up costing you. For reference, the DMV lists doctors, lawyers, and architects within a “high-risk” insurance bracket, and scientists, pilots, and teachers in the “low-risk” insurance group. Remember, companies that sell insurance consider every sale as gamble –– and they’ll lower or raise your rates to mitigate against potential losses.

Disability Insurance by Profession

It may sound odd to some that disability insurance is a bit of a gray area. Just what qualifies as “disabled” though has a lot to do with your line of work. For example, someone who operates intricate mechanical equipment can become disabled if they suffer an injury or pick up an ailment that prevents them from using their hands effectively (think arthritis). This is one reason why disability insurance varies so much by industry; doctor disability insurance differs from disability insurance for truckers, which differs from disability insurance for accountants, etc.

Finding the Right Insurance Package for You

Many people still sign up for group insurance programs through their employer, but it’s become a recent trend for some professionals to seek out individual plans. Note though, that looking to save money on an insurance plan isn’t always the wisest decision. If you do work in a high-risk industry, it may be worth your while to pay a higher premium in order to ensure comprehensive coverage. The bottom line is that picking out the right insurance program isn’t a decision to be taken lightly, and you should work to explore all your options before making a final call.

Here’s What You Need to Know About Back-to-School Insurance

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back-to-school insurance
The end of summer is almost here, which means many students will be headed back to school. Depending on the age of your child, you’ll need to research what your back-to-school insurance needs may be, whether it is auto, health, or home coverage. Since the best time to review your insurance plans is before the school year begins, here’s what you need to know.

Car Insurance for Students

Kids in high school may be preparing to take drivers ed and get their licenses this year. If that’s the case for your child, you may want to begin researching car insurance rates or what it may cost to add them to your insurance plan. Some insurance companies will offer a significant discount for ensuring your teenager if you agree to put a lowjack in your car to monitor speed.

You may also want to inquire about student discounts for car insurance as well. There are some companies that offer a discount for students with a high grade-point average.

Students headed off to college may also see a change in premiums and coverage if they go more than 100 miles away from home and bring a car to campus. However, you also stand to save up to 30% if your child leaves the car at home.

Health Insurance

Elementary school-aged children are especially susceptible to colds and cases of flu. Schools are a breeding ground for germs. Because of this, it is important to make sure you have solid health insurance coverage so you’re able to take them to the doctor when needed.

Many colleges require students living on campus are required to have health insurance. Thankfully, your children can remain on your insurance policy until they are 26 years old. If that isn’t an option financially, they can apply for individual health insurance. Students also have the option of receiving care from on-campus health care services. Some universities offer free health care while your child is enrolled full-time.

Home Insurance

College students often bring expensive electronics along with them to school. This can often make their dorm room or apartment prone to burglary. Most home insurance policies will cover these items as long as your child is staying in the dorms but will not cover certain items. Students living off-campus will need to purchase renter’s insurance, or you may consider adding their renter’s insurance to your policy.

Most home insurance policies cover up to 10% of property owned by an insured that is at a residence other than the residence listed on the policy. A $100,000 policy will cover $10,000 of belongings in a dorm.

When students return to school each year it is a reminder for many people to review their current insurance coverage. Taking a good look at your insurance may help you discover gaps in coverage and prevent any losses in the future.

Readers, are you preparing to make any changes to your insurance coverage now that students are headed back to school? 

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