life insurance
 | As the saying goes, "If you don't have your health, you don't have anything". This next pillar of insurance planning, medical insurance, seems to elude a lot of us. In 2008, there was nearly 47 million Americans or approximately 20% from the population under age 65 without health insurance. Furthermore, thanks in no small part towards the 2008-2009 recession and the resulting job losses that accompanied it, unemployment has been hovering around 10%. This large part of unemployment signifies that nearly 60 million men and women be without health insurance coverage! This needless to say can be detrimental to your financial freedom.
life insurance When you are evaluating health insurance, keep in mind that "cheaper" isn't necessarily better. There are quite a few variables that go into creating your premium. Such things as deductibles, co-pays, your usage of in-network or out-of-network doctors and facilities, all contribute to your final monthly premium. In case you are the "healthy" type, it is possible to reduce your expenses by considering an agenda with catastrophic coverage. Under this, you would have a high deductible before the insurance kicks in. Presumably this will not matter in any way because your health history demonstrates you do not use the system quite definitely. If you are willing to withstand a $2,500.00 to $3,000.00 deductible or maybe more, you could potentially lower your medical health insurance premium by about 50%. Lowering your premium can also be accomplished by picking a managed care plan. Deductibles and co-pays will decrease if you're willing to give up your choice of doctors and facilities. Alternatively, if you like your freedom, a conventional fee for service a.k.a., an indemnity plan, may be the right choice for you. Ideally, you should factor in the benefits which are most important to you while being conscious of costs and restrictions when putting your health insurance plan in place. Let's remember about tax breaks that are available for health insurance. Those that are self-employed can usually deduct 100% from the insurance premium from your pretax income. Employees, however, should check with their employer to ascertain if they offer a Flexible Spending Account (F.S.A.), or Health Checking account (H.S.A.). Both accounts allow you to set aside pretax income for many qualifying medical expenses. It's the effect of reducing your taxable income. You will then reap the tax break to pay less taxes. There is no limit on how much you can set aside but you have to spend this account within the calendar year or you will forfeit the unspent funds. Lastly, if you lose your job, you can generally continue your overall health care coverage through C.O.B.R.A., (Consolidated Omnibus Budget Reconciliation Act), for about 18 months, and sometimes longer should you meet certain qualifications. Choosing able to stay on your ex-employers medical insurance plan although they may charge you a small administration fee (2%). Don't let yourself be foolish and try to manage without health insurance. If you achieve seriously sick, your financial freedom come in jeopardy if you have no health insurance coverage. life insurance |
