Lucky for some who work for big corporations, there are frequently huge discounts when it comes to their health insurance. Unfortunately there are many people who do not fit into this category or are just not happy about what the company they work for offers for their health insurance plans. The problem is that there are so many different plans out there. They have different variables that can make it difficult to decide which one might be best for you. Below are a few tips to hopefully help you narrow down the decision.
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Most plans that you will run into will be listed as either an HMO or a PPO. HMO is short for health maintenance organization. While it does offer very affordable pricing on a lot of services, there are several services that may not have very much coverage or any at all. Also worth noting, with an HMO you are required to have a primary physician. This physician will almost always need to be consulted before you are ever able to visit a specialist and have it covered by an HMO insurance policy. Unless it's an emergency away from home you most likely won't be covered if you obtain any health services outside of your HMO.
The PPO has much more flexibility in it but is often more expensive. The PPO is the acronym for preferred provider organization. There are far less restrictions on what type of services you can get. Also, when you have health issues, you have the option to go straight to a specialist to take care of it rather than having to go to a general physician.
One thing that you should be aware of is that even though plans are generally listed as one of the other there are other variables that do apply. You will typically have some type of co-pay at each doctor's visit. As well, you will have to pay something on each prescription you have typically. However, the amounts on each of these can vary from plan to plan. You should look thoroughly through each plan.
A word of caution, after you've selected your health insurance, and you require health services make sure that each doctor and the facility they work at is covered under your policy. For example: your surgeon may be part of your PPO but the surgery center may not.
Through careful evaluation you should be able to find a plan that works for you!
Saturday, June 20, 2009
Thursday, June 18, 2009
Four Rules for Finding Good Disability Insurance
You can ask any financial adviser what is the most often overlooked type of insurance that people should have, and almost all will tell you it's disability insurance. Many people ignore disability insurance in comparison to life insurance. However, the problem is that there is a much higher probability that you will have a long-term disability than there is dying before the age of 65. In fact, if you are between the age of 35 and 65 there is a 50% chance that you have been, you are, or you will face a long-term disability. Below are some of the rules of thumb you want to follow when trying to find good disability insurance.
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#1: It Should Cover At Least 60% of Your Income
Good disability insurance will cover at least 60% of your income. Anything on top of that is great, but anything below that may not be enough to get you through a rough time. Generally people live with so much debt, that anything less than 60% isn't adequate protection. The exception would be if there are two people working and one becomes disabled.
#2: It Should Have an “Own Occupation Policy”
Many times these disability insurance policies have a clause that requires “any occupation.” This is generally referring to the fact that you may be required to change your line of work for your insurance coverage to pay out to you.
#3: Should Have a Lengthy Benefit Period
Another trick that many disability insurance companies will play on you is that they will have a high payout in terms of percentage of your income, but you might get the money for far less time. Which would you rather have: $700 per month for 6 months or $650 for a year? These are the factors you have to look at. Generally, you should always go for the lengthier benefit period regardless even if you have to take a decreased amount per month.
#4: Short Waiting Period
A lot of times what these insurance companies will do is make you wait a lengthy time before you ever receive your benefits. So while the benefit period may extend to a year, you have to wait 6 months before you ever get your first check. Generally, shorter waiting periods are more expensive and this may have to be determined by your wallet. However, it is something you should be aware of before picking a disability insurance provider.
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Free Insurance Quotes
#1: It Should Cover At Least 60% of Your Income
Good disability insurance will cover at least 60% of your income. Anything on top of that is great, but anything below that may not be enough to get you through a rough time. Generally people live with so much debt, that anything less than 60% isn't adequate protection. The exception would be if there are two people working and one becomes disabled.
#2: It Should Have an “Own Occupation Policy”
Many times these disability insurance policies have a clause that requires “any occupation.” This is generally referring to the fact that you may be required to change your line of work for your insurance coverage to pay out to you.
#3: Should Have a Lengthy Benefit Period
Another trick that many disability insurance companies will play on you is that they will have a high payout in terms of percentage of your income, but you might get the money for far less time. Which would you rather have: $700 per month for 6 months or $650 for a year? These are the factors you have to look at. Generally, you should always go for the lengthier benefit period regardless even if you have to take a decreased amount per month.
#4: Short Waiting Period
A lot of times what these insurance companies will do is make you wait a lengthy time before you ever receive your benefits. So while the benefit period may extend to a year, you have to wait 6 months before you ever get your first check. Generally, shorter waiting periods are more expensive and this may have to be determined by your wallet. However, it is something you should be aware of before picking a disability insurance provider.
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