Most employees contribute as much as 20% of their medical costs. Of course, those without health insurance are responsible for 100% of their medical bills. When considering private versus public insurance quotes, there is some important information to keep in mind. Health insurance is an imperfect system which is highly regulated by the government. More than 3,000 Federal and State directives require health insurance corporations to compensate for certain drugs, procedures, etc. The government, in other words, already oversees this industry and continues to increase expenditures with every directive.
The government itself oversees a system run by the public government. They watch over themselves in addition to the insurance companies. Some current types of public health care are Medicaid and Medicare. Public health insurance includes choices such as a single-payer system and a simple public option. Health care services are paid by the government alone in the single-payer system. This structure can include different variations in which some coverage such as dental and eye care is sometimes not included, resulting in patients paying out of pocket or pursuing additional insurance. The public option involves health insurance being provided by the government itself, but private insurance corporations do continue to offer insurance as another option. This system is viewed as a compromise between those supporting health care for everyone and those who want private health insurance.
Private health care insurance is the dominant health provider industry in the U.S. This system involves customers paying premiums to ensure that upcoming health costs will be at least partially compensated. Advocates of private health insurance claim that it promotes freedom of choice and provides superior health care. However, this system does not provide for every individual, resulting in lack of health care coverage for some people, which can cause an avoidance of medical attention.
An increased competition among health insurance corporations is one goal of the public option. Another goal of this system is to reduce overall health costs by offering an affordable option to private insurance. Critics of this arrangement claim that private insurance companies are put in jeopardy by forcing them to compete with a government body that does not have a profit motive.
Some prefer the single-payer system because it provides health care to all regardless of background and economic status, but detractors think it stifles progress in health care knowledge and lessens the quality of health care as a whole.
There are several considerations about the various options when choosing what type of health care plan to pursue. It is important to consider many of these factors as you are seeking private versus public health insurance quotes.
Life insurance rates and approval can be affected by type of employment. When a life insurance company reviews a potential client, they must scour not only medical history, but also any existing threats to their life. They must then determine just how much of a threat that person's job is to their life longevity. The significance of the workplace-related threat will determine the amount that person must pay and will be covered for. In a recent research study, Insurance.com collected data for the most dangerous jobs to have when applying for life insurance. Their results were based on a percentage rate of workplace fatalities against total number of workers in that field, rather than the total number of deaths. This article will review the top seven most dangerous jobs on that list.
1. Fishers/Fishing Workers – working on a fishing boat continually exposes workers to large, dangerous equipment and storms at sea that can capsize their fishing boat.
2. Logging Workers – logging is well-known for frequent accidents. Loggers are frequently killed by trees or large pieces of wood falling on them.
3. Aircraft Pilots/Flight Engineers – while auto accidents may not result in fatalities most of the time, nearly every airplane crash is inevitably fatal, if not leaving the victim permanently debilitating.
4. Structural Iron & Steel Workers – this industry exposes workers to extremely dangerous equipment that cuts, punches and presses metal. The force of these machines in accidents is often fatal or permanently debilitating.
5. Farmers & Ranchers – most farm equipment is dangerous to use. Riding horses, four-wheelers and farm equipment through off-road terrain is a high risk for accidents. Machinery-related accidents are also common in farming and ranching, making it a risky choice of work.
6. Roofers – it is a well-known fact that roofers must face working at significant heights. There is not always something to cushion their fall if they have a slip accident and fall off the roof.
7. Electrical Power-line Installers & Repairers – working with electrical lines is dangerous work. These workers are constantly exposed to high voltage in the power lines.
Those who work in dangerous fields should not neglect seeking life insurance. Most companies that hire workers in these industries offer company life insurance. If not, shop around and compare rates. Coverage can be obtained, but it will likely be more expensive. It is especially important for workers in these fields to be sure family members are protected by purchasing life insurance.
Choosing the Best Policy: Top Differences Between Permanent, Term, and Convertible Term Life Insurance
Taking out a life insurance policy is an important step to protecting loved ones, but many people are confused by the options. The guide below explains the key differences between permanent life insurance, term life insurance, and convertible term life insurance.
Permanent life, or whole life, policies are best for lifelong needs. Individuals frequently use this insurance type to cover the cost of final expenses, contribute to charity, leave a business legacy, prevent the family's financial distress, and/or develop an estate plan. Permanent life insurance policies also accumulate cash value, which can be withdrawn as a loan to help with temporary emergencies.
Term life insurance, on the other hand, is designed for people with temporary needs who are on a limited budget. Coverage lasts only for the specified term, with typical periods being 1, 5, 10, 20, or 30 years. Many people purchase term policies to gain temporary coverage until a certain date, such as until a loan is paid off or until children reach age 18.
Comparison of Permanent and Term Life Insurance:
<ul><li>Permanent life is designed for long-term needs, whereas term life is suitable for short-term needs.</li>
<li>Permanent life is more cost-effective over time, while term life is more affordable upfront.</li>
<li>Permanent life offers level premiums, while term life premiums can increase or decrease throughout the policy term, up to the maximum allowed.</li>
<li>Permanent life premiums remain the same. Term life premiums increase based on the insured’s age each time the policy is renewed.</li>
<li>Permanent life offers a guaranteed death benefit, whereas the term life death benefit can remain level or decrease, depending on the type purchased.</li>
<li>Permanent life accumulates cash value, which can be loaned. Term policies have no cash value.</li></ul>
A convertible term life insurance policy is a mixture of the previous two options. Owners are granted a term life policy, with the option to exchange it for permanent insurance during a specified period without needing to show proof that the insured is in good health. This provision is beneficial if the insured gains weights, develops high blood pressure, or begins suffering from any number of diseases. Some insurers require the coverage amount to be converted all at once, while others will permit partial conversions over time.
With the distinct benefits offered by permanent life insurance, term life insurance, and convertible term life insurance, everyone is certain to find an affordable policy that meets his/her needs.
While you may be well aware of the benefits of having a life insurance policy to provide for the expenses of your loved ones after you are gone, you may not know that these benefits are commonly decreased by the estate tax. In fact, this tax can take literally thousands of dollars away from your beloved survivors in their time and hour of need. There is a simple way to get around this tax dilemma. You can place your life insurance policy in a trust to avoid the burdensome estate tax. Observe the following steps in order to do this.
The first thing that you have to do is to decide who your trust beneficiaries will actually be. They should be precisely chosen since they will get benefits straight from the trust. You should think over your potential beneficiaries' financial responsibility when you undertake this decision.
Next, you will need to decide what benefits that each beneficiary should get, the way they will get these, and in what time frame they will obtain them. These numbers will help you to decide the amount of money that your trust needs to have to be adequately funded. You should ensure that your insurance policy will be sufficient to cover these dollar amounts.
Then you will need to determine which trustee will oversee and run your life insurance trust. Financial advisers, banks with which you do business, and colleagues who are financially astute are all possibilities for your trust. Institutions such as banks will require fees in order to run your trust. Other trustees, in particular personal contacts, may do this as a favor to you at no cost.
In order to complete the life insurance trust process, you will need to find and engage the services of an attorney who specializes in estate planning. He or she will aid you in getting your trust established legally. When you use an attorney, you gain the peace of mind in knowing that the trust is properly set up and it will not have any problems. You will also sleep easier knowing that it will work as you intend it to if you meet an untimely demise. The extra expense associated with this is well worth the knowledge that you gain that your life insurance trust will not unnecessarily burden your family with any problems in your absence.
Health insurance and disability insurance are both used to help a patient pay for costs that are associated with medical complications, but they are not the same thing. A patient uses disability insurance in order to provide a source of income in the event that a medical event prevents them from being able to work. Health insurance, on the other hand, is used to pay for the costs of medical procedures themselves.
Health insurance is used to pay for the costs of medical care. Typically speaking, health care coverage involves a premium, a co-pay, a deductible, and coverage. Co-pay is the portion of funds that you will need to pay when you visit the doctor. If you visit the hospital, costs below the deductible will not be covered by the insurance company, and you will be required to make these payments out of pocket. The coverage determines how much the health insurance company will pay for given procedures, and which procedures are covered.
The premium is the monthly or periodic payment that you make to the insurance company in exchange for coverage. Your premiums will be affected by your overall health, as well as demographic information.
When applying for health insurance, you will typically be asked to undergo medical screening, in which they will look through your health records in order to determine how high your risks are. They will use this information to determine if you are eligible for care, and what your premium will be if you are.
In exchange for periodic payments, usually made monthly, disability insurance will provide an individual with income when they are not able to work. This can be used to pay for sick-leave, short-term disability, and long-term disability.
Most people are less prepared for the possibility of disability than they should be. This is because most people think that it is unlikely they will end up in a situation where they are unable to work due to disability. But according to the Social Security Administration, workers at the age of twenty have a thirty percent chance of becoming disabled, at least temporarily, before they reach the age of retirement.
While this fact is certainly influenced by many factors such as your age, health, and the industry that you work in, it means that the risks are actually surprisingly high. It means that about a third of workers will become disabled during their lifetime. Workers should have a plan to prepare themselves for the financial situation that would result.
There are many factors that can affect a customer’s life insurance premium. Unfortunately, moving abroad can be one of them.
Anytime a customer takes out a life insurance policy, the issuing company will ask a number of questions in order to asses the risk the customer presents. These questions will include whether you are planning on visiting or moving to a foreign country. The insurance company will also want to know where you are planning to move and when you expect this to occur.
This is because many countries may pose more of a safety risk than the country where a customer presently lives. Any country that is currently considered a hostile environment, including Israel, Kenya, Afghanistan, Thailand, Serbia, Sudan, Libya, Iran, Pakistan, Nicaragua, India, and Guatemala, among others, is going to be seen as a significant risk.
Countries that have a high incidence of disease or that have higher death rates, including many countries in Africa, will also be seen as a larger risk. A customer may be able to lower their risk by receiving the required vaccinations, including those for tetanus, rubella, mumps, Hepatitis B, diphtheria, measles, and polio, as well as some optional vaccinations, like typhoid, rabies, Hepatitis A, and meningococcal meningitis. Unfortunately, this will not completely eliminate the risk of moving to one of these nations.
If a customer were to move to a high-risk country, their premiums would increase. Depending on the company, this increase could make a huge impact on the affordability of the policy. This is because when the life insurance policy was issued, the company did not take the move into consideration. Anything that changes a customer’s risk factor, including disease or moving abroad, can have a negative affect on the customer’s premiums.
The good news is that some companies would still consider the policy valid and process a customer’s claim, even if they increased premiums. The bad news is that some companies would refuse any claim made while living in the high-risk country. This is why it is important to understand the terms of your policy before ever purchasing the insurance.
Moving to a low risk country, like Canada, Australia, or the UK, will usually not affect a customer’s premiums. Even so, it is still important to check with your insurance company before assuming the policy will not be affected by the move.
When first applying for your life insurance policy, it is important to be completely truthful on the application. If you may move overseas in a year, let the insurance company know upfront. This may cause them to increase your premiums or refuse your application entirely. However, it is much better than the company finding out that you were dishonest and contesting your claims. As with every aspect of life insurance, it is better to be honest and know your options, than try to cheat the system and end up losing in the end.
Health insurance is something that every person needs in order to help in those financial hard times when illnesses strike. However, most people go about getting health insurance quotes through visiting websites and calling the health insurance provider. The problem with doing this is that the person may not completely understand what is being discussed. Therefore, they do not entirely understand the health insurance that they are getting. This is why the person must do their research before they talk directly to the company.
There are numerous health insurance books on the market, as well as Internet sites of the insurance company that are going to address the needs that people must be made aware of. First, the person should be looking for a book that contains information on what the health insurance plan will not cover such as pre-existing conditions and illnesses that people may have. There is nothing worse than getting an insurance policy only to find that it will not cover the first reason that the person may have taken the policy out.
Secondly, for those that are looking for ways to find a cheaper quote on their health insurance, there are tons of information on coverages that the person may not need and can drop from the policy in order to get a lower rate. However, when doing this, the person must be sure that the sacrifice is worth the price reduction. Professionals warn that this is something that most companies do not recommend, however, there is nothing wrong with not wanting coverage for items that you do not feel are important.
Once the person has looked at various insurance plans and what they contain. They then need to get quotes based on a single person or the entire family, to find the plan that is going to be affordable. It is vital that people research and know just what the insurance policy is covering so that there are no surprises in the future. People should be sure that they are not simply going with the cheapest, they want to love at the coverage that is being offered by the health insurance policy and what the breakdown of price is for the coverage. Many times, people find that the cheapest policy has no coverage, whereas one that is more expensive can cover all their needs.
A mandated health insurance benefit is a legal requirement applied to private health insurance contracts. Both federal and state governments apply these mandates to health insurance policies. A recent example of mandated health insurance benefits is the patient care and protection act, commonly known as Obamacare for short. This law contains many mandates, not all of them applying to health insurance policies. The requirement for all individuals to carry government approved health insurance by 2014 is one. The requirement that men and women pay the same premiums is another. The requirement to not deny coverage for pre-existing conditions is another.
For years, the US congress left regulation of health insurance companies to the states since most states did a thorough job of monitoring the health insurers. The states have increased their mandates on health insurance policies substantially in recent years. Depending on the state, these mandates cause increases in premiums of up to 25 percent. Whenever premium rates increase more than "inflation creep" allows for, more people decide their health insurance is no longer affordable. This leads to one of two outcomes. People become uninsured or apply for government health insurance programs such as medicaid. Neither is a desirable outcome.
There are currently 1000 health insurance policy mandates throughout the USA. That is an average of 20 mandates per state. (1000/50 = 20) These mandates can cover any issue from covered services such as acupuncture or massage therapy to who may provide the services, such as Physicians, nurse practitioners, dentists, optometrists. The number and type of mandates a state requires insurers to cover will affect the policy prices. E. G. in New York State a family of 4 will pay $12,000.00 annual health insurance premiums. In the neighboring state of Connecticut, the same family of four would pay $8,000.00. Why, New York has more mandates than Connecticut. Under current law, individual health insurance policies cannot be sold across state borders. This gives each state legislature a captive audience for their mandates. The only way health insurance policy holders can get health coverage for a better price or better services is to move to another state.
If you are already sick or have a pre-existing condition, it can be difficult to qualify for health insurance. However, it is not impossible to find coverage. These strategies will allow even those with serious illnesses to secure some form of health insurance.
1. Join a group health plan.
Individual plans can reject you for being sick, but a group health plan must cover everyone in the group. Some of the more common ways to join a group health plan include getting a job that comes with health insurance or being a covered dependent of someone with such a job. If you are married and your spouse has coverage through a job, you can be added as a dependent. If you are 26 years old or less, you can still be a dependent on a parent's group policy.
2. Move to a state that has a "guaranteed issue" law.
Some states mandate that health insurers must make some of their plans available even to individuals with pre-existing conditions. If you live in California, Idaho, Maine, Massachusetts, Michigan, New Jersey, New York, Ohio, Oregon, Rhode Island, Utah, Vermont, Washington, or West Virginia, you can take advantage of such laws at once. If you live in another state, you will need to move to a "guaranteed issue" state and meet any residency requirements. In most cases, your health plan premiums will be steep if you are purchasing a guaranteed issue policy, but this may be preferable to going without coverage at all.
3. Join a high risk pool.
Not all states have a guaranteed issue law, but most states do offer a high risk insurance pool for individuals who have been turned down for private coverage. Each state sets its own specific rules, rates, and eligibility requirements; there is usually a waiting period between six months and a year before actual coverage begins.
4. Take advantage of Medicare or Medicaid.
This solution will only work if you are eligible for these government programs. Medicare offers health coverage for individuals aged 65 or older; Medicaid provides medical insurance for low-income individuals.
5. Purchase a plan with an elimination rider.
This type of insurance will exclude your pre-existing conditions. While this is certainly not ideal, it may be the only option some people have. A plan with an elimination rider will at least provide health insurance for other illnesses and accidents that occur during the coverage period.
Medical expenses today can be outrageous, so it is important for people to have adequate health insurance. However, many people make simple mistakes that can cause them huge financial problems and possibly even bankruptcy. The following are some common health insurance mistakes to avoid:
1. Not Understanding the Policy: Insurers function under a set of complicated rules. Policy owners need to know how the deductibles and referrals operate. They need to comprehend both the benefits and the limits. Individuals do not need to have costly medical procedures performed without first consulting their insurance company. Sometimes policy owners forget to get pre-approval and then they get stuck with the bill. Individuals need to go over the policy and read it carefully, so they will understand how it works.
2. Going Out of the Network: Some companies have an approved list of providers. If consumers get treatment for someone who is out of the network, it could cost them thousands of dollars.
3. Not Obtaining the Correct Coverage: Consumers need to be aware of their needs and choose the right policy for them. People should not choose a company because they have the lowest premiums. More than likely, this type of coverage will cover very little. People should shop around, research, and get advice from friends or family members. Then, they can make a knowledgeable decision on which policy to obtain.
4. Not Knowing the Options: People need to know that they do have choices. Employees do not always have to go with their employer’s policy. There are others out there that might be more cost efficient for them. There are many experts who give free advice on choosing health insurance.
5. Not Being Honest: It will not be beneficial to a policy owner to lie about their health. It will do much more harm than good. Many health insurance companies will go over the medical records and will discover the lack of honesty. Consumers need to be honest even if they deny coverage. If an individual receives medical care under false pretenses, then they could end up paying for it.
One of the most important things in life is health, and people can get into serious financial difficulties if they do not follow the simple guidelines for their health insurance policy. Health insurance mistakes are avoidable if people with just take the time to make quality and informed decisions.