MEDICAL INSURANCE

MEDICAL INSURANCE

Choosing the right medical insurance can be a difficult and confusing endeavor The primer below is designed to give you a basic overview of what to look for in an insurance plan

How to Obtain Medical Insurance

If you are fortunate enough to get health coverage through your job your premium payments are most likely deducted from your check Many companies offer basic coverage including emergency room costs doctors visits prescriptions xrays lab tests and chiropractic care cheap insurance,general insurance,health care insurance,insurance companies,insurance policies,insurance policy,life insurance,medical insurance, car insurance Additional health insurance is often available to cover dental vision and longterm conditions This type of supplemental insurance will most likely involve additional fees

If you freelance or are a small business owner you may need to purchase an individual medical insurance policy This can be accomplished by contacting an insurance carrier or by contacting an insurance broker The benefit of using an insurance broker is that a broker is not tied to any one carrier and can provide you with a variety of different rates

However a note of caution about choosing an individual medical plan be sure to check the rating of your company with A M Best which evaluates the fiscal health of various insuring agencies If the carriers rating is less than A you need to keep searching for other options

Types of Health Insurance

There are two main types of medical coverage fee for service plans and managed care Under fee for service plans you will need to submit a claim for each medical cost You are then reimbursed for each covered expense

Under managed care certain rules and regulations apply to keep healthcare costs as low as possible Preferred Provider Organizations PPOs and Health Maintenance Organizations HMOs are two types of managed care plans With PPOs you have the option to see any doctor within the PPO network You may also be referred by a PPO doctor to another doctor outside the network and still receive the lower cost However if you decide to see a PPO doctor outside of the network without a referral your bill may be significantly higher

HMOs stipulate that you must visit a doctor within the HMO network with the exception of emergencies HMOs are excellent for covering routine medical costs such as checkups flu shots and hearing tests However although HMOs are considerably easier on the pocketbook they offer much less flexibility than PPOs

Policy Checklist

Whether comparing programs offered through your job or shopping for medical insurance on your own you should take the following into consideration

Your overall health and the health of your family

Does anyone in your family smoke

How the medical insurance plan handles fundamental care

Outofpocket costs to you

When investigating an insurance carrier you may want to ask yourself the following questions

How often will you need to see a doctor Do you or any family members require specialized care

Will the plan cover the basics beyond annual office visits How does the medical plan handle maternity care prescriptions surgery hospitalization lab costs and other medical fees

Is there a deductible or amount of money that you need to pay before the medical insurance plan begins to extend coverage What is the copay if any A copay is the difference between what the carrier covers and what you pay out

How much will it cost to see a doctor outside of your plan

All of these factors need to be carefully considered before choosing a health insurance plan

Supplemental Medical Insurance

Beyond basic medical coverage you may wish to investigate supplemental coverage such as vision care dental care disability insurance and longterm care insurance For instance many plans cover dental cleanings and eye exams but do not cover more extensive procedures Disability insurance pays out an income if you are unable to work and long term care insurance can cover costs associated with an extended illness such as at home care and physical therapy

Health Insurance Plan

Insurance Finding the Right Health Insurance Plan

When it comes to fee for service and managed care most people will choose an HMO Health Maintenance Organization as a health insurance plan With HMOs there are lower premiums and minimal copays for all covered services In addition with this type of health plan there are no claim forms to fill out The catch with HMOs is that seeing an out of network doctor can result in a higher outofpocket cost to you Although less flexible than other health plans HMOs can provide excellent medical coverage for both you and your family

Avoid Health Plan Pitfalls

Finding a great medical insurance policy can be a definite boon but choosing from the myriad of options available can be confusing Being an educated consumer can definitely protect you against health insurance fraud You dont have to be an expert but knowing the terminology of your plan can help you to make the best decision Be familiar with terms such as copay the difference between what the health insurance plan covers and the doctor charges premium what you pay before your benefits kick in and fee for service a type of health insurance in which you submit claim forms and are reimbursed for covered procedures If you are not sure what something means be sure to ask your agent or broker to explain it to you in simple and clear language

Some indicators of a bogus health insurance plan may include the following

You are billed for services that you never requested or received

You do not receive a copy of your health insurance policy at the time of purchase

You fail to receive a receipt for cash premium payments

The paperwork for your health plan is so hopelessly complicated that you cannot even understand the basics of coverage

Any one of the aforementioned situations should lead you to question your carrier or maybe even take legal action

Protect Yourself from Health Insurance Fraud

Here are a few ways to protect yourself from health insurance fraud and get the best plan

Request written copy of your health plan You should automatically receive a copy of your paperwork at the time of purchase and a receipt of payment Fully review all terms of the health insurance plan before putting pen to paper

Make sure the insurance company is licensed as an insurance carrier in the state in which it operates and in your state An insurance company can be set up as a legal corporate entity but still not have the licensure to operate as an insurance provider

Ask to see a copy of your broker or agents license It is required by law that agents and brokers carry proof of licensure at all times If you are not sure check with the Insurance Licensing Bureau to verify qualifications

Do plenty of comparison shopping between health insurance plans and verify your carriers financial status with rating companies such as Standard and Poorsand A M Best The carrier should have a rating of A or higher for the company to be considered as a sound insurance provider

TERM LIFE INSURANCE

TERM LIFE INSURANCE

Term life insurance means that your insurance policy is only good for a certain amount of time usually anywhere from one to thirty years depending on the coverage you choose Whole life insurance on the other hand is in effect from the day you sign up for coverage until you die or cancel the policy Once term life insurance expires you can usually renew it for another term shop around for another policy or switch to whole life insurance

Each insurance company offers their own type of policies and options but some of the most common term life insurance programs are

This insurance covers you for a set period of time usually 10 20 or 30 years The amount of coverage stays the same for the duration of the policy so your family would receive the same benefits during the first year as the last With some policies your monthly premiums may go up

Decreasing Just like it sounds the value of a decreasing term policy goes down over time However you will typically pay the same amount each month in premiums even though the policy decreases This policy is usually bought by individuals who have a lot of upfront debt that they want to protect their family against

Yearly Renewable or One Year This insurance covers the carrier for only one year but can be continued on a yearly basis usually with the same conditions This can be a good idea for individuals who need life insurance coverage but are not ready to make a longterm commitment to a policy It may also be good for those who have large shortterm debt

Purchasing Term Life Insurance

Before signing on the dotted line for what could be a lengthy relationship make sure you are getting the right coverage Not all term life insurance policies or the companies that offer them are valid in every state Check with your states insurance department to find out which policies are applicable in your area

Many of the countrys largest insurance providers including Metlife State Farm and Nationwide offer term life insurance policies If you are working with a smaller insurance company or are not sure about the reliability and history of an insurance provider you can research the firm through reporting companies like Standard and Poors or AM Best

BUSINESS INSURANCE

BUSINESS INSURANCE

If you are a business owner you need to understand the importance of business insurance and how it can impact your enterprise It is also important to note that certain types of business coverage may be compulsory by law. Liability insurance is the mainstay of any business insurance package Employers liability insurance can protect your business if your employee suffers as a direct result of your companys actions If an employee is injured on the job this type of insurance will allow for the employee to be adequately compensated and cared for without incurring excessive legal fees

Product liability insurance is another insurance staple for any business If a consumer is harmed by your companys product liability insurance will ensure that potential legal fees and damages will be covered

Health insurance for employees and disability insurance are also important for businesses to contract Health dental and disability insurance usually need to be negotiated separately from a basic business insurance policy

You may also want to consider employee and corporate officer or owner life insurance as a part of your coverage When key personnel in a company die it can create an expensive undertaking to replace him or her

Business Owners Policy

A business owners policy is a common type of business insurance for small and mediumsized companies A business owners policy covers property insurance for your companys property and contents business interruption insurance this will cover loss of revenue if your business is disrupted and general liability This combined form of business insurance can save smaller businesses a significant amount of money However employees health insurance disability insurance and vehicular insurance if required must be contracted under a separate policy

Other Types of Business Insurance

Beyond the basics there are several types of specialty policies that may be purchased For example professional liability insurance will cover your agency in the event a client suffers due to insufficient training or negligence on the part of your employees Professional liability insurance may also be called errors and omission insurance

Employee Practices Liability Insurance is another type of insurance that your agency may require EPLI covers lawsuits resulting from company practice such as sexual discrimination wrongful termination and misappropriation of employee benefits

If you own and operate a vehicle for business purposes it may be wise to purchase a commercial auto insurance policy This kind of insurance policy will cover damages to your vehicle whether driven by yourself or your employees It is important to distinguish your commercial auto insurance policy from your personal policy by making sure that the name of your business not your own name appears as the principle insured

Choosing the Right Insurance

Working closely with a reputable insurance company will go a long way towards getting you the best business insurance package One indicator of a financially stable insurance agency is their standing with ratings companies such as Standard and Poors and A M Best It may be a good idea to spend some time researching ratings companies and consumer magazines before making a final decision

Working with a qualified agent or insurance broker can also help you to choose the right policy An insurance agent can also help you reduce the cost of business coverage An agent can suggest ways to prevent losses that will result in lesser premiums such as instituting workplace safety programs and other management initiatives

Term Life Insurance

InsuranceFor many people term life insurance is the most sensible and least expensive way to provide for their family

Life Insurance Basics

In todays high cost society life insurance is a necessity to maintain a familys quality of life if one of the breadwinners dies suddenly Although no one likes to think about this happening planning ahead can save your family hardships and financial struggles

Life insurance provides your family and beneficiaries with the financial means to cover medical bills funeral costs pay off a house or other property secure a childs education and eliminate any outstanding debts you may owe at the time of your death More valuable than the financial benefits is the peace of mind that life insurance provides your family or loved ones

Like medical insurance life insurance policies are based on a number of factors such as your medical history station in life and your income and debts

AIRTRAVEL INSURANCE

AIRTRAVEL INSURANCE

Air travel insurance often called flight insurance is a shortterm accidental death and dismemberment insurance

policy that covers the policyholder should he or she be killed or maimed on a specific commercial flight or flight connection Once the trip is over and the policyholder deplanes the policy is null and void. Air travel insurance is essentially a shortterm life insurance policy It covers the policyholder in the case of accidental death during the boarding flight and deplaning of a single flight and must be purchased prior to departure If an accident occurs benefits are distributed to the policyholders beneficiary. Coverage for commercial aircraft is available but flight insurance does not exist for privates planes Air travel insurance is usually available in amounts of up to $1 000 000 Because it covers such as short period of time air travel insurance is generally affordable with policies starting at just $12 per person Policies may be purchased for individuals or family groups

Air travel insurance may be purchased as a single policy or as part of a blanket travel insurance policy that includes such products as travel health insurance baggage insurance and trip cancellation insurance Several major travel insurance underwriters such as AccessAmerica and TravelGuard offer such blanket policies

The advent of the Internet has made it especially easy to purchase air travel insurance Several flight insurance companies allow you to purchase policies online via a simple onepage form Among these companies are

Travel Guard Insurance

Travelex Insurance

As with any insurance policy make sure that you read the terms and benefits carefully before you purchase the policy Terms and coverage amounts vary a little among companies

Flight insurance may also be purchased at many airports via automated kiosks Mutual of Omaha Insurance Company operates many of these You can usually find them near the airline checkin counters To buy a policy you simply enter your flight information and pay via credit card and your policy prints directly from the kiosk Its simple and just takes a couple of minutes

Many credit card companies also offer free air travel insurance particularly for their gold and platinum cardholders commonly up to $100 000 when you charge air travel tickets to that card Please note that the insurance only covers the cardholder even if you buy other family members ticket at the same time This insurance benefit is particularly advantageous to frequent business travelers

Do You Really Need this Insurance

Like other forms of insurance the decision whether to purchase air travel insurance is a personal one To some extent this insurance plays upon travelers fear of flying Someone who would never think of insuring a single car trip even if you could buy that kind of policy buys a flight insurance policy because of the publics uncertainty about flying This type of insurance also often duplicates standard life insurance coverage

Only you can decide whether air travel insurance is right for you Just make sure to research the various products and coverages and make an informed rather than an emotional decision

CAR INSURANCE

CAR INSURANCE

Is it really worth it buy the less Costlyest car insurance you can find In this article you will learn what you need to know to get the best possible coverage from even the most basic car insurance policy

The less Costlyest auto insurance may be great for your bank book but not so good when it comes to filing a claim The money that you save on premiums and monthly fees can go out the window when you find out that you have to fork over thousands of dollars for uncovered repairs

When it comes to finding a deal on car insurance you need to read the fine print Even the less Costlyest insurance should cover the following

Personal Injury Protection Coverage This will cover medical costs for yourself and injured passengers in the event of an accident

Uninsured Motorists Coverage This will provide coverage if you suffer an accident at the hands of an uninsured driver

Physical Damage Coverage If you car is damaged by fire flood or theft this coverage will address any associated costs

Collision Coverage This covers damages resulting from a collision caused by you or another driver

Your car insurance policy should also cover property damage liability if your car damages someone elses personal property and rental reimbursement in the event you need to secure a vehicle while your own is being repaired

There is an exception to this advice If you drive an older car it may cost you more to obtain uninsured motorist coverage and physical damage coverage than your vehicle is worth For example if your car is more than ten years old and valued at below $1 000 and your deductible is $1 000 you may be paying for nothing The insurance company will write your car off as a total loss and reimburse you for the value of your car less the deductible $1 000 minus $1 000 leaves you with nothing but empty dreams to show for your timely premium payments

Do your homework Know the value of your vehicle before you seek coverage The best value is the policy that covers your needs but does not include options you do not need If you are searching for a new policy it best to go with a wellknown and reputable carrier Many insurance companies offer competitive rates and less Costly car insurance Geico AllState and State Farm provide reasonable deductibles and affordable policies This is not to say that you have to contract your policy with a big name company but signing on with a familiar carrier can definitely put your mind at rest Be sure to research and compare various quotes before making a final decision Less Costly car insurance can disguise a number of hidden pitfalls You need to be educated about the going market rate of an insurance policy to make an informed decision When you finally do contract with a carrier be sure to request proof of payment and a written copy of your policy Less Costly car insurance is not necessarily a scam but do keep in mind that there are many unethical individuals out there just waiting to take advantage of an unsuspecting consumer Knowing the basics can keep you out of trouble

You dont have to contract an entirely new policy to reduce the expense of your car insurance policy Here a few things you can do to get the less Costlyest car insurance

Evaluate the make and model of your car preferably before purchasing Cars that are more prone to theft will increase out of pocket expenses

Drive safely and avoid accidents Although this may seem like obvious advice having a clean driving record is a key factor in getting the less Costlyest car insurance Many companies offer discounted rates for a no claim period of five years or more If your driving record is not quite so pristine you may be able to take a defensive driving course to reduce costs as much as 15% or more

If possible consolidate all of your insurance life insurance home insurance medical insurance etc under one carrier If you are willing to contract multiple policies with one company you can probably get the less Costlyest car insurance rate

Installing safety or antitheft devices can contribute to reducing costs As a general rule of thumb the more difficult your car is to steal the better your insurance rate will be. Whether you go online or to your local insurance agency for a car insurance quote you will be ask some of the same basic information. Before you call an insurance company looking for a car insurance quote it is a good idea to have all the information you will need for the company to process your request at hand This is especially true if you will be getting a quote on a policy that will cover more than one driver

The first set of details the insurance representative is likely to ask for is your personal information Be prepared to provide the following for each driver to be covered by the car insurance policy

Full name

Home address

Birth date

Social Security number

Drivers license number

Sex

Marital status

Education including highest grade completed and drivers education training

G P A if a fulltime student

Occupation

Credit history such as have you filed bankruptcy do you have charge offs or repossessions and how good is your current overall credit rating usually a excellent good fair or poor answer will suffice

How long have you been a resident of the USA or Canada

You may find it strange that your credit history would make up part of the equation that determine car insurance rates but the ability to pay your bills goes directly towards determining your character and whether you are apt to make your premium payments timely

In fact much of the information requested may seem irrelevant such as marital status and education You may be thinking What could that possibly do with my ability to drive a car Statistical data has been compiled based on these factors and each one is assigned a value based on the claim history of other insured people who share the same education credit or marital background as you For example married people are a better insurance risk than single people

Car Insurance Quotes and Vehicle Details

After the insurance company is acquainted with the drivers you will need to supply information about your vehicle including such details as

Vehicle year make and model

Zip code where the vehicle is most often garaged

Primary driver

Annual mileage

Is the vehicle leased

Desired deductible

Primary purpose of the vehicle meaning do you use it for commuting and pleasure only or is it utilized for business purposes

Miles commuted between home and work

Driving Record

Your driving record is a good indicator of what kind of driver you are The car insurance company will want to know about any DUI convictions tickets accidents or car insurance claims you have had in the past

Car Insurance History and Policy Requirements

There are several reasons you will want to have a copy of your existing insurance policy with you First in order to properly compare rates you will want to get a car insurance quote for the same coverage as you have now If you compare the cost of a car insurance policy with a $1 000 deductible to that of a policy with a $500 policy you are comparing apples to oranges This means the value of what you will receive for your premium payments is not the same therefore the comparison is unreasonable

Second you are likely to be asked for the following information

Expiration renewal date of your current car insurance policy

How long have you had continuous car insurance coverage

How long you have been with your current insurance company

Car Insurance Quote Summary

It is prudent to get a new car insurance quote when any of the data provided to your car insurance company changes or is about to change For example if you are looking to buy a new vehicle you will want to know how that make and model of car will affect your car insurance rates before you make the purchase In some cases the purchase of a new vehicle can mean a monthly insurance premium equivalent to the cost of your car payment

No one enjoys shopping for car insurance but you can take some of the pain out of the experience by properly preparing to answer the questions that will get you the most accurate car insurance quote

Buying car insurance online is one of the many ways the Internet has made life easier No more waiting on hold filling out papers and mailing them to an insurance salesperson or wondering what your rate will be Getting your car insurance online is a quick and easy task that usually gives you instant access to your new policy

How to Buy Car Insurance Online

Applying for car insurance online is much like doing so in person but you can do it in the privacy of your own home You will still need to share a lot of personal information so the company can determine how much of a risk you are to insure Learning about your driving history and station in life is how the company decides your car insurance rate Someone with a history of accidents and highrisk driving behavior will have a higher rate than someone with a clean driving record

Since most of this information is sensitive make sure you have updated virus scan and firewall software on your computer Also check the site you are using to make certain that it is secure You can tell by looking for a lock on the bottom of the screen

When you are ready to apply have the following information onhand to make the application process faster

Personals information such as name sex age marital status address and telephone number If you have moved recently you will probably need to provide your last address and phone number

Driving history Be honest about any speeding tickets traffic violations or accidents you have had The insurance company will find out anyway when they do a background check so it is best to be honest

Make model and year of car

How often and how far you drive

Credit history The insurance company will run a credit check themselves once you provide your social security number

After you provide all this information and decide what kind of coverage you want you will be provided with a car insurance quote Many sites will do this instantaneously and you can decide in minutes if you want to accept the policy You can pay for your insurance right through the same web site print out your proof of insurance and hit the road

Benefits to Buying Car Insurance Online

Many car insurance companies claim that you can save money using their site and that may be true since it is so easy to compare insurance rates through the web Imagine how much time it would take if you called three or four different car insurance companies and went through their application process

Be careful that you are comparing the same type of policy Company A may be less Costlyer than Company B but if the deductibles are drastically different Company A could cost more if you have an accident

Buying car insurance online also eliminates potentially aggressive salespeople offering you addons you do not need Before you purchase your policy the website should spell out exactly what you are ordering so there are no surprises

You can also expect to reach more potential companies by shopping online Your hometown may only have a handful of insurance offices but the Internet has hundreds As long as the company is licensed in your state you can even use a foreign company if they have the policy you need The company website should tell you where it is licensed or you can contact the Insurance Commissioner in your state for a list

Best of all searching for car insurance online means you can do it at your own pace and in your own time Many of us cannot fit a trip to our local car insurance office into our day so shopping online after normal work hours or during a lunch break fits into our busy schedules

Drawbacks to Buying Online

The biggest disadvantage to getting insurance online is that you cannot talk to agent about any questions you have An agent may also be able to show you different options or work within your budget to get you exactly the policy you need But if you know what you want and are comfortable working without an agent there is no reason not to try it

Online Companies Offering Car Insurance

There are two types of companies offering car insurance on the web

Direct Companies

Most large insurance companies like Geico Progressive and State Farm offer their own online forms that give you quotes directly from their company They may also be able to show you discounts you qualify for or allow you to get information or quotes about other insurance products from their company