life insurance
As the saying goes, "If you don't have your wellbeing, you don't have anything". This next pillar of insurance planning, medical health insurance, seems to elude so many of us. In 2008, there were nearly 47 million Americans or approximately 20% from the population under age 65 without health insurance. Furthermore, thanks in no small part for the 2008-2009 recession and the resulting job losses that accompanied it, unemployment has been hovering around 10%. This high number of unemployment means that nearly 60 million people will be without health insurance coverage! This of course can be detrimental in your financial freedom.
life insurance
When looking for health insurance, keep in mind that "cheaper" might not be better. There are a number of variables that go into creating your premium. Such things as deductibles, co-pays, your use of in-network or out-of-network doctors and facilities, all bring about your final monthly premium. If you're the "healthy" type, you are able to reduce your expenses by considering a plan with catastrophic coverage. Under this scenario, you would have a high deductible before the insurance kicks in. Presumably this can not matter at all because your health history implies that you do not use the system greatly. If you are willing to withstand a $2,500.00 to $3,000.00 deductible or even more, you could potentially lower your medical health insurance premium by about 50%.
Reducing 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 picking a doctors and facilities. However, if you like your freedom, a regular fee for service a.k.a., an indemnity plan, is the right choice for you. Ideally, you have to factor in the benefits which can be most important to you while being tuned in to costs and restrictions when putting your health insurance plan in place.
Let's not forget about tax breaks that exist for health insurance. The ones that are self-employed can usually deduct 100% from the insurance premium from your pretax income. Employees, however, should check with their employer to find out if they offer a Flexible Spending Account (F.S.A.), or Health Checking account (H.S.A.). Both accounts enable you to set aside pretax income for certain qualifying medical expenses. It's the effect of lowering your taxable income. You may then reap the tax break of coughing up less taxes. The world's your oyster on how much you are able to set aside but you must spend this account inside calendar year or you will forfeit the unspent funds.
Lastly, if you lose your work, you can generally continue your overall health care coverage through C.O.B.R.A., (Consolidated Omnibus Budget Reconciliation Act), for approximately 18 months, and sometimes longer in the event you meet certain qualifications. You would be able to stay on your ex-employers health insurance plan although they are allowed to charge you a small administration fee (2%). Don't be foolish and try to make do without health insurance. When you get seriously sick, your financial freedom are usually in jeopardy if you have no health insurance coverage.
life insurance
life insurance
When looking for health insurance, keep in mind that "cheaper" might not be better. There are a number of variables that go into creating your premium. Such things as deductibles, co-pays, your use of in-network or out-of-network doctors and facilities, all bring about your final monthly premium. If you're the "healthy" type, you are able to reduce your expenses by considering a plan with catastrophic coverage. Under this scenario, you would have a high deductible before the insurance kicks in. Presumably this can not matter at all because your health history implies that you do not use the system greatly. If you are willing to withstand a $2,500.00 to $3,000.00 deductible or even more, you could potentially lower your medical health insurance premium by about 50%.
Reducing 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 picking a doctors and facilities. However, if you like your freedom, a regular fee for service a.k.a., an indemnity plan, is the right choice for you. Ideally, you have to factor in the benefits which can be most important to you while being tuned in to costs and restrictions when putting your health insurance plan in place.
Let's not forget about tax breaks that exist for health insurance. The ones that are self-employed can usually deduct 100% from the insurance premium from your pretax income. Employees, however, should check with their employer to find out if they offer a Flexible Spending Account (F.S.A.), or Health Checking account (H.S.A.). Both accounts enable you to set aside pretax income for certain qualifying medical expenses. It's the effect of lowering your taxable income. You may then reap the tax break of coughing up less taxes. The world's your oyster on how much you are able to set aside but you must spend this account inside calendar year or you will forfeit the unspent funds.
Lastly, if you lose your work, you can generally continue your overall health care coverage through C.O.B.R.A., (Consolidated Omnibus Budget Reconciliation Act), for approximately 18 months, and sometimes longer in the event you meet certain qualifications. You would be able to stay on your ex-employers health insurance plan although they are allowed to charge you a small administration fee (2%). Don't be foolish and try to make do without health insurance. When you get seriously sick, your financial freedom are usually in jeopardy if you have no health insurance coverage.
life insurance