Search results for insurance
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Posted
Jul 03 2009, 07:19 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Individual health insurance plans can be costly, complex and downright confusing. Navigating the world of co-insurance, co-pays and deductibles becomes a difficult task when it comes to choosing insurance plans that are not prepackaged and backed by an employer.
Many self-employed individuals and those who work for employers that do not provide health insurance spend hours trying to decipher the language of the industry and find the best coverage for the lowest premiums.
All health insurance plans are not created equal. Health insurance companies use a variety of different approaches when developing products and services for individual buyers. Low premiums might not necessarily mean that individuals are getting the type of coverage they need. The first step in exploring the many different types of individual health insurance plans is to learn all about the basic terminology and common features.
What is co-insurance?
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Posted
Jun 02 2009, 04:58 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.
I'm 28 and I don't have life insurance. Many people don't begin thinking about life insurance until they start a family, and I'll be no different. While we don't plan on starting a family in another year or so, it's important to learn about things before you need them -- before emotion and time pressure begin affecting judgment -- and recently I spent some time looking at life insurance.
How I chose term vs. whole life
There are four types of life insurance: term life, whole life, universal life, and variable life. (My earlier article discusses what each one is.) I want insurance to cover the catastrophic problems; I'll self-insure against the everyday and more routine problems. Some life insurance policies have a death benefit aspect and an investment/annuity aspect. But I also like clear segregation between the various aspects of my life, which is why I want to keep my life insurance simple.
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Posted
May 06 2009, 06:00 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This post comes from Tisha Tolar at partner blog Wise Bread.
With job loss on the rise, many people cannot afford medical insurance on their own, yet don't qualify for state or federal assistance. As a result, many will skip medical treatment to save money.
Your health is not something you can take lightly. With some planning and research, you can find ways to get more out of health care without spending more money.
Here are five places you can check out when you need medical help but don't have insurance to cover it:
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Posted
Apr 29 2009, 01:59 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Mr. "GoTo" at Go To Retirement has a high-deductible health insurance plan and set up a companion health savings account. He used to draw on the HSA to pay for routine medical expenses not covered by insurance -- until it occurred to him that there's a better use for that money.
He discovered a way to tap an HSA for some tax-free, non-medical retirement income -- which is normally taxed -- and it's perfectly legal. That's right. Contributions to your HSA are tax-free, and non-medical withdrawals within certain limits can be too when you're 65 or older -- if you follow Mr. GoTo's advice. "To my knowledge," Mr. GoTo says, "there is no other legal investment option that gives you that advantage."
Here's how it works, according to his post "Tax-free retirement investing with your health savings account."
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Posted
Apr 28 2009, 06:12 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.
If you have medical insurance, you should receive an "explanation of benefits" from your insurance company every time you visit a doctor.
Have you ever looked at one? It's amazing. You'll see how much the doctor billed you and how much the insurance company negotiated as an allowable rate. The difference can be staggering.
The catch-22 in all this is that if you don't have insurance, you'd have to pay the standard rate unless you negotiated with the doctor -- and negotiating with the white coat can be hard. Fortunately, it's not as uncommon as you think, according to a New York Times article.
Here are a few things you need to keep in mind as you approach this:
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Posted
Apr 16 2009, 06:16 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Fred Lee at partner blog Wise Bread.
Even though many of us may take our health for granted, one thing that strikes a chord in everyone is the high price of medical care. Between the rising cost of routine doctor visits and medication to the regular increases in our insurance premiums, health care is on most people's minds.
And yet, how many of us really take the time to understand all that we're being charged for?
Granted, medical bills can read as if they were written in another language, and for all intents and purposes, they are. That is because medicine, not unlike law, is filled with the esoteric language of the profession. Sprinkle in a generous amount of Latin, and it can leave you feeling pretty helpless and lost. Furthermore, many of us don't go to see a doctor or a lawyer until we need one, and at that point we are not necessarily in the best position to argue every nickel and dime.
On the other hand, is complete ignorance the answer? Or is it better to take the time to understand all that we are being charged for, even if it's a hassle and may intimidate us?
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Posted
Feb 25 2009, 12:05 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Like many people, we made a conscious decision last year to drive less as a way to save on gas. Through trip consolidation and more use of our feet, we drove only 5,237 miles.
So, we wondered, why do we still pay so much for car insurance? Sure, companies give discounts for lower mileage, but isn't there a better deal?
There is, in some states. Two companies offer pay-as-you-drive auto insurance, says Bankrate, and others are getting ready to roll out similar plans. Some drivers who enroll could see their insurance rates cut in half.
Before you rush to the phone to call your agent, there are some issues to consider, according to the excellent Bankrate story:
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Posted
Jan 27 2009, 10:18 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog ConsumerAffairs.com.
As the unemployment rate reaches the highest level in 16 years, a new analysis from The Commonwealth Fund finds that few workers who have lost their jobs -- only 9% -- take up health insurance coverage under COBRA, the Consolidated Omnibus Budget Reconciliation Act.
Unemployed workers who lose health insurance would need substantial financial assistance, covering 75% to 85% of their health insurance premiums, for their premium contributions to remain at the levels they paid while they were working, according to the report.
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Posted
Jan 27 2009, 06:05 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity.
A few years ago, I was driving from one office building to another when a Dodge Durango ran a red light and totaled my car. I was fine, as the Durango hit me at a 45-degree angle, but my car was not.
The passenger door was dented, the front quarter-panel was crushed, the frame was bent, and the wheel was crooked on the axle. If that wasn't enough, both airbags deployed. My Acura Integra was kaput.
I was fortunate in that accident because I wasn't at fault, the other driver was calm, a witness stopped, and the police handled the situation expeditiously. The end result was that I got a check and needed a new car, but the process was as quick as could be expected.
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Posted
Dec 18 2008, 07:13 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Linsey Knerl at partner blog Wise Bread. I have had the good fortune to experience comprehensive dental insurance in my lifetime. For a small monthly premium (usually $27 or less), my family and I could enjoy twice-a-year cleanings, annual X-rays, and routine repairs with little or no out-of-pocket expense. Now that I've jumped headfirst into the world of self-employment, my days of enjoying low-cost dental coverage are gone. So I tried a dental "discount" plan for the first time ever. Here's what I have found:
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