Getting help paying for health insurance
The GHC Better Together Podcast …
Our weekly podcast in a series on health care reform and what it means for you and your family.
Episode 3 – Getting help paying for health insurance.
Creating a Budget
Establishing a budget probably does not sound like the most exciting thing out there to do, however, however it is a crucial step in organizing your finances. In order to create a successful budget, remember that you must be as detailed as possible. The advantage is that the more detailed you are the more you can track where your money is going and find ways to save.
Gather all of your financial statements. Bank statements, investment accounts, utility bills, and anything else you can find that shows either an income source or an expense. You are going to create a monthly average, so the more information you can gather the more accurate you can be.
Record all of your sources of income. If you collect alimony or child support, include that. If you receive a regular paycheck as an employee, use the net income (take home pay). Record the total as a monthly amount.
Create a list of monthly expenses. Make a list of all of the expenses you expect to incur over a month. Mortgage or rent payments, car payments, auto and health insurance, utility bills, dry cleaning, retirement savings, groceries, etc. Anything that you spend money on or put money into, you want to list.
Divide your expenses. Create two categories for your expenses: fixed and variable. Fixed expenses are expenses that are the same, or generally very close to the same, each month and are required payments as part of your way of living. Mortgage, auto payments, cable, internet service, trash, sewage, etc. These payments are essential and unlikely to fluctuate monthly.
Variable expenses will change from month to month. Examples include groceries, gas for your car, entertainment, and gifts.
Total your income and expenses. You want to total your monthly income and your monthly expenses. If you set a savings goal in your budget under your expenses, your income and expenses should be equal or your income should be a bit higher. If your expenses are outpacing your income, look to your variable expenses for places where you can make some cuts.
Track and review. You are going to want to track your expenses daily. Get into the habit of doing this. If you are waiting until the end of the month to total up your expenses, you are not actively participating in your budget. You are simply tracking what happened. You cannot wait until the end of the month to see if you are on or off track.
Why There is a Need For Life Insurance
Given the ever-increasing cost of living and the unstable job environment in the United States at the moment it is only natural to re-consider your need for life insurance. It is hard to look at your bank statement each month and see insurance payments going out when you are getting nothing tangible in return – at least in the short term. However, if you stop and think for a moment about what life insurance actually offers it becomes quite clear why you should keep your policy.
Life insurance offers a lot of benefits for anyone who has a family. If you are involved in an accident or suffer a sudden illness that leads to your untimely death, then your life insurance policy will cover your funeral expenses and make sure that your family is looked after during what is undoubtedly going to be a stressful and upsetting time for them. Your life insurance policy will give you the peace of mind that should something happen to you, those that you love the most will be OK.
Most good life insurance policies cover the immediate burial and funeral expenses, as well as ongoing expenses for a year after the policy holder’s death. This should be more than enough time for your family to find an alternative income.
It is a good idea to shop around to find a good insurance provider. There are a lot of different companies that offer policies, and if you are a non-smoker with no pre-existing medical conditions then finding a policy should be fairly easy, so don’t just settle for one quote from Primerica Insurance or any other single company. Even if you do have a medical condition that prevents you from getting the kinds of rates advertised on TV there will be some insurance providers that offer an affordable policy that suits your needs. Shop around and get the peace of mind that you and your family deserve.
Why Is it Important To Have Life Insurance?
The fact that you have a ton of bills you have to pay at the end of every month, is enough to make you worry about adding an extra bill like life insurance to your worrisome financial burden. Considering the fact that, from time to time, you will meet up with an unexpected bill that will need to be taken care of it just seems that you are wasting your hard-earned money and valuable time. Right!
Ok. But before you get yourself all out of sorts, it is important that you look at things from a different angle for a moment. You see, if you consider your life insurance as a pre-payment for your future expenses, then you are going to get a new and different perspective of it.
“Funeral costs have more than tripled over the last few years and many families are finding it hard to afford the costs of ‘paying their last respects’ to their loved ones,” says Jeff Root of RootFin. As such, they end up taking the cheapest option available and compromising their loved ones respect. At the same time, life insurance means security for your family. “With life insurance coverage, even in your demise, you family will not have to worry about issues of car payment, mortgage settlements, or other large financial burdens,” he adds.
If you look at it, life insurance is a very essential protection for anyone that values his/her family and their future. Families are the hardest hit when they unexpectedly lose a loved one; especially when he/she was the breadwinner. Making matters worse and harder, some families resort to selling their personal belonging to cater for costs and such.
As such, a life insurance policy is essential. However, if you feel like your monthly expenses are just too much contacting a trustworthy insurance specialist could help you find ways to review a policy for a chance to lower the payments yet without depreciating your coverage.
One affordable option that could help you bridge the gap between policies is term life insurance. On the other hand, a whole life insurance policy will create cash value over time; meaning that you will have a financial investment, making life more bearable and less expensive for your loved ones compared to if you didn’t have one.
Qualifying For No Exam Life Insurance As A Diabetic
Diabetes is a condition that can create several difficulties in your life. Depending upon the type of diabetic that you are, the things that you must do on a regular basis may vary in order to maintain your health. A type I diabetic is an individual that must take insulin shots on a regular basis to maintain their health. A type II diabetic has to watch their blood sugar levels, making sure that their diet does not have too many carbohydrates or excessive amounts of processed sugar. If you want to get a life insurance policy, you can run into several problems. Here are a few ways that you can find and qualify for a no exam life insurance policy for diabetics.
Why It’s More Difficult For A Diabetic To Get Life Insurance
If a diabetic tries to get a life insurance policy, most insurance companies will deny them. They are a risk that most companies do not want on their books as there is the possibility that you could die from your particular disease. To qualify for life insurance, a company must be open to the idea that you are in good health now, and that your past history has no other blemishes. As long as you have a good track record for staying healthy, and your diabetes is under control, it is possible to find an underwriter that will help you out.
Obtaining A No Exam Life Diabetic Insurance Policy
There is the possibility that you have a life insurance company in your town that will be willing to work with you. If not, you can use the phone book to find companies that are willing to help diabetics. You can find these companies online using the Internet if there is not a local insurance company willing to work with you. By presenting them with your health records, and depending upon their company policies, you may be able to obtain a no exam life diabetic insurance policy right away despite having diabetes.
Term Life Insurance
Term life insurance is a form of life insurance that offers coverage for a specified number of years. In most cases, term life insurance lasts between 10 and 30 years. Many people get term life insurance to cover college expenses or a mortgage. Others get it to supplement a work policy or permanent policy.
Before you decide whether you want to get term life insurance, it is important to take note of the fact that this type of policy has its pros and cons. Below are some of the pros and cons of getting term life insurance:
If you are trying to save money, then you will definitely benefit from getting a term life insurance policy. Because term life insurance lasts for a shorter amount of time than whole life insurance, the premiums are usually a lot cheaper. Most people who are in their 30s and 40s can get thousands of dollars’ worth of coverage for just a small fee every month if they are healthy. Even the best life insurance companies offer extremely affordable rates for those in this category.
If your coverage needs to be changed, then you have the freedom to change your policy. For example, if you need extra coverage after purchasing your first home or having your first child, then you can always increase your coverage amount. You can also decrease your coverage needs. That is why it is beneficial to have a policy with an expiration date.
Your premium is guaranteed for the life of your policy. You will not have to worry about your premiums suddenly increasing.
Extending Is Expensive
If you need to continue your coverage past your term period, then it is important for you to be cognizant of the fact that extending it can be quite expensive. Your options will not be nearly as affordable as they were when you first signed up for term life insurance. It does not matter whether you choose to extend your policy, sign up for another term life insurance policy or try to get another type of policy, you can still expect to pay a lot more for your insurance.
Limited Conversion Options
Many people with term life insurance decide to convert to a whole life policy. However, you may not be able to do that if you wait until your term life policy has ended. The conversion options usually expire before the midpoint of the term life policy. For example, if you have a 20 year policy, then the conversion options will probably expire before year 10.
Medicare Advantage Plans Explained
A Medicare Advantage Plan is a health insurance plan that is offered by a private company that contracts with Medicare to provide Part A and Part B benefits. These plans include Preferred Provider Organizations (PPO), Private Fee-for-Service (PFFS), and Health Maintenance Organizations (HMO). For enrolled individuals, Medicare services are covered through the Medicare Advantage Plan, rather than the original Medicare. Monthly premiums are still paid to Medicare, along with a premium to the Medicare Advantage plan for the extra benefits.
Individuals can usually join a Medicare Advantage Plan if they have Medicare Part A and Part B. Those looking to enroll must also live in the area of service determined by the plan. The specific plan includes information about where the services are covered. If the individual lives in another state for part of the year, the plan may not offer the same amount of coverage there. It is important to check all guidelines for use on the plan. Also, people who have End-Stage Renal Disease, or permanent kidney failure, are not accepted for joining. Individuals, who have Original Medicare, live within the specified service area, and are relatively healthy, are the ideal candidates for enrollment.
Why Choose Medicare Advantage?
Firstly, co-payments and deductibles are often lower than those with traditional Medicare plans. As its name implies, Medicare Advantage plans typically offer extra benefits as well, including dental, preventive care, fitness programs, and vision. Unlike traditional Medicare, these plans also have built-in prescription drug coverage that does not need to be bought separately. Medicare Advantage plans only provide coverage throughout contracted health providers, which means that individuals can be ensured they are receiving quality care. Coverage only is extended to those with whom the company has developed a long-term relationship free of complications. Each plan is different though, so it is recommended that those interested learn exactly what is available and what benefits are out there.
Overall, Medicare Advantage plans are very similar to traditional Medicare plans, but are through private companies that offer special advantages to those enrolled. However, they may not be right for everyone. To make the best insurance choice, compare costs and benefits thoroughly before switching.
Welcome to the site. My name is Dale Ogden. I am a financial consultant who has decided to jump on board with this technology thing and start a new blog/advice column. I have 17 years of experience in the industry ranging from working as a lender, to being a banker, and now as a certified financial consultant.
As the site grows, I hope many of you find something useful here to help with your personal finances. If not, and you have a specific question, post a comment and let me know.