| How to Reduce Your Health Insurance Deductible (insurance)
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How to Reduce Your Health Insurance Deductible
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Annuity Benefits
Annuities offer many unique benefits for senior adults and by focusing on these benefits you can close your annuity leads much more easily. More precisely, if you stay away from focusing on the yield of interest credited and refocus on the true and unique benefits available with annuities you will increase production dramatically. So what are the benefits?
The first benefit is "Tax Def... Read insurance article
Life Insurance - Why Women are furious
Thousands of women with family histories of breast and ovarian cancer could pay higher insurance premiums or even be denied cover altogether under new proposals from the insurance industry.
The Association of British Insurers (ABI) is expected to lodge an application for permission for its members to ask women whether they have been tested for the BRCA1 and BRCA2 mutations.
T... Read insurance article
How to Reduce Your Health Insurance Deductible
Almost everyone can see the logic of carrying a high-deductible health insurance plan to protect against the major unexpected expenses. Yet a high deductible can make some people a little nervous. Even a short trip to the emergency room to get stitches can cost several hundred dollars. If you break your leg skiing, the cost could quickly run into thousands of dollars.
Fortunately for people with these concerns, inexpensive supplemental accident plans are available which can reduce your deductible to just $100.
Though any type of medical expense can sneak up on you, most chronic illnesses provide clues long before they get serious. If you're overweight, if you have digestive issues, or if you have a difficult time climbing a flight of stairs, you're aware that you have health concerns long before your doctor or insurance company knows. But nothing sneaks up on you faster than an accident.
How Accident Plans Work An accident plan won't pay a penny if you get sick, but if you have an accident and go to the doctor, emergency medical clinic, hospital emergency room, or even if you're admitted to the hospital, they'll cover 100% up to the set limit after a $100 deductible.
Some insurance companies offer these as options with their plans, or you can purchase an accident plan separately. These stand-alone accident plans will pay up to $5,000 or $10,000. And they are very reasonably priced, ranging from $32/month for the $5,000 plan for an individual, to $42 for a $10,000 plan for a family.
How Accident Plans can Work with Your HSA Having an accident plan can be a great way to buffer the risk that comes with a high-deductible health insurance plan. Let's say you have a $5,000 deductible on your HSA plan, and it then pays 100%. In that case, you may want to consider adding a $5,000 accident plan to your coverage. If you were to have an accident that led to an emergency room bill of $800, you would only be responsible for $100.
If you were to have a very major accident that required hospitalization, your accident plan would pay $5,000 after you paid the first $100. This would cover your deductible on your HSA plan, which would then pay 100%. Your exposure would only be $100.
Another money-saving strategy you may want to consider is raising the deductible on your HSA (which will lower your premium), and adding an accident plan.
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Homeowners Insurance Services
Have you ever known such bad luck? Johnny B decided not renew his homeowners insurance because he thought that there were better things he could do with his money. The toss up was between homeowners insurance and a luxury weekend away and the homeowners insurance lost.
While Johnny B was on holiday an uninsured car ploughed into the side of his house (which was, by now, not covered by homeowners insurance) taking out the kitchen along the way. The car was left in place to prevent further damage to his home but this meant that it was causing an obstruction to the highway.
Johnny B returned home to find that because he took the risk of not renewing his homeowners insurance policy he not only had to find the money to rebuild part of his home but he also had to pay compensation for the obstruction to the highway.
Within a few minutes of arriving home a passer by decided to enter Johnny B's home to express their concern over the dangers of having a car protruding from the house. As he crossed the doorstep the passer by tripped and landed on his outstretched arm which broke immediately. Of course, if Johnny B had had homeowners insurance he would have been covered for the ensuing legal claim!
The damage to Johnny B's kitchen had resulted in a burst water pipe which had flooded the whole of the downstairs of his home. Unfortunately, the insurance for his personal possessions had lapsed as it had been part of his homeowners insurance policy.
Johnny B was not a rich man and had the maximum level of mortgage on his home. Without homeowners insurance he was unable to fund the cost of the repairs or cover the legal claims and had no option but to put his home up for sale. With such extensive damage, the value of Johnny B's home was greatly reduced and there were very few people interested in buying his home so he had to sell it for less than it was worth.
Because Johnny B's mortgage was so high the money he got from selling his home didn't pay off the mortgage so he had to house share in a horrible part of town to be able to afford to repay what he still owed. Johnny B learned a very hard lesson when he decided to risk not having homeowners insurance, one that wrecked a good part of his life.
I will confess that in this instance it's just a story although I have known someone who experienced a similar scenario. The moral of the story is too never under estimate the value of your homeowners insurance. You might go for years or even a lifetime without ever having to make a claim against your homeowners insurance policy but then again that accident waiting to happen might be just around the corner!
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How to Reduce Your Health Insurance Deductible
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