Health Insurance

Finding the right health insurance plan — either through your employer or the Health Insurance Marketplace — is confusing.  There are many factors to consider based on your and your family’s unique health care needs.  Because of the lack of understanding, many people are overpaying for health insurance or paying for more coverage than they really need.  You must take into consideration:

The cost of insurance comes in two forms: premiums and deductibles.  If you opt for a higher premium, you often have a lower deductible.  

Preferred provider organizations (PPO) give you greater flexibility over health maintenance organizations (HMO).  HMO plans tend to be cheaper than PPO plans, but you often get less coverage and more restrictions.

If you’re trying to free up funds, then it might be tempting to skip setting aside money in a flexible spending account (FSA).  However, this is tax-free money that you can use to pay for medical expenses that aren’t covered by insurance.

One of the biggest drawbacks of a high-deductible health insurance plan is that you could be hit with an unexpected medical bill with no money to pay for it.  With some high-deductible plans, you’re eligible for a health savings account (HSA).

If you’re 65 or about to turn 65, then it’s time to sign up for Medicare.  You should sign up for Medicare during the month you turn 65 or within three months before or after.  If you have not yet retired and have health insurance coverage through your employer, then you don’t need to sign up right away.

Contrary to what you might expect, life insurance isn’t just for the elderly.  Instead, it’s a guarantee for your loved ones that they’ll have the financial resources they need in the event of your death.

From American General to Illinois Mutual to Mutual Of Omaha Insurance, there are many life insurance providers to choose from, each with their own range of plans and options to choose from.  

What you need to know:

Life insurance plans in the United States are usually divided into term and permanent policies.   A term policy lasts for a set period of time.

Permanent insurance — which also includes whole life, variable life and universal life insurance — combines a death benefit with some form of cash savings.

At the very least and most important, a life insurance policy can cover the costs of your final expenses, such as the cost of a burial or cremation, funeral and outstanding debts, which in turn keeps those things from burdening your family. 

The level of life insurance coverage you need changes over time. When you’re young and have no spouse or children, you will not need as much as when you do have them because they are most likely counting on your income.

There are plenty of online tools that can evaluate your insurance needs and help you choose a policy

However, I would highly recommend choosing an Broker, an expert who understands the industry and available products to help you make an informed decision.

  They can explain the pros and cons of life insurance and help you find the perfect policy for your situation.