Health Insurance 101 for Individuals and FamiliesWritten by Michael Ertel
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6)Does insurance company you are considering have a substantial network of preferred doctors and hospitals in your area? In addition to family doctors, what type of access will you have to specialists and best hospitals in event you or a family member is diagnosed with an illness that requires specialized care? Also, what are your options for preferred health care providers when traveling? 7)If you need to go “out of network”, will you still have coverage? Most insurance policies will have coverage in event you need to go outside of their network for care. However, review how these out of network claims will be paid. Will there be an additional deductible? How are reimbursement levels determined for out of network claims? What is your maximum out of pocket for out of network claims? 8)Are you looking for an opportunity to reduce your taxable income? If so, make sure your plan qualifies as a high deductible health plan and look into all of aspects of a Health Savings Account. In right situation, HSAs can be an excellent way to pay for eligible health care expenses, reduce your taxable income and save for retirement. 9)What are financial ratings of insurance company you are considering? A.M. Best, Standard & Poor’s, and Moody’s are organizations that rate financial stability of insurance companies. 10)What type of customer service will you get from your insurance agent? Do they specialize in health insurance? Do they have a staff that is willing and able to assist you in event you have a claim, billing, or other customer service problem? If you do not have time or patience to look into all of items mentioned above, develop a relationship with an independent insurance agent that specializes in evaluating and servicing health insurance policies. A good independent insurance agent will be able to save you time, money, and be an excellent resource for evaluating all of items mentioned above.
About the Author: Michael Ertel is the founder of http://www.MedicalInsuranceNow.com . This is a website that assists individuals and small business owners by providing side by side comparisons of health insurance alternatives. He can be reached at MErtel@medicalinsurancenow.com .
| | It's High Time for Lifetime Savings AccountsWritten by Terry Mitchell
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My version of Lifetime Savings Account would be just like a Roth IRA in many ways, including fact that withdrawals would be exempt from federal tax except (1) there would be no income eligibility limit, (2) withdrawals could be made at a time and at any age, and (3) annual contribution limit would be higher. During first year it was available, I would allow a “catch-up” contribution of up to $50,000 per individual and $100,000 per married couple. This would be an attempt to offset fact that we should have had this option several years ago. This money could be shifted from a person’s taxable savings, IRA, Roth IRA, 401(k), or any combination of those vehicles. Beginning in year two, maximum contribution would be set at $10,000 ($20,000 per married couple) and would be increased a little each subsequent year, based on inflation rate. A Lifetime Savings Account would encourage more people to save money, even if just for short term. More people could afford a bigger down payment on homes and automobiles. More people would likely begin saving for retirement and/or their children’s education using this kind of account because of its lack of restrictions. Overall, it would be better for our economy. Write or call your representative and senators and ask them to pass legislation to create Lifetime Savings Accounts. For more information about Lifetime Savings Accounts, see following link: http://www.lifetimesavingsaccount.com.
Terry Mitchell is a software engineer, freelance writer, and trivia buff from Hopewell, VA. He also serves as a political columnist for American Daily and operates his own website - http://www.commenterry.com - on which he posts commentaries on various subjects such as politics, technology, religion, health and well-being, personal finance, and sports. His commentaries offer a unique point of view that is not often found in mainstream media.
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