Tag Archives: insurance

Keeping your Health Costs Low

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If you don’t have the option to receive health insurance through an employer sponsored plan, you are on your own when it comes to finding health insurance.  If you are self-employed, work part time, or working for a company that does not provide health insurance finding the right individual health insurance plan can sound like a daunting task.  The many companies available to you offer a vast array of plans and policies and make finding the perfect health insurance plan seem impossible.  On top of the arduous task of uncovering the perfect health insurance plan, finding an affordable individual health insurance plan is equally as difficult.  Finding an affordable health insurance plan is in your control and easier than you think.  Follow these tips to help ease the cost of individual health insurance and find the best plans available to you:

  1. Plan for your future.  It is imperative to take into consideration the future of your health.  Keep your future health in mind when purchasing a policy so coverage is there in the future when you need it.
  2. Regularly assess your insurance needs.  Many time sticking with the same insurance policy for years will cause you to miss out on savings due to a changed situation.  Take the time to reassess your health situation and the company you are with to make sure you are getting the best insurance plan at the best price.
  3. Consider a major medical health plan.  This plan is also known as catastrophic health insurance, offers limited insurance coverage with a high deductible.  Premiums in these plans are low because the coverage is intended for medical emergencies.  These types of health insurance plans do not cover regular doctors’ visits; they do however cover major hospitalizations and related expenses.
  4. Use an HAS (Health Savings Account) paired with a high-deductible plan.  You can contribute to your health savings account, pre-tax, each year.  When medical expenses are incurred, they are paid for from the HSA.  HSA accounts are typically recommended for young, healthy individuals, who do not have dependents.  An HSA account can help you save on both your health care needs as well as on your taxes.
  5. Increase your deductible.  No matter what type of insurance plan you have, the more you pay out of your own pocket, the less you will have to pay in premiums.  Statistics show, the lower your deductible, the more likely you are to make a claim with your insurance company.  Many insurance companies will compensate for this by increasing the premium on plans with low deductibles.
  6. Change your coinsurance ratio.  Coinsurance is the percentage of the bill you must cover once the deductible has been paid.  Most plans have a coinsurance ratio; it is common for an individual to pay 20% while the insurance company pays for 80%.  When you change the ration so that you pay a higher percentage will mean a lower health care premium for you.
  7. Shop with a price comparison site such as eTotal Insurance.  Using a price comparison site will help you to locate all health insurance carriers in your area and provide quotes so you can compare all your options.
  8. Drop those dangerous hobbies.  Regularly participating in extreme sports or hobbies will more than likely increase your insurance premiums.  This means if you are into skydiving, race car driving, or any other recreational activities that poses a threat to your health; you will see a price increase in your health insurance.
  9. Stop Smoking!  There are a million and one reasons why you should stop smoking, and you have heard them all.  Not only is smoking bad for your health, but also impacts your health insurance rates.  Quitting smoking will decrease health insurance rates significantly, and will benefit your health in the long run making it easier to receive coverage.
  10. Stay healthy!  Staying healthy is a blanketing statement that can mean many things.  Being healthy means staying active and eating a well-balanced diet.  Keeping you blood pressure down, cholesterol low, and protecting yourself form major injury or sickness will always keep your insurance premiums low. It is imperative to remain healthy so you are always a candidate to receive health coverage.  The best part of this is that it is free and offers lifelong benefits.

It is never a good idea to go without health insurance.  It may be tempting to forego the monthly premiums when you reach a rough patch, but medical bills can be incredibly costly and financially disabling.  There are many ways to save on your health insurance.  Following some or all of these tips can save you money while allowing you to keep your family and yourself protected.

 

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Choosing the Right Healthcare for you

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For many people, purchasing health insurance on your own, for the first time can be a confusing and intimidating process.  Fortunately, eTotal Insurance is dedicated to helping you find the best health insurance rates to cover you and your family.  In order to choose the best policy, it is important to understand the different types of health insurance.  In this article we will explain the main types of health insurance coverage you can choose from.

 

There are five different types of health insurance plans.   There are indemnity health insurance plans (also called fee-for-service plans), PPO (preferred Provider Organization), POS (Point of Service Organization), HMO (Health maintenance Organization), and HSA (Health Savings Account).  An indemnity health insurance plan sits on one side of the spectrum while an HMO sits on the other.  In between an indemnity health insurance plan and HMO are the PPO and POS plan, which combine features of both an indemnity plan and an HMO plan.  An HSA plan in new as of 2003 and combines a high deductible health plan with a tax-advantage savings account.

 

Indemnity plans are extremely flexible, if a slightly higher cost is not an issue, then an indemnity plan may be the best plan for you.  With an indemnity plan, individuals can choose the doctor and hospital of their choice.  If a trip to the doctor is made, your doctor or hospital will submit the claim to your insurance company and you are then reimbursed for the medical expenses that your health insurance company covers.  In most cases the insurer will pay for 80% or the costs and the individual will pay the remaining 20%, known as the coinsurance.  However, if the provider charges more than the typical price for a procedure, an individual will have to cover the total cost of the procedure.  Fortunately indemnity plans tend to cover a vast majority of procedures.

 

With a health maintenance organization you are required to pay a set premium, for this an HMO will offer you a range of health benefits and preventative care.  In addition to a fixed premium, most HMOs will require an additional co pay at the time of a visit, in some cases a co pay applicable in hospital stays.  When purchasing an HMO, individuals will choose a primary care physician, whom is seen for general care.  It is the primary care physician who will refer an individual to a specialist in the provider network.  HMOs are generally the most affordable individual and family health insurance plan.

 

A Preferred provider organization is the closest health insurance plan to an indemnity health insurance plan.  With a PPO plan, an individual may visit any doctor at any time.  Doctors, hospitals and other health care providers, who join a PPO network, have negotiated savings with the health care provider and pass that on to individuals who have purchased PPO health insurance plans.  When making a doctor’s visit to a physician in the network, the individual will be required to pay a copayment for the visit.  When visiting an out of network doctor, the individual will still receive coverage, but only a percentage of the bill will be covered.  The remaining amount of the bill is the individual’s responsibility in addition to the copayment.  In addition to copayments, PPOs may have deductibles.  The deductible is the amount an individual must pay to an insurance company before medical expenses can be reimbursed.

 

A point of service plan combines the features of both an HMO and PPO.  The POS plan allows for an individual to use a primary care physician, similar to an HMO, or they have the option to choose where to receive care, similar to the PPO plan.  The POS plan also allows for an individual to choose a doctor out of both the PPO and HMO network and coverage will still be applied based on the out of network rules.   Similar to a PPO, POS plans often times have a deductible, which is the amount paid for a POS plan before an individual is reimbursed for medical bills.

 

A health savings account, allows for individuals to save money specifically for future medical expenses, completely tax free.  In order to open an HSA, an individual must be covered by a high deductible plan and not have any other health insurance.  An HAS health insurance plan is a great solution for you individuals who are in good health, are not taking many medications, and do not anticipate any future day-to-day medical needs.  Many times these are offered by employers, but can be purchased by individuals in some states.

 

Weather you decide to go with a PPO and choose your own doctor or go with an HMO and work with a primary care physician, ensuring you purchase the best health insurance is important for you and your family and shouldn’t be confusing.  Once you determine which type of health insurance is right for you, use eTotal Insurance to shop for the best priced health insurance plans.  With eTotal Insurance we help you determine which health insurance plans are the most affordable to you.  eTotal Insurance is dedicated to helping you save money and find the best health care plan for you and your family.

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Auto Insurance Discounts: What do you qualify for?

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It’s no secret there are many different types of auto insurance discounts available to drivers.  The secret to receiving these discounts is to know what you qualify for and asking your insurance agent to apply the discount to the auto insurance policy that you purchase.  Don’t miss out on the opportunity to save money on your auto insurance policy.  Below is a list of discounts offered by various insurance agencies, if you fit into one of the categories, be sure to ask your agent if they can apply the discount to your auto insurance plan.

Safe Divers Discount:  It’s no secret that safe drivers are eligible to receive discounts on their auto insurance.  Most companies will offer discounts and other incentives for drivers who are accident free and maintain a good driving record. Each insurance company offers different savings and will vary based on individual location.  In most cases safe drivers can expect to save up to 20%.

Good Students Discount:  It pays to get A’s.  Full time students under 25 years of age are eligible to receive the “good student” discount.  A good student discount will reduce auto premiums for individuals who fall into the good student category and can help save up to 20% on auto insurance rates.  The definition of a “good student” varies from company to company, but as a general rule of thumb a good student has a B Average, a 3.0 GPA, or is on the honor roll or dean’s list.

Resident Student Discount:  If you have a child attending college more than 100 miles from home, you could be eligible for the resident student discount.  Students who fall into this category are limited to students who do not have a car with them while at college and/or who are only driving when visiting home.  Check with your insurance agent today to see if your college student qualifies for the resident student discount, and you can save up to 30% on your auto insurance rates.

55 and Retired Discount: Age related and retiree discounts vary widely from company to company.  The first and most straight forward is the 55 and retired discount; if you are 55 years of age and retired you are eligible to receive discounts on your auto insurance.  Second is the mature driver discount is a discount offered to individuals simply based on their age.  Third is the Senior/Mileage discount is offered to seniors who drive above or below a certain amount of miles annually.  And finally, the retired military discount applies to those who have served our country.  Not all carriers offer all of the discounts listed, if you fall into one of these categories check with you carrier to see if you can save on your auto insurance.

There are a variety of other discounts offered by insurance companies.  Check with your insurance provider if you fall into any of these categories:

  • Multiple vehicle discount
  • New Vehicle discount
  • Anti-theft device discount
  • Driver training discount
  • Defensive driver training discount
  • No Accidents/Moving violations
  • Low annual mileage discount
  • Safe car features discount (airbags, running lights, etc.)
  • Long Time customer discounts

Saving money on your auto insurance can be as easy as asking for the discount.  No matter whom you choose to purchase auto insurance from, be sure to ask what discounts you are eligible to receive.  Asking about discounts will not only help you find the best price when comparing auto insurance, but will also ensure you are paying the lowest auto insurance price available to you.

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