Understanding Your Health Insurance Options

Posted by on Jul 30, 2015 in Uncategorized

As you might be aware, health insurance is now mandatory in the United States. If you do not have health insurance, then you are probably going to have to pay a fine. You probably don’t want to be fined, but you might not know exactly which health insurance option is best for you. To help you out, here is an explanation of the most common types of health insurance: First Of All: How Much Is The Fine? You might think that you would be better off just taking the fine. However, the fine is actually quite severe now. In 2014, the fine was only $95 per adult or 1% of household income. In 2015, the fine increased to $325 per adult or 2% of household income. In 2016, it will increase again to $695 or 2.5% of income. Health Insurance Through An Employer Many people don’t really have to worry about health insurance because it is provided through their employer. In almost all situations, this insurance plan passes the minimum requirements of the government, so you won’t need to pay the fine. This type of insurance often applies to the employee, their spouse, and any children that they have under age 26. Once your children pass that age threshold, then they will be removed from your plan and will need to find their own insurance If your company doesn’t provide health insurance, then you will either need to buy private insurance or apply for Medicaid. Private Health Insurance If you make more money than Medicaid coverage allows, then you will need to buy private health insurance, which works just like auto insurance. You will pay a monthly premium to your provider and you will be covered in the event that you are injured or need to visit a hospital. That premium can rise or fall depending on your health, your demographic information, and how often you have needed coverage in the past. Private health care rates can vary drastically throughout the country, so you’ll need to take a look at your local options in order to get a good idea of what you should be paying. To help you find a good private health insurance plan that fits your needs, the government offers a comprehensive database of your options. Medicaid Finally, if you qualify, then your best choice is to apply for Medicaid. If your family makes under a certain amount of money, then you can get health insurance at a greatly reduced rate. Even if your family is above the poverty line, there is still a chance that you qualify. If you tried to apply for Medicaid several years ago and were denied, you should apply again. Under the Affordable Care Act, Medicaid was expanded, which means that you might qualify...

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Avoiding Auto Insurance Premium Charges for That High-Risk Driver in Your House

Posted by on Jul 16, 2015 in Uncategorized

If you’re in the market for a new auto insurance company and you’re looking for low-cost insurance, it’s important to understand how your household composition can affect the rates you’re charged. Most insurance companies pull a household record when you apply for insurance. This record tells them every licensed driver in the house. If you have an uninsured licensed driver in the house with moving violations on his or her record, you may be charged a premium based on that person’s driving history. Here’s a look at why that happens and how you can combat it. Why Charge for Other Household Members? Insurance companies price policies based on the degree of risk that they’re taking. Even if you have a clean driving history, if someone in your household doesn’t have insurance protection and has moving violations, he or she is a risk to your insurance company. If that individual gets access to your car and causes an accident, the insurance company may face a claim from the victim. As a result, it’s in the insurance company’s best interest to charge you a premium based on their highest degree of risk in the household. How Can You Avoid These Charges? The best way to avoid the additional surcharges based on your household member’s driving records is through driver exclusions. An excluded driver is a household member with a driver’s license that’s listed specifically on your policy as excluded from coverage. This means that the insurance company won’t cover any accidents caused by this individual in your car. By excluding that driver, the insurance company assumes no additional risk of claims, so there’s no reason to charge you for his or her driving history. When Can You Remove the Exclusion? Most driver exclusions are based on the actual moving violations on that driver’s record, so your insurance company can tell you when those violations will no longer be counted in a policy evaluation. You’ll want to exclude the driver until that time. For example, some insurance companies will charge you a higher premium for moving violations within the last three years, while others go back five years. Knowing the timeline that your company bases premiums on will help you determine how long you need to exclude that household member from coverage on your policy. When you have a high-risk driver in your household, it can be costly for your insurance premiums. This is particularly true if he or she refuses to carry insurance. With the information here about driver exclusions, you can eliminate the risk of being rated for him or her simply by refusing coverage to that household member. Talk with your insurance company about the options forlow cost auto...

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