My Personal Finance Journey

Category Archives for Insurance

Is Supplemental Health Insurance Worth Having?

The following is a post by MPFJ staff writer, Kevin Mercadante, who is a professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com. He has backgrounds in both accounting and the mortgage industry.

With the rollout of Obamacare well underway, and the major changes in healthcare it’s bringing, is supplemental health insurance worth having? On the surface, the answer would seem to be no. After all, Obamacare seems to be moving us toward a single payer health care system, much as most other countries in the world have. That would seem to leave the little room for any other forms of coverage. But for the time being, it’s worth investigating.

 

What is supplemental health insurance?

You’ve undoubtedly seen those semi-annoying AFLAC duck commercials – and that’s about what we’re talking about in the way of supplement health insurance. There are other companies that offer such coverage, but AFLAC is the biggest. This isn’t meant to be a recommendation, but rather a demonstration based on the largest provider in the country.

AFLAC provides supplemental coverage that is tied to specific injuries and illnesses. Some examples of the coverage they offer includes:

  • Accident
  • Cancer or specified disease
  • Hospital confinement indemnity
  • Hospital confinement sickness indemnity
  • Hospital intensive care
  • Lump sum cancer
  • Specified health event
  • Short-term disability
  • Dental and vision

AFLAC offers a lump sum payment in the event that any of these situations take place. It is meant to be an insurance payment over and above basic health insurance. Unlike traditional health insurance, AFLAC pays benefits direct to you, so that you can disperse it in any way you see fit. It’s primarily meant to be extra cash in the event of a medical emergency.

The cost of the coverage is relatively low. For example, you can buy a plan for less than $100 per month, that will pay you benefits equal to thousands of dollars for the covered illness or injury. Most typically, policies are offered through employers.

There is one very important caveat when it comes to supplement health insurance – including AFLAC – it is not traditional health insurance, and not meant to replace it. It will not cover basic expenses, such as hospitalization, major medical or prescriptions. In addition, hospitals and other healthcare providers will not accept it as health insurance for the purposes of admission or rendering services.

What are some situations where you might want to consider having supplemental health insurance?

 

If you have high deductibles

Health insurance plans have been getting progressively more expensive over the years, and Obamacare is no exception. As a result, many people have been taking the Bronze plan since it’s the least expensive of the Obamacare options. It has the highest deductible, and can expose you to out-of-pocket costs up to $6,350.

If you have taken the Bronze plan – or still have a high deductible existing plan – you may want to consider supplemental health insurance as a way of covering the deductible. Since major illnesses and accidents are likely to trigger full payment of your out-of-pocket, supplemental coverage can provide thousands of dollars to minimize the damage.

 

If you’re in a line of work where accidents are likely

Some occupations are simply more dangerous than others, and that’s where supplemental health insurance can be a major advantage. If you’re in occupations, such as construction, elevator repair, and many of the trades, that carry higher risk of accident or injury, supplemental health insurance may be an excellent move.

 

If you typically have no liquid savings

Not everyone is proficient at saving money for a rainy day, despite the sage advice provided by personal finance blogs. If this describes you, having a health insurance supplement could be well worth having, even if you don’t have a maximum deductible base health insurance plan. The lump sum benefit you would receive from supplemental health insurance would avoid the necessity of having to set up a payment plan in the event that your out of pocket costs run into several thousand dollars.

 

If there’s a family history of certain diseases

If there is a definite history of certain types of diseases in your family supplemental health insurance could become quite cost effective. This is especially true if the pattern is more pronounced. It can sometimes be not a question of if, but when a certain disease will happen, and having a supplemental health insurance plan specifically for that disease would come in handy.

It’s not so much a matter of certain common diseases, such as cancer and heart disease, appearing occasionally in your lineage. It’s more that the incidence of the disease in your family occurs well in excess of normal levels. A supplemental health insurance plan could lead you to be better prepared in the event that you are stricken with it. Even if you never need it, just having it can give you greater peace of mind.

 

If you have no other coverage

Okay, soon enough we will all be required to have health insurance coverage, or face fines for not having it. But I think it’s safe to say that, fines or not, there will still be plenty of people who will no be covered. If you’re one of them, supplemental health insurance should be a strong consideration.

Supplemental health insurance certainly won’t cover all of your healthcare needs. But it will provide a lump sum supplement that will help to pay at least some of your medical expenses. And sometimes people have expenses beyond direct medical costs. For example, if you are self-employed, commissioned, or a contract worker, a major medical event could result in lost wages. The cash that you receive from supplement health insurance can help you to pay your bills.

Supplemental health insurance isn’t for everyone, and as noted above, it is not actual health insurance. But if you are in any of the above situations, you may want to consider purchasing a plan.

How about you all? Do you have or have you ever considered purchasing supplemental health insurance? Why or why not?

Share your experiences by commenting below! 

***Photo courtesy of http://www.flickr.com/photos/scenicplaces/5136982667/sizes/n/

Cavalcade of Risk #179 – March 20th, 2013 Edition

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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Welcome everyone to the (179th!) March 20th, 2013 edition of the Cavalcade of Risk. The Cavalcade of Risk (or Cav of Risk for short), as is implicated by the name, is a bi-weekly blog carnival that features the top articles regarding risk management. Several of the realms of risk management covered relate to finances, insurance, and health.

My Personal Finance Journey is honored to be hosting the Cav this week! I hope you enjoy the articles below and can stop by my site on my non-carnival days as well. If you’re interested in receiving email updates of my posts, simply click here to sign up.

Without further ado, let’s get on with the Carnival. Listed below are this week’s Top 5 Editor’s Picks! Enjoy!

1. Jeff Root presents Life Insurance with E-Cigarettes, and says, “E-Cigarettes are the biggest trend in the smoking community.  This article explains how life insurance companies are viewing e-cigarette use and some tips on finding the best rates.”


2. Louise from Colorado Health Insurance Insider presents Let Medicare Negotiate Drug Prices And The Government Can Afford Health Insurance Subsidies, and says, “And that seems like a perfect segue into a recent Center for Economic and Policy Research report that projects a government savings of up to $541 billion over the next ten years if Medicare could negotiate drug prices with pharmaceutical companies.  Even on the low end, the CEPR reports a savings of at least $230 billion, which would cover half of the funds needed for the health insurance subsidies over the next decade.  But on the high end, the savings from allowing Medicare to negotiate drug pricing (the way it does with other services, and the way other industrialized countries do) would more than offset the funds needed for the health insurance subsidies.”

3. Health Business Blog presents, Social media and doctors: Q&A with Doximity CEO Jeff Tangney, and says, “Online doctor/patient relationships are the new frontier in social media. A report earlier this year discussed how medical boards would respond to different sorts of potentially inappropriate activity on social media. I asked Jeff Tangney, CEO of a professional online network for physicians called Doximity, to discuss the risks and approaches to mitigation.”

4. Henry Stern from InsureBlog presents Crop (Insurance) Report: Timely Update, and says, “InsureBlog reports on the latest developments in an on-going crop insurance scandal.”

5. Jason from Healthcare Economist presents The end of the FDA?, and says, “The FDA is charged with protecting patients against the risk of harmful drugs.  Will a recent court ruling hamstring their efforts to control off-label use of pharmaceuticals?  The Healthcare Economist investigates.”

Well – that concludes this edition. Thanks for tuning in!

You can submit your blog article to the next edition of Cavalcade of Risk (hosted by Michael Stack at Reduce Your Workers Comp) using the handy carnival submission form.

Also, if you are interested in hosting the Cavalcade of Risk in the future, just send Henry (the organizer) an email by clicking here.

    ***Photo courtesy of http://pixabay.com/get/2e0071ad1077b829c32e/1363792014/risk-89.jpg

    Life Insurance: At What Age Do I Need It, and How Much?

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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     The following is a guest post. Enjoy! 

    According to Tony Steuer, a life insurance consultant and the author of Questions & Answers on Life Insurance: The Life Insurance Toolbox, “Financial planning is always a moving target”; Mr. Steuer couldn’t be more accurate.
    Due to this, there are no set formulas, or variables, for an appropriate age for insurance, or for how much you’ll need at whatever age you choose to buy—no one individual has the same financial obligations as another. You have to take inventory of all of your financial obligations, make an educated guess on what you’ll need in the future—which alters based on your age—and customize a policy to your needs.



    A BRIEF SYNOPSIS OF AGE-BASED COVERAGE

    ·         In Your 20’s? At this point, rates are as affordable as they will ever be. Predict having a family in the next 10 years? You can purchase a 30-year-term policy covering $500,000 for $350 to $400 per year, at a fixed-rate.
    ·         In Your 30’s? Family, assets, and debt—all of these need to be considered, and if you didn’t buy in your 20’s, a policy is going to be a little more expensive, and you’re going to need around 10 times your income to adequately cover all of your bases.
    ·         In Your 40’s? Don’t wait any longer—as soon as you enter into your 50’s, rates will sky rocket! At this point, you’ve also accumulated significant assets and possibly have kids heading to college. If something happens to you, don’t you want to ensure that their futures are intact?
    ·         In Your 50’s? Hopefully, by now, you already have life insurance and only need to adjust according to how your assets have changed. If you purchased in your 20’s, your term is about to expire and it’s the perfect time to stop insuring what you don’t need insured anymore (i.e. a paid off mortgage) and possibly reinvest in trusts for grandchildren.

    HOW MUCH COVERAGE DO I NEED? QUESTIONS TO ASK

    As a general rule of thumb, financial experts suggest purchasing a policy that covers 5 to 8 times your current income; in some cases, 10 times your income. Deciding where your needs fit within that range can be determined by going to a financial expert with these questions already answered:

    • How much of the income generated by your family do you supply?
    • If tragedy were to strike, by what means would your family get by? Do they have any support other than what you provide?
    • Do you financially support any family members that aren’t an immediate part of your household? (i.e. grandmother in a nursing home, a home nurse for another relative, etc.)
    • How much money do you want set aside for your children to attend college?
    • Do you currently have any debt that you’re paying down? If you were to pass, would your family inherit the responsibility of that debt?
    • Are there trusts for your children, or grandchildren, you want to establish?
    • Is there a charitable organization that you support that you wish to leave money to?
    • Will your family inherit any applicable estate taxes, if you were to pass?
    • Have you considered how inflation will affect the future needs of your family?

    No matter your age or where you live, it’s important to get the right information when considering coverage.  Life insurance shoppers should do their research before pulling the trigger and always use a trusted provider.

    How about you all? Do you have life insurance yet? If so, how did you make the decision that you needed the coverage? What type of coverage do you have – term, whole, or universal?

     Share your experiences by commenting below!

    ***Photo courtesy of http://farm4.staticflickr.com/3579/3684862431_73e0e0cf5a.jpg

    How Diabetics Can Get Life Insurance

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    Click here to enter my free $51.95 giveaway for a chance to win 5% of My Personal Finance Journey blog income and give another 5% to a charity of your choosing! Deadline to enter is January 31st, 2013.

     The following is a guest post written by Lauren Cohen. Enjoy! 

    If you have diabetes and have tried to get a diabetic life insurance policy, you probably already know that a diabetic faces special challenges when buying life insurance. Let’s start at the bottom line: almost all diabetics can get insurance. However, the challenge is to find the best rate for your situation.

     

    How to Optimize Your Life Insurance Costs

    The secret of getting the best insurance rate is also the secret to a longer, healthier life: controlled diabetes. Insurance companies look at controlled diabetes in a completely different way than they do uncontrolled diabetes. This is just logical, as the insurance company is taking a greater risk insuring someone with a chronic disease than it does when insuring a healthy person. Each day that diabetes is uncontrolled, a person’s organs are suffering damage, and he or she is at greater risk of being a fatality. Controlling your diabetes will lengthen your life, as well as lower insurance premiums.

     

    Blood Glucose Testing and Annual Eye Doctor Visits

    The first step in getting the best insurance rate is to be good to yourself. Make blood glucose testing part of your daily routine, and log those results. Seeing your doctor regularly and documenting those visits is vital. The tests your doctor administers, such as measuring blood pressure, looking for signs of vascular disease and neuropathy, and administering an important blood test called the HBA1c, will paint the picture of how well you are doing. Diabetics who have an HBA1c level of 7 or lower are normally considered controlled. A level of 10-11 indicates that your disease is uncontrolled. At 12 or higher, there is much less chance of approval.

    Since diabetes can result in damage to your eyes, an annual visit to an ophthalmologist is crucial, and so is the documentation of the visit. Eye damage diagnosed and treated early can help you avoid further deterioration.

    All of these measures together will allow you to present a picture of control to the insurance company. When you are seeking approval to buy term insurance, this controlled picture is important. Some insurance companies may also require evidence that the medication you are taking and other maintenance measures are making a significant improvement in your health.

     

    Insurance Company Ratings for Patient Insure-ability

    The insurance company will give each diabetic a rating based on the information you provide. The usual ratings are: Super Preferred, Preferred, Standard, and Substandard. A well-controlled diabetic will receive a Super Preferred rating, paying less for insurance than a diabetic with a Standard rating. A diabetic with a Substandard rating may not be able to buy medically-underwritten insurance. For a fast, reliable quote on term life insurance, you can obtain one easily from online insurance brokerage to compare multiple rates for maximum savings. 

    How about you all? Have you ever had trouble getting insurance due to a specific health condition? What steps did you take to optimize your situation?

     Share your experiences by commenting below!

    ***Photo courtesy of http://www.flickr.com/photos/diggersf/709831439/sizes/l/in/photostream/

    How to Lower Your Car Insurance Cost

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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    The following is a guest post. Enjoy! 

    How to Lower Your Car Insurance Cost

    That time of the year where you have to find the best deal for your car insurance seems to come around remarkably quickly. It can be a time of worry, especially as insurance costs continue to rise year after year.
    However, assuming all went well the previous year and you did not have to make a claim, you should see your premium go down, or you will at least be able to find a cheaper quote elsewhere, what with the extra 12 months of no-claims.
    Here are some tips on how you can lower the cost of your premium:

    Don’t accept your renewal quote

    Every year, about a month or two before your renewal is due, your current provider will send you a quote to stay with them for another year. This is rarely the best possible deal the company can offer, and they are really hoping that the customer decides to avoid any hassle and leave it to renew automatically.
    At the very least, you should phone them and haggle for a better deal, but ideally you should look around for a cheaper quote elsewhere.

    Can you afford more excess?

    One of the best ways to save a lot on your car insurance is by adding voluntary excess (deductible) to your quote. In almost every case, adding an excess amount (deductible), which is an amount you will have to pay when making a claim, reduces the overall premium.
    However, it is important to make sure you can actually pay the excess amount/deductible, or you could be in trouble should it come to making a claim. That said, some insurance companies offer excess insurance, which for a small cost, will cover your excess up to the amount you specify.

    Do you need comprehensive insurance?

    If your premium or excess amounts are high, it might be worth considering whether you need your insurance to be comprehensive.
    This is particularly relevant if you drive a car with little resale value; if your premium or even excess is more than your car is worth, it might be better to get third party or fire and theft insurance. Although not as cheap as it once was, you can still find a good third party insurance deal.

    Remove European cover or breakdown cover if you don’t need it

    It is important to check all the details of the quote you have been given. Some quotes automatically include European cover for X amount of days or breakdown cover. If you don’t need these but they have been included, give the company a call and bring down the price.

    How about you all? What ways have you been able to save money on car insurance in the past? When it comes time to renew your policy, do you search around for other quotes, or simply take the one given? 

    Share your experiences by commenting below!

    ***Photo courtesy of http://www.flickr.com/photos/beadmobile/3365854417/sizes/l/in/photostream/

    Cavalcade of Risk #168 – October 17th, 2012 Edition

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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    Welcome everyone to the (168th!) October 16th, 2012 edition of the Cavalcade of Risk. The Cavalcade of Risk (or Cav of Risk for short), as is implicated by the name, is a bi-weekly blog carnival that features the top articles regarding risk management. Several of the realms of risk management covered relate to finances, insurance, and health.

    My Personal Finance Journey is honored to be hosting the Cav this week! I last hosted this carnival the last week of December 2011 and shared a listing of some of the riskiest business to start up. 

    Without further ado, let’s get on with the Carnival. Listed below are this week’s Top 3 Editor’s Picks! Enjoy!

    1. Jeff Rose from Life Insurance by Jeff posted about Can You Get Life Insurance with a Depression History, saying, “When applying for life insurance, insurance companies take many things into consideration. One of the things they are most concerned about is the mortality rate of the applicant. What contributes to the mortality rate are the applicant’s lifestyle, health, pre-existing conditions, and mental health as well.”

     2. Insurance Coverage Law in Massachusetts posted about, Insurance as a kind of tax, and a foray into socialism and outside my area of expertise.

     3. Jason Shafrin from the Healthcare Economist posted about, How does gaining Medicare coverage affect healthcare utilization?, saying, “Do the uninsured increase their utilization of health care services after becoming eligible for Medicare. The answer is yes, but not as much as you think.”

     Listed below are the rest of this week’s submissions.

     Emily Holbrook from Risk Management Monitor posted about, The Insurance Industry Needs More Dynamic Models, saying, “Simpler, but more dynamic capital models are what the insurance industry needs in order to avoid suffering some of the same problems it did during the financial crisis that began in 2008, according to the Willis Economic Capital Forum (WECF), a Georgia-State-University-based initiative from the academic and analysis arm of Willis Group.”

     Jeff Root from Root Life Insurance Blog posted about, Life Insurance with a DUI, saying, “Securing life insurance with a recent DUI on your record can be expensive. Here are some tips to find the most affordable life insurance with a DUI history.”

    Super Saver from My Wealth Builder posted about, My Health Insurance Premium is Up Again, saying, “Our health care insurance premiums have been up every year and are up 36.9% cumulatively since Obamacare passed. I wonder when I’ll see the “lower costs” that President Obama promised.”

    Louise from the Colorado Health Insurance Insider posted about, Colorado Health Exchange Gets $43 Million Federal Grant, saying, “Senator Michael Bennet hailed the grant award and said that “Hundreds of thousands of Coloradans who now don’t have insurance or who have insurance in the unstable, high-cost individual market will have a range of more affordable options through the new exchange.” It will be great if the exchange results in far more Colorado residents with health insurance to offset the risk of catastrophic medical bills. The federal premium subsidies that will be provided via the exchange should definitely help with that. But as to whether or not the actual premiums charged (which will have to be paid in full by any individual who doesn’t qualify for the federal subsidies) will be significantly lower, I think it might still be too early to know.”

    Michael from Financial Ramblings posted about,  Life Insurance: How Much Coverage Do You Need, saying, “This post looks at factors to consider when deciding how much life insurance to buy. My advice: skip the arbitrary rules of thumb that advise buying a multiple of your income and give it some real thought.”

    Bob from Christian PF posted about How to buy personal health insurance saying, “With more people being self-employed or working for employers who don’t offer health insurance coverage, the ability to buy personal health insurance is more important than ever. Having the right health insurance coverage — at the best possible price — is one of the most important financial decisions we can make.”

    Rebecca Shafer from Workers Comp Roundup posted about, An Independent Claims Audit Can Be The Answer To Poor Claims Handling, saying, “Self-insured employers can have a good safety program, an established return-to-work program and knowledgeable nurse case managers, and still pay way too much on their workers’ compensation claims. Ineffective claims management can wipe out most or all of the cost savings achieved through your efforts to control cost. Whether you have your own claims office, or have a third party administrator (TPA) handling your workers’ compensation claims, poor claims handling will always result in higher claims costs.”

    Hank Stern of InsureBlog posted about, Long Term Care and Life Insurance, saying, “What do you get when you combine *two* risk management tools – life and long term care insurance? InsureBlog’s guest blogger is an expert in Long Term Care insurance and explains the pros and cons.”

    David @ Excess Return posted about, Hedging Risk Exposure, saying, “When investors assume risk in an asset class that has a premium above a risk free rate of return, the investor could consider hedging the exposure when the returns are better than expected and lock in profits.”

    I posted on My Personal Finance Journey about Insurance Agents: Obsolete Relics of the Past or Critical Players on Your Personal Finance Team?, saying, “Following in the footsteps of travel agents, are insurance agents the next casualty of the Internet age? Is there still is a large demand for personal, local insurance agents? Also, do insurance agents add value to individuals’ lives, or do they simply drive up the cost of insurance products/services and will soon befall a similar fate to their travel agent relatives? This post explores these questions and more.”

    Well – that concludes this edition. Thanks for tuning in!

    You can submit your blog article to the next edition of Cavalcade of Risk (scheduled for the end of October and hosted by Ray at Excess Return) using the handy carnival submission form.

    Also, if you are interested in hosting the Cavalcade of Risk in the future, just send Henry (the organizer) an email by clicking here.

      ***Photo courtesy of http://www.flickr.com/photos/kyz/2894740018/sizes/l/in/photostream/

      The Dangers of Working Without Professional Indemnity Insurance

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      Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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      Click here to enter my free $79.07 giveaway for a chance to win 5% of My Personal Finance Journey blog income and give another 5% to a charity of your choosing! Deadline to enter is September 30th, 2012.

      The following is a guest post. Enjoy!


      The Dangers of Working Without Professional Indemnity Insurance

      There are many things that you need to consider when starting up a new business, particularly a business that provides services to individuals and companies. No doubt your first thoughts turn to finding customers for your services, your overall business model, your cash flow situation, and many other things that relate directly to your business. However, one important item that you should also think very carefully about is professional indemnity insurance, which we will call PII.

      Professional Indemnity Insurance Defined

      PII gives you financial coverage should you be sued by a client. However careful you might be in your work, sometimes things go wrong. It might not even be your fault; you could, within the capacity of your profession and in all good faith, advise a client to take a specific course of action which did not work out as planned.

      A Case Study

      A recently reported case that illustrates this and demonstrates the dangers of working without adequate PII concerns an architect who provided services relating to a house extension. In order to reduce costs, he recommended the house owner to use a certain builder. However, there were many problems with them. The builders damaged a neighbouring property, building regulations were breached, and work was sub-standard.

      As a result, the client sued the architect for around £130,000. Unfortunately, the architect did not have PII cover for the job and as a result he had to liquidate his business. Furthermore, the architect was struck off the official register of architects, which will make it very difficult for him to find work in the future.

      Conclusions

      Without PII, being sued by a client can be financially crippling. It really is never worth the risk. You can cover yourself for millions of pounds and the costs of the premiums are really not high for the amount of cover they provide.

      How about you all? If you are a business owner, do you have insurance specifically for your business? Why or why not? 

      Share your experiences by commenting below!

        ***Photo courtesy of http://www.flickr.com/photos/uaeincredible/217849066/sizes/z/in/photostream/

        Financially Safeguarding Yourself During Medical Treatment

         

        The following is a guest post by Amanda Green. Enjoy! 

        Financially Safeguarding Yourself During Medical Treatment
        Dealing with health issues and injuries is already stressful, upsetting, and painful enough. There is no reason why you should have to go bankrupt because of a medical treatment. However, medical bills are even higher now than they were in years past, and it is easy to rack up extremely high bills that you are simply unable to pay if you don’t have complete health insurance coverage.
         
        Unemployment complications while recovering can also put you in a bad financial situation, but fortunately, there are a few steps that you can take to safeguard yourself before, during, and after your major medical treatment: 
         

        Hold Your Insurance Company Responsible

        If you have health insurance, you’re probably aware of the fact that many health insurance companies try to get out of paying their share of many medical expenses. Many health insurance companies also try to force policyholders to pay higher co-pays, so it is important to look over your policy very carefully to make sure that your health insurance company is not violating the terms of your policy. If they are, it is important to fight to ensure that they pay for the bills that they are responsible for.
         

        Negotiate Your Bills

        Many creditors are willing to work with those who are being hospitalized or who are dealing with serious health issues, but it is important to speak to your creditors in order to keep them informed of your situation. Contact every creditor that you owe money to and explain your situation, even if you do not have the money to pay them. You can often strike up a deal with these creditors until you are back on your feet.
         

        Work With An Attorney

        If you feel that you have been wrongly billed for a medical treatment or if you feel that you were not given the treatment that you deserved, you should contact an attorney.  If your injury was work related and you are finding that your employer isn’t providing you with the medical service you deserve, contact a workers compensation lawyer.
        You should not be held responsible for paying for medical services that you did not receive, and you should also be compensated if a doctor mistreated you or failed to do his or her job correctly during your medical treatment. An attorney can also help to ensure that your health insurance company is paying for treatments that they are supposed to pay for.
        A great many bankruptcy cases in America are due to unpaid medical bills. Although none of the above steps will make your medical treatment completely painless, taking special care of financial issues before, during and after your treatment can help to ensure that you remain relatively financial stable until you have recovered.

        How about you all? What steps do you take to ensure that you are not taken advantage of financially during a major medical treatment?

        Have you ever had an experience where a hospital or health insurance company tried to make you pay for something you didn’t actually receive?

        Share your experiences by commenting below!

        ***Photo courtesy of http://nopsa.hiit.fi/pmg/viewer/images/photo_4036890526_c5250c13cd_t.jpg

        The Risks of Not Taking Out Public Liability Insurance

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        Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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        The following is a guest post. Enjoy!

        The Risks of Not Taking Out Public Liability Insurance

        Public liability insurance is designed to cover your business in the event of any third party claims. Such claims may have been made due to negligence and will have more than likely caused a certain individual an injury or ailment. In order to receive compensation, it is likely that the injured party will place a claim against you.

        Risks

        The risks of not investing in business insurance are quite simply not worth it. If anything is to go wrong, you will end up paying any legal costs out of your own pocket. You may even have to fund the compensation sum yourself, which is more often than not a heavy sum!

        What Public Liability Insurance Covers

        Public liability insurance also covers damage to property. If you or your team of workers accidentally damage a house or building you are working on, such an insurance policy will cover your back.

        Since in this day and age, people seem to adopt the preconception that ‘where there is blame, there is a claim,’ it is more important than ever for businesses to take out the correct insurance coverage.

        Levels of Insurance Offered 

        When it comes to the level of insurance required, there is a variety of packages on offer. Some start at one million and others can reach a level of five million pounds.

        If you own the a hotel, a restaurant, a shopping centre or any other very public place, you will more than likely be required to invest in the latter option of cover. The more you cover, the higher priced the cover becomes. Two million is however a good starting point.

        How to Find Coverage

        In order to source an insurance provider, searching the internet is a great start. There are lots of insurance providers online, and many specialize in public liability coverage.

        How about you all? Do you carry insurance on your business? If so, how comprehensive is the plan?

        Share your experiences by commenting below!

          ***Photo courtesy of http://www.flickr.com/photos/fayjo/333325967/sizes/z/in/photostream/

          The Different Types of Life Insurance

           

          The following is a guest post. Enjoy!

          There are many different types of life insurance, and it can be confusing to navigate through all the options. If you’re thinking about life insurance, you’ve already made the important step of planning for your family’s future. You know the importance of making sure they are taken care of after you’re gone. But, with all the options, it can be confusing.

           Here are the main types of life insurance policies, and what you need to know about each.

           

          Term Life Insurance

          Term life insurance is one of the more basic types of insurance, but it is also one of the most popular. Term insurance provides life insurance coverage for a specific term (10, 20, or 30 years usually).

          Term life insurance has three variables: the face amount (or death benefit), the premium to be paid, and the length of coverage. It is the most “pure” type of life insurance policy.

           

          Universal Life Insurance

          Universal life insurance is intended to combine the permanent insurance coverage with greater flexibility in premium payments, and possibly greater growth of cash values. A universal life insurance policy includes a cash value, which can earn interest either decided by the company, or tied to some type of investment vehicle. Unlike whole life insurance, the premiums are death benefits are flexible, with a set minimum but the potential to be higher based on the cash value return.

           

          Whole Life Insurance

          Whole life insurance provides a lifetime death benefit for a level premium in most cases. The premiums are higher than term, but the policy provides a cash value reserve along with the policy. This cash value can be accessed through loans, and the income received from them is tax-free.

          It is important to note that the cash value is actually part of the death benefit, and you can’t separate one from the other – so there is no bonus in having this type of policy other than possibly using the cash value for a loan at some point during your life.

          How about you all? What type of life insurance do you prefer to carry?

          Share your experiences by commenting below!

          ***Photo courtesy of http://www.flickr.com/photos/katie_cat/4856601471/sizes/l/in/photostream/

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