Health Insurance, do we need it?
No one wanted to get sick. But do we know when illnesses will strike us? If that happens, are we ready to pay for bills that are keep on increasing each day we stay at the hospital? Older people tend to rely on monthly pensions. What if you become sickly and your monthly pension already cannot cover the medicines you need to buy.
Especially if it will come to the point where your doctor issues medicines that should be taken daily and will continue as long as you are living. As your health maintenance grew, your finances will be affected as well. The next thing you will have to do is to ask from relatives for a financial support for all of the expenses you have. Even for your other needs like your food, clothing, house rent, electric and water bills since all your money was exhausted by your medical needs you will depend on the help they can extend.
Make a Health Status Check
All of these are unwanted expenses that can be addressed if you already look into the root cause of your future problem which is your health. Our health is important to us in order to continuously do our daily activities we should stay healthy. We also should always consider our family since they will have to carry the burden of helping us pay our bills and hospital expenses to be incurred if we will get sick.
These future concerns can be easily addressed if you thought of getting a health insurance plan as early as now. A time when you are still healthy and have a job and earns a wage that will consider you as a capable person to pay for a health insurance plan that you know will address your future medical needs.
Here are some tips to consider and things to do in order to identify a health provider and health plans that are suited for you:
1. Make a list of all the health problems your family or relatives already encountered in their life. Look for the oldest person in your family that can give you details on illnesses he/she experienced before until now. Take note of these illnesses as these are your references in checking the inclusive services an insurance company will offer to you.
2. Do your homework. Make a research on other illnesses that you are not familiar of and as to what degree it will cause a person to be sickly. Is it impairment for life or it will take long treatment procedures to undergo. In this way, you can automatically inquire to the insurance provider if this can be covered as well.
3. Make a list of insurance companies that you are familiar of but also ask for opinions from your co-workers or directly from your relatives who already have health plans. You can assess if they are satisfied with these companies or not.
4. Make an actual canvass and give time in doing this. Make a schedule and get an appointment for a meeting to properly discuss the inquiries you’ve listed. In this way, you can gauge which insurance company to choose and if they can openly discuss to you in details the things you wanted to know.
5. Discuss the payment in details. Some insurance companies can give you a coverage for some type of illness only then make you pay an additional fee for other illnesses you like to be included in your policy. Some can offer it in a package set-up. You will pay this certain amount already for covering all that you’ve requested of. If you don’t understand what they mean about a certain coverage or a payment scheme, ask them in a detailed manner.
6. Get a copy of your health insurance policy and safe keep it. These are agreements you’ve made with your chosen insurance company. Review your policy list of medical benefits and the covered services you will be getting when the time comes if you will use it.
Consider Health Insurance as an Option
Consider also that future misunderstandings with insurance companies will be a big issue especially if you are already in a hospital bed. Do it right from the start. It will all be depending on how you lay down all your concerns to them so that they can also properly and correctly address it. Sometimes, proper and open communication is the key.
Always keep in mind that you are getting a health insurance plan and you are doing this not only for yourself but also for the future of your family. Securing yours and their health plans can greatly help in addressing future medical needs and financial issues.
Life insurance is not an option– it’s a necessity. Taking out a life insurance policy is a way to ensure that you and your family are protected for the future. In today’s uncertain times, it pays a lot to have the sense of security that life insurance can bring.
Many of us often put off life insurance until it is too late. The best way to make sure you are covered by a policy is to invest in one today. Read on for the most compelling reasons of why you need to buy life insurance.
Provide Emotional Support for Your Family
Getting life insurance requires you to put yourself in your family’s shoes. First and foremost, life insurance will hopefully front some of the costs that your family will inherit if you happen to suddenly pass away. This financial relief will insure that your family gets the financial relief that they need once you are gone.
Take Care of Your Debt
After the death of a loved one, many families are faced with an overwhelming amount of debt. If there is no life insurance policy, this means that your family has to take care of all of your past debts. Although it may be uncomfortable to think about life after you pass away, taking care of your family now is more important. Having life insurance ensures that you protect their financial future by taking care of the inescapable future ahead of you.
Replace the Loss of Your Income
In the situation when an income earner suddenly passes away without insurance, the departed’s family has to make sudden decisions. With life insurance, these decisions can be made over a period of time. Life insurance can give your loved one options on how to financially support themselves when you’re gone.
Cover Your Children’s Expenses
Depending on your life insurance, the surviving family members can get a certain amount of cash when it is needed the most. In many cases, this financial support is much needed when facing the death of a parent. With certain policies, you can get additional coverage to take care of major expenses like college funds, money for weddings and the like.
Buying life insurance now will make sure your loved ones have the best possible future. We will all pass away, but it’s our loved ones that we live for that we must think about and plan for.
If you have decided to get life insurance, you may be confused about how much you will need. Life insurance plans generally start with pay out amounts around $25,000 and go up to hundreds of thousands and even millions of dollars. You don’t want to pay more for monthly premiums than you need to, but you also don’t want to short change your family when they need it most. The following are a few tips to help you figure out how much life insurance you need.
Determine Current Financial Obligations
Outstanding debts, mortgage balances, medical bills, and other obligations may need to be covered by either your life insurance or your estate in the event of your demise. If you want to ensure that your family does not suffer financial hardship or that they receive all of the assets that you intend for them to receive, make sure that your life insurance policy is substantial to cover these obligations and other expenses. Even family heirlooms or estates may be sold to cover obligations if insurance is insufficient.
Anticipate Household Financial Needs
If you have a spouse and/or dependants that count on your income every month, your life insurance policy payout will help them to continue to cover the daily costs of living if you perish. This money may give your spouse the buffer that he or she needs to move, change jobs or obtain a job, or otherwise rearrange finances. The money may also help your children to continue to live comfortably and may even cover the costs of tuition if you prepare for that eventuality.
Calculate Local Burial and Funeral Costs
Final expense costs such as memorial services, plot fees, headstone costs, and burial or cremation services often cost more than individuals anticipate. Before deciding upon a life insurance plan, look into what these services and expenses cost in your area. Keep in mind that your family will have to cover these costs in addition to your obligations and their daily needs and select a policy that will easily cover all of these things. Some people take comfort in purchasing higher than needed plans to help their families.
Consider Final Expense Insurance
If you do not have a spouse or dependants and you have no outstanding debts or obligations, you may wish to purchase final expense insurance instead of life insurance. Final expense insurance is less expensive than life insurance and will cover the wake, casket, flowers, and other final expenses. This type of policy does not provide surviving family members with money for daily expenses, but may be sufficient if there is no one depending on your income.
The topic of life insurance can be a sensitive one. While it is sometimes more comfortable to put off thinking about life insurance, getting caught without it can be potentially devastating. In the event of a tragedy, it is important that loved ones be able to grieve properly without the ominous threat of the unknown. There are several factors that make life insurance a much more positive investment than simply pocketing the money from the monthly premiums.
Replacement of Lost Income
In the event of the death of a policy holder, many life insurance policies will pay out cash in order to compensate for the loss of the income generating capabilities of the deceased. This can provide tremendous relief to those surviving him or her. In some cases, businesses might take an out an insurance policy on certain high-ranking members of the company. In the event of his or her passing, the policy pays out compensation to offset the financial loss.
Payment of Estate Taxes and Final Expenses
Another reason for the importance of maintaining an adequate life insurance plan is that they can cover the costs of the estate tax (also referred to as “the Death Tax”) as well as any final expenses which may include the costs of the funeral and burial, as well as any other outstanding expenses that the recently deceased might have owed. This can be a huge benefit to those who are already suffering and do not want to be forced to choose between saying a proper goodbye or paying the bills. Each insurance policy is different so it is important to understand how much a policy will pay out before purchasing one. However, this type of coverage is critical during painful times of grieving.
Peace of Mind
While it is easy to ignore the idea of life insurance when everything is fine, the moment tragedy strikes, many people feel completely unprepared and panicked. Making small payments every month is typically worth the peace of mind that many people feel when they know that they are protected should something unexpected occur. Losing a loved one is hard enough on family and friends. The last thing people need to be worrying about in such situations is how they will afford to carry on. This is perhaps the most important reason for life insurance since a life free from worry is a quality life.
If you have any questions or concerns regarding a life insurance plan, call or stop by Blue Store and talk with a highly qualified agent today.