Insurance Experts

If you are in the market for a home owner insurance policy, but just can not seem to find a quote that is both cheap and adequate, you might be making the same often overlooked mistake that many home owners make when purchasing home owner insurance – you may be confusing factors that are not related to your home’s rebuilding costs.

When you purchase a home owner insurance policy designed to compensate you for the costs of rebuilding your home, you are getting just that – the amount of money needed to rebuild your home. So, you and your home owner insurance company are going to have to figure out what that amount of money is and settle on a home owner insurance quote – monthly, quarterly, or annually paid premiums. However, when taking into account the value of the home, many home owners often make the mistake of including the land on which the home sits.

Stop and think for a moment. When you purchase a home owner insurance policy, in essence you are purchasing protection from theft, fire, water, and wind damage. The land on which your home sits is not at risk for being burglarized or catching fire (unless you live in a wooded area, in which case you can not single handedly repopulate the forest). Wind damage usually only leaves debris in your yard; it is most likely not going to pick up chunks of land and carry them away. Major water damage would be the result of a flood, and home owner insurance policies do not cover floods.

Since the land on which your home sits is not susceptible to the same kinds of damage to which your home is susceptible, you should not include your land when you search for a cheap home owner insurance quote. Your home owner insurance quote will be much cheaper if you focus only on your home, your possessions, and personal liability.

Here’s the good news: with improvements in medical technology and healthier lifestyles, people are living longer. Life expectancy today has increased to 83 years, up from 78 years in 1940 (The Shopper’s Guide to Long-term Care Insurance from the National Association of Insurance Commissioners).

However, the longer people live, the greater the chances they will need assistance due to chronic health conditions. Today, about 12.8 million Americans of all ages require some type of long-term care (National Academy on Aging, 1997). This number is expected to climb as the baby boomer generation moves into retirement. Over a lifetime, nearly 50 percent of all people will require some type of long-term care assistance.

One way to pay for some or all of your long-term care expenses is insurance. First introduced in the 1980s, long-term care insurance was originally designed as nursing home insurance. Today’s long-term care policies now cover much more. They include home health care, assisted living facility care, adult day care, Alzheimer’s facility care, respite care and hospice care.

So how does long-term care insurance work? Long-term care insurance is not health insurance, and long-term care expenses are not covered under private health insurance, Medicare or Medicare supplement policies.

However, long-term care insurance is similar to health insurance in that an individual must apply for coverage by going through medical underwriting. The insurance company decides whether to offer long-term care coverage based on your current health conditions and age. In most instances, a person’s medical records will be reviewed by the insurance company. Additionally, some applicants may be required to have a face-to-face or a telephone interview. Not everyone is insurable. People who already have health problems are likely to need long-term care but won’t be able to buy a long-term care insurance policy. Your money may pay for long-term care insurance coverage, but it’s your health that buys it.

Once a long-term care policy is issued, the insured individual becomes eligible to receive benefits once a healthcare professional certifies the insured is “chronically ill” — unable to perform two of the Activities of Daily Living (ADLs) for a period of 90 days or longer; or be severely cognitively impaired. ADLs include bathing, eating, dressing, toileting, transferring (moving into or out of a bed, chair or wheelchair) and continence.

“At what age should I apply for long-term care insurance?” Generally, experts suggest you apply between ages 50 and 55. The younger you are when you apply, the better the chance you will be healthy enough to qualify. It’s also during these years prior to retirement that your income is normally at its highest and you’re better able to pay the insurance premiums.

Long-term care insurance policies vary widely. A professional specializing in long-term care insurance can be a great resource to consumers in considering the many options available today.

Life insurance policy provides security and compensation to the family members on the death of insured person. Health insurance policy is an agreement between a client and an insurance company. Health insurance agents help covers the cost of medical tests such as drugs, accidents, tests etc depending on the policy scheme the customer has chosen. It is necessary foe Life and Health Insurance Agents to pass their examination insurance in order to obtain a license to sell their policies to clients. An independent Life and Health Insurance Agent works on commission basis and has authority to represent different companies in order to serve customers with best policies plans. Life and Health Insurance Agents makes the client understand about various policies schemes and helps them to select policy that suits client’s financial and personal situation.

Life and Health Insurance Agent asks questions about client’s family, their financial situation and medical illness if any and depending on those factors, guide clients to buy policy. Health Insurance Agents sells policies that cover the expenses of medical treatment illness or injury. Health insurance agents also sell disability or dental or any medical illness policies. Life and Health Insurance Agents provides information on health and life insurance schemes, its risk covered its benefits and other features. Nowadays customers can buy life and health insurance policy online through a reputed health insurance agent. An online application can be forwarded to insurance company by online Life and Health Insurance Agent. Life and Health Insurance Agents don’t advise to buy same insurance plans to their entire customer, they advise them depending on client’s financial position.

Insurance is divided into two main categories: health and life and property and casualty. Life and Health Insurance Agents sells insurance that includes medical bills or death of insured person. Insurance agent’s success depends on his ability to retain customers and his reputation on his colleagues and customers.

Groups that currently have traditional health insurance can often save 30% to 40% with the HRA plan. The HRA, or Health Reimbursement Account has been around for a couple of years now, however the benefits are not widely known. It is a way to self fund some of the smaller expenses and reimburse the employee in the background so that as far as the employee is concerned, the plan looks, feels and works like his low deductible plan with co pays. Another option is the HSA or Health Savings Account plan. This type of plan allows for either the employer or the employee to put money into a tax free savings account that the employee has control of. That is why these are also known as self directed plans.

From the employee’s point of view these plans give a lot of freedom as to how his insurance money is spent and the employee can take this account with him when he moves to a different employer. The funds stay in the account until they are used or at the option of the employee, he can take the money out after age 65. At that point he or she avoids the 10% penalty but must pay taxes. One might consider leaving the funds in the MSA account even after retirement and use it for medical expenses not covered by insurance and therefore avoid paying the taxes. Groups of 25 full time employees or more have another option in addition to the above, a split-funded plan. The split-funded plan is one step below a self funded plan and should be considered as a stepping stone to a self funded plan. The plan works much like the HRA plan explained above except for two major points. If claims are less than expected, the savings is returned to the employer. The other advantage is the ongoing reports showing claims history. While personal treatment information is not revealed to the employer because of privacy laws, the reporting shows the amount of the claims and the person making the claims.

This information my help the company get a better handle on controlling medical costs and perhaps using some of the saved costs to promote wellness and fitness programs. With the information learned from a split-funded program, companies over 100 covered employees may want to venture into the land of the self funded plan. Unless the company has real deep pockets, insurance companies take on losses over a pre-determined amount. It is generally recognized that taking this on without the backing of an insurance company is too risky. Consider the fact the even insurance companies spread the risk by purchasing re-insurance from other insurance companies to protect themselves against an unforeseen man made or natural catastrophe.

Richard Evans

Homeowner’s insurance is a type of insurance policy that combines many different types of protection applied to your home. The types of protection built into these policies include losses occurring to your home and its contents, loss of use, loss of other personal possessions of the home owner, cost of additional living expenses such as hotel costs, as well as liability insurance for accidents that may happen in the home.

Costs

The cost of obtaining homeowner’s insurance depends on what it would cost to replace the house, as well as other items that are insured. The payment from the insured person to the insurer is called a premium. If you are the one purchasing insurance, you must pay the premium to the insurance company according to the type of payment schedule in your contract.

When calculating the amount of premium you must pay, the insurers take into consideration the likelihood of potential major damage or costs. Most insurers generally charge a lower premium if it appears that the insured property is less likely to be destroyed or damaged. For example, if your house is situated next to a fire station or is equipped with a sprinkler system and fire alarms, your premium will likely be lower than houses without those products and houses located far away from fire stations.

Required insurance for homeowners

Most home buyers borrow the cost to purchase their home in the form of a mortgage. In most cases, the mortgage lender requires the buyer to purchase homeowner’s insurance as a condition of the loan in order to protect the bank if the home were to be destroyed. Anyone with an interest in the property should be listed on the insurance policy in order to protect his interest in it. If not, his assets will not be covered in case of damage or loss.

The price of health insurance is ever-increasing. For this reason, there are many who feel that they incapable of meeting the expense of health insurance purchase. Many feel that they are healthy enough, have no critical illness and hence will not require health insurance. However, the reality is that, health insurance is an essential requirement for every individual. You never know when you may fall ill. In the event of any such sudden unfortunate events, you will be at a loss while covering medical expense, if you do not own an individual health insurance.

There are several methods of obtaining individual health insurances at affordable rates. Every state in America has a Medicaid program for which even individuals of low income group qualify. All it needs is to obtain an application from the local Division of Family Services. Along with the filled application form, you will need to submit documents that bear evidence of your financial status. The insurance policies that are offered cover medical expenses of various kinds, including dental and eye care, emergency services, visit to a physician, medicine bills and so on. This is a free of cost option, and the process is quite hassle-free.

You may also browse through the internet in search of cheap individual health insurance policies. There is every possibility that you might find a plan that suits your budget. The different websites of variable costs, so it would be better to carry out extensive research before you zero in on a particular plan. Several websites offer free quotes for their policies. It is a good idea to ask for these and compare the quotes from different sources. It is advisable to ascertain the tenure for which the company offering your desired insurance plan has been in trade. Find out their reputation, or lack thereof. Also, determine if that company has license to carry out trade in your country and state.

Local insurance agents also offer several lucrative policies. Many of them can get you a deal of affordable individual health insurance policies. These might not provide every type of coverage, but at least some protection is always better than none at all. Moreover, an affordable health care insurance plan may be obtained if you take note of advertisements for prescription cad plans and alternative health care plans.

Do not lose hope and be disheartened if you fail to find an affordable individual health insurance at the very first attempt. Continue your search and soon you are sure to find a plan that meets all of your requirements.

Home insurance policies are helpful when you own a home. Most times when people take out mortgage loans, the lender will expect the buyer to purchase coverage. The mortgage lender may ask the buyer to opt for minimal coverage; however, is the minimal coverage enough. At any time, a natural disaster can sweep a home from its roots and sling it across the region. Statistics have shown that floods alone have targeted “25%” of low risk and moderate risk neighborhoods, therefore, at any time your home could be at risk.

When you have invested large sums of money on a property, the last thing you need is to put your home at risk. The home is not the only issue to consider, since homes often have valuable property. Thus, insurance companies’ are designed to protect both your home and its contents.

Most insurance coverage will offer flood insurance upfront, however few companies fail to make the offer. The insurance companies’ that present flood coverage will often ask the client to join in the “National Flood Insurance Program.”

There are many things to consider when searching for home insurance. If you have a home-based business, you will need the maximum insurance coverage, since expensive equipment is often involved. The weather is unpredictable alone, however, other unforeseen occurrences, such as explosive water pipes. The insurance companies will often cover unforeseen disasters, including Mudflows, floods, tidal waters, hurricanes, tornadoes, melting snow, and so forth. If you live in a wooded area, then you are at risk, since mush land is vulnerable and floods often occur.

Other things need consideration when applying for home insurance. If you live in a mobile home, or else own a condominium, then you will need coverage that will accommodate the special circumstances.

While, insurance companies’ offer different types of policies for condominiums, they are susceptible regarding mobile homes. The contents and mobile home itself is not the biggest expense to home insurance providers. Rather, insurance companies are vulnerable to coverage for mobiles, since the home presents out of the ordinary risks. The company will consider mobile home status, neighborhood, year, make, model and other details when considering mobile homes. Most likely, the company will charge high premiums and higher rates to insure the property. New mobiles often cost less to cover, but not as low as the homes that are not risky.

Researching the market can help you find the right agency that offers the best rates on home insurance. Not only will you find better rates, lower premiums, and comprehensive coverage, you will also learn details about the specific company you are applying for coverage.

If you are still paying mortgage, then lenders will expect coverage on your home. Therefore, if you agreed to the mortgage loan arrangements, you may want to find out if you have coverage. It is your choice to find a reasonable home insurance agency, therefore, if you find a good deal you might want to talk with your mortgage lender to drop the insurance integrated into your mortgage payments. You will also need to show copies to your lender that home insurance is existing.

Fires are common in many neighborhoods. At least one home out of 100 in a single neighborhood will experience fire. If your home is destroyed by fire, you will loose your home and everything in the home. If you do not have insurance, then getting back on your feet can become a struggle.

The premiums on the policy will offer a measure of coverage against fires. Many insurance companies’ will factor in fire from the onset of the application. The companies’ will consider fire, flood, depreciation, replacement charges and so forth when considering coverage. Thus, when taking out home insurance make sure you talk with your agent about changes in rates and premiums as a result of depreciation. Most times if the depreciation of the home has dropped, the company will charge steeper premiums.

The Entire Coverage Packages, or Full Coverage plans often have higher premiums, but you must consider that the policy is covering the entire content of your home, plus the home itself. Be advised that few policies have restrictions and exclusions, thus research and learn more.

Misconception #1: Co-insurance: Co-Insurance levels should be given careful analysis when buying insurance. A health insurance plan premium with an 80/20 or 20% co-insurance level is much higher typically than is a 50/50 or a 50% plan. Co-insurance or shared costs between the insured and the insurance company normally have stop losses or Maximum Out-Of-Pocket amounts to protect you against a catastrophic event. Make sure there is, and you know what the stop loss is on the plan you are looking at. Let’s further examine and break down co-insurance.

Example: Health insurance plan A has a $2,000 deductible and is an 80/20 plan. (Meaning you co-insure 20% after your deductible of $2,000) Let’s say your stop loss (maximum out of pocket) is $3,000, (which means you’re total out of pocket would be $5,000 on this plan and the plan costs $380 per month for a family of 5.

On the other hand health insurance plan B has a $5,000 deductible but is a 100% plan. (Meaning you have no co-insurance after your deductible of $5,000) Your stop loss (maximum out of pocket) is zero after your deductible and this plan costs you $290 per month.

Both plans have 100% coverage after your stop loss, (maximum out of pocket) has been met.

Your stop loss (maximum out of pocket) for plan A would be $5,000 per year. ($2,000 deductible + $3,000 co-insurance).

Your stop loss (maximum out of pocket) for the plan B would be $5,000 per year as well. ($5,000 deductible + $0 co-insurance).

Your total risk “potential loss” or exposure would be $5,000 in any given year on either plan.

So in this example, on plan A you would be paying an extra $1,080 per year for the exact same out of pocket catastrophic exposure compared to plan B.

Wouldn’t it make more sense financially to select plan B as opposed to plan A? When it comes to choosing a health plan these are the things most people overlook, or fail to understand. When you choose Colorado Health Solutions to represent you, we will inform and educate you of these types of things to make sure you select the right plan at a price you can afford.

Misconception #2: Deductibles: Health insurance companies will charge you a “fool’s premium” for a very low deductible. By “fool’s premium” we mean that to lower your deductible from say $2,000 to $500, they will charge you an additional $2,880 a year. So unless you manage to have a catastrophic event in the first 6 months of your plan, you will always be the loser. Look carefully at the cost for different deductibles and ask yourself a couple questions:

1) How much does it cost for the next lowest and the next highest deductible?

2) How many months will it take before you have lost the advantage of the lower deductible by paying the difference in premiums?

Of course you could wind up in the hospital next month and call me up with an “I told you so”. However, 99% of you will never reach your deductible. There is normally a trade off between costs and benefits and typically it’s represented graphically by a curve of “diminishing returns”.

Misconception #3: Co-pays: A $20 doctor office co-pay is much more expensive than a $40 doctor office co-pay! How you ask? Let’s take a closer look.

Let’s assume that the premium associated with a $20 co-pay is an additional $174 per month in premium for a family of 4 when compared to a $40 co-pay. (This is a real scenario)

In this scenario you would be paying an additional premium of $174 per month ($2,088 per year) to protect yourself against a “potential loss” or exposure of $20 each time you visited the doctor’s office. To come out even with the $20 co-pay you’d have to visit the doctor about 105 times a year to come out even! Don’t pay a “fools premium” for benefits that are offset by increased premiums. It pays to do a little math when looking at cost versus benefits when purchasing health insurance. Again we can help you decipher this and choose the right plan.

We hope this will help you now or sometime in the future, what I tell my clients is this…You already pay enough for your health insurance, don’t pay more than you have to!

Health insurance carriers are coming out with new more affordable plans all the time, how will you know if one is right for you? Would your agent call you if there was one better suited for your needs? Most likely not! Most agents/brokers will only talk to you if there is something in it for them! We here at Colorado Health Solutions have a completely different attitude and approach, if there is something that becomes available best suited for you and your family we will let you know!

There has been a new major medical plan that was just released that is on average 20-40% less than many of the other carriers. If you’d like to get a quote on this plan to either get health insurance or lower your premiums just visit our website today, we’d be happy to help. Again, don’t pay more than you have to when it comes to your health insurance!

Regards,

Your Colorado Health Solutions Team

An insurance settlement loan is usually something you want to consider as a very last resort whenever you face a financial jam during a litigation process. This financial difficulty may stem from medical bills; outstanding rent; professional fees for witnesses, private investigators, court fees, lost of wages; and the like. All of these situations can contribute to your inability to continue and would force you to abandon the proceedings. Abandoning the case would cause you insurmountable losses.

You can make use of insurance settlement loans from insurance companies. By acquiring an insurance loan, you acquire much needed funding from an external source to continue with the case. Insurance companies usually hire experts to evaluate the case and factor in the probability that you would actually come out victorious in the case. Your lawyer is actually required by law to present you with this option any time he feels that you are in a predicament where in you no longer can continue with the case due to lack of funds.

Insurance settlement loans are supported by the legal system, so many financial institutions and insurance companies capitalize on them. With the loan, the provider bears all the remaining costs. Be wary, however, since the fees attached to the service are very high. It boils down to the fact that these companies are taking a risk on your case. Even though they have made assessments and concluded that the probability of you winning the case is high, there are still chances that you could end up losing.

The payments for the loan are usually deducted from the claims you get upon winning the case, and you can opt to pay one time or in installments.

Before making any commitments, it is best to get a second opinion. Shop around to look for better rates. Even in desperate times, you want to make sure that you do not get yourself in bigger trouble by ending up having to pay very high premiums for the insurance.

The Colorado health insurance marketplace can be difficult to navigate. If you’re looking for health insurance on your own, you may be wondering, “Where can I find the right health plan for me? Where can I turn if I am denied health coverage? What are my rights as a consumer in Colorado?”

To help answer those questions, we have researched and compiled important information regarding Colorado health insurance. By taking the following tips into consideration, you’ll be able make a more educated health insurance purchase.

Things to Remember When Shopping for Health Insurance

Colorado health insurance consumers should follow the following recommendations when purchasing health insurance:

• Read the insurance policy and contact the insurance company or insurance agent if you have any questions.
• Make sure you review the section of your health insurance policy entitled “exclusions and limitations.”
• Find out how rates will increase as you age, and how often an insurance company can increase rates.
• If you are looking for a managed-care plan, check the provider’s directory to make sure there are suitable doctors, hospitals and other health care providers available.
• Find out if there are any “health plan report cards” available that assess consumer satisfaction/quality of care with various health insurance plans.
• Call the insurer’s customer service number to see how quickly you are able to get help.
• If you have special needs or preexisting conditions, make sure you contact a doctor or support organization for health insurance recommendations.

Colorado Health Insurance Subscriber’s Rights

Colorado health insurance consumers have certain rights through Colorado state law. Regardless of the type of health insurance coverage you hold, you have a right to:

• Insurance coverage for certain mandated benefits
• Know what your health insurance plan does and does not cover
• Contact your insurer to complain or appeal any decisions with which you disagree
• Receive a standard form outlining health insurance benefits for comparison between companies and health plans
• A written explanation of why an insurance company denies your health insurance application, or excludes a health condition from insurance coverage
• Coverage of emergency room care, if you believe you are facing a life- or limb-threatening injury (even if it turns out you were not)
• Prompt payment of claims

What to Do If You Are Denied Health Insurance Coverage

If you have been denied health insurance coverage in the state of Colorado due to preexisting medical conditions, you may qualify for the Colorado Uninsurable Health Insurance Plan (CUHIP). CUHIP gives uninsurable Colorado residents the ability to be insured through the state-subsidized CUHIP program. However, due to the higher risk levels of CUHIP patients, CUHIP subscribers pay about 30 percent more for health insurance than most healthy people. If you are uninsurable due to a preexisting health condition, you may contact the CUHIP administrator at 1-800-672-8477 for more information.

Remember to Shop Around

Health insurance plans can vary widely in both price and coverage. Make sure you take the time to shop around, ask questions and learn as much as you can about potential health insurance policies.