Why Health Insurance is Important.

Why Health Insurance is Important

 

If you’re a relatively healthy individual, you may find yourself occasionally asking, “Do I even need to have health insurance?” Don’t be foolish though—having health insurance is incredibly important, not to mention it’s the law!

 

A health emergency can be expensive. A hospital stay in Washington state can costs as much as $3,000 a day!1 Aside from unplanned emergencies, health insurance provides you with a wealth of preventive services that will help you maintain your health and well-being long-term.

Apart from the health aspect, there are also financial implications if you don’t have a health plan.

PENALTIES

Under the Affordable Care Art, most people are now required by law to have health insurance either through their employer, Medicare, Medicaid, or by purchasing their own coverage.

Don’t have any of the above? You could be subjecting yourself to an annual penalty that could cost you nearly as much as buying insurance.

Penalties were relatively low in 2014, but are increasing in 2015 and will continue to go up each year, thereafter.

Penalties are assessed in one of two ways and you will pay whichever is greater of the two amounts:

• 2% of your yearly household income. For example, if you make $50,000 and don’t have a health plan, you would be subject to paying a $794 penalty for 2015 according to a calculator from the Tax Policy Center. The maximum penalty is the national average premium for a bronze plan. In addition to the penalty, you will also be responsible for 100% of your medical bills during the year.

• $325 per adult and $162.50 per child under 18 years of age, with a maximum penalty of $975 per family for the year.

Note: In 2016, it will be 2.5% of your household income or $695 per person with a maximum of $2,085 per family.

If you do end up having to pay a penalty for not having health insurance, you will be required to pay it when you file your federal income tax return. If you’re uninsured for just part of the year, 1/12 of the yearly penalty applies to each month you are uninsured. If you’re uninsured for less than three months, however, you won’t have to pay a penalty.

Mortgage Protection.

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What Types of Insurance Do I Need?

When you find a new job and sit down to look at the benefits you may be surprised at the options that are available to you. It may seem overwhelming to consider all of the insurance that you can purchase. Do you really need all of the insurance or can you pass on some of the policies? Is it possible to be over insured? It is also important to check on your insurance to see if you qualify for better rates. Some insurance like home insurance or car insurance is a given> Learn about the other insurance options.

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1.  Do I Need Health Insurance?

Health insurance is something your should have. You run the risk of financial ruin without it. Even if you are relatively healthy, if you are involved in a serious accident or suddenly develop appendicitis, you may end up owing tens of thousands of dollars in medical bills before you are done. If your employer covers you, you should take advantage of that plan, if you are self-employed you may want to consider high deductible health insurance as a money saving option. More »

2.  Do I Need Life Insurance?

Life insurance is another benefit that is offered by many employers. Generally employers will offer a basic life insurance policy equal to one year’s salary at no cost to you. You may have the option of purchasing more insurance through your benefits package. If you are single and do not have children, you may be fine relying on just the insurance provided by your employer. However, if you have responsibilities towards a spouse or children you should insure yourself to help them in the event of your death.  

3.  Do I Need Disability Insurance?

Disability insurance will help to cover you in the event that you are no longer able to work. This insurance will help you to pay your bills and make ends meet while you are coping with an illness or injury. This is generally good insurance to have. Short-term disability will help to cover maternity leaves and fill in the waiting period before disability insurance kicks in.  

4.  Do I Need Dental Insurance?

Dental insurance can help to pay for your dental checkups and other work that you need done. You need to carefully look over your policy to make sure that your dental benefits are more than the premiums you are paying. If the plan will not save you money, you may want to shop around for a dentist and look for a dental discount card to save on the cost.

5.  Do I Need Long Term-Care Insurance?

Long term care insurance will help to pay the cost of care if you end up needing to be in a nursing home or an assisted living facility. Since you are young and in your twenties you may opt to wait on this insurance. A good time to get this insurance is in your late thirties, after that the rates begin to rise rapidly. If you have a condition that makes you think you will need this sooner, you should get it. If you have a family history of certain conditions such as Alzheimer’s you may consider purchasing it earlier to lock in lower premiums.

6.  Types of Insurance: Do I Need Cancer Insurance?

Cancer insurance may also be available to you. Unless you have a strong family history of cancer, this is one insurance that you are pretty safe not having. You should make it a priority to save money to cover the extra medical bills that may arise from this or any other serious health problem.

Definition:

Cancer insurance is a benefit that will pay you money if and when you are diagnosed with cancer. The policies vary widely, so it is important to carefully read the policy before you purchase. Some policies will be pay a designated amount once you are diagnosed with cancer. This is to help defray costs such as missed work and out of pocket expenses. Other cancer insurance is supposed to cover the amount that your insurance would not cover.

Many cancer policies are risky because they have so many exclusions and limitations. Additionally your traditional health insurance may decrease the amount it covers as a result of the cancer insurance. You should carefully examine every limitation and benefit before you sign up.

Health Insurance: It’s Not Too Late To Get Covered.

Health Insurance: It’s Not Too Late to Get Covered – Special Enrollment Period Now Open

(Fremont County, Wyo.) – Up to six million Americans are expected to pay a tax penalty this year for not having health insurance coverage in 2014. To help families avoid future penalties, a special enrollment period for the Health Insurance Marketplace opened on March 15 and will close April 30.

This special enrollment period is an additional time outside of open enrollment during which you and your family can sign up for health coverage. This will be your last chance this year to receive health coverage through the Health Insurance Marketplace and avoid a tax penalty for next year.

Why is health coverage important?

Health coverage helps cover the cost of medical services, tests and treatments that assist you in getting and staying healthy. The required basic level of coverage includes preventive care, health screenings, well woman and prenatal care, immunizations for adults and children, treatment for pre-existing conditions, and the cost of some prescription medications.

What fees might I owe if I’m not covered?

Surveys have shown that nearly half of uninsured adults are unaware of the penalty associated with not having health coverage. In 2014, the penalty for not having the required minimum level of health coverage was up to $95 per uninsured person or 1% of a household’s income. For 2015, this amount will more than double, with the penalty per uninsured person reaching $325 or 2% of a household’s income.

There are exemptions available to those who cannot afford coverage or who have experienced hardship. Consult Healthcare.gov or a certified application counselor to see if you qualify for an exemption.

Who’s eligible for the special enrollment session?

The special enrollment period is designed for the following:

  • Those who don’t currently have health coverage for 2015;
  • Those who paid a penalty as part of their 2014 federal income tax returns for not having health insurance in 2014; and
  • Those who became aware of the individual mandate penalty after the regular 2015 enrollment window closed.

The Advantage of Having an Independent Insurance Agent.

We are often asked about the advantages vs. disadvantages of using an independent insurance agent and whether a customer can  truly feel confident in the recommendations by someone they don’t actually know.

So, is using an independent agent a good idea?  While some people may find particular comfort in using a particular insurance agent who knows them on a first-name basis and takes care of all their insurance needs, the bottom line is that they may pay more for the relationship than what they need to pay for insurance.

With our economy still struggling, many  families are continuing looking for ways to cut corners and reign in expenses. One way to potential accomplish lower costs is to utilize an independent insurance agent. What’s the difference?

If you utilize a particular agent represent XYZ Company, for example, that representative should be thoroughly knowledgeable about policies, rates and any discounts or plans related to that company only.  So, if you call or meet with your agent, you’ll most likely spend your time determining which of the company plans works bests for you.  An independent agent, however, is not limited to a particular company and typically represents a range of between five and 10 companies in the area.  That means there  could potentially be great flexibility to pick plans, and hopefully create a package that meets all your needs while saving you money.

Utilizing an independent agent can also be to your advantage if  you are seeking a particular style of plan and have definite ideas of what you want in terms of price, coverage, availability and  quality.  After all, not everyone has the same needs when it comes  to insurance.  Since an independent agent has more companies to work with to find a combination that works best for you, the likelihood of getting exactly what you want is higher.  That’s not to say you can’t get good quality insurance or find discounted rates by going with an agent who represents a particular company.  If you are either looking for new insurance or considering making  a change to your current plan, consider at least contacting an independent agent to get some price comparisons.  You may be surprised about the money you can potentially save!  https://frankwestinsurance.com              

Individual Health Insurance

Frank West Insurance Services | Individual Health Insurance, Family Health Insurance, HTH Travel Insurance, CA Medical Insurance, Affordable San Diego Health Insurance, Insurance Quotes, Whole & Term Life Insurance Policies, Medicare Supplement Insurance, Medigap Plans, San Diego Medical Insurance, Medical Coverage, Health Care Reform & Affordable Care Act Assistance, CA Health Insurance Exchange, Group Health Insurance, Business Health Plans, Health Care Insurance, Long Term Care, Group Health Insurance, Employee Benefits, Dental Insurance, Disability Insurance, San Diego Life Insurance, Anthem Blue Cross, Aetna, Blue Shield of CA, Cigna, Health Net, Kaiser Permanente, San Diego, Coronado, La Jolla, Pacific Beach, Rancho Penasquitos, Poway, Rancho Bernardo, Oceanside, Solano Beach, Pacific Beach, Cardiff-by-the-Sea, Encinitas, Carlsbad, Carmel Valley, Del Mar, Olivenhain, Rancho Santa Fe, Aviara, Lakeside, San Diego County CA, Southern California | 309 Miami Trail, Oxford OH 45056 | (858) 484-1894