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Posts tagged with: health insurance

Protect Your Financial Wealth

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For many of us saving up for retirement, our financial wealth represents a life of relaxation and easy living after decades of hard work. However, you shouldn’t be complacent thinking that everything you’ve saved will just sit idly by waiting until you retire. There is the very real possibility of you losing your hard earned wealth. Use this article as a roadmap to the various precautions you can take to protect your hard-earned assets.

Eggs & Baskets

You’ve probably heard the expression “don’t put all your eggs in one basket” countless times, and the truth of the matter is it’s said for a reason. For example, investing in the stock market when you know what you’re doing can be a very lucrative long-term endeavor; however, there is no absolute guarantee that your stocks of choice will continue to increase. The 2007-08 Financial Crisis showed investors across the U.S. that investing in just one company can result in your retirement nest egg being completely wiped out. You should always spread your money around. If you’re going to invest, it should be in stocks, mutual funds, real estate, savings and emergency funds. By making sure that you have money spread out in different asset classes, you’ll have less of a chance of losing it all in the event of another economic depression.

Get Renters Insurance

They say that home is where the heart is, but what this statement should also say is that home is where you keep most of your stuff. Whether it’s your flat screen television, furniture, appliances, or clothes, a large percentage of a person’s yearly income goes towards the stuff that they keep in their house. Despite the fact that they are used in your daily life, they are still considered as financial assets due to the cost of replacing them. Unfortunately, unlike land, stocks, and money in the bank (which has various systems in place to prevent it from being harmed or stolen), items that you have at home are subject to a wide assortment of dangers. These include, but are not limited to:

1. Robberies
2. Water Damage
3. Fire Damage
4. Vandalism

These are just a few of the possible cases that can result in you losing thousands of dollars. To prevent this from happening, you should check out various online insurance provider and perform a renters insurance quote comparison. By doing this, you can determine which insurance provider would suit your needs the best, and rest easy that your belongings are protected.

Health Insurance

You can say that you are in the prime of your life and that you feel absolutely fine with no headaches, coughs, aches or pains–but we’re not all Superman. People can get in accidents, they get sick and get hit with a host of other unlucky circumstances. With the cost of medical care today, making sure you have adequate health insurance can make a massive difference in the amount you pay. Hospital stays can cost several thousand dollars a day, and this doesn’t include the cost of doctor’s appointments, surgery, medication and the myriad different procedures that you may go through. You need to make sure that you’re adequately protected against such a possibility, and having health insurance is the best way of doing so.

Liability Insurance

Another precaution that you should take is to get comprehensive liability insurance to cover you and your family when it comes to the shared use of your cars. Accidents happen and in some cases, you could be the motorist at fault in a crash. Since you are liable, there is the potential that the injured party will try and sue you for more than what your liability insurance covers. The less expensive liability insurance policy isn’t always the better policy. By maintaining extensive auto insurance, you’ll be better protected and your finances locked tight in the bank’s vault.

Protecting your financial wealth is all about taking proper precautions. Use common sense and an analytical mind and you’re sure to enjoy your retirement. Just remember, when in doubt go online and do your research!


Health Care Nonsense

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I definitely do NOT want to get all political on the blog. I, personally, am pretty moderate and a swing voter so I can see both sides of most political issues. So without pointing fingers or blaming parties, I’m just going to say what anyone dealing with health care already knows….our current system sucks. Sucks bad.

I’ve got two case studies for you:

1) When my Dad had to retire early (due to being diagnosed with FTD), I took over a lot of his personal matters, including paying his bills, getting him insurance, etc. Here’s the problem:  we basically cannot get him the health coverage he needs. No matter the cost, its just not possible.

Some explanation…

When my Dad relocated from Utah to Texas he was given a referral to a neurologist who specializes in FTD. This physician only accepts certain types of insurance plans. He will not even book an appointment without one of these plans (I even tried to pay in full in cash at time of booking. Office simply wouldn’t do it). Unfortunately, the plan is really only available for group coverage. Did anyone else know that PPOs essentially no longer exist for privately-paying individuals? Because they don’t. We can buy various levels of HMO coverage (for like $1,000/month for a single individual), but none of the options available through the Marketplace (which is the government website) NOR direct through the big insurance companies (we tried 4 of them) have a PPO plan option for someone paying privately. It just doesn’t exist. Meanwhile, my Dad doesn’t qualify for Medicaid due to his asset base, and from the legal counsel we’ve received it sounds like Medicare is a long ways off before we can get him covered (pending getting all his disability stuff in order). So what’s our only option? We cannot see the specialist we were referred to. Just simply can’t do it. Between the poor options in health coverage available on the open market coupled with some ridiculous office policies at the specialists’ office (seriously – who doesn’t just accept cash?!?), we are stripped of the option of seeing the one person recommended to us. Absolutely disgusting.

2) Okay, to be totally fair, #2 has nothing to do with the government or sucky health care options…it has to do with my own naivety (heh). Apparently when I signed up for health insurance I was unaware that the plan I selected has NO (zero, zip, zilch, nada) coverage until a $500/person (or $1,000/family) deductible has been met. At that point we just pay the co-pays. But until then we owe 100% of our health bills. Only….I guess medical office staff wait to settle up their books until the end of the year? Since switching insurance in July, we’ve had several trips to the doctor (3 routine annual office visits/exams & 3 sick child visits). At each trip we paid our normal copay and thought that was it. Until…within just the past couple weeks bills have been flooding in! All of these visits (that have occurred at different places and with different family members) are just now being billed. At first I thought it was some issue with the insurance but after 3 separate calls to have all our benefits explained, I discovered – nope. It’s not a mistake. We owe this money. And it’s in the range of several hundred dollars (just under $500). We do still have about $400 in our health/dental/vision savings, but that’s going to go QUICK and we’ll still owe more. Groan! One more point for Murphy (of Murphy’s law) and yet another reason to slow our debt payment progress so we can try to recoup our EF (which I mentioned as an option here; still haven’t decided 100% for sure yet. We pay our debt at the very end of the month so I still have about a week to decide).

My Dad’s health care drama will likely be an ongoing thing we continue to deal with the entire rest of his life (as he’s always going to be privately paying; even after he gets Medicare it’s not like things will be all peachy. There are plenty of issues with that program, too).

In regard to my family unit, it’s annoying to have just discovered this information (and, of course, I learned this AFTER open-enrollment had ended so I can’t change it at this point). However, we can make changes to our budget to accommodate the issue (e.g., keep a larger amount in our health/dental/vision account in order to cover the $1,000/family deductible).

Live and learn. That’s all I can do. Live and learn.

And earn & save more money. ; )


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