Why Dont Insurance Companies Reward Us For Being Healthy?
Insurance is always a gamble, a bet actually.
You are betting that you'll eventually get sick or hurt. And your insurance company is betting that you'll stay healthy.
If you stay healthy your whole life, but still pay into insurance, that's great for the insurance company. Actually, it's great for you too, because you got to be healthy for your whole life. But you still lost the bet.
So an insurance company is never going to reward you for being healthy. That's not the terms of the bet.
But here's a secret.
You can reward yourself.
Here's how. Open a Health Savings Account (HSA). Put as much money as you can into it. Tell your insurance company that you want to raise the deductible on your insurance policy as high as it will go. The deductible is the amount you have to pay before the insurance finally kicks in.
Now sit back and relax. You are completely covered for any healthcare crisis. You can use the HSA money for the small stuff and your insurance policy will kick in for the big stuff.
If you don't get sick or hurt, the money will stay in the HSA. Then you'll put in the same amount next year, and it will sit there again. Earning interest, too.
After a while of being healthy, year-after-year, you'll have tens of thousands of dollars sitting there.
And when you retire, your HSA turns into an IRA ? individual retirement account. You can take the money out and live on it.
And guess what? It's your reward for staying healthy. You rewarded yourself for staying healthy, and simultaneously covered yourself just in case you did get sick along the way.
Daryl Kulak is the author of Health Insurance Off the Grid, a book that provides a simple, effective plan to reduce insurance costs for the self-employed, unemployed and underinsured. The book is available at the Website http://www.healthoffthegrid.com
Business Insurance; Information You Will Need
When you start a small business you will need to have insurance. You would be wise to shop around. Triple A rated carriers like Farmers Insurance, State Farm and All State are definitely places to get quotes from, but also be sure to check out your local independent insurance agents as well. When shopping for a quote there is some things you will need to know. For instance you SIC code and business category. If you are involved in more than one, it pays to look at both SIC codes to see which category is preferred by the agents underwriters. Some SIC codes many insurance companies will not even touch. For instance Car Washes, Amusement Parks, Aviation Businesses and security companies. But there are insurance companies who specialize in these areas. Perhaps you might wish to thumb through a recent trade journal to see which insurance c...(related: Insurance)
Insurance Providers Weather The Storm While Consumers Flounder
We have just had the first year's anniversary of the flash flooding which occurred at Boscastle in Cornwall. The floods saw some of the worst damage wrought by sudden rainfall in the UK for many years.The flood was caused by the remains of a hurricane which crossed the Atlantic, collecting vast amounts of water crossing, and was then pushed high above an area inland of the village depositing around 1,500m litres (330m gallons) of water within two hours.At the time insurance companies were estimating the bill for commercial damage to local businesses, would be as high as £15m.There is perhaps some comfort for insurers in that it could have been worse. Hurricane Charley, which hit Florida around the same time, cost over an estimated £6bn.In August this year, just a week after Birmingham was b...(related: Insurance)
What Is Term Life Insurance?
There are two different types of life insurance, term life insurance and permanent life insurance. Term life insurance is the easier of the two plans. This plan supplies you with death protection for a pre-determined amount of time, anywhere from one to 30 years. If you happen to die while paying on this type of policy your beneficiary will be paid the amount of money you specified when purchasing the policy. If at the end of the term you are still living your death protection...(related: Insurance)
Why Boat Insurance Is A Necessity
Boat insurance is necessary for all boat owners who live on or really value their boats. If it is something that you feel you must replace then you need to insure it. If you live on your boat it is absolutely necessary that it be insured. Who would want to lose their home?Also most boats are financed in the beginning. The lending company will insist on insurance in those cases just as they would with a house or a car. This is not unreasonable; they have as much to lose in the financial sense as you do if anything happens to the boat.Some areas are more dangerous than others for boaters. While some of those areas are famous or infamous 'the Bermuda T...(related: Insurance)
Shopping Options For Auto Insurance
Shopping for car insurance can be a big undertaking. It can be daunting at times but is very important. There are now many ways to get yourself insured and the coverage you need.Smart customers know it pays to do a little research before buying car insurance. Just based on the price of the insurance rates today, why not take the time to...(related: Insurance)
Individual Or Family Health Insurance Options
As more and more individuals working at home with or without families find themselves without some kind of group health insurance. Sometimes even working at a job, no health insurance is even offered.Thousands of hard-working people in every state are making dangerous choices: No health insurance at all! They believe they are too young or too healthy. They believe they "save a little or a lot of money" and can do without.Consider your friends, family and neighbors ? people who may have been sick or injured. ...(related: Insurance)
What Is Consumer-driven Healthcare?
Consumer-driven healthcare is a label that we've put on a movement in America to change the way decisions are made in our healthcare system. Instead of insurance companies making all the decisions about how people will receive their healthcare, consumers are taking back the power over their own lives.Likewise, the days of a patient totally putting their lives into their doctor's hands are over. People don't trust doctors to always do the best thing. How could they? The doctor does not know the situation as well as the patient. It must be the patient's choice, and they must be making an informed choice, not one based on a five minute...(related: Insurance)
Sleep-at-night Coverage With A Private Health Insurance ( Affordable Health Insurance )
Health Insurance: a sense of dissatisfactionThe three C's, customization, consumerization and customer-satisfaction, seem to be at the core of the business mantra for every service provider. The health insurance provider industry is no exception to this rule. With an increasing concern among the tax payers of US regarding the...(related: Insurance)
Choosing Affordable Health Insurance For Children
In most cases, private health insurance comes through a person's employer, who picks up the majority of the cost of premiums. However, today many people, who are either self-employed or who work for a company that doesn't offer health insurance, find it necessary to obtain quality affordable health insurance for children.There are a wide range of plans and offerings of affordable health insurance for children and it's necessary to pick and choose from among the many plans available. For example, if you feel your family may need alternative health options such as massage therapy or acupuncture, you'll want to make sure your plan covers these choices.Affordable...(related: Insurance)
Why Should I Go To A Life Insurance Broker?
A life insurance broker is a dedicated person that encourages and listens to the needs and wants of a person looking for life insurance. It doesn't matter what type of life insurance you are looking for, whole or term life. A broker will be able to find suitable rates for you to choose from. When you contact a life insurance broker, you can get the life insurance you need from a company in another city or state that you probably never even heard of.There are many benefits to dealing with a life insurance broker when you want to purchase a life insurance policy. The broker is familiar with the requirements of many different companies and knows which ones he/she can contact to get you the best rates on life insurance. It does not cost anything extra to use a broke...(related: Insurance)
Travel Insurance Pre-existing Conditions Coverage - How It Works
What is a Pre-Existing Medical Condition?When a trip cancellation travel insurance company refers to a "Pre-Existing Condition", they are talking about medical conditions that exist in the Lookback Period that immediately preceeds the travel insurance purchase date.Simply put, a Pre-Existing Condition is any medically documented condition (no matt...(related: Insurance)