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This being an election year, of course, health care is being talked about in the news quite a bit. How important is this issue to the American people? Consider these facts from a USA today news story: 16% (which is equal to about 47 million) Americans have no insurance of any form. Nothing. Not medical, not dental; they simply have no insurance at all. Medical bills can easily run into a few thousand dollars for a simple injury, and a more complex medical problem can destroy a family’s savings. This same story had yet another chilling figure: more than half of all personal bankruptcies filed in the previous year are the direct result of medical bills.

But, can you afford personal insurance on your own? And, would you even know how to begin to look for the right policy for yourself and your family? Just a look at an insurance site, and you might walk away feeling dizzy. Do you need comprehensive insurance? What about deductibles? Should you take a larger deductible and pay a smaller monthly premium, or the smaller deductible with the larger premium? What about umbrella coverage? The terms are confusing, and there are many of them. So what is the general person to do?

The first step of course is to decide exactly what kind of health insurance you need. If the family is relatively healthy, without bad habits or dangerous hobbies, then your rate should be fairly low. Of course, in most cases, the younger you start a policy, the lower the rate you will receive. Compare rates for similar policies with several agencies and companies before making your purchase. Consider any possible or foreseeable changes before committing to an insurance policy. Are you a young couple planning on having a child soon? Or, are your children about to age off of a “grow-up” policy? These things must be considered as well.

Do you know the difference between a PPO and an HMO? Research these terms before calling an agent. If you have a family doctor in mind, find out which insurance carriers are accepted, and have your agent give you price quotes which include these. If they are way out of your price range, you might be better off changing doctors and choosing the lower insurance policy.

Make sure that you have found the best price on your policy, and that you are satisfied with your coverage. If you go with a traditional insurance agent, make sure that you do not walk out of the office without knowing exactly what each term is, and how it affects your coverage. Find out what medical procedures are covered and what are not, before you need them. Does this policy cover prescription costs, and if so, at what rate? Do you understand co-pay rates and reimbursement policies? Your agent is there for just that purpose, they should be glad to answer all questions that you might have.

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Remember when the word “retirement” conjured up images of a withered old man, shuffling out of the office on his last day, clutching a gold watch and some amusing greeting cards? Those days are thankfully done and over with now that people are living longer, and living better. Despite all of the doomsayers reports to the contrary, we are eating better and getting out more, and it shows in our longevity. Your commitment to healthy living can add up to more money as well as more years, if you know how.

We all know that health insurance rates go by your age, your height/weight ratio and your habits. For each bad habit that you have, your premium goes up. Likewise for your weight, for every bit of extra poundage, you pay for higher insurance.

Losing some weight and some bad habits can save your life, but for some people, the thought of saving money is a far bigger motivator.

But how can you make any of these savings double as retirement savings? It’s simple, really. Start by looking at your current health insurance costs and then compare it with a policy for someone of the same age who is in better health or better shape. Figure that as a starting point.

If you save, say $20 per month on your health insurance, that is $240 in a year. It may not sound like much, but when you figure in the other savings, it adds up.

For instance, if you stop eating fast food for lunch every day, and bring healthier food from home, how much have you saved in one week? Figuring your typical burger place value meal costs between 5-6$, then you are saving 25-30$ per week.(Not to mention your arteries.) In a year’s time, that equals out to $1200 to a little over $1500. Save that amount every year for ten years, and you have a $15,000 nest egg that you earned simply by making a better food choice. Add a walk around the block during that lunch period and you will probably shed enough weight to be classified differently on the insurance forms, earning you that lower rate.

Stop smoking and use the proceeds to fund a high yield money market IRA or other investment. Once you figure out the cost of lighting up per year, it may be all the motivation that you need.

End that nasty habit and your insurance rates drop even more. In one comparison of similar policies, a non smoker’s rate was nearly 30$ cheaper than that of the smoker of the same age. Your lungs, your body and your wallet will thank you if you stop.

So, between the better policy rate, the savings from not eating out and the savings from not smoking, you have quite a bit of extra cash on hand. Now is the time to meet with a financial advisor and talk about making that the seed money that will grow your retirement savings.

You have worked that hard to live longer, you owe it to yourself to live it well.

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If you are like most people, you read the title, scratched your head and was bewildered. Trust me, you are not alone in that boat! First, let’s define those terms so that they make a little more sense. There is the Health Savings Account, which allows money to be saved for future health needs. These are tax deferred accounts that are part of the HDHP plan. You must be enrolled in one to have the other.

The HDHP is a high deductible health plan to cover serious illnesses or injury as well as preventive health care. The plan can be either a PPO or HMO type plan, and you usually have your choice of in-network or out of network providers. The advantage to using an in-network provider is of course that it is cheaper. Except for preventive care, you must meet your annual deductible. A smaller deductible may apply for some instances of preventive care, and there may be a dollar amount limit on these charges.

The secondary part of this tandem can either be a Health Savings Account, or a Health Reimbursement Arrangement. Both are tax deferred, and both provide for future health care needs. There are limits, and some very confusing terms involved, so talk to a professional about the plans benefits and drawbacks as they apply to your own personal situation.

For instance, you can not have the HRA or the Health Savings Account without enrollment in the HDHP plan first. You also do not qualify for either if you are Medicare eligible, are covered by a spouses or other group insurance plan, or can be claimed as a dependant on someone else’s tax form. Again, review all of these and any others with a licensed insurance agent before making any decisions.

But, what if you need that money now and what if it isn’t medical? You can use the money for a non medical emergency, but there will be a 10% tax penalty on top of regular tax on the amount used if you are under the age of 65. There are no taxes on qualified medical expenses such as braces, hearing aid batteries, glasses and eye exams and out of pocket medical expenses. Prescription drugs are also considered a qualified medical expense.

You are still allowed certain types of insurance with a Health Savings Account, such as vision, dental, disability and long term care, and there are others that are not allowed. Again, you cannot have this account if you have insurance through your spouse or certain other types of insurance.

You must be aware of what your maximum allowable contribution is per year, and what exactly your benefits are. Be a wise consumer and educate yourself about the terms and the amounts of your plan. Careful record keeping is necessary if the IRS should want to audit part or all of your Health Savings Account records. Keep all medically necessary receipts, including those for hearing aid batteries for example.

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You have worked hard all of your life, you bought life insurance when you were young and the rates were not that bad. You have always taken very good care of yourself, physically and financially, and now here you are with a very bizarre sounding problem: you have outlived your assets. Once upon a time, the life expectancy was about twenty years less than what it is now. Living well into your eighties or even nineties is not as unusual nowadays.

Even with the most careful planning and the best insurance policies, there is a chance that your money will run out before your life does.

That is why the experts call the annuity the “reverse” life insurance policy. There are quite a few options and a financial review with a planner or an insurance agent is always the wisest course of action when selecting such an important item.

Generally, the two major differences in each of the annuity plans are the way money is put in and paid out in the end. If you know, for instance, that all of the money for this annuity will come from one source alone, then you can choose to have a single term annuity with deferred pay out.

If, on the other hand, your income sources vary, you can choose a more flexible plan. Always choose one that fits your current budget and your projected future needs, as well as one that has the best interest rate available to you.

If you have a large lump sum of money that you want to invest, you can buy into a guaranteed income life annuity which will protect you by taking that money and giving you a guaranteed pay out. Some annuities are also available as tax-deferred plans. Make sure that you understand everything about these investments before you lock your money into them; can you really afford this right now? Is there a set amount that you have to pay, or is it more flexible? What if you need that money before the annuity matures? Is there a penalty involved in an early withdrawal?

Remember all investments carry a risk with them, but they may still be worth it in the long run. Annuities are currently returning better for investors than a CD is because of low interest rates. No matter what you choose, seek the advice of a qualified professional and never invest beyond your current means. Saving for the future while you are starving in the present does not make any sense at all; nor does blowing money senselessly. If you do have the money to invest, do so, but be wise about it.

Do some research and know what it is that you want the money to do for you. Do you want to just get by in the future, or do you want a little cushion to pad any other retirement income that you might be looking forward to? All of these questions must be answered before you can move a single cent into the proper type of account.

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Ideally, you should start comparing insurance policies before your current policy expires. Once you have allowed a lapse in coverage, there may be additional difficulty getting new coverage at a fair price. Remember, insurers look at many factors to figure premium, and these include: age, gender, occupation, credit history and current insurance. A gap in coverage will raise questions that will need to be answered. Did you simply forget to pay a bill, or is there something more serious? Do you frequently allow insurance coverage to expire, and what is the length of the gaps? Longer gaps may indicate that you drive without insurance, which makes you a higher risk person.

If you can plan a change, there are some good times to change auto insurance providers which should net you a reduced premium. For instance, your rates will go down at age 25, so if your insurance is set to expire the month of, or after your birthday, start shopping with your new age in mind. If you know that you are about to move or change jobs, consider changing your insurance provider before hand. It might be harder to get insurance if your move was over a long distance; you will now be an un-established person in a new town, which equals higher rates. Your new occupation can change your rates as well, especially if you begin work in a high risk category, or if you will use your vehicle more than you did before.

But, if your driving record is spotless, you are 25 or older, there have been no major changes, and your rates have either stayed the same or gotten higher, than you might consider now the time to shop for a discount. Some companies will match a policy and its price if you tell them upfront that you are doing this. Smart research and some basic knowledge will assure that you are getting the best insurance coverage for the best price.

For the fastest and easiest shopping, go online and search for companies that offer side by side comparison quotes of at least two different companies. Some offer more, which is good, the more companies that you can research, the better. Look for comparable features and coverage as well as price. A low priced insurance policy is not truly a bargain if it does not cover you well enough.

Another factor to consider is your savings of time as well. If an online policy and a traditional policy offer similar coverage for similar price, then the time savings will make the online company the better choice. Online companies will save you in the long run as well. If you move, your policy will usually remain unchanged. These companies also save the environment by reducing paper usage and eliminating the need to drive to an insurance agent’s office. Read reviews about customer service and response times before making the final decision. A good insurance policy should mean good customer service, with fast, courteous accident response time no matter where you purchased it.

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Insurance is a funny thing. We pay for it and pray we do not need it. We want the best coverage, but we do not want to pay more for it then we really have to. So, what should you do? Research, review, compare. Getting stuck with a policy that costs far more than a comparable one is not fun, and something that should never happen to a savvy insurance shopper. Depending on your needs, Geico is not always the lowest costing insurance. There are other, far cheaper alternatives, especially if you just need a bare bone, no frills state minimum policy.

There are many sites that offer side-by-side rate comparisons, and by using those, you can see what insurance company is going to save you the money, and what services each company offers. If you are going to be upgrading to full coverage, then be prepared for a big jump in the rates, but don’t worry, you can still find a pretty good deal if you are willing to do a little leg work for it.

Comparing insurance rates for my own car, I found that Geico was not the cheapest in any situation. I got quotes for both my newer car (an ‘06), and my older car, (a ‘95). I compared both full coverage and state minimum for both vehicles, and tried quotes with and without multiple car discounts. In the case of full coverage insurance, Geico was actually in the upper tier, not the most expensive, but certainly no where near the cheapest either. For the state minimum quote, they did slightly better, but still not in the top three choices for price and comparable services. Esurance, Progressive and Allstate were all far better deals for both of my vehicles. I am a smart shopper, however, and I would rather start looking for a new policy a month or two before my old one expires, just to be sure that I am getting the best policy for the best price.

What about customer service? Does Geico magically hold the edge on customer service to offset their higher prices? How are they rated on neutral industry boards and insurance sites? Are they all raves and multiple stars, or are there complaints listed? Do you know of anyone who has used Geico before? How did they rate their service?

What exactly are you paying for with your higher premiums, if not better service? Could it be the slick television ads that you are sponsoring? Yes, the little talking lizard is cute, but I really would rather go with a lesser named, reliable insurance company that gives good service at a fair price. The savings from not using the talking logos, or the other gimmicks more than offsets the lack of name recognition to most people. Let others be brand name driven and pay higher prices for their insurance. As for me, if I want to see cute animals, I will drive over to the local zoo.

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Health insurance is one of those things that you tend to forget about until it is too late, and then you cannot get it. If your company offers insurance, then you should consider taking it, but be sure that it is the best deal available. Group insurance rates are usually cheaper than individual rates, so your company’s price might be the lowest, but this is not always true.

Do your homework, and review your options with human resources before you sign. Find out what the best coverage that you can afford through your job is, and then seek out an agent for a quote to see if you can beat the deal. Once you know your best deal, then you can make your decision. But know exactly what is and is not covered for your company’s policy before talking to an agent, and don’t be surprised if he tells you that you need more than what is being offered. He is trying to sell you a service, after all. Research is very important.

If your job does not offer insurance, or it is truly beyond your reach to pay for what is offered, then your only option might be to buy independently. But what are you supposed to do if that is too pricey as well? What if you are choosing between food on the table or an insurance premium, as so many families are doing these days? It gets hard to make that choice, especially when everyone is feeling fine, but what happens if that changes?

Most states offer free or lower cost insurance for children, so, if you can get coverage for them that way, your costs can be greatly reduced. Some people feel satisfied that they are caring for their family if the children are covered, but what will the kids do if something happens to the parents and there is no medical coverage in place? If the kids are covered for free, then you must try to do something to get some kind of coverage for yourself and your spouse. Although it may seem like an unnecessary strain on an already tight budget, it will be worth it if and when you are faced with a medical emergency.

Consider what kind of insurance you need, and what services you can do without. Remember that the insurance agent is going to try to sell you more than you really need, so be armed with information up front. Know your absolute budget, and stick to it. If one agent cannot provide you with adequate service at an affordable rate, tell him straight out that you will be seeking rates from someone else. If he is a truly a good agent then he will work to find you something that will fit into what you can afford.

The two basic types of health insurance that an agent will try to sell you are indemnity and managed care. While indemnity has more freedom, it also has upfront fees, and while managed care can be cheaper, it is more restrictive.

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The loss of a loved one is hard. There is the funeral, and then the aftermath. Regardless of how close knit the family, or the size of the estate involved, a will eases the problems for those left behind. Dying without a will, legally called “intestate,” means that your estate may be tied up for years while a probate judge decides exactly who gets what and when. Of course, your loved ones debtors will be lining up for the first cut of whatever there is to be had, and in many cases, the estate itself is just not enough to cover all of these bills.

Until the probate is finalized, certain expenses may still be accumulating. Until the house is legally able to be sold, for instance, taxes and other related costs, will still be assessed.

Of course, it is always best to consult an attorney that specializes in estate planning to write your will, but there are online forms that are easy to use. Laws vary from state to state, so make sure you confirm whether a self made will is legal in your area.

A will makes sure that the right person gets the items that you want them to have, and can accomplish other tasks as well. For instance, a will can give voice to your preference for your children’s guardian, as well as making your final wishes known. A carefully executed will can eliminate or at least reduce the chance that a family member will contest all or part of it, which can cause even more hardship for those who are left behind.

You can handwrite you will, which does not need to be witnessed. It needs to be legible, and clearly in your own handwriting. Any typed portions will mean that the will does need to be signed by at least two witnesses. Even couples should have individual wills, as situations change and wills do not change along with them.

If there have been many big life changes, then a will should be reviewed and revised, or rewritten as needed.

The birth of a child, or the addition of a son or daughter-in-law might mean that you want your estate to be split differently. Consider personal items as well, for example, if there is something that you want a dear friend to have, but do not want to actually give it up during your life, then add that to the will or those wishes may not be complied with.

Your life insurance policies, 401k’s and other funds can be distributed to whoever you chose. If there is not a designation however, they will become part of your estate. If you do not have a spouse or registered life partner, the estate will pass to your children or other family members. But, before your spouse, children or other family can reap the benefits of your estate, it will pass through probate which can be lengthy and nerve wracking.

Family in-fighting and resentment can make matters even worse. Writing a clear will, that covers your belongings, and any wishes that you want to express is important to save your estate, and to keep things as civil as possible.

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Some companies pay well and give frequent raises, but offer no benefits at all. Some offer nice benefits with fairly decent pay but rarely give raises. Some companies do not pay well at all, never give raises and offer no benefits. No one can afford to just up and quit their job on principal any longer, and most companies are aware of that, and yes there are a few that will take advantage of the economic hardships and uncertainty.

But, for the most part, companies are struggling to get by just the same as their workers and they do not want to lose good, reliable employees over something like benefits or the lack thereof.

More and more companies are realizing that the people that they are losing are not necessarily leaving to get higher paying jobs, they are going to jobs that offer employee insurance that they can actually understand. The rising cost of health care has some people simply putting off medical care until it is too late, a tragedy that is seen far too often. Companies that can offset or even pay for their employees basic coverage can usually use that as a benefit, even if it means that the raises are smaller this year.

Some industries, especially those that are state mandated saw a freeze in pay increases that has lasted for a couple of years. These are usually the jobs with high turnover and burnout rate anyway, so not getting a raise really does not help in employee relations. Some companies in that situation have turned to creative means to make up for the lack of raises, including offering better or cheaper health insurance.

A recent poll in a non profit agency in Ohio showed that most people actually favored getting free or deeply discounted health insurance over a minimal raise. The small raise that was being offered was not enough to really make any kind of difference in take home pay, and the cost of insurance at that time was just beyond the means of many in the organization. The company worked hard to find a better health care carrier, all the while staying involved in the fight against the state and it’s mandated wage freeze.

The cost of offering insurance as an employee compensation can be more than offset by the savings on time lost from work. Health care that is actually affordable can mean a world of difference in the health of the employees.

Healthy employees do not use as many sick days, lowering the cost of overtime if someone else must cover additional shifts. Studies show too, that coming in sick may be more costly in the long run. If your employee cannot afford to go to a doctor and will not call in sick, then your issues may double or triple as whatever ailed that first person spreads like wildfire through the office. How will you manage with a widespread flu epidemic in your place of business?

Insurance is expensive, but a good employee is supposed to be invaluable. If you truly want to keep the good ones, then there must be some incentive to stay. Company loyalty is all fine and good, but it does not put bread on the table nor does it get you in to see a doctor.

If you can offer both a raise and health care, then fine, but if it is either one or the other, poll the employees. You will probably find out that in the long run, employer covered health insurance is an excellent compensation.

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As a parent you want to do the very best for your family. You work long hours to provide the best home, food and other amenities of life that you can afford. Hopefully, you have employer sponsored health insurance, but that is not always the case, nor it is guaranteed. Company downsizing, restructuring, or business failure can spell loss of health insurance for your family, and often times, those same situations can equal an inability to afford private health care as well.

The number of uninsured people in this country is growing in leaps and bounds.

Skyrocketing health care insurance costs are keeping many employers from offering it as a benefit, and private insurance can be even further out of reach for many struggling families. A recent study showed that 15% of employees were not even offered insurance at their place of employment, and that of the remaining number that were offered, up to 52% of them did not take the offered insurance because of cost.

Nearly one third of the population, or 90%, 65 years old or younger, spent at least a portion of 2006 without any form of health insurance at all. It is not just the poor, or the working poor that suffer without insurance however. Nearly 40% of the uninsured are from households that earn $50,000 or more per year. Realistically, if these people cannot afford adequate health insurance for their families, how can we expect a family pulling in half that or less to manage?

Of course, our children come in contact with more communicable diseases by their very nature, and they are more likely to be injured during play, but the number of uninsured children keeps growing every year.

Some children will qualify for Well-child, or similar state sponsored health care plans, but limited funding and impending budget cuts puts those programs at risk for termination. The number of children without insurance is well over eight million, and only increasing as the economy falters.

Without insurance, health concerns go untreated until they become a majorissue. Most uninsured people admit that they rely on local emergency rooms for so called “routine” care, making hospital charges increase, which in turn increases insurance premiums. This increased premium will then force yet another family to drop their insurance coverage and the vicious cycle goes round again.

Care in the emergency room costs more than in wellness clinics and doctors offices, but those places are more and more frequently asking for fees to be paid upfront.

If that money is not available, then the visit will be put off until it actually does become an emergency. An uninsured person is 30-50% more likely to be hospitalized for an avoidable condition, and the cost of that stay will be in the neighborhood of $3300. Maintaining your health and the health of your family is important, but if you truly cannot afford insurance, what can you do? Not all families will have employer insurance offered to them, and those that do have the offer, cannot afford their portion of the premium. Many of the so called “working poor” do not qualify for state sponsored health care, even for their children only, so what is the answer?

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