Thursday, February 14, 2013

Types of Health Insurance Plans

There are several main types of insurance plans that may be available for you to choose from, but if you don’t know the differences you may not choose the best fit for your family. And understanding your plan and the lingo will make it easier for you to choose a plan as well.
Here are some of the major health insurance options available
POS – Point of Service – A POS plan is where you have a primary physician that handles your entire care. This doesn’t mean they are the only doctor you see, but they are the ones who give you referrals to other specialist you may need.
Even if the doctor you see is in your network, if the primary care physician (PCP) did not set up the referral, your insurance company will not pay network benefits. The idea behind this type of plan is that one doctor knows everything that is going on with you and your treatments. In theory this is good, but getting referrals is sometimes a hassle for many patients.
HMO – Health Maintenance Organization – No doubt you have heard many horror stories about HMOs yet many people love them because of the low premium and that fact that most have no deductibles at all. It’s extremely cheap for families, but the problem lies within the network and what items are covered.
Most HMO plans have a much small network of doctors and other medical providers, not to mention that going out of state would probably be a medical nightmare. Personally I would never recommend this type of policy but some people must select it because it fits their budget the best.
PPO – Preferred Provider Organization – The PPO plan is my favorite of all because it lets me be in control of who I want to see for the most part. The network of providers for PPOs is very large, giving you a great selection of providers. There is no primary physician and referrals are not needed. You may see the specialist of your choice, but will save money by making sure they are in network. With a PPO plan you will have office copays and deductibles, as well as coinsurance as the example in our chart earlier.
Some other tax saving options
Health Savings Account – The plan of the HSA was to make health cost more affordable for some people. To use this plan you still need a high deductible policy as well. Your employer will offer you this option if available and you simply place money in the HSA account every month. This money is pre-tax money, so it will be deducted before you pay income tax and other taxes. The money in your account can be used for medical expenses such as your deductible and coinsurance. You will not forfeit any money not used in an HSA account. It just rolls over to the next year.
Flexible Spending Account – This type of account you put monthly funds into, just like a HSA, but you will forfeit any money not used at the end of the year. One difference in this type of account is that you can use the money for over-the-counter drugs as well as other medical expenses. This could be anything from Band-Aids to aspirin. Some employers will even issue a debit card for this account to make it easy for you to make purchases. You must keep all receipts to prove you are not using the debit card for anything that is not medical.

What is Health Insurance-Important Things to Consider?

Many people search the Internet looking  for information entering different terms into the search engines. In regards to the topic of “What is Health Insurance“.  It is normal to find individuals searching for related key phrases like  “Cigna Health”, “Medical Health Insurance” “or “Health Insurance Coverage“.
Insuring yourself against the high cost of medical bills can be like swimming with sharks. Many insurance providers paint themselves as if they are the answer to your prayers whereas they indeed are trying to add you up to their customer base to increase their profits. That is why it is very important to be careful in selecting the health insurance provider you want to sign up with. Not all health insurance providers are equal. That’s why I recommend Cigna Health.  That’s also why 67% of Fortune 500 companies choose Cigna Health Insurance for their coverage.
Initially, health insurance was pre packaged with plans that were not flexible. These types of health insurance plans cannot be adjusted and you may be compelled to pay for services that are not useful to you. With the increase in rates of having these policies, many health insurance providers are now allowing people to customize their policies so that they will be receiving the exact services they desire for the money paid.
Having good health insurance coverage at an affordable price is critical to reducing health insurance premiums. You need to do your research on Cigna Health, to find the policy that is right for you and/or your family. Cigna Health has plans for all budgets that provide excellent coverage with affordable health insurance premiums’.
Be sure to review the details of each plan to find the one that is right for you. There are many options to choose from with low to high deductibles, RX coverage, Health Savings Plans plus more.  Properly researching the policy that is right for you will save you time and money in the long run and is much better than having no health insurance.

Business Insurance – Types And Importance

Many companies, especially smaller businesses, ignore the necessity of business insurance. Though, they take all measures to safeguard their companies against risks if you take insurance for physical assets like structures, stocks and goods, they don’t consider safeguarding their companies against various possible liabilities they might face. Safeguarding against all of the possible types of liabilities is crucial to some business, given the seriousness of damage they induce to their status, finances and survival.
This information will assist you to be aware of various insurance plans available as well as their importance for any business.
Kinds of business insurance
Business insurance helps small company proprietors to secure their companies by safeguarding against liabilities like public liability, companies liability, professional liability and defective products. Based upon the kind of business you’re in, you should obtain the appropriate insurance. Following are the prime kinds of insurance appropriate to smaller businesses.
General liability: This insurance coverage is useful to smaller businesses in safeguarding the proprietors from claims of liability elevated because of damage to property or perhaps a physical injuries triggered to everyone, employees or clients caused by the operational negligence in span of the company. This insurance safeguards you by paying for that medical expenses of bodily injuries triggered to someone. Additionally, it safeguards you from claims of harm towards the third partys property.
Professional liability: If you’re a software consultant, plumber, chartered accountant or such professional offering your merchandise for cost, the prospect of facing professional liability is high. Professional liability safeguards professionals from perils of liability caused by data loss, claims including malpractice, say, copying of information, breach of confidence, accidental data loss or accidental mistake from your worker. The price of lawsuit is simply too high in these instances which insurance takes proper care of individuals expenses.
Defective products: When a person will get hurt using a defective product you have offered or manufactured, suit could be filed with this individual upon your business. Defective products safeguards your company from such liabilities by being careful of all of the legal problems and also the compensation claims.
Need for business insurance
Business insurance safeguards your company from various liabilities. It’s, however, advisable to determine the viability from the insurance regarding the quantity of coverage and also the risks active in the business. Allows discuss its importance:
Protection against claims caused by injuries, damages and malicious ad: Business insurance safeguards your company from liabilities including bodily injuries triggered through the procedures of the business to all of your clients, employees or public.
Likewise, in case your business causes property damage, say, while displacing the inventory from/towards the warehouse to/out of your business, there’s high probability that you’d face liability for damage to property.
Personal injuries cases arise when the employees will get hurt during job. This insurance safeguards you from the chance of liability when the first is hurt in span of the company, say, in accident. In this situation, the insurance coverage safeguards your company, by paying for that medical expenses incurred in treating the individual.
Another risk is really a business advertisement that inadvertently causes bitterness. A malicious advertisement brings forth lawsuit upon your business. The insurance coverage safeguards your company, by giving the appropriate compensation towards the aggrieved party just in case of these lawsuit. Additionally, it makes up for that lawsuit expenses.
Legal costs and hospital bills: Business insurance finances the medical expenses active in the treatment provided to the hurt and also the expenses involved with lawsuit. The insurance lawyer would fully handle your case in the courtroom, within the demonstration of lack of ability to go to a legal court hearing.
Business insurance coverage is, thus, vital that you safeguard your company against various liabilities. It’s, however, significant to select appropriate insurance plan – right cover and also the right type considering the potential risks of hazards inside your business. Both, insufficient or excess insurance policy may cause financial loss for your business.

What is Business Insurance? 3 Answers to the Same Question

The language of insurance is filled with terms that are open to interpretation. People use phrases like ‘business insurance’ all the time, but not always ion the same context. It’s one of many phrases that people often use as a catchall. It’s not that they don’t know what it means; they just see the meaning as flexible.
This is particularly true in the case of business insurance, because you could really define it in one of three ways.

Insurance For Business

The obvious definition of business insurance is that it is insurance for businesses. Under that definition it would refer to the group of insurance coverages that apply to businesses like liability, property and benefits insurance. Each of these categories cover a huge number of potential insurances a business might need. This group of insurances is a perfectly acceptable definition for business insurance.

A Unique Package

The gap in that particular definition is its lack of clarity. It basically refers to every available type of insurance, but not every business needs every type of coverage. There are basics that each business requires, but each business is unique. Variables like size, revenue, location, staff and industry can have a huge impact on a business’ insurance requirements. So business insurance is more a unique package than it is a broad list.

Risk Management

That package is defined through risk assessment and risk management. Modern insurance agents create business insurance packages by assessing a business from top to bottom. They use insurance as a risk management option, rather than setting out to buy insurance coverage. If they can avoid insurance, they will. True business insurance is insurance that is targeted at specific business risks.
Each of these definitions makes sense. Each one is an accurate description of business insurance. In words they are exactly the same. But, in practice, they are totally different.

Debunking Auto Insurance Myths

When it comes to the issue of auto insurance you seem to get mixed up facing a volley of myths and these misleading pieces of information. These facts are nothing but solid stumbling blocks that keep you away from availing the right auto insurance quotes. These myths might make auto insurance appear to be a complicated affair to a significant number of car owners among you. So let’s take the opportunity of debunking a few crucial myths so that you might get your hands on an insurance deal that justifies your needs.

Myth about credit scores

It has been observed that many car owners have a misleading concept that their existing credit scores are not going to affect the insurance rates or quotes. It is completely a mistaken concept. Before insuring your vehicle, a car insurer is surely going to take an introspective look into a variety of things. Your credit scores are going to be one of those important things. Insurers would like to judge your credit scores in order to figure out how good you are in managing your financial affairs.

Myth about red cars

Myth about red cars happens to be a significant myth with a majority of car owners. There are many car owners who believe that red cars are going to be highly expensive ones to insure. It is completely a myth. The truth is an insurance company is not going to bother about the color of the car that you own at the time of offering you auto insurances quotes or rates.

Myth about new cars

Most often it has been noticed that people labor under the mistaken notion that thieves have eyes for new cars. You can rest assured that it is a myth. It came out in a National Insurance Crime Bureau report thieves have eye for older vehicles. The reason is older vehicles are the easiest ones to target. Apart from that, in the midst of a tight economy there is a strong demand of used parts of older vehicles.

Myth about vandalized, stolen and damaged cars 

Many car owners have the impression that general car insurance policy is going to give them a comprehensive coverage if their car gets vandalized or stolen or damaged. The reality is bare-bones car insurance policies do not offer you comprehensive coverage. A bare-bones policy can only entitle you with liability coverage. To ensure the safety of your vehicles you have to make it sure that you have got comprehensive coverage and collision coverage both.

Myth about auto loan or lease

Most often car owners seem to labor under the impression that the insurer is going to pay off their auto loan in case their car gets into an accident. It is a misleading piece of information. In general your auto insurance does not pay off your loan or lease. You are only going to get cash value for the car. In order to cover your auto loan or lease you need to have gap insurance coverage.

Types of Car insurance :

Third Party Car Insurance
Third Party Car Insurance covers you against any legal liability resulting from accident of your vehicle. It covers damage to property, accidental death or an injury to a third party. A Third Party Liability cover is legally mandatory in India under the Motor Vehicles Act. A typical Comprehensive Package Policy comprises of 3 things, firstly, damage to your vehicle, Secondly, a third party legal liability cover and lastly; A personal accident cover to driver (owner) of the vehicle for up to Rs.2 lakhs for a premiumof Rs.100.

Comprehensive Insurance
A comprehensive package car insurance policy is more extensive and preferred by most people. The coverage includes damage or theft of vehicle, third party legal liability and personal accident cover for owner or driver. Many new car insurance plans also provide inbuilt roadside assistance cover with comprehensive car insurance cover. The policy coverage can also be extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses etc. For every year in which no claim is made, a bonus is awarded by the insurance company. It is a discount made on own damage premium amount. The discount is cumulative and increases every year. It usually ranges from 10% to 50% and can certainly save substantial amount of money.

The Benefits Of Finding The Cheapest Auto Insurance

Everyone who drives needs car insurance but for many, car insurance is often high; however, there are ways to get cheapest auto insurance such as having theft devices installed in your car. Theft devices on your car will give you discounts on auto insurance. Asking for a multiple car discount can also help. Sometimes insuring two cars can be had for the same price as insuring one.
By staying with a yearly policy, you can increase your savings on auto insurance. In addition, take a look at the mileage on your car. There is what car insurance companies call the “miles to work” break off. These words could put you into a certain class and that could affect the cost you pay for auto insurance.

Look into a group discount. Some companies give a discount on car insurance because a customer belongs to certain organizations such as a credit union or having a certain credit card. Also, you can lower your basic coverage on your auto such as collision or comprehensive.
Another way to get cheap auto insurance is to have your payment done electronically. Some auto insurance companies now charge $5.00 or more for payments that come by mail. The cheapest auto insurance can be found; all it takes is some searching, asking questions about policies and being determined to find the cheapest auto insurance.