A deductible is the amount that you have to pay for your health care each year before your insurance starts paying for your care. Similar to car insurance, many health plans require you pay a certain amount out-of-pocket before the coverage kicks in. For example, if you have a deductible of $1500 you have to pay the first $1500 of your medical costs before your insurance starts paying. In some plans the deductible applies only to services that you get outside of the provider network. Also, some plans have a separate deductible for prescription medications. Usual deductible does not apply for preventive services.
An Out-Of-Pocket Limit is the most that you're going to have to pay each year for care covered by your plan. Once you hit that limit your insurance starts paying for all of your covered costs. Now if you have other family members on the same plan they have to meet their own out-of-pocket limits until the overall family out-of-pocket limit has been met as well. Some things that are not counted towards the out-of-pocket limit those can include your premiums, balance billing charges, and health care that the plan does not cover.
The money that you pay out-of-pocket for the services that you receive. This could include anything from an office visit to the doctor, prescription medicine, an x-ray, or even a hospital stay.
Now if the money you pay is a set amount that would be called a co-payment or a copay. If the money that you pay is a percentage of the cost then that would be called coinsurance. Now depending on the plan that you have it dictates whether you have a co-payment/copay or coinsurance.
Health insurance is divided into four main categories. Each category has the name of a metal, the more expensive the metal the more expensive the premium but the richer the benefits. Bronze for example covers 60% of your medical expenses it is also the least expensive premium. Silver covers 70%, Gold covers 80% and Platinum, the most expensive tier, covers 90%.
A health insurance premium is the amount of money you pay per month to the health insurance carrier. Now, you either pay by the month of you pay it per pay period depending if you get it through your employer or not.
If you get it through your employer, your employer most likely covers a portion of your premium.
If you get your insurance through either Covered California or through the exchange in another state then you most likely get an Advance Premium Tax Credit, that's where the Federal Government pays a part of your health insurance premium for you.
If you are not on the exchange and you buy directly through the carrier then you're paying 100% of the premium yourself.
Have an insurance question? Drop it in the comments and it might become the next video!
When your employees are healthy, they are happier and more productive. That’s why it should be your goal as a business owner to promote employee health, and one way to do that is to introduce wellness challenges. From cooking classes to physical fitness challenges to running for charity, there are plenty of different activities to choose, and each have great benefits.
Improved Interpersonal Relationships
One of the key benefits of a wellness challenge is that it compels individuals to work together as part of a team. Therefore, everyone is required to engage with their colleagues and do whatever it takes to make sure that everyone succeeds. In some cases, it means that people have to step outside of their comfort zones.
Since most workplace team challenges are designed to be fun and only somewhat competitive, everyone can focus on being encouraging and bringing the best out in their teammates. That makes it easier for everyone to allow their best selves to shine through, which makes it possible to develop solid professional relationships.
Building Healthy Habits
Wellness challenges facilitate building healthy habits, but they are more likely to be successful if employees work in teams and are provided additional motivation for participation. What individuals learn during the team challenges can be transferred to their lives outside of work. For instance, some people may find that walking is a great way to snap out of an after-lunch funk or a way to wake up first thing in the morning.
Those who take part in the challenge may also discover that they enjoy running, biking or some other activity that was part of the company challenge. That could lead to training for a marathon or some other event that requires you to be in good physical condition. When workers improve their physical condition, it can lead to improvements in their mental health as well. That is a win for both an employee and the company.
A Higher Quality of Life
There are several reasons why being in good physical condition can lead to improved mental health. For some, the act of running helps to relieve stress or simply burn off extra energy that wasn't released while sitting in an office all day. For others, meeting weight or endurance goals can give them a confidence boost that leads to better performance in other areas of their personal or professional lives.
Improved mental health can result in lower medical costs, which can lead to even less stress in their lives. Reducing stress can put an end to teeth grinding, headaches and other conditions that can be expensive to treat. It can also result in taking fewer medications and seeking care less often, which can reduce hospital admittance and other fees paid out of pocket. Overall, healthier and happier employees lead to a happier and more productive workplace.
Your employees’ health and wellbeing is our primary concern, which is why we work to provide the best insurance. Talk to us today about our insurance plans for your employees!
Insurance is one of those commodities that you hope you never have to use, but you’re glad when you are covered. Life can change in an instant. Whether it is a health issue, a car accident or property damage caused by a storm, insurance can help pay the expenses. All working adults should have a variety of insurance policies “just in case.”
The goal of a comprehensive health insurance policy is to provide wellness benefits. This allows you to keep up with doctor exams in order to prevent serious ailments. If those ailments do occur, then a health insurance policy can help defer costs for treatment and recovery. Health insurance also can help with medical expenses as a result of an injury due to an accident. In the moment of a health crisis, you don’t want to worry about how you’ll pay your bills.
Term Life Insurance
Term life insurance is meant to protect your family in the advent of your passing. The benefits paid through this type of policy should provide for mortgage payments and living expenses. It can also cover college tuition. Essentially, it will cover all the things that you would cover if you were still providing an income for your family. A term policy lasts for a specific amount of time. When the term is up, you might be able to renew the policy or start a new one.
Long-Term Disability Insurance
Any adult child who has dealt with the issue of long-term care for their parents knows how expensive a situation this can become. This should also inspire you to take action and consider your own care. No one wants to be a burden on their family, and this type of policy can help whether in-home care or transitioning to an assisted living facility is required. This is in contrast to temporary disability, which is probably covered under your employer's workers comp insurance.
What would happen if your car was involved in an accident? Would you have a way of getting to work and supporting your family? Auto insurance can help pay for repairs to a car. It can also cover certain liability issues with regard to personal injuries. In extreme cases when the car has been deemed a total loss, auto insurance can pay for the current value of that car. That amount can be used towards the purchase of a new car. Auto insurance also makes payments for accidents where you might be at fault.
A home is the biggest financial investment that you will probably make in your life. Shouldn’t that investment be protected? A thorough homeowner’s insurance policy can help cover the loss of property because of theft or vandalism. More importantly, it can pay for repairs as a result of damaged caused by storms. Depending on where you live, you might consider getting additional policies for floods and earthquakes as not every homeowner’s policy covers those types of disasters.
Having insurance is all about having peace of mind. Every working adult should have these types of insurance at the very least. In any situation, when asked, “Are you covered?” the answer should always be, “yes.”
Is your company looking to hire new people? Making sure you have all the kinks worked out before hiring is a must. Here are three tips to ensure you hire the best people for your business.
Should You Offer Benefits?
The first thing to consider before hiring for your business is whether you will offer benefits to your employees. Often, people look for specific jobs particularly for the benefits, though it depends on the person. Benefit options include health insurance for both the employee and his or her family members. Whether your company provides benefits is contingent upon the company budget and how much the employee makes. If your company has the means, then you should offer benefits. If you do, you will probably gain more loyal hires who stick with your company for longer periods of time. When employees can get benefits while working, they are more likely to work harder.
What Kind of Company Culture Do You Want?
Company culture is everything. If the culture within your company is toxic and unfriendly, then you will have a harder time recruiting people or even giving directions. The fact of the matter is that certain people create certain cultures. It has nothing to do with the type of company and everything to do with those who work within the company. Building the culture you want in your company can start in the interview. When interviewing potential candidates, you can ask questions to see if they have the right personality fit for the kind of company culture you want to build. The interviewee would have to be a pretty good liar to convince you that he or she is the right fit when he or she really is not. Pay special attention to each person's background, accreditation, and demeanor. Attitude speaks volumes when trying to choose an employee who fits your desired culture.
How Many People Are You Looking to Hire?
Lastly, you want to think about how many people it will take to get the job done There are all sorts of different number configurations to guess. The key here is to be practical and honest with the numbers. Don't scrimp if you can afford it. Count how many employees you would need to hire for your bare-bones operation, and then add more people to the departments that carry the most weight.
Hiring for a business is tricky. Make sure you decide if you will offer benefits, create your desired culture, and understand the realistic number of people you will need for your business. After you complete these tasks, it is time to hire your employees.
Getting dental insurance is smart on a number of levels. You never quite know when an unpleasant dental surprise will hit, so having insurance can give you some peace of mind. Here are some ways to realize the maximum possible benefits from your dental insurance.
Identify the Best Dental Insurance Provider for You
There are many choices in the dental marketplace, but they are all not created equal. You should look for a provider that does not have an annual cap on benefits so expensive treatments can be covered. In addition, some providers have larger networks than others. When dental insurance has a small network, it is difficult to find the right dentist. Finally, and most importantly, you should determine the providers that cover the highest percentage of dental work because insurance is not worth much if it does not cover anything for you.
Do Your Preventative Care
Dental procedures are grouped into three categories: preventive, basic, and major. To promote healthy practices, it is common for dental insurance to cover all or most of the preventive care, some of the basic care, and a smaller portion of major procedures. Especially since it costs you little, you should make sure to do all of the preventive care. This is what saves you from having to do the major and extremely expensive work down the road. Given how much is covered, preventive work is largely just an investment of time instead of money.
Remain in Your Network
Assuming that your insurance has a large enough network, there is really no reason to go out of the network for anything. Dental insurance will pay little to nothing if you are not in their network because the provider does not have an agreement with the dentist. Using your plan doctors will get you the most possible coverage. This is when you can save the most money. If you are having procedures with little to no reimbursement, there really is no need to have dental insurance. Most dentists in a network will not send you a balance bill for what the insurance does not cover so your costs are capped at your co-pay amount.
If you have dental insurance, make sure to use it correctly in order to minimize your out-of-pocket costs. In this way, you are getting your money's worth for your insurance plan.
Buying life insurance now provides a financial safety net for your dependents later if you’re not around to take care of them. After you’re gone, your family can use the proceeds to cover funeral costs, mortgage payments, college tuition and other expenses.
There are two main types of life insurance:
Term Life Insurance is the easiest to understand and has the lowest prices. You can get term life insurance quotes online.
Permanent Insurance is more complex and tends to cost more than term, but it offers additional benefits. Whole life is the most well-known and simplest form of permanent life insurance. Other kinds of permanent life insurance include universal, variable and variable universal.
Term life insurance
Term life insurance provides coverage for a certain time period. If you have a term policy and die within the term, your beneficiaries receive the payout. The policy has no other value.
You choose the term when you buy the policy. Common terms are 10, 20 or 30 years. With most policies, the payout, called the death benefit, and the cost, or premium, stay the same throughout the term.
When you shop for term life:
-Choose a term that coincides with the years you’ll be paying the bills and want life insurance coverage in case you die early.
-Buy an amount your family would need if you were no longer there to provide for them. The payout could replace your income and help your family pay for services you perform now, such as child care.
Ideally, your family’s need for life insurance will end around the time the term expires: Your kids will be on their own, you’ll have paid off your house, and you’ll have plenty of money in savings to serve as a financial safety net.
Whole life insurance
Like all permanent life insurance policies, whole life provides lifelong coverage and includes an investment component known as the policy’s cash value. The cash value grows slowly, tax-deferred, meaning you won’t pay taxes on its gains while they’re accumulating.
You can borrow money against the account or surrender the policy for the cash. But if you don’t repay policy loans with interest, you’ll reduce your death benefit, and if you surrender the policy, you’ll no longer have coverage.
Although it’s more complicated than term life insurance, whole life is the most straightforward form of permanent life insurance. Here’s why:
-The premium remains the same for as long as you live
-The death benefit is guaranteed
-The cash value account grows at a guaranteed rate
Some whole life policies can also earn annual dividends, a portion of the insurer’s financial surplus. You can take the dividends in cash, leave them on deposit to earn interest or use them to decrease your premium, repay policy loans or buy additional coverage. Dividends are not guaranteed.
If you want to discuss options about your life insurance, we recommend speaking with an independent insurance agent like George Beach Insurance Services. We work for you the client, and not a particular big company.