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Smart Guide to Choosing Your Health Insurance Plan

More and more Americans are choosing individual insurance plans, where they have to buy one themselves. There has been a sharp rise in a number of those who don’t want to get their insurance from their employers. This is a good thing, as it allows people to be in charge and choose a plan that really fits them.

Plans can be really similar, and in fact, there is a trend in making them closer and closer to each other, but still, some differences remain. You need to keep in mind some things in order to choose the best plan for yourself.

Working Tips to Pick Your Health Insurance Plan

  • Check out if you qualify for a Premium tax credit.
    There are a couple of terms you have to follow under to qualify for it. You can’t get your health care from one of those governmental plans or get a coverage through your employer. You also have to earn less than a specific earning limit. For a single individual that would be about $47,000.
  • Check out if that insurance company works with your favorite centers.
    If you have a rare condition or you have to specific doctor that you really want to continue visiting, you have to make sure your new company works with that medical center. If it’s not within their network, you might be denied care there.
  • Compare different types of plans.
    There are some plans that only give you urgent care and a few other services. Some need you to stay within the network to get care, some just tell you out-of-network care would only cost you more, but you won’t be denied it. Some get you a primary doctor that will coordinate everything for you, some don’t. There are many things you have to learn about a company before you agree.
  • You can’t really run away from paying.
    Even if you find a plan or a company that would allow you to pay less on your premium (that is that monthly amount you’re paying no matter if you’re sick or not), in most cases that would cost you a higher out-of-pocket. Usually, there is a maximum amount you’ll pay a year, so you won’t pay more than that, but that number is not a small one.
  • Sometimes it’s better to pay more in premium.
    This is especially true for some people who know that their health is endangered. That is, if you’re frequently going to the emergency rooms, need some expensive medications or professionals or you’re planning to get pregnant. People with diabetes or other chronic conditions would also benefit from this type of plan.
  • But you also might want to stick with higher out-of-pockets.
    That is if you’re generally healthy. Every person might get rashes or flu from time to time, but if you’re not up for paying more and are generally in good health, you can pay more out-of-pocket.
  • Check which drugs your future company covers.

If you don’t need anything specific, it would be a good idea to just take a look if they will pay for your basic stuff. If you need something specific and that’s not a subject of discussion, you should request some information on how do they cover that particular drug.

You have to remember that your health is always worth paying for. When you’re getting an insurance, many things will matter and will be taken into consideration. A company will even check your health, race, gender and some other bad habits factors that might cause your insurance prices rise. For example, if you’re a smoker, you will pay more on your insurance.

That jump in prices isn’t just a fault of insurance companies. You have to remember that prices on drugs have skyrocketed too, there are fewer plans and providers on the market, and the levels of sick or obese people are on the rise. Of course, there is still some room for lack of transparency with some of those companies.

7 Financial Tips That Will Challenge You, but Are Effective

Many people struggle with their money, unable to find a right way to spend it. They tend to spend too much, have plenty of debts and borrow loans constantly. There are ways to end that financial misery. Those might seem a little bit harsh, but they give you a 100% guarantee of a successful result.

Advice on Managing Your Personal Finances

  1. Go All-Cash.
    This is a financial diet of some sort. Here you won’t spend anything that is on your credit card, you’re only allowed to pay in cash. This is proven to reduce immature and unnecessary spending with most of the people.
  2. Keep track of your transactions.
    You should either start a journal where you will put every single cent you spend or you could use an app on your phone. The latter one can be done really fast and easy. Make it a habit of yours, try reviewing your transactions each day when you have a chance. That will teach you more about yourself.
  3. 20% goes for primary needs.
    This is a golden rule. No matter how much you earn, 20% of that should go on those things that you really need to pay off. That would mean loans, debts, etc. The rest of this rule tells you to spend 30% of your leisure time and everything that doesn’t qualify as a basic Second 50% goes on food, drink, insurance, etc.
  4. Build your emergency cushion.
    You have to have savings for a rainy day. This is why you should try to save up something with every salary you’re getting. This will allow you never get into debt again.
  5. Understand your taxes.
    A responsible person is interested in how much a government takes from them. You have to know how much you’re paying, where your taxes go and what really gets done due to them. Try to raise that awareness among other people too.
  6. Save for retirement now.
    Now means now. The earlier you start, the easier it would be later. Also, this way you will save more and will ensure that you’re not broke in the end.
  7. Use different banks.
    This is a pro tip for those people who tend to overspend. If your savings account is in the same bank as your regular account is, you will most likely be spending more and transferring money to your regular account.

Some of those tips might cause you some trouble and will make you quit doing things that harm your financial state. You will notice that you’re getting better in building a balanced, healthy budget day by day.