Monthly Archives: | January, 2016

The More You Know Master the Health Insurance Marketplace

The American health insurance system is something that every citizen has to interact with in one way or another and is therefore something everyone should have a basic understanding of. Policy changes in the last few years to medicare, medicaid and employee benefits have given more people coverage but also created some confusion. For a long time the health insurance system included individuals buying their own, and employers providing insurance to their employees, but currently employers are only providing insurance to two out of five Americans under the age of 65. This is changing slowly, and in 2016 a law is supposed to be implemented requiring companies with over 50 employees to provide insurance. This of course excludes people working for smaller companies with less than 50 people, people who work for themselves, and the unemployed. As a response to this, the Affordable Care Act allowed people to purchase individual insurance with financial help from the federal government to bring down costs. This is a complex system where some states subsidize their own medical insurance systems and some accept that aid from the federal government. The flip side to the help that is given to bring down costs for individual

5 Reasons You Should Consider Buying Life Insurance

Life insurance pays a sum of money to a person’s family at the time of his or her death. About 85% of consumers agree that life insurance is necessary for most people, but only 62% of those people say they actually have it. If you are considering buying life insurance, here are five incentives to do so: 1. It Protects Your Family In the event that you pass away, your family will be able to support themselves with the money they get from your policy. The money can be used to pay for funeral costs, handle unpaid bills, and manage expenses during a time that might be very difficult. If you are the primary breadwinner of your family, life insurance might be essential. 2. It’s Not As Expensive As You Think About eighty percent of consumers incorrectly estimate the price of term life insurance. Most people think it is much higher than it actually is. Depending on the plan you get, your monthly payment could be less than your cable or cell phone bill. 3. It Might Be A Work Benefit Many employers will offer life insurance along with health insurance, as part of their employee benefits package. Getting life

What Happens if You Don’t Have Health Insurance

Nowadays it is the law to have health insurance. Many jobs offer employee benefits that include individual health insurance. Places like medicare will offer insurance to those who can not receive healthcare through their employer and to the unemployed. If you do not have health insurance, you will have to pay a fee. This fee is called the individual shared responsibility payment. You will have to pay the penalty for any month you or your dependents went without health insurance. Not only that but you must ensure that the individual health insurance that you do have qualifies as at least the minimum coverage. The fee will be due when you file your taxes for the previous year. There are a few cases in which the individual can get a exception from the insurance mandate. There are certain life events or financial status and other reasons that may qualify you for an exemption. The penalty is usually calculated by either: 2.5% of your total household income. The maximum totals out to be the yearly premium of a low grade insurance plan’s average amount. Based off your personal income. This is usually around $695 per adult and $347.5 per child which a