Understanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.

A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.

High deductible plans can be a good option for people who do not have young children and are in generally good health.

 

Travelers insurance covers medical emergencies outside of your service area. When you travel, most plans say they will cover medical emergencies, but they may leave you open to balance billing, conversion problems, and difficulty with approvals of procedures.  Having secondary Travel Medical Insurance will ensure you are covered no matter where you are.

These plans are great options for international leisure, missionary, school or business travel. Plan options include a choice of :

1. Varying medical limits and deductibles.
2. Trips up to 6 months for ages 84 or younger.
3. Covers pre-existing conditions for medical services and medical evacuation.

Another advantage of travel insurance is the peace of mind of having 24/7 assistance. This can really be useful if you need help finding accommodations nearby, or to replace prescriptions in an emergency. This can include translation, medical transport, and some plans even include child care!

 

Deciding what health coverage’s you need can be overwhelming. Vision coverage is one of those add on items that you can either take or leave it. It is important to note that vision insurance does not cover all things pertaining to your eye. Medical insurance covers things like accidents, surgery and eye diseases.

What vision insurance covers.

• Eyes exams
• Glasses
• Contacts

What vision coverage cost.

Vision insurance through the group market is not very expensive and is typically between $3-$7 a month. Also, getting coverage through the market allows for broader coverage which includes more in network doctors and more benefits for glasses and contacts. Vision insurance that is not through your employer will cost $15 – $60 month for individuals and families. Most plans offer the same benefits with a $15 copay for an exam, about $120 for glasses or contacts with a discount on any additional amount.

If you were to pay out of pocket, typically an eye exam costs about $60 and a pair of glasses can range from $100-$500. Contacts can be between $100-$200. Depending on what your vision needs are, the cost of coverage needs to be weighed. If you don’t currently wear glasses or contacts, your needs are not as great as someone who does. In addition, routine physicals by your medical doctor often includes a basic eye exam.

In the upcoming months, we can expect to hear what Donald Trump has in store for the Affordable Healthcare Act. During his campaigning, Trump made it known that a change was definitely part of his agenda as President. The policies that Trump is proposing will require extensive changes to the current U.S. regulatory and legal structure as well as to the tax law. The employer mandate and taxes on plans and insurers are what make the Affordable Health Care Act accessible, especially for those with lower incomes. A change in this structure makes funding unclear.

Appealing the Affordable Health Care act will not be an easy task as more than 20 million people have gained health insurance over the last three years due to the Affordable Health Care Act. In addition, folks on both sides on the political table like certain aspects of the Affordable Health Care Act, like the provisions regarding preexisting conditions, coverage for dependents up to age 26 and preventive care. Republicans have yet to propose an actual replacement for the Affordable Health Care Act which in turn could leave millions of people without coverage.

As of October, exchanges saw an increase of 22% on average.  Utah’s average was 30%, because the rates in Utah have historically been lower than across the nation. In addition, several large insurers existed the exchanges.

Rest assured, any changes will take time to implement. The new President-elect will face many challenges repealing a policy that has insured millions.

 

Flood insurance is actually mandated by the federal government if you live in a high-risk flood zone. In high-risk areas, you risk of having a flood situation during a 30-year mortgage time frame is calculated at a 1 in 4 chance. Unfortunately, consumers who actually do not live in the designated high-risk areas file more than 20 percent of flood insurance claims. That said, covering your home in the event of a flood can be a good idea regardless of the map and can save you a destructive financial loss.  Just a few inches of floodwater in your home can cause thousands of dollars worth of damage.

Flood insurance is available to homeowners, renters, condo renters and owners and commercial owners and renters. Cost is dependant on how much insurance is purchased the risk factor and what is covered. Most polices will cover both the structure and the contents but personal property may need to be considered as well.

Keep in mind; deductibles will be separate for both the building and the contents.

List of basic coverage for a building:

• The insured building and its foundation.
• Electrical and plumbing systems.
• Central air-conditioning equipment, furnaces, and water heaters.
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers.
• Permanently installed carpeting over unfinished flooring.
• Permanently installed paneling, wallboard, bookcases, and cabinets.
• Window blinds.
• Detached garages (up to 10 percent of building property coverage; other than garages, detached buildings require a separate building property policy).
• Debris removal.

What is not covered (may surprise you):

• Damage caused by moisture, mildew, or mold that could have been avoided by the property owner.
• Currency, precious metals, and valuable papers such as stock certificates.
• Property and belongings outside of an insured building, such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools.
• Living expenses, such as temporary housing.
• Financial losses caused by business interruption or loss of use of insured property.
• Most self-propelled vehicles, such as cars, including their parts.

 

Information from Floodsmart.gov