Should you choose a high or low deductible?

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.


Life Insurance Can Provide Stability for Millennials


Millennials find themselves in the stage of life that may require them to purchase their own insurance. After having aged out of their parent’s insurance coverage, both car and health, coverage needs may not be as black and white as one might think.

While some millennials are deciding to put off getting married or purchasing a home, life insurance is important, no matter how old you are. For a millennial, it may also save you money on a policy in the long run, especially since you are younger and presumably in good health. It is especially important if you have children.

Life insurance can help your family cover unexpected costs in your absence. In addition, if you have children, a life insurance policy can support their education or childcare expenses. A whole life policy can accumulate a cash value, thus making those funds available for future use for things like a down payment on a house, or a child’s tuition for education.

Having a personal life insurance policy is not affected by job changes etc. They can provide reassurance in times of transition and allow you the peace of mind that your coverage is in place if it became necessary to use it.

What does Travel Insurance Cover?

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!