Insurance is an important topic these days. Health, dental, vision, life: we want security in all these areas but we often don’t understand how insurance policies work, what they provide, how much they cost. How much health insurance do you need? What employee benefits are available to you? How do you choose from the varying premiums, deductibles, and co-pays? How do you know you have the best prices? These questions and more can be answered with careful research, and consulting services, such as health insurance advisors, may also be helpful.
Did you know that most health insurance exchanges use four categories, named after precious metals, to divide their plans? For example, a platinum plan has the highest price and the lowest deductible; the next is gold, followed by silver, and lastly bronze, having the lowest price but the highest deductible. Understanding the symbolic system makes the health insurance process a little easier!
While health insurance may be expensive, it can also cost you to not have it. In 2015, Americans who did not have health insurance may be fined $325 per person, or 2% of one’s yearly household income, whichever is greater, during the tax filing process. This rate will increase in 2016. However, there are some exemptions, which can be explored online for more information. If you still feel confused, however, don’t be afraid to talk with health insurance advisors. They will be able to explain the ins and outs of the various health insurance policies and regulations.
Another thing you may not have realized is that there are different types of life insurance. Term life, for example, can be a short term or renewable contract. Permanent life policies cost more, are more complicated, but cover more. Interestingly, 85% of surveyed consumers reported that they felt most people need life insurance, but only 62% claimed to have it. Perhaps some of those who felt they needed it could not afford it. Studies show that the perception of the cost of life insurance is about twice its actual cost.
Dental and vision are two common types of health-related plans held by Americans. Dental insurance is a bit different from traditional health insurance, and varies depending on employer and other factors. However, without it, most Americans spend about $200 annually on basic dental services such as cleanings and check-ups. Vision insurance might more accurately be referred to as a wellness plan, as it often covers things like glasses and contact lenses, but since two out of three Americans are affected by vision issues, it is certainly important to one’s overall health.
No matter what type of insurance you want, don’t be afraid to get advice from experts who understand all the details, formulas, lingo, and costs. Talk to health insurance advisors who will steer you in the right direction.