Regular check ups and vaccinations at the vet’s office ward off common illnesses such as heartworm, distemper, and rabies. However, there are many instances when pets suffer from undetected diseases or from minor to major accidents. Such emergency situations can lead to their death and to your loss.

The problem worsens when you are caught unprepared, especially financially, when your pet needs serious medical attention. This is when having pet insurance can help ease the financial and emotion burden.

Advantages

When your pet is insured, you feel a sense of security, knowing that your pet will be properly attended to in case of medical emergencies or when something unfortunate occurs with its health. The burden will be taken off your shoulders because you know that help is on its way.

This is also an era of breakthroughs in veterinary science. Now, more pets’ lives can be saved, more diseases can be detected, and more options are available to owners for the care of their pets.

You never know when you’ll need it, but you most probably need a pet insurance. At the end of the day, you can sleep well knowing that you got your pet covered and protected anytime something goes wrong.

The price to pay

These days, however, many pet owners are wary about getting a pet insurance because of the surge in its costs.

Consider these:
1. Pet coverage can cost up to $6,000 over the life of an average pet.
2. Vets now offer highly advanced treatments, including organ transplants and radiation therapy, which only a few years ago were applicable to humans.
3. What used to be fatal conditions for pets are now treatable at costs ranging from $1,000 to more than $5,000.
4. Veterinarians now have access to sophisticated tools, screenings and procedures.

All these factors have led to the inflation in veterinary costs and insurance coverage. But if you are the type of pet owner who would go all the way to keep your pet protected and saved from health risks, pet insurance would be a good investment. Rather than go into debt, be financially prepared.

Your choice

Considering the hair-raising prices of pet insurance nowadays, it’s still up to you whether it’s worth it for your pet (and your pockets) or not. Know beforehand how far you can go for your pet in terms of money and how much you can actually afford. If you love and care for your pet that much, compare and pick the best plan for your pet, depending on its existing condition and needs.

Be aware that there are insurance policies with deductibles and co-pays that can limit how much will be paid out yearly. If your pet has pre-existing problems and hereditary conditions, look for an insurer that covers them. Take note that there are insurers that set surcharges for pets older than 9 years old, and insurers that don’t cover old pets at all. Keep looking until you end up having the ideal coverage for your pet.

In the face of tough economic times, rising cost of medical care, as well as the ongoing threat of a global pandemic, paying close attention to your healthcare expenses has become urgent and very necessary. There’s no better time to sit down and carefully lay out your spending priorities than now. But the important fact one has to remember is that, while it is imperative that existing medical cost has to be cut down in order to accommodate other basic household necessities, nobody can afford to get sick, or worse, lose their jobs as a consequence.

Preventive measures

Of course, the most simplistic, most basic thing to do is to be healthy or to adopt preventive measures in order not to incur or add up on your medical cost. This may include cutting down on smoking (if not totally quitting), exercising more, modifying your lifestyle in order to get more sleep and eating healthy. When an illness is being investigated, the choices we make each day in what we eat and how we live are among the most important underlying causes.

Comprehensive lifestyle changes as means of prevention also dramatically cut insurance costs as more and more employers are offering financial incentives to those who participate in company wellness programs this year, according to the National Business Group on Health.

Incentives may come in a form of cash or contributions credited either on a healthcare account aimed at helping employees replace out-of-pocket medical costs, or count directly towards the premium. For example, Dell employees participating in the “Well at Dell” program may earn as much as $78 each year for completing an online health assessment and up to $225 more if they join and surpass one of the goals of a company wellness program. Corresponding incentives for family participation is at $303.

On the other hand, PepsiCo penalizes smokers in their workforce with $100 more annually for insurance coverage while media company Tribune had implemented $100 premium surcharge from workers using tobacco products.

Save on prescription medicines

Most of us are aware of the generic medicines which are way cheaper than the branded products but work just as well. Therefore, it is always wise to ask your doctor if there is a generic alternative to the medication he or she is prescribing. Better yet, ask for samples as it will cut another good percentage of the total medicine cost.

If you are on an ongoing medication (e.g. chronic asthma, heart medicine), Dr. Phillip Hecht, a Baylor Grapevine cardiologist, recommends mail-order pharmacy where patients can save money and avoid repeated trips to the pharmacy and have their medications delivered by mail. Very often, as per Hecht, a 90-day prescription obtained through a mail-order pharmacy costs less than a 30-day prescription bought from the pharmacy since you can buy in bulk.

Clinic vs. ER

For non-emergency cases, it is smarter to go to a clinic than the emergency room of a hospital, which is something that most patients without insurance do. There are about 7,000 community centers round the country that are being funded by the U.S. Department of Health and Human Service and are offering medical health services such as checkups, immunizations, laboratory tests and sick visits (visit http://findahealthcenter.hrsa.gov/ for locations). If you don’t have any insurance, these clinics will accommodate you for treatment and may charge according to a sliding scale.

In addition to these freestanding clinics, there are also the walk-in clinics found in retail pharmacies that charge about $25 to $100 for minor ailments such as earaches or stomach ailments. This is about 25 percent less than the cost of a doctor visit.

Free tests and screenings

Health screenings are valuable because they provide early detection of health conditions such as diabetes, hypertension, cancer and others. These screenings can be very expensive however.

You may sign-up for free tests and screenings at local hospitals or community health fairs where you can save hundreds of dollars. Many drugstore chains and supermarkets also offer free blood pressure screening but you may need to seek approval from your physician if it’s okay to get your blood pressure readings from these venues.

Ask for discounts

According to the 2005 Harris Interactive Poll, about two-thirds of adults who asked for a lower price from a hospital or a dentist got it. Moreover, Chief Medical Officer of Ardent Health Services of Nashville Dr. Steven Landgarten said that most doctors are willing to agree on special payment arrangements with patients who are going through financial difficulties, particularly if they are regular patients.

Don’t be embarrassed – it never hurts to ask!

Discount dental plans are a good option for many individuals and families. Most require a yearly a membership fee and will provide you with a membership card which you will need to present to participating plan providers in your area. Unlike dental insurance there are no annual limits, no health restrictions, no deductibles and no waiting period for major services (like crown or bridge work). With discount dental plans, you can start saving up to 60 percent on most dental procedures even cosmetic dentistry and orthodontia.

Discount dental plans allow you to take advantage of a wide range of common dental services at reduced rates, including checkups, root canals, braces, cleanings, dentures, x-rays, extractions, fluoride treatments, surgery, dental implants, fillings, crowns, bridges, and so on. Ask your dentist what type of plans he/she accepts or turn to the web to find additional options.

One trusted discount dental plan provider is DentalPlans.com, which has been in the industry since 1999. A visit to their website can give you a quick and easy trip to their plans, services, participating dentists, and other significant information that you need to know. DentalPlans.com is also willing to take in your questions and concerns, especially if you are new to this kind of dental program. They also have attentive customer service staff who can give you an informed decision by guiding you in choosing the right dental plan for you all the way.

Another website you can check out is eHealthInsurance.com, known for its wide range of insurance plans. Browse over their list of available dental discount plans, which you might find limited compared to other sites. But here, you have the option to pay monthly or to shell out an annual premium.

There are other big insurance providers that offer discount dental plans, look in to options from Blue Cross Blue Shield, Aetna, Cigna, and UnitedHealth. The choices are countless, that’s why it pays to look for the most reliable and affordable dental plan provider.
If you are seriously considering saving money without compromising your dental health, discount dental plans is the way to go. Start saving so that you can keep smiling.

While navigating through this reader-friendly website, I found a handful of reasons to try one of their offered dental plans. First, unlike most dental insurance providers, DentalPlans.com sets no annual limitations on the amount of dental services obtained with any of their plans. Also, they have a 30-day refund policy. And if that’s not enough, they offer a 30 percent discount on plan memberships, but only for a limited time.

The homepage gives a complete picture of the kind experience DentalPlans.com offers. Everything I needed to know to on their services and dental plans I found in no time in just a few clicks of the mouse. The information is basically complete, but not cluttered all over the page.

The search box does the trick as well as the links to its supporting pages. Finding a dentist near you is a breeze. You will also know right then and there the types of dental plans available in your region.

Before anyone gets misled, DentalPlans.com explains clearly and honestly that what they offer are dental discount plans, not actual dental insurance. Even so, their plans are at reduced rates, and they charge a yearly membership fee, not the typical high monthly premiums.

You will see more than 30 dental plans to choose from, depending on your needs and preference. Some of the plans include orthodontic treatment. A helpful tool is their comparison chart to make things clearer for you.

Applying and registering can be done online. For problems and inquiries, those subscribed to the dental plans enjoy topnotch customer service through a toll-free support number on their homepage. The interactivity factor does not end there, as users can also submit questions and other feedback by filling up an online contact form. The FAQ page is comprehensive enough to keep you guided and enlightened.

DentalPlans.com makes an ideal alternative to dental insurance not only for individuals but also for the whole family, for businesses and other groups.

Home warranty is an insurance policy that covers most of the major mechanical composition of a house or a condominium.  It’s like insuring the appliances in your house.  Normally, new homeowners do not buy a home warranty because new homes come with a builder’s warranty and thus one is not needed.  For old houses, it’s imperative that the buyer inspect every minute detail of the house.  If the house is bought without old and ‘pre-existing’ issues being noted, the home warranty company may reject  future claims.

The Advantages

First, buyers are more likely to buy a home that comes with home warranty insurance.  This is one of the best reasons for taking out warranty insurance on your home.

Second, you’ll have peace of mind.  When the system breaks down, the insurance company takes charge of the repair or replacement of faulty equipment.  At least, someone is in-charge of the mechanical headaches.

Finally, home warranty companies are just a call away whenever repair services are needed.  All you have to do is pay the flat deductible amount of approximately $50 and repairs can proceed, regardless of the total amount of time spent fixing the system.

The Disadvantages

Issue 1:  There is a charge per repair incident; this ranges from $50-100.

Issue 2:  Companies discourage multiple-problems incident reports.  Thus, you pay the deductible fee for every single issue even if all repairs are done simultaneously.  This can thus become rather expensive on the part of the complainant.  In such instances, it can be cheaper to have the issues addressed by calling on direct contractors.

Issue 3:  There’s an annual insurance premium payment.  If you think that repair in your domicile is pretty unlikely to occur, then, just save that $500-1000 fee and use this accrued amount if and when you need repairs done.

Issue 4:  Home warranty companies prefer repairs over replacements.  They typically do not replace anything unless the equipment is totally worn-out.  If you complain quite often, customer representatives may hang-up on you or, worse, ignore your claim on the grounds that you didn’t take proper care of the equipment in the first place.  This brings us to our next and final point.

Issue 5:  Contracts do not recognize system failures caused by lack of maintenance.

The cons, it seems, outweigh the pros.  For this reason, annual renewal for home warranty insurance policies is typically less than 25%, as opposed to 50-75% estimate of home warranty companies.

It’s a basic norm of insurance to cover your big risks in life, which includes your life, your health, your home and your car.  Better safe than sorry, they say!  Your insurance should not only be comprehensive but it should also be geared towards encompassing catastrophic situations that can cause economic hardship.  If it’s not any of these things, then, paying for its insurance may just be a waste of money.

Common Insurance Policies to Avoid

Cancer Insurance is a no-no!  Your comprehensive medical insurance covers all illness, no matter form you develop.  Dread disease insurance or critical illness insurance policies are redundant.  After all, there’s a “benefit clause” in health insurance policies stipulating that it won’t pay duplicate benefits.  It would be better to get a disability plan instead of the critical illness plan; the disability plan will cover a portion of your income if by some chance you have to go on medical leave due to a disability.

Pet insurance is another policy you should probably avoid.  Although it lessens the burden on pet owners on costs associated with veterinary care such as vaccinations and surgery, the coverage excludes a number of diseases inflicted on purebred animals.  Some wouldn’t even cover ailment from one contract year to the next, since previous year’s ailment is already considered “pre-existing.”

Life Insurance for Infants also deserves a second thought.  Be reminded that the main purpose of this is to shoulder the burial costs should the baby die.  What are the chances that the baby will die?  Well, while it is true that if the child reaches 18, the cash value of the policy can cover his college expenses, there are far better “tax-free 529 college-savings” plans or alternatives available in the market.

You should also steer clear of accidental death benefit plans.  Most people die a natural death, unless those exposed in dangerous jobs e.g. stunt man, construction worker – in which case, you actually become “uninsurable.”

A no-brainer is the mortgage life insurance.  Commonly, this is bought because the insurer wants to protect his family from mortgage payments if he dies before paying off his mortgage.  Yet, where is logic if the death benefit decreases as the mortgage is paid down?

Is there a need for travel insurance?  It depends.  People don’t really need this one unless they are seriously ill and relapse or attacks may occur, or if they are planning an expensive trip where rescheduling is tough.

The other plans to shun, according to experts, are the whole life insurance, insurance against inconveniences, identity theft, “clunker” insurance, extended warranties and payment protection insurance.

Final Word

Buying insurance packages is actually a personal decision.  No one person can say which is proper, and which is not.  You just have to know which ones are actually necessary.  Steer clear of redundant or repetitive insurance, and insurance which isn’t necessary or practical.  Remember, insurance companies are not only there to provide you security; they are, first and foremost in the underwriting game for profit.

Car insurance traces its roots from China and to-date it is the most widely purchased kind of insurance coverage.  What it offers primarily is liability protection, but secondly protection against property damage may also come in handy.  If you have an accident and someone gets hurt, a portion of the medical expenses can be shouldered by the insurance policy.

Basic Guidelines

Each state has its own car insurance requirement; hence, it is advisable to make yourself familiar with the guidelines that pertain to your own state. Check the website of the Department of Motor Vehicles of your state for additional references and guidelines.  If not, you may end up in jail for reasons you did not know.

It is a given that all insurance buyers want low rates.  Car insurance premiums are based on many factors such as age, sex, driving record, credit history, and the type of vehicle you drive. Usually, the more road violations or accidents you have, the higher the premium you will pay.  Your credit score has a lot of bearing on the rates you will get.  The newer your car is, moreover, the higher your premiums may be.  Males under 25 years old tend to pay more; this demographic is statistically proven to be more prone to car accidents.

The amount deductible is directly proportional to the coverage; the higher the deductible, the higher the liability coverage.  Have the policy agreement in black-and-white.  Know every minute detail of the plan.

The following gives you a general definition of what each insurance policy means:

Liability Coverage is considered the most essential coverage on any auto insurance policy. A standard liability policy is made up of two policies, bodily injury and property damage. These policies cover you for the amount, up to your policy limit, of personal injuries and property damages (usually includes the vehicle) that you are “at fault” for, and, therefore, have caused the other party in an auto accident.

This coverage is usually stipulated as three numbers such as, 25/50/10. This means that this particular policy coverage would provide personal injury coverage up to $25,000 per person, up to maximum coverage of $50,000 for all injuries in that accident, and maximum property damage coverage of $10,000 for that auto accident. Also, virtually every state requires a minimum liability coverage that is stipulated in the same manner as just described.

Medical Coverage: This policy is designed to cover the costs, up to your specific maximum limit, of injuries that you have sustained in an auto accident no matter who was “at fault” in an auto accident. It is required in some states so check the website of Department of Motor Vehicles of your state for further details.

Personal Injury Protection or PIP is essentially the same as medical coverage but differs because it encompasses more coverage protection. Under PIP, you are covered, up to your maximum policy limit, for related costs to personal injury such as lost wages while recuperating, in some cases even rehabilitation costs, and funeral expenses. PIP is required in every “No Fault” insurance system state, currently 12 states, as well as some additional states. Therefore, you need to verify if this coverage is required in your state.

Collision Coverage is optional insurance that covers collision damages to your vehicle, regardless of who is at fault. If your vehicle is financed collision coverage is probably required.

Comprehensive Coverage is optional insurance that covers damages to your vehicle that is caused by anything else, natural disasters, vandalism, auto theft, etc. If your vehicle is financed comprehensive coverage is probably required.

Uninsured and Underinsured Motorist Coverageare two similar policies. Uninsured Motorist Insurance helps cover your costs, up to your policy limits, if you are struck by a motorist (“at fault”) who possesses no insurance coverage. Underinsured Motorist Insurance helps cover your costs, up to your policy limits, if you are struck by a motorist (“at fault”) who possesses less than adequate insurance coverage.

Surveys have revealed that a significant percentage of motorist who operate a motor vehicle are driving with either no insurance or inadequate insurance. Therefore, it is considered prudent to possess these policies.

Endorsement Coverage-refers to usually smaller, optional policies such as: roadside towing, daily rental car reimbursements (while your car is being repaired), emergency roadside assistance, etc.

Also consider an umbrella policy where your insurance will cover both your car and your other assets like your house.  In this case, the company may entitle you for discounts.  Make sure though that you’re working with a pro, an agent rich in experience and industry credentials.

False Myths about Auto Insurance

Many believe that the insurance company pays for all damages irregardless of whose fault the accident is.  You should never take this as a given; if somebody else is driving at the time of the accident, the insurance company may refuse your claim.  Insurance companies may also refuse your claim if you are at fault and your policy specifically says that it will not pay for claims made by at-fault clients.

There are a lot of insurance companies in the market.  Choose the one which will give you the best value for your money.

Standard underwriting procedures for critical life insurance policies mainly determine two things:  whether or not the applicant is capable of paying his or her premiums and whether the applicant is likely to be critically ill or to make a claim.  Apart from that, basic information about the critical life insurance applicant – say, address, contact number/s, employment records, spending habits, and the like are also discovered through the underwriting process.

The Pre-Screening Questionnaire

The pre-screening questionnaire includes a list of illnesses or conditions that the insurance company cannot insure.  The purpose of this is to save time and effort both on the part of the company and the applicant.  In most cases, an applicant – upon finding out that an illness for which he or she wishes to be covered is uninsurable – will back off and look for another insurance provider.  Thus, no time and resources are wasted on both sides:  the applicant and the insurance company.

Family Medical History

The applicant’s family medical history is also discovered and ascertained in the underwriting process.  This is crucial for a good number of the critical illnesses covered in critical life insurance policies are typically associated with genetics; statistically speaking, an applicant who has a parent, grandparent, sibling, aunt, or uncle who has been diagnosed with a covered critical illness is much more likely to contract the same illness than someone who does not have the same family medical history.  Thus, applicants who have a family history of critical illnesses may not be approved for a policy or may be charged a higher rate of premium payments.

Personal Health

An applicant’s personal health is also thoroughly reviewed.  His height and weight should be acceptable according to commonly followed health standards.  Instances of hypertension are also closely scrutinized as persons who have hypertension are more likely to acquire a critical illness later on.  A medical practitioner’s report and findings from medical check-ups such as urinalysis, blood analysis, x-rays and the like are carefully reviewed.

Lifestyle

An applicant’s lifestyle is also taken into consideration.  Is he or she a smoker?  If so, how many does he or she smoke in a day?  Is he or she a workaholic?  Does he or she drink occasionally or is he or she an alcoholic?

Financial Capability

The applicant’s financial resources are also ascertained in the underwriting process to ensure that the applicant will be able to pay the insurance premiums.  It also helps in determining the type of policy that matches the applicant’s finances.  Normally, an insurance company insures up to five or seven times more than the applicant’s current basic pay.

Underwriting Guidelines

Not all applicants who fail to pass one or two of the insurer’s requirements are rejected.  Insurance companies usually have additional guidelines that apply in such cases.  A higher premium rate may be required, for instance; this is justified by the higher risk that the applicant presents to the insurance provider.  The underwriter may also include special provisions; pre-existing conditions and conditions that are highly likely to occur given the applicant’s lifestyle and family medical history may be explicitly excluded in the policy.

Basic and Comprehensive Coverage

There are generally two types of coverage in critical life insurance plans – the basic and the comprehensive.  The former covers only a limited number of critical illnesses.  Heart attack, cancer, and stroke, the three most ordinary major medical conditions, are usually part of basic policies.  The latter, on the other hand, covers a longer list of illnesses, including stroke, cancer, heart attack, and several more (e.g. 18 more) critical illnesses.  This may include but is not limited to illnesses such as deafness, occupational HIV infection, coronary artery bypass surgery, major organ transplant, paralysis, late onset of diabetes, coma, multiple sclerosis, Parkinson’s disease, loss of speech, Alzheimer’s disease, kidney failure, blindness, severe burns, motor neuron disease, and benign brain tumors.

Ten-Year Renewable Term

A ten-year renewable plan can either be basic or comprehensive.  It sets a specific premium rate for ten years.  The insured has the option to renew his policy for another ten years after the initial period has passed.  The rates, however, increase every time the policy holder renews his policy.  He can continue with this renew-restructure premium rates process until the age of 75.

Level Term to Age 60, 65, 70 or 75

In this type of policy, the premium rates remain unchanged all throughout the policy’s life.  Naturally, people are more prone to acquire critical illnesses at the later part of their life – say ages ranging from 65 onwards.  Thus, the premiums for insuring people in the said ages are naturally more expensive than the premiums paid by younger people.  Premiums in level terms up to age 75 are normally comparable to ten-year renewable terms but way lower when compared to permanent plans.

Permanent Plan or Level Term to Age 100

The premiums paid are level and in the bag up to age 100.  The rates in this type of coverage are significantly more expensive as compared to level terms to age 75 since there is little likelihood that a claim will not be made.

The rates in any type of coverage also depend on whether the insured is a non-smoker or not.  Naturally, rates for smokers are higher as the possibility of acquiring or developing a critical illness is higher for smokers than for non-smokers.

Benefits Provided

The benefits provided by a critical illness insurance do meet at some point regardless of the type of coverage availed of.  For example, in any type of coverage, the insured still gets to decide on how he will use the money received from a valid claim.  Once a claim is approved and the money is paid, the insurance provider has no say on how the insured spends the money; he can spend it on a holiday cruise, use it to pay off his mortgage, invest it, or leave it in trust for his family if he wants.  Furthermore, critical life insurance policies also typically have provisions regarding refunds; generally, a policy holder can choose to refund all of his premium payments if he reaches 75 without making any claim.

An insurance policy that does something else entirely, however, has now been made available to the public.  This is critical life insurance, also known as critical illness insurance.  As the name suggests, this type of insurance pays a tax-free, lump-sum amount to the insured when he is diagnosed of any one of the critical illnesses covered by the policy.

Advantage Over Other Types of Insurance

The main advantage of the critical illness insurance is that you are given the chance to get back on track and become financially independent despite being diagnosed of a critical illness which, more or less, will require a huge amount of money in medical treatment.  Critical illness insurance, unlike disability insurance, does not require that you become incapable of working before you are paid a percentage of your monthly income.  It doesn’t pay your benefactors only after you die, unlike a life insurance policy; you can get the benefit while it can still do some good, like save your life or make your last days more comfortable.

The Need for a Critical Illness Insurance

Do you need critical illness insurance?  To find out, the first step is to sit down and make a list of all of your existing insurance policies.  Identify the benefits that are available to you through each of these policies.  Check also if there is one that already covers critical illnesses; perhaps your health insurance already has provisions in case you contract a critical illness?

Consider your financial capability as well.  How much more can you afford to pay for another insurance policy?  More importantly, how much will you need (and how much money will you have) in case you become seriously ill?

Before shopping around for a critical illness insurance policy, do a quick but thorough analysis of your own insurance needs and financial resources.  Factor in your monthly income, your dependents, everyday needs, and other financial obligations.  This way, before even looking around, you already have an idea of how much you can and cannot afford to shell out for critical illness insurance or – if you decide not take out one – how much you can afford to shell out for medical treatment if you become critically ill.

In general, younger and healthier people pay lower premiums.  This is of course the case for all other insurance policies in the market.  However, several factors, regardless of age, may affect the rate of premium that you need to pay.  These include the amount of coverage, the illnesses covered, and the insurance company’s own policies.  Medical records and medical histories may also be another factor.

Lump-Sum Payment

Typically, critical life insurance policies involve payment of a lump-sum amount that is equivalent to the cost of your coverage (i.e. the insurance policy’s face value).  This is also usually paid 30 days after a claim is approved.  Despite full recovery, furthermore, insured principals are not obliged to return the money received; once such amount is received, however, the policy ceases to exist.  In case of policies that mature without any claims, a portion of the premiums paid during the life of the policy is usually returned.  A person who is covered by a critical illness policy who dies without making a claim due to the non-inclusion of his illness, furthermore, may still recover a portion of his benefits; premium payments may be paid back to the insured’s benefactors, for instance.