Search Results for: Health insurance

How to Get Cheap Health Insurance for Self Employed Moms

health insurance for self employedNo one can dispute that health insurance is important, especially in a country with healthcare costs that are so high. 45.7% of companies provide health insurance for their employees.

But what do you do if you’re self-employed? 31% of self-employed people with no employees have no insurance. How can you avoid being part of this statistic without breaking the bank?

Read on to find out more about health insurance for self-employed people!

Understand What’s Available in Terms of Health Insurance for Self Employed

Healthy insurance may feel like a must, but there are many options to choose from in the kind of insurance you can get.

Federal or State

Under the Affordable Care Act, states must either run their own insurance marketplace or use the federal one.

On these marketplaces, you’ll find private companies selling government-vetted policies that offer a variety of coverage amounts.

Healthcare Sharing Ministry

If government-run exchanges aren’t your thing, you can still find reasonable health insurance for self employed people.

With healthcare sharing ministries, your monthly premium contributes to not only your healthcare but other members of your same group.

This is a great way to cut costs, though, as with everything, research is needed to ensure you’re getting the right coverage for you and your family’s needs.

Health Savings Account

A Health Savings Account, or HSA, is great if you’re looking for a lot of control over your health funds.

An HSA is a high-deductible health plan. Essentially, you put all the money you want into a special account, and then, as long as you spend it on medical expenses that meet the qualifications, you pay no tax or penalty on the money withdrawal.

And, the best part, the money is still yours! So if you need it for a non-medical emergency, you can take it out (keeping in mind possible taxes and penalties), and use it!

Price Comparison: Your Ticket to Savings

Competition is the true beauty of the marketplace. Compare health insurance prices to ensure you’re getting the best deal possible.

Look for Savings

Health insurance can be expensive, but it doesn’t have to be excessive. Look for ways like these to decrease your costs.

Choose the Degree of Coverage

Less coverage means more savings. The ACA offers a “metal” rating system so you can choose a coverage plan that’s right for you. Platinum covers 90% of your out-of-pocket costs, Gold 80%, Silver 70%, and Bronze 60%.

Check for Subsidies

Depending on your income (less than 400% the poverty level), you may qualify for significant savings if you buy through the state marketplace.

You may also get a tax break from your health insurance simply for being self-employed on line 29 of form 1040 if your self-employed income is less than enough to cover to premium.

To do this, report your profits on Schedule C, then deduct the premiums until your Schedule C is equal to zero. Then report the leftover premium costs as an itemized deduction on Schedule A.

This may or may not work, but it’s worth a try to save money on health insurance for self employed!

Looking for a way to bring in some extra cash to offset insurance costs? Check out easy ways to make money here.

Curious about more ways to save money or improve your self-employed mom life? Feel free to contact this blog!

How to Save Money on Independent Health Insurance

Independent Health Insurance Saving money on independent health insurance can change your life for the better, especially when it saves you money! Although the hunt for a cost-saving plan can be a tiring one, it is well worth the energy.

Whether it’s a covered Fresno resident or an LA native, finding the right independent health insurance plan doesn’t always mean it has to be the most expensive.

There are a number of ways to save money on independent health insurance. Here are some of the most effective:

Do the Research

Don’t just settle for Google searches or chat forums. It’s so important to talk to friends, relatives and trusted third parties. Listen to their experiences and gain insight that will benefit your search for the best plan.

There is no better resource for finding the right independent health insurance than people in your network who may require the same care you do.

If you have a good relationship with your primary care physician, don’t hesitate to take the conversation into their office. Receptionists, nurses, and doctors are all people, too. And, they might have insider tips to help you save more money!

Shop Around

Go a step further by chatting up insurance agents from different companies. Keep notes about each provider, and be prepared to compare differences in coverage and cost.

If coverage from one provider is the same as another but has a bigger price tag, talk about it! Ask questions, and see if there are other options that can match or reduce the cost you’re looking at.

Keep notes about each provider, and be prepared to compare differences in coverage and cost.

If coverage from one provider is the same as another but has a bigger price tag, talk about it! Ask questions, and see if there are other options that can match or reduce the cost you’re looking at.

Cut Costs Even More

Using these tips, you can save beyond the price of independent health insurance.

Non-insurance options

These types of discounted plans can be offered by banks to customers or unions and nonprofits to their members. Contact a representative to find out what the qualifications are.

Find a local dental program

Schools and dental academies are always looking for patients to practice on. And don’t worry, everything is supervised by professional educators. The cost of these services is extremely low, and the quality of the service can sometimes be better than a regular dentist office.

Visit clinics instead of the ER

Trips to the emergency room can rack up a lot of money. Unless the situation is an actual emergency (if it is, go to the emergency room!), opt for an urgent care clinic instead.

Use free screening services

Use the state website to find low-cost or free preventative screening services. Find out the ones closest to you here.

Keep tabs on medical bills

Sometimes the administrative personnel at hospitals or doctors can make mistakes. Watch bank account statements to ensure that you are not overcharged for visits and services.

Mix it up

If someone doesn’t need medical, dental, and vision insurance, weigh different options. Maybe medical and vision are crucial, but dental work will be sufficient with dental school visits. There are always options. Weigh them, and pick the best combination for the lowest cost.

One of the key takeaways is to always ask questions. Ask insurance agents any and everything that comes to mind.

After all, the more someone knows, the more they can save!

Check out more beneficial tips here at our blog!

Protect Your Health with Insurance

The cost of living is on the rise which includes insurance costs. We are very fortunate to have a great plan at my husband’s job. The cost of medical care is even more expensive, without any kind of health insurance. It only takes one medical emergency to wipe out a savings. If you live in North Carolina then check out NC health insurance.

5 Reasons Why Life Insurance Is Essential for Single Mothers

why life insurance

What happens to your kids if something happens to you?

As a single parent, this thought can be terrifying. No one wants to think about dying. But when little ones depend on you, you can’t help but wonder what would happen if you were no longer there.

That’s why life insurance is important. When you’re the sole provider for your kids it’s even more important.

With the right life insurance policy, you can provide for your kids even when you’re not around. That would assuage a lot of worries, wouldn’t it?

Money is always pretty tight, though. Every cent counts. You may be wondering if you can really afford to buy life insurance.

Let’s take a look at some options. And then we’ll look at some reasons why you can’t afford not to buy life insurance.

Term Vs Whole Life Insurance

When you’re pinching pennies to provide basic needs for your children, every cent counts. You know that life insurance is important but you don’t know if you can afford it.

There are two general types of life insurance policies. Term life insurance and whole life insurance. The main difference is that term life insurance is good for a set term. Terms typically run from 10-35 years. Whole life insurance covers you your entire life.

Thus, a term life insurance policy is a lot cheaper. There is less risk that you’ll die during the term so the company can afford to offer a plan at a cheaper rate.

Term life insurance policies are very affordable. The peace of mind alone that a life insurance policy will give you is worth far more than the premium.

You can find more information about term vs whole life insurance and get a quote here.

Why Life Insurance?

Okay, so life insurance is affordable and gives you peace of mind. But what does that really mean? What do life insurance benefits cover and how will it put your mind at ease?

Let’s look at some of the reasons why life insurance is important for single moms. You can pick and choose what you want your specific policy to cover but here are some common options.

1. Death Expenses

It may surprise you to know but dying is very expensive. The average cost for all end-of-life necessities (not just the funeral) is a whopping $11,618!

You barely have two pennies to rub together on any given day so it can’t come out of your savings. Who’s going to pay for your death expenses?

With a life insurance policy, you don’t have to worry about that question. The policy will cover your death expenses.

This makes things a lot easier on family members. They have enough to worry about during such a difficult time.

2. Pays Off Debts

Are you still working diligently to pay off your debts? What happens when you die? Do they just go away? In some cases, they do. In others, they don’t.

For example, say you are paying off a mortgage. If you die, the house would most likely have to be sold to pay back the debt. Thus, in addition to losing you, your kids would have to leave their home.

A life insurance policy can pay off your mortgage. Your kids’ new caregiver could come to live with them instead of having to be uprooted during such a tumultuous time.

3. Covers Estate Taxes

The government is only too happy to have a tax for everything and that includes your estate. Of course, as a single mom, you might not have much of one. But what you do have you want your kids to be able to keep.

Estate taxes vary depending on the state you live in. Plus, if the estate is worth less than a certain amount (that varies by state) they won’t be levied against your estate.

But, if estate taxes do come into play, your kids won’t have to worry about them if you have a life insurance policy that covers them.

4. Covers Your Kids’ Expenses

Your mom, sister, cousin etc may be totally willing to look after your kids if something should happen to you. But, as you know, kids cost money.

Can your mom support your kids on her fixed income? Probably not. Your sister or cousin may already be stretched thin caring for her own kids.

A life insurance policy will ensure that the money needed to take care of your kids is there.

Life insurance policies don’t typically pay out to your children. That makes sense as they wouldn’t know what to do with the money anyways. Instead, you can name a guardian or create a trust that will pay out the money at specific intervals that you can choose.

Regardless of how you want to set it up, you can rest easy knowing that the necessary money will be there.

5. College Expenses

You can even include college expenses in your life insurance policy. Your premium may be higher with this option included. But if a college education is something that you really want for your kids, it may be worth it to you to include it.

Final Thoughts

It’s not a pleasant thought, but one day you’re going to die. You hope it’s when you’re old and your kids are already raising kids of their own.

But you don’t get to choose. You can eat healthily and exercise all you want, but you don’t get to choose when you die.

Take away the fear that your kids won’t have what they need by buying a life insurance policy. You can hope your kids will never need it, but it will be there just in case. That’s why life insurance is so valuable.

For more great personal finance and budgeting tips be sure to check out our blog.

10 Healthy Choices to Make Now That Save You Money

healthy choice

It is tough to make a healthy choice. Watching television is easier than working out. A cookie or two is tempting.

Likely, you’re already aware that avoiding healthy choices now results in consequences later. By not exercising, you might fail to drop to your goal weight. By eating a cookie or two, or three or four, you’ll possibly gain weight.

What you may not know is your choices impact your wallet.

Healthy choices can sometimes cost more short-term. However, healthy choices save more in the long run.

Below, I’ve listed ten healthy choice ideas that can — and will — save you money.

10 Healthy Choice Ideas That Save You Money

It’s common knowledge that the cost of living is skyrocketing all over the United States. Now more than ever before, it’s important to save when and where you can.

Saving starts with good health. And good health starts with making healthy choices.

Let’s check out 10 healthy choice ideas below.

1. Exercise

Exercise is one of the most effective healthy choices that you can make.

Certainly, a regular work-out will help you lose weight. Obesity and being overweight can lead to health complications down the road, such as diabetes and high blood pressure.

But let’s say you already suffer from high blood pressure. Exercise increases your body’s tolerance for stress, thereby lowering your blood pressure.

You can work out at a gym, but you can also work out at home. You can take a jog around your neighborhood in the morning or evening. You can also do sit-ups, push-ups, and other exercises in the comfort of your own home.

2. Don’t Eat Out

Eating out is expensive. It’s hard to find a restaurant that charges less than $10 for a burger, fries, and soda.

Moreover, eating out is unhealthy. Case in point: the burger, fries, and soda.

In fact, most food served at restaurants is fried and, as a result, fattening. Even if it isn’t fried, there’s a good chance the portion size is too big.

Stick to packed lunches or good, old-fashioned, home-cooked meals. They’re portion-sized and not as often fried.

3. Eat Fresh Products

It’s true that packed lunches and home-cooked meals are less expensive and more healthy than meals served at restaurants.

It’s also true that home-cooked meals tend not to be the healthiest.

Mashed potatoes, macaroni and cheese, and fried chicken are all staples of home-cooked meals. They’re also not healthy choices.

When it comes to eating right, nothing beats fresh fruit and vegetables. Celery, apples, carrots, peppers, grapes, and the like are wonderful sources of vitamins. Plus, they don’t have the calories that potatoes, meat, pasta, and cheese have.

It should be noted that canned fruits and veggies are not fresh. They are preserved. The preservation process wipes them of most of their nutrients.

4. Drink Water

Water is necessary for human beings to function. After all, we’re made of 60% water.

Stay hydrated and refreshed by keeping a small, refillable water bottle with you at all times. Refill it when you come to a water fountain. Make sure you don’t leave it when you leave your home.

While exercising, it is especially important to stay hydrated. Sweating causes you to lose fluid, which water replenishes.

Plus, water is typically the only free drink at restaurants. It also helps fill your stomach and ease food cravings while dieting.

5. Stop Smoking

Do I even have to explain this one?

Cigarettes contain numerous toxins and poisons, including those that are known to cause cancer. Smokers also suffer from short breath, constricted blood vessels, and heart disease, among other health issues.

But let’s not focus on the unhealthiness of smoking for a second. Instead, let’s focus on the finance strain it causes.

One pack of cigarettes can cost as much as $10. Ten-packs of cigarettes can cost as much as $100.

Smoking is as expensive a habit as it is an unhealthy one. If you’re already smoking, stop. If you’ve never smoked, don’t start.

6. Participate In Wellness Programs

Many companies offer wellness programs through their health insurance plans. Health insurance companies use programs such as HealthEdge to stay on top of their clients’ workers and those workers’ health.

Wellness programs reward participants for making healthy choices. For example, if you pass a wellness screening, the insurance company might lower your monthly premium. It might also send you a gift card or other prize.

Another common offering made by wellness programs is health-based challenges. For instance, in exchange for a small prize, you might be challenged to walk a certain distance within a day.

7. Turn Down Your Thermostat

Keeping your heat turned up doesn’t just cost you dollars. It also costs you sleep.

Heat causes discomfort. When you’re uncomfortable, you don’t sleep very well.

Not sleeping well leads to sleep deprivation, which turns into stress. When you’re stressed, you’re more likely to gain weight.

8. Keep A Food Diary

Keeping a food diary isn’t an obvious healthy choice. But, it’s one worth looking into, especially if you’re struggling with your diet.

Food diaries help keep track of what you eat during a given time frame. They’re a wonderful opportunity to count calories and ensure you’re eating right.

Additionally, food diaries can help you make healthy choices according to which foods leave you feeling good. Fruits and vegetables are lighter as well as nutritious, so you’ll find they make you feel better than fried foods do.

9. Download A Work-Out App

Struggling to exercise like we all do?

No problem! There are numerous work-out apps that help you exercise.

These apps keep track of your work-out for you. You can set how long you want each work-out to be. You can also choose a certain part of the body to work on.

10. Bike To Work

Cars are extremely expensive to maintain. They require gas, inspections, and regular oil changes.

That’s not even touching on any repairs you might have to make to your car.

Instead of driving a car, bike to work. Biking to work will save you a ton of money as well as give you an opportunity to exercise.

Need More Advice? Check Me Out!

Paying full-price is for suckers! My name is Laura, and I’m a thrifty momma looking to help you save a buck or two. Check out my blog for advice, tips, coupons, giveaways, and other goodies.

Know a great way to save cash? Want me to cover it? Contact me today!

How To Save Money On Health Care When You’re Uninsured

Have you recently found yourself without health insurance? You’re not alone: 11.7% of Americans are currently without health care insurance.

And that number is growing, up from a low of 10.9% in 2016.

Why?

Rising premiums can make health insurance out of reach for many, and some people prefer to take the penalty rather than pay for expensive insurance they rarely use.

Even those with insurance sometimes go without health care. 25% of Americans say that either they or someone in their home has gone without medical care because it’s too expensive.

But health care is so important. What can you do if you’re insured but find yourself in need of care? Read on for four money-saving tips.

1. Find a Direct Primary Care Provider

Even without insurance, you don’t have to go without basic health care! Direct primary care providers (also sometimes cash-only providers) are a great option. They provide both primary and preventative care for cash–some don’t even accept insurance!

Some cash-only clinics are run like urgent care clinics, where you pay a set fee per visit. Others offer a sort of subscription plan, where you pay a monthly fee (usually less than $50) and can receive an unlimited amount of primary/preventative care.

2. Use Urgent Care Clinics

If you need to be seen immediately (assuming it’s not an emergency), and you can’t get in with a primary care provider, look for urgent care clinics in your area. There are likely several to choose from.

An urgent care clinic is most certainly going to be cheaper and faster than an emergency room, but they have a lot of the same equipment available for screening and testing.

3. Don’t be Afraid to Price Shop

This tip may seem strange or intimidating if you are used to having insurance. With health insurance, you rarely ask about costs since you know what your out-of-pocket payments are.

When you’re uninsured, however, you shouldn’t be afraid to ask about costs ahead of time. Call around and ask for prices from multiple providers.

And don’t beat around the bush: Let them know you are insured. For example, if you’re looking to get a vasectomy, call several clinics and simply ask “How much does a vasectomy cost without insurance?”

4. Negotiate Your Bills

If you do end up in the emergency room or hospital, and you weren’t able to use the above tips, don’t despair. You can negotiate your medical bills after you receive them. Insurance companies do it all the time!

Many hospitals and doctors will provide a discount to patients who pay in cash. And even if they don’t, or if the total is too high for you to pay all at once, you can often still negotiate your bill down and set up a reasonable payment plan.

Saving Money on Health Care Is Not the Only Way

Now that you’ve got the scoop on how to save money on care while uninsured, you may be wondering what else you can do to keep dollars in your pocket while protecting your health.

One of the absolute best ways to maintain your health (along with your wealth) is to be proactive about it! That means having a healthy lifestyle, which includes maintaining a good diet and getting plenty of exercise.

If you’d like more information on staying healthy and wealthy, check out our health and fitness blog for more tips and ideas.

A Mother’s Guide to Family Life Insurance

Have you been putting off family life insurance? You might be waiting for the end of the year to buy the right insurance product, but you don’t want to be left scrambling. This is a decision that takes time and careful research.

An insurance product is a long-term commitment that can help you achieve financial goals and take care of your loved ones if you’re not around. It might sound intimidating, but buying family life insurance doesn’t have to be complicated. Here’s your complete guide to buying an insurance product that covers your whole family.

Insurance for the Whole Family

You might be wondering why you need life insurance, even for your young children. While it may be true that life insurance is meant to cover a working adult’s loss of income, there are still many reasons why you should have a life insurance policy for your children.

1. They’ll Always Be Insured

No matter what may happen with your children’s health, they will always be covered by a life insurance policy. You must verify this with your insurance company. Get it in writing that your child will never be denied life insurance no matter what may arise in his life.

2. It Builds Value

Your child’s whole life insurance policy can earn a nice cash value. By the time your child is 18, he could use the cash for big life changes like paying for college or buying a car.

Be sure to ask your insurance policy company if there are any penalties associated with withdrawing from the fund before a certain age. This wouldn’t be the primary reason for buying life insurance for your children, but it can be a nice perk.

3. You’ll Lock In the Rate

If you buy family life insurance for your kids now, you’ll have locked in the rate for the entire life of the policy. This means the premium will never change for as long as your child has the insurance policy. You can purchase something that fits your family’s budget now and will work for your child’s budget in the future.

Again, verify this with your insurance company and get it in writing.

4. Small Policies Are Affordable

You won’t need a large policy for your child’s life insurance. A good starting point for children is anywhere between $5,000 to $15,000. Low policy amounts can cost you about $5 to $15 a month. Your insurance discount for children can often justify the price.

Stay-At-Home Moms Need Life Insurance Too

Stay-at-home moms often overlook their need for life insurance, but the reality is that they also offer a valuable contribution to the family that should be covered.

Many stay-at-home moms work some kind of job, whether they make crafts, have an Etsy shop or sell products. Every amount of income counts toward your family’s expenses, but unfortunately, these types of freelance jobs don’t typically offer life insurance.

How to Choose a Family Life Insurance Plan

Having a life insurance plan can help you save taxes under Section 80 C of the Income Tax Act. As a mother, you want to get an insurance product that covers you, your spouse, and your children. Here’s how you make an informed decision.

Pick a Term Plan for You and Your Spouse

Since you and your spouse have dependents, you should choose a term plan for your family life insurance. A term plan has no investment benefit. You simply pay a lump sum at the time of the insured’s death.

Term plans are great because they’re inexpensive. You won’t need to invest in insurance plans for the two of you. Instead, you’ll have more funds to invest in mutual funds or equity.

Choosing Sum Assured

If you’re a young family, make sure your life insurance plan covers long-term finances of your dependents.

In your 20s and 30s, you and your spouse still have three or four decades left of a working life. Your kids will have college, you’ll buy a home, you’ll have your child’s wedding to think about, and, of course, your own retirement. Should your primary breadwinner pass away early, you want your life insurance coverage to be large enough to fund these life milestones.

Look for a plan that covers you through 20 to 30 years. Term plans again are a great way to go, because you can get them at a low premium cost.

Go For a Long Tenure

A young couple should opt for a long tenure. You want something to cover you until your children become financially independent, and it may be some time before that happens.

Calculate how much time you have left until your child is about in their mid-20s, when they may be expected to become financially independent. Choose a term plan that will cover your family for that amount of time.

Joint Cover

If you and your spouse are both contributing together toward your financial goals, consider a joint life cover. If something happened to one of you, it would affect the achievement of your financial goals. A joint life cover pays out the sum that would be assured on the demise of either of you.

Additionally, premiums for a joint life plan are quite lower than they are for individual plans.

Choose the Right Riders

Think carefully about choosing riders and add-ons for your family life insurance. Pick riders that are relevant to your needs.

For example, if you’re a stay-at-home mom, you might look into a monthly income rider. This type of rider can supplement the basic sum assured. It pays a monthly income to your nominees for a fixed amount of time.

Do Your Research

When purchasing family life insurance, make a well-researched, informed decision. Investigate the life insurance policy thoroughly and verify everything in writing.

You’ll notice that policies vary widely with each company so be sure to ask plenty of questions. Doing the work now ensures that you, your spouse, and your children will get the most out of your family life insurance policy.

For more tips on being a thrifty momma and saving your family money, check out our Frugal Living page!