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Serna Michel
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Serna Michel
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5 insurance options for young adults under 26
As a young adult, you’re just getting started in the next phase of life. The world is your oyster...until you suspect food poisoning from a seafood restaurant on Oyster Night or cut yourself badly on oyster shells. When you require medical attention, it’s extremely helpful to have insurance coverage to help keep you healthy.
You don’t have to just stay on your parents’ insurance. Find out all the options you have for insurance if you’re a young adult under 26.
If your parents’ insurance plan covers dependents, you’re eligible for coverage until you turn 26. Even if you live out of their house and support yourself, it still applies to you. Check out all the other scenarios for receiving coverage until you turn 26:
Getting married
Having or adopting a child
Starting or leaving school
Living in or out of your parent’s home
Aren’t claimed as a tax dependent
Turning down an offer of job-based coverage
However, just because you may be covered under your parent’s plan doesn’t mean you can just ignore details. Offer to pay your portion of the premium, and take care of all copays, deductibles, and other out-of-pocket costs.
Understand the type of coverage you have, and be active in establishing a primary care physician with whom you are comfortable.
Not Your Mama’s Insurance Plan
After you’ve explored your own eligibility in your parents’ plan, you may want to branch out on your own. You have a few options. Carefully consider which option might be the best fit for your current health care needs.
Student insurance - If you are enrolled in school for a certain amount of hours or credits, check to see if your institution offers student insurance plans.
Employer plans - If your job offers best health insurance in PA and you are eligible for coverage, see if the plan is a better option than your parents’ plan. Speak with your Human Resources department for more information, and they can explain your options.
Individual plans - The federal exchange offers government-approved plans for a variety of health care needs. Independent agents can also work with you to see your options. You may be surprised at what you find. You may even be eligible for discounts or subsidies.
Catastrophic plan - If you can’t or don’t want Medicaid and are under 30, you may be eligible for a catastrophic plan. They have lower monthly premiums but higher out-of-pocket expenses.
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Why is Health Insurance Important?
Health insurance can be confusing. The good news is several resources can help you understand and analyze health plans. The trusted health insurance companies in PA can help you compare various health insurance plans obtainable to you in your state. Enrolling in high-quality health insurance also can assist you to avoid large medical bills that can create financial hardship and even medical bankruptcy.
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What Does Medicare Part C Cover?
Medicare Part C is a type of insurance benefit that offers traditional Medicare coverage plus more. Medicare Part C plans are insurance programs offered by private insurance corporations. These plans, otherwise identified as blue cross Medicare Advantage plans and it provides the same coverage as Original Medicare with the advantage of supplemental coverage.
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Health Insurance for Small Business
If you have a company with fewer than 50 employees, providing business health insurance to your staff is essential. There are many small business health insurance options available to draw new employees and to keep your current ones satisfied. Companies with as little as one staff member can administer health insurance advantages similar to what corporate enterprises present.
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How to Choose a Medicare Plan
If you are a new enrollee who is considering original Medicare coverage, start by asking your current doctors if they accept Medicare patients. That will let you know if you’ll be able to stay with them. Original Medicare comprises two parts: Medicare Part A, which provides coverage for most costs related to hospital stays, and Medicare Part B, which covers doctor visits, lab work, outpatient services, and preventive care. There are several ways to shop for an Original Medicare plan, but consider asking the expert medicare providers in Pennsylvania before starting.
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Mistakes to Avoid When Choosing Health Insurance for Your Business
Businesses of all shapes and sizes make significant monetary decisions every day. Taking care of your workers’ health and well-being is amongst the largest investment for a business, but it’s arguably one of the most powerful ones as well. Being fully informed about all your small business health insurance options will help you select a plan that serves in recruitment and retention, ensuring a healthy, productive workforce.
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Finding Health Insurance for Your Small Business
Finding the right group health insurance plan for your small business can be frustrating. In the prevailing climate of intensifying premiums, finding modest coverage for you and your employees can sometimes feel like attempting to find a needle in a haystack. But quality, affordable health insurance policies do exist. The first step in finding the right health coverage plan is deep research.
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Health Insurance for Small Businesses
Companies with 50 or fewer full-time-equivalent workers may use the Small Business Health Options Program (SHOP) Marketplace, to get the perfect small business health insurance. To engage in SHOP, purchasers must have a principal business address within the state where they plan to buy coverage, have at least one common-law worker on payroll (not including a sole proprietor or spouse), and have the precise number of full-time employees.
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Educating Employees About Health Insurance Benefits
With so many types of programs, business health insurance can be a complicated topic. Employees often don't understand what type of coverage to accept or what it entails once they select it. Many employees won't be conscious of what their health insurance plan covers at all until they're at the hospital or doctor's room. To help reduce the pain of the process, employers should give education and training events around the healthcare plans they make possible.
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Insuring Your Business
Running your company, without taking any form of business health insurance is like diving into the sea for the first time, without a life jacket on! Insure your business before it is too late!
All businesses are exposed to risk. When it is a smaller or a more recent one, the risks are higher and hence the need for risk management.
Getting your business insured is one of the most valuable risk management or mitigation techniques, one can recommend. An insurance policy guarantees compensation for specified damages or losses to your business.
With so many insurance options available in the market, the trick is to get the right one that suits most of your needs and not to get trapped into spending tons on insurance premiums. Here are some of the types of insurances you may want to consider:-
Property Insurance:
A wise investment to make, which reduces potential losses on company assets, caused due to natural disasters or thefts.
This insurance may also include covering your customers' losses, if you are liable for it. If you buy or rent a property, make sure the property is also insured.
Workers' Compensation:
This is to ensure your employees' welfare. You are liable for your employees while they are on job. Hence all job related injuries need to be covered by the insurance you take. In case of such injuries, the employer is expected to provide compensations and benefits or pay their medical bills.
Unemployment Insurance:
This is a good insurance to take for your employees, in case your business runs out and you are out of money. In some countries, the law may mandate the employer to take this insurance for his employees, which can be claimed if employees fall out of jobs for no fault of theirs.
Business Interruption Insurance:
An insurance type to protect you in cases where your business shuts down or closes temporarily due to damages or disaster. This ensures that your cash flow is uninterrupted in case operations close.
Depending on the policy coverage, this can also act as your source of income till you are back into business again.
There are many other types of insurances, apart from these, which cater for more specific events or needs, based on the type of business you are into.
Some of these insurances are mandated by the law and hence, need to be taken before you start your business.
Irrespective of the type of insurance you take, make sure you find a trust worthy insurance agent, with whom you can have a healthy long-term relationship- some one who can guide you to take the right insurance at the right time as business progresses.
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Key Person Insurance Explained
Buying key person insurance can ensure that a business plan is carried on even if a key executive dies. Key man insurance benefits replace lost revenue or fund the search for a replacement executive.
How much does key man insurance cost? Costs range from hundreds to thousands of dollars per year. Premium costs vary, in large part, according to the covered individual's age. If the exec in question is fairly young and in good shape, costs can be fairly low.
What is key man insurance? It's essentially just a basic life insurance policy for anywhere between $500,000 and $5 million. Usually, they're 10- or 20-year term policies.
A popular twist on key person insurance is called "first to die." This type of insurance pays only for the first death in a multiple person policy, and thus, is much less expensive than having individual policies for each key person. Plus, "first to die" policies allow the survivors to take out a subsequent new policy without needing to prove their insurability all over again.
Venture capitalists, banks and other lenders often require key-executive insurance for the startup companies they fund. If a death occurs, the key man insurance payment typically goes to the start-up company or sometimes it goes directly to the venture capitalist. This allows the investors and creditors to protect their investment.
Even if you are not being asked to buy key man insurance by your investors, it can make sense in some cases. Think about what would happen if you or one of your business partners passed away.
If the situation would be dire, it may make sense to insure against it. If it would have little effect on the business, there's no big need to buy key person insurance.
If you are buying key man group health insurance, make sure you work with an insurance company that's done key-exec insurance before.
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Lowering Health Insurance Costs
The bad news is that health insurance costs represent a significant - and growing - part of your expense budget.
But the good news is that you don't have to take your small business health insurance costs lying down. There are several things you can do to lower the amount you pay for health insurance for your employees. Here's how to get started:
Shop Around
With so many insurance-related resources available, there is simply no excuse for not shopping around. The internet is a great place to begin your search, but don't limit your insurance search to what's available online.
Talk to other small business owners to find out what plans they use, too. Once you've compiled a list of potential plans, lay them out in a side-by-side format to compare plan features and prices.
Decrease Benefits
If you are in a pinch, you always have the option of lowering your health insurance costs by choosing a plan that offers fewer benefits than your current one. Although this looks good on paper, it can be tricky since the result is a net loss for your employees.
However, if it's a choice between offering a reduced benefit healthcare package or no package at all, your employees will agree that reducing benefits is the way to go.
HSAs (Health Savings Accounts)
Health savings accounts are becoming an increasing popular option for lowering insurance costs. By combining a HSA with a high-deductible insurance plan ($1,000+ for individuals, $2,000+ for families), employees are covered for major medical procedures, but have the option of paying for smaller, more routine expenses with pre-tax dollars.
Employers reduce their costs because high-deductible plans are less costly than traditional plans and employer contributions to HSAs are tax deductible. Under the right circumstances, it can be a win/win situation for employers and employees alike.
AHPs (Association Health Plans)
Although somewhat controversial, association health plans may be a lower cost alternative than your current insurance plan.
The benefit of an association plan is that it enables a small business to link up with other small businesses for the purpose of providing health coverage for their employees.
The downside is that association plans do not offer the same protections as conventional insurance plans and can potentially leave subscribers unprotected in certain situations.
For example, unlike conventional plans, AHPs are not required to offer the same rates to all of their subscribers and they are not restricted from significantly raising their rates from year to year.
Therefore, it's critical to make sure you thoroughly understand the terms and conditions of an AHP before you make any commitments.
Promote Employee Health
If an ounce of prevention is worth a pound of care, then a penny of preventative health programs is worth a dollar of health insurance.
It just makes sense that the healthier your employees are, the less you will need to spend on healthcare benefits.
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Employer requirements for offering health insurance benefits
Beyond offering suitable plans based on the demands of the workforce, employers must hold in mind all appropriate laws and regulations. Health insurance for small businesses is a highly regulated term subject to a wide array of state and federal laws. Significantly, employers should understand their obligations under all laws and regulations that pertain to them, which vary depending on company size and location.
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Types of health insurance plans
When hunting for an employee group health insurance plan, employers have several possibilities. For starters, employers can opt to endeavor a fully insured health plan or a self-funded health plan. Fully-insured health plans indicate the coverage provided by an insurance company on part of the employer. These plans are regulated by the states. There are different types of fully insured health plans from which employers can choose.
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How to Offer Health Insurance to Your Employees
The answer to the problem of how you offer business health insurance to employees is complicated. Health insurance advantages are complex and include varied types of coverage. It can be challenging to know which plans to offer and where to start. It's enough to make anyone's head spin. The first and most crucial step to select the right coverage choices for both your bottom line and your employees' well-being is experiencing some of the major types of insurance on the market.
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How to Pick the Best Health Insurance Plan for your Small Business
Providing group health insurance to your employees should be a gratifying experience. From the cost of premiums and the number of devices and resources to the amount of employee engagement, your insurance policy should be as pleasing as it is necessary. Buying health insurance is all about spending on your most valued asset: your employees. That’s why it’s essential to know all of your choices to make sure you, your employees, and your company are healthy and happy with your health insurance.
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HOW TO FIND THE BEST GROUP HEALTH PLAN FOR YOUR BUSINESS
As a small business owner, purchasing group health insurance can feel overwhelming. Unlike large companies, you presumably don’t have a team that can spend hours examining plan after plan. Fortunately, finding the right small group coverage isn’t as difficult as you think. Before buying small business health insurance, make sure the plan is flexible enough to satisfy your team’s health care needs.
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