Starting in August I will hopefully have access to a new “pre-existing condition” insurance plan that will be provided either by an overall plan through the government or companies in individual states (here in CO it is by the state/private company). Since November I have been doing my best to keep my costs down while still being able to see a doctor when I needed to – and I needed to a few weeks ago. After traveling to Massachusetts for a wedding, I started feeling severe headaches on one side of my head, accompanied by a loss of hearing in my left ear. Sounds serious, right? I thought so too! But without insurance, I couldn’t just walk into any doctor’s office or hospital without leaving with an overwhelming bill to pay. So I did what I did when I had the flu a few months ago – I walked into a health clinic in CVS called Minute Clinic. A $69 medical bill later, an issue in my inner ear was taken care of and I was back to normal.

These small health clinics are popping up all over the place – CVS, Walgreens, Target, Walmart, etc. and for good reason. More and more people are without health insurance (either because they cannot afford it or they cannot get it), and these clinics offer a lot of different services for a relatively small amount money. While they do take insurance as well, they are really great for those of us who are without insurance, enabling us to still get healthcare at reasonable rates when we need it. In fact, I had a doctor in California that didn’t take anyone without insurance, so these clinics should be able to find plenty of customers if that trend continues. The clinics see people for things like vaccinations, minor injury exams, allergies, earaches, flu-like symptoms, pink eye, physicals, lacerations, sprains, suture removal, acne, sunburn, rashes, etc. – ranging in price from $19 – $102. They are open 7 days a week and I never waited more than 10 minutes to see the practitioner at the one I went to at CVS.

OK, so when I had two small surgeries on my back last month, I went to a local doctor since the clinics don’t do surgery. But without insurance, I was required to give them a 50% downpayment before the doctor would even start cutting. I felt like a deadbeat! They are so used to getting paid by insurance companies that they are wary of those of us without insurance. That’s why these clinics are so useful for smaller medical issues – they are affordable, take people without health insurance, and can usually see you in just a few minutes. Just don’t go in looking for cheaper surgery at your local CVS!

Here are the websites of the Top 4 most common health clinics in business right now that can be found in most towns or at least nearby to your town:

• CVS Minute Clinic
• Walgreens Take Care Clinic
• Target Clinic
• Walmart Clinic

The issue I was having back east took THREE visits to the clinic to clear up – but they only charged me the $69 fee once. If I had gone to a doctor 3 times, without insurance, it would have cost me a fortune! I am very glad that these clinics are showing up in communities around the country, and I highly recommend you check one out if you either don’t have insurance or have an urgent issue your doctor can’t see you right away for. Even when (if) I am finally able to get health insurance again, I will still use these clinics for less urgent medical issues.

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For Those Without Insurance

More lower-income individuals under the age of 65 would be covered by Medicaid, the federal health insurance plan for the poor. Under the new rules, households with income up to 133 percent of the federal poverty level, or about $29,327 for a family of four, would be eligible.

Most other uninsured people would be required to buy insurance through one of the new state-run insurance exchanges. People with incomes of more than 133 percent of the poverty level but less than 400 percent (that’s $29,327 to $88,200 for a family of four) would be eligible for premium subsidies through the exchanges.

Premiums would also be capped at a percentage of income, ranging from 3 percent of income to as much as 9.5 percent. Moreover, people of any age who cannot find a plan that costs less than 8 percent of their income would be allowed to buy a catastrophic policy otherwise intended for people under age 30.

For Those With Insurance

People who receive coverage through large employers would be unlikely to see any drastic changes, nor should premiums or coverage be affected. But almost everyone would benefit from new regulations, like the ban on pre-existing conditions that would apply to all policies come 2014.

One of the biggest changes involves the Medicare prescription drug program. Its unpopular “doughnut hole” “” a big, expensive gap in coverage that affects millions “” would be eliminated by 2020. Starting immediately, consumers who hit the gap would receive a $250 rebate. In 2011, they would receive a 50 percent discount on brand name drugs.

Again, it’s not perfect… at all. But it’s a start to help us catch up to every other industrialized nation on earth by making health care at least accessible to every citizen. Costs need to be controlled and insurance companies still need to be monitored for abuse – but the fact that myself and others in my situation can now finally have access to health insurance? Well, that’s quite a good start to a process that will take years to iron the kinks out of. Given time and if done right, I think this could be good for most everyone eventually. Let’s hope.

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I mean, I could go buy a policy on my life and name anyone I wanted as a beneficiary – so why couldn’t it work in reverse? Let’s say I bought a policy on a parent and named myself as beneficiary – how is that any different than the first scenario? If one did the math and decided that was a good way to “set aside” $X.XX per month, would there be any problems with any regulatory agencies?

Basically you would be gambling on the futures of people you know by purchasing term life insurance on them. I wonder…What do you guys think? Also, How much life insurance should you buy if you can?

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Every month almost one million Americans consider and purchase a new life insurance policy. In today’s economic environment, when consumers are often looking to reduce costs, what are the most affordable ways to protect a family?

Life insurance is the foundation of a smart financial plan, particularly when there are family and loved ones who depend on a person’s financial support. All other financial planning can be for naught without the foundation of life insurance in place. That’s why you see millions of people researching life insurance online and almost a million a month purchasing life insurance.

There are two basic categories of life insurance: term insurance and permanent insurance. The primary difference is that term insurance is pure insurance. It pays only if death or other defined event occurs during the specified term of the policy, typically 10, 15, 20, or 30 years. Because the policy specifies a particular time period during which an individual and his or her family are protected, the carrier is essentially taking the “risk” that the insured party won’t make a claim during the specified term, and that is a more limited risk than absorbed in permanent and whole life policies. This makes term insurance generally less expensive and more flexible than permanent insurance.

Permanent insurance policies, such as whole life, are just that””permanent. They accrue cash value over the insured’s whole life and perform more as investment instruments than as pure insurance. This generally makes them more expensive, because, of course, everyone dies eventually and the odds are 100 percent that the insurance carrier will have to pay a claim as long as you continue to pay the premiums.

Thus, term life insurance is probably the smartest life insurance choice in the current economic environment. First, it is typically the most affordable form of life insurance and, secondly, it provides the most coverage for the dollar, the best value. That’s because term insurance is pure insurance, whereas most other life insurance products are often, in essence, combined investment or savings vehicles.

Most people buy term life insurance because it offers significantly lower monthly premiums for the same death benefit as a permanent policy. Parents with young children and limited budgets might start with a term policy of 15 years””long enough to keep their children safe until they are independent ““ or until greater family wealth is built up over time. If the family still needs life insurance at end of that term, when the family income is likely to be higher, they can convert to a larger term policy or one of the higher-priced permanent or whole life insurance products.

Term insurance is particularly applicable in this economy for people such as:
(a) parents with children, particularly young children
(b) for people with older dependent children and dependent elderly parents
(c) for entrepreneurs starting a new venture or who are critical to their family or small business
(d) even for young professionals with no dependents who are looking for an affordable insurance option.

We buy life insurance to protect those who depend upon us. If someone you care about ““ a child, a spouse, a parent or partner ““ relies on your income than the most affordable and effective way to protect them is to have a term life insurance policy. The value of life insurance is apparent to most people, even if they do not want to think about the subject. Life insurance replaces lost income and pays for the way of life a provider gives to his or her family. It ensures that house payments are made, meals are on the table, bills are paid, and cherished dreams are realized.

Whether you are your family’s primary income producer or its primary caregiver, your dependents need the security and help that life insurance provides.

Charan Singh is the founder and Chief Executive Officer of SelectQuote, (www.selectquote.com) the leading online source for term life insurance information, comparisons and products. Singh previously served as a leader of insurance services at Charles Schwab, and has more than 25 years experience in the financial services and life insurance industries.

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- Go to the dentist and get your teeth cleaned! My insurance covered 2 cleanings a year and I made sure to use them up. (Getting cleanings often is also a way to keep future dental expenses in check)

- Check how much money you have left in your Flexible Spending account and see what medical expenses you can use it for before you lose it. Some often-missed uses of this money include costs of acupuncture, bandages, birth control pills, chiropractor visits, COBRA payments, contact lenses & solution, eyeglasses, eye exams, and stop-smoking programs.

- Check if you have hit the deductible on your insurance options. If you have already, that means your insurance company will pay more of your care costs, so visit a doctor for anything that has been bothering you!

- Refill any prescriptions before the calendar year starts over. Most insurance companies only cover X amount for prescriptions, and if you haven’t hit it yet, refill those meds.

You have 31 more days to use up the benefits you paid for all year, so spend a few minutes going over your records or calling your insurance company to see where you stand. They have no problem taking money from you, so you shouldn’t feel bad cramming a bunch of doctor and/or dentist visits in before the end of the year!

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No insurance company is complaint-free though, and Progressive is no different. There are plenty of complaints on the internet about every company, so I cannot choose an insurance company based on those alone. Several people I know have had good luck with Progressive, so I will have to trust that these guys will be OK for what I need. And that brings me to you guys – what insurance company do you use? Do you like them? Do you hate them? Maybe a few comments from readers can give me some insight I may be missing out on!

Photo from Shutterstock

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In my book, a renter is more likely to experience a major loss than a homeowner is. This is because oftentimes they are sharing a building with many other people in apartment-like settings, so they have to trust every other single resident to not leave the water running, not leave a burner on, or to remember to put out their cigarettes before they go to bed. That is a lot of faith in other people to have to have! Many renters think that the owners of the building have insurance that will cover them, but that is not the case at all – it is up to you to insure your belongings against any loss or damage.

Photo from Shutterstock

While there are many different things that can be written into renters insurance policies, a biggie to focus on has to do with something I mentioned earlier – full replacement cost. Renters policies can come in two flavors:

• Actual Cash Value (ACV), which is coverage that pays you for the market value of your belongings at the time they get damaged.
• Full Replacement Cost is coverage that will pay you the full replacement cost of getting a new version of whatever it is that you lost.

I pay for full replacement cost coverage, as I know that if I didn’t, and I lost my TV, I would only get what it is worth today – not what it costs to actually replace it. It may cost a little more than ACV, but it is totally worth it for me and my stuff. Here is what my renters policy looks like for $12.50 a month:

• $45,300 for loss of personal property, Actual Loss Sustained
• A deductible of $1,000
• $100,000 in personal liability

If you rent, and you do not have renters insurance, you are taking a very big gamble. While you might not think that you own many things of value, I bet if you walked around your home and added up the cost of everything in it, it would add up to a pretty penny – and wouldn’t you want some insurance against having to pay for all of it again? I know I like having it. And for a whopping $12.50 a month for $45,000 in coverage, I feel pretty secure in the fact that I could quickly and easily replace the most expensive of my belongings without much pain.

I use State Farm for my car and renters insurance policies, but there are plenty of companies out there who want your business. Quite often, a good place to start is an insurance comparison shopping site like ESURANCE or HOMETOWN QUOTES which let you see how much a policy would be with different insurers. If you already have an auto insurance company you are happy with, see if they offer renters insurance as well and if you can get a discount because of your other policy. Whatever else you do this week, LOOK INTO RENTERS INSURANCE SOON if you do not have it – it doesn’t cost a lot but can save you a lot in case of emergency!

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I once had the option of buying into COBRA, when I was laid off from an internet company back in 2000. However, when I found out it was going to cost $590 a month for my insurance, I had to pass – after all, I had just gotten laid off, so how was I supposed to pay for it? Luckily I started a new job a few months later and got insurance again (although how much “insurance” insurance actually gives you is definitely in question nowadays) and all was OK. And if I remember correctly, my brother signed up for COBRA back when he lost his last job, and while it was very expensive, he has a pre-existing condition that he needs coverage for – so he didn’t really have a choice in the matter.

If you think you might be needing COBRA insurance or are just curious as to what the details are, here are a few important frequently asked questions to keep in mind:

How does a person become eligible for COBRA continuation coverage?

To be eligible for COBRA coverage, you must have been enrolled in your employer’s health plan when you worked and the health plan must continue to be in effect for active employees.

What are the qualifying events for employees to get COBRA?

- Voluntary or involuntary termination of employment for reasons other than gross misconduct
- Reduction in the number of hours of employment

What are the qualifying events for spouses to get COBRA?

- Voluntary or involuntary termination of the covered employee’s employment for any reason other than gross misconduct
- Reduction in the hours worked by the covered employee
- Covered employee’s becoming entitled to Medicare
- Divorce or legal separation of the covered employee
- Death of the covered employee

What are the qualifying events for dependent children to get COBRA?

- Loss of dependent child status under the plan rules
- Voluntary or involuntary termination of the covered employee’s employment for any reason other than gross misconduct
- Reduction in the hours worked by the covered employee
- Covered employee’s becoming entitled to Medicare
- Divorce or legal separation of the covered employee
- Death of the covered employee

What process must individuals follow to elect COBRA continuation coverage?

Plan participants and beneficiaries generally must be sent an election notice not later than 14 days after the plan administrator receives notice that a qualifying event has occurred. The individual then has 60 days to decide whether to elect COBRA continuation coverage. The person has 45 days after electing coverage to pay the initial premium.

How long does COBRA coverage last?

COBRA lasts for 18 months for the direct employee of the former company, or lasts 36 months for dependents who no longer qualify because of divorce or death of the direct employee.

If I waive COBRA coverage during the election period, can I still get coverage at a later date?

If a qualified beneficiary waives COBRA coverage during the election period, he or she may revoke the waiver of coverage before the end of the election period. A beneficiary may then elect COBRA coverage.

Under the American Recovery and Reinvestment Act of 2009, is there a reduced cost for COBRA?

Yep! The stimulus package temporarily reduces the premium for COBRA coverage for eligible individuals. Individuals who are eligible for COBRA coverage because of their own or a family member’s involuntary termination from employment that occurred from September 1, 2008 through December 31, 2009 and who elect COBRA, may be eligible to pay only 35% of the full COBRA premiums under their plans for up to 9 months. Here is more info on COBRA stimulus benefits.

COBRA is definitely great for those people who otherwise would have trouble getting private insurance on their own, but it is very expensive and has a limited lifetime. After 18 months, you would need to either have another job with insurance or find it on your own. If you are like me and can no longer buy private insurance, COBRA might be a great option. Otherwise, you might be better off going for a private option and save yourself some money. Definitely do the math!

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If I had to choose again between paying for private insurance or going without, I would go without. That is, if I could even get it again after having cancer – considered a pre-existing condition.

For several years after I quit my corporate gig, I paid for private health insurance through BCBS. It was nearly $400 a month just in premium payments – and in 2008 alone I ended up spending $14,296 of my own money on health care. That was WITH health insurance. It’s not that the tests were really that much more money than that and that if I didn’t have insurance I would have owed more – it’s that the insurance didn’t cover A, B, or C tests. So much for insurance coming to the rescue. I do remember my corporate group insurance being better, and my wife’s plan at her work is also better, but private insurance just does not cover individuals to the same extent as group plans. Even after paying that premium for years, it really didn’t help when it came time to actually use the insurance I had been paying for. And thus, if I am ever in that situation again, I will go without. I will start an HSA and just put a few hundred in it every month, and get some medical coverage on my automobile policy just in case. After all, if private insurance isn’t going to pay for the care I might need some day, why continue to pay the monthly premiums?

As I mentioned in the title of this article, my neighbor has gone without insurance for 30 years. If his monthly premium for private insurance had been around $300 a month (let’s keep it at that figure for simplicity sake and to account for inflation), insurance would have cost him $300 X 12 X 30 = $108,000 over the last 30 years. That’s a lot of dough to shell out for not a lot of coverage. And unlike most people, especially in America, he takes incredible care of himself. And sure, an accident could still befall him at any time. But private insurance isn’t likely to pay much of his bill anyway if he did have one, so he took his chances on not sending them hundreds of dollars every month.

photo credit: photomequickbooth

So, this leads me to my question – what do you guys think about this? Plenty of people cannot afford health insurance still end up going to the doctor and owing thousands upon thousands of dollars. Some people, like my neighbor, choose to go without insurance and would also owe thousands if he did get sick or had an accident. And people like me can afford it and did pay for it, but also end up owing thousands. So…what do you think?

Reform is needed in this country, no doubt about it. I am not sure of the best way, but something needs to give. Doctors are going out of business or into private doctor-run plans because they aren’t getting paid what they should be insurance companies. Insurance companies are canceling policies of the insured, sometimes without a reason, and giving out bonuses to employees who reject claims. And hospitals are barely breaking even because of underpayment by insurance companies and the influx of the uninsured into their emergency rooms. Something needs to give, and I am betting it will be a public option of some sort by the time we are through. Personally I welcome the concept, as long as people still have a choice as to which company they want to pay and what doctor they see. Affordable health care really shouldn’t be a privilege; it should be a basic human right.

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Let’s take a look at some figures from this year now that I have assembled all of our medical costs for the year. Please note that only about $150 of this total is expenses for my wife – a teeth cleaning and a physical. Amazing.

$4,397 – health insurance premiums
$9,787 – copays, tests not covered, CT Scan, etc.
$112 – RX

Total: $14,296 I paid out $14,296 of our money for healthcare needs this year. I cannot begin to imagine how hard this would be on families that do not make the kind of money we do. Do I feel relieved that I wrote out that last check for $208.96? Yep. Do I feel healthy? Yep. But I also know how lucky I am that I could pay off these bills with cash and not have to go into credit card debt or file for bankruptcy all in the name of my health. When people don’t have health insurance they can afford, they go to the emergency room for treatment of colds and minor issues or they wait until they are even sicker to seek help. This ends up costing us all more money in the long run. The system, no matter what you think will fix it or how we can do it, is truly broken and needs an overhaul.

I feel good, and thank you to everyone who sent their kind emails and left nice comments. Supposedly I am 100% cancer-free and should live a perfectly fine and normal life as long as I get checked every 6 months. I feel great that I no longer have those bills coming in every few weeks. As soon as I thought I was done, something else would show up. But I am done now and we can go back to saving more for a house and working towards our long-term goals. It feels really nice to be out of debt again!

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