If you have an accident or become sick and this prevents you from working, disability insurance replaces the income that you would have made. The sad reality is that becoming disabled often results in financial disaster for many people. This is because they are not generally prepared for an unexpected event that will turn their finances upside down.
Individuals who own their own businesses have many financial responsibilities to consider, such as rent, utility bills, and employees' wages. These monthly expenses associated with running a business will continue to exist even if the business's owner is suddenly disabled and unable to work. Having business overhead insurance coverage as a part of your disability insurance helps cover such regular business expenses in the event that you are disabled and unable to work.
Business owners as well as self-employed individuals can get business overhead coverage if they meet the following requirements:
1 - You have an active role in the business.
2 - Your business depends on your presence to operate.
These requirements also ensure that a disabled person who cannot work will return to work if their situation changes. Most disability insurances grant business overhead coverage benefits for a maximum of 12, 24, or 36 months. The length of time depends on the insurance provider.
Your insurance provider will determine what your benefit limits are each month based on your occupation. These types of policies are affected by the monthly benefits they provide as well as the duration of the benefit period.
Monthly benefits paid to insured business owners can vary greatly. This is because the insurance companies take each individual's business into consideration independently. The amount that you receive may be different from one month to the next, but it cannot exceed the total expenses your business incurs in a month's time. Insurance companies also expect to see that the funds they are providing through business overhead coverage are being put to good use in the insured's business.
You can deduct the monthly cost of business overhead insurance
from your taxes as this insurance is considered part of the cost of doing business. Payments from the insurance company to you, however, are taxed.
Female professionals often have to pay more for disability insurance than their male
counterparts. This is because women tend to file more claims than men. This has moved insurance companies to charge women 30% - 40% more. Still, you can find ways to reduce your disability insurance rates
Individual disability insurance is most often purchased by women whose employers do not offer it or who are self employed. Regardless of whether you work for someone else or own your own business, you may be able to get a discount on your disability insurance. Use the following two tips to do so.
Disability Insurance - Multi-Life Policy Discounts
Individual disability insurance policies come with lower rates when you purchase a multi-life policy. Depending on which insurance company you deal with, these multi-life policies will be available for groups of either two or more or three or more. These individuals must all work for the same company in order to be eligible for these policies. Insurance companies can offer discounts with these plans because their risk goes down with a group plan. When you get multiple policies from the same provider, they usually offer an additional discount of between 5% and 10%. Women applying together also get a special unisex rate that is 30% lower than the normal one.
This type of insurance policy and its accompanying discounts are not well advertised, especially since insurance agents get paid more commission when they sell more expensive policies. That's why it's a good idea to investigate all your options before purchasing a policy.
Disability Insurance - Association Discounts
Association discounts are also available for female professionals who want to save money on their disability insurance. One example is the National Association of Women Business Owners. Simply being a part of this association will get you a 10% discount with some insurance providers. Sometimes, you may not even realize that you are entitled to an association discount. That is why it is so important to talk with your insurance agent about any associations you are a member of. This way you can maximize your savings. In some cases, joining an association you are not currently a member of may be worth it just for the reduced insurance rate you can get.
Remember, association discounts and association disability plans are very different. The American Bar Association, the American Dental Association, the American Institute of CPA's, the American Medical Association, the American Veterinary Medical Association, and other groups offer disability contracts that are referred to as plans. The coverage offered through these plans is inferior to that of an insurance policy. Weaknesses in such disability plans include a limit of 24 months of disability for nervous system or mental problems, poor definitions of what disability is, and poor residual benefits.
When you get an online disability insurance quote
you will need to understand
several insurance related terms in order to fully comprehend the details of the quote. By understanding these terms you can ensure that you will get the right insurance for you. You do not want to be confused by the language used in disability insurance quotes
or by insurance agents.
Beneficiary - A beneficiary is the person named in your insurance contract. Depending on the policy you purchase, family members of the beneficiary may also be able to collect from the same insurance if the person becomes disabled.
Credit Inquiry - Insurance providers frequently run credit checks on clients before agreeing to insure them. The credit investigation they conduct is referred to as a credit inquiry. Remember that each of these inquiries makes your credit score go down. Your premiums are sure to increase if insurance companies see high medical bills or bankruptcy as part of your credit history.
Disability Benefit - This is the total that an insurance company will pay to an individual in the event that they become disabled.
Disability Insurance - This type of insurance covers you if you can no longer earn any income as a result of sickness or injury. In some countries, worker's compensation works together with disability insurance.
Disability Insurance Quote - When an insurance provider offers you a price for a certain policy before you buy it, it is called a quote.
Disability Insurance Premium - The amount your insurance company charges you monthly is called your premium.
is designed to provide income for individuals who become sick or
have an accident that prevents them from working. This article focuses on business owners and the kinds of disability insurance that are made for them.
Disability insurance for businesses includes four major types:
- Business Overhead Insurance
Business expenses are covered for disabled persons with this type of insurance. There are many overhead costs that business owners have to deal with every month such as rent, utilities, and employee salaries. Since a business may earn less when its owner becomes disabled, it can become difficult to handle all of these expenses. Business overhead insurance handles them for you.
- Disability Buy/Sell Insurance
This policy allows individuals who share ownership of a business to form buy/sell agreements if one of them files for bankruptcy, becomes disabled, or dies. The remaining owners are able to pay to purchase the disabled, bankrupt, or deceased owners share of the business by means of disability buy/sell insurance. This insurance is beneficial when there are many shared owners, since each additional owner makes the chance of bankruptcy, injury, or death more possible.
- Wage Loss Replacement Insurance
This kind of insurance offers the best tax benefits possible to employees and their employers if an essential employee becomes disabled. Wage loss replacement insurance can also come into play when an employee is fired or retires. When this type of individual insurance is purchased in groups they are often eligible for a multiple policy discount.
- Life Insurance Disability Benefits
Life insurance policies can offer income for disabled persons in the following two ways:
A) Waiver of Premium
This means that the disabled policy owner does not have to pay any premiums if they are disabled while their life insurance policy is in effect.
B) Combination Policies
The cash value of an insurance plan adds up but is tax-deferred under exempt policies.
Before you are totally decided on a health insurance provider
a good measure to take is to ensure that you have adequate outpatient service provider coverage. If you already have a health insurance coverage plan
you should check with your current HMO, PPO, or health care provider to determine what level of service you
do or do not have.
Equally as important is finding a quality outpatient service provider in your area well before having a medical procedure done so that you know the care you are provided with will be top notch. You can always ask friends and family how their personal experiences with their outpatient service provider was and your doctor is also an excellent reference point. But before you claim an outpatient service provider as your own you should ask yourself and the facilities themselves the following questions:
- Do they accept your HOM, PPO, or current health care plan?
- Is there more than one facility in your area that can service your needs?
- Will your health insurance cover all expected costs?
- Is the facility located at a reasonable distance from your home?
- Will they communicate well with your doctor and let your doctor verify tests and test results that are conducted?
- Is the outpatient facility accredited by a national medical board or other accredited agency?
- What is the staff like, how experienced are they, and how long has the facility itself been in operation?
- Will you be able to be fully treated at the facility or be forced to go elsewhere for follow up care?
- How obliging is the facility when it comes to helping with financial assistance if needed?
- Will they give you clear instructions before, during, and after any procedures?
- How well equipped is the facility to be able to handle any special needs that you may have during and after a procedure?
- Does your doctor approve of the facility?
- What is the facility's reputation around the community?
Additionally, you should always visit the facility in person before you have any procedures done. This will give you the opportunity to see firsthand how clean the facility is and how friendly a knowledgeable the staff seems. You can also ascertain whether or not there are some of the little things that you might like to see in an outpatient service provider such as a waiting room for your family that is going to be comfortable for them.
Only by asking questions, and lot of them, will you be able to determine if in fact you are going to get the best possible out patience service for your particular needs. While talking with friends, family, and your doctor are a great place to start, you should never take anybody's word for it and always plan a trip to the facilities in advance with a list of questions in hand.
Check your health insurance providers
Recently the US Preventative Services Task Force came out with its new recommendations on getting mammograms that shocked the entire nation. The new recommendations are to have women not start receiving mammograms until the age of 50 and then get them routinely every other year. This is a far cry from what
everyone is used to, which is a mammogram once per year starting at the age of 40. This has raised concerns that some or all health insurance companies
will now back out of covering routine mammograms. Is this going to be the case?
As you view this article you have to keep in mind that the concerns herein are pertaining to routine mammograms. If you are at high risk for breast cancer or have a history of lumps and cysts then anytime you get a mammogram it is not considered routine and should therefore always be covered by your health insurance coverage plan so long as it is coded in the proper manner.
If you discover a lump you should schedule an appointment with your doctor immediately. Don't wait just because it has been less than a year since your last mammogram. This is a medical necessity and should be covered by your health insurance coverage.
It is also important to note that the Task Force has only made recommendations, not mandates. Because of that, these are not policies that have to be followed to the letter. The news has garnered some major coverage though and many well-respected doctors, the American Cancer Society, and breast cancer advocates such as Susan G. Komen for the Cure have come out and said that they do not support the new guidelines and that they will continue to recommend their current guidelines.
Many health insurance companies are following suit. They recognize that mammograms are a great way to help in the early detection of breast cancer. Why is that important? Anyone who knows anything about breast cancer knows that early detection is the key to gaining control over the disease and women that detect breast cancer early on stand a much better chance of surviving their ordeal. Still other insurance companies say they will review the new recommendations by the Task Force but also say they will take into account what physicians and other top organizations are saying as well.
Directly after the Task Force announced its new recommendations, Kathleen Sebeilius, Secretary of US Health and Human Services announced that she recommended women continue to get annual screenings done starting at the age of 40. Additionally, Medicare will continue to pay for annual mammograms for women in the program starting at age 40.
Before you fly off the handle and think that your health insurance provider will no longer cover the cost of your annual mammogram, give them a call and ask. If they do make such a significant change to your policy they will have to give you plenty of notice.
Still this is a concern for women of all ages. Just looking at the numbers, breast cancer affects many women under the age of 50. Talk with your doctor and your insurance provider today and keep up to date on this very important event.
Living in California without any sort of health insurance coverage can be dangerous
for you financially. Having health insurance protection
is important for you and your family. Emergencies occur at unexpected times; having health insurance means you are prepared for such events. Of course, everyone hopes that their loved ones will not have to face a serious medical condition of any kind. Still, the reality is that accidents do happen.
When you have to deal with a large and unexpected medical bill, having a California family health insurance policy that covers your family will help ease your stress. Most injuries and medical needs can be paid for with the help of insurance providers, such as automobile accident related injuries and broken bones. Sadly, many people without health insurance don't visit doctors even when they know they should, just to avoid having to pay the associated costs.
Without health insurance, you may have to resort to taking out a loan just to care for the high cost of modern medical care. But you can avoid all that by purchasing health insurance for your family. You can find low cost insurance that you will be able to afford. By doing some comparison-shopping and getting quotes from smaller providers as well as large companies like Kaiser, Anthem Blue Cross or Blue Shield, you can find a reasonable rate.
Insurance providers face a market full of stiff competition; that's why they have to offer you ever better premiums. You can get free quotes from many health insurance companies that will allow you to choose the best one for you. Even small companies can offer some great rates on health insurance policies.
Visit www.Call2Insure for California family health insurance quotes
Lately you may have heard a lot of talk about the current H1N1 Swine Flu ‘peaking' in the United States, at least that is what the CDC is saying. But the number of new cases of H1N1 remains enough to still classify this disease as an epidemic and the flu is still widespread in 43 of the 50 states.
Still for the first time since the outbreak, cases are trending downward in all parts of the country though this trend was only recently evident in the northern New England states. Additionally, Quest Diagnostics laboratories have reported that requests for H1N1 tests have been steadily falling since around October 28th. The laboratory that has tested over 140,000 patient samples for Swine Flu views this news in a positive light.
Unfortunately, all of this does not mean that the bad news is over with all-together. Deaths and hospitalizations typically peak weeks after more new cases peak and to add to the nation's troubles we have just begun the regular flu season, which runs from December to May.
The Center for Disease Control, or the CDC, officials also warn that just because a disease has peaked doesn't mean that the potential danger is over. According to the officials, when a peak occurs it means that half of the people who will be affected overall by the disease have yet to be effected. They also suggested that there is no way to determine if new cases of the H1N1 Swine Flu will continue to decline or rise slightly, then decline and sort of go in a sideways pattern for awhile.
A big problem that the CDC is eyeing is the holiday season. Families will get together by the dozens and will not only spread love and joy, but could potentially spread the virus as well. In other words, we are not out of the woods yet.
So what can you do? The CDC recommends the following actions be taken in order to best protect you from the disease:
- Stay home if you feel sick; even on the holidays.
- Keep children away from crowds if they feel sick.
- Steer clear of others who may display symptoms of the flu.
- Get vaccinated with the new H1N1 vaccine as well as the seasonal flu shot.
While the new H1N1 Swine Flu vaccine is still not available in every area of the country, it is gaining production momentum and is but a short amount of time from being in all corners of the US. But the vaccine only does its job if you actually go out and get it.
While progress is being made in the battle against H1N1 it seems that it is far from over and there may in fact be plenty more to come. Take precautions and get vaccinated and you will stand your best chance of keeping H1N1 away from you and your family.
If you need affordable health insurance coverage that will protect your loved ones visit www.Call2Insure.com to compare insurance plans from the top rated insurers in your area.
Millions of unemployed U.S. workers will see a spike in their health insurance premiums
and loss of coverage as the temporary federal subsidies expire.
With the U.S. unemployment rate topping 10 percent, many groups are urging Congress to extend a measure that helps laid-off workers maintain employer-sponsored health coverage with a 65 percent subsidy on their insurance premiums.
A report released on today said without the subsidy, insurance premiums would consume a significant portion of monthly unemployment benefits and in nine states exceed the average jobless benefit.
The subsidies began in March as part of the $787 billion economic stimulus and the nine months of benefits for the first group of recipients expired on Monday. The program runs through December and anyone laid-off before the end of the month remains eligible for nine months of subsidies.
Some Democrats are considering extending the program as part of new legislation they hope to pass before the end of the year to address unemployment. The issue will also likely be discussed at the White House's jobs summit on Thursday.
But Republicans worried about record federal budget deficits are expected to oppose extending the program.
If Congress fails to act, anyone losing a job in January and subsequently would receive no federal subsidies to maintain employer-sponsored health coverage through what has become known as the COBRA program.
Under that long-standing law, workers who lose their jobs can keep their employer-sponsored health plans for up to 18 months although they must pay the full premium. For many laid-off workers, the $1,111 average family monthly health insurance premium is out of reach.
When workers lose their jobs, they often lose their health coverage as well. For millions of laid-off workers and their families, the federal COBRA subsidies have been a health-coverage lifeline.
The report said that average monthly family COBRA premiums vary range from $979 in Idaho and $989 in Iowa to $1,246 in Massachusetts and $1,232 in Minnesota.