Archive for the ‘Insurance’ Category

Ohio Providing Its People Some of the Best Welfare Health Plans

November 6, 2012 Comments off

Ohio government has proved to be one of the most active plus concerned one when it comes to social health plans. Medicaid Ohio has been involved in saving lives of poor and less fortunate people for years. Every year, they come up with an amazing and even better program that suits most of the people. The best part about their plans is that not only senior citizens but also young ones can come under its umbrella. All the children of the state that are not covered by any of the insurance agencies, government takes up their responsibility. State Child Health insurance is one of such plans; its aim is to protect the kids from losing their lives due to lack of funds.

Medicaid Ohio started a plan, Medicaid Health Start program that focused only on the Ohio children. Any children who fall in the age bracket of nineteen or more and belong to families, which are under the federal poverty level can avails this program’s benefits. A long list of qualifications has been handed to every office; whoever falls in those categories can even get a reduced insurance plan. Medicaid assistance is all about helping locals in the truest sense. Another aspect of this program is the Partnership Policy, which provides for asset protection benefit. This was introduced so that people did not lose the value of their assets after taking up a Medicaid policy.

health careThe best part about this policy is that it will not be keeping a yard stick criteria for your assets holding. One can keep as many assets as he or she wants to but this should not in any way go against the rules or policies laid down for Partnership Policy. A practice that has been followed for ages is that elder members of the family keep saving up their assets and money for difficult times but when the actual time is encountered, the money has lost its actual worth. This happens due to inflation but Ohio has a cushion for this too.

Inflation protection minimums are the feature that gives protection for the above mentioned problem by the Medicaid Ohio. The range of inflation protection is directly proportional with the age of policy recipient, which is mentioned when the policy is being subscribed initially. A flat three percent minimum inflation benefit is offered to people who took up the policy at an age of sixty. In the same way a different rate is applied for people who chose this plan after the age of seventy six years.

The government has given a wide variety to their person to choose the policy or plan that suits them the best. Medicaid Ohio has been one of the most successful welfare programs that have helped people for a very long time now. The results have been phenomenal and citizens are actually getting their share in taxes, thanks to the massive efforts being done by the government.


What Is Term Life Insurance?

February 15, 2012 1 comment

Life insurance does not protect individuals from the inevitable. Instead it offers a way for survivors of the deceased to pay off debts or to continue receiving monetary support. Term life insurance is one type of this protection. Unlike whole life insurance, term life policies are written for a specific period of time with no increase in premiums while the policy is in effect. There are several advantages of taking out a term life insurance policy, but those considering this type of insurance should understand the overall costs involved.

How Term Life Insurance Works
The younger people are the less likely they will die in the near future. This is certainly the case with preteens. Once a child is about five or six years of age it is far less likely he or she will die for any reason in the next twenty years when compared to any other age group. This includes infants and toddlers. Even a teenager or young adult has a very long life expectancy. Why would term life insurance be a good idea for a child or young adult?

The cost of such a policy is determined by the likelihood the policy will remain in force throughout the period for which it is written. Insurance companies charge very low premiums for younger people because this entices them – or their parents – to purchase. It is assumed that a 20-year policy will be paid for each and every month for the full 240 months, making a lot of money for the insurance provider. It is not likely any of the money will ever be paid to a beneficiary.

Because term life insurance is inexpensive for this age group, insurance providers advertise the idea that the protection amounts are worth looking into. A $100,000 term life policy for a teenager or young adult may be only about one-seventh the cost of a whole life policy written for the same amount.

Better Investment Opportunities

A whole life policy costs much more than term life insurance. This is because the monthly premium amount is split. Part is for the insurance itself and part is for the insurance company to invest. The idea is that the insured will profit mightily from this type of insurance many years down the road. Many people take out a whole life policy and cash it in decades later. The invested portion may have resulted in excellent returns and therefore works much like owning stocks.

Some financial advisers recommend that young adults should take out a much less costly term life policy instead and use the savings to invest on their own. Many argue that there is a better chance of turning a profit from the stock market or other trading venture than from a whole life insurance policy.

Age Determines Insurance Rates
If a 25 year old adult takes out a 20-year term life policy, he or she will find the rates much higher when the policy expires. A 45 year old will find it difficult to purchase the same policy again for less than twice the price of the original insurance. The rise in premiums is even sharper at age 55. Many people are satisfied with taking out a term life insurance policy that expires before they reach this age because they are confident their other investments, their life savings and the equity in their real estate will be sufficient to provide for their survivors. This is one reason very few individuals purchase life insurance after retirement.

Getting Life Insurance Quotes

February 14, 2012 Comments off

life insurance quotes

Getting Life Insurance Quotes

Life insurance should be a main priority for you, especially if you want to leave your loved ones with peace of mind in the event of death. Finding the right policy can be tedious and complex, as there’s a multitude of plans and terms to sort through. Regardless of your level of education or financial status, it takes a great deal of patience and persistence to identify the most befitting option. Check out some helpful steps that can prepare you on your search for the best deal.

1. Do your research.

Nothing quite spells success like homework. In other words, you’ll ultimately make a lot of mistakes if you decide to buy life insurance blindly. You must thoroughly weigh the pro’s and con’s of plans in order to find out which one ideally fits your needs. Be sure to compare and contrast policies in depth before making the next move. If you’re younger in age and in good shape, for instance, you should research why term life plans are best choice regarding logic and affordability. By the end of your quest for more knowledge on life insurance, you should understand the definition and conditions of each policy, particularly the one that mostly interests you.

2. Consider your budget.

Insurance policies typically have premiums that individuals pay monthly or annually. Before getting locked into a contract, you should know, and be comfortable with, how much you’re willing to contribute regularly. Otherwise, you could wind up in a financial struggle and may eventually have to breach the agreement.

3. Shop online.

Today’s information age has simplified several processes for people. Shopping for life insurance is no exception. If you have access to a computer, it’s best to check out a variety of websites and quotes online. This will help you avoid going down the list and calling each company which can be time-consuming.

Most companies have a specialized feature on their site that enables you to submit the requested information. In minutes, an estimate based on what you’ve entered comes up and helps you decide if their plan is something you want to pursue.

4. Prepare for the exam.

In a perfect world, people could obtain cheap life insurance by just telling companies what they wanted to hear. Unfortunately, providers won’t just take you at your word; they want concrete proof that you’re not a liability. For this reason, companies require you to undergo an exam that confirms you’re healthy enough to receive the lowest quote.

Make sure you address any negative health concerns before you take your exam. This can result in a commitment to a number of things, such as quitting smoking, receiving a physical from your primary care physician, exercising more, losing weight, reducing the consumption of alcoholic beverage, and/or having better eating habits.

5. Determine the purchase options.

You can buy life insurance in more than one way. Common routes include purchasing through an insurance broker, financial planner, or insurance agent. Many people often consult with a business professional to learn what purchase option is preferable. Regardless of who you decide to go through, be sure to select qualified persons that have completed the appropriate schooling for their career to avoid incompetency, misinformation and/or a lack of professionalism.