Life and Health

Have you resolved to quit smoking this year? If so, you’ll feel healthier, enjoy a better quality of life and save money. Several tips, including this short list, help you find success.

Keep a Craving Journal

In the week before your quit date, record details like when cravings hit and their intensity, how often, where and with whom you smoke and how you feel after you smoke. This information assists you in choosing smoking cessation tips and tools that address your specific needs.

Schedule a Quit Date

Saying you’ll quit one day isn’t enough. You need a specific date, preferably in the next week or so before you lose your resolve.

Tell People Your Plan

With accountability, you’re more likely to succeed. So tell the people in your life about your plans to quit, and ask a few close family members, friends, neighbors or coworkers to encourage and support you.

Anticipate the Challenges

No matter how much you want to quit, you’ll face challenges like insomnia, cravings, headaches or depression. Many quitting smokers resume their habit within three months, but anticipating challenges increases your chances for success.

Remove Tobacco

You can’t be successful if you store or hide cigarettes, lighters or ashtrays anywhere at home or work. Toss all tobacco-related products and consider deep cleaning your home’s carpets and furniture as well as your car to erase everything from your past.

Consider Medication Your doctor can recommend gum, lozenges or a patch as you quit your habit. He or she can also prescribe medication that addresses depression, anxiety, stress or other feelings and emotions that affect your smoking patterns.

Take up a Hobby

Exercise, meditate, draw or do some other hobby that keeps your mind and hands busy. These distractions help you get and stay healthy.

More and more senior citizens and those nearing retirement are buying Life insurance these days. Many of these people are worried that their spouse will run out of money if they die; while others hope to make up for losses suffered in the stock market decline.

An increasing number of Life insurers require testing the cognitive abilities of older applicants, in addition to taking a physical exam. Some companies make it standard practice to test applicants 60 years or older, while others begin testing at age 70 or 80.

The reason: cognitive impairment has a high correlation with early mortality. A study by the Alzheimer’s Association (http://www.alz.org/ ) found than 60% of people with Alzheimer’s at age 70 will probably die before they turn 80, compared to 30% of those who don’t have the disease. Alzheimer’s is the sixth-leading cause of death in the U.S., with fatalities soaring by 66% between 2000 and 2008 – a period during which deaths from other illnesses, such as breast cancer and heart disease, fell.

Because there can be a genetic component to Alzheimer’s, some experts believe that Life insurance applications will soon include questions about the cognitive abilities of family members (as they already do about a family history of cancer or cardiac disease). Bear in mind that the outbreak of the AIDS epidemic resulted in adding questions about HIV/AIDS to Life applications.

This focus on cognitive impairment among senior applicants offers one more reason for consumers to buy Life insurance when they’re young, in good health, and can benefit from lower rates.

If you’re overweight, you may already have a few reasons for wanting to lose weight. You might want to shop in regular clothing stores, feel more attractive, and have more energy. Losing weight can improve your health, too. As if these reasons weren’t enough motivation to lose weight, the effects of obesity on your life insurance policy can also inspire you to lose a few pounds.

Why Obesity Affects Life Insurance Rates

Life insurance is based on your risk of dying. Obesity can drive up your life insurance rates and affect your policy category because the extra pounds increase your risk for chronic conditions. These dangerous and potentially fatal conditions include the following.

• Heart disease
• Type 2 diabetes
• Gallbladder disease
• Asthma
• Sleep apnea
• Liver disease
• Stroke

Are You Overweight?

Being as little as 10 pounds over your ideal weight increases your health risks, making life insurance more expensive and keeping you out of a preferred policy. About two-third of American adults are overweight or obese, and you can find out whether you are overweight or obese using a BMI calculator. Just enter your height and weight. If your BMI is over 30, you are considered obese.

Make Modest Lifestyle Changes to Lose Weight

Crash diets are not fun and they don’t work. For lasting weight loss, think about small changes that you can make throughout the day to eat fewer calories and exercise a little more.

• Grab fruit instead of cookies for dessert
• Have raw cut vegetables for a crunchy snack instead of potato chips
• Serve yourself smaller portions
• Drink water instead of soda
• Go for a walk after dinner
• Choose lean meats and cut skin off of chicken before cooking it

These small changes can help you lose weight and get healthier. You’ll feel better and look better, and you may be rewarded with lower life insurance rates!

Almost everyone needs Disability insurance. Think about it. Your capacity to earn a living is crucial. Your income makes it possible to buy food, make mortgage payments, provide for your children, take a vacation, and countless other things. Many faithfully pay premiums for car, life, homeowner’s insurance, and perhaps even a pet’s medical insurance, but they neglect this extremely important protection, Disability insurance.

There are few things as disruptive to a family’s happiness as having a parent, or maybe both, lose his/her income due to accident or illness. When income is drastically reduced, it creates stress and unmet needs and expectations. It often creates feelings of guilt in a parent. Life is hard without a reliable source of income.

A LIFE Foundation study states that 70% of working Americans could not be without income for more than one month without serious financial difficulty. Surprisingly, the same study states that one of every four Americans couldn’t last a week if they were seriously injured and unable to work. Clearly, the answer to the question, “Does almost everyone need Disability insurance?” is a resounding “Yes!” It is important for an individual, and especially important for a family, to have a financial plan. Disability insurance should be one of the foundation stones of everyone’s financial plan, because it protects such an important asset – your income.

Other statistics need to be considered. The Senate Finance Committee states that 70% of people between the ages of 35 and 65 will become disabled for three months or longer and that 90% of injuries will occur away from work.

After you make the decision to purchase Disability insurance, there are still important questions to be answered and decisions to be made. “How large a benefit do I need; how much will it cost to purchase a plan with that level of protection?” “Does my spouse need this kind of policy even if he/she doesn’t work or has a small income?” “How long is the waiting period before I start receiving checks?” “Does my employer offer a disability plan that I am not aware of?” “Will I need this kind of insurance after I reach age 65?” All these and many other questions need to be taken to a capable, experienced insurance agent who is a specialist in this type of insurance. This is an important decision with a great number of complicated considerations, such as, “Is the plan guaranteed to be renewable?”, “What is the maximum benefit period?”, and “Which occupation class does my job fall into?”

Once the decision is made and the policy is purchased and in effect, you can breathe a sigh of relief. You have done what is necessary to protect your happiness with Disability insurance. More importantly, you have protected your family by providing for them if your ability to work is interrupted.

One in two Americans will need long-term medical care during their lifetime – and this percentage will keep growing, thanks to advances in medicine that keep extending the average lifespan.

The more we age, the more help we need – which means a serious health problem (such as a serious fall, cognitive impairment or heart attack) can make us unable to support ourselves and dependent on others for health care. What’s more, this need is by no means limited to seniors: More than one in three people (37%) receiving long-term care services are younger than 65!

Long-Term Care insurance (LTC) can help pick up the tab for these often pricey services by covering expenses that your Health policy doesn’t include. It can also protect your family’s assets by removing the financial burden on your family and friends of paying for your care, or of caring for you themselves – responsibilities that you wouldn’t want them to assume. As a rule, LTC coverage will pay for care in your home, an adult day care or assisted living facility, or a nursing home. The policy benefits will kick in as soon as you require assistance.

Without LTC, you, or your family, would have to pay for these services – which can create a staggering financial burden that could last for years. It costs more than $70,000 a year to staying in a nursing home, a figure that’s projected to hit $190,600 by 2030. The average wage for home care aides comes to $32.50 an hour, an expense that can add up quickly because more and more people need 24-7 care. Don’t count on other health care programs to foot the bill. Medicare, and almost all Health policies, will provide partial payment for long-term care – and only for 100 days or less. If you’re under the poverty line, such government programs as Medicaid will cover nursing home care.

LTC can provide an affordable alternative. Annual premiums usually range from $1,000 to $5,000, depending on the amount of coverage, and your gender, age, and physical condition. (People who have severe health problems might not qualify).

For a free review of your need for long-term care protection, please get in touch with us.

College students usually don’t think about illness as they decorate their dorm rooms and prepare for classes, but the common cold, the need for birth control and medical emergencies are reality on college campuses. Health insurance ensures students can access the medical treatment they need. This year, students can be prepared thanks to five health insurance options.

1. Stay on the Parents’ Plan

Health care reform allows students younger than 26 to remain on their parents’ health insurance plan. For the best medical care, students should verify that their parents’ plan includes in-network doctors close to campus. Otherwise, they could face large medical bills if they need treatment or they would have to wait until vacations when they can see their family doctor.

2. Buy an Obamacare Policy

Students who have limited income may qualify for a subsidized Obamacare policy. They may enroll on November 1.

3. Apply for Medicaid

Low-income students who earn up to 133 percent of the federal poverty level may qualify for Medicaid insurance coverage. The parents will need to apply if the student is considered a dependent.

4. Purchase Catastrophic Coverage

This type of insurance policy features a low premium and high deductible. Students find it attractive because they can afford the monthly premiums and then are covered if they are in a car accident or other medical disaster. Unfortunately, deductibles can be as high as $6,000, which strains most college student’s budgets, and some students may not seek routine treatment because they can’t afford the deductible.

5. Sign up for the College’s Health Plan

Many colleges provide health insurance to students who would not otherwise be covered. This option is beneficial for older students, and a student’s financial aid package can pay for it. These plans may include limited physician participation and may not cover treatment for a student who’s hurt while intoxicated.

With five health insurance options, college students can receive the emergency medical treatment and routine care they need. That’s good news for students and their families who should discuss their options with an insurance agent today.

When choosing a health insurance plan, you may also have the option to select a Health Savings Account (HSA). It helps to offset the out-of-pocket costs associated with the high-deductible health insurance plans that are so popular today. As many as 17.4 million or 6.2 percent of insured Americans are enrolled in an HSA. Is this type of account right for you?

What is an HSA? 

Created in 2003, HSAs allow you to save tax-free money in a checking account or investment account. You can use that money to pay your deductible and a variety of other qualified medical expenses.

Do you Qualify for an HSA?

The High Deductible Health Plan (HDHP) you choose determines if you qualify for an HSA. These plans usually feature a low monthly premium and allow you to save money in an HSA for medical expenses. Eligible plans include an individual deductible of $1,300 with an out-of-pocket maximum under $6,450.

Do You Have Significant Qualified Medical Expenses?

If you expect to need surgery, have a chronic illness or want to become pregnant, an HSA will come in handy because it allows you to save money in preparation to pay for these expenses. Additionally, IRS Publication 502 outlines qualified medical expenses. They include:

• Dental visits and procedures
• Vision exams and eyeglasses
• Deductibles and co-pays
• Lab and testing
• Medical procedures
• First aid supplies

Can You Afford the Contributions?

According to IRS rules, you as an individual can contribute up to $3,350 per year in your HSA. Elect to have money deducted from your paycheck, and it’s not taxed. You may also deposit after-tax money into the account regularly.

Do you Want to Save Money for Your Future?

The money you invest in an HSA accumulates interest, rolls over each year and can sit in the account indefinitely. As you age, you can use the funds to pay for Medicare premiums, nursing care and other qualified expenses.

Is an HSA right for you? Talk to your insurance agent for more details. With this investment, you can afford to take care of your health.

Whole life insurance is one of several life insurance options you can invest in. It provides coverage for as long as you pay the premiums, and you can withdraw cash from the benefits balance before you die and pay for travel, medical care or other expenses.

Whether your parents purchased a whole life policy for you when you were young or you purchased it as an investment for your future, you can convert it to a term life policy. A term policy offers coverage for a specific length of time. Since it’s often more affordable than a whole life policy, many people convert and invest the money they save into a retirement account. To convert your policy, follow these steps.

1. Decide how much coverage you need.

Insurance experts recommend you buy an insurance policy with coverage that’s at least eight times and as much as 12 times your annual salary. This way, your survivors can pay your funeral expenses, repay debt and provide financially for your dependents.

2. Purchase a term life policy that works for you. 

Before you cancel your whole life policy, purchase a term life policy. Most term policies require a medical exam, and companies screen for risks like smoking, obesity or risky hobbies. There’s a chance you won’t qualify for a term policy or be able to get the amount of coverage you need, so always have a term policy in place before you convert.

3. Cancel your whole life policy.

Now that your term life policy is in place, cancel your whole life policy. Don’t just stop paying premiums, though. Contact your whole life insurance agent and request to cash out your policy and have the funds transferred to the account of your choice. Otherwise, you may lose any money you had invested.

Switching from whole life insurance to term life insurance is pretty simple. When you decide you’re ready to convert, talk to your insurance agent. He or she can assist you in following these three steps and in getting the coverage you need at a price you can afford.

Many employee benefits packages include basic life insurance. If your employee offers this benefit, ask yourself a few questions as you decide if you should buy it or not.

How much coverage is offered?

Typically, employee-sponsored life insurance policies provide benefits that equal one year’s salary. This coverage may be adequate to pay for the funeral and other expenses of a single person with no dependents, but you’ll need more coverage if you have a family, mortgage or debt. Ideally, your life insurance policy benefits should total eight times your annual salary.

Can you keep the policy if you quit or lose your job?

Because your employer-sponsored life insurance policy is part of your benefits package, you may be unable to keep it after you lose your job, switch to part-time status or quit or if your employer goes out of business. Buy an individual policy if you want to guarantee coverage no matter what happens with your job.

Can you afford the premiums?

The life insurance policy your employer offers may be free, but you still want to shop around. Another company may offer better coverage for an affordable lower price.

Is there a medical exam?

Most life insurance policies require medical exams and charge higher premiums to consumers with preexisting medical conditions like diabetes or heart disease or who smoke or are overweight. If your employer’s life insurance coverage does not include a medical exam, sign up for the maximum coverage.

Is the insurance company reputable?

To save money, your employer may choose a life insurance company with a low rating, which means you may not get a payout when you need it. Check the company’s A.M. Best rating to make sure it’s reputable. If not, search elsewhere for reliable coverage.

Purchasing your employer’s group life insurance makes sense in some cases. Do your homework, though, to make sure you’re getting enough coverage at the best rate. If not, purchase an individual policy that gives you and your loved ones peace of mind.

Health insurance deductibles are on the rise. This trend is partially because consumers save premium costs when they choose a high-deductible policy. Do you know how to choose a policy with a deductible you can afford? Use several tips as you choose the best health insurance for your needs.

Can You Afford the Deductible?

When you sign up for a high-deductible policy, you might think it’s okay because you can stretch that deductible over the year. What happens, though, when you have an accident and reach that deductible in one day? Make sure you have money saved to cover the deductible you choose.

Can You Afford the Premium?

Low-deductible policies often include low-cost premiums. With the money you save, you can balance your monthly budget, save an emergency fund or save the deductible cost. However, saving money each month could backfire if you’re slammed with a large bill after your child is injured while riding his bike or if you’re diagnosed with a chronic illness. Consider all of your risks as you decide whether to opt for low monthly premiums or a low deductible.

Does the Deductible Cover Your Family or Just You?

Certain health insurance policies include a low individual deductible but a high family deductible. If you have kids, you could end up paying a large deductible during the year. Read the fine print and understand exactly what the deductible is for each person in your family.

Do You Need a Major Procedure This Year?

If you’re considering a major medical procedure like a knee replacement or want to get pregnancy early in the year, choosing a health insurance policy with a high deductible might make sense. You’ll quickly meet your deductible and then have the rest of the year “off.” However, if your major procedure will happen late in the year, you might be better off with a low-deductible policy since you’ll probably face significant expenses both this year and next year.

Health insurance isn’t an option, but you can choose the deductible you pay. With these tips and information from your insurance agent, you choose a policy at a price that meets your needs.