Life and Health

Although living abroad for the next year is an exciting prospect, there is much to plan and consider. One aspect that’s often overlooked is extended medical treatment. Most people living abroad would want to return home for treatment and recovery and to be close to loved ones if they become critically ill.

Many mistakenly assume that if a critical illness should arise, then their managed care plan would take care of things. This couldn’t be further from the case. Your health insurance plan in the United States isn’t designed to cover you when you are out of the country for an extended stay. Medicare and Medicaid don’t offer any coverage for any medical expense that develops outside the United States. HMOs (Health Maintenance Organizations) generally will cover emergency room treatment wherever you are, but routine health coverage is offered through the state provider networks of your resident state. If you use a network doctor, PPOs (Preferred Provider Organizations) will cover a greater portion of the expense.

Some might turn to Travel insurance as a source of extended medical treatment coverage. This too isn’t quite the case. Yes, Travel insurance generally will provide you with a certain degree of coverage for illness and injury. The amount and extent of coverage is based on what plan you choose. However, the benefit period is usually only six months. So, if your trip is a year long, then you will only be covered for half of your stay and then be responsible for any incurred medical expenses thereafter.

Expatriate Health insurance, by its very name, should alert you that this might be the Health insurance you’re seeking. In Latin, “ex” means away from and “patria” means fatherland. This insurance is geared toward those who will be away from their home, especially stays that extend past six months. Expatriate Health insurance is specifically designed so that you don’t have the geographical limitations and restrictions to provider networks that you have in your managed care plan. Coverage is often only half of the problem when trying to navigate a foreign health system. The Expatriate Health insurance will also help when dealing with language barriers, transportation to U.S. health care centers, and currency exchange.

Expatriate Health insurance plans are divided into two categories:

The first is the basic expatriate plan. This plan offers coverage for care in-hospital and in-patient, meaning it will cover areas such as a hospital stay, services from a number of medical providers, and ambulance transportation. Home health nursing care and emergency dental services are also usually covered. Enhancements to the basic plan, such as outpatient services, certain therapy services, and prescription drugs, may be purchased for an additional cost. Many of the basic plans will also offer emergency medical evacuation coverage for an additional cost, which will transport you immediately from wherever you are to the nearest advanced medical treatment center in the event a medical emergency should arise. Most medical evacuation coverage will also include a return fare.

The second category is the Comprehensive Expatriate Health insurance plan. This is useful if you require more extensive medical coverage, such as for dietary, psychiatric, eyes, ears, chiropractic, osteopathy, rehabilitation, labor and delivery, and home nursing care needs. Certain prescription medications and diagnostic testing may be covered as well.

Like any health plan, expatriate coverage usually has certain exclusions and restrictions. Most carriers will generally not cover preexisting conditions; injuries from war, rioting, and terrorism; and those with hazardous occupations. In cases of preexisting conditions, certain carriers may underwrite it for an additional cost.

During the past few decades, Term Life insurance seemed to be best way to provide for your family if you were to die. It was affordable and paid out well, but after years of renewing policies that did not guarantee any benefits, people have started to turn back to Whole Life insurance coverage.

Whole Life coverage has gotten a reputation for being a little expensive when compared with Term Life plans, but then again, your money stays your money with a Whole Life plan.

There are many reasons why these Life insurance policies have become so popular recently.

First of all, interest rates are presently at all-time lows, but Whole Life policies pay out guaranteed rates that go far beyond what could be earned in a savings account or certificate of deposit with a similar duration. Better yet, taxes do not apply to the cash value growth of a Whole Life policy.

Also, insurance companies offer a variety of Whole Life plans that can help policyholders to reinvest dividends and increase interest on its cash value, further protecting the investment.

Taxes are another reason people are turning to Whole Life insurance. Although taxes on capital gains and dividends have been recently reduced, the proceeds of Whole Life policies are generally not taxed, even when the benefactor dies.

In all, Whole Life policies can do things that Term Life coverage just cannot offer. For instance, once premium payments accrue enough cash value in the policy, premium costs might be reduced or even eliminated, without affecting the benefits or coverage terms. Policyholders can even borrow money from their Whole Life policy’s cash value without needing to go through a lengthy loan approval process. And since it’s actually the policyholder’s money, there’s no rush to pay it back.

There are few guarantees in life, but people can count on the guaranteed benefits of Whole Life coverage. Every time a Term Life policy gets renewed, the process of investing begins anew, not to mention that Term Life coverage can be canceled if a payment is missed or late. Watch your money grow and rest assured that it will be there during times of need with Whole Life insurance.

Marriage usually changes the way in which insurance is thought about and approached. Insurance, especially for newlyweds, is much more complicated than merely insuring a specific object. Think of life as a growing puzzle. You’re constantly laying down new pieces and fitting it all together. Marriage is a big puzzle piece that’s often accompanied by other pieces of your life puzzle, such as a mortgage and children. We all hope that these pieces fit together without interruption or chaos. However, that isn’t always the case. Insurance is a way to protect your puzzle pieces and secure the future of your new family.

Life Insurance. Marriage inevitably brings about many changes – from where you live to your standard of living. These changes usually are designed around the income of the primary breadwinner or the combined income of both spouses. Either way an unexpected death can result in financial hardship if not anticipated carefully. Life insurance is intended as protection should one spouse die unexpectedly and leave the other with the responsibility of this new life.

When purchasing Life insurance, there are many factors to consider, mainly inflation, monthly debts and income, and future financial obligations. A good rule of thumb for ordinary families is to have a minimum coverage that’s 10 times the primary annual income. However, this wouldn’t be applicable in all situations; for example, you might have a disabled child that increases financial obligations. It’s best to speak with our Life insurance agents to help you determine how much coverage you actually need.

If you have an existing Life insurance policy, then it’s important to revisit the policy and make any adjustments to coverage and possibly rename your beneficiary.

Disability Insurance is just as vital as Life insurance. Statistically, disability is actually a greater possibility for younger married couples than premature death. Disability insurance is especially important for young couples taking on the responsibility of purchasing their first home. Imagine for a moment that you or your spouse suffers an illness or injury that results in an inability to work. The absent income could mean an inability to pay your mortgage, especially if the affected spouse was the only one working. Disability insurance is designed to protect you from such circumstances by covering a portion of your income.

Automobile, Homeowners, And Renters Insurance. Most couples will find it more cost efficient to use the same automobile insurance company. Many carriers offer a discount based on the number of vehicles insured and possibly an additional reduction for carrying Homeowners insurance with them as well. Even those not financially ready for a mortgage should still use Renters insurance to protect their newly combined possessions.

Health Insurance. Just as with Auto insurance, many couples might find it more cost efficient for both health insurance policies to be through the same company. Spouses can generally be added to an existing policy after marriage. Look to see which option offers the lowest premiums. And, if planning on starting a family immediately, be sure to look at which options cover prenatal care.

Financial solvency is hard enough when you only need to worry about yourself. Now that you have a spouse, there are even more angles to cover and ways things can go wrong in your puzzle. Why test for richer or poorer when there are so many ways to guard against the latter?

Life insurance offers basic, unique and essential wealth protection characteristics unequaled by any other product. Most experts agree that such protection is a fundamental part of any successful financial plan. It can provide, in the event of an unexpected occurrence, security against the loss of assets – the hard-earned money you have worked to acquire – and protection for those who depend on you financially.

All Life insurance products have one attribute in common: They provide cash to your family through a death benefit. With a Life insurance policy in place, you have the peace of mind that you and your loved ones have laid a firm foundation for your financial future. Without a Life insurance policy, your best-laid financial plans could crumble before your heirs’ eyes. Even worse, your survivors could be left with burdensome debt. It is a good exercise to think about what would happen if you passed away today. Would your family have money to pay your final expenses? Would they be able to meet the fundamental costs of living, such as medical and utility bills, grocery costs, and mortgage payments? A Life insurance policy can help position you to answer ‘yes’ to all of these questions.

Some Life insurance policies, such as Permanent Cash Value insurance, can offer much more than just protection. They can provide living benefits that add extra dimensions to your financial plan. Depending on which policy you choose, Life insurance can help you to accumulate tax-deferred interest on cash values. These cash values can offset future educational costs, for instance, or serve as a supplemental funding source for your own retirement.

In summary, Life insurance can be seen as a potential source of protection (through its death benefits to your family) and financial growth (through its cash value accumulation). Be aware that matching the right insurance product to an individual’s needs and goals can be complicated, and you should consider utilizing the services of one of our skilled financial professionals. We can help you to determine exactly how much and what type of insurance is best for your personal financial plan.

When you arrive at the hospital, you expect excellent care from your medical team. After all, highly trained doctors and life saving equipment surround you. According to the Institute of Medicine, what you might not be aware of is that as many as 98,000 patients die each year as a result of medical errors during a hospital stay. That’s more people than die from car accidents, breast cancer, or AIDS. You can greatly reduce your odds of accidental injury or death by asserting yourself and showing interest in your care. Your No. 1 priority is to not become passive when entering the hospital.

Here are some additional steps to take:

Research your treatment plans. It’s easier to give up control, when you don’t know what’s going on. If you know what to expect in the hospital, you can take a more active role in monitoring your treatment. Many common procedures have pre-admission classes. Such classes explain what will occur each day in the hospital for a hip replacement surgery, open heart surgery, etc.

Ask Questions. Know what medications are being prescribed and why. Pay attention to what dose you’re being given before taking it. Do not assume the dosage is correct just because a nurse tells you it’s what the doctor ordered. Medication mistakes are the most common errors in hospitals, according to the IOM. It is also important to write down questions as they arise. When a doctor drops in, be sure to reach for your list.

Make sure that everyone who gives you medications checks your hospital ID bracelet every time. Patient mix-ups are more common than most hospitals would like to admit. Make sure the medical staff knows who you are by checking your ID bracelet.

Request that any allergies are noted prominently in your chart, and mention them to everyone who attends you. Furthermore, make sure your chart details every medication you are taking, including over-the-counter medicines and dietary supplements such as herbs and vitamins.

Quiz your doctor. Especially if you require complex surgery, be sure that your medical team consists of experienced professionals. Quiz the doctor on the number of such surgeries they have performed and the associated outcomes. Ideally you want a specialist who has performed a large volume of the type of surgery you require.

Have a family member or friend nearby. Your medications might make you groggy and not allow you to operate at peak awareness. Arrange for someone to help you. Make sure they have been educated on your surgery just as well.

Upon discharge, ask medical staff to explain thoroughly the treatment you need to follow at home. Doctors and nurses often assume patients understand more than they do about follow-up care. It is best to ask questions before you leave the hospital, and to make note of who to call if more questions arise.

It is very difficult to evaluate what Health insurance plan is the best fit for you if you don’t have a basic knowledge of insurance industry lingo and terminology. An insurance provider can describe the various insurance plans ad nauseam, but unless you understand the technical terms, you are not likely to be any wiser by the end. The following are some of the most commonly used and important Health insurance terms:

Exclusions: The services that will not be covered under a Health insurance policy. Exclusions vary per provider, but cosmetic surgery, experimental treatments, or home care would be examples of common exclusions.

Co-payment: The fixed out-of-pocket amount that you will pay for each medical service or prescription before the Health insurance provider begins to pay for the service or prescription. This amount will also vary per policy, but usually range from $10 to $50.

Co-insurance: The percentage of the total cost that you will pay for a medical expense. Co-insurance may be in lieu of a co-payment or in addition to it. It also varies per policy, but a common arrangement is 20% patient payment and 80% insurance provider payment.

Deductible: The amount of out-of-pocket money you will pay before any health care expense is paid by the Health insurance provider. The annual deductible can be anywhere from $500 dollars to thousands, depending on what type of insurance plan you choose.

Coverage Limits: The pre-set monetary amount that a Health insurance plan will cover. Once you incur medical expenses past the limit, you will be responsible to pay the entire amount out-of-pocket. (Note: the Obama health care reform includes phasing out annual coverage limits by setting annual limits no lower than $750,000 this year, $2 million in 2012, and completely prohibiting them in 2014.)

Premium: The monthly payment amount that you pay to your Health insurance provider to continue coverage.

Out-of-Pocket Maximums: The point where your payment obligation ends and the health insurance company pays all future covered medical costs. These maximum out-of-pocket expenses can be applied to a particular benefit section or the all the policy benefits.

How to Determine What Health Insurance Plan Is the Right One

Health insurance coverage should be based on individual need and monetary resources. Cost is obviously a huge consideration, but luckily consumers have a lot of health care plan options. The cost of a health care plan will vary based on the benefits it provides and what insurance company is providing it. Exclusions, coverage limits, deductibles, etc. will all impact the monthly premium amount.

At the same time, a policy is virtually worthless if it fails to cover your expected medical needs; for example, if you expect to become pregnant, but the coverage excludes maternity, it probably will not be a very beneficial plan for you. There might also be certain known medical needs, such as prescription medications, mental health needs, immunizations, home health, therapy, eyeglasses, or preventative care, that you would want to ensure are covered in whatever Health insurance policy you choose. Always understand the benefits a plan offers before signing on the dotted line.

Lastly, you should make sure that the plan is offered by a reputable Health insurance company. It is also beneficial if the company has a professional insurance agent available. The insurance agent can best apprise you of all of your health care coverage options, help you determine what plan best encompasses your financial and medical need, and answer any policy-specific questions you might have.

If you could see the future, you’d probably be curious about your death. Sadly, there isn’t a magic crystal ball to tell you how, when, where, and all the circumstances surrounding your death. What you do have at your disposal is a living will. You might not be able to see your future, but you can play a vital role in predicting, managing, and determining what happens.

What Is a Living Will?

An advanced directive includes two documents: The living will and a Health Care Power of Attorney. The living will document is composed while the adult is competent and can only be used when the person is no longer able to make their own medical decisions. It outlines specific instructions on medical treatment in the event that the person becomes incapacitated or unable to communicate their own wishes. The living will specifically dictates what medical treatment is desired or not desired and under what circumstances. It is essentially a set of written directives for healthcare professionals to use in determining medical care if you can’t personally tell them.

A living will is not the same as the Health Care Power of Attorney, which serves to appoint a person to speak for you. Also, be careful not to confuse a living will with a last will and testament; they are not the same thing. A last will and testament outlines instructions related to your personal estate, not your health.

Advantages of a Living Will

For those that wish to have the final say in what happens to them when they become ill, injured, or otherwise incapacitated, a living will is an invaluable tool. You might have strict religious convictions related to medical treatment options, such as a blood transfusion or organ transplant, that you want to make sure are adhered with. A living will gives you the control to make your wishes known and comfort in knowing they will be followed.

Family members might know your wishes, but medical emergencies are often a chaotic and stressful time where your medical wishes might not be on the forefront of thought. A living will also eliminates the pressure and guilt from your family members making medical decisions for you, as you have already expressed the answers to difficult medical decisions with your living will. A living will should be immediately considered for those diagnosed with a terminal illness, such as cancer, or a cognitive altering disease, such as dementia or Alzheimer’s disease. You will have the ability to dictate all types of acceptable and non-acceptable medical interventions while you are still cognitive enough to make your own decisions.

For those with an already known illness, the preparation of the living will is also a gateway to speak with your doctor and family about the illness, future aspects of the illness, and what is the best course of treatment for you. Do remember that a living will is a binding legal document and should not be made in haste. If your decision involves termination or refusal of medical care, the living will must be made under the consultation of your doctor. The living will is authorized by statues written into every single state law. Most states have created a basic language and format for the living will.

A 2004 study showed that up to 75% of those that died between 35-years-old to 55-years-old left their significant other without Life insurance coverage that was adequate.* This statistic might be attributed to the fact that many don’t like to think about an early death, much less the surviving family members being forced out of the home and liquidating all of the personal assets to afford the everyday cost of living.

The possibility of an early death, and the financial hardship that an early death might impose on other family members, is something that should never be ignored. Life insurance is a vital tool to prevent such potential circumstances from becoming a reality. The well-being and monetary needs of the surviving family members should be considered when choosing a type of Life insurance.

How to Choose the Right Life Insurance Coverage

The right decision is most always synonymous with an informed decision. Before you choose any specific policy or option, make sure that you understand what each type of Life insurance policy will cover and cost. Then, and only then, can you make a well-informed decision about what coverage will best suit your specific need and circumstance.

Term and Permanent Life insurance are two common types of Life insurance that you might want to consider. Term Life insurance is essentially a temporary form of Life insurance. It will provide coverage and pay benefits only during a designated or preset time period. On the other hand, Permanent Life insurance will provide coverage during the entire lifetime of the individual. It can also have the benefit of accruing a cash value over time. However, for the coverage to remain valid, premiums must be paid on time. There are benefits and drawbacks to each type of Life insurance; it really depends on the specific needs of the family.

You will also want to consider how much Life insurance will cover the needs of remaining family members. Number of family members, debt, future debt, and ability to afford the various Life insurance premiums will all play a role in how much Life insurance coverage is best.

It can be beneficial to make an outline of what your present monetary obligations and needs are and a prediction of what those needs and obligations will be in 5, 10, 15, 20+ years down the road. By combining this information with your total household income, you can determine the best amount of Life insurance coverage. At the very least, you should make a list of recurring monetary obligations: Mortgage, student loan, vehicle loan, credit card debt, etc. However, including future obligations, such as a child’s college tuition, will give you the most accurate estimate on how much Life insurance coverage you should purchase.

Be Prepared

Financial solvency for young families can be ensured with a Life insurance plan. However, even the best laid plan can become dated as life changes. So, part of being prepared also includes periodically reevaluating your Life insurance coverage.

*National Association of Insurance and Financial Advisors (NAIFA) 2004

With the economy crunching down and trimming the incomes of some individuals, tips that can save money on medical costs are going to come in handy. After all, the increase in the prices that many consumers are paying on everything from groceries to electronics to college tuition to Medical insurance to newspapers to even more is making it difficult to make ends meet financially. A few simple tips that can save even just a few dollars could be quite beneficial to those individuals who are struggling to make ends meet. Not only has the cost of Medical insurance premiums gone up, but also the cost of copays seems to have skyrocketed for some individuals. Therefore, following a few simple tips could help to save many people more than just a few dollars.

1. Sign up for a Free Screening for Skin Cancer. Every year, many hospitals offer free skin cancer screenings performed by physicians who offer their time and services at no cost to the individual who signs up. This practice saves each of these potential patients the cost of one copay. Since physicians who treat skin cancer are classified as specialists, the copay is typically higher than that charged for being seen by a general practitioner. For some individuals who are lucky enough to have a low copay, this strategy might only save them $10. However, for other individuals who have much higher copays, the savings could be as high as $40. This savings is increased if more than one family member opts to participate in a free skin cancer screening.
2. Request Necessary Procedures Only. In order to cut back on medical costs, it is okay for a patient to request that only necessary procedures are scheduled. Some physicians include extra procedures that are not necessary simply because they are recommended procedures for a particular age group, weight class, or some other parameter. In some cases, the procedure might be added on simply because it is easy to perform together with the other tests. However, this is not always the case and many medical tests are absolutely necessary and should be taken. As long as the patient is in good health and not experiencing any signs of illness, requesting only those procedures that are absolutely necessary could save the individual quite a few dollars.
3. Ask for Samples. Many times, physicians have access to free samples that are available for patients to use. If money is tight and you could use a bit of financial assistance when it comes to saving money and getting by, ask your doctor if they have any samples available for you if and when they prescribe you medication. Patients might be able to receive an entire month’s supply of a new medication, saving them one full copay.
4. Request Generic. First, ask your physician if a generic brand would be permissible for you to use instead of a name brand medication. Typically, generic brands are just as good as their name brand counterparts. Plus, they cost quite a bit less money.
5. Check into Mail Order Prescriptions. In many cases, an individual’s prescription plan includes the opportunity to order the prescription through a mail order service. One of the benefits of mail ordering a prescription is the opportunity to order a three-month supply rather than a single month’s worth of the prescription. The benefit of ordering through mail order services is a financial one since the cost is usually a reduced price when ordering a three-month supply. Some prescription plans charge only a one-month copay, while others might charge a two-month copay.

We have all heard time and time again that smoking isn’t good for us. But, just to refresh our memories, here are a few selected statistics from the National Cancer Institute (NCI).

According to the 2009/2010 Cancer Trends Progress Report published by the NCI, smoking causes approximately 30% of all cancer deaths in the U.S. each year. In fact, eliminating tobacco use is the single most important step Americans can take to reduce the cancer burden in this country.

The study shows that adult cigarette smoking prevalence has been slowly declining since 1991, and smoking prevalence among adolescents has declined since the late 1990s. But despite these declines, a staggering one in five adults and adolescents is still a smoker.

Not only does cigarette smoking cause almost 90% of lung cancer deaths, it is also responsible for most cancers of the larynx, oral cavity, esophagus and bladder. Tobacco use is the single most preventable cause of death in the United States. Cigarette smoking also contributes to lung disease, heart disease, stroke, and the development of low birth weight babies.

Perhaps more frightening is that tobacco smoke contains thousands of chemical agents, including over 60 substances that are known to cause cancer. And while second hand smoke still poses a risk to some Americans, substantial decreases in secondhand smoke exposure have been realized since the beginning of the 1990s. The decrease in second hand smoke is a result of a variety of measures. This includes biological measures, as well as work place policies, rules about smoking in the home and, more recently through state and local smoke-free indoor air legislation.

If you smoke, it’s not too late to change your life for the better. According to the Lung Association, there are benefits to quitting no matter when you choose to quit. The benefits of quitting begin almost immediately after your last cigarette. For example, 20 minutes after the last cigarette, your blood pressure and pulse rate can drop to normal. Within two hours, the level of nicotine in your body can drop by half. After one smoke-free year, your risk of heart disease is reduced by half.

If you want to stop, there are many programs and suggested therapies for quitting smoking. The best method to use for quitting is the method that works for you. And, if one method doesn’t help, try another! Some methods include using a nicotine patch or chewing gum or herbal teas like valerian root and Echinacea. New stop-smoking medications are available, and some of the milder anti-depressant drugs are also helpful. Many people have been successful using alternative healing methods including acupuncture and acupressure, hypnotherapy, aromatherapy, ayurveda, hydrotherapy, relaxation and meditation.

Many people try various techniques until they finally quit smoking for good. It doesn’t matter how you do it, as long as you do it. Reduce your risk. Quit smoking and live a longer, healthier, and probably happier life.