Life and Health

Since 2003, the health savings account (HSA) has supplemented your health insurance. It’s a product that’s designed to reduce your medical costs in several important ways.

Supplement Your High-Deductible Health Insurance Policy

Many employers only offer high-deductible or catastrophic health insurance plans because the premiums are low. With these plans, your deductibles could be as high as $1,250 for individuals or $2,500 for families.

If you have this type of health insurance, add an HSA to your portfolio. The money in this account can be used for a variety of approved medical expenses. You’ll pay lower premiums and save money that pays for your deductible and other costs associated with your medical care.

Pay for Medical Expenses

In any given year, you may incur multiple medical expenses. Your HSA funds can pay those costs if they’re incurred after you set up your HSA and if they are associated with diagnosing, curing, preventing or mitigating an illness or disease. Acupuncture, medication and co-pays are three examples of covered expenses, but you can’t use your HSA funds to pay for cosmetic surgery, cosmetics or grooming products or other items that you may use for your general well-being.

Reduce Your Tax Liabilities

No matter how much you usually owe on your annual tax return, an HSA can reduce your liability. You can use the money you save to boost your HSA savings or cover other expenses.

Many HSA owners elect to have money deposited directly to your account from every paycheck. That money is deducted before you pay taxes on it, and you won’t pay taxes on any of the money you take out of your HSA as long as you use it for approved medical expenses. This makes an HSA a valuable asset since it limits your tax liabilities. For more information on your tax savings, talk to your financial advisor.

Accumulate HSA Funds

There are other accounts that help you pay for medical expenses and reduce your tax liability. One is the flexible spending account (FSA) that you can use to pay medical or child care expenses during the calendar year, but remember that if you don’t use the money in your FSA, you forfeit it.

The funds you contribute to your HSA don’t expire, and they can move with you when you switch employers. That means you may use what you can this year and save any unused amount for next year when your medical costs may be higher than they are this year.

An HSA helps you reduce your medical expenses as it supplements your high-deductible health insurance plan. Discuss your options with your Human Resources Department or insurance agent as you save money.

Life insurance is typically something you think about when you get married or have kids. However, it can be a valuable asset for college students, too. Learn more as you decide if your favorite college student needs life insurance.

Life insurance companies use health as a major factor in determining premium costs. College students are generally healthy and can purchase insurance at the best possible rates. As an example, a $250,000 policy costs an average of $12 per month for a healthy 26-year-old. By buying life insurance now, college students purchase an important investment that’s affordable and provides years of coverage.

Student Loans

Government-sponsored student loans generally cancel when the policy holder dies. Loans issued by banks and other private sources do not typically cancel, though. A student’s estate or co-signer may be responsible to repay the debt. Purchase life insurance to cover any student debt and protect your assets.

Non-Student Loan Debts

Many students and their parents borrow from a home equity line of credit, 401(k) or mortgage or they charge college expenses on a credit card. These debts do not automatically cancel upon the student’s death. Life insurance can cover these debts and reduce the financial burden survivors face during this difficult time.

Consumer Debt

Many college students accumulate consumer debt, which may include credit cars and a car loan. Life insurance can cover these debts that must be repaid.

High-Risk Lifestyle

In general, college students between the ages of 18 and 25 face the highest risk of any age group for accidents. A life insurance policy provides a layer of protection for young people in this age group.

Marriage

One in four college students are either engaged or married. Life insurance provides valuable peace of mind and financial protection for young couples. Consider purchasing policies for both spouses that covers normal living expenses and any outstanding debt.

Final Expenses

Funerals can cost upwards of $10,000. Use the life insurance policy to pay for final expenses and provide the student and his or her loved ones with a fitting farewell.

Grieving

When a college student dies, grief may be especially difficult. A life insurance policy provides financial resources that allow the family to take time off work, attend counseling, host family and friends from out of town or travel as they cope with their loss.

Life insurance can be a valuable asset for college students and their families. Consider purchasing a policy this fall as you send your favorite college student to campus. Your insurance agent will be happy to provide additional details as you secure your student’s finances.

Life insurance is an important investment. It can be expensive, though. Save money on this valuable asset with several tips.

Shop From Financially Sound Companies
You can buy your life insurance policy from one of over 1,000 companies. Shop carefully to ensure the company you choose can pay any claims. The best insurance companies have high ratings from at least two independent rating agencies.

Get Several Quotes
After you find a few high-rated insurance companies, get several quotes. You’ll need to provide information about your health, and you’ll receive a class rating. The classes include:
Preferred (non-tobacco)
Standard (non-tobacco)
Preferred (tobacco)
Standard (tobacco)
Your rating determines your premium cost. Of course, you won’t know your exact cost until you complete a life insurance application, but these estimates give you a general idea of your life insurance cost.

Stop Smoking
Smokers pay up to double the amount non-smokers pay for life insurance. Quit and stay nicotine-free for 12 months to get better rates.

Lose Weight
Your weight can cause health issues like high blood pressure. Those issues affect your premium cost, so lose weight to qualify for a more affordable policy.

Choose Group Insurance
Employers, civic organizations and banks issue group life insurance policies. Look into this option as you save money on this valuable coverage.

Buy When you are Young
Young people are generally healthy. That means they typically enjoy lower life insurance premiums. Buy a policy when you’re young, and you get the best deal.

Consider the Net Cost Index
When purchasing whole life insurance, check out the net cost index. It helps you decide if you should buy a policy with low premiums and a low cash value or one with high premiums and a high cash value.

Look for a Renewal Guarantee
Term life policies often include a renewal guarantee that allows you to start a new policy when your current one ends. You won’t need to undergo a physical exam or provide other evidence of insurability that could cause your rates to increase.

Buy More Insurance
The cost of your term life policy might be cheaper if you purchase more insurance. Compare the premiums for several different amounts as you choose the most affordable policy.

Pay Annually
In most cases, you’ll pay less per month if you pay for the entire annual premium at one time.
Life insurance is an investment you should make. Instead of letting cost keep you from buying a policy, use these tips to save money and get the coverage you need.

Health insurance is important, but it can also be expensive. You may feel like you have to choose between seeing a doctor and paying your premium. There are high deductible health insurance plans that make coverage affordable. When should you choose this option?

What is a High Deductible Health Insurance Plan?

High deductible health insurance plans feature low monthly premiums and a deductible that can range from $1,000 to $5,000 or higher. You will pay for all your health-related expenses until the deductible is met, and you will pay more for care if you visit out-of-network providers. The plan may also require you to pay co-pays or co-insurance. After the deductible is met, your healthcare needs are typically covered 100 percent.

What are the Advantages?

You will save money on monthly premiums when you buy a high deductible health insurance plan. You’re also eligible to open a health savings account. With an HSA, you can contribute pre-tax dollars that pay for you deductible and other medical expenses. These funds rollover and continue to accumulate annually.

What are the Disadvantages?

In many cases, high deductible health insurance will not cover every health need you may have. Check the policy before you buy to make sure it covers maternity care, well-child checks and any other health care needs you may have.

You also need to make sure you can afford the deductible. Insurance won’t pay for any medical expenses, including doctor visits, prescriptions or hospital care, until after the deductible is paid.

Is a High Deductible Health Insurance Policy Right for You?

The high deductible does intimidate many consumers, but this type of insurance could be right for you if you are healthy. Chances are good that you won’t need the coverage and can save money on premiums.

It also helps you balance your budget since the premiums are low. Many consumers of all ages select this option because of the appealing low monthly cost.

The HSA is another benefit. Use saved, pretax dollars to pay for your deductible and other medical expenses as you lower your tax obligations and invest in your health.

How to Maximize Your High Deductible Coverage

Get the most from your high deductible health insurance plan when you shop around and do your homework. All high deductible plans are not created equal, and you may be able to find better coverage or better premiums when you compare plans.

You can also save money when you challenge doctor fees. Ask if you can receive a cheaper rate, generic medication or alternative treatment.

With high deductible health insurance, you have important medical coverage. Discuss your options with your insurance agent today as you prepare for a healthy tomorrow.

Health insurance is an important investment. You may be able to save money and enjoy better coverage when you switch to your spouse’s policy. When is making this move a good idea?

When You Get Married

After you get married, you have a grace period in which you may enroll in your spouse’s health insurance plan. Check the coverage and prices to see if this option meets your needs and budget. Be sure to finish the paperwork before the grace period ends.

When Your Family Expands

Adopting or giving birth to a new child is cause for celebration. Add your new child to your spouse’s insurance coverage within the grace period if it’s affordable.

When you Lose Your Job

COBRA insurance is an option when you lose your job, but it’s often expensive since your employer no longer subsidizes your insurance premiums. Shop for your own coverage or join your spouse’s policy to save money on the health insurance you need.

When You Need a Different Doctor

Physicians regularly retire, change practices or choose not to participate with certain health care programs, and you may decide that you want a different doctor for personal reasons. Check into your spouse’s health insurance plan to find a different physician that meets your needs better.

When Your Health Changes

Your current insurance plan may not cover the health treatment you need. Consider switching to your spouse’s plan if it covers pre-existing conditions and the specialists you need

When You Move

If your move takes you to a new community and requires you to find new doctors, investigate your spouse’s insurance plan covers. You may be able to switch doctors and insurance coverage.

When Your Deductible or Premiums Increase

Deductibles and premiums do occasionally increase. Investigate your options to see if your spouse’s insurance is cheaper than keeping your existing coverage.

When you Need to Save Money

In some cases, your spouse may have more affordable insurance coverage than you do. Read the policy carefully. Premiums and even deductibles can increase when you add someone to your policy.

Wait for Open Enrollment

Open enrollment is the time frame in which you may change your insurance options at work. It usually falls at the end of the calendar year, but check with your Human Resources department for the exact dates.

Your spouse’s insurance coverage may be more affordable, convenient or better than the policy you have now. Do your homework as you decide when and if you should be added to your spouse’s health insurance policy.

Your body contains over 600 muscles. When one or more of them hurts, it’s hard to concentrate at work, focus at home or function in everyday life. Instead of tolerating muscle pain or myalgia, learn more about what it means so you can fix it and feel better.

What Causes Muscle Pain?

You may experience myalgia at any time. It can occur when you overuse certain muscles while   working, exercising or playing. Medications, including ACE inhibitors that lower blood pressure and statins that lower cholesterol, can also trigger muscle pain. Rest, pain relievers, hot and cold compresses and certain exercises can reduce or alleviate the discomfort.

However, sometimes your muscle pain is not associated with an activity. It may indicate an underlying condition such as the flu, hormonal imbalance or vitamin D or B12 deficiency. Hepatitis, bacterial infection, Lyme disease, roundworm infection and autoimmune conditions such as lupus or multiple sclerosis can also be causes of myalgia.

What Does Muscle Pain Feel Like?

No matter what causes it, myalgia can exhibit itself in several ways.

• Pain in one or multiple areas
• Dull, sharp, intermittent or consistent pain
• Ongoing pain even when you’re at rest
• Twitching or painful cramps
• Numbness, tingling or burning sensations
• Joint pain

What are the Complications of Muscle Pain?

While muscle pain can be treated, there are complications that could signal a more serious problem. You may need to do more than rest or use a heating pad if you experience these signs.

• High fever
• Shortness of breath
• Difficulty swallowing
• Water retention
• Inability to move a part of your body
• Muscle stiffness
• Muscle atrophy

When Should You Seek Medical Help?

You can treat your muscle pain at home with rest, pain medication, topical treatments and certain exercises. See your doctor, though, if these conditions exist.

• Persistent pain lasts more than 3 days
• Severe pain
• Signs of infection
• Any swelling, redness or rash around the muscle
• Changes you make to your hypertension or cholesterol medication dosage

How Can You Prevent Muscle Pain?

To avoid muscle pain, you can take several steps. Perform proper warm up and cool down exercises when you work out, stretch before engaging in any rigorous activity, don’t sit or stand in one position for too long and stay physically active.

Exercise walking is fun and provides numerous health benefits, but like all exercise, it requires the right equipment. Wear the wrong shoes, and you will end up with sore feet and maybe even an injury. Take your time and invest in the right shoes for your feet and needs.

Advantages of the Right Walking Shoes

Before you buy walking shoes, examine them and try them on. Look for stability, flexibility and comfort as you prepare for safe workouts. The right shoes give you balance and correct your foot’s natural inward roll (pronation) or outward roll (supination). They also help you maintain proper posture and protect your spine, back and muscles.

Four Main Components of a Good Walking Shoe

There are four main components of quality walking shoes. Examine each part before you make any purchases.

• Heel counter – The area of the shoe under your Achilles tendon should be snug and cup the back of your heel to prevent pronation or supination.
• Midsole – The area between the shoe’s tread and its upper should provide cushioning, support and flexibility. This component is the most important one.
• Insole – The area of the shoe where your foot’s sole comes in contact with the shoe should be contoured to match your foot. It reduces shear forces and provides shock absorption.
• Toe box – The area surrounding your toes should be roomy enough for them to move freely and wiggle and bend without restriction but not too roomy or your foot will shift and feel uncomfortable. Ideally, select shoes with a toe box of at least one-half to one full thumb’s width between your longest toe and the end of the shoe.

How to Try On Walking Shoes

After you find a pair of shoes you like, try them on. Make sure they fit right and feel comfortable.

First, ask the salesperson to measure the dimensions of both feet. To get an accurate reading, stand up because your feet expand when they bear weight. Visit the store at the end of the day, too, as your feet swell during the day.

Remember to wear regular socks and try on both shoes. Lace them completely and stand up and walk around to make sure they fit your foot properly and feel comfortable.

Never buy walking shoes that are too tight. Almost all shoes require a breaking in period, but shoes that are too tight won’t get bigger. However, if you need arch supports or orthotics, feel free to wear those supplements as you obtain the best fit.

As many as one in 600 people are the beneficiaries of a lost or forgotten life insurance policy. Those policies amount to one billion dollars in unclaimed cash. What would you do with found life insurance policy money? Find out how you and your loved ones can find a lost policy and get the money you are owed.

Search the House

The filing cabinet, safe or pile of important papers in your home or the home of your loved ones could be concealing a life insurance policy. Check all these and other hiding spots carefully before you start a bigger investigation.

Remember When You Purchased the Policy

Try to remember any details about the life insurance policy purchase. If possible, record the name and Social Security number of the policy’s purchaser, the selling agent, insurance company, date of purchase and type of policy. Use these details to contact the insurance company that sold the policy and get a copy of it. Consider contacting the attorney, accountant or financial advisor, too, if they have knowledge of a possible life insurance policy.

Search Financial Documents

Bank and credit card statements may hold clues to the whereabouts of a lost life insurance policy. Use them to find the issuing insurance agency and the missing policy.

Contact the State Insurance Department

Insurance companies that cannot locate policy beneficiaries must turn the benefits over to the unclaimed property office in the state. Visit the National Association of Insurance Commissioners website and find the contact information for the insurance department in the state that issued the policy.

Contact Former Employers

Employers sometimes issue group life insurance policies. Contact former employers for information on possible life insurance policies.

Avoid Scammers

Scammers may find out that you’re looking for a life insurance policy and contact you with a claim that they can help you find your unclaimed funds. Don’t discuss your case with anyone until you call your insurance company directly and verify an offer for help.

Prevent Losing an Insurance Policy

These tips can help you find a lost life insurance policy. However, consider avoiding this challenge in the first place when you:

• Clearly name all beneficiaries on life insurance policies.
• Inform beneficiaries about the policy and provide the names of the insurance agent and issuing agency.
• Store your insurance policy and any related documents in a logical place like a fireproof safe or safety deposit box. Give a copy to a trusted advisor, lawyer or loved one, too.

Life insurance beneficiaries are responsible to file claims for the funds to which they are entitled. If you’re a beneficiary of one or more life insurance policies, know how to file a claim and receive the money reserved for you.

Find the Policies

Before you can file a claim, you should find all the insurance policies or proofs of insurance certificates in which you may be named a beneficiary. Check filing cabinets, safes and bank safe deposit boxes for the documents you need.

Remember to check for group policies, too. Contact the deceased person’s former employers, banks, credit agencies, social groups and professional groups to find evidence of group policy coverage.

If you can’t find any policies or certificates of insurance, contact insurance agencies that may have issued the policies. You can also search financial records for any evidence of life insurance premium payments, contact the state insurance department to find the policy or hire a reputable company to locate the policy for you.

Contact the Insurance Agency

Once you find the life insurance policies, obtain a valid copy of the deceased person’s death certificate. Then contact the insurance agency that issued the policy. They will have paperwork for you to complete, so call the agency’s policyholder services department as soon as possible to begin the claim filing process. If you cannot fill out the paperwork yourself, the insurance agent will do it for you, and you will only need to sign your name.

Remember that you may also need to have to fill out IRS Form W-9. It allows the insurance company to notify the IRS if you receive an interest payment on the policy’s value. The insurance company will give you more information about whether or not this form is needed.

Wait for the Claim to be Processed

Many life insurance claims are paid within a few days. You may elect to receive your life insurance benefits in several ways. Select a lump-sum cash payment and invest or spend the money or choose a settlement option.

To receive the funds, the policy must be current, and all conditions must be met. Claims are most often delayed because the death certificate isn’t valid, the person died within two years of the policy’s original issue date or the policy contains false information.

Fourth of July fireworks, parades and cookouts are an excuse for you to relax with family and friends. As you plan your celebration this year, take several steps to ensure safety for everyone involved in celebrating the United States’ birthday.

Use Fireworks Safely

Public fireworks displays are the safest way to enjoy the beautiful colors and terrific booms of this July 4th tradition, especially when you maintain a distance of at least 500 feet between you and the show. Firework displays at home can be fun though too. If you go that route, take these precautions.

• Follow the instructions on the packaging.

• Never allow children to play with the fireworks.

• Stock a fire extinguisher or water supply nearby.

• Wear eye protection when lighting fireworks.

• Remove flammable materials from the area.

• Never point fireworks toward people, animals, vehicles or structures.

• Properly dispose of duds rather than trying to relight them.

Take Precautions While Grilling

Burgers, hot dogs, fruit and pizza taste delicious when they’re grilled. Grab your favorite side dishes and follow a few precautions that ensure you and your guests grill safely.

• Always supervise the grill when it’s in use.

• Never grill indoors or in a fully enclosed area such as a garage or tent.

• Use lighter fluid sparingly and never after the coals are ignited.

• Keep children and pets away from the hot grill.

• Remove flammable objects, including trees, from near the grill.

• Use long-handled tools to handle food.

Stay Safe on the Beach

Swimming is a fun summer activity, and it’s good exercise. At the beach, lake, public pool or backyard pool, stay safe with these tips.

• Swim only in designated areas.

• Obey the lifeguard and all posted signs.

• Swim sober.

• Get out of the water during a storm or if you hear thunder or see lightening.

• Require children to wear life jackets.

• Don’t dive into shallow water.

Wear Sun Bathing Protection

Picnics are part of many July 4th celebrations. You should also take these protective measures.

• Wear sunscreen that’s at least 15 SPF.

• Remember to apply sunscreen to your ears, hair part and the tops of your feet.

• Avoid direct sunlight between 10 a.m. and 4 p.m. when the UV rays are strongest.

• Reapply sunscreen every two to three hours or more frequently if you’re sweating.

• Drink plenty of water even if you’re not thirsty.

• Wear a hat, sunglasses and long sleeves if you have to be in direct sunlight.

• Watch for signs of heat stroke, including hot, red skin, shallow breathing and rapid, weak pulse.

Your July 4th celebration will be safe when you take these steps. For more advice, talk to your health insurance agent. He or she stands ready to help you have the best birthday party ever.