Better Life Insurance and A Better Lifestyle

There are endless reasons for a person of any age to invest in life insurance. From the birth of a new child to the signing of a mortgage on your dream home, you will want the protection and ease of mind that a good policy will bring to your loved ones. Whatever the reason, we can all agree that having a financial plan for the inevitable or the unexpected will lower the stress and burden placed on those you care for. Some people may get bogged down by the reality and weightiness of this prospect, but it also can be a way to reflect on the most important word in this article, life!
Life insurance, whatever type or size of policy you choose, allows a person to show their own willingness to look past themselves to their dedication to the well being of others. That being said, there are certain ways that you can not only improve your life now, but also improve the effectiveness of your policy. Here are a few ways to change your lifestyle, improve your life and keep the cost of your insurance manageable.

Quit Smoking

For decades, health professionals have been warning everyone of the health risks and costs of cigarette smoking. The long-term negative effects of smoking vastly outweigh the perceived short-term benefit. It’s been said that there is no better time to quit smoking than now. No matter how long you’ve had the habit, now is the best time to consider your options for quitting and staying quit. Not only will being a non-smoker lower your insurance premiums, but also it will improve the years toward the end of your life. Instead of being bedridden and on an oxygen tank, think about spending your golden years traveling the world and enjoying the natural beauty of our planet.

Keep Your Weight Down

Another great way to improve your life and improve your insurance premium is by losing weight and staying fit. There are many health issues that can come from being overweight and obese, and everyone can agree that less is more when it comes to dealing with these complications. As you grow older, weight gain is common. However, this does not mean that you shouldn’t try to stay within a healthy weight range to reduce the costs and risks that excessive weight can cause. Imagine yourself at age 70 or 80; wouldn’t you like to enjoy a leisurely stroll through on the beach or a bike ride through the park?

These are two great ways to show your loved ones that you care about the quality of the time you spend with them. Just like your life insurance policy, making these changes can let others know that you are committed to giving beneficiaries the best life has to offer.

Common Health Insurance Terms Made Easy

Finding health insurance seems like it gets more and more complicated every year. There are many unfamiliar terms that make it hard for the average person to understand what’s covered and what’s not under the plans they’re considering. Much of the time, plans differ by the level of the deductible and the amount of copay or coinsurance that customers have to pay. Here is an explanation of those terms for a better understanding of exactly what you’re buying.
- Deductible. This is the amount you owe for services your plan covers before the insurance company will pay a claim. For example, if your deductible is $1,000, you will have to pay that amount before your coverage kicks in. However, it doesn’t apply to all services, which means that some things, like preventative care or doctor’s visits, may be covered before you’ve reached that $1,000 mark.

- Copayment (COP) vs. coinsurance (COI). COP and COI are two ways that health insurance companies can share the cost of the services with the patient. While they both have the same purpose, they’re a little bit different. COP is a fixed amount that you pay whenever you get a specific service. For example, a visit to your primary care doctor will cost you $20 every time you go. You may also pay $10 for each generic prescription that you have filled. COI, on the other hand, is a percentage of the cost of the service rather than a fixed number. For example, with COI, you will be charged 20% of the cost of the visit if you see your primary care doctor, and the cost of the visit will vary depending on the nature of the treatment during that visit. Likewise, for a generic drug, you would pay a fixed percentage that would vary by the drug’s cost and its tier. Most companies negotiate discounted rates with physicians and pharmacies, which means that you’re usually responsible for a percentage of that discounted rate.

- Prescription drugs. The difference between COP and COI can be confusing when it comes to pharmaceuticals because of the different drug tiers. Each health insurance plan will come with a drug formulary to help you understand what you’ll be paying for in that area specifically.

While these health insurance terms can be confusing, it’s important to know what you’re buying before you buy it, and this product is no different. There have been many changes recently in the way we think about coverage, which means that many people have encountered terms and conditions that they may not necessarily understand. Each person is different, and their personal well-being and their required level of treatment and maintenance will be different as well, which is why it’s important that you choose the plan that best fits your needs. An understanding of the above terms is an important first step in this decision.