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Health Insurance Trauma

One fine afternoon, I was working at my office and I received a call from this guy about the huge medical bill he had received. Apparently, he had heard me talk about insurance on the radio and he wanted my help with his bill. He explained that he had just come from India 6 weeks ago on H-1 visa, his employer had enrolled him on the medical insurance plan but he still got a huge bill. What has happened is it was a Sunday and he was suffering from Fever. Due to lack of knowledge about health care system in USA, ... Read More

Health Care Reform or “Obamacare”: What’s In It for Me? (The Pros)

Since the very beginning of President Obama’s term, fixing the broken health care system of this country has been top priority for his administration. He signed a bill into law March 23, 2010, which could potentially change the way health services are delivered in the U.S. There is a lot of confusion in the market as no one really understands the full scope of the bill; things keep changing in Washington almost on a weekly basis; and people like me, who make a living in the health care industry, are not sure about what the future really holds for us. I ... Read More

Life Insurance: Whats the difference?

Buying life insurance these days is liken to buying another product on the shelf. In a LIMRA study, it was determined that 35 million US households have no insurance at all. LIMRA’s 2010 Life Insurance Ownership Study has found that 30 percent of U.S. households (35 million) have no life insurance protection at all. In another starling statistic, LIMRA study shows 44% of US households have individual life insurance. Only 44 percent of U.S. households have individual life insurance. This is a 50-year low. It is most unfortunate that consumer concern themselves with insurance that are not protecting their most important asset, which is ... Read More

Health Care Reform aka ‘OBAMACARE”: What’s in it for me (The CONS):

Since the very beginning this bill attracted a lot of attention from political parties, businesses and media because of the huge impact it could have on the economy of this country. During the last edition, I wrote about the “good things” the new health care law had to offer. So here I am back discussing about the “not so good” affects of the heath care reform. Is this law really worth the hassle? I will let you be the judge of that. Here are some so called “Cons” in a simple language: Cost – Anyway you look at it, adding about ... Read More

Got Umbrella Insurance?

Recently one of our clients child got into an car accident and it was the child fault. The other party was hospitalized. A few weeks later, the claimant filed a claim for $850,000. If this happened to you, do you (a) know your liability coverage limit? (b) do you have enough insurance coverage limit to cover this claim? Most people auto insurance policy carry a $100,000/$300,000 bodily injury limit. In this case that will not be sufficient to cover the claim. Once your insurance limit has exhausted, the claimant can go after your other assets and your incomes. So what can you do to ... Read More

Health Savings Accounts (HSA): The Basics

What is a Health Savings Account? An HSA is a tax-sheltered trust account you own for the purpose of paying qualified medical expenses for yourself, your spouse, and your dependents. When you enroll in an HDHP, the health plan determines whether you are eligible for a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA) based on the information you provide. What are the general features of an HSA? Your own HSA voluntary contributions are tax-deductible. Your own HSA contributions are either tax-deductible or pre-tax (if made by payroll deduction). See IRS Publication 969 . Interest earned on your account is ... Read More

Visitors Insurance – Limited Vs Comprehensive Coverage

There are many visitors insurance plans available in the market. Getting a good insurance plan for your parents or relative can be quite confusing. Many times clients ask me if visitors insurance really pays as they have read many negative comments on the Internet. Well, the good news is that YES, insurance companies do pay up to the policy maximums. Many time people may get the cheapest plan they see online without understanding the coverage in the plan. One main thing to understand when you are shopping is the difference between Limited Vs Comprehensive coverage. Fixed Benefits also knows as Limited coverage ... Read More

Tips for getting Small Business Health Insurance

You think it is tough to open a business and putting yourself to the path of achieving your dreams. Wait, till you have to offer employee benefits, it gets tougher… Here are few tips to make shopping for employee health insurance easier: You need “2”: Make sure that you have at least 2 employees/owners in the company before you start shopping for group insurance. Husband and Wife businesses are eligible to get a group plan as long as they can be linked to company as an employee or owners. You must be in business for at least 6 weeks before you can ... Read More

Tips to buy Visitors Insurance

So your parents or relatives are planning to come and visit you in USA or you are planning to go on that Europe trip that you always dream of. Don’t forget to get the proper protection right after you get the visa. Lately I always hear that rising cost of medical treatment in USA has been discouraging lot of seniors to visit USA. Some of these expenses could be easily avoided by purchasing proper visitors medical insurance. Here are few tips to keep in mind: • TRIP Insurance: If you have planned an expensive trip, make sure to buy TRIP insurance ... Read More

All Individual & Family Health Insurance Plans California are required to cover Maternity care

On October 6, 2011 California Governor Jerry Brown signed a law that starting July 01, 2012 all Individual and Family health Plans (IFP) must cover maternity care regardless the individual need the maternity care coverage such as woman over 50 years old or male applicant. This law also affects those individual with discontinued Individual and Family Plan. Under this law individual no longer has a choice to choose plan without maternity care in order to lower the insurance premium. The insurance company can still decline coverage for those under 19 if the applicant is currently pregnant or an ... Read More