You should check your auto insurance from time to time with an eye on seeking discounts and tweaking your coverage.
This year, it's especially wise. Some auto insurance carriers have been cutting prices.
A buyer's market has developed for auto insurance coverage in Arizona and many other states, thanks to tough competition, lower claim expenses and other factors that will help many drivers stretch their auto insurance dollar.
USAA has slashed its Arizona auto insurance premiums an average of 15% this year.
Meanwhile, heavyweight State Farm announced an average 8.6% premium cut, taking effect next Tuesday.
Thursday, December 28, 2006
Tuesday, December 26, 2006
Medicare DruG Plan Deadline
Time is running out to sign up for Medicare prescription drug coverage (Medicare Part D) or switch plans for next year.
Medicare enrollees only have until Sunday to sign up for prescription drug coverage. In addition, seniors who already have signed up for a Medicare Part D plan can switch plans until that time. Changes to plans are effective January 1.
Medicare recipients who have prescription drug coverage that's considered at least as good as Medicare Part D plans (sometimes called "creditable coverage") don't need to enroll.
Seniors who maintain "creditable coverage" won't face late-enrollment penalties if they decide to switch to a Medicare Part D plan at a later point in time. However, those without creditable coverage who didn't sign up for a Medicare Part D plan in the original open-enrollment period will pay an extra $1.91 a month if they enroll at a later point in time. In addition, The penalty increases another 1 percent every month that they wait to enroll.
Medicare enrollees only have until Sunday to sign up for prescription drug coverage. In addition, seniors who already have signed up for a Medicare Part D plan can switch plans until that time. Changes to plans are effective January 1.
Medicare recipients who have prescription drug coverage that's considered at least as good as Medicare Part D plans (sometimes called "creditable coverage") don't need to enroll.
Seniors who maintain "creditable coverage" won't face late-enrollment penalties if they decide to switch to a Medicare Part D plan at a later point in time. However, those without creditable coverage who didn't sign up for a Medicare Part D plan in the original open-enrollment period will pay an extra $1.91 a month if they enroll at a later point in time. In addition, The penalty increases another 1 percent every month that they wait to enroll.
Wednesday, December 20, 2006
Health Insurance costs can be shocking
Many times The biggest surprise for many self employed individuals when starting their own business is the high cost of individual health insurance.
Monthly Premiums for individual health insurance policies can easily exceed $500 a month (depending on your state of residence), and that's assuming a pre-existing condition doesn't disqualify you.
Diane D'Agostino-Smith, who started a life-coaching consultancy out of her Rowlett home, bought an individual policy through AARP's "health care options" program and pays $540 a month. Before that, she purchased coverage through the National Association for the Self-Employed.
Bob and Cathy Dammeyer's 3-year-old frozen-drink distributorship spends more than $6,000 a month for coverage for the couple and their four full-time employees.
Monthly Premiums for individual health insurance policies can easily exceed $500 a month (depending on your state of residence), and that's assuming a pre-existing condition doesn't disqualify you.
Diane D'Agostino-Smith, who started a life-coaching consultancy out of her Rowlett home, bought an individual policy through AARP's "health care options" program and pays $540 a month. Before that, she purchased coverage through the National Association for the Self-Employed.
Bob and Cathy Dammeyer's 3-year-old frozen-drink distributorship spends more than $6,000 a month for coverage for the couple and their four full-time employees.
Thursday, December 14, 2006
Iowa Auto Insurance
Iowa motorists' ability to avoid accidents has made the state the cheapest place to buy auto insurance in the country according to a survey by the National Association of Insurance Commissioners. The survey found that in 2003-04 Iowa drivers paid an average of $686 in annual premiums. That's less than half of what auto owners paid in New Jersey, which has the most expensive average yearly rate for auto insurance coverage($1,386).
Illinois Health Insurance Mandate
An Illinois state task force on Thursday approved a plan to require all Illinois residents to obtain health insurance coverage through their employers, public health programs or private insurance (individual health insurance).
The program would cost the state government and employers more than $5 billion annually. Under the proposal, all Illinois residents, including college students, would be required to obtain health insurance or face penalties.
The program would cost the state government and employers more than $5 billion annually. Under the proposal, all Illinois residents, including college students, would be required to obtain health insurance or face penalties.
Monday, December 11, 2006
Indivual health insurance vs. emplorer sponsored coverage
From kiplingers
Q. The premiums for health insurance through my employer are going to jump a lot next year and the coverage isn't that great. Do you think I might find a better deal if I drop my employer's coverage and buy my own policy?
A. Prices for employee health insurance have increased significantly over the past few years, with the total premiums rising by 87% since 2000, according to the Kaiser Family Foundation. The average family health insurance plan cost $11,480 per year, or $4,242 for singles, in 2006.
But employee coverage has two big benefits you can't get with an individual plan: You generally can't get rejected because of your health, and most employers continue to subsidize a big chunk of the costs, covering 73% over the bill for family coverage, and 84% for singles. The average worker only pays, on average, $627 of the total bill of $4,242 per year for single coverage, or $2,973 of the total $11,480 for family coverage.
Individual insurance is generally less expensive than the total cost of employee coverage, if you're healthy and live in a state with a competitive health insurance marketplace (which includes most states other than New York, New Jersey and Massachusetts, which have very high individual health insurance prices). But if your employer has been subsidizing a big chunk of the bill, it may be tougher to find a better deal on your own. Many employers are having a tough time covering the costs themselves, however, and are shifting a much bigger share of the premium to their employees. So it wouldn't hurt to compare your options.
To see what you could get on your own, you can shop for individual health insurance policies from several companies at eHealthInsurance.com. Or for personalized attention, you can find a health insurance agent in your area through the National Association of Health Underwriters. You also can find a list of companies offering health insurance in your area through your state insurance department (see our insurance page for links to the state regulators' Web sites).
If you are looking at individual plans, also make sure you're getting all the coverage you need; these plans may have exclusions and coverage limits that are different from your employer's plan. Compare total out-of-pocket costs for your expected medical expenses for the year -- and any caps on catastrophic costs -- rather than just looking at premiums. Employers have been raising rates for dependents a lot more than for employees, so also compare prices for staying on the policy yourself while buying a separate policy for your family.
And keep in mind that the price will be a lot higher for the individual plan if you have any medical conditions. Never drop your group policy before guaranteeing that you have coverage elsewhere, just in case it ends up being tougher to get the new policy than you were expecting.
Another way to lower your premiums is to increase your deductible. If your deductible is at least $1,100 for individual coverage in 2007, or $2,200 for families, you'll generally qualify to open a health savings account that lets you make tax-deductible contributions up to the size of the deductible (with a $2,850 maximum contribution for individual coverage, $5,650 for families in 2007) and gives you a stash of money to use tax free for medical expenses in any year. See Health Savings Account FAQs for more information.
Q. The premiums for health insurance through my employer are going to jump a lot next year and the coverage isn't that great. Do you think I might find a better deal if I drop my employer's coverage and buy my own policy?
A. Prices for employee health insurance have increased significantly over the past few years, with the total premiums rising by 87% since 2000, according to the Kaiser Family Foundation. The average family health insurance plan cost $11,480 per year, or $4,242 for singles, in 2006.
But employee coverage has two big benefits you can't get with an individual plan: You generally can't get rejected because of your health, and most employers continue to subsidize a big chunk of the costs, covering 73% over the bill for family coverage, and 84% for singles. The average worker only pays, on average, $627 of the total bill of $4,242 per year for single coverage, or $2,973 of the total $11,480 for family coverage.
Individual insurance is generally less expensive than the total cost of employee coverage, if you're healthy and live in a state with a competitive health insurance marketplace (which includes most states other than New York, New Jersey and Massachusetts, which have very high individual health insurance prices). But if your employer has been subsidizing a big chunk of the bill, it may be tougher to find a better deal on your own. Many employers are having a tough time covering the costs themselves, however, and are shifting a much bigger share of the premium to their employees. So it wouldn't hurt to compare your options.
To see what you could get on your own, you can shop for individual health insurance policies from several companies at eHealthInsurance.com. Or for personalized attention, you can find a health insurance agent in your area through the National Association of Health Underwriters. You also can find a list of companies offering health insurance in your area through your state insurance department (see our insurance page for links to the state regulators' Web sites).
If you are looking at individual plans, also make sure you're getting all the coverage you need; these plans may have exclusions and coverage limits that are different from your employer's plan. Compare total out-of-pocket costs for your expected medical expenses for the year -- and any caps on catastrophic costs -- rather than just looking at premiums. Employers have been raising rates for dependents a lot more than for employees, so also compare prices for staying on the policy yourself while buying a separate policy for your family.
And keep in mind that the price will be a lot higher for the individual plan if you have any medical conditions. Never drop your group policy before guaranteeing that you have coverage elsewhere, just in case it ends up being tougher to get the new policy than you were expecting.
Another way to lower your premiums is to increase your deductible. If your deductible is at least $1,100 for individual coverage in 2007, or $2,200 for families, you'll generally qualify to open a health savings account that lets you make tax-deductible contributions up to the size of the deductible (with a $2,850 maximum contribution for individual coverage, $5,650 for families in 2007) and gives you a stash of money to use tax free for medical expenses in any year. See Health Savings Account FAQs for more information.
Wednesday, December 6, 2006
Health Insurance for how much?
A host of entertainment industry workers in California and New Jersey who buy health insurance as a group are being hit with a rate increase that will raise some family health insurance plan premiums to more than $44,000 a year.
Cigna HealthCare will raise health insurance rates for members of the group an average of 82% in California and 65% in New Jersey in 2007.
Under the new health plan rates, the most expensive plan in California will cost a family $3,685 a month, $44,220 a year. Less-expensive HMO plans will cost families $24,624. In New Jersey, an HMO will cost $10,260 a year for a single person and $30,372 for a family.
Affected by the health insurance rate hike are over 1,000 members of 30 different guilds and associations who buy health insurance through the Entertainment Industry Group Insurance Trust, a Clifton Park, N.Y.-based multiple-employer insurance broker. The trust offers the group insurance policies to association members, a mix of small businesses and sole proprietors.
Health insurance companies are generally free to set prices as high as the market allows, although most states limit increases for policies covering small groups, those of two to 50 people. There are no limits for larger groups.
Cigna HealthCare will raise health insurance rates for members of the group an average of 82% in California and 65% in New Jersey in 2007.
Under the new health plan rates, the most expensive plan in California will cost a family $3,685 a month, $44,220 a year. Less-expensive HMO plans will cost families $24,624. In New Jersey, an HMO will cost $10,260 a year for a single person and $30,372 for a family.
Affected by the health insurance rate hike are over 1,000 members of 30 different guilds and associations who buy health insurance through the Entertainment Industry Group Insurance Trust, a Clifton Park, N.Y.-based multiple-employer insurance broker. The trust offers the group insurance policies to association members, a mix of small businesses and sole proprietors.
Health insurance companies are generally free to set prices as high as the market allows, although most states limit increases for policies covering small groups, those of two to 50 people. There are no limits for larger groups.
Online auto insurance quotes
Press Release
It just got easier to check if you are paying too much for auto insurance. Auto Insurance consumers in the states of Oregon, Washington and Idaho can now instantly get 7 auto insurance quotes online from Progressive, Safeco, Kemper, Liberty Northwest, Allied, Unigard, and Mutual of Enumclaw at one source: CenturyINS.com.
“This really makes shopping for auto insurance easy and convenient” said George Elsom, General Manager at Century Insurance Group, the company behind CenturyINS.com. “You can get 7 quotes from 7 different insurance companies in less than 5 minutes. All the quotes will display online. You then simply choose the best quote and one of our agents will write the policy for you. It’s that easy.”
Century’s new online comparative quoting system alleviates the time and frustration associated with traditional ways of shopping for insurance. “Typically when shopping for insurance, you have to go on-line or call each individual insurance company to get a quote. This is time consuming and frustrating because you repeatedly have to provide each company with all your information each time you want a quote” said George. Century’s on-line comparative quoting system takes all the frustration with insurance shopping away because the consumer only has to provide their information once. Minutes later, they can view comparison quotes from 7 different auto insurance companies and select the best quote that meet their insurance needs.
It just got easier to check if you are paying too much for auto insurance. Auto Insurance consumers in the states of Oregon, Washington and Idaho can now instantly get 7 auto insurance quotes online from Progressive, Safeco, Kemper, Liberty Northwest, Allied, Unigard, and Mutual of Enumclaw at one source: CenturyINS.com.
“This really makes shopping for auto insurance easy and convenient” said George Elsom, General Manager at Century Insurance Group, the company behind CenturyINS.com. “You can get 7 quotes from 7 different insurance companies in less than 5 minutes. All the quotes will display online. You then simply choose the best quote and one of our agents will write the policy for you. It’s that easy.”
Century’s new online comparative quoting system alleviates the time and frustration associated with traditional ways of shopping for insurance. “Typically when shopping for insurance, you have to go on-line or call each individual insurance company to get a quote. This is time consuming and frustrating because you repeatedly have to provide each company with all your information each time you want a quote” said George. Century’s on-line comparative quoting system takes all the frustration with insurance shopping away because the consumer only has to provide their information once. Minutes later, they can view comparison quotes from 7 different auto insurance companies and select the best quote that meet their insurance needs.
Monday, December 4, 2006
New Jersey Auto Insurance
A year after New Jersey enacted auto insurance regulation changes meant to reduce rates, state residents are still paying through the nose.
The high auto insurance rates came a year after changes to the market touted by then-Governor McGreevey, who claimed that less regulation would mean lower rates.
Average premiums in New Jersey, at $1,221 per vehicle per year, were 46 percent higher than the national average of 838 dollars in 2004.
But officials note that premiums were only two-point-three percent higher than the previous year, about two-thirds less than the six percent jump in premiums seen in 2003.
The high auto insurance rates came a year after changes to the market touted by then-Governor McGreevey, who claimed that less regulation would mean lower rates.
Average premiums in New Jersey, at $1,221 per vehicle per year, were 46 percent higher than the national average of 838 dollars in 2004.
But officials note that premiums were only two-point-three percent higher than the previous year, about two-thirds less than the six percent jump in premiums seen in 2003.
Health Insurance Rate Hike 18%
St. Robert budget planners knew they would see an increase in their health insurance premiums but weren’t expecting the 18% increase presented to the city’s finance committee.
Insurance agent Wayne Strohschein acknowledged that the health insurance rate increase was substantial but cautioned that it easily could have been higher.
City aldermen and administrators asked a number of questions for which health insurance company representatives didn’t have detailed answers.
Assistant City Administrator Chris Heard noted that with double-digit health insurance premium increases, the city’s current bill of $720,000 per year could balloon to more than $1 million within three years. As an alternative, Heard proposed that the city consider accepting a partial self-insurance system by which the city would assume part of the risk in return for the insurance company offering lower premiums.
After being informed that the St. Robert City Council meets Monday evening and its members had expected to have a finance committee recommendation at that time, Jones said insurance representatives will try to get data more quickly than the company’s underwriting committee that doesn’t meet until the day after the city council.
After the health insurance representatives left, Herren said he was frustrated and several committee members said they were upset and unhappy.
Responding to questions from committee members, Herren said the city’s contract runs until next year. While member cities of the Meramec Regional Planning Commission have been trying to create an insurance consortium similar to the program Pulaski County and 10 other counties use to negotiate better premiums based on a larger group of covered employees, Herren said that consortium hasn’t yet been organized and won’t be ready in time for St. Robert to use it.
Cook, who handles health insurance and benefits for the Waynesville R-VI School District, said she liked Heard’s idea of partial self-insurance and urged city officials to get enough data to make a decision for the next year.
Insurance agent Wayne Strohschein acknowledged that the health insurance rate increase was substantial but cautioned that it easily could have been higher.
City aldermen and administrators asked a number of questions for which health insurance company representatives didn’t have detailed answers.
Assistant City Administrator Chris Heard noted that with double-digit health insurance premium increases, the city’s current bill of $720,000 per year could balloon to more than $1 million within three years. As an alternative, Heard proposed that the city consider accepting a partial self-insurance system by which the city would assume part of the risk in return for the insurance company offering lower premiums.
After being informed that the St. Robert City Council meets Monday evening and its members had expected to have a finance committee recommendation at that time, Jones said insurance representatives will try to get data more quickly than the company’s underwriting committee that doesn’t meet until the day after the city council.
After the health insurance representatives left, Herren said he was frustrated and several committee members said they were upset and unhappy.
Responding to questions from committee members, Herren said the city’s contract runs until next year. While member cities of the Meramec Regional Planning Commission have been trying to create an insurance consortium similar to the program Pulaski County and 10 other counties use to negotiate better premiums based on a larger group of covered employees, Herren said that consortium hasn’t yet been organized and won’t be ready in time for St. Robert to use it.
Cook, who handles health insurance and benefits for the Waynesville R-VI School District, said she liked Heard’s idea of partial self-insurance and urged city officials to get enough data to make a decision for the next year.
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