5 Types of Car Insurance Coverage That May Be a Waste of Money

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5 Types of Car Insurance Coverage That May Be a Waste of Money
The cost of owning a car goes well beyond the sticker price at the dealership. There are fuel costs, routine maintenance and, of course, car insurance.  The seemingly endless options for car insurance can be overwhelming, so many drivers end up opting for coverage they don’t actually need. Liability coverage is the most basic form of car insurance and is absolutely necessary. Should you be deemed at fault for an accident, liability coverage will take care of the medical costs for other people injured and costs of repairs for other vehicles — but not yours. Some states require additional types of coverage beyond liability.  However, there are certain types of coverage that you can and potentially should opt out of, depending on the value of your car, your current finances, your health insurance policy and more. So what types of car insurance can you skip?  1. Do I Need Collision Insurance and Comprehensive Coverage? When to Skip Collision insurance covers damage to your car in the event of an accident, whether you were at fault or not.  Comprehensive instead covers damage to your car outside of an accident, like flood damage due to a hurricane, vandalism, theft or fire.  If your car is worth a lot of money, you should absolutely carry these coverages, and if your car is financed, your lender may require you to. But you may be wondering: Do I need collision insurance, especially if my car is old? If your car is old or you paid a small amount of cash for a used car that may only last for a few months, you’d be wasting your money to get collision and comprehensive. “Your reward is diminished greatly once your vehicle has depreciated over the course of time,” said Melanie Musson, insurance writer for CarInsuranceComparison.com. “So, if you’re paying monthly for coverage that’s going to provide you with minimal payment should you total your vehicle, and then you’ll face higher rates after making a claim, it’s just not worth it.” One caveat: Be prepared to pay out of pocket to fix the car or, more likely, to purchase a replacement vehicle. But if your vehicle is only valued at $1,000, it may be better to put money each month into savings for a replacement vehicle than to shell out money for coverage on that low-value vehicle. Chris Tepedino, also of CarInsuranceComparison.com, warns that bundling uninsured motorist and collision is often a mistake.  “Uninsured motorist protects your car if it’s hit by someone who doesn’t have insurance,” he said. “Collision, well, protects your car. Don’t be suckered into thinking you have to buy both. Overlapping generally doesn’t help.” 2. GAP Insurance: It Depends on Your Down Payment Vehicle depreciation can be a major detriment to your finances, especially if you wreck your vehicle shortly after financing it.  Because a car loses about 20% of its value when you drive it off the lot, insurance will only cover 80% of the initial sticker price should you get in an accident on your way home. That means you will be responsible for the other 20%. With the average new vehicle costing $37,401, that could mean you lose out on nearly $7,500. That’s where gap insurance (guaranteed asset protection) comes in, covering the difference between what you paid for a new car and how much your regular insurance is willing to pay for the totaled vehicle. But depending on how much you put down for the car versus how much you financed and how much that car is worth, you might not need gap insurance. “Gap coverage isn’t necessary if you’re able to financially handle the risk of paying the difference between what you owe and what your vehicle is worth when you’re upside down on a vehicle loan,” Musson said. “If you make a 20% or greater down payment, your risk for needing the coverage is greatly lowered, and you may be able to forgo that coverage.” Similarly, you don’t need gap coverage if you’ve paid off your vehicle or if you purchase an old vehicle that won’t depreciate as quickly, Tepedino said. FROM THE INSURANCE FORUM Self Employed Medical Insurance 10/12/19 @ 10:52 AM Car Insurance 9/28/19 @ 7:33 AM Total loss valuation 9/16/19 @ 10:40 AM What happens to my FSA if I leave a job? 8/5/19 @ 9:37 AM I See more in Insurance or ask a money question 3. Rental Car Reimbursement: Probably Not Worth It A luxury option you can add to your policy is rental car reimbursement. If your vehicle is damaged and must be repaired, this coverage gets you a rental car to use while your vehicle is out of commission. However, the cost of paying for this each month would likely exceed the cost of a rental vehicle, unless you crash frequently or need a rental for multiple weeks.  Even then, you may be better off relying on friends and family for temporary transportation, if possible. If you live in a two-vehicle household, consider getting by on one vehicle temporarily instead of opting for this coverage. 4. Roadside Assistance: Check Your Warranty First Similarly, you can opt for roadside assistance for help with jump-starts, flat tires and more serious problems that leave you stranded. However, many new cars come with roadside assistance, often throughout the length of the warranty. “You can skip roadside assistance, as long as you realize you’ll have to pay for a tow out of pocket,” Musson said. “You may even be able to find it cheaper from AAA or a similar service.” If you live paycheck to paycheck, this additional insurance expense is one to avoid. 5. MedPay: Depends on Your Health Insurance Medical payments coverage, also known as MedPay, is an optional coverage that assists with medical expenses after an accident. However, if you have decent health insurance, you can likely skip this coverage. Want to Save Money on Car Insurance? Proceed With Caution The cost of your insurance is proportional to the deductible and coverage limits you choose. The lower your deductible and higher your coverage limits, the more you’ll pay in insurance premiums. “This is a little dangerous, but if someone is wanting to save money, going with lower coverage limits may help,” Tepedino said.  But Tepedino warns that this is a risky way to save money. “The average cost of an accident with property damage alone is $7,500,” he said. “That number obviously jumps with a death or severe injury, so go at your own peril.” Brent Weiss, a certified financial planner and co-founder of Facet Wealth, believes there are some types of coverage you can consider avoiding, but he urges caution when you’re shopping for car insurance. “I am not a fan of simply meeting state minimums,” Weiss said. “It puts too many families at risk of a financial loss they cannot cover. In general, I recommend having liability coverage for bodily injury and personal property, underinsured and uninsured motorists, and collision and comprehensive coverage for most cars. There are some personal injury coverages that may be required, but limits are typically low. The bottom line is that you want to get the right coverage with the right limits and not simply shop for the lowest premium. You often get what you pay for.” Timothy Moore leads a team of editors and graphic designers at a ma [...]
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Own a Home? This One Step Could Get You a $974 Discount on Insurance

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Own a Home? This One Step Could Get You a $974 Discount on Insurance
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Homeowners: What if we said you could save $974 on your homeowners and auto insurance this year? Wait! Before you roll your eyes and mutter “Yeah, right,” hear us out. One of the easiest ways to save on insurance is to bundle your homeowners and auto insurance policies. But before you pick up your phone and call your current provider, we have an easier — and more effective — solution: Use a free online service called Gabi, which will automatically find you the best prices. The Best Way to Bundle Your Insurance (It’s Not What You Think) When it comes to bundling, your first inclination might be to pick up the phone and call your current insurance provider — “Hey, tack on my auto insurance, will ya?” But that’s not always the best approach when it comes to saving money. For starters, when’s the last time you explored your insurance options? You might be able to find a better deal if you switch companies. Instead of calling up dozens of companies — or worse, getting quotes online and subsequently wading through an inbox full of spammy emails — you can get a free quote comparison with Gabi. It takes all of two minutes. We’ll walk you through the process really fast: Head over to Gabi's website. Answer some basic questions about yourself, and connect your insurance accounts or upload a PDF of your policy details. By doing this, Gabi can better understand your coverage and give you a true apples-to-apples comparison — without shorting you on coverage. Explore your options. Find something you like? You can easily buy the new policy directly through Gabi.  Here’s another cool part: If Gabi finds that you can actually save the most money by splitting your homeowners and auto insurance between two companies (not bundling), it’ll let you know. Oh, and if you already have the best price? Gabi will tell you that, too. Then it’ll continue to keep an eye on other options and let you know if something better pops up. Using this strategy, Gabi says it’s saved its users an average of $974 each year on auto and home insurance. Think about it: That could potentially cover your mortgage payment for this month. Go ahead and grab your free quote. You have nothing to lose — except potentially hundreds of dollars to your current insurance providers. Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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Why You Might Need Long-Term Care Insurance

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Why You Might Need Long-Term Care Insurance
Do you ever think about who is going to take care of you when you can’t take care of yourself? Is it something you want your family or kids to have to do? What if you don’t have family close by?  According to an April 2019 report by the Urban Institute and the U.S. Department of Health and Human Services, 70% of adults over 65 will develop a need for some kind of long-term services and support. Nearly half will receive some paid care during their lifetime, with 24% needing more than two years of care. Home health care, assisted living facilities and nursing homes are expensive, and most health and disability insurance policies won’t help pay for them.  Long-term care insurance is one way to defray the — often exorbitant — cost. Long-Term Care Costs How Much?  Each year, Genworth, a company that sells long-term care insurance, conducts a survey of more than 49,000 providers to find out how much different types of care cost. Results from the 2018 survey showed the annual median costs for various services. Adult day care: $18,720 Assisted living: $48,000  Homemaker services: $48,048, or $21 an hour Home health aide: $50,336, or $22 an hour Semi-private room in a nursing home: $89,297 Private room in a nursing home: $100,375  During the 15 years of the study, the cost of care in an assisted living facility, also known as a residential care facility, has gone up 67%, and private rooms in nursing homes have increased 54%. What is Long-Term Care Insurance? Long-term care insurance covers the things regular health insurance or Medicare does not, like nursing home care, assisted living facilities, in-home medical care, in-home assistance for routine daily activities, adult day care, home modification and more.  “Most people actually get family or friends to do the helping, so there’s no money changing hands in that case. But many times, people who need this help don’t have family or friends who are available to do this, or don’t want to do it. And so if they do need help, they have to hire someone,” said Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute. In a 2016 study, The National Association of Insurance Commissioners and the Center for Insurance Policy Research reported 7.2 million long-term care insurance policies were in effect in 2014.   Benefits kick in when the covered person suffers from dementia or another cognitive impairment or can no longer do at least two of six “activities of daily living” on their own such as bathing, dressing, eating, getting out of bed and using the toilet. A doctor usually needs to show that a patient needs long-term care before a policy would kick in. Each policy has an elimination period before benefits begin, a monthly maximum benefit and a total benefit period. Some policies include inflation protection and a lifetime maximum. Once you buy a policy, as long as you pay your premiums, the company cannot cancel it.  How Much is Long-Term Care Insurance? There is no way around it. Long-term care insurance can be pricey. According to 2019 data from the American Association for Long-Term Care Insurance, about 350,000 Americans bought some type of long-term care protection in 2018. They paid an average annual premium of $2,050 for a 55-year-old single male, $2,700 for a 55-year-old single female and $3,050 for a male and female married couple, both age 55. The same data shows long-term care insurance companies paid out $10.3 billion in claims in 2018. Most were for home care followed by assisted living care. Premiums depend on a variety of factors. Age and health: The older you are and the health problems you have impact the price. Gender: Women usually pay more because they often live longer and therefore have a greater chance of making a claim.  Marital status: Single people pay more than married couples. Couples can also get a shared rider allowing them to share a pool of benefits, lowering the individual cost for both.  The insurance company: Companies charge different prices for similar policies.  Coverage: You’ll pay more for a shorter elimination period, higher daily and monthly limits, longer coverage period, inflation adjustments, etc. Once you have a policy, the insurance company cannot raise the premium just for you, but they can raise it for everyone in a particular classification, and they often do.  During the past several years, the number of companies selling long-term care policies has dwindled, and companies have increased rates on older policies as they made assumptions about how people would use their policies. Many companies thought people would progress from living at home and needing care, to assisted living, to nursing care. Instead most claims are ending in the same place where they began. Also, fewer people dropped policies and insurance companies paid out more claims than they expected. The one good thing about long-term care insurance premiums is they are tax deductible. The amount you can deduct depends on your age, increasing as you get older. Medicare and Medicaid Limitations For people age 65 and over, Medicare covers only short nursing home stays, mainly for rehabilitation, and limited home health care options. It does not pay for long-term care.  Medicaid will pay for some long-term care, but only kicks in if a person has depleted financial resources. It does not pay for assisted living and there are long waiting lists and limited availability for nursing homes because low reimbursement rates make care facilities reluctant to accept Medicaid patients.  Some states have what they call partnership plans with insurance companies to encourage people to plan for the expenses that go along with long-term care. These plans often involve a way to keep some assets and still quality for Medicaid. Call your state’s insurance department to find out if your state has a partnership plan.  Should I Buy Long-Term Care Insurance? Thinking through how you will pay for long-term care is an important part of any financial plan. Don’t wait until you need care to figure it all out.  Long-term care insurance can protect your savings and give you more choices for care. In the bigger picture, it can provide peace of mind knowing that you won’t be putting the burden of your care on family or friends.  If you feel you can cover the cost of long-term care, you might not want to buy long-term care insurance. You can probably afford to self-insure if you use less than 4% of your savings each year for living expenses.  If you have no assets, Medicaid might provide you the care you need.  “So all of us who are in the middle, not too poor, and not too rich, are the potential long-term care [insurance] audience,” Weisbart said. “If long-term care services can be provided by family and friends, then you don’t need long-term care insurance. But, if there is no family or friends, if there isn’t a way that you can be sure that you will be able to handle these things, or if you’re in the middle income group, those kinds of conditions suggest that you might take a shot at some long-term care insurance.” In addition to looking at finances, assess your risk by looking at your health, hereditary conditions, and longevity in your family. FROM THE INSURANCE FORUM Total loss valuation 9/16/19 @ 10:40 AM What happens to my FSA if I leave a job? 8/5/19 @ 9:37 AM I 8/19/19 article about Life Insurance 8/19/19 @ 1:08 PM [...]
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Good2Go Auto Insurance Review 2019

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Good2Go Auto Insurance Review 2019
NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates. Lisa Green Specializes in selling minimum required car insurance.Focuses on high-risk drivers.Can help provide SR-22 forms for drivers who need one. Good2Go has... Lisa Green is a writer at NerdWallet. Email: lgreen@nerdwallet.com. Twitter: @lisaccgreen. The article Good2Go Auto Insurance Review 2019 originally appeared on NerdWallet. [...]
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NJM Insurance Review 2019: Complaints, Ratings and Coverage

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NJM Insurance Review 2019: Complaints, Ratings and Coverage
NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates. Lisa Green 5.0 NerdWallet rating Places first out of 24 insurers for auto insurance in NerdWallet's rankings.Had far fewer than the median number... Lisa Green is a writer at NerdWallet. Email: lgreen@nerdwallet.com. Twitter: @lisaccgreen. The article NJM Insurance Review 2019: Complaints, Ratings and Coverage originally appeared on NerdWallet. [...]
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Root Insurance Review 2019: How It Works and Who It’s For

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Root Insurance Review 2019: How It Works and Who It’s For
NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates. Lacie Glover Root sets rates based primarily on your driving behavior.Root can provide an SR-22.Tech-savvy customers will like that you can do just... Lacie Glover is a writer at NerdWallet. Email: lacie@nerdwallet.com. The article Root Insurance Review 2019: How It Works and Who It’s For originally appeared on NerdWallet. [...]
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Collision Insurance: What It Covers and Who Needs It

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Collision Insurance: What It Covers and Who Needs It
Collision insurance sounds pretty straightforward, but it won’t cover every bill after a crash. Collision coverage pays to repair your own car’s damage when you hit another vehicle or object such as a lamppost or fence. It may also pay if another driver hits your car and doesn’t have enough insurance to pay for the... Lacie Glover is a writer at NerdWallet. Email: lacie@nerdwallet.com. The article Collision Insurance: What It Covers and Who Needs It originally appeared on NerdWallet. [...]
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Cheapest Auto Insurance in Houston for 2019

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Cheapest Auto Insurance in Houston for 2019
If you’re looking for cheap auto insurance in Houston, Texas, shopping around can really pay off. Rates vary by driver, vehicle and company, so you can only predict which will be cheapest for you by comparing quotes. To help simplify your search, we analyzed rates from several car insurance companies in the Houston-The Woodlands-Sugar Land... Lacie Glover is a writer at NerdWallet. Email: lacie@nerdwallet.com. The article Cheapest Auto Insurance in Houston for 2019 originally appeared on NerdWallet. [...]
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Whole Life Insurance 101: A Simple Guide to These Complicated Policies

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Whole Life Insurance 101: A Simple Guide to These Complicated Policies
Life insurance is one of those touchy subjects no one likes to talk about, let alone research or recognize its existence. In a world that’s all about living your best life, life insurance just doesn’t fit.  We’re here to tell you that not only is it OK to talk about life insurance, but finding the right type of policy can provide you with peace of mind. One option to consider is whole life insurance. What Is Whole Life Insurance, and How Does Cash Value Work? So what is whole life insurance? Whole life insurance is a type of permanent life insurance that pays out a benefit to the individual(s) you list as the recipients for your policy when you die.  But part of your policy goes toward a cash value component, which is basically a tax-deferred savings account you can take advantage of later in life. You can use the cash value to: Pay your premiums. Take out loans at lower interest rates than you’d get from a bank. Supplement your income, especially in retirement. Create a new investment portfolio. Whole life insurance is a guaranteed payout that you can’t outlive. Your beneficiaries will receive the payout upon your death unless you fail to make payments or cancel your policy (and pay expensive cancellation costs), or if your cause of death is excluded in your policy.  When you die, your heirs receive the listed death benefit — but not the cash value that rose while you were alive and making payments. Any remaining cash value goes to the insurance company, so it’s a benefit to take advantage of while you’re still alive. Term vs. Whole Life Insurance The biggest difference between term and whole life insurance policies is the amount of time that you are covered. Term life insurance provides coverage for specific amounts of time, usually for set periods of anywhere from five to 30 years. But whole life insurance, as discussed above, is going to pay out eventually when you die as long as your premiums are paid.  When you choose term life insurance, you can get more coverage for lower premiums. Why? Because you’ll likely outlive your term, and the insurance company won’t have to pay out a death benefit. It also has no cash value. Most people choose a set term life insurance, knowing they are paying a low premium purely on a policy that’s solely for financial protection in the case of their untimely death. If you look at it from a purely insurance standpoint, it’s like buying car insurance your whole life but never using it because you were never in a car wreck.  Pro Tip Many term life insurance policies allow you to convert your policy to whole life insurance, but you’ll typically pay a costly fee. Try to do your homework first and stick with the policy you pick.  Your premiums for personal whole life insurance are considered a personal expense, so they aren’t tax-deductible. 5 Types of Whole Life Insurance Policies There are five main types of whole life insurance. Here’s a brief overview: Traditional whole life insurance: Your premiums stay the same as long as you keep making them.  Single premium whole life insurance: One large lump payment you make upfront takes care of this policy.  Limited whole life insurance: You pick a set period, such as 20 years, for this whole life insurance option. You’ll still be insured your whole life, but you’ll only make payments during the set period, which means your payments are higher than they would be for traditional whole life insurance. Modified premium whole life insurance: You pay lower premiums upfront, but they get more expensive as you age.  Survivorship life insurance: These policies allow you to insure two people and are popular among spouses. The catch? It pays out only after both policyholders have died. The benefit? It’s less expensive than paying for two separate whole life insurance policies.  FROM THE INSURANCE FORUM Life Insurance, Disability Insurance, Wills, etc 1/31/19 @ 10:21 PM Stride Health with Etsy 6/10/19 @ 5:18 PM How much car insurance do I need? 4/18/19 @ 3:28 PM Pet Insurance 4/18/19 @ 3:28 PM See more in Insurance or ask a money question What Happens When a Whole Life Insurance Policy Lapses or Is Surrendered?  A whole life insurance policy lapses when the policyholder stops making monthly premium payments on time. The life insurance contract is labeled as no longer active, and the cash value built up on the policy is surrendered. Death benefits will no longer be paid out for these surrendered policies.  Some companies allow policyholders to restart their policies within a certain grace period and get their lapsed payments paid within this time frame. Read the fine print to make sure you understand the rules of your whole life insurance policy lapse clause. Typically, reinstatements cost more than one month’s premium payment.  Whole Life Insurance Pros and Cons When you’re deciding whether a whole life insurance policy works for you, you have to weigh the pros and cons. The hard part? Decide what works best for you in your current financial situation while also weighing what works best in the long term for your beneficiaries. What’s Good About Whole Life Insurance Whole life insurance is appealing for several reasons, including: It’s guaranteed and permanent. That means your beneficiary will receive a payout upon your death, no matter when you die, as long as you’ve made your payments and your cause of death isn’t excluded from the policy. It’s a good option if you have dependents who will need a source of income after you die. The guaranteed payout makes it an appealing option for people with a disabled child, for example. Your payments are usually fixed throughout the life of the policy. There are options to choose limited whole life insurance policies that have a set term limit or policies that change once you turn 65.  You can take advantage of the cash value while you’re still alive. Just keep in mind that the cash value takes a long time to build up, meaning you’ll likely be much older before you can take advantage of this benefit. What’s Bad About Whole Life Insurance Here are a few drawbacks to consider if you’re thinking about whole life insurance: Higher premiums: You pay more for the guaranteed payout and lifelong coverage than you would for a term life policy. The cash value is lost upon your death. While some people make the case that whole life insurance can be used as a long-term personal finance retirement planning tool, the fact that money is lost when you die doesn’t help this argument. You’ll pay large fees to cancel the policy and withdraw the cash value. You’ll also pay income taxes on any earnings on the policy beyond what you paid for your premiums. How to Choose Between Whole Life Insurance vs. Term Insurance We get it. This is a difficult task no matter what. Life insurance company terms and conditions and the products and services they offer are complicated and difficult to digest. But here’s a quick summary of when to consider whole life insurance vs. term insurance. Consider term insurance if: You want to replace your income during a specific amount of time, e.g., while you’re raising children, paying off your mortgage, etc. Need the lowest pre [...]
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Should You Consider Medi-Share for Health Insurance? Here’s Our Take

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Should You Consider Medi-Share for Health Insurance? Here’s Our Take
If you’ve heard ads for Medi-Share, you might be intrigued by its promises to cover your health care costs. Curious? We looked into the details to find out how Medi-Share works — and whether it’s a good option for you. Here’s our honest, unbiased review of the program. What is Medi-Share? Medi-Share is a health-care sharing ministry made up of members united by their faith. This program and similar medical-sharing ministries rely on their members to take care of one another through financial contributions, as well as prayer.  The details work much like typical health insurance. Like having a deductible, members choose an amount they’ll contribute as a household before they can submit bills to the community for payment assistance.  A monthly share payment works like a premium, ensuring your eligibility for assistance, should you need it. There’s no guarantee your medical expenses will be covered through Medi-Share, and there are plenty of exemptions to consider before you apply.  But if you’re particularly religious — and healthy — you may want to consider this alternative to traditional health insurance. How Much Does Medi-Share Cost? First, the up-front costs: It costs $50 to apply, and you’ll pay a $120 one-time member fee with your first monthly payment. You’ll pay another one-time fee of $2 to set up your “sharing account.”  As for your monthly payment options, Medi-Share’s system is sort of like choosing a health insurance deductible and monthly premium.  As an example, we calculated costs for a 30-year-old woman seeking membership for herself only. Share amounts change annually, based on the oldest member of the household. If she chose a $1,750 annual household portion — the amount of medical bills you have to pay completely before you’re eligible for sharing — her standard monthly share would be $311.  If she met certain health and fitness requirements, she could qualify for a Healthy Monthly Share, which would lower her cost to $277 per month.   When you need medical care and visit a Medi-Share provider, you pay $35 for doctor visits and hospitalizations, and $200 for emergency room visits.  You submit the rest of your bills to Private Healthcare Systems (PHCS) for payment consideration.  “We do not collect premiums, make promise of payment, or guarantee that your medical bills will be paid,” the Medi-Share website explains. “Sharing of medical bills is completely voluntary.”  Christian Care Ministry, which operates Medi-Share, is a 501(c)3, but your payments aren’t tax-deductible.  Do You Need to Be Religious to Use Medi-Share? Just as Medi-Share embraces the idea of a community of members supporting one another, it also believes in having a membership that embraces Christian lifestyles. The organization may even interview a church leader to verify your involvement before granting you membership. In addition to eschewing tobacco and illegal drug use, applicants “must only engage in sexual relations within a Biblical Christian Marriage.”  And as you might suspect, Medi-Share doesn’t cover abortions or treatment for sexually transmitted infections.  Medi-Share also assumes that if you’re willing to take care of your Christian community by sharing the burden of medical bills, you’ll do your best to take pretty good care of yourself. Some health conditions, like obesity, high cholesterol or diabetes, put applicants in the mandatory Health Partnership Program, which pairs you with a health coach and costs an extra $99 per month.  What If You Have an Ongoing Health Condition? While this might be an appealing option if you’re healthy, anyone who suffers from a chronic health issue is probably better off turning to an ACA health insurance program for coverage.  “The primary purpose of Medi-Share is to help share members’ burdens,” the program explains. “Burdens are those unexpected medical bills you are unable to plan for (ie. broken bones, cancer, etc). Low monthly share amounts enable you to budget for your family’s routine care, which can be planned.”  Prescription drugs can be eligible for cost-sharing, but only for up to six months for the lifetime of the member. Behavioral and mental health care are also ineligible for coverage. This includes psychiatric or psychological care, as well as “counseling or care for learning deficiencies or behavioral problems,” such as ADD or autism. But here’s the big catch: Routine health screenings aren’t eligible for cost-sharing either.  Well-patient care like annual physicals, pap smears and well-child checkups aren’t included. Dental and vision care aren’t eligible, either.  For instance, if your doctor recommends getting a colonoscopy because you’ve reached a certain age, you can’t submit the test for Medi-Share payment. If you have symptoms warranting the same test, the program might grant payment.  FROM THE SAVE MONEY FORUM do it yourself 7/19/19 @ 1:16 AM Summer Is Here: Is Your Electric Bill Affected by Running the AC? 7/17/19 @ 12:08 PM Do You Ever Pick up A Stray Penny? 2/7/19 @ 12:27 PM Do drive-in movie theaters save you money? 7/1/19 @ 3:38 PM See more in Save Money or ask a money question So, Is Medi-Share Legit? Here’s our conclusion: Medi-Share isn’t a scam.  It’s totally legal and there’s a strong membership base to support it and similar programs. But it’s likely not the most affordable health care option for most people. The ideal candidate for Medi-Share is in excellent health and also has a robust savings account to pay out of pocket for routine medical care. One risk: Medi-Share and other cost-sharing programs aren’t subject to regulation like typical ACA programs.  So while a typical health insurance benefits booklet might clearly explain what’s covered and guarantee coverage up to a certain amount or percentage, Medi-Share participants might not be able to figure out ahead of time which medical bills will be paid by the program. While Medi-Share probably isn’t the best financial choice for most people, it does at least serve as an option for anyone who doesn’t have access to a job-sponsored health insurance plan or who finds individual ACA coverage options prohibitively expensive. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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Here’s How You Could Get Homeowners Insurance for $25/Month (Seriously)

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Here’s How You Could Get Homeowners Insurance for $25/Month (Seriously)
Fires, lightning and hail. Windstorms, vandals and burglars. If you own a home, you need insurance to protect it from threats like these. Heck, if you have a mortgage on your home — like almost all of us do — you’re required to have homeowners insurance. And if you have homeowners or renters insurance, it’s a fact that you might be paying too much for it. That’s because insurance companies are notorious for charging wildly varying rates. Try shopping around. Start by getting a free quote. You literally have nothing to lose by doing this. We recommend checking out the online insurance company Lemonade, where renters insurance starts at $5 a month and home insurance starts at $25 a month. While homeowners insurance starts at $25, that doesn’t mean you’re skimping on coverage. Your ultimate price will depend on factors such as your home’s size, location and age; and the coverage amounts you choose. It’s just that Lemonade starts out at an affordable level. Here’s how easy it is to get a quote. You can do it all online, and it won’t hurt your credit score. Click “Check Our Prices.” Meet Maya, Lemonade’s friendly bot, who will ask you a few questions. Once you complete the application, you’ll receive a quote within a minute or two. Lemonade is a Transparent Beverage Beyond affordable rates, Lemonade adds a layer of transparency you don’t often see in the insurance world. Instead of profiting extra when it doesn’t have to pay out claims, the company keeps a set 20% of your premium for itself, and 80% goes into a pool for paying claims. Money left over after paying claims each year goes to a charitable cause of your choice. That also means Lemonade isn’t going to be conflicted about granting customers the claims they deserve — because the money isn’t going into its pockets. Homeowners insurance covers the cost of repairing or rebuilding your home if it gets damaged by fire or the kind of natural disaster insurers call “acts of God.” When you borrow money from a bank to buy a house, it’ll require you to insure that asset. Renters insurance covers the cost of replacing your possessions if they’re stolen or damaged by fire or vandalism. Most don’t cover flooding. Exactly what it covers depends on the policy. Here’s what else to know about Lemonade: There are no insurance agents. You do the whole thing online through Lemonade’s website or through its Apple or Android apps. You sign up and make claims online. It’s available in Arkansas, Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, D.C. and Wisconsin. You can get discounts for having safety equipment, such as fire and burglar alarms. It’s easy-peasy, lemon-squeezy. Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. When life gives him lemons, he squeezes them in people’s eyes. This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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