Reassessing your Investments: Is Critical Illness Insurance Worth the Cost?

You may be tempted to sit comfortably knowing you’ve played your role in ensuring your well-being by having health insurance until you notice that the policy doesn’t cover critical-illness conditions.

What is critical illness insurance?

It is an insurance benefit that pays out a lump sum if you’re diagnosed with any pre-defined critical illness, e.g., organ failure or examined to undergo a predefined surgical procedure (like the coronary artery bypass graft). Though health insurance covers most of the treatment and medication costs, without critical-illness protection, you must dip into your savings or hold a fundraising for other related expenses like rent, school fees, travelling costs and more. Read more here to learn about different medical insurance plans.

No wonder sky-high medical bills are the primary cause of personal bankruptcy filings!  Not credit card debt, and unpaid mortgages due to job losses. According to NerdWallet.com, families with over 1.7 million citizens applied for protection from bankruptcy in 2013 due to sky-high medical bills—mostly related to critical illnesses. Perhaps several other people facing expensive medical bills may evade bankruptcy, but that would mean emptying their saving reservoirs and/or retirement benefits.

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What does Critical-illness Insurance Cover?

Insurance experts saw this problem back in ’96 and coined the critical-illness insurance policy to cover the massive costs of severe illness conditions. Regrettably, it is still not a popular policy among most people. It is purchasable via your employer or on your own. It is also possible to add it as an extra to your current life insurance policy.

Also note that different policies will offer protection against various illnesses and conditions, and terms will vary widely. But the most common diagnoses covered include

•    Cancer

•    heart attacks

•    strokes

•    major organ failure

•    end-stage heart failure

•    coronary artery bypass disease,

•    Alzheimer’s disease

•    benign brain tumours

•    severe burns

•    paralysis

•    comas

•    deafness

•    blindness

A family plan may also cover other conditions like type 1 diabetes, cerebral palsy, complex congenital heart disease cystic fibrosis, and muscular dystrophy.

You can use funds from a critical-illness insurance payout to cover whichever cost, whether to clear medical bills, manage your mortgage while not able to work or purchase a new auto to ease mobility.

Coverages are available at different levels; you can choose those that offer a lump sum from $10,000 to $1 million. Plus, they are reasonably priced compared to long-term-care covers and disability insurance.

What the policy doesn’t cover

Some critical illnesses are excluded from the cover, e.g., some types of cancers and conditions. You may also not be covered for conditions you knew about before you took out the policy. Plus, critical illness does not pay out if the insured passes away.

In a nutshell, whatever is covered and not included, will depend on the details of each policy, so it is crucial to ensure you are entirely familiar with them, and that they cover everything you want.

Wrapping Up

Now you know how critical it is to have a plan for severe illness conditions. Be sure to discuss all the offerings of an insurance policy before you sign up for protection.

Reviewing Your Health Insurance Options? Here Are 6 of the Most Important Things to Consider

Health insurance has changed a lot just in the past decade. Whether you are looking for brand new coverage or reviewing your policy for possible changes, there is a lot to consider before you make a decision.

Of course, the cost of your premiums plays an important factor in your choice, but many other important aspects should be analyzed, too. Here are 6 important things to consider when you are reviewing your health insurance options.

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6 Things to Think About When Deciding on Your Insurance Policy

1. Is there anything you must have covered? Maybe you have a primary care physician or a specialist that you already see regularly and you don’t want to lose. Or you are on a medication that is important and you want to be sure it is covered. Some people even have certain health care services, such as maternity or vision, that they want to have. Be sure to determine your absolute musts and verify those are covered in your policy options.

2. What are your costs? Your costs are not just your monthly premium. If you go to the doctor regularly, you may have a copay each time. You might also have a deductible that you have to deal with every year. Some plans have a specific out-of-pocket that you must reach before they kick in. These hidden fees are important in your overall decision and you should find a trustworthy agent, like those at Green Shield BC, who will sit with you and go over all of these costs.

3. Does the policy cover pre-existing conditions? Many insurances will refuse to cover you or exclude pre-existing conditions. You may have to sign a waiver in which you acknowledge that the insurance company does not have to pay for treatment for that condition, or you may have to add on a rider and pay extra for the coverage. Check for these clauses with your policy.

4. Is pre-authorization required for your services? If you have regular visits to your doctor and don’t want to have to deal with having your visits pre-authorized each time, consider that when you choose your coverage. It is common for insurances to require pre-authorization for more expensive services, but basic doctor’s visits and preventative screenings should not be a hassle.

5. How are your services paid for? Some insurance companies require you to pay your visits at the time of service and then submit a claim for reimbursement. This process can be cumbersome and stressful, especially if the insurance then denies coverage. If you don’t want to deal with this, look for an insurance policy in which the company pays the healthcare provider directly.

6. What are the coverage limits? Watch the coverage limits carefully. You may not need certain services now, like physical therapy, but accidents happen. Will you be covered in the event of an emergency or an accident?

Choose Your Health Insurance Wisely

Your health is the most important thing that you have. Taking the step to get it covered through health insurance is a smart financial and personal move. However, be sure you choose that coverage wisely or you may be paying monthly for something that won’t cover you when you are ready to use it.

Getting The Most For Your Money In Property

Buying property is always exciting, but it can be more than a little nerve wracking as well. This is because it is easily the largest purchase you will ever make, and yet you might not even see the property more than once before laying down a huge amount of money and possibly even tying yourself into some debt in the form of a mortgage. You will always want to make sure that you are going to get the most that you possibly can for your money, and that means being able to understand many of the aspects that are involved in the process. In this article, we are going to take a look at a number of factors to consider in order to make sure that you are getting the most for your money when you buy some property.

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Go New

If you really want to make sure that it is going to be as worthwhile as possible, one of the things to consider is to go for a new build house, as these are often going to be particularly beautiful and have many modern features older homes might not have. It actually depends on what kind of thing you are looking for, but with many new build homes r you will at least feel that you are getting quite a lot for your money, which is one of the main things here. Of course, you should still make sure to thoroughly check any property over and not just go for it merely because it is a new build. You should go through a checklist when buying a new build house to make sure that ti has what you want – do that, and you should end up with something you can be pretty happy with.

Timing

One of the more clever ways to get more for your money is to look into timing the purchase well. It doesn’t matter what the property is if you are buying at the wrong time, you are still going to end up worse off than if you manage to buy at a better time. That is a good reason to pay close attention to the marketplace, so that you can be sure that you are going to actually buy a property at the right time. Do that, and you will get the same place for less money, which will then mean that you can use some of that money to do it up or whatever you might want to do with it, even if that is just saving it for a rainy day.

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Photo by Alex from Pexels

Location

We all know that location is everything in real estate, so no consideration of getting more for your money would be complete without paying some respect to this. You need to think about the location as best as you can, as often you will find it makes a huge difference to how much you are paying out for a property. If you can find an identical property in a slightly less desirable town it might be worth it, especially if it means that you will end up with basically the same place for less. These considerations are worth thinking about.

11 Things (Besides Salary) You Can Negotiate

Negotiation is a skill that involves a lot of confidence and practice. Whether it’s at work, in a friendship, or in a financial matter, the goal is always the same: to reach a solution that benefits both parties. The most common negotiation is in regards to salary, however, there are many other common negotiations you can implement in your life. Negotiating a higher salary or lower monthly rent can save you money while negotiating work from home flexibility or a better job title can make things more convenient or earn you more respect.

If negotiations are so common, why do we feel anxious about approaching them? Only 39% of people will try to negotiate a higher salary. It could be the fear of being told “no” or the mere uncomfortableness of asking. In any situation, you should evaluate the best alternative to a negotiated agreement (BATNA) and determine if the risks outweigh the possible rewards. If the time is right to ask, take the next step to earn what you deserve.

This infographic from Self Lender highlights 11 things you can (and should) negotiate. They include both workplace benefits and monthly expenses to help you ask the right questions and feel confident about what you get in return.

11 Things You Never Thought You Could Negotiate

Making Money In The Great Outdoors

As much as the big city can be great for us to work in and it pretty much has everything we could ever want, sometimes there seems to be something missing which we just can’t put our finger on. Today we are going to take a look at some of the other ways we can make money this year which don’t involve sitting in the same old chair. Today we are looking at the great outdoors and some ways to make money and enjoy fresh air at the same time!

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Farming

When people think about starting up their own business in the countryside a lot of people think I first about farming. Farming can be a hugely lucrative career and one which gives you the freedom to do whatever you want with your time and land. To get started you can find some Tractors For Sale, get a piece of land and choose a hardy crop to grow. Over time you can expand and this can grow into a wonderful venture for you.

Garden centre

For those of you who have green fingers, one of the great ideas that you can try this year without having to move too far away from the city is opening a garden centre. Garden centres can be great business opportunities because as soon as the spring sun hits everyone will rush to you to plant flowers and seeds for the summer. If you can install a greenhouse in the space you can spend the year growing your own crops and flowers from seed to sell the following year.

Park ranger

For those Of you who want to be able to walk around and stretch your legs all day every day, becoming a park ranger can be a great idea. You can work for a National Trust or foundation and work on many national parks around the area tending to the plants, tackling repairs and also protecting wildlife. It’s the ideal job for someone who loves to be out amongst nature.

Tour guide

If you enjoy being in the city but you simply don’t want to be stuck inside all day every day, you could choose to become a tour guide and you’ll be able to show people from all over the world around your home city and show them those hidden gems that only the locals know about. Have some fun with it and make up your own path and it can be a great way to keep fit, get some fresh air every day all whilst making money in the great outdoors.

Hiking leader

If you are a dab hand up mountains and you often spend your time walking far and wide, why not make this into your job and become a hiking guide? There are loads of people and groups who want to try different hikes but are scared to go alone, and you can be the one who provides them with the guidance they need to hike safely through the ridges and valleys of your favourite national parks.