Saving Money With Tax Free Medical Plans

Do you have medical expenses that you incur every single year?
Do you always use up your entire medical insurance deductible on co-pays?

If so, there are a couple of medical saving plan available that would allow
you to use tax-free money to pay for your medical expenses. That is an
automatic 28%+ savings! You see every time you pay the co-pay using your
checkbook, credit card, or debit card you are paying with money that has
already taxed by the federal, state, and local governments.

The first medical savings plans that allows you to pay for your co-pays with
tax free money is called a Flexible Spending Account, or sometimes just
called a "Flex Account". How does a Flex Account work? Simple. You simply
inform your employer that you wish to set a portion of your paycheck aside
for medical expenses. To do this you will need to visit your Human Resources
department and fill out the appropriate form. And then each pay period, the
designated amount of money is withheld from your check, tax free, and
deposited in a savings account for you to use for your next doctor's visit.
And the best part, since you are withholding the money tax free, you will
pay less in taxes at the end of the year. It's a win-win.

The second medical savings plan is called a HSA or Health Savings Account.
Due to the rising cost of medical expenses, our government has come up with
what is known as a high-deductible savings plan for medical expenses. How it
works is this, you can set aside money, tax free, into an account that you
own. What this means is that if you decide to change jobs or quit entirely,
you keep the money and the account. The account is a bank account in your
name. What is great about this plan is that most employers will actually put
money in this account for you! Every year, my company puts in $2000 for me
to use for medical expenses. However there is one catch that you need to
know about before pursuing this plan. This is a high deductible plan, which
means that my deductible is also $2000 per year.
This plan will really pay off if you are a healthy individual, who expenses
are less than $2000 per year. Once again, check with your Human Resources
Department to get more details on this type of plan.

By using these two plans you can save a tremendous amount of money on your
medical expenses and in the process reduce the amount of taxes you will pay
at the end of the year. If you have "planned medical expenses" every year
that it will benefit you by planning ahead and investigating one of these
tax free plans.

About The Author: Learn How to Save Money On Your Taxes by signing up for my
Free 7-Day Email Course on http://www.taxes-rule.com. Also learn how your
401(K) Plan can save you money on your taxes.

Car Insurance: Mini Motorbike Offences Drive Up Premiums

They are tiny bikes that reach great speeds and make a lot of noise. But
police have had enough of youths creating havoc on mini-motorbikes and now
have powers to seize the annoying and sometimes dangerous toys.

What’s more, if children are riding these miniature vehicles on the pavement
or road, they face prosecution just like adults.
Any penalty points handed out by the court will be kept on file and
activated as soon as they are old enough to apply for a driver’s licence.

For those who have penalty points, it becomes increasingly expensive to gain
car insurance. And with respect to mini-motorbikes, you could have a
situation where children have been prosecuted for dangerous driving on these
vehicles and then struggle to find an insurance company willing to offer
them a policy to insure their car once they are at the age of 17 and have
passed their driver’s licence. The best case scenario is probably going to
be that their premiums are sky high.

A spokeswoman for Direct Line Insurance says mini-motorbikes are now being
treated as road vehicles and drivers of them have to abide by all the same
traffic rules as anyone else. But while police can now prosecute youths on
mini-motorbikes, they are not entirely sure yet what the nuisance makers
will be prosecuted with. “You could get prosecuted for uninsured driving,
paying no road tax or driving without a licence,” she says.

She also points out that just how high insurance premiums will be for those
with mini-motorbike offences will depend on what police prosecute the
offenders with. “It depends on what the points are for…For a speeding
offence it is not going to make a big difference, but for a drink driving
offence it is going to make a massive difference.”

She says for example of how prosecutions can drive up premiums, take an
18-year-old boy living in Hove, East Essex. The youth drives a 2001 Ford
Fiesta car. He has been prosecuted for dangerous driving and has only had
his driver’s licence for a short time. To obtain fully comprehensive cover
under a Direct Line insurance policy he would pay annual premiums of
£2473.80.
Without the conviction the price would be £1908.90.

What is interesting about this is that if you take a female of the same age,
driving the same car and from the same area, she would pay just £1218
without a conviction and £1576.05 if she had a driving conviction. So she
would in fact pay less for insurance even with a conviction than a male her
age without one. Why the difference in price between young men and women?
The spokeswoman says that it is because statistics show that one in three
young men have a serious accident within their first year of driving.

A spokeswoman at the Association of British Insurers says the chances are if
you have been caught speeding on a motor bike you are going to be more at
risk behind the wheel of a car than others. It’s a known fact that young men
are the most at risk of having a car accident, which is why they pay so much
more for their car insurance.
“I think they make up 3% of the driving population but account for over 30%
of all of the driving convictions. It depends on the insurance company, but
we (the insurance industry) insure on risk and therefore we calculate our
premiums accordingly.”

About The Author: Michael has worked in financial srrvices for over 15 years
at Director level. He also writes articles for a number of UK based
financial web sites. Car Insurance Route is a huge car insurance articles
website http://www.car-insurance-route.co.uk

Life Insurance Cover - Fat Chance

The Government predicts that by 2025, obesity rates in children will be a
frightening statistic. It is thought that around 33% of girls and 25% of
boys will be clinically obese. This means overweight to the extent that
their health will be likely to suffer.

The rate at which UK children are getting fat is the worst in the world.
There are experts that believe that the UK will top the tables as the most
obese country, overtaking the USA.

Obesity and conditions related to this condition are costing the country
£4billion in working days lost. Disability pay and lost tax payments through
being unable to work are believed to be costing up to £20billion per annum.

Obese people are likely to visit the GP’s surgeries and hospital clinic’s
more frequently than average weight patients and there is an increased need
for treatment. With the National Health Service’s cost for these “obesity”
patients estimated to be at £15billion per year, it’s a worrying thought
that these costs will spiral as the younger generation figures come into
play.

Naturally, insurance companies are showing a lot of concern about these
predictions. Many of them now ask specifically for the weight of the
applicant on the day that they fill in the form. Asking how heavy you were
when last weighed is not quite the same thing. It’s easy to get “weight
amnesia” and omit a few pounds ………or more. If the answer is not to the
insurer’s liking the premium could rise significantly, or you may even be
refused cover.

We have some figures from one of the main insurer’s. Take, for example, a
man in good health and aged 40 and applying for 20 years life insurance
worth £100,000. If he’s Mr Average, he’ll weigh around 12 stone and be 5ft
10ins tall. Now consider the same person but put his weight at 18 stone.
Still in good health, but the premium for his life insurance would rise by
over 50%.
If a medical was insisted on and he was found to have one or two problems
which would be quite usual for a person of his age and weight, then either
the premiums would be considerably higher or he would be refused cover.

In the case of critical illness insurance, it’s unlikely that this same
person would get any cover at all. Certainly there would be a refusal if the
result of a medical showed any weight-related complications, such as high
blood pressure or raised cholesterol.

Women weighing over 16 stone are likely to have similar problems when it
comes to insurance, and the extra cost of insurance at this weight, as
opposed to “normal” weight, would be an additional 33%. Again, if in ill
health or weighing very much more than this, then the ability to get cover
would be doubtful.

These facts present major problems for both sexes as, due to health
problems, life insurance becomes an important issue.

So what you can do to change the situation?

Life insurance in particular is extremely important. If you have a problem
in organising life insurance due to obesity and possibly ill health due to
the condition, then you’ll need a good broker to help you to find the right
company to help you.
It might be expensive, but remember if you take the cover that you need now,
if there is an improvement in your position at a later date and your weight
has fallen, it will be possible to switch to a more reasonably priced
policy.

Adjustments to your lifestyle and diet will certainly lower your premiums
for life, critical illness and probably travel insurance too.

Although obese people are entitled to NHS treatment, a great many people
claim that it is denied. There has been a recent survey of 70,000 hospital
doctors in which it is reported that almost 50% said that patients should
not be given replacement hip operations or similar. The use of free
anti-obesity drugs, which you would imagine would be desirable, was
challenged by a third of the doctors.

The attitude of some GP’s is not helpful. Quite often the message is that
you’re overweight and it’s time to do something about it, without any real
help being offered. It also has to be said that some GP’s offer real help
and for patient’s lucky enough to be under their care, they will offer a lot
of encouragement, but it’s a combined effort!

There are lots of slimming clubs offering you the chance to slim in the
company of others with similar problems and they certainly seem to be
extremely successful with some of their members. Some of these clubs combine
exercise with diet and certainly exercise plays a large part in becoming fit
and healthy.

Whilst some people find that a regime of diet and exercise, combined with a
very large helping of will power and determination, will get them to their
optimum weight for their age and height, others have taken more extreme
action.

An operation called a gastric bypass, which costs the NHS around £12,000 per
patient, is possible. It’s not to be undertaken lightly and not without
risks to the patient but for those who have undergone, or are about to
undergo, the 5 hour
operation, be assured that the results are amazing. This may
sound extremely expensive, but treatment for an obesity-related illness such
as diabetes could well cost more than this in just one year. We heard
recently of one lady whose weight had reduced by 12 stone, from her
heaviest, as a result of her operation. The “before and after” photographs
are truly amazing and she’s well on her way to a normal weight and wonderful
new lifestyle.

Once down to an acceptable weight, insurance companies are more than happy
to take you on, so don’t delay in arranging some cover in the meantime.
Remember, the more you lose, the more you’ll gain in premium savings.

Log on to the Internet to find an on-line broker, who’ll contact insurance
companies offering specialist help for you.

About The Author: Michael has worked in financial srrvices for over 15 years
at Director level. He also writes articles for a number of UK based
financial web sites. Get great articles on life insurance from life
insurance shop http://www.life-insurance-shop.co.uk

Why Traveler's Medical Insurance Is An Important Investment

With the many recent bankruptcies in the travel industry, and with the
increased threat of terrorism overseas, travel insurance has become one of
the most important investments you can make before your next trip.

How much would it cost if you needed to cancel your trip or come home early?
Who would you call if you suddenly fell ill in your overseas hotel room? How
will you navigate the local health care system if you get run over by a
local bicyclist? Travel insurance can cover a lot more than trip
cancellation costs and lost luggage.

Unlike most insurance policies that are purchased annually, most travel
insurance covers a single trip. Single trip travel insurance is designed for
those of us who take one main holiday a year or who prefer to have a few
short breaks from the daily grind.

However, if you travel often, you can purchase a multi-trip policy that
covers all your travel for a specified period of time, depending on your
needs. The right policy is the best way to minimize the financial risks of
traveling overseas.

Although many people think of trip cancellation coverage when they think of
travel insurance, the medical element of travel insurance may be more
important, especially if your group health plan does not have benefits
outside your own country. In fact, travel Insurance is highly recommended by
the Department of Foreign Affairs and Trade for all overseas travel.

Before going abroad, learn what medical services your own health insurance
will cover overseas. If your emergency medical care and transportation are
covered by your group health policy, you may not need a separate travel
policy that covers your health. However, if you have an HMO or managed care
plan, or if your health care needs are covered by Medicare or your national
insurance plan, you should consider an international medical policy.

Your first step is to check with your health insurance company and see what
it covers. Will they help you out if you lose your prescription medication
along with your luggage? Will they help you find a good hospital or an
English-speaking doctor in a foreign country? Will they cover emergency
evacuations if the local facilities are unable to treat your illness or
accident?

If your group coverage allows claims from other countries, how long will it
take for you to be reimbursed, and how easy (or
difficult) is it to file a claim? Once you have answers to these questions,
you'll know if you should add medical coverage to your travel insurance
policy.

If you travel for business or if you are taking an extended trip lasting for
several years, you may need an international health insurance policy
designed specifically for expatriates and citizens traveling around the
world. There are many global insurance carriers that offer life, health,
disability and travel insurance to individual travelers and to companies
with employees overseas.

The coverage offered by different international companies will vary a great
deal from one policy to the next, so carefully review all fine print before
making your choice. You might also check to see if the company is regulated
by your own national laws and insurance regulations.

In a world where anything can happen, travel insurance is your ticket to
safeguarding your trip. Emergency medical travel insurance is essential to
protect yourself, your family and your personal finances, and to give
yourself peace of mind while enjoying your vacation or business trip abroad.

About The Author: If you'd like to learn more about travelers medical
insurance, and international insurance policies offered for global
companies, students and expatriates,visit
http://worldwide-health-insurance.com

Finding A Cheap Life Insurance

If you want to make your family financially secured after your death, the
only answer is, own a life insurance policy.
Moreover these life insurance policies help to keep alive the plans you made
for your family and the career of your children even after your death. So
now you could see the priority of life insurance policy in one's life.

Now with the availability of so many life insurance policies you might
ponder for the right and cheap life insurance policy a well as that which
works best for you. Many people consider term life insurance policy to be
the cheapest and simplest way to cover their beloved one's future in the
event of their death. For instance, if the term life insurance policy
matches the repayment term of your mortgage, the life insurance lump sum can
be used to clear your mortgage debt in case you die before the mortgage
repayment term cease.

The more you go with convoluted insurance policy the more premium you are
required to pay. That's the reason why many people prefer term life
insurance policy.

Since the premium you pay is very less (as there is no investment element),
Term life insurance becomes the most affordable and cheapest way to cover
your life. You get the payment as lump sum if you die within a specified
period.

However, it is seen that life insurance premiums are now up to 40% cheaper
than they were before.

It is also advisable to get as many numbers of life insurance quotes before
you apply for a policy as it decides how much your premium will be.

Term life insurance quotes can be collected from banks, any financial
organization or any reliable consultants. However it is best to get online
term life insurance quotes and then make a comparison based on your budget
and requirement. However check for the authenticity of online companies
before investing in any of them.

However, these quotes can change once you complete with the application. If
you are unhappy with the premium, you may not carry on with the policy.

Policies generally require a medical clearance test, but if you don't want
to wait for a medical report you can go for term life insurance no exam
policy, which is also affordable and cheap.

About The Author: We have made an independent research on life insurance.
Find it only on http://www.leandernet.com/Life_insurance/Life_insurance.php.
All about life insurance on LeanderNet - http://www.leandernet.com

Mortgage Life Insurance Bracing Your Home For Disaster

Mortgage life insurance may just be the most powerful security systems that
has ever emerged with a focus of bracing your home for disaster. Having an
insurance policy to cover the amount of your outstanding home mortgage will
ensure the ability of your loved ones to stay in the home in the event of
your death.

Two decades ago, excited new homebuyers could expect to own their own lot
plot of surburbia sometime over the course of the next three decades. But
times have changed, and so have home mortgages. Forty year and fifty year
mortgages are now being made available to an increasing number of
applicants. The possibility of you not living to see the "burning" of your
mortgage papers is highly likely. If your family cannot afford the mortgage
without you, then you must purchase life insurance to protect them.

You would be wise to take out two insurance policies, one for you and one
for your spouse. Even if your spouse does not work, mortgage life insurance
has the ability to provide widowed spouses with a world of good-even if
they've never spent one day working outside of the home. In fact, as long as
they are contributing to the monthly bills, each adult member of your
household should have an insurance policy that will cover the balance of the
mortgage if they die. And contributing doesn't necessarily refer to ponying
up any dough toward household expenses. Packing lunches, wiping noses,
kissing boo-boos, and reading The Cat In The Hat a record four hundred and
fifty-two times also counts as "a household contribution." If that caregiver
passes away, how much will it cost to put your children in daycare? Would
you still be able to afford your home and the daycare?

So, you're middle-aged and not married. It's beginning to look as if you are
eternally destined to check the SINGLE box on your IRS tax forms, think you
don't need mortgage life insurance protection? Think again. For single,
purchasing mortgage life insurance can pay off the balance of your home
mortgage. Give your beneficiaries the freedom, security and time to make an
intelligent decision about what to do with your estate.

By purchasing mortgage life insurance protection for yourself and your loved
ones, you will lessen the devastation caused by the death of a family
member, and shouldn't you consider all possibilities when it comes to the
safety of your loved ones?

About The Author:
http://www.assure-all.com/insurance/mortgage-life-insurance.html

Critical Personal Protection Issues - Quality of Insurance Cover

First of all - the quality of your protection policies.

Protection - the policy conditions minefield

Let's use an example. Dr Cureall, a family man with a large mortgage, has
decided it is high time he sorted out his protection requirements.

He wants to know what types of protection there are, and approaches us to
ask for advice.

We explain there are 3 types of cover:

.Life protection, paying out a lump sum or income over a certain period of
time if you die

.Critical Illness protection, a lump sum paid if you have a specified
illness or are totally incapacitated

.Permanent Health Insurance, an income paid to your normal retirement age
(or while you are ill) if you cannot work for health reasons

Dr Cureall decides he would like to cover all eventualities (next newsletter
explains why this is a good idea). The cover linked to the mortgage will be
a reducing benefit (he has a repayment mortgage), whilst the family income
benefit will be indexed to take into account of inflation. The aim here is
to pay off the mortgage and leave enough for his wife and children to
continue their lives without any financial worries.

So let's look at each type of protection:

Life Cover

This is the easiest type of cover to understand. It pays out a lump sum on
death and normally the policy to buy is the cheapest one the Cureall`s can
find. They may want guaranteed premiums, which means that the insurance
company will not increase their future premiums if they are paying out a lot
of claims and need to increase their premium to compansate for this. The
alternative is reviewable premiums.

Secondly, and crucially, the policies must be written under trust for the
beneficiaries. This means any monies will not form part of Mrs Cureall`s
estate, and therefore not compound any inheritance tax issue, but still
ensuring the Cureall`s will receive their money (potentially saving
thousands of pounds of Inheritance Tax).

In our experience, the majority of life assurance policies are not written
under trust.

Critical Illness

This type of protection has become more popular in the last few years,
particularly with a view to paying off debt. It is often taken out in
conjunction with income protection (PHI).

Since this form of protection is dependant on the number of conditions
covered and their wording, there can be a huge difference between companies.

Let's look at a couple of examples:

Heart attacks account for a large percentage of claims.
Many companies will insist on there being 'typical chest pain' present for
them to pay out amongst other criteria.
However, a small proportion of companies do not stipulate this and may be
more attractive.

Total Permanent Disability is seen as a 'cover all' if the condition does
not fit a specific illness listed in the policy conditions. So if Dr Cureall
cannot work then we could assume he'd be covered. Maybe, but not always.
Many companies specify in their occupation definitions that the claimant
must return to work if they are 'suited' to another job or even worse can
perform 'any' type of job.
Not very reassuring if you find you have this type of plan as a doctor or
dentist. Where possible, you should make sure the plan has an 'own'
occupation definition (which may not normally cost you any more money).

Permanent Health Insurance

This is a crucial part of protection. Whilst thousands of pounds have been
paid in claims over the years, you really do need to be aware of the
pitfalls:

. Own occupation not specified<br> . The classification of occupation
increases premiums to far higher levels<br> . Exclusions such as mental
illness<br> . No "waiver of premium" meaning you still pay your premium on
receipt of benefit<br> . Premiums are not guaranteed, meaning they are
vulnerable to increases<br> . A poor choice of deferment periods (when the
income starts to pay out)<br> . No option of indexed protection to protect
from the effects of inflation

It is interesting to note that out of the top 14 companies that would be
price competitive for the type of cover discussed, we would typically only
use 2 because of the quality issues!

The Financial Tips Bottom Line

It's likely you have bought one or more protection policies.

We're often surprised at how many doctors and dentists have policies with
small print NOT working in their favour. We urge you to check your policy
documents and make sure you're not paying for something that may not pay out
anyway. Over the life of a policy we're usually talking about thousands of
pounds, so don't put it off!

----------------------------------------------------
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson
plc, and helps UK Resident Doctors and Dentists get the best deals on
mortgages, protection and investments, as well as helping them achieve their
financial objectives. Just visit http://www.medicaldentalfs.com to get your
free retirement guide. Rutherford Wilkinson plc is authorised and regulated
by the Financial Services Authority.

Discount Dental Plans

Is a discount dental plan what you are looking for? When you are in the
market for a new dental plan or to replace your current dental plan, then
you should take a look at the great discount health plans that are out there
today.

When you are searching for the perfect discount dental plan, there are a few
major features that you need to look into.
There are thousands of great dental plans available today but there are
always a few scams that are waiting to take your money. The warning, 'buyer
beware', should be heeded when shopping for discount dental plans.

Doing your background research, making comparisons, and learning the pros
and cons are three simple steps that you should follow when you are in the
market for a discount health plan. These plans exist everywhere, but without
following these three simple steps you may get yourself into a bad one.

Doing your homework is the best way to find the perfect dental discount plan
for you and your family. When you compare your local dental insurance
companies you can easily discover which one is cheaper and which one offers
all the benefits that you and your family will need in the future.

Discount dental plans can offer the same great benefits and coverage that
the more expensive plans offer, but for less money!

By finding a discount dental plan today you can start saving money almost
instantly! You receive the best benefits and the best dentists in your area
through most of these discounted dental plans.

Discount dental plans are everywhere, once you find the perfect one for you,
you will never turn back! Remember, when you are searching for discounted
dental plans, just follow those three easy steps--research, comparison, and
pros and cons--and you will find the perfect dental plan for you and your
family.

About The Author: David Brown enjoys writing for several web sites,
including http://sofod.com and http://bowem.com

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