Health insurance. Life insurance. Car insurance. Of the
three, health insurance creates the highest anxiety, simply
because health care costs continue to rise at the fastest
rate in U.S. history. But you can take the stress out of
buying insurance with these eight money-saving tips.
1. Do your homework. Balance your need to purchase adequate
health care insurance with the need to purchase life
insurance, home insurance and other insurance policies. The
greatest majority of Americans cannot afford adequate
insurance coverage, period. But creating a plan that
includes saving for insurance coverage is less stressful
than giving up.
2. Comparison shop. You can buy a stronger insurance policy
or get insurance you don't already have by cutting down the
cost of your current insurance. Comparison shop. Go to
unbiased resources such as the magazine Consumer Reports
(www.consumerreports.org), which accepts no advertisements
to avoid conflicts of interest when rating. Make it a habit
to revisit your coverage once a year.
3. Think "group coverage." If you are self-employed or
working for an organization that does not provide
insurance, consult professional organizations in your field
to learn if "group" self-insurance is available that can
offer lower rates than individual-only policies.
4. Know if an insurance provider can deliver what is
promised before you become a customer. A.M. Best provides
free access to its Insurer Ratings Directory at its Web
site at www.ambest.com. You can also contact the attorney
general's office in your state for additional resources. Do
a "google.com" search, too, for the latest news and reports
on the reputation of insurance companies.
5. Don't make mistakes on your insurance application. If
you make a mistake or leave out any information (especially
on many of today's health policies that will void your
policy over the smallest mistakes or omissions), you risk
being declared ineligible. When you need your insurance is
when some insurers will go over your policy word by word
searching for any mistakes. So don't make mistakes.
6. Never pay for insurance in cash. You need a paper trail
to prove you have coverage and have made your payments in a
timely fashion. Keep your records in a safe place.
7. Do your homework before saying yes to supplemental
insurance. Don't pay for supplemental insurance you don't
need. Also ask yourself: Is this policy really just a
company that provides discounts that you can negotiate
yourself or find by comparison shopping?
8. If you are over the age of 50. If you are 50 or older,
or approaching that age, consider joining the American
Association of Retired Persons (www.aarp.org). The richest
corporations have powerful lobbyists to win tax breaks and
cost savings from Congress every year. The AARP combines
its large membership voice to equal the lobbying clout of
many top corporate interests.
Today's environment makes buying health insurance, life
insurance, and car insurance somewhat of an anxiety-laden
task. We hope our tips help to lower your stress level.
----------------------------------------------------
Ruth Klein is an award-winning business owner, best-selling
author and marketing and time management consultant whose
clients range from solo entrepreneurs to the Fortune 500.
Sign up to receive Ruth's 7 Part Mini-Course on Branding
and Productivity. http://tinyurl.com/25tqo5
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