life and health | Life & Health

Talk to a Professional Before You Buy Insurance Online

These days you can buy just about anything online—and many of us do so with gusto. According to one e-commerce market forecast, experts predict the number of U.S. online shoppers will grow to 175 million by 2016. While many are purchasing airline tickets, books, movies, electronics, clothing and home goods, some are buying financial products—including life insurance. But before you join them, consider these reasons to talk to your insurance professional first.

The Choices are Complex

In general, life insurance comes in two basic forms: whole life and term. Insurers sometimes refer to whole life policies as “permanent insurance” because they combine insurance coverage with an investment fund. The policy will pay your beneficiaries a fixed amount when you die, but part of your premium will also go into investments that can build cash value. You can then borrow against the cash accumulated in the investment fund.

Term insurance is a life insurance policy without the investment component. When you purchase term insurance, you’re buying coverage for a set period of time. Some term policies renew annually, and their premiums will steadily increase along with your age. Other term policies have fixed premiums for anywhere from five to 30 years.

But your options don’t stop there. Universal life is term insurance combined with a money-market investment that pays a market rate of return. Variable life and variable universal life combine an insurance policy with investment funds tied to stocks or bonds.

The Right One Depends on Many Factors

Picking the right insurance product for your needs requires you to consider a number of factors. You’ll need to determine the amount of coverage you want to buy, the maximum premium you can afford, your age, the ages of your beneficiaries, and more. Unfortunately, this process is more complex than what most online computer models can handle—which means you’re likely to find one-size-fits-all policies that are too big or too small but never just right.

For a policy tailored to your precise needs, one that integrates with your overall financial plan, your local insurance agent is really the only option. Not only will you find the best selection of products (online clearing houses often offer term life insurance alone), but you’ll also benefit from your agent’s training and expertise. This means he’ll help you avoid buying too much coverage or a policy you don’t need and can even create a custom blended package using more than one type of life insurance product.

The Internet is definitely convenient, and you can use it to explore your insurance options ahead of time—as you might when buying a car. But when it comes to making a final selection and submitting an application, talk to your insurance professional first.

Get Physically Fit for Less

Did you make any New Year’s resolutions? If you’re like many Americans, you may have pledged to better your fitness as well as save money over the next 12 months. Implement the following simple suggestions to help you do both and join the ranks of the 8 percent who actually achieve those first of the year goals.

Choose your fitness investments wisely.

Spend money on anything—from a new pair of running shoes to a gym membership—that you won’t actually use and you’re basically throwing hard-earned cash away. Invest in experiences—and associated gear—that you find enjoyable and motivating and it’s money well spent. This may mean paying for race entries if you have a strong competitive urge, joining a workout group if you need accountability, or even buying the occasional ensemble if new fitness duds inspire you.

Try it out before you go all in.

Before you commit to paying a quarterly membership fee for a running club, an annual fee to join a gym, or even purchase a month’s worth of yoga classes, ask if you can try the activity for free. Many groups, gyms and studios offer free trial memberships (of a few days to a few weeks), or allow you to purchase training sessions and classes in smaller increments. If you find you love the experience, you can always sign up for more.

Utilize free smartphone apps.

Great technology doesn’t have to cost a dime. Search Google Play or iTunes and you’ll find thousands of free fitness applications you can use to learn new exercises, find inspiration, or track your workouts and progress towards goals. Accountability plays a big part in maintaining your resolutions, so apps that include online communities or integrate with your social media accounts can be particularly helpful.

Share a personal trainer.

If you’re new to exercise, taking the time to learn proper form before beginning your fitness regime can help you achieve better results and stay injury free. While experienced personal trainers often charge upwards of $50 an hour, they may allow you to split the cost of instruction with a friend (or a group of friends) if you schedule sessions together. This can reduce your investment substantially.

Make the most of nothing.

A tight budget doesn’t have to mean giving up fitness. There are many exercises you can do—from walking, jogging and running to simple bodyweight movements—that don’t require anything in terms of equipment or expensive gym memberships. Add a jump rope and a few weights (bought for cheap from a used sporting goods store) and you’ll have everything you need to complete a challenging total body workout at any time from the comfort of your own home.

Get help from your employer or health insurer.

If your employer offers a workplace wellness plan, participation may include a discounted membership at a local gym or other free fitness classes and resources. Ask your human resources department for all the details. It’s also possible that your health insurer offers fitness incentives—from discounts on classes to membership reimbursements—as part of their wellness package. Contact your insurance professional to learn more about your particular policy.

Understanding the Health Care Law’s 10 Essential Benefits

Last January, the Patient Protection and Affordable Care Act (ACA) greatly expanded the healthcare benefits available to Americans. The law set certain standards that all insurers must meet as well as mandated that all ACA compliant health insurance plans cover 10 essential benefits.

1. Ambulatory Patient Services

All health insurance plans must provide outpatient care. Networks and available doctors will vary by plan, but the ACA states that the network’s size must be “sufficient” to meet demand.

2. Prescription Drugs

While many previous insurance plans required add-on prescription drug coverage, the ACA mandated that all individual and small-group plans must cover at least one drug in every category and class of approved medications. While the cost for these drugs will vary (some plans require you to meet a separate drug deductible before you can benefit from price reductions), they will count towards your out-of-pocket maximums.

3. Emergency Care

In many cases, previous health insurance plans already covered a portion of emergency room visits. Under the ACA, however, they can no longer you to obtain preauthorization before seeking treatment, nor can they charge you more if you must go to an out-of-network emergency facility.

4. Mental Health Services

While many old health insurance plans did not cover mental or behavioral health services, the ACA mandates that all new plans must include these benefits for reasonable copays. However, there may be a limit set on the number of covered therapy visits you can make each year.

5. Hospitalization

Under the ACA, all compliant health insurance plans must cover at least a portion of hospitalization costs—and all costs if you’ve reached your out-of-pocket limit. Hospitalization coverage also includes care received in a skilled nursing facility, though some plans may limit that coverage to no more than 45 days.

6. Rehabilitative Services

Compliant individual and small-group health insurance plans must cover rehabilitative services (such as speech therapy after a stroke or physical therapy after a knee replacement) as well as habilitative services (such as speech therapy for children) and associated devices. Plans must cover 30 visits each year for physical or occupational therapy as well as speech therapy and cardiac or pulmonary rehab.

7. Preventative and Wellness Services

ACA compliant plans must allow you a free wellness visit with your doctor each year as well as cover 50 additional preventative services at no extra cost. These include a number of cancer screenings, immunizations and other health screenings. You can find a complete list here.

8. Laboratory Services

All new individual and small-group insurance plans must cover testing used to diagnose injuries, illness and conditions and monitor the effectiveness of treatment. While the preventative screenings in the list mentioned above are free, you will usually be required to pay a fee for diagnostic tests.

9. Pediatric Care

In addition to well visits and recommended immunizations, plans must include additional coverage for children under the age of 19, such as twice-yearly dental cleanings, dental x-rays, fillings and medically necessary orthodontic treatment. They must also cover an eye exam and one pair of glasses or set of contacts each year.

10. Maternity and Newborn Care

Individual and small-group plans must provide prenatal care at no additional cost—something nearly unheard of in old insurance plans. They must also cover childbirth and newborn infant care, though some benefits are subject to deductibles, copays or coinsurance.

The open enrollment period for 2015 healthcare coverage is about to begin (it runs November 15-February 15), so now is the time to start thinking about renewing or changing your health insurance plan. If you need assistance navigating the marketplace or want to discuss your options, contact your insurance agent today.

What You Need to Know About Ebola

If the mere mention of the Ebola virus terrifies you, you’re not alone. While we’ve yet to see more than a handful of cases in the U.S., a number of state governors—and the pentagon—are mandating monitoring and/or quarantines for healthcare professionals, military troops and foreign visitors who may have had contact with infected individuals while in the West African nations of Guinea, Liberia and Sierra Leone.

According to the World Health Organization (WHO), the number of reported Ebola cases in the current outbreak topped 10,000 as of mid-October—and nearly 5,000 individuals had died of confirmed, suspected or probable cases. However, almost all of these deaths were in the three West African nations at the center of the epidemic.

Within the U.S., there has been only one death. Experts from the Centers for Disease Control and Prevention (CDC) have stated repeatedly that the risk of a serious outbreak of Ebola within North America is extremely low, though many Americans are still concerned. If you’re among them, consider these facts you need to know about the virus.

Ebola symptoms generally start to show within 21 days of contracting the virus. Most cases develop within eight to 10 days. Until early symptoms—including fever, headache, fatigue and nausea—are present, a person with Ebola is not contagious.
Few Americans are actually at risk of contracting Ebola. If you haven’t been to Guinea, Liberia or Sierra Leone recently, and are not a healthcare worker who has participated in the treatment of the few U.S. Ebola cases, there is virtually no way you could have caught it.
Ebola is not airborne (like the flu or the common cold virus), nor does it spread through casual contact. Rather, you must have direct contact with the bodily fluids of someone showing symptoms. Bodily fluids include saliva, sweat, tears, vomit, blood, urine and feces. The two nurses who contracted the virus while treating an Ebola patient in Dallas earlier this month were dealing with copious quantities of these fluids. (Incidentally, they both survived with treatment).
Should Ebola become more widespread, you can take steps to reduce your chances of contracting it. You should already be taking the first two if you want to minimize your risks of catching cold viruses and the flu. These steps include:
- Frequently washing your hands with soap and water or an alcohol-based hand sanitizer
- Avoiding touching your face, eyes or other mucus membranes with unwashed hands
- Avoiding contact with blood and other bodily fluids
- Avoiding items that may have come into contact with an infected person’s blood or bodily fluids (including clothes, bedding and needles)
- Avoiding handling the bodies of anyone suspected to have died from Ebola

Skin Cancer Facts Everyone Should Know

You know you should stay out of the sun between the hours of 10 am and 2 pm. You know you should wear sunscreen whenever you go outside—whether it’s July or January. You know that you should avoid tanning beds and opt for a bottle of bronzer if you can’t live without a golden glow. But do you do these things? If you want to avoid skin cancer, you really should. It’s the most common form of cancer in the U.S., with more than 2 million people diagnosed every year according to the Skin Cancer Foundation.

While one in five Americans will develop skin cancer in the course of their lifetime, brushing up on a few facts may help you reduce your chance of becoming one of them.

1. Previous sun exposure contributes to skin cancer risk.

You may put on sunscreen religiously now, but it takes only five blistering sunburns between the ages of 15 and 20 to increase your risk of developing melanoma—the deadliest form of skin cancer—by 80 percent. Previous sunburns also increase your risks of slow-growing skin cancers such as basal and squamous cell carcinomas. Make sure you schedule an annual skin cancer screening with your primary care physician or a dermatologist every year.

2. Skin cancer is not just a women’s disease.

While the National Cancer Institute reports that 50 percent of Americans over the age of 65 will develop at least one form of skin cancer, the rate of melanoma in men in this age group has risen more than that of any other over the past 40 years. It can take years for skin cancers to develop, but it’s never too late to reduce your risk. Men as well as women should always wear sunscreen, protective clothing and a hat when spending time outdoors.

3. Alcohol can increase your skin cancer risk.

A study published in the British Journal of Dermatology found that drinking more than one pint of beer of glass of wine per day increased the risk of developing melanoma by 20 percent. Researchers speculate that this is because alcohol consumption increases one’s susceptibility to sunburn by reducing the skin’s immune response to damaging UV radiation.

4. Skin cancer can develop anywhere.

Many melanomas and other skin cancers form in sneaky spots like the soles of your feet or the backs of your ankles and legs where they are harder to see. If you live alone and don’t have a significant other to help you check your skin regularly, you’re at increased risk for missing the signs of skin cancer—like suspicious moles—before they become significant. This is another reason you should schedule that appointment with your doctor.

5. There are new treatment options for skin cancer.

Your only choices used to be surgery, radiation or chemotherapy. However, new, targeted therapies—including oral medications that attack cancer cells— are available. They tend to have fewer side effects than the traditional treatments. Since 2010, the Food and Drug Administration has approved four new drugs for the treatment of melanoma as well as two immunotherapy drugs according to AARP.

Can You Really be “Too Young” for Life Insurance?

The simple answer to this question is no.

According to the Centers for Disease Control and Prevention, there were 2,513,171 deaths in the U.S. in 2011. Leading end-of-life causes included diseases of the heart, malignant neoplasms, chronic lower respiratory diseases, cerebrovascular diseases and accidents—most of which can strike at any age.

This means we can all benefit from life insurance, whether we use it to pay for our funeral expenses, as an investment vehicle, or to protect our family from financial hardship in the event of our death. Consider the following life stages and reasons to purchase this valuable form of insurance for each.

Young Adulthood

When you’re young and single, life insurance is unlikely to be a priority. You may have a career and earn a decent wage, but you probably don’t have anyone other than yourself who relies on that income. However, if your parents or grandparents have cosigned a loan for you—perhaps for college or a home purchase—you’ll want to make sure that those debts don’t become a burden to them in the event of your death. You can do this with life insurance. Bonus: your premiums will be lower if you buy your policy while you’re young and in good health.

Marriage

If you purchased life insurance as a young single, now’s the time to adjust your policy to account for your increased financial responsibility. And if you’ve yet to purchase life insurance, there’s no better time than the present. Even if your partner earns a good income and believes he or she can manage financially once you are gone, life insurance can provide the peace of mind of knowing that you’ve done everything you can to provide for his or her future.

Babies

If you have young children and no life insurance, you’re jeopardizing your family’s well-being. Whether you’re a single- or double-income couple, insuring both partners is essential. Death of a breadwinner or a domestic partner can wreak havoc on one’s finances. You can use life insurance to make sure your spouse and children can keep your home, pay off debts, afford childcare and eventually finance college educations.

Retirement

Your mortgage may be paid off, and your children grown and raising families of their own, but this doesn’t mean you should cancel your life insurance policy. Life expectancy is increasing, and the volatile economy has made it difficult for Americans to amass the wealth they need to sustain themselves in retirement. A life insurance policy will give you the freedom to tap into your home equity if you need to supplement your retirement income, knowing the proceeds can pay off the mortgage. And if you don’t have much in the way of savings or financial assets, the payout can serve as an inheritance for your family.

If you’d like to explore more reasons for purchasing life insurance at your life stage, or want to review your current policy, contact your insurance professional.

Scrub a Dub: Wash Your Hands to Prevent Infection and Illness

American author John Steinbeck once wrote, “A sad soul can kill you quicker than a germ.” While certainly a poetic statement, and even somewhat true, those pesky germs—found everywhere and on everything—can still make you sick. Fortunately, washing your hands is one of the best defenses against the infections and illnesses they induce. According to the Centers for Disease Control and Prevention (CDC), handwashing can reduce respiratory illnesses—such as the common cold—in the general population by 21 percent. Other U.S. public health authorities have stated that bad hand hygiene cause nearly 50 percent of food-borne illness outbreaks.

When to Wash Your Hands

While it may seem like common sense to wash your hands whenever you do something that might cause you to come into contact with—or spread—germs, many people don’t do it. In fact, a study published in the Journal of Environmental Health by researchers from Michigan State University revealed that only 5 percent of their subjects washed their hands properly after using the restroom. Thirty-three percent used water without soap, and 10 percent didn’t bother to wash their hands at all.

Other situations that require handwashing include:

Before, during and after food preparation
Before eating a meal or snack
Before and after caring for someone who is ill
Before and after treating a wound
After assisting a child in using the restroom or changing a diaper
After blowing your nose, sneezing or coughing
Before touching your eyes (as when inserting or removing contact lenses)
After touching an animal or animal waste
After touching garbage

How to Wash Your Hands

We all learned how to wash our hands as children, but we may not have learned to do so correctly. It takes 15 to 20 seconds of vigorous handwashing with soap and water to kill of all the germs according to the CDC. However, the Michigan State University study found that most people who bothered to wash their hands only spent about six seconds. Make sure you—and your family—are handwashing correctly by following these steps from the CDC:

Wet your hands with clean, running water (any temperature will do).
Apply soap generously.
Rub your hands together vigorously to create a lather. Be sure to lather the backs of your hands, between your fingers and under the tips of your nails.
Scrub for at least 20 seconds.
Rinse your hands thoroughly under clean, running water.
Dry your hands with a clean towel or allow them to air dry.

If you don’t have access to soap and water, you can utilize an alcohol-based hand sanitizer. Look for one that contains at least 60 percent alcohol. Studies have found that non-alcohol hand sanitizers do not work well on all classes of germs, can cause germs to develop a resistance to the sanitizing chemical, and are more likely to irritate the skin than alcohol-based hand sanitizers are.

Because even alcohol-based hand sanitizers have been found less effective against certain types of germs, it’s best to wash your hands with soap and clean, running water whenever possible. And remember: the fewer doctor visits you make each year, the lower your overall healthcare costs, even with insurance.

When Health Insurers Can Charge You More

During the inaugural enrollment period of the Affordable Care Act (ACA), an estimated 9.3 million previously uninsured Americans obtained healthcare coverage. Whether you’re one of them or among the other millions who had to choose new ACA-compliant insurance plans, you may still be confused about the factors that affect your healthcare premiums. According to Healthcare.gov, there are five factors that influence health insurance plan prices. These include location, age, family size, tobacco use and plan category. We’ll take a closer look at them below.

Location:

Where you live is one of the biggest factors affecting your insurance premiums. This is primarily a result of local regulations, cost of living and the number of insurers competing for consumer business in a given area. There may even be significant rate variations within a single state. For example, Kaiser Health News reported last year that a 40-year-old in Philadelphia would need to spend $300 per month on a mid-level insurance plan, 77 percent more than the premium for the same type of coverage in Pittsburgh.

Age:

Your age also plays a large role in determining your health insurance premium. Insurers can charge older people up to three times the amount that younger people pay. In the past, some companies charged older individuals significantly more than the 300 percent spread allowed by the new law. For example, an analysis conducted by HealthPocket prior to the ACA rollout found that policies in Delaware, Oregon, Alaska and Wyoming all had average premiums for 63-year-old consumers that were 350 percent higher than those quoted for 23-year-olds were.

Family Size:

Obviously, a plan that covers a spouse or dependents will always cost more than one that is for an individual alone.

Tobacco Use:

While the ACA prevents insurers from factoring individual health status into their premiums or denying coverage for pre-existing conditions, it made a bit of an exception for tobacco. The law allows insurers to charge tobacco users up to 50 percent more for coverage than those who don’t use tobacco must pay. However, a “glitch” in the government’s computer payment system attached to the healthcare marketplace is currently preventing calculation of the tobacco surcharge. Reports say it’s unlikely they will fix it until at least 2015.

Plan Category:

ACA-compliant healthcare plans come in five categories (catastrophic, bronze, silver, gold and platinum) that have variations in the percentage of costs paid by the insurer. While bronze plans have lower premiums, the out-of-pocket costs are higher. Platinum plans, on the other hand, have lower out-of-pocket costs and higher premiums.

The ACA no longer allows insurers to factor gender into their plan premiums. This means women are no longer required to pay higher premiums than men do. The provisions of the ACA protect consumers against “unreasonable” rate increases as well. Any insurance company that wants to raise premiums on non-grandfathered plans 10 percent or more must publicly justify the increase.

If you’re concerned about your health insurance premiums, want to get a head start on choosing a plan for 2015, or are currently uninsured, contact your insurance agent to discuss your coverage options today.