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1..Health Insurance costs a lot but having none costs more.
There are sensible ways to save money on insurance, but skipping health coverage isn’t one of them. Medical bills from even a minor car accident can deplete your savings – a major illness can push you into bankruptcy.
2. If your employer offers health insurance, grab it.
Group coverage, particularly when it’s employer-subsidized, is almost always a better deal than anything you can get on your own, even if you’re young and healthy. If you’re NOT young and healthy, it’s definitely a better deal.
3. Comparing plans is tough but necessary.
Unfortunately, there is no such thing as standard coverage. Benefits and costs vary widely from plan to plan. If you have choices, we will examine each one closely to find the best deal for you – saving you time, frustration, and money.
4. The lowest premium isn’t always the cheapest plan.
What your health insurance covers is just as important as, and sometimes more important than, what you pay up front. Ultimately, the cheapest plan is the one with the best price for the benefits you’re most likely to use.
5. Even good coverage can have big loopholes.
You can count on your health insurance to cover you for a hospital stay. Most policies cover doctor visits, but benefits for mental health, prescription drugs and dental care are strictly optional.
6. You’ll pay more for freedom.
Plans with the most comprehensive coverage at the lowest out-of-pocket cost require you to use a specified network of hospitals, doctors, labs, and other providers. The more flexibility you demand, the more you’ll pay, in either premiums or co-payments.
7. You can check out networks before signing up.
A growing number of public and private sources compile information on the track records of individual doctors, hospitals, and health plans. You should check www.weissratings.com to know the true financial picture for any insurance company.
8. You can keep your insurance if you lose your job.
State and federal regulations protect you from losing your health coverage in the event you lose your job. Unfortunately, they offer little protection from high premium costs.
9. Working couples have more to think about.
If you and your spouse both get health insurance at work, you must sort out whether it makes more sense to have two policies or for one of you to cover the other. If you have kids, you need to decide who’s going to cover them.
10. Tax breaks can help
Ordinarily medical expenses, including insurance premiums, are not tax deductible until they exceed 7.5 percent of your income. However, if you’re self-employed or your employer offers a flexible spending account, you can get a tax break without meeting the threshold. If you are self employed and buy an HSA health plan, both premiums and expenses become tax deductible (consult with your tax advisor).
From 1926 to 2006, the S&P 500 returned an average annual 10.4 percent gain. The next best performing asset class is bonds. Long term U.S. Treasury notes returned, on average, 5.9 percent over the same period.2. Taking too many risks in stocks. Over the short term, stocks can be hazardous to your financial health.
On Oct. 19, 1987, stocks experienced the worst one-day drop in stock market history – 22.6 percent. More recently, the shocks have been prolonged and painful: If you had invested in a Nasdaq index fund around the time of the market’s peak in March 2000 you would have lost three-fourths of your money over the next three years.3. Taking risks for bigger returns. The Myth that risky investments generally pay more than safe ones (except when they fail).
Investors demand a higher rate of return for taking greater risks. That’s one reason that stocks, which are riskier than annuities and bonds, tend to return more. It also explains why long-term annuities pay more than short-term bonds. The longer investors have to wait for their final payoff on the method of retirement planning, the greater the chance that something will intervene to erode the investment’s value – unless it is inside the safety and guarantees of an annuity.4. “I can make it back in stocks”. The biggest single determiner of stock prices is earnings.
Over the short term, stock prices fluctuate based on everything from interest rates to investor sentiment to the weather. But over the long term, what matters are net earnings, not the gains after losing big.
5. Overloading your portfolio with stocks versus bonds. A bad year for bonds looks like a day at the beach for stocks.
In 1994, the worst year for bonds in recent history, intermediate-term Treasury securities fell just 1.8 percent, and the following year they bounced back 14.4 percent. By comparison, in the 1973-74 crash, the Dow Jones industrial average fell 44 percent. It didn’t return to its old highs for more than three years or push significantly above the old highs for more than 10 years.
6. Knowing when to sell or keep bonds. Rising interest rates are bad for bonds.
When interest rates go up, bond prices fall. Why? Because bond buyers won’t pay as much for an existing bond with a fixed interest rate of, say, 5 percent because they know that the fixed interest on a new bond will pay more because rates in general have gone up.
Conversely, when interest rates fall, bond prices go up in lockstep fashion. And the effect is strongest on bonds with the longest term, or time to maturity. That is, long-term bonds get hit harder than short-term bonds when rates climb, and gain the most when rates fall.
7. Not being prepared for inflation. Inflation may be the biggest threat to your long-term investments.
While a stock market crash can knock the stuffing out of your stock investments, so far – knock wood – the market has always bounced back and eventually gone on to new heights. However, inflation, which has historically stripped 3.2 percent a year off the value of your money, rarely gives back what it takes away. That’s why it’s important to put your retirement investments where they’ll earn the highest long-term returns.
8. Counting on risky investments for retirement. U.S. Treasury bonds are as close to a sure thing as an investor can get.
The conventional wisdom is that the U.S. Government is unlikely ever to default on its bonds – partly because the American economy has historically been fairly strong and partly because the government can always print more money to pay them off if need be. As a result, the interest rate of Treasurys is considered a risk-free rate, and the yield of every other kind of fixed-income investment is higher in proportion to how much riskier that investment is perceived to be. Of course, your return on Treasurys will suffer if interest rates rise, just like all other kinds of bonds.
9. Keeping your portfolio in only stocks, bonds and mutual funds. A diversified portfolio is less risky than a portfolio that is concentrated in one or a few investments.
Diversifying – that is, spreading your money among a number of different types of investments – lessens your risk because even if some of your holdings go down, others may go up (or at least not go down as much). On the flip side, a diversified portfolio is unlikely to outperform the market by a big margin for exactly the same reason. Your portfolio should consist of a balanced approach that also includes annuities and life insurance.
10. Not owning an annuity due to performance concerns. Equity Indexed Annuities often outperform actively managed funds.
In an Equity Indexed Annuity, the insurance company sets up the account to mirror a market index – such as Standard & Poor’s 500-stock index – rather than actively picking which stocks to purchase. It is surprising, but true, that index funds often beat the majority of competitors among actively managed funds. One reason: Few actively managed funds can consistently outperform the market by enough to cover the cost of their generally higher expenses. Since the annuity is guaranteed not to lose value, you can be sure your funds can grow in a competitve, yet safe environment.
Do not cancel any in-force health coverage until you have received written formal approval of acceptance from the company you select. Rates shown are based upon the information you provided, and are subject to change based on the health plan’s underwriting practices and your selection of available optional benefits, if any. Final rates and effective dates are subject to underwriting and are always determined by the health insurance company. To be considered for reimbursement, expenses must qualify as covered expenses. View the product brochure for more detailed information on the health plans or contact our Licensed Broker Consultants who can give you a good idea of where you will stand by getting and pre-underwriting consideration from the insurance company.
The monthly premium (price) quotes shown above are only estimates. The insurance carrier will determine the rate based on a number of factors such as medical history, optional benefits etc. Insurance companies also reserve the right to change the terms of a policy with proper disclosure and notification. In our professional opinion, quotes are worthless unless they are underwritten, you cannot obtain and underwritten quote online or on your own, you must work with an agent/broker who has direct access to underwriters to do so. CATALIST HEALTH BROKER / CONSULTANTS have direct access to underwriters, we can give you a 99% Firm rates before submitting and application so there is no surprises.
The estimate of the monthly premium (price) is based on the requested effective date provided. The actual effective date may differ from the requested effective date and your premiums may also differ.
Summary Information Only
This site was designed to provide you with a brief summary of service of the plans you requested. Please note that it does not include all the benefits, limitations, exclusions, renewal terms, pre-existing condition exclusions and out-of-network penalties outlined in the policies. It is the insurance policy or certificate of coverage, not the general descriptions on this website, which forms the contract between you and the insurance company.
The use of the website and its material, some of it supplied by third parties, is at your own risk. Although we strive to provide the most current and complete information on this website, we make no representations about the accuracy, completeness or timeliness of the material found here. Please note that updates are made periodically to the website and we reserve the right to make them at any time. Again, it is our strong recommendation that you speak to one of our trained professional insurance consultants to help walk you through this process to find the most affordable fit with the best benefits that you qualify for.f
UnitedHealthOne Carrier-Specific Disclaimers
UnitedHealthOne is the brand name used for products underwritten or administered by the UnitedHealthcare family of companies offering personal health insurance, including Golden Rule Insurance Company and United Healthcare Insurance Company.
This screen is intended only as general information. It presents only a brief overview of some of the standard benefits of the plan(s) shown. Optional benefits may be available for additional premium.
Before you apply, please use the link(s) provided to download and review the product information for a more complete explanation of benefits, exclusions (including any that may apply to preexisting conditions), limitations, terms under which the plan(s) may not be renewed or benefits may be reduced, and any state variations applicable to any of these items.
You must meet our eligibility requirements in order to become insured, which may include medical underwriting. There is no coverage until we inform you in writing that your application has been processed and approved.
To be considered for reimbursement, expenses must qualify as “covered expenses” under the policy, and are also subject to all other policy provisions, such as reasonable and customary limits, or whether or not they were necessary.
Estimated Premium shown is based on the information you provided, and is subject to change based on the plan you select, optional benefits you select (if any), and other factors. We shall exclusively determine the premium actually required, and the effective date of any coverage issued.
In several states, these plans are available only to members of the Federation of American Consumers and Travelers (FACT), an independent consumer organization. If you are not already a member of FACT, you must join in order to be eligible for these plans. Through a special agreement between FACT and Golden Rule, you can enroll in the association through Golden Rule. You will fill out the FACT enrollment form on this website prior to making application to Golden Rule for health insurance. For more information on the benefits of FACT membership, visit www.usafact.org (no need to enroll directly – Golden Rule will submit your dues to FACT). Estimated Premium does not include the mandatory $3 per month dues for FACT membership. FACT membership is not required in every state. Please see the product information for details.