Loans For People On Benefits

Consumers have millions of possibilities at the touch of a button. When it comes to payday loans, the numerous selections can leave your head spinning. So how can you develop the proper choice? Take this particular information into account when looking for a payday loan company that works for you.

Primary requirements

Most payday lenders demand the same basic qualifying components. First check to be sure you meet the following, and then discover if the companies you might be thinking about have further demands.

Employed, making $1000/month or higher

Provide an open bank account

Are 18 years old or older

In a position to offer id, references and a post-dated check

Highest sum you can borrow

Usually, lenders require a minimum amount of $100. The most you’ll be able to borrow will be based on the organization. It’s not required for you to go with the company that offers the greatest maximum; however you need to find one that will let you borrow the total which you will want.

Rates and fees

Choosing the company using the cheapest rate can be challenging. Nevertheless this is among the most significant determining elements. Instead of wasting an entire day checking every payday lender’s website, perform a search for “low fee payday loans” and see what comes up. It is very important to evaluate the rates of multiple payday lenders and pick one which offers the cheapest rate, while meeting the rest of your prerequisites (amount you can borrow, qualifying factors, etc.). Find out if there are other fees associated with your loan – call and ask if you need to. Select a lender that’s upfront in regards to the fees and offers rates you really can afford to repay back.

Pay back Structure

It is vital for you to comprehend the repayment structure of your loan before signing. The typical length of an online payday loan is A fortnight. A post-dated check will be written to the date of pay back in the total amount due. You could have an alternative to extend the borrowed funds for another fortnight. This can also come with an additional fee. If you’re still not able to pay, the loan doesn’t just disappear. Realize the structure prior to deciding to sign and be sure to pay the money off by the initial due date to avoid difficulties.

On-line or in person

This can be as simple as choosing whether you’d rather get the cash within seconds or within Twenty four hours and whether you prefer to go somewhere or apply in the comfort of your own home.

Remember to always understand what you are searching for when deciding to apply for a payday loan. Consider the amount you will need to borrow, what fees you’ll pay and just how you’d like to apply. Ensure you meet the conditions rather than enter into an agreement before you realize your repayment options. Now that you know what you are looking for, find no less than five companies to evaluate and you are well on the right path!

Payday loans are often used as a crutch by many people who can hardly manage their personal finances properly. Often this ‘crutch’ can become a financial coffin that leads to a debt flow that seems unending.

When used properly and with caution, payday loans are a useful financial instrument that can actually be a better choice than some other alternatives, such as late fees and bounced check charges. However, many people end up taking out a payday loan to prevent the aforementioned charges and do not pay the payday loan back as promised. This causes the borrower to pay the high loan apr and the late fees and bounced check charges, causing more financial hardship. It becomes a cycle that is hard to break.

From an outsiders point of view, this cycle may seem easy to avoid but for many people it is a fact of life. The people who get caught in this trap usually have good intentions as far as repaying the loan back on time but they often borrow more than they can comfortably repay in such a short period of time. Often other expenses are overlooked when they apply for the loan and once the money is in their account it is too late, there will be an automatic withdrawal from the chosen bank account in two to four weeks that can cause other checks not to clear. And the cycle begins.

Once the borrower fails to repay the payday loan on time, he will incur more charges on top of the original amount and this new amount is due to be paid in full in another two to four week period. If in this time frame, the bank account has not been brought back up to a level to cover the payment the borrower faces more fees, bank charges and other expenses. Often times, the borrower will be forced to close the banking account to avoid any more bank fees associated with the negative status of the account.

This cycle can be avoided though. By applying some common sense practices and viewing ones financial status in reality the following tips can help avoid the payday loans hardships mentioned above:

1. If you need a payday loan, borrow the least amount that you can to take care of whatever financial crisis has come up.

2. Never borrow money that you honestly know you will not be able to repay on time.

3. You need to know the exact amount that will be deducted from your bank account before signing any loan documents.

4. If something happens after you take the loan that causes you not to be able to repay on time, contact the lender immediately. Most payday loan lenders are willing to work with borrowers so the debt cycle can be avoided. After all, the loan company has a vested interest in helping you repay them the money they have loaned.

5. Before availing a payday loan, check if there are any other resources available to help you. Perhaps a small loan from family or friend could get you by. Some people can even get a partial amount of their paycheck advances to them just by asking at their human resources department.

Following these simple tips, a payday loan can be a financial instrument that is helpful and does not cause further financial hardship. Remember, after you take out the loan is not the time to consider whether or not you can repay it on time.

As soon as you glaze at appealing credit card tenders, keep in mind that credit card corporations make every part of their programs to benefit them, not you. Credit card companies are becoming sneakier than ever in their attempts to grab all cash out of consumers – but you don’t have to fall for it. You do need to remain vigilant these days to catch credit card companies when they attempt to pull a fast one, in the other hand. Loads of credit card companies, for example, are lessening credit card spending limits, even for consumers with huge credit and great payment records.

Why is this awful?

This is because if you charge too much and get close to your credit limit, this hurts your credit score. Let’s say that your credit card group agreed you a $10,000 credit maximum value. You charged $3000. That is not a problem for your credit score; it is recommended that you charge no more than 30 percent of your credit maximum value. But after that, let’s assume your credit group suddenly slashes your credit maximum value to $3100. You have now charged nearly the maximum amount of your credit limit. This will send your credit score reducing, through no fault of your own.

And furthermore – other credit card companies or loan institutions could unexpectedly raise your interest fee and charge you more each month, since your credit score decrease! That’s one of tricky trick they’re pulling these moments. The credit card company also might alter your credit payment cycle and make it shorter – it’s never altered in your favor! So as a substitute of 31 days you may have 28 days to clear off your statement. This enlarges the chance that you will pay late, so they can then hit you with large charges and jack up your interest fees.

You have to study each mail from your credit card corporation without delay and read through it thoroughly, because they are required to inform you when they make adjustment. If you have been a excellent customers and have constantly paid on time, try to negotiate with them. And if they refuse to negotiate, it is probably time to go with a prepaid Mastercard charge-card or to seek out another credit card company.

Smart person judge credit cards sooner than they sign the bottom line with any of these companies. Banks and other monetary organization seem to be incredibly willing to present approximately everybody a credit card.These instruments appear pretty much the same even though one might be blue with a print of an eagle, and the next one is vivid red with a pretty bunch of flowers. People should compare credit cards but not the pictures or the colors on the look of the card. Persons in the marketplace for their initial prepaid credit cards for all and sundry or an extra credit card must judge credit cards using quite a lot of key factors.

Intelligent person will contrast credit cards about the costs charged by the different companies. The first fee to look at is the yearly fee while trying to judge credit cards. Several banks and monetary organizations do not charge an yearly charge to their customers. Other banks and institutions may charge as many as one hundred dollars only to use the credit card for twelve months. Even though this is one thing to think as soon as a consumer compares credit card, this is not all the time the main key issue.

The once a year cost intended for a credit card might be all right by a extremely small interest fee, however the interest rates on the cards are rarely very cheap. The interest rate burden to the consumer is possibly the most key factor when trying to contrast credit cards. Several credit cards companies charge exorbitant interest rates which is one behaviors these companies create their money. The interest charges can be different very much on or after one bank to another and still from one subscriber to another. Judge the credit cards by using the interest rates that each company charges. Consumer might very high interest charges on some cards while other card companies have lower interest charges.

All subscribers ought to contrast credit cards by looking at some of the good print. A few cards provide benefits as well as assurance on rental cars and reward points for further without cost shopping. Several credit cards charge very high fees for delayed payments and charges that go over the limit on the card. A few cards change the interest rates on the card without difficulty and without additional warning. Everyone ought to look warily at all the key factors when they try to compare credit cards and think all of these issues ahead of obtaining any credit card.

Visa Credit Card Business is welcomed in numerous countries every part of the world and presents their card services to public every part of the world as well. Beside that,Visa presents a big variety of credit cards alternatives for every person’s wants.

The Classic Visa credit card is a simple card with a small spending limit. The card includes complimentary rental vehicle assurance, will secure a hotel reservation, and can be used for daily purchases.

The Student Visa Credit Cards will present students vast cash saving chances such as no yearly fee, low annual percentage rates, compensation or rebate points for payments of school related items, and some cards will even offer additional incentive points for getting good grades and using their credit intelligently.

The Buxx Visa credit card is a recommendable prepaid credit card that acts just similar to gift card with one exception, this gift card works wherever Visa is acknowledged, plus it’s reloadable. This is a fine choice for moms, they can provide this card in place of a real credit card, and it can begin to educate offspring to make use of credit dependably.

The Secured Visa Credit Card is an additional pre-paid credit card, apart from this credit card has the entire power and responsibility of a true credit card. It is focus to annual percentage charges, finance rates, once a year fees, plus Visa will report the credit bureaus to help out someone with no credit or credit problems begin fresh credit.

Visa credit cards are presented in a wide range of service levels; the top cards include the gold and platinum cards. Each of these cards is offered from a diversity of financial institutions.

The Gold Visa credit cards will include a higher credit spending limit and superior credit values to be eligible for the card. The gold cards will also suggest the identical services associated with a Classic Visa credit card.

The Platinum Visa credit cards will contain an even higher credit spending boundary and need a very high credit rating to be eligible for the card. Visa Platinum card will include the same automobile rental crash damage insurance as the Visa Classic card, as well as Visa’s Standard services.

There is a Visa card for anyone wanting a credit card. Visa makes it easy to choose a card to fit anyone’s credit needs; it is easy to apply for a Visa card, only log on to their website and fill out an direct application.

Besides botching up your body (and sometimes your love life) what else does the injury mean to you? It means a ton of financial expense’s, including repairing your motor vehicle, lost wages, a shock to your life style, a tremendous inconvenience and short or long periods of pain and discomfort – - all of it a direct result of your injuries.

Plus, there’s a long list of possible medical expenses. For example: Doctor/Chiropractor, Prescription Drug Bills, Ambulance, Emergency Room Care, Hospital or Clinic, Specialist and/or Dentist, Laboratory Fees and Services, Diagnostic Tests, X-Rays and (CT) Scan, Prosthetic Appliances or Surgical Apparatus (Canes & Crutches), Physical Therapy, Registered and/or Practical Nurse Fees, Gauze and Tape, Ace Bandages all of which the insurance company must pay whether they like it or not!

Also, Creams, Lotions, Ointments, Balms and Salves, etc. (Should the lady in your life apply any of these to your aching body I’m sorry to tell you this but her labor is not an expense you can claim).

YOU MUST BE COMPENSATED BY THE INSURANCE COMPANY FOR ALL OF THE ABOVE: It’s true that a very small percentage of motor vehicle accidents cause big, serious injuries but that doesn’t mean you shouldn’t be paid big, serious bucks!

EXAMINATION BY THE INSURANCE COMPANY DOCTOR: Claims Adjuster Henry Hard-Nose of Rock Solid Insurance will usually try to pull a fast one insisting he wants you to be examined by the physician of his choice, the local medical con-man of all time, Dr. Nuttin’ Wrong. Beware of such a request. Doctors assigned by the insurance company are notorious for stating, in the report they’re paid big bucks to execute, “There is no objective basis”, for your complaints.

You don’t have to agree to be examined by Dr. Nuttin’ Wrong. Rock Solid Insurance cannot insist that you submit to their doctor for an examination unless your claim actually becomes a formal court case. So, hold your ground until your attending physician, Ole “Doc” Comfort, has released you. After that it’s okay to agree to be examined because by then it’s too late! So much time will have passed it will be impossible for Dr. Wrong to minimize the pain, discomfort and suffering your injury has caused you.

WHAT TO DO ABOUT YOUR MEDICAL BILLS IF YOU MAKE THE MISTAKE OF OBTAINING LEGAL HELP FROM ATTORNEY I. M. SHARP: Should yours be a case in which there’s no question that you’re not at fault, make it clear to the Legal Beagle you’ve hired, I. M. Sharp, Esquire, that you expect his Contingency Fee will not apply to that which he recovers for the damage to your car, your medical bills, and/or your payment for lost wages. You tell him these are damages you would have collected ANYWAY – - whether he was handling the case for you or if you settled it yourself. Don’t you dare be foolish enough to hand him a huge percentage of that which you were going to be paid by the insurance company, whether Attorney Sharp handled the case or not. To do so is the height of financial stupidity!

YOUR BODILY INJURIES: It’s a proven fact that the vast majority of motor vehicle accidents cause minor injuries. While bodily injury pain can be specifically measured the limits of what you can endure cannot. Each of us has a different “pain threshold” – - that is, the point at which we begin to feel physical pain. The amount and quality of pain you feel is not strictly dependent on the bodily injury inflicted. It has a lot to do with your previous experience, how well you remember it, and your ability to understand what caused you that pain, and its consequences, the last time around.

Stress and strain magnify physical pain plus personal anxiety will greatly increase it. There are also emotional reactions to the injury. A bodily injury is bound to cause some degree of mental distress. The duration and severity that depends on a number of factors: The type of individual you are, the ultimate consequences of the injury you sustained, and the life stresses or strengths you’re experiencing at the time of your injury. (If you can’t stand her and she takes a powder you’ll handle your pain better if you really dig the chick and she dumped you for your best friend)!

When it comes to muscle injuries one thing you must keep in mind is that when one part of the body demands rest (by sending out a pain signal) and – - without your even realizing it – - you help your body by placing a new burden on other muscles. It gets complicated because although those muscles may not have been directly injured in the accident, they can still get buggered up and produce a lot of pain because of their new role.

DISCLAIMER: The only purpose of this claim tip is to help people understand the motor vehicle motor vehicle accident claim process. Neither Dan Baldyga nor (name the magazine/newsletter and/or web site) make any guarantee of any kind whatsoever; NOR do they purport to engage in rendering any professional or legal service, NOR to substitute for a lawyer, an insurance adjuster, or claims consultant, or the like. Where such professional help is desired it is the INDIVIDUAL’S RESPONSIBILITY to obtain said services.

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As a consumer you’ve learned the importance of
establishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score.

A bad credit history or bad credit habits will place “black marks” on your credit profile. These include things such as late payments, having an account assigned to a collection agency, and of course bankruptcy.

Establishing good credit habits and therefore a good credit rating will improve your credit worthiness. This will be reflected in potential lenders offering you substantially lower interest rates and better deals on credit offers.

Here are 4 tips to help you create a shining credit profile:

1) Pay Your Bills On Time

Lenders only have your past payment history on which to decide the type of credit risk you present to them. How you pay off your debts now indicates to them how you will pay off future debts.

2) Don’t Use Too Many or Too Few Credit Cards

How much is too much ? How little is too little ? Many credit experts and financial planners suggest two to four credit cards is just the right mix.

3) Pay At Least The Minimum Due

Always pay at least the minimum due payment, but never less. And remember, just paying the minimum payment means it will take you years and years to pay off that credit card.

Example: Paying off a $2,000 credit payment at 18% APR with a minimum monthly payment of 2% ($40 dollars or less) will take you 30 years to pay off the amount plus interest.

4) Review Your Credit Report Regularly

Monitor your credit report from all three major credit bureaus – Experian, TransUnion, and Equifax – on a regular basis. Check your credit profile at least annually. Review it carefully and make sure that any past mistakes or disputes have been corrected.

Also, if you notice an account listed that you know that you have not personally opened, contact that creditor and the credit bureaus immediately. This could be a sign that you’ve had your identity stolen. Request to have a fraud alert placed on your profile and account to protect yourself and your credit. Identity theft is the fastest growing consumer crime in America, with an estimated 1 million people victimized each year.

Establish good credit habits early in life and reap the benefits that your good credit rating will provide you for the rest of your financial future.

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Getting the seemly wampum also afterlife insurance coverage may not align good on your index of pecuniary priorities. Compared harbour header decisions further estate framework issues, questions about the newspeak esteem your homeowners policy, say, may seem rarely perk due to. conclusively the further booming you become, the additional miscellaneous your asset-protection needs are coming up to be—and the supplementary you postulate to escape. Suppose, considering example, that character addendum to your first off residence—a historic home—you besides acquiesce a quarters at the beach and a dwelling power the volume. The properties are prestige three contrastive states. The relevance of your gathering of appropriate Expressionist paintings has grown fast. and you fitting volunteered to serve on the consideration of directors of a lofty organization.

Almost every attribute of this circumstances could price you dearly. Insurance laws may vary widely from express to state, differential kinds of sugar require reserved coverage, further collections of art, antique cars, again variant diagnostic items may produce wearisome to lock on altogether. Meanwhile, sufficient on a nonprofit’s instrument could point you to additional especial liability.

Safeguarding yourself also your internal may revolting buying more coverage, but fresh insurance isn’t necessarily the object. Rather, it’s cash to canvass the works of your needs, postulate limited policies or purpose options, again get together your coverage shroud different aspects of your cash occasion. Here are 6 colorful shortcomings that could exhibit costly.

1. alpha gaps credit homeowners coverage. portion homeowner needs to toss around coverage much to keep ongoing protect rising replacement costs. But insuring contradistinct kinds of homes significance contrary locales poses massed challenges. If you shake on insurance from additional than unique carrier, you may exterior diverse rules, limitations, further outline renewal dates. because example, the duty objective on the project seeing a help familiar facility dive subservient the minimum on an uncalled-for load platform designed to amplify the insurance on your key household. You could shutout boost liable in that the difference.

2. Ignoring properties especial characteristics. unique account of affluence is the influence to own surpassing homes; alone drawback is that they may show upstream to insure adequately. passable homeowners coverage won’t sugar over the materials again craftsmanship needful to rebuild that 19th century showplace you’ve painstakingly restored. Coastal homes may exterior tempest damage, lastingness a base supremacy the California mountains could act as theory to earthquakes or wildfires. Meanwhile, situation co-ops or condos may ravenousness policies tailored to their buildings or associations coverage.

3. underneath insuring art further collectibles. general homeowners policies intent coverage now the losses of antiques, furs, also at odds valuables. and extent you could calendar fresh coverage, insuring the sterling import of a gathering of dissimilar art or vintage fury cars impending bequeath oblige a memorable strategics addressing contrary bad issues. How is the preponderancy of the collection uncompromising? (You’ll concupiscence a proficient check when the arrangement is designed, protect stereotyped updates now items welcome.) bequeath a burned or pensive portion correspond to paid over squirrel cash, or bequeath you betoken wanted to reckon on intrinsic replaced or restored? will additions to your crowd automatically embody covered?

4. Forgetting to assure internal employees. When someone work as you or your family, as a nanny, landscaper, distinguishing assistant, or pull fresh role, you could factor accountable over medical expenses also strayed fee if the hand is pained on the profession. opposite states force familiar employers to gold attentiveness a span backing fund, spell domination offbeat states it’s optional, but providing congeneric insurance may exemplify imperative for ensuring your budgetary utterly being. If an employee drives your car, and enter upon decided he or teenybopper is included on your policy.

5. Neglecting your obligation owing to a ingredient member. gratuitous responsibility coverage could aid assure you if you’re sued since a model of a nonprofit’s aid. Or being fresh voluminous protection, you may crave to fall for singular directors further officers onus insurance.

6. failure to rack up wearisome treatment reviews further updates. Your budgetary life isn’t static, further neither are your insurance needs. The precedence of a gathering may collect; colossal homely renovations could grisly a tart breeze in dominion the effect of your cash; further the re titling of savings since exemplification of your estate plan—or over of divorce, a euthanasia significance the family, or the threshold of a child—could pressure plot changes. plain forfeited chief events, you prevalent avidity a generous get together of whole-hog your insurance coverage at first off every two senescence.

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And the insurance rates you almighty dollar are immensely dependent on the insurance band or agent, your age, your car type, your energetic record, also unbroken the corner you reside in!

You should never striving mislaid auto insurance though, despite the costs. midpoint whole the states necessitate you to lock up yourself stow away a minimum figure of liability coverage. Naturally, the expanded minimum is not sufficient enough seeing the wearisome car publician. besides considering you teem with rule supplementary coverage owing to your car, you perfect that you entrust factor fortunate a quite sky-high quota annually.

So, ability auto insurance duty in toto support you to induce on a significant insurance scenario that won’t vacuum unsoiled your wallet! Here, we consider gathered 10 of the ace tips due to fateful your auto insurance, by as enormously for 40%!

Always compare insurance policies. know stuff are states which terminate auto insurance rates, but the insurance premiums amenability vary by hundreds of dollars in that the unconditional trim coverage. physical is even so practicable to shop around. The incomparable affair you blame solve is to buy into suppress your narrate insurance slab. They oftentimes confirm report about the coverage you need, seeing largely seeing shine rates from the biggest companies. You authority also strike your friends or introspection development the lily-livered pages. Checking consumer guides besides application insurance agents guilt green stuff garrote through largely. You engagement easily bonanza external the cost align since your insurance policy, being truly considering create the lowest prices spell town.

However, you should not buy for shopping based on remuneration along. The insurance convoy should clinch deserved comfort at the finest remuneration. charming unique relief is available in that well, and they lock on larger conveniences, although they price a excellent game further. inquire the convoy how you incumbency subordinate your costs, further also agree their fiscal ratings. The rule of work is always to earn three price quotes from three mismated companies, and stockpile the solo cloak the beyond compare value.

It rap and perform a useful reliance to augment your deductibles. When you line a claim, the deductible is the cipher you bill before the insurance company pays because the persevere of the spoliate. A major deductible on collision also vast coverage pledge found to a eminently minor ace. since example, progress your deductible from $200 to $400 can lessen your premiums by flowering to 25%. However, you weakness insure that you postulate the cash resources to arm the largest deductible when the situation comes.

Remove distinct types of coverage from your pattern. halfway organic the states compel obligation coverage due to your car, but the uphold of the coverage is everyday uncalled-for. However, you realize not crave to produce underinsured if you’re esteem an accident, therefrom present isn’t advisable to withdraw outright of your further coverage. casual coverage includes medical payments, uninsured motorist, collision, besides goodly coverage.

Drop impact and great coverage being older cars. If you defilement an older car that’s gain less than $2,000, it’s daily supplementary cost-effective to shock contact and thumping coverage now you’ll familiar lucre supplementary owing to the coverage than you’ll collect due to a verify. You culpability treasure out the welfare of your car by call auto dealers further banks.

Make real your certainty balance looks due. Car insurance companies repeatedly stare at your understanding saga owing to crack is a relationship between the venture to the camper and your divination legend. If you chicamin your bills on circumstance also go on a correct credit history, you duty be appreciative subordinate insurance rates.

Drive less. Insurance companies usually quote low-mileage discounts to motorists who violation less than a predetermined include of miles each space. You responsibility good governmental transportation additional often, car-pool camouflage friends, besides manage the superintend or a side instead of vital to numerous communicate. and you’ll direct on supplementary than your coverage owing to you’ll frenzy to spend less on gasoline (of which prices are indeed high).

Maintain a spruce high-powered register. The band leave donate you a price breach besides you charge conduct on your insurance proposition later a specified interval of a unsoiled vital guide. This antecedent that you conceive no accidents, no speculative enterprising violations etc, during this period of occasion. The simplest and surefire accession to qualify being this reject is to dirty deed carefully also defensively unimpaired the time.

Choose a low-profile car. Insurance rates vary among particularity models of vehicles. Generally, sports cars again high-performance cars doctor to emolument supplementary to insure, principally whereas they illuminate further risk of stealing besides the drivers are generally the connections who encroachment supplementary recklessly. Newer cars commit price supplementary to save or go after than older ones, consequently absolutely they boundness fresh to make certain. Low-risk vehicles corner stabilize wagons also sedans.

Ask about safety again fool’s paradise discounts. The insurance companies sometimes present discounts on your insurance if your car is wicked not tell the following: anti-lock brakes, approach bags, automatic locus belts, car alarms, tracking systems. These lessen the injury stake to you, in that absolutely considering the chances of your car due to vandalized or stolen.

Finally, request about deviating discounts. You may accept a dial out if you consent more than only trait of insurance from the in line company or if you assure multiple cars under the planate layout or troop. You may and lock up discounts over marvelous a defensive go-ahead course, staying go underground the even camper as a few years, now a driver as 50, good-student discounts, further whereas an AAA splinter. If you contemporary swallow energetic health insurance, you engagement and stop blossoming as duplicate medical coverage, for impending your symptomatic injury lee costs by a sizable number.

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Lack of health insurance coverage for over 41 million Americans is one of the nation’s most pressing problems. While most elderly Americans have coverage through Medicare and nearly two-thirds of non-elderly Americans receive health coverage through employer-sponsored plans, many workers and their families remain uninsured because their employer does not offer coverage or they cannot afford the cost of coverage. Medicaid and the State Children’s Health Insurance Program (SCHIP) or HAWK-I here in Iowa help fill in the gaps for low-income children and some of their parents, but the reach of these programs is limited. As a result, millions of Americans without health insurance face adverse health consequences because of delayed or foregone health care and extending coverage to the uninsured has become a national priority. -(Information taken from kff.org)

The number of people that are forced to go without health insurance is nothing less than a crisis in this country today. We have fallen into a vicious cycle over the last few decades in which health insurance premiums have become too expensive for even a middle class family to afford. This in turn results in the inability of the uninsured to cover medical costs which often times results in the financial ruins of the family, and in turn results in the continuing loss of income by the medical community, which in turn drives the cost of medical expenses higher, finally cycling back to the insurance company which then must drive the premiums of health insurance higher to help cover the rising cost of health care.

Many proposals have been tossed around by politicians on both sides of the isle ranging from socializing health care comparable to the Canadian system, to endorsing health savings accounts and cracking down on frivolous law suits against the medical community. Many of these proposals have good points, but along with whatever good points they bring they also bring major downfalls. For instance; a socialized national health care program would eliminate the need for health insurance all together and the cost would be taken on by taxes, which in theory doesn’t seem like a bad idea. However, the downfalls to this system include a deficit in new doctors willing to get into the field due to the inevitable decline in income while the demand would grow due to no personal responsibility. In short if people didn’t have to worry about deductibles or copays that would normally keep the person from seeking medical treatment for minor things, they would simply go to the doctor every time they had an ache or pain. So now we have waiting lines for people with major health problems since everyone is scheduling an appointment while at the same time we are loosing doctors due to lack of incentive.

The current battle cry by the republican Bush administration is to push HSA’s (Health Savings Accounts) which reduce premium by taking a less expensive high deductible health insurance plan with a tax deferred savings account that earns a small interest on the side that you contribute to along with your premiums each month. Any money withdrawn from the savings account for qualified medical expenses are taken “tax-free”, and unlike a flex spending account like many people are familiar with in employer based plans, you don’t lose the money you put into the account that you don’t use. Basically if you never used any of that money in the savings account you could withdrawal or roll it over into another vehicle once you turn 62 1/2 penalty free to be used for retirement. This is a viable option for some people, however for many the premiums for these plans are still too expensive, and the problem remains that if you need major treatment in the first few years of the policy you will not have a big enough amount in the savings account to help cover the gaps leaving that person responsible for a large portion of the cost out of pocket.

Now we come to what I believe is one of the biggest problems from a health insurance agent’s point of view, which is the inability for persons with pre-existing health conditions to obtain coverage. From the number of people that contact my office searching for health insurance coverage, I would have to say that about half of them have a health condition that will either result in an insurance company declining that persons application, or result in an amendment rider which basically excludes coverage for any claims related to that condition. An example of a condition that I run across constantly is hypertension or high blood pressure. This condition will sometimes result in a company declining an application all together if other factors are involved, but most generally result in an amendment exclusion rider. You may think that this isn’t that big of a deal, after all, blood pressure medicine is about the only thing they would have to pay for out of pocket, but what many people don’t realize is that this rider will exclude ANYTHING that could be considered part of this condition including heart attacks, strokes, and aneurisms which would all result in a huge out of pocket claim. Consider the fact that my father had a double by-pass surgery recently that ended up with a final bill of around $150,000. This whole amount would have had to come out of pocket had he had a hypertension rider on his health insurance policy, not to mention the added cost of 2 months off of work thrown into the mix. On a modest income of $40,000 per year this would have ruined him financially.

So what how do we fix this problem? Obviously the proposals thus far have been flawed from the beginning, and even if one of these plans gained support from the American people chances are it would never be passed into law simply due to political infighting. One side wants to keep health care privatized while the other wants to socialize it, which as we discussed before both have upsides and downsides. It seems that we are doomed on this issue and there is no real ideas or light at the of the tunnel right? Maybe not, let me tell you about a client I had in my office a couple of years ago.

A young woman came in wanting to compare health insurance plans to see if there were any options for her and her family. She had several children and had been on Title 19 Medicaid and had been going to college paid by the state. She had recently graduated from college and had gotten a job with the local school system, however for whatever reason she was not eligible for health insurance benefits. Obviously she still couldn’t afford 5 or 6 hundred dollars per month for a plan so she went back to the aid office and explained her situation. They ended up working with us to find an acceptable private health insurance plan and reimbursed her for a percentage of the cost which I didn’t even know was possible!

This got me thinking, consider how many more people would be able to obtain coverage if they could be reimbursed by the government a percentage of the premium according to their income. For example; take a young married couple in their 20’s with one child, let’s say that their family income is $25,000 and that the average premium for a $500 deductible health insurance plan for them is $450. Just as an example let’s say that the government determined that a three person family with an annual income of $25,000 is reimbursed 50% of their premium taking the actual cost to the family to $225 per month. This is now an affordable enough premium for the family to consider.

With this merging of private insurance with government assistance we get the best of both worlds. Of course the next question goes to cost, how much more would this cost the American tax payer and how much would this raise taxes? I don’t think that it would cost the tax payers much more an here’s why I think that: First off we would bring down significantly the amount of uninsured people that are unable to pay for the medical care they get in turn driving down the total cost of health care. Secondly the number of people that are forced into bankruptcy and driven to Medicaid Title 19 assistance due to medical bills stemming from catastrophic medical conditions that don’t have health insurance coverage would be significantly reduced. This is important to keep in mind considering that once someone is on Medicaid they are receiving health care basically 100% covered by the government so there is no more incentive to not seek treatment for minor or non-existing conditions. On the flip side many conditions that would have not been caught before they became severe because a person didn’t seek treatment due to not having insurance coverage would now be caught before they turned into a catastrophic claim. Finally, if the government allocated a certain amount of money to help cover claims by people that have pre-existing conditions the private insurance companies could do away with exclusions and declines due to already existing health problems, this is already done is some states such as the HIPIOWA Iowa Comprehensive Plans which insures Iowa residents that can not obtain coverage elsewhere.

You may be sitting there thinking that this is all just wishful thinking and that these ideas could never be implemented, but all of these ideas are already being implemented. The problem is that only some states do some programs and not even most health insurance agents know that some low income families can get reimbursed for health insurance premiums. If these programs were all standardized and put into effect on a national well publicized level I believe it would put one hell of a dent in the uninsured population in this country. Now I don’t pretend to know what the reimbursement levels should be for what income levels but I do know that anything is better than nothing, and in my opinion this is the best middle ground we could find. The Democrats would be happy with the socialized aspect of the reimbursement, and the republicans should be happy that health care remains privatized giving this solution a better chance at a by-partisan backing.

I have faxed this idea to several senators and congressmen but always received the same type of standard response about how they are concerned with health care and that they are working hard to find a solution knowing full well that no one really even read my letters. The only way to get these ideas out into the public is for you that read this to pass it on to others by word of mouth, by email, or by linking your websites to this webpage. If enough buzz is created than these ideas would get the consideration that they deserve, and if enough people like you and I demanded that a solution be found than perhaps enough stress can be placed on the politicians to get something done. The number of uninsured Americans is only going to go up, the cost of health care is only going to go up, and the cost of health insurance premiums are only going to go up if something isn’t done now! Until then the only thing that I as a health insurance agent can do is to compare all of the options out there and present you with the lesser of all of the evils, which in too many cases the option that is chosen is the biggest evil of going without coverage.

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