What is a Premium in Car Insurance | How to Calculate Insurance Premium | Establish car insurance

What is a Premium in Car Insurance | How to Calculate Insurance Premium | Establish car insurance

What is a Premium in Car Insurance | How to Calculate Insurance Premium | Establish car insurance

First of all, what is a premium? auto Insurance premiums are generally regulated by different national insurance commissions and/or by the relevant car insurance companies.

Your auto insurance premium is the amount you pay regularly to your insurance company in exchange for insurance coverage, every month or every six months. Once you have paid the premium, your insured will be liable for the coverage and collision limit in the insurance policy.

Each insurance company sets its rates differently, but your premium is usually based on the car you own, the car you own, and the coverage you choose.

A premium is the amount that one can afford to pay for car insurance. This means that premiums are charged to a consumer who uses a certain car and drives it only within the territory of a particular state or countries that have regulated premiums.

What is a Premium in Car Insurance

The premium depends on a number of factors such as the age, car make and model, fuel type, vehicle weight and driver’s licence status, and car insurance policy type (full coverage, liability only, no minimum coverage, insurance of a special type) and policy coverage.

The premium varies for each individual, based on a list of factors like vehicle’s condition, the insured’s occupation, the type of car, geographical location, and the driver’s occupation, as well as car type. Premiums can also increase if a driver makes multiple claims on the insurance or fails to cover a minor traffic accident.

What is an Annual Premium for Health Insurance? | Understanding Health Insurance Premiums

What is an Annual Premium for Health Insurance? | Understanding Health Insurance Premiums

What is an Annual Premium for Health Insurance? | Understanding Health Insurance Premiums

What is a health insurance premium?

A health insurance premium is an advance paid by an individual or family to continue a health insurance policy. Premiums are usually paid monthly when purchased in the personal market, although the insured person usually pays a portion of the premium by deducting the salary. In addition to the premium, customers may have to pay the cost of medical services - deductibles, co-wages and securities.

Important points

  • When all the other components are the same, higher premium plans usually cost less than other plans from the same insurance company.
  • Expecting a higher deduction plan with a lower monthly premium can be less expensive if you or your protected dependents require relatively little medical care.
  • If you are not eligible for medical insurance through work, you may be eligible for government-subsidized coverage through plans sold on Medicaid or a healthcare exchange.
  • People aged 65 and over usually pay a much lower premium than policies sold by Medicare in the personal market.

Understanding health insurance premiums

Health insurance premiums you pay are usually paid on a monthly basis to continue the implementation of your policy. If you omit your premium payment, the insurer will eventually drop your healthcare coverage.

Premium is not just the cost of getting medical care. Even after paying your monthly fee, you will have to pay less depending on the type of care you receive and the type of care you receive. These include:

  • Deduction: The amount of medical bill you pay before you start filing insurance claims.
  • Cope: You have to pay a certain amount for expenses like doctor's visit and prescription drugs during the service. The insurance provider pays all or part of the remaining amount.
  • Coordination: Percentage of medical bill payable to you even after reaching your deduction. The insured pays the rest of the bill.

The amount of this out-of-pocket expense limit is converted into an insurance plan. The plan of the same insurance company may be different. In short, the higher the cost of your premium, the lower the cost.

The plans have a maximum annual pocket. Once this amount is completed, you will no longer have to pay securities or coupons for the covered medical expenses that you have maintained.

health insurance

An annual premium is the amount you pay annually for health insurance. When you have insurance coverage through a health plan like Medicaid or Medicare, you’re allowed to pay an annual premium of 2.5% of your income, or up to $3,143 per year. But when you have an annual premium, you have insurance coverage for only one year, or the maximum of one year in case you lose coverage for any reason.

What are the requirements for annual health insurance?

There are three requirements for yearly health insurance.

the annual premium needs to be paid by a health plan

you need to pay for your own medical care during the enrollment period

for you to be eligible for the yearly premium, you need to pay for your own medical care during the enrollment period, like health care services

you can’t be covered by an employer or a family member who is covered by health insurance.

If you qualify for the annual premium, you pay for your own medical care in the enrollment period, which includes open enrollment. There are four open enrollment periods, including the enrollment period during which you can switch health insurance providers. For the entire calendar year, open enrollment lasts from Nov. 1 to Dec. 31 each year.

The annual premium also needs to be paid by a health plan, like an employer-sponsored or Medicare plan. You don’t need to pay for your own medical care during the enrollment period, but you are covered by the annual premium for that month and for up to the full year in case you lose your coverage for any reason.

How much does a health insurance annual premium cost?

According to the Department of Health and Human Services, an annual health insurance premium is calculated as a percentage of your household’s income, on a sliding scale. For 2018, the cost of a health insurance annual premium will depend on your income level. A health insurance annual premium is calculated based on your household size, the income of your household, and the number of people in your family who are covered by health insurance.

How much does an insurance annual premium cost if my income is $60,000 per year?

According to the United States Department of Health and Human Services (HHS), if you have an annual income of $60,000 or more, or a family income of $155,200 or more, an annual health insurance premium will be $20 per month for you.

For health insurance coverage on your own, the HHS also says that a health insurance annual premium will be $26 per month if you have a household income of $15,010 or more. You’ll pay $39 per month if you have an income of $75,010 or more.

For health insurance coverage on your family, the HHS also says that an annual health insurance premium will be $75 per month for a family of one child who qualifies for Medicaid coverage, or $115 per month for a family of two or more children who qualify for Medicaid.

What is the enrollment period for the annual health insurance premium?

The HHS says that an annual health insurance premium has an open enrollment period from Jan. 1 through Dec. 15. An open enrollment period is the period of time for you to switch health insurance providers. In general, you can enroll in a health insurance plan during the enrollment period, regardless of the health insurance plan’s age.

According to HealthCare.gov, “An open enrollment period provides you and your health plan the time and opportunity to coordinate coverage that fits your needs.”

For instance, if you plan to switch to a new health insurance plan for the year, you need to do it before the enrollment period starts.

The HHS says that you’ll have 90 days to change to a new health insurance plan during the open enrollment period. During that time, you can select from all the health insurance plans offered in your state and create a new enrollment date, which is based on your new health insurance plan’s open enrollment period.

If you miss that open enrollment period, you can choose another date, as long as it’s within the 90-day window.

What if I fail to enroll during the annual health insurance premium enrollment period?

According to HealthCare.gov, the HHS considers your failure to enroll during open enrollment a voluntary enrollment drop-out.

That means if you have a health insurance plan during the open enrollment period and then you decide not to enroll for the rest of the year or year after that, you’ll not be covered by your health insurance plan.

Will there be a health insurance open enrollment period?

The HHS says there will be a separate open enrollment period from Nov. 1 through Dec. 15. During this time, if you fail to sign up for health insurance during the annual health insurance premium enrollment period, you’ll have until Dec. 15 to enroll in health insurance during open enrollment, in addition to making a change to your health insurance plan that is effective on or after Nov. 1.

How much will an annual health insurance premium cost on my own?

According to the HHS, you’ll pay a premium for your health insurance on your own. It’ll depend on the health insurance plan you select, and the price will vary according to your health insurance plan.

Read This : Types of Health Insurance Denials

How to Buy The Best Term Life Insurance Policy For Senior Citizens

How to Buy The Best Term Life Insurance Policy For Senior Citizens

How to Buy The Best Term Life Insurance Policy For Senior Citizens

Life Insurance

Talking about Term Life Insurance, it is a pure protection plan that is specifically designed to secure a family financially in case of the insured person's sudden death. However, there is a misconception that the Term Life Insurance is ideal for young people only as it has a longer-term. But interestingly, this is becoming prevalent for the senior citizens as well, and they can buy it for the duration of 25 to 30 years. Nowadays, several insurance providers are offering senior citizens term plans, but you need to carefully look into the features and benefits of buying the best term life insurance policy.

Why Is  Term Life Insurance important for senior citizens?

There are plenty of reasons which suggest that term life insurance is essential for senior citizens. So, let's have a look at those reasons:

  • Repaying policyholder's debts and liabilities might become a burden for the beneficiary in the absence of the policyholder. Hence, in such a case, the sum assured of the best term life insurance policy can assist the policy nominee in paying off the remaining debts and liabilities of the insured person.
  • The Term Life Insurance coverage will also take care of the nominee's financial needs.
  • The sum assured of a term policy is usually enough for the insured's family members to sustain their regular lifestyle comfortably.
  • Nowadays, working-age for many people has gone beyond 60 years. And in the absence of the earning member, his or her family should keep getting the monthly income. The term insurance cover amount helps with that.
  • In case the insured wants to leave behind a legacy, then Term Life Insurance is the ideal option so that the family members can always remember the person in his or her absence. As under a term policy, the beneficiary receives a lump-sum amount in case of the demise of the insured person within the policy term.

Features of the best term life insurance policy for senior citizens

  • The maximum age limit for purchasing Term Life Insurance for senior citizens might vary depending on the insurer. Generally, in most cases, the age limit is 60 years.
  • Traditional Term Life Insurance policies only offer death benefits in case the insured dies within the policy term. However, if you want to get maturity benefit, then you can buy 'Return of Premium Term Plan'. Under this policy, if you survive the policy term, then you get all the premiums back.
  • The policy premiums depend on the policyholder's age. So, in the case of senior citizens, the premiums will be higher as compared to an insured person who is young.
  • Riders are one of the crucial features of the best term life insurance policy as the riders enhance the spread of the existing coverage while maximizing the benefits.
  • Term Life Insurance providers usually ask for medical tests before approving the insurance.

Buy Term Life Insurance policy online:

One more very important aspect everyone should think about while buying the best Term Life Insurance policy is, whether you should buy a plan online or offline. Both of these options have their own advantages and disadvantages. When we talk about Online medium, it not only makes buying a policy easier it also helps you compare various policies in one go through web portals, get quotes and buy anyone of your choice from anywhere at any time. There are no agents, other parties involved and the policies are also reasonably priced as compare to the offline channels. Renewing policy online is also one more important feature, you can also pay premiums online and get a receipt instantly.

Therefore a Term Life Insurance policy is equally important for senior citizens as it is for any young individual. You can opt online medium to research and buy term insurance for senior citizens as it is easy and convenient to understand.

You can start by comparing various term policies and check which is the for you. To do this, and even get a free quote for the senior citizen's term plan. After choosing the policy, you can buy it online with just one click.
How to Find the Best Insurance Advisor in Auckland, New Zealand

How to Find the Best Insurance Advisor in Auckland, New Zealand

How to Find the Best Insurance Advisor in Auckland, New Zealand

Best Insurance Advisor in Auckland, New Zealand

Among the decisions to make when you wish to invest in life, insurance is what company to select. With countless life insurance advisor competing for your business, you can be tempted to select an Insurance Advisor in Auckland based on the price alone. However, numerous other aspects are just as vital as price. It is often even a lot more vital when you're investing in a long-term product like life and medical cover protection.

The perfect life assurance company can even change depending on what kind of life insurance advisor you're looking for. Here are some of the prominent tips that you should consider when buying life cover protection:

Don't Pick a Company As Per Initial Price Quotes: Undoubtedly, price is an extremely vital factor when purchasing life insurance. But if you settle with a company because of an initial price quote, you may give yourself a bad surprise. You need to know that after the policy has been fully underwritten, which means all your personal and health details have been assessed, you could attain a final and higher price quote from a Life Insurance Advisor Auckland.

Consider Financially Stable Companies: When purchasing life insurance, you enter into a contract (the policy) for a long period. As a payout on your policy can be decades away, particularly with permanent life insurances, you should find a company that handles the ups and downs of the economy and financial markets.

Health Conditions Determine the Right Options: Life insurance advisor prices for the same applicant can differ primarily among companies. Some companies have found they can offer much better rates to people with specific medical conditions and still be profitable. For instance, a few insurers offer better rates to individuals who smoke or to those who have cardiac conditions.

Keep in mind that a mix of health conditions can change the equation for which medical insurance advisor is best suited for you. Life insurance advisor prices for any certain condition are not written in stone. Underwriters often have a few spaces to wiggle. That's where a skilled agent can know which companies are most likely to offer desirable options for you.

Benefits of Hiring an Insurance advisor

Save Money: Let's assume you make a good decision and go with the Best Life Insurance advisor you find, you have a lot better chance of saving money. These experts use all their skills, experience, and knowledge as leverage to bring good rates for you. They also help in looking for policies annually for you.

Insurance Made Easy: Avoid making policies more complicated than it already is. To be on top of your insurance policies, there are numerous insurance terms, legal clauses, and coverage restrictions you should know about. Think of your business insurance Advisers NZ like a lawyer. They manage all of these complex, unsatisfying factors of insurance on your behalf, whole offering insight, and advice when needed.

In conclusion, if you are a first-timer and have no clue about life, medical, health or business insurance, or any other policies for that matter, it's essential to understand and be aware of all the features and advantages before purchasing one. Look for a trusted Home Loan Advisory firm and find the best rates for you.

Eureka Financial Services is the award-winning insurance adviser in Auckland, New Zealand. Our experts Sam Khatri and Shilpa Dagar will provide all guidance and support for selecting appropriate advisers whether it is mortgage protection, TPD, Kiwisaver, Life Insurance, Mortgage refinancing, business insurance, etc. Some of these useful tips will genuinely help you figure out and choose the best financial insurance advisory firm in Auckland, New Zealand. Because it's about your money, investment and your family's future!

Before making an insurance advisor done, every individual needs to first check which company is better. He/she must take advice from an where to invest and what are the procedures. In this article, I have shared some important points you must watch on to select the best insurance advisor firm in Auckland, NZ for any kind of insurance like finance, mortgage refinancing, mortgage protection, TPD, Kiwisaver. business, health, and medical insurance.
New stimulus law could save you thousands of COBRA, health insurance, FSA for months

New stimulus law could save you thousands of COBRA, health insurance, FSA for months

Health insurance plans on The new bill can save you money.

New stimulus law could save you thousands of COBRA, health insurance, FSA for months. With the new stimulus bill, you may be able to save money on health insurance plans this year.

The $1.9 trillion stimulus law from March authorized a lot of checks to go directly to hundreds of millions of Americans: Those $1,400 stimulus checks and plus-up payments arriving now, $300 extra per week in unemployment insurance and the upcoming monthly child tax credit payments for up to $3,600 total per kid. But did you also know that the bill provides five ways you can save money on health care costs? 

In 2021, the average cost of health insurance in the US is nearly $500 per person per month, according to Value Penguin, and associated costs can add up incrementally or all at once, including expensive premiums and taxes when you buy medication and other personal health items. The stimulus law provides new options for people who need health insurance and resources to help lower costs for those who are already insured.

Read on for details on how to save you money this year. Plus, take two minutes to see if your state owes you money. Here's what we know about a potential fourth stimulus check, nine weird stimulus check facts and where the situation currently stands with student loan debt forgiveness. This story was recently updated.

Free COBRA insurance premiums through September

Typically, if you lose your job, you can buy insurance coverage through your former employer under the government COBRA (Consolidated Omnibus Budget Reconciliation Act) program. However, you typically have to pay the full price for that insurance, which can be very costly. Under the March law, the government will pay the entire COBRA premium from April 1 through Sept. 30 for laid-off employees and family members. (However, you're not eligible if you have Medicare, if you left your job voluntarily, or if you qualify for new, employer-based health insurance somewhere else before that date.) 

The stimulus law requires employers to send former workers who qualify for COBRA a notice of eligibility. But if you haven't gotten that, you can call your former employer to make sure you are signed up for coverage. 

To get the new benefits, you need to sign up for plans at HealthCare.gov, or, for some states, their own insurance marketplace websites. The changes will be retroactive to Jan. 1, 2021. So if you're already on a medical plan through the Affordable Care Act, you'll get money back as a refund when you file your 2021 tax return next year.

The American Rescue Plan Act funds these new subsidies for two years. 

You might be eligible for free COBRA insurance coverage for the next six months.

Deduct more medical expenses on your taxes

Some medical expenses are tax-deductible -- and Congress passed a more generous allowance for what you can deduct as part of the December stimulus law

Instead of capping expenses that exceed 10% of your adjusted gross income, as was originally planned, you can now deduct medical expenses that exceed 7.5% of your AGI. You can find the full list of medical expenses you can deduct on the IRS's website, including doctor's fees and inpatient hospital care.

. That means you can contribute more money to your account without getting taxed on it.

Use open insurance enrollment through August this year

While you usually need to wait for the six-week open enrollment period each fall to sign up for health insurance, the American Rescue Plan Act created a special enrollment period that runs through mid-August. 

Most state marketplaces have done the same. That means you can go to HealthCare.gov or your state option and sign up for insurance now if you need to and can take advantage of the new subsidies and changes. This can save you money by letting you sign up for a lower-cost plan sooner.

For more, check out who qualifies for the expanded child tax credit, and seven other ways you could get more money back on your tax refund this year

The Best Way for You to Insure an Older Florida Home

The Best Way for You to Insure an Older Florida Home

The best way to get old Florida home insurance for you

Older Florida Home

Owners of older Florida homes face a special challenge as the Florida home insurance crisis continues. Depending on the building codes when they were constructed older homes can be subject to more damage in Florida hurricanes. They may also have outdated electrical, plumbing, and heating systems that make them more susceptible to fire water damage and other perils. Finally, the age, condition, and construction materials of the roof can result in larger claims for these older homes after a Florida hurricane.

With all of that said, it is still possible for many owners of older Florida homes to find private homeowners home insurance in Florida - and at an affordable price.

As Florida home insurance companies consider the age of a home, they generally group homes into the following categories:

Built 2004 and prior

Built 1994 and prior

20, 30, or 40 years old or newer

Up to 75 years old

The first two categories take into consideration the Florida Building Code modifications of the early 2000's and the mid 1990's. Homes built after each of the building code updates are considered to be more resistant to damage, especially from hurricanes.

The third group above varies by the home insurance company, but the main theme is this: As homes reach 20, 30, or 40 years old, a 4 point inspection is generally required by home insurance companies prior to issuing coverage. These inspections take into consideration the roof age and condition, along with the plumbing, electrical, and HVAC systems. Depending on what these inspections uncover, you might be required to update or improve one or more of these items.

Finally, once your home reaches 75 years of age, homeowners' home insurance companies in Florida will rarely agree to offer coverage for it - regardless of the outcome of the inspections and home upgrades that are present.

Ignoring for a moment the distance your Florida home is from the coast, here is how home insurance companies generally look at the age of your home:

Homes built in 1995 and later will be the easiest to find home insurance coverage for and you will have more company options to consider.

As your home reaches 20, 30, and 40 years old, there will be fewer home insurance company options for you to consider as each of these levels is achieved.

If your home is 75 years old or older, the chances that it will be covered by a private Florida home insurance company are slim.

Here are some actions you can take to have the best chance at obtaining low-cost Florida home insurance on your older Florida home:

Get a Florida wind mitigation inspection on your home at your own expense.

Take immediate corrective action on the deficiencies identified in the wind inspection report. There might be certain improvements that can be made to things like wall to roof connectors that don't require a new roof or there might be other low coast mitigation steps that you can take.

Find out how old your roof, plumbing, electrical, and HVAC systems are. Find out how much it will cost to address each of these items and make the improvements that you can afford to make now.

Some of the upgrades that you need might qualify for Federal energy tax credits or utility company credits for improved efficiency. Find out if either of these sources is willing to give you some financial assistance.

Let your local Florida legislators know about your situation and encourage them to extend the My Safe Florida Home program - and to expand the pool of homes that qualify for matching grants to harden Florida homes.

Finally, when it comes to shopping for Florida home insurance, it is essential that you work with more than one independent home insurance agent - not just one. Why? Because at this point in time, there are about 40 Florida home insurance companies still writing new business. However, as the age of your home increases, many of these companies won't cover your home. Working with more than one agent will give you the best chance to get quotes from all of the Florida home insurance companies that are still covering older homes.

Top 4 Travel and Life Insurance Companies in Nigeria

Top 4 Travel and Life Insurance Companies in Nigeria

Top 4 Travel and Life Insurance Companies in Nigeria

Let's take a tour through some top travel companies. This makes for a smoother, relaxed, and secure voyage. There are these cold feet Nigerians have generally towards insurance. Everyone feels like they can "use their money to do better things" just like my very good friend... Well, there's much more to that.

"There is nothing like a travel insurance plan in Nigeria. Who will spend their money on that?"

It took me time but eventually, I convinced my friend of the top travel Ins. companies in Nigeria offering quality service to their customers.

List of Travel Insurance Companies in Nigeria

1. AIICO Travel insurance

aiico travel insurance

AIICO offers a plan in partnership with AIG South Africa. The plan covers the following:

a. Emergency medical expenses

b. Repatriation on medical reasons

c. Evacuation

d. Repatriation of mortal remains (corpse)

This plan is for corporate organizations, individuals, and HNIs.

2. AXA Mansard Travel insurance.

AXA Mansard Travel Insuranc. is designed to provide cover for risks associated with traveling. They provide covers for:

a. Loss of property

b. Flight delays

c. Medical expenses arising from illness or accident

d. Emergency medical evacuation

3.LEADWAY Travel insurance

LEADWAY Travel Ins.

LEADWAY is one of the top travel INS. companies in Nigeria that provide cover on medical, financial, and other losses incurred while traveling outside your country of residence. Their plan covers all travelers for holiday and business in the event of accidents, sickness, or loss of baggage.

4. Mutual Benefit Travel insurance

Mutual Benefit Travel Insurance.

They have a plan which provides cover for accidental death, medical expenses incurred and repatriation costs of persons whilst on an international journey.

Here are the top life assurance companies in Nigeria that you can walk into any time:

1. AXA Mansard Ins. Plc:

Mansard Insurance PLC is one of the most popular life assurance. companies in Nigeria and is duly registered by NAICOM. They offer all types of Insurance plans ranging from Car insurance to Life, House, Accident, and so on.

2. Industrial and General Ins. Plc (IGI):

Also known as IGI, it was first incorporated as a private limited liability company in 1991 and then later as a PLC in 1992. They offer; Motor Ins., Life ins., Engineering/contractor risk, Marine, Travel, and Health ins. and Fire Insurance.

Also read: Easy way to register for life assurance in Nigeria

3. Custodian and Allied Insurance PLC:

The company started operation in1997 and they provide both life (personal) and general insurance among many others.

4. AIICO Insurance PLC:

AIICO (American International Insurance Company) was founded in 1963. Some of their offerings include life assurance and annuity, general insurance, health insurance, property insurance, E-insurance, and so on.

5. Leadway Assurance PLC:

The evolution of Leadway since 1970 has mirrored the dramatic expansion of indigenous insurance service providers.

AXA Mansard, Leadway Assurance PLC, AIICO Insurance PLC, Custodian & Allied, and IGI, as above listed. These companies, in my humble opinion, offer one of the best and premium insurance services as far as travel insurance and life assurance are concerned; however not for the low budget.

AIICO, AXA, and Leadway also lead the line as far as travel insurance is concerned. These are the top life insurance companies in Nigeria that you can walk into any time:

To find out more about how to get insured, we have a handful of