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3 Insurances Everyone Should Have

insurances most people should purchase

  Insurance is one of those funny things that most people hate buying, try to never use, but are gloriously thankful for if the right situation comes along. There are some insurances that I believe we can do without, but I think there are 3 insurances most everyone should have; health, life, and disability. There are Still Tons of People without Health Insurance Despite over 11 million new signups for health insurance through Obamacare, there are still plenty of people who don’t have health insurance. The penalty for not having insurance is not enough of a deterrent for many people, and the list of reasons you can forgo the penalty due to a hardship exemption is broad enough to cover just about anyone who doesn’t want to purchase. For those of us who don’t qualify for a subsidy or for those who don’t want one, seeing premiums double or triple every year makes it tempting to go without, especially for the young and healthy. I had a patient just this week who was upset that her insurance didn’t cover eye care, despite a $700 a month premium. She said she was thinking about droping insurance and saving that money to ...

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Dental Insurance is a Rip Off

paying for dental care

  One of the worst things about self employment is insurance or lack thereof. After taking my daughter for her back to school dental visit and coming home with $125 less in my pocket, I decided to look into dental insurance. Maybe with all the recent changes in health care, there was a new affordable plan that might save money? Unfortunately, I came to the same verdict as I did after checking a few years ago, dental insurance is a rip off. If you are self employed or if your work doesn’t offer dental coverage, you can pick up an individual plan. I did not check every plan known to man and the cost varies by area, but I bet they are pretty similar wherever you live. Cost of Dental Insurance Looking at ehealthinsurance.com, Humana offers the cheapest plan at $37.98 per month or $455.76 a year for one adult and one child, non tobacco users. So what does this plan give us as far as benefits? Well, we get up to two free cleanings and one set of bitewing x-rays per year. Sweet! We already do that anyway. That sounds great to get it free, until you look at ...

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One Way Obamacare Hurts Self Employment

We’ve talked a few times about the pros and cons of Obamacare. This post isn’t to get people fired up or start political arguments, but I did run across a true life situation recently that certainly makes it look like Obamacare hurts self employment, at least on the small scale. One of my closest friends is a high school math teacher.  We’ll call her A. She is really good at being a teacher. However, like so many of us after years at a job, she is burned out. With all the regulations and state standards, she feels most of her time is spent trying to prepare for state testing instead of teaching young people skills that might actually benefit them in the long run. It’s especially painful for me because when I look at her, I see myself about three years ago when I was a shell of a person going through the motions to keep all the plates spinning. My Frugal Friend Now A and her husband, who is also a high school teacher,  are two of the most frugal people I know. They were probably the first landlords I met after we moved to Colorado. Back then all ...

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How To Dispute a Medical Bill

making sure medical bills are correct and how to dispute them if necessary

With the Affordable Care Act came many changes to covered medical services and access to care. While there are a million different opinions about the ACA or Obamacare, I think we can all agree that health care has not gotten any easier to understand. I work in health care and get surprised almost every week by some new twist in insurance billing and coverage. It’s important as a consumer to understand your insurance policy and know how to dispute a medical bill if errors were made. I got a refresher course recently when I had a doctor visit billed incorrectly, so I though I’d share my experience. What Is Covered with the ACA? If you have an ACA compliant plan (if you don’t, it probably got cancelled), there are several medical services that are covered without copays, co-insurance, or deductibles if you use a network provider. This applies to any policy, regardless of deductible. Some of these include: An Annual Physical- Includes screening tests appropriate for your age and risk factors, like mammograms, PSA tests, or diabetes and high blood pressure screenings. Immunizations Well Child Visits You can read the entire list at Healthcare.gov My “Free” Physical I went for ...

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Investing Your Health Savings Account in the Stock Market


I have had a health savings account eligible insurance plan since they first became available. I love the triple tax advantages of the HSA. Pre-tax or tax deductible contributions   Money grows tax free   No taxes or penalties if money is withdrawn for approved health care spending   You can potentially never pay taxes on this money! Is that a great deal or what? Recently, though, we’ve decided to let our HSA dollars do even more for us. We’ve decided to invest our HSA in the stock market as a great way to improve our finances and here’s why. Low Interest Savings Account Currently our HSA is in a savings account. When we opened that account, I believe it earned 3% interest. Now it earns 0.19%. We made $2.94 in tax free money from our HSA last year. That’s enough to retire on, right? We Don’t Want to Spend Our HSA Money Anymore In past years, we have only put money into our HSA when we had a medical expense. Then we would withdraw it to pay the medical bill. Over the past couple of years, we’ve built up a little money, but not much because we wipe it ...

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