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Do You Have To Take Medicaid If You Don’t Want It?

Medicaid with Obamacare

It’s been a little while since we talked about the Affordable Care Act or Obamacare. Love it or hate it, you are supposed to be signed up for some sort of health care coverage by March 31st. Many states have expanded their Medicaid programs so that a larger number of people are eligible. One big issue I have with the whole Healthcare.gov system is that you have to take Medicaid if your income falls into that bracket, even if you don’t want it.  This is a long post, but I have tons to say about this topic, so get a snack or beverage if you need to. What Is Medicaid? Medicaid is a social program for low income families and individuals who have limited income and resources. It is jointly funded by the state and federal government, but each state has to decided whether or not to participate. Every state has some sort of Medicaid program presently. Medicaid is not like Medicare, which covers senior citizens and is partially funded by your payroll deductions over the years. In the past, children and pregnant women whose income was below 133% of the poverty limit qualified for Medicaid. Also if you were ...

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When Do You Need an Umbrella Policy?

liability insurance

I recently got renewal documents in the mail for our umbrella policy. What is an umbrella policy and why on earth do we have one? Excellent questions! I can’t say  whether or not you need one, but here’s why we decided an umbrella policy made sense for us. What is an Umbrella Policy? No, it isn’t a policy to cover your umbrellas (HA), but extra coverage in addition to liability limits you already have on your vehicle or home insurance policies. In Colorado, the highest liability limits you can have on those are $300,000 per occurrence. If we were at fault in a car accident, anyone could sue us. Maybe the medical costs from an accident might be over  $300,000, or maybe we live in a small town where people know we own quite a few things and might have a little money. The umbrella policy also covers us if someone is hurt on our home or rental property. A few years ago, I also had the misfortune of having a former employee try to file a suit against me for a number of reasons. Her case had no merit and didn’t get anywhere, but if she had sued me ...

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The Common Courtesy of a Life Insurance Policy

If you’re over the age of 30 with no spouse or dependents, you may think you don’t need life insurance because you don’t have a family to depend on. However, many people fail to consider the family whose house they were raised in. These individuals were likely taught good manners, but seem to forget them where life insurance is involved. While a life insurance policy can help a breadwinner provide financial stability to those who need them most in the event of their death, it also ensures that your family members and estate are not unduly devastated during an already difficult time, which would be extremely insensitive of you. You can read about Suncorps life insurance product directly on their site & decide for yourself if it can be of benefit to you. For starters, if today was your last day, who would pay for your funeral? Even a basic ceremony can total well over $10,000, and if you lack the adequate life insurance to cover these expenses, some unwitting family member will be stuck with the unfortunate burden. It would be terribly impolite to die unexpectedly and leave your debts unsettled. It’s enough that you won’t be showing up ...

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There’s Room in Every Budget for Life Insurance

  One of the most common reasons people give for not owning a life insurance policy is that it costs too much money. How can you afford yet another monthly or yearly payment when you’re already struggling to pay your bills? Well, this is precisely why one should own a life insurance policy, so that they can ensure the people they support are taken care of, if and when they die. After all, if your household finds that money is often tight and paying for essentials like the mortgage and car payments can be a struggle, how would your loved ones cope if their source of financial support–you–was gone? When budgets are tight, it can be difficult to imagine where the money would come from for a life insurance policy. The good news is that term life insurance can be purchased at a price that anyone can fit into there budget. Keys to making life insurance affordable: 1. Buy when your young 2. Maintain a healthy life style 3. Keep your driving record clean  Term is the best bet to keep the cost down: Term life insurance certainly has risen in popularity in recent years, as it’s more accessible to ...

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Do I Need Vision Insurance?

One question I get asked frequently  is, “Do I need vision insurance?”  Maybe your job offers vision coverage, or you are thinking about adding a rider to your current health insurance plan. Are you having eye problems and think you should have insurance before scheduling an appointment? Maybe you should just go to Cheapskate Eye Care, Hair Salon, and Donut Shop. Don’t they sell glasses? Do I really need vision insurance? Vision Plans Only Cover the Basics The honest answer is no. Vision insurance only covers routine testing of your vision to check if you need glasses or not. It usually has some sort of benefit for glasses or contacts. Vision insurance doesn’t cover medical problems. If you have cataracts, glaucoma, cancer of the eyeball, or have a dagger sticking out of your eye, your vision plan will not help at all. However, if you know you need vision correction and are good about getting regular eye exams, vision insurance could save you some money. What Does Vision Insurance Cover? There are way too many types of vision plans to mention them all, but they tend to have several areas in common. Generally, vision plans cover these things. A routine ...

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