Many people didn't realize that they purchase insurances with same kind of coverage. Most of them didn't read the policies thoroughly so they end up having similar coverage. This similar coverage can be eliminated to save more money for savings. Here is the example coverage that have similar type. By reading your existed policy thoroughly, you can avoid waste money for similar coverage.

Individual and Group Life Insurance

Purchasing life insurance means protection for the survivor from financial loss when the family member (insured) die. Life insurance have several products such as term life, permanent coverage and universal life. Employers also offer life insurance for their employees in group term life insurance. Group insurance usually cheaper than individual life insurance, the employee also get premium subsidies as a benefit package from the employer. Group life policies typically don't need medical examination, so the employee get more benefit than buying life insurance individually. Group policy itself might be enough to protect a family from financial loss although group policies 

are relatively small and only pay two or three times employee's salary. If you think group policy is more than enough for your family, then you don't have to buy individual life insurance. But you also have freedom to combine group and individual life insurance if you need it. 

Rental Car

Rental car company usually offer a coverage when you rent a vehicle on vacation, so if there is damage to the vehicle, you will not responsible to pay the damage. However, the coverage is quite expensive and thus increasing the daily rental price. In addition, the rental car company seems to force the customer by giving warning about liability you will face if you don't purchase the coverage. If you have car insurance, whether it's collision or comprehensive type, you might be able to avoid purchasing rental car coverage. Rental car coverage might be included in your exist coverage. Before rent a vehicle, you need to read your policy again, it's better to examine it several days before. Or you can ask your agent and get explanation from them. After that, you can compare your coverage with the rental car company offered policy. The rental car company should have detailed information regarding damage and other options which you can search it on their website. 

Another option is credit card. When you use your credit card to rent a vehicle, you can get limited coverage on rental car damage. Though not all credit card company offer a coverage, but you can check with your credit card company. By doing so, you can avoid wasting money on vacation for something you might not need.

Warranty

When buying certain products, you are often offered, with pressure, an extended warranty by the retailers. This warranty will extend the manufacturer's standard warranty (90 or 180 days) and mostly expensive. If you purchase the product with your credit card, you don't need extended warranty. Because some credit card companies also offer extended warranties when customers purchase with their cards.

People may think health insurance is not that important for them who have good health record. However, for others, having no health insurance is quite risky and medical bills can be burdensome. There are several reason why people opt to not covered in health insurance. The biggest reason is health insurance is not cheap. Insurance company acknowledge this, therefore they provide some alternative health coverage in certain area like prescription drug or hospital bills. You can also find some health clinics with low-cost or even free healthcare services.

Medicaid

Medicaid is a program provided by joint-federal state for citizens with low income. The government assessed the people eligible for aid based on their income, asset and another resource. This program can help pay the hospital bills, home care, doctor and other medical bills. For more information, you can visit medicare website http://www.medicare.gov/ and search for medicaid.

Membership Program

Some network of healthcare providers usually held membership program and attract their potential customer by giving discount when they apply for membership. For example, private hospital "A" offer membership program, their members can get discount for their services, such as vision, dental, pediatric, drugs, home care, child care and many more. The members will get membership card. Something you have to understand is this membership program is not an insurance, so it does not have deductibles and you have to pay the services with your pocket.

Free Health Clinics

These free health clinics provide health services for low income and homeless. They usually provide low-cost and/or free healthcare services. Like charity program, they open for donations to run the clinics. Middle-low income citizen also allowed to use the services, although the clinics might charge them with low bills.

Medical Services Program Sponsored by State

Each state in the U.S have their own medical assistance program to help their low-income resident to pay their medical expenses. Every state have their own resources and program, and it might vary between states. This program is designed for those who can't afford health insurance.

Health Saving Account

Health saving account is indeed involving health insurance. These savings are funded by deductible contributions to cover huge expenses. The withdrawn money is tax-free and can be used for almost all health-care services, even alternatives medicines. 

Some people say this, the others say that. "Don't do that!" but the someone else says that's fine. It's kind of frustrating to understanding all the rule in car insurance, in addition there are tons buzz about car insurers. Make sure you read this.

My car's color affect my premium

The fact is insurance company do care about your car model and type, year, body, engine and how you take care your car. Well, they care about your driving behavior the most. It doesn't matter what color your car is, but if you are speeding and driving recklessly, the insurance company will likely give high premiums to you.

Car insurance will cover personal belonging in my car

Nope, car insurance will not cover your personal belonging in your car even though it's expensive. If you have laptop, phone or designer bag in your and being stolen, you need to file a claim to your homeowner's coverage not car insurance. Also, if you put your golf clubs in the trunk and the car's rear got hit, the car insurance will not pay the golf club damage.

Someone else borrow and drive my car, if there's accident it's not my fault

Well it's true, it's not your fault but car insurance company register your car. You, as the car owner, are responsible for the damages with or without involving third party. 

I have no-fault insurance, so it's not my fault

Although you have no-fault insurance, if the insurance company determine that you are the one who caused the accident, you still have to repair and pay other damage. However, no-fault insurance varies on each states.

Insurance company can terminate my policy any time

Not really unless you did something like fraud or did not do the payment for several months. Insurance company can not cancel a policy in the middle of a term.

My credit scores has nothing to do with insurance rates

Credit score is one of their consideration when they determine client's premiums. Credit score is an overall view how you manage your financial state. 

My car insurance including comprehensive and collision coverage automatically

It's not true. If you are leasing or financing your car, then you are required to purchase both or just one. If you think your car is covered when stolen, vandalized or damage from natural disaster while you only have basic car insurance, you are wrong. You need to purchase additional coverage such as comprehensive and collision coverage. 

Insurance is a quite easy target of scams. Many insurance company become fraud victims with total amount up to billions dollars per year. With this condition, they make a preventive step by increasing premiums to cover "fraud cost". Increasing premium is not ultimate solution to prevent scams. Therefore, they have fraud detection departments which is in charge for preventing fraud and calculate money paid out for false claims. False claim and excessive risk which is not proportional with premiums are categories of insurance fraud. Both categories could make the insurance company collapse, however the excessive risk is the most dangerous for insurance company. If clients give false information when applying for an insurance, they will pay premium less than they have to pay. When they file claims, insurance company have to pay higher than they should be. Insurance companies have many ways to prevent fraud and collect data accurately.

Surveillance

In health insurance or disability insurance case, the insurance company can monitor their clients directly. When the client file a claim, they have to fill form, this form record the document about their activity after the illness or accident. Insurance company may install surveillance camera video, review the claims from it and compare with the client's form. If the clients falsify the illness or disability, the payouts will be stopped. 

Whistle Blowers

Insurance company can gather information from third parties. They usually provide the whistle-blowers number for anonymous calls. Whistle blowers are legal and protected by law. Individuals can call hotline numbers to report what they know about the potential insurance scams. Not only insurance, whistle blowers are commonly used in any areas. Government and general business use whistle blower to get information from society about certain issues. 

Claims History

The clients' claim history is one of useful tool for insurance company to examine potential fraud. Insurance company will terminate coverage contract if clients' surpass a certain number of claims. This step is taken to protect insurance company from huge losses. 

Investigating

Generally, insurance companies have insurance investigators to review and analyze any claims that seems particularly high. They will inspect the situation to gather more evidence in claims investigation.

Giving false information when file claims seems tempting, but fraud is a crime. Getting thousand dollars from insurance fraud are not worth with the consequences you can get. Giving false data when applying for an insurance is also a fraud and you might get penalty as well. 

Employers usually offer group term life insurance for their employee. The employers are required by law (while some state might not require) to provide a basic amount of life insurance in group without burdening their employees financial. They also offer their employee to purchase additional coverage for their spouse and/or children by reducing their salaries to pay the premium. 

The amount in group life insurance coverage plan varies and differ depends on employee's position. Managerial and executive employee have bigger benefits than lower level employee. It is always important to read the coverage document thoroughly to understand what amount and kinds of compensation are actually covered. Group plans usually only cover basic salary. The plans usually exclude other compensation that is reported as income like bonus, incentive, commission and so on. 

The premium rates also differ depends on employee's age and health. If the employees are young and healthy, the group coverage is generally cheaper than older employees. However, all eligible employees are automatically covered in a group plan aside from their health condition. The premium is also determined by the overall employees and the amounts are raise gradually within certain age, for example, 30, 35, 40 and so on. Since it's a group plan, an employee who have a good health could help to subsidize other employee who less healthy or ineligible employee.

In order to be covered, employees need to meet the eligibility requirements although coverage in group plans for employees are automatic. There are various requirement, for example work hours and the duration the employee start working in the company. Employee can purchase additional coverage during open enrollment periods. Purchasing life insurance or health insurance, if any, through open enrollment periods have certain benefits. The underwriting process are way simpler and you might get a good price as well. The insurance carriers will decide whether you can be covered with additional coverage or not.

Take a note that group coverage is linked to employment. If someone quit their jobs or retire, the coverage will ends automatically. The insurer may offer you to convert your group coverage to individual policy. It may require new underwriting and usually have higher premium. 

If you are a college fresh graduate, unemployed, self employed, retired and so on, you might need a private health insurance. The reasons are:

Unexpected life events can happen anytime anywhere and if something happen, it will possibly ruin your financial state. Medical treatment can be really pricey without health insurance. Do not think that health insurance is expensive and unaffordable. You don't have to buy a complete package plan if you don't need it. First, learn every type of plan before deciding to purchase so you can figure out which one suit you the most. It doesn't matter if you only purchase a basic plan, it's better than have no coverage at all. 

Next stage is determine your deductible. The higher your deductible, the lower your premium. But you need to reflect on your cash flow, if your monthly cash flow is low, choose a higher deductible. After determine deductible, visit health insurance companies' site and check your deductible options. Their insurance plans will be vary by state or by zip code. The quotes on the site usually is the lowest available and assuming you are in good condition. When you decide to apply, they will check your medical record and determine your premium. 

Since health insurance company offer different plan from each other, sometimes it will be difficult to compare one after another. You can limit the companies and choose the plan according to your budget because you need to pay the premium monthly. Also, you have to consider your needs. If you want family plan or employer plan, you also need to consider other' needs as well.

There are a lot of things to consider on purchasing health insurance beside type, budget and needs. You have to pay attention to every detail the insurance company offered. You might want to know about prescription drug coverage, insurance company sometimes only cover the generic ones or specific brand names. In addition professional services like surgery or lab test, hospital stay, emergency room, dental, and so on. 

Health insurance is one of the most important insurance type a person should have. It is really important decision since it involves health issues and money saving, possibly. Enough said, these are things you should avoid when you are about to purchase health insurance.

Give Too Much Attention to Premium And Deductible

If you are planning to purchase health insurance, please pay attention to additional coverage and cost. Do not stuck on premium and deductible only. It is understandable if you only look on premium and deductible to arrange your budget, but you also need to consider other cost and possible situations as well. 

Get Over Insured

Something that attached with word "over" is not good or even worst. Over insured is not good for your financial's health. Sure you will get the best and complete coverage, but you don't need pay too much when not needed. If you rarely seeing doctor, purchase health insurance with lower premium. 

Not Reading The Policy's Print Thoroughly

Insurance contract usually printed in multi-page and people usually did not read it thoroughly. You need to read it carefully to avoid coverage miscalculations. 

Overconfident on Good Health Record

Why I have to waste my money for paying health insurance premiums while I have good health, strong immunity, never visiting doctor and so on? Get rid this mindset. It is still important to be covered to avoid unexpected life events. Who would know that maybe someday (I hope not) you are injured in an accident. You can not be sure that you will be absolutely healthy for the rest of your life. If paying premium is a huge burden for you, buy a most basic plan. It's better to prevent than sorry.

Purchase From A Provider Without Comparing

People often purchase health insurance from the very first provider they meet which comply their needs. This is not exactly wrong, but you will get the best coverage with best price if you comparing multiple insurance companies. They offer different coverage and prices from each other. You don't have to visit their office one by one. You can get quotes online from their site without buying their coverage and start comparing from those quotes. Unless you want specific explanations, then you need to visit their office or contact their agent. 

Not everyone has health insurance, especially in the United States. Although the number of uninsured has dropped since the implementation of Affordable Care Act (ACA) which giving subsidies on healthcare plan, many Americans still choose not to apply or having healthcare plan. Many citizens are not qualified for healthcare subsidies, although many others are qualified, they opt to not participate in government healthcare plan. Moreover, some employers change their benefit program which cause financial difficulties for their employees. In the end, many people did not think health insurance as their needs. 

There are many reasons why they did not have health insurance, such as:

There is indeed a risk (or more) for not having health insurance. The obvious risk is financial difficulties once the uninsured need medical assistance with expensive cost. Another risks are unable to have some types of medical services and have to pay tax penalties.Having health coverage give advantage for people who want to access preventive care for free. Since ACA requires many preventive services to be covered in insurance policies. Preventives care is important to detect illness early before it can develop into critical problem. It also increases the success treatment probability. 

If you have no health insurance coverage, you need to pay your medical expenses with you own pocket. Sure you assume you will not require medical assistance for years, but what if you need to be hospitalized because of accident or sudden ill? The medical expenses is no joke. Having no health coverage can make you fall in debt or even bankruptcy. In addition, you will get tax penalty, assuming you relatively healthy. You might have to pay penalty as high as health insurance premium. 

When your insured car is damaged from an accident, the insurance company will pay the car's value, in other words the will pay their own "estimated value". Although you are free to use the money, whether using it purchase a new one or paid the car's installment, most people find it frustrating that insurance company usually underestimate your car value. They often lower the car's value than you expected, moreover the amount is not enough to purchase an equal replacement. For several person, the amount is not even enough to pay the car's installment. We all know that car repair cost is expensive let alone buying a new car.

Most of car insurance customers have no idea how the insurance companies value their cars. The insurance companies use esoteric method, refer to abstract data, and it's absolutely secret. They will be careful as possible not to reveal their method. Since they are not non-profit company, it is understandable. However, all insurance companies use a basic method to appraise your vehicle, you can use this for your consideration to negotiate with the insurance company.

The Valuation Process

Insurance company will send an adjuster to inspect the damage when you report a claim over car accident. What is an adjuster? Adjuster is an agent of insurance claims who will evaluating the insurance claim to determine the insurance company's liability under the terms of an owner's policy. The adjuster will determine whether the vehicle classify as "beyond repair". Even the vehicle can be fixed, the insurance company might consider it as wreck, if the repair cost is more than 60 to 70% of its value. Then, the adjuster perform an value appraisal but the damage will not be considered. The appraisal will be used to determine the estimate cash to offer for the vehicle. 

The insurance company also hire a third-party appraiser to determine their own estimate value of the vehicle. The purpose of hiring third-party is to minimize the errors and double-checking the estimated value by using different valuation methodology. At last, the insurance company considers its own appraisal and the third-party's appraisal before making the offer for its customers.

Actual Cash Value and Replacement Cost

One thing that people have to know is a big gap between insurance company's estimated value of vehicle and the amount of purchasing equal replacement. The insurance company use the actual cash value as their reference in giving offer. Assuming the accident did not happen, the company determines customers will pay for the car. The cash value include depreciation, mechanical problems, supply and demand in your area, and so on. Therefore, the actual cash value will be lower than the customer paid even the car is new and driven a year before the accident. The amount of actual cash value offer is also less than the replacement cost. Policyholder can purchasing car insurance that pays replacement cost. The monthly premium surely will be higher than the common car insurance.