Is There a Penalty If I Don’t Have Health Insurance?

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Are you wondering if you are actually required to have health insurance? Some are wondering if they will really get a penalty, here is an article that answers those very questions. Q: Am I still required to buy health insurance? And will I be penalized if I don’t?—S. Paradise, Norfolk, Va. A. Yes, and yes. […]

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Insurance Company Denied My Claim Now What?

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We have all been in a position where we have reached out to our insurance company to make a claim, then to find out that your claim has been rejected. This can be very devastating, especially if you have had a fire or had your personal possessions stolen. In this post we are going to […]

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How to Choose an Insurance Broker

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Just about every day I’m answering questions and giving advise to people about insurance. Today we are going to talk about how to find a good insurance agent. According to the California Department of Insurance, more than 50% of consumers ranked someone they trust as the most important criteria When selecting insurance agent. So how can you find someone that you know you can trust if you don’t already know an insurance broker to begin with?

Well, first you want to find an insurance broker that specializes in the type of insurance you are looking for. I would avoid going to an insurance broker that sells a little bit of everything, because they’re probably not good with all types of insurance. They may be good with one or two types of insurance, but probably not good with everything.

I would also want to work with an independent agent. There are two types of agents. One is whats known as a captive agent, and the other is an independent agent. A captive agent only works for one company and only offers that particular company’s products. While an independent agent will have a number of different companies that they work with and can offer you multiple choices depending on your needs.

Third, its a good idea to contact a several agents. You will know if he or she is a good agent because they will likely ask you a lot of questions. And the more questions they ask, the better the agent they probably are. The more information they have about you and your insurance needs, the more they will be able to help you. So be sure to give them as detailed answers as possible.

Then finally get a quote from the agent you select for whatever type of insurance you are looking to buy. Out of all the agents you talk to, usually the one that stands out as the one you feel most comfortable with will probably be the right choice for you.


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Car Insurance Compared to Other Expenses

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Most people would agree that car insurance is a big expense. With so many advertisements everywhere trying to convince you to save money on car insurance, you would think its one of the bigger expenses. However, a study by the US Bureau of Labor Statistics shows that for overall United States consumer expenses, Auto insurance only accounted for 2.19%. This is actually less than less than telephone expenses for most.

We found a great info graphic below from Answer Financial that compares what people spend on different things including how much people spend on public transit in San Francisco, gas in Houston, Housekeeping supplies in Chicago, and meat in Boston. You can also see how much is spent on TV, telephone, and insurance costs in all areas.

inso graphic comparing auto insurance to other household expenses

Its actually pretty surprising how small of an expenditure auto insurance is compared to other common household expenses. Don’t forget to subscribe to our Insurance Blog for updates!

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Why Obamacare’s insurance marketplaces won’t necessarily collapse with a repeal

Republicans took the first step toward repealing the Affordable Care Act this week, but health insurers — lacking details about the transition and eventual replacement — have remained tight-lipped about how the looming demise of the law could affect their involvement in the deteriorating insurance marketplaces.

Replacing the health-care law, commonly known as Obamacare, could take years, potentially destabilizing the nascent system designed to provide insurance to individuals who don’t receive it through an employer. Several large insurance companies had already announced plans to pull out of some health-care insurance exchanges created by the law because of financial losses, and health policy experts fear that repealing the law without immediately replacing it could exacerbate the exodus by adding uncertainty.

“If Congress delays enacting a replacement plan, uncertainty about what might be in that legislation would further destabilize the exchange market,” policy experts Joseph Antos and James Capretta wrote in a blog post for the American Enterprise Institute this week. “Some number of current exchange enrollees, as well as insurers, are likely to view the coming termination of the ACA as a reason to withdraw their participation.”

But other policy experts predict that Republicans will provide incentives for insurers to stay. America’s Health Insurance Plans, the trade organization for health insurers, has called on Congress to keep in place funding for programs that help people afford health insurance in the marketplaces, at least through the end of 2018.

“The problem right now is there’s a huge gulf between the rhetoric of repeal and the reality of taking apart a piece of legislation,” said Dan Mendelson, president of Avalere Health, a consulting firm. “In all likelihood, what they will need to do is create some stability for insurance companies during the interim period of time.”

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