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Business Insurance - And What You Need To Know
Getting your business up and running is exciting, challenging and hard work. You're finally making money - and you are the driving force that is making your business grow. But have you taken care of the "What ifs". Like - "What if I get sick, how do...
Critical Illness Insurance - Critical Or Ridicule?
Critical illness cover (CIC) is a type of insurance which provides a significant one-off payment if you are diagnosed with a specified life-threatening condition - specified being the important term, because if your illness isn't in the terms and...
Getting cheap term life insurance
Many people considering life cover will look for cheap term life insurance, because it is probably the simplest and least expensive way to protect their partner's and family's financial future in the unfortunate event of their death.
If you have...
Is There Any Such Thing As Affordable Life Insurance?
Do you need affordable term life insurance? This seems to be the million-dollar question. When you want to purchase life insurance you often do not know how much you need or if there is such a thing as having too much life insurance. What...
Save Money By Getting A Term Life Insurance Quote Online
When deciding or choosing what life insurance is best for you, you can avoid feeling pressured into a policy by searching for a term life insurance quote online. The service is terrific and it can be a fast turnaround because you control how fast or...
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Connecticut Cracks Down on Illegal Health Insurance Plans
The state of Connecticut cracked down on a number of unlicensed health insurance plans and agents this month. The Insurance Department issued warnings to consumers to check the licensing of any firm before doing business. The targeted illegal heath plans were primarily offered to small businesses through their professional industry associations. The health plans claimed that since they were not fully insured and operated in multiple states Connecticut’s strict insurance regulations did not apply to them. CT Insurance Department disagreed and closed the plans. A list of the approximately 40 closed plans is posted on the Department’s Web site. Since the affected health plans are offered in multiple states, consumers in other states may soon be dealing with similar actions.
But the news is not all black and white. This crackdown closes the door to some of the few remaining affordable health insurance plans for many Connecticut small businesses. Connecticut’s past legislative blunders in regulating health insurance are now costing its residents in sharply higher health insurance premiums. The illegal low-priced health plans are actually quite legal and well accepted in other states. The affected consumers are more likely to be irked by the “Big Brother” attitude of their government than by the fact that their health plan did not meet all applicable state laws. Most will be unable to find replacement health coverage in
the same price range.
Tony Novak, MBA, MT, Online Adviser at MedSave.com suggests that consumers keep in mind the simple principal “If it sounds too good to be true, it probably is…”. There are no bargains or great deals in health insurance. If one health insurance plan costs less than another, that is only because it provides less coverage. Make sure that you know specifically what coverage you are giving up before enrolling in a low cost health insurance plan. As long as a plan is fully insured and the agent is also licensed and insured, then it is OK to save money by choosing a plan that eliminates coverage that you do not need. For example, if you don’t need maternity coverage or pre-existing condition coverage, then it is safe to buy a plan that costs only half as much as a health plan that does include this coverage.
Novak emphasizes that these buying guidelines apply to residents of all states, not just Connecticut. Unfortunately, too many small businesses buy the lowest cost health plan they can find without really understanding the reason for the cost difference or the risks they may be taking with the lower cost plan.
MedSave.com also adds that the Connecticut crackdown did not affect any of its health plans. All MedSave.com health plans are fully insured and licensed in the state where they are offered.
About the Author
Tax and Benefits Adviser
Freedom Benefits Association
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