10.31.2014

Will Technology Rule the Future of Personal Finance?

Will the future of personal finances be done completely through the use of technology?

The more financial problems and crises our country encounters, the more those problems affect the finances of individuals, families, and businesses in our country. Consumers have to be forced to save more, or be more efficient with their money. As it stands now, our country is at a record low for retirement contributions—USA Today recently shared data from a Wells Fargo survey showing that that middle-class people in the USA have a median of $20,000 saved for retirement. Those same people think they need at least $250,000 to retire. Something’s not adding up!

So what can people do? Well, for starters, the use of the internet has helped create plenty of tools and resources for consumers who need advice on their personal finances, such as how much they need to save or invest.Take life insurance as an example. LIMRA (Life Insurance Market Research Association, 2013) stated 86% of consumers prefer using the Internet to research and shop for life insurance.

Thanks to this kind of technology, consumers can now even completely complete the process of obtaining life insurance online. Companies like Securing Life Today (my own company) are allowing users to research and choose their life insurance—people can shop, compare and apply at their convenience, instead of experiencing the hassle of calling someone 10 times just to get a quote. Securing Life Today connects the consumer directly with the company that has the best price, and life insurance is just one of their offerings; they also deal with health insurance, dental insurance, comparing investment fees, and several other important areas of personal and business finance.

Life insurance isn’t the only product that has become much easier to compare and research online—FeeX is a free online service that lets consumers link their online investment accounts to see what fees they’re charged in their investment accounts. So many people say they have no idea how much their investments are costing them—FeeX allows the consumer to see their fees, plus where they can save money.

Consumers are tired of paying for financial advice, then having to also pay to get the service or product that is being recommended, especially when individual financial companies tend to have an inherent interest in soliciting their own company’s brand or product, even thought it may not always be the best fit for each customer’s needs. Research has also show that consumer confidence in financial advisors has declined due to the financial crisis, as well as the news stories of fraud and white-collar crimes with the companies we’re supposed to trust.

So will technology and the Internet provide the transparency and trust that consumers desire and demand? Time will only tell, but as it stands for now, the financial industry sure could use a fresh and new approach that would allow the people in our country with better access to financial success.

http://www.feex.com/blog/will-technology-rule-the-future-of-personal-finance/

10.09.2014

Is Ebola Covered by My Health Insurance Plan?

By Carrie McLean on October 1st, 2014

Filed: Advice, Health and Wellness

With the recent announcement that a case of Ebola has now been diagnosed in the United States, it’s a good time to review basic health hygiene rules.

It’s also worth asking: Is treatment of Ebola covered by your health insurance plan?

Let’s address these issues one at a time, starting with the second one.

Ebola and Your Health Coverage

Should you become ill, you’ll be glad to know your health insurance company probably covers you for treatment of Ebola to same the extent it covers treatment of other diseases – at least if you have a major medical plan that meets the benefit standards of the Affordable Care Act.

Keep in mind that you may still have to pay out-of-pocket costs, such as deductibles, copayments and other forms of cost-sharing, when you actually receive medical treatment. Depending on your plan and situation, you may also need to visit in-network service providers.

There are some health insurance products, such as certain short-term health plans, that limit your coverage for pre-existing medical conditions or put lifetime dollar limits on the amount they will pay toward your medical bills. If you have such a product, you may want to consider switching to a major medical plan without these limitations when open enrollment begins on November 15, 2014.

If you’re traveling overseas and become ill, you should also be aware that your health insurance plan from home may or may not cover medical care you receive outside of the United States. Even if it does, you’ll typically have to pay for that care up front and then submit a claim for reimbursement on your return.

Anyone traveling overseas should consider a travel insurance plan, which can help you cover up-front medical costs and even provide you with evacuation to the United States in some cases.

If you have any questions about the coverage available to you under your personal or family health insurance plan, contact your licensed agent or health insurance company to learn more.

Health Hygiene in the Era of Ebola

Though Ebola has now been diagnosed in a patient within the United States (previous cases had been diagnosed overseas and the patients flown back to the U.S. for treatment), there is apparently no reason to panic according to the Centers for Disease Control (CDC).As discussed during the CDC’s briefing, strict measures will be applied to limit the spread of thedisease – and as of September 30, 2014, only one person has been diagnosed in the U.S. with the virus.What’s more, while Ebola is contagious, it’s generally not considered by the CDC to be the kind of virus that spreads through the air. The CDC states that Ebola typically spreads through contact with the bodily fluids of a person who is sick with the disease, contaminated objects such as needles and syringes, and infected animals.

That said, it’s a smart to review the rules for good hygiene during flu season, as some of these may help prevent the spread of other viruses like Ebola as well.

According to the U.S. government’s Department of Health and Human Services, here are five daily rules everyone can follow to help prevent the spread of flu and other viruses:

Wash your hands often with soap and water or an alcohol-based hand rub.
Avoid touching your eyes, nose, or mouth. Germs spread this way.
Try to avoid close contact with sick people.
Practice good health habits. Get plenty of sleep and exercise, manage your stress, drink plenty of fluids, and eat healthy food.
Cover your nose and mouth with a tissue when you cough or sneeze. Throw the tissue in the trash after you use it.

Of course, if you have any reason to believe that you may have been exposed to Ebola – or if you’re showing concerning symptoms for any disease – be sure to contact your doctor’s office or hospital right away.

- See more at: http://blog.ehealthinsurance.com/2014/10/is-ebola-covered-by-my-health-insurance-plan/#sthash.4qJLnNgN.dpuf

Click here to compare your health insurance coverage

9.25.2014

Should you pay for financial advice?

by
Jean Chatzky

@FortuneMagazine

SEPTEMBER 25, 2014, 7:00 AM EDT

The vast majority of Americans are still not interested in hearing (or taking) financial advice, even though it actually pays off.

One in Four Americans Has No Emergency Savings – WSJ, June 23, 2014

Retirement crisis: Over one-third of Americans haven’t saved a penny – Yahoo Finance, August 18, 2014

Economic recovery? Americans are feeling worse about their financial situation – Deseret News, September 23, 2014 Headlines can scream all they want about the financial troubles Americans are having, a new study shows that the vast majority of us are still not interested in hearing (or taking) financial advice. Research from TIAA-CREF shows that although the number of Americans who are interested in financial advice jumped from 24% last year to 35% this year; for 65%, the topic is a non-starter.

Why is that? Among the reasons most listed: People think good advice will cost more than they can afford (44%), that the information available won’t suit their needs (39%), and that looking for advice will take time they don’t have (35%). But the top reason? Sixty-four percent of respondents say it’s hard to know which advice to trust; that number is up 16 percentage points from last year’s survey. (More on this in a moment.)

People don’t like to take advice in general, explains psychologist Art Markman, author of Smart Change, but financial advice is harder to stomach than most. “Financial advice is almost always about doing something differently in the short term in order to preserve money for the long term,” he explains. That’s tough for humans who are “really wired” to do the opposite.

The problem is financial advice has been shown to pay off. According to the TIAA-CREF research, 62% of respondents reported changing their spending habits after receiving financial advice and 46% increased the amount they’re kicking in for retirement. So if you’ve been reluctant, do you get yourself to belly up to the advice bar?

Ask yourself: Why do you go to the dentist? Or the car mechanic? “You go to the dentist because he knows about teeth,” says Markman. “And you bring your car to the mechanic because they can make sure it stays running well. You do that in part because you don’t want to have to be an expert in teeth or cars.” So the question that follows is, do you want to spend the time necessary to become an expert in personal finances? “If the answer is no, you’d rather spend your time worrying about something else, it’s time to engage services that will help you.”

Imagine you, circa 2034: One big reason many of us aren’t ready to hear financial advice (or health advice for that matter) is that we’re not really aware of what our future selves are going to need. In other words, whether you’re 35 years old or 50 years old, imagining what your 70- or 85-year-old selves feel like is like imagining a completely different person. “It’s hard to want to do anything for that person, even if that person is you 35 years from now,” says Markman. The key is to try to make yourself feel closer to that person by imagining life at that point and being as visual as possible. (Note: Merrill Lynch’s Face Retirement, a free aging app available for both iPhone and Android, enables you to see what you’re likely to look like decades from now. It’s a little frightening – hint from my experience, don’t take the picture in your car — but in this case that’s a good thing).

Look for questions, not answers: Finally, for all those people who aren’t exactly sure how to know if advice is trustworthy, financial advisor Carl Richards, author of Behavior Gap.com, says the designation the advisor sports is far less important than how the advisor behaves. “There’s a big debate in the industry about what designation you need. We can keep having that debate but real advisors – what I call real financial planners – just act that way.” says Richards, who points out that he has a financial advisor of his own to help him get a grip on his own goals and to keep him on track to meet them. (For the record, I have one for similar reasons.)

In many ways, a good financial advisor is like a good doctor, Richards notes. If a doctor spends the first 15 minutes trying to tell you how few people they’ve killed, you’d leave. If a financial advisor spends the first meeting trying to sell you, you should do likewise. A good doctor – like a good financial advisor – tells it like it is, which is often not what you want to hear. And both good doctors and good financial advisors listen very carefully and they ask a lot of questions. Otherwise, he points out, making a decent diagnosis is next to impossible.

For access to the best do it yourself online tools, click here!

9.09.2014

Federal Government Signs Web-Broker Entity Agreement With eHealth

MOUNTAIN VIEW, CA--(Jul 31, 2013) - eHealth, Inc. (NASDAQ:EHTH), the nation's leading online health insurance exchange for individual and family health insurance, today announced that it has reached a written agreement with the U.S. government on key requirements that will set the stage for eHealth to help enroll tax-subsidy-eligible residents of 36 states in qualified health insurance plans under the Affordable Care Act (ACA).

The agreement is between eHealth as a "web-broker entity" (WBE) and the federal government's Centers for Medicare and Medicaid Services (CMS), which supervises the federal government's health insurance, web-based exchange, called the "Federally Facilitated Exchange" or "FFE." Under a specific regulation issued by CMS on March 27, 2012, WBEs such as eHealth, after reaching agreement with CMS or individual states operating their exchanges, are authorized to help enroll tax-subsidy-eligible individuals under the Affordable Care Act.

The FFE agreement just signed by eHealth and CMS allows eHealth to access the Federal electronic data hub, which is necessary for a determination of tax subsidy eligibility and the amount of a subsidy. It also provides for additional strict consumer- and privacy-protective requirements and standards beyond those spelled out in regulations. An additional agreement encompassing the federal requirements for agents and brokers will still need to be signed by eHealth and CMS in order for eHealth to begin enrolling subsidy-eligible individuals into qualified health plans made available by the ACA.

"The agreement announced today is an important step in eHealth's efforts to help deliver on the goals of the Affordable Care Act by giving many Americans the ability to utilize their subsidies when they enroll in quality health insurance at eHealth.com," said Gary Lauer, Chief Executive Officer and Chairman of eHealth, Inc.

"We applaud CMS for embracing public-private partnerships with marketplaces like eHealth to establish a framework for secure, streamlined and cost-free enrollment of tax-subsidy-eligible people," Lauer said.

"We now hope that the 14 States and DC that are working hard to develop their own health insurance exchanges will follow the leadership of the federal government and allow their subsidy-eligible residents the same opportunity that is expected to exist in the 36 other states to utilize resources like eHealth.com for enrollment. This will simply result in more enrollments, which is crucial to the Affordable Care Act's success, and at the same time save the government taxpayer money."

Lauer said that eHealth has offered every one of these states technical assistance to enable eHealth to sign a similar agreement and be ready to take advantage of eHealth and other WBEs to supplement their enrollment capacity.

"If there are technical concerns by individual states," Lauer pointed out, "I am confident we can quickly help resolve them."

The agreement signed by eHealth is with the Centers for Medicare and Medicaid Services (CMS), the federal government agency that is responsible for the management and oversight of the FFE and the Federal electronic data-hub. The data-hub allows the government exchanges to determine tax subsidy eligibility and subsidy amounts. The WBE would receive limited data sufficient to serve as a web-based platform enabling insurance carriers to enroll tax-subsidy-eligible individuals in "qualified health plans," as defined under the Affordable Care Act. All WBEs must abide by strict consumer-protective and privacy and security requirements and standards under the agreement with CMS in order to be allowed to assist the federally facilitated exchanges in enrolling tax-subsidy-eligible individuals.

eHealth has enrolled over 3 million individuals in coverage since it sold the first health insurance policy online in 1998, approximately 40% of whom were uninsured before they came to eHealth.

About eHealth
eHealth, Inc. (NASDAQ: EHTH) is the parent company of eHealthInsurance, the nation's first and largest private health insurance exchange where individuals, families and small businesses can compare health insurance products from leading insurers side by side and purchase and enroll in coverage online. eHealthInsurance offers thousands of individual, family and small business health plans underwritten by more than 200 of the nation's leading health insurance companies. eHealthInsurance is licensed to sell health insurance in all 50 states and the District of Columbia.

eHealth, Inc. also provides powerful online and pharmacy-based tools to help seniors navigate Medicare health insurance options, choose the right plan and enroll in select plans online through its wholly-owned subsidiary, PlanPrescriber.com (www.planprescriber.com) and through its Medicare website www.eHealthMedicare.com.

Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding eHealth's expectation that it will gain the ability to help enroll tax-subsidy eligible residents of 36 states in qualified health plans, the availability of the electronic data hub and the use of web-based brokers to enroll individuals through government-run health insurance exchanges, the utilization of resources like eHealth resulting in more enrollment and government savings, resolution of state exchange technical concerns and WBE receipt of data sufficient to enroll tax-subsidy eligible individuals in qualified health plans. These forward-looking statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from the statements made, including permission from state and federal governments to operate as a WBE, eHealth's readiness to act as a WBE and the government's readiness to permit enrollment from WBEs, eHealth's ability to comply with the terms of its WBE related agreements and with laws and regulations related to acting as a WBE, the terms of additional agreements relating to eHealth acting as a WBE, technical difficulties and integration issues in connection with the implementation of WBE capability to enroll individuals in qualified health plans and the effectiveness of eHealth in enrolling individuals into qualified health plans. Other risks and uncertainties that can affect actual results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2012 and our most recent Quarterly Report on Form 10-Q, which are on file with the SEC and are available on the investor relations page of the Company's website at http://www.ehealthinsurance.com and on the Securities and Exchange Commission's website at www.sec.gov. All information provided in this press release is as of the date of this press release, and we undertake no duty to update this information unless required by law.

9.05.2014

Top Honeymoon Destinations, From Bronze to Platinum Budgets

By Micaela Jimenez on July 15th, 2014

Filed: Advice, Health and Wellness

“Good seasons start with good beginnings.” – Sparky Anderson

Summer is here! ‘Tis the season of renewal and fine weather – and, last but not least, weddings.

For the soon-to-be newlyweds out there, here are a few medal-winning destinations for your honeymoon, inspired by the qualifying life plan metal levels, of course!

Did you know the average honeymoon last year cost between $2,000 and $15,000? What a range! Just like health plans, honeymoon prices can be pretty intimidating.

Here’s our list of honeymoon destinations to consider this year by medal levels:

Platinum: Italy, $7,000

Italy is the perfect destination for a couple that shares a love for art, history, and food. Not only does it have a reputation for being one of the most romantic places in the world, its passionate culture will suck you into moving back your flight an extra week.

Pro Tip: During your two week stay in Italy, I would recommend hitting three major cities including Rome, Florence and the Almafi Coast. You won’t regret strolling through Rome also known as the “eternal city”, dancing in Tuscany, or wine tasting on the coast of this honeymoon destination.

Gold: Mexico, $4200

Cancun is one of the most popular honeymoon destinations in the world, and is perfect for a couple who wants to both relax and venture depending on their mood.

Pro Tip: I would recommend an all-inclusive resort in Cancun to save you time and money. All-inclusive resorts not only give you a relative amount of privacy and seclusion, but also give you that option to get away anytime. I’d recommend venturing outside the resort to see the ancient ruins in Tulum, or spending a day venturing through the rainforest.

Silver: Maui $3800

Maui is a perfect destination for couples who are looking to have a very intimate outing with absolutely no worries. Most resorts in Maui offer honeymoon packages that will provide you with the classic image of honeymoons, such as consistent rose pedals, couple activities, and privacy.

Pro Tip: I would recommend Maui to a couple who took on a big wedding and are looking to stay away from the social scene. The islands breathtaking sunsets, tropical scenery and the positive Hawaiian culture is a perfect way to keep the spark going in your new marriage.

Bronze: Napa, CA Range: $1000-$3,000

Who says staying local is overrated? Napa Valley has emerged into a popular honeymoon destination as it holds a stunning scenic landscape, world-class restaurants, and more importantly is a home to over 400 wineries. What’s a honeymoon without wine, right?

Pro Tip: Honeymoons are about romance, and there are many beautiful places to stay in Napa Valley such as the Napa Valley Lodge or the famous Auberge du Soleil. A weekend in the wine country could be your perfect escape. Napa would be a high recommendation to couples who do not want to travel out of the country and would consider themselves “foodies”.

Do any of these locations make you want to rethink your honeymoon plans, or inspire you to go on another vacation all together? Remember, decisions become more difficult when you settle for researching last minute, so let’s remember to spring forward, and tag summer before it burns us.

Check out health, life, and dental insurance rates with eHealth and Securing Life Today now!

9.02.2014

How to Get Health Insurance Outside the Open Enrollment Window

by Donna Fuscaldo

Published August 26, 2014 | FOXBusiness

The first open enrollment season of the Affordable Care Act has come and gone and the next one doesn’t start until Nov. 15, but that doesn’t mean uninsured individuals can’t get coverage until then.

“Under the Affordable Care Act, people who experience certain life changes may be eligible to enroll in a new health plan before the next open enrollment period begins,” says Michael Mahoney, senior vice president, consumer marketing at GoHealth www.gohealthinsurance.com. “Those who qualify for a special enrollment period generally have 60 days from the qualifying event to shop for coverage. “Here’s what health insurance experts recommend knowing about what qualifies as a “life change” to gain coverage outside of the designated open enrollment period.

What Doesn’t Work

The ACA’s open enrollment periods were designed to prevent people from only signing up for care when they need it. The limit protects health insurance companies, but it can hurt consumers if they find a better or cheaper plan outside the season. “Finding a new one that saves you $600 is not a qualifying reason,” says Kevin Luss, owner of Luss Group. “Even if they are going to save money, they got to stay in it or lose coverage.”Letting an insurance policy lapse also doesn’t count as a qualifying event, he adds. Neither is a doctor dropping out of network.

People (at least two) are still able to bind together to purchase group insurance, but the ACA has made it a little restrictive. A husband and wife can’t be the only ones making up a group of two, and thus can’t get new insurance outside of open enrollment that way. The health care reform “really restricted things a little bit,” says Luss.

What Does Get an Exception

While restrictions abound, there are many qualifying events that allow consumer to pick up coverage outside of the enrollment period. Some events include, getting married or divorced, a permanent move to a new coverage area, the birth or adoption of a child, change in income or no longer being covered by a parents’ health insurance.Experts warn being prepared to show proof of the event.“A lot of the carriers require documentation,” says Carrie Mclean, director of customer care at eHealthInsurance www.ehealthinsurance.com. “For example, if you have a loss of employer coverage, a lot of carriers want to see a termination letter from your employer.”

Even if the carrier doesn’t require documentation, lying to get a new plan or coverage is not a good idea. According to Mcclean, if an insurer has been paying claims and asks for proof of the life event, lack of documentation allows the company to refuse to pay the medical bills.Some of the lesser-known life events that will get you qualified include, being released from jail, gaining citizenship or becoming a member of an Indian tribe. According to Luss, if a consumer gets bad advice from an insurance agent during open enrollment, the professional can write a letter to the provider taking the blame. “It’s really at the discretion of the carrier,” says Luss.

If all else fails, there’s always the option of taking out short-term insurance, says Mahoney.“Short-term plans provide a viable solution if you experience a gap in coverage between now and the next open enrollment period in November,” says Mahoney. “Without insurance, a trip to the emergency room could cost thousands of dollars, but a short-term plan can significantly offset those costs.”

Check out securinglifetoday.com, to learn more about health insurance and to shop and compare rates. Now partnered with eHealth.com

8.22.2014

Tips for saving big on health care!

If your health insurance policy has a deductible of at least $1,250 for individual coverage or $2,500 for families in 2014, you may be eligible to open a health savings account. An HSA lets you set aside tax-deductible money. Or it’s pretax money through an employer. You can use it tax-free in any year to pay your insurance deductible and other medical expenses.

In 2014, you can contribute up to $3,300 to an HSA for individual coverage or up to $6,550 for family coverage. You can contribute an extra $1,000 if you are 55 or older anytime during the year.

Get credit for your deductible. Even when you’re paying out-of-pocket during the deductible period, file the claim so you’ll get the rate the insurer negotiated with the provider. Check your explanation of benefits to make sure you receive credit for costs that count toward meeting your deductible and your annual out-of-pocket spending limit.

Time your procedures carefully. Consider scheduling procedures near the end of the plan year after you’ve met your deductible, rather than waiting until the new year when your deductible resets.

Get free HSA money from your employer. Many employers match HSA contributions or seed your account after you sign up, typically adding about $500 for single plans and $1,000 for family plans. Your employer may add more if you participate in a wellness program or have a health-risk assessment.

Boost your HSA contribution limits. If you have an HSA-eligible health insurance policy on Dec. 1, you can make the full contribution for the year even if you’ve had the plan for only a short time. But if you didn’t have an HSA-eligible policy for the full year, you must then keep it for the entire following calendar year or pay a penalty.

Match your HSA investments with your time frame. If you plan to use your HSA to pay medical bills in the near future, look for an administrator with low fees and a debit card that makes it easy to use the money at the doctor’s office. If you use other cash for current medical outlays and want to keep the money growing in your HSA for a big expense down the road, look for an administrator that offers attractive investment choices. See if you can minimize fees by maintaining a minimum balance. Compare HSA administrators’ investing options and fees at hsasearch.com.

Source Kimberly Lankford, Kiplinger’s Personal Finance Dallas News- Tips for saving big on health care

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