4 Steps to Choosing Health Insurance.

You have to chose health insurance, yet are overwhelmed and don’t know where to even begin? Don’t worry, you are not alone, here are some steps and questions you can ask yourself along the way to help make that process easier.  

1)    Terms to know:  

·     Premium: The monthly amount you have to pay to the insurer for covering your risk. 

·     Co-pay: The amount of money you have to pay for each office visit.

·     Deductible: The amount of money you have to pay out-of-pocket until the insurance will start paying a percentage of the costs.

·     Out of pocket maximum: The maximum amount of money you have to pay out-of-pocket, per plan year, until the medical insurance will start paying 100% of the costs. 

2)   Types of insurance

·     Medical: Is Preventative care and medication prescription costs covered? How much is covered when visiting your PCP, specialist, ER, Urgent care, maternity hospitalization etc.?

·     Dental: Is preventative care, basic care, and orthodontia covered? 

·     Vision: Are routine eye exams, lenses, frames, and contact lenses covered?

3)    Other things to consider: 

·     Does the plan have a narrow, or wide network of providers? 

·     Who is the medical/dental/vision claims administrator? (ex. Moda health, Delta group? Core vision?)

·     How much is your employer willing to pay? 

4)    Be prepared: Once you have chosen/accepted your insurance coverage, look up in-network medical, dental, and vision providers that you can follow up with.  Write down their name, number, and location so that should an unexpected urgency arise, you know whom you can go to. 

What factors do you consider when choosing health insurance? 

Photo source: kinodelirio.com

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Want to move out into your own home?

You are wanting to move out into your very own place, but have never done that before! It may seem crazy, and even foreign to you. Yet, don't fret, here are 7 simple steps you can follow to help you obtain a place of your very own: 

1)   Go to your bank, and request a mortgage loan preapproval before hunting for places, to see how much the bank will let you borrow. This will help you look for a place that is in your price range, and unearth any credit problems that need to be addressed before purchase.

·     Have at least a 20% downpayment saved to prevent you from needing to get mortgage insurance, plus an additional 10,000$ for closing fees.

·     Keep your anticipated monthly mortgage payment below 28% of your gross (pre-taxed) monthly income. 

2)   Look for listings in your desired area via Zillow.com, Realtor.com, etc. Find out when they have their open house, and go check the place out.

·     Consider the features you would like it to have: # of bedrooms, # of bathrooms, type of flooring, square footage, lot size, ceiling height etc. As well as its proximity to parks, public transportation, shopping centers and schools. 

3)   If you found a place you like, call the real estate agent and put an offer. Usually, offers need to be done in person so you can sign the paperwork. 

·     Normally, sellers want you to put money down (~1000$) with your offer to see that you are serious. This money will count towards the down payment, or if you don't agree on the price, it will be returned. 

4)   If the seller doesn't like the offer they can do a counteroffer/complete an "addendum to purchase", or basically negotiate with you.

5)   Once you agree on a price and paperwork is signed, you can get a house inspection. You can still ask for less, or cancel the entire deal if something comes up during inspection.

6)   An appraisal, or expert estimation of the value of your house will be conducted by someone chosen by your bank. The bank does not want to give you a loan on a house that isn't worth the amount it is being sold for.

·     They appraiser will look for any foundational cracks, roof deterioration, drafty windows, landscaping maintenance, exterior/siding, appliance functioning (air-conditioner and heater), utilities functioning (water, electricity, gas) etc., to determine the value of the home. 

7) You will need to finalize your mortgage loan application at the bank, review your loan commitment and sign. Congratulations, you are now an owner of your very one place! 

What tips do you have for first time property owners? 

Photo source: telegraph.co.uk

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