Utah Insurance Blog tag:typepad.com,2003:weblog-86673430098056971 2012-01-31T08:49:47-07:00 Stay updated on the latest insurance happenings in Utah. Updates, advice, tips, and more on all kinds of Utah insurance! TypePad http://creativecommons.org/images/public/somerights20.gifUtahInsuranceBloghttp://feedburner.google.com Utah Health Insurance Market Update: 2012 tag:typepad.com,2003:post-6a01348036268a970c016300757916970d 2012-01-31T08:49:47-07:00 2012-01-31T09:17:14-07:00 Health Reform: Nationally, there aren't many changes that will be apparent on the surface. The reform bill is encouraging efficiency and an increase in the quality of care in 2012. The state of Utah continues to improve it's defined contribution system in the group health insurance market. Jared J. Balis

Here's what happening in the Utah health insurance market:

Health Reform: Nationally, there aren't many changes that will be apparent on the surface. The reform bill is encouraging efficiency and an increase in the quality of care in 2012. The state of Utah continues to improve it's defined contribution system in the group health insurance market.

HumanaOne has a new rating structure that keeps health insurance affordable for single-parent families! Their Enhanced Copay plan with a $1,000 medical deductible has become more affordable in 2012. They also have a *Cancer Cash Plan that's only $8.99 per month for a family of 5 (parents, age 45) for a $5,000 cancer cash benefit. It's a way to protect yourself financially against devastating medical costs and lost income while you recover from a battle that many people win. Get a quote for this plan now.

SelectHealth seems to have some competitive pricing on lower deductible HSA-eligible plans. This is a great way to receive tax benefits and lower your health insurance premium! Get a quote for their HealthSave product now!

Altius Health Plans has a new product called Peak Preference. It's similar to an HMO product, but you don't need a referral to see a specialist. Rates are about 15% lower than their main product. Great way to save some money and still keep good coverage! Explore your options instantly online.

Hospital Cash Plan / Supplemental Health Insurance: Currently I know of one plan that pays a daily benefit when the insured is admitted to a hospital. Call me at 801-679-0405 to find out more!

Dental Insurance: Dental Select of Utah has some of the most competitive dental rates in the Utah market. Explore your plan options!

Term Life Insurance: It's been super-affordable for a while, and rates are still near an all time low. If you haven't explored term life insurance as part of your long term financial plan, get instant term life quotes with no obligation.

If you have questions on what's happening in the Utah health insurance market, or would like quotes for any type of insurance, please email or call me at 801-679-0405!

*Kanawha Policy Form 70620 UT.

 http://www.insuranceinutah.com/2012/01/utah-health-insurance-market-update-2012.html What Does Preventive Care Mean? tag:typepad.com,2003:post-6a01348036268a970c01676041629e970b 2012-01-09T14:11:11-07:00 2012-01-09T14:29:33-07:00 The goal of preventive care, such as regular checkups and screenings, is to help you avoid illness and to detect problems when they are most treatable. Many preventive services are now available at no cost to you. Examples of preventive services include the following: Jared J. Balis

I've run into a number of Utah residents who want to understand how preventive care is covered under the new law. I recently came across an article in a SelectHealth newsletter that gives a good explanation.

*This article is provided by SelectHealth. For more information about improving your health, visit www.selecthealth.org/newsletters.

What Does Preventive Care Mean?

The goal of preventive care, such as regular checkups and screenings, is to help you avoid illness and to detect problems when they are most treatable. Many preventive services are now available at no cost to you. Examples of preventive services include the following:

  • Examinations and/or screenings (for example, a mammogram, colon and prostate cancer screening, etc.)
  • Flu and pneumonia vaccinations
  • Screening laboratory and X-ray tests (such as Pap smears or cholesterol tests)
  • Routine immunizations

Checkups may include tests performed by your doctor to manage a known condition, such as treating high blood pressure to prevent a heart attack or a stroke. Services performed to maintain a known condition are not usually considered preventive. Your regular copay, coinsurance, or deductible will apply to these additional services.

SelectHealth has always been committed to covering preventive services. However, not every preventive service is appropriate every year, and recommended screening guidelines may vary. Discuss your specific health needs with your doctor. If you would like to learn more about preventive care, visit selecthealth.org/stayhealthy/proactivecare.

If you are interested in finding out more about SelectHealth's individual and family health plans, please visit our page about SelectHealth.

 http://www.insuranceinutah.com/2012/01/preventivecare.html 2 Quick Windshield Tips for Entering the Winter Season! tag:typepad.com,2003:post-6a01348036268a970c0154368f1785970c 2011-11-01T10:02:00-06:00 2011-11-01T10:02:47-06:00 I looked outside just now and saw that it was snowing! Because snowplows are so active during the winter in utah, the amount of rocks and debris on the roads is a lot greater in the winter. Here are a couple of tips to avoid problems with your car windshields... Jared J. Balis

Bigstock_Cracked_Windshield_15191075
I looked outside just now and saw that it was snowing! Because snowplows are so active during the winter in utah, the amount of rocks and debris on the roads is a lot greater in the winter. Here are a couple of tips to avoid problems with your car windshields this season.

Tip 1

Fix any windshield chips you have right now! The cold temperatures could easily turn that chip into a crack. The cold weather is here, so this is something to do in the next day or so. It's much easier to have a chip fixed, than it is to get a new windshield. Most auto insurance companies will pay for you to have a chip fixed, so they don't end up paying for a new windshield instead!

Tip 2

Consider lowering the comprehensive deductible on your auto insurance to $100. Windshield coverage falls under the comprehensive coverage on your auto insurance policy. In most cases, it's quite affordable to lower your comprehensive deductible to $100 from $500 or $1,000. Many of the windshield repair companies in Utah are willing to pay that $100 deductible for you, often times allowing you to get a free windshield if you need it!

Of course, sometimes it takes some haggling. In the past, if I've been told a company won't waive my $100 deductible, I've told them that I'll go somewhere else. Normally, they'll say "hang on", talk to their "manager" and get back on the phone willing to waive my $100 deductible. Our family has done this three times in the last five years and it has worked every time!

Good luck and drive safe!

Sincerely,

 

Jared Balis

Utah Auto Insurance Agent

Utah Insurance Advisors

 

 http://www.insuranceinutah.com/2011/11/entering-winter-2-quick-windshield-tips.html Health Insurance Options for People Who Have Been Denied for Pre-existing Conditions tag:typepad.com,2003:post-6a01348036268a970c01539127dc1d970b 2011-08-30T21:57:35-06:00 2011-11-29T17:47:40-07:00 If you've been denied for individual health insurance in Utah, there are several quality coverage options you can explore. Here are three of the most common: High Risk Pools High risk pools are designed to cover people who have ineligible pre-existing conditions and/or have been denied health insurance in the... Jared J. Balis

If you've been denied for individual health insurance in Utah, there are several quality coverage options you can explore. Here are three of the most common:

High Risk Pools

High risk pools are designed to cover people who have ineligible pre-existing conditions and/or have been denied health insurance in the private market. They are typically state funded programs and eligibility is not based on income.

Although health insurance through high risk pools can be more costly than private insurance, the fact that you can't be denied for medical conditions carries a lot of value. The coverage, while often not as comprehensive as private plans, is still more than sufficient for most people's needs. Contact your agent for more information about Utah's high risk pool.

Temporary Health Insurance

Temporary health insurance plans can provide excellent short term protection for people who have been denied health insurance. While most short term plans don't cover pre-existing conditions, they can be used as a temporary protection against unpredictable catastrophic medical expenses. 

Temporary health plans are ideal for someone who knows they'll have permanent health insurance in the near future (through an employer or other source). They are not meant to be used long term.

Employer Sponsored Plans

Group plans, or employer sponsored plans, are a great option for people with pre-existing conditions or people who have been denied health insurance in the private market. Employer sponsored plans are guaranteed issue, meaning that you can't be denied due to pre-existing conditions.

In order to qualify for an employer sponsored plan, you must work full time for an employer that offers health insurance, and make it through the company's health insurance waiting period. Group plans are an excellent way to get guaranteed issue coverage after being denied.

The three ideas above are only a few of the many options you can explore. Find out about more options for people who have been denied health insurance because of pre-existing conditions by visiting our webpage to learn about options for people who have been denied health insurance for pre-existing conditions.

 http://www.insuranceinutah.com/2011/08/health-insurance-options-for-people-denied-for-pre-existing-conditions.html Child Life Insurance - a Gift for Their Future tag:typepad.com,2003:post-6a01348036268a970c014e8751492e970d 2011-04-07T17:56:44-06:00 2011-04-07T17:56:44-06:00 More Than Pure Life Insurance Protection I really like the fact that there's more in it for the child than just the death benefit. Once the policy converts to a whole life policy, it can build cash value which can be utilized in different ways in the future. In addition, the policy allows the child to increase the life insurance coverage at ages 25, 28, and 31, by an additional $20,000 at each of those ages. This gives them the opportunity to accrue $80,000 of whole life insurance by age 31, without having to prove insurability. Jared J. Balis

Child Sometimes when people approach me for life insurance, they ask me about adding a child rider. The child rider provides a small amount of protection for the insured's child(ren). It's a relatively affordable coverage, but usually only provides $5,000 or $10,000 of term protection, and ends when the policy term ends.

A Valuable Option

Last year I ran across an interesting life insurance product for children that is often more affordable ($45 per year, per child!) and provides $20,000 of term protection that automatically converts to a whole life policy when the child turns age 25.

More Than Pure Life Insurance Protection

I really like the fact that there's more in it for the child than just the death benefit. Once the policy converts to a whole life policy, it can build cash value which can be taken advantage of in different ways. In addition, the policy allows the child to increase the life insurance coverage at ages 25, 28, and 31, by an additional $20,000 at each of those ages. This gives them the opportunity to accrue $80,000 of whole life insurance by age 31, without having to prove insurability.

Protect Their Insurability

Not having to prove insurability can be especially valuable if a child develops a medical condition which makes them uninsurable when they are older.

Popular Uses

I've had parents purchase these policies for their kids for the basic benefit and grandparents purchase them as a gift for their grandchildren.

If you are interested a policy for your child, grandchild, or someone you know, email me at jared@utahinsurance.org or call me at 801-679-0405.

 http://www.insuranceinutah.com/2011/04/child-life-insurance-a-gift-for-their-future.html Life Insurance Q&A - Determining How Much and What Kind of Policy to Purchase tag:typepad.com,2003:post-6a01348036268a970c0147e3a526d7970b 2011-03-31T11:28:34-06:00 2011-03-31T11:30:15-06:00 Recently, Phillip C. approached me with some questions about life insurance, which type to buy, and how much he needed. His question is in green and my response is in red. Hey Jared- Thanks for the life insurance quotes. What is a relatively common death benefit amount - $200,000 -... Jared J. Balis

Bigstock_Life_Insurance_3733802 Recently, Phillip C. approached me with some questions about life insurance, which type to buy, and how much he needed. His question is in green and my response is in red.

Hey Jared-

Thanks for the life insurance quotes.  What is a relatively common death benefit amount - $200,000 - $300,000 - $500,000??  Or do people just arbitrarily pick a number?  Also, I am relatively young (29 years old) - is it a better, or more appropriate way to go with universal insurance?  One that doesn't lapse when I am sixty?

Anyhow, whatever additional info you could provide would be very helpful.  Thanks again.

-Phillip C.

Phillip,

There is a method to figure out how much life insurance you need/should have etc…

It really depends on your goals and what you want to protect. Are you married? Do you have children?

Some of the most common and popular reasons that people buy life insurance are:

  • Income protection (replace your income so your spouse can continue the lifestyle she is accustom to)
  • Create an inheritance for children in the event of your death
  • Create a college fund in case you are not there to help with college (the same thing can apply to helping children pay for weddings and honeymoons etc)
  • To pay for your final/funeral expenses
  • Payoff your mortgage so your spouse can continue to live in her current house without having to worry about making payments.
  • Payoff credit card debts
  • Payoff student loans
  • Payoff vehicle loans
  • Payoff possible medical expenses that you may incur before your death.

Take a look at this life insurance needs worksheet. It will guide you in determining how much life insurance you might need.

As for the universal vs. term life insurance question, Universal life insurance is appropriate if you want to have a guaranteed death benefit paid to your beneficiary no matter when you die. However, they are about four times more expensive than term policies.

Many young people will buy term insurance to protect their spouses and/or  kid(s) from having to pay toward debts, mortgages, cars, etc...  A 20 or 30 year term life insurance policy is usually sufficient for those needs.

It’s a personal choice, but the main advantage of universal life insurance is that the death benefit can last all the way until age 121 or 105, meaning that your spouse/beneficiary will most likely get the death benefit when you are gone.

Jared Balis

Utah Insurance Advisors

If you have any follow up questions to these emails, or would like to discuss your life insurance needs, please contact me by email @ jared@utahinsurance.org or by phone @ 801-679-0405. Visit my website for instant term life insurance quotes!

 

 http://www.insuranceinutah.com/2011/03/life-insurance-qa-life-insurance-.html The History and Risk of Utah Earthquakes - Facts, Future Likelihood, and Earthquake Preparedness tag:typepad.com,2003:post-6a01348036268a970c014e8660f8e7970d 2011-02-27T21:48:36-07:00 2011-02-27T21:55:45-07:00 Every time a significant earthquake strikes, the media focuses on the very real possibility that Utah could suffer a devastating earthquake. You may have heard that the Wasatch Front is long overdue for an earthquake, and that's because we haven't had a big one in hundreds of years. However, there have been several earthquakes that were over a 6.0 on the richter scale in Utah since 1850. Jared J. Balis

Every time a significant earthquake strikes, the media focuses on the very real possibility that Utah could suffer a devastating earthquake. You may have heard that the Wasatch Front is long overdue for an earthquake, and that's because we haven't had a big one in hundreds of years. However, there have been several earthquakes that were over a 6.0 on the richter scale in Utah since 1850.

Utah History and Earthquakes

Just last month (January of 2011) there were eight earthquakes in the state of Utah, ranging in size from 3.1 to 4.5 on the richter scale. Utah is an active state. Below is a chart that shows the chances of different sized earthquakes, according to the University of Utah Seismograph Stations (as reported & printed in the "Homebuyer's Guide to Earthquake Hazards in Utah" by the Utah Geological Survey in 1996):

#of Earthquakes

Earthquakes do not occur in regular patterns. The box above shows how many earthquake main shocks occur, on average, in the Wasatch Front area and in the Utah region (which includes the areas bordering the state). “On average” is a key term, as earthquakes in Utah sometimes happen more frequently or less frequently within the time frames shown above.

Insurance Considerations

On February 22nd, 2008, Becky Bruce from ksl.com reported that only 15% of Utahan's who carry home owner's insurance have earthquake coverage. It's a staggeringly low number that could leave much of Utah in financial ruin in the event of a strong earthquake. To find out the cost of earthquake insurance for your home or business, complete this earthquake insurance proposal request form.

Earthquake Resources

  • Read this ksl.com article explaining the parallels between the latest earthquake in Christcurch, New Zealand and a potential Earthquake along the Wasatch Front.
  • Review this Utah state map showing the potential of strong ground shaking. (provided by the Utah Geological Survey):

Untitled

  • Visit the Utah State Insurance Department's earthquake insurance page for some useful information on earthquake insurance in Utah. You can read it here: http://www.insurance.utah.gov/auto/earthquake.html.
  • Watch an informative narrated video of a flyby along the Wasatch fault Line, presented by the Utah Geological Survey.