5 Ways to Save Tax for Salaried Employees

It is the duty of every citizen of India to pay taxes. As a diligent taxpayer, it is imperative to know about the various deductions and exemptions allowed under various sections of the Income Tax Act, 1961. Besides, there are numerous other methods to reduce your tax liability largely.

Following are five most popular and common ways to save tax for salaried employees in India.

1. Submit medical bills to your employer on time

Most salaried individuals are eligible to receive medical reimbursement of INR 15000 as part of their Cost ToCompany (CTC). Therefore, you may claim a tax deduction for all your medical expenses up to this amount. For this purpose, you may submit all your medical bills, medical reports, lab test bills, or doctor’s consultation bills to your employer. It is important to note that such a tax benefit may be claimed only through your employer, and hence you may submit such bills to your employer on a timely basis.

2. Save tax through House Rent Allowance

House Rent Allowance (HRA) is a common component for many salaried individuals. The rules of tax deduction on HRA are stated in Section 10 (13A), Income Tax Act. The amount that may be claimed as exemption is a minimum of –

a) Actual HRA amount received

b) 50% of the salary in case you live in a metropolitan city or 40% for a non-metropolitan region

c) Excess of rent paid annually above 10% of your salary.

In order to claim deductions on House Rent Allowance, you may submit rent receipts to your employer.

3. Claim deductions under Section 10(14)

The good news for salaried individuals is that they may avail of numerous deductions as per Section 10(14) of the Income Tax Act. You may avail of deduction on children’s education allowance up to a maximum amount of INR 100 a month, per child, up to two children. Besides, you may seek deduction on hostel expenditure allowance of INR 300 a month per child up to two children. You may also claim an exemption on helper or assistant allowance as well as uniform allowance up to the amount of expenses incurred.

4. Invest in medical insurance

You may claim health insurance tax benefits on your health plan. A medical insurance plan is indeed an integral part of financial planning. Besides providing a great degree of financial security during a medical contingency, it also provides tax benefits. You may seek health insurance tax benefits on the premium paid towards your policy. You may claim health insurance tax exemptions on premiums paid for yourself, spouse, parents, and dependent children. According to Section 80D, medical insurancepremiums are exempted up to a maximum of INR 25000. In an event that you or any of the covered members are senior citizens, you may enjoy a higher limit of INR 30000. You may, therefore, avail of such health insurance tax exemptions and reduce your tax liability.

5. Maximize utilization under Section 80C

Section 80C of the Income Tax Act allows a maximum deduction of INR 1.5 lakh. You may claim a deduction on investments made in various financial vehicles such as Public Provident Fund (PPF), Unit-Linked Insurance Plans (ULIPs),National Savings Certificate (NSC), andEquity-Linked Savings Scheme, among others. You may also avail of this section to reduce your taxable income through premiums paid on life insurance plans. Besides, you may claim deductions on tuition fees paid for the education of two children.

The Income Tax Act allows for numerous such deductions and exemptions for salaried individuals. You may, therefore, avail of health insurance tax exemption, numerous investment vehicles, and HRA component of your salary, among numerous others. You may take advantage of them and lower the amount paid towards income tax.

Importance and Benefits of Cashless Policies

Earlier, insurance providers used to provide reimbursement for all the expenses borne by the insured. However, these days, most insurers offer the benefit of cashless settlement of claims. According to this arrangement, the insurance providers settle all the expenses with their network providers. You, therefore, do not have to make any out-of-pocket expenses towards the huge medical bills.

It is important to note that in order to avail of the benefit of cashless insurance, it is necessary to visit any of the providers in the insurer’s network. You may view the Third Party Administrator’s (TPAs) website to identify the comprehensive list of hospitals or garage networks, in the case of cashless car insurance.

Cashless policies entail a lot of importance. Following are the three major benefits of cashless policies.

1. Prevents financial strain

The major benefit of a cashless insurance policy is that it prevents financial burden. You do not have to bear any out-of-pocket expenses. This ensures that you do not have to run around arranging funds. Besides, there is no need to liquidate any long-term investments such as mutual funds. Additionally, you do not have to deplete your lifetime savings to meet your expenses. Since the insurance provider settles your bills you may enjoy a great degree of financial freedom.

2. Ensures that you receive quality treatment

In an event of a medical crisis, a cashless mediclaim policy helps you receive the best treatment. You may avail of excellent healthcare facilities without having to pay for any hospital-related expenses, such as domiciliary treatment costs, in-patient care expenses, alternative treatment cost, and ambulance charges, among others. All you have to do is display your health insurance card at the network hospital and fill in the pre-authorization form. The hospital will then forward the application to the TPA. Once the cashless health insurance application is approved successfully, you may receive treatment from the network hospital without making a single payment.

3. Provides value-added services

Greater the annual payouts by the insurance provider to the network companies, higher will be the negotiation power for discounts and offers. This benefit may be directly passed on to the customers. You may save a certain amount on your sum insured and utilize the same towards any subsequent event in the future.

The popularity of cashless insurance has indeed grown. You too may invest in such an insurance policy and avail of the numerous benefits it has to offer. In case you wish to opt for cashless benefit, you may buy insurance online or visit your local branch. By doing so, you may safeguard your financial well-being and have peace of mind knowing that you do not have to bear any financial burden.

Making The Best Of A Bad Situation

When it comes to money, it’s either going to be a good or a bad situation. Everyone will have gone through both sides of the situation at some point in their life. But what do we do when things go bad? We either have an absolute mental breakdown, or try and get through it as best as we can. This happens all the time, but none more so than with money. If you feel as though you’re someone going through a bad stage at the minute, just relax and take a read of these tips, they should help you get through any bad stage with money.

Ask For Help

This is usually people's last resort. They’ll try every type of loan, credit card, online advice, and before you know it they’re worse off than they were in the beginning. Don’t let this be you. Unless you’re in a good place with money, you shouldn’t really be using a credit card or loan. Credit cards are only useful for building up your credit score. The best thing you can do is ask family or friends for some short term help if you need to lend some money. They’ll have no interest rate, and you can come to an agreement of when to pay the money back so things are a little more relaxed. Whatever you do though, don’t borrow more than you can pay back just because it’s family. Be respectful and always pay what you owe back on time.

Prepare

Preparation is key if you want to get through a bad situation. As you get a little older things start to crop up that create bad situations. Health issues, pension cuts, whatever it may be it’ll cause you stress that you don’t need. As we become senior we’ll obviously understand that we won’t be round for much longer, the best thing you can do to protect you or your family is life insurance. It’s preparation like this that helps keep everyone from getting into a bad situation. This post discusses the different types of life insurance you can purchase. But whilst we’re talking about preparation, we also need to talk about other life events. Birthday’s, Christmas etc. they all require a lot of money, especially if you have children. This is where the dreaded credit card can get you into trouble unless you’ve prepared. Work out how much you’d like to spend on each event and make it strict. Then divide the money but between the amount of months until said event, and begin to save. It’ll help you out so much in the long run.

Don’t Stress

Money is one of the leading causes of stress and anxiety for people all over the world, but this only makes things worse. There are so many people out there that can help you get out of the situation you’re in, so don’t bottle it up and stress yourself more, talk to financial advisors, or even friends and family and get the situation resolved.

Doomsayer Or Life Saver? The Value Of Considering The Worst Case Scenario

Thinking about illness, disability, and even death isn't something that most of us enjoy, especially when it relates to ourselves and our nearest and dearest. In fact, if we become too preoccupied with this we can easily be accused of being morbid, pessimistic, or a doomsayer. However, there is value in running the worst case seniors through your mind, as it can help to ensure that you and your family are financially protected if the worst does happen. Read on for more information.

Illness

We all get sick from time to time, whether it's the flu or a horrid cold. However, some folks suffer from medical conditions that are a little more serious than that, ones that can be painful, problematic, and even life-threatening. Of course, being sick in such a serious way is often a strain on your finances as you have to pay for treatments to improve your condition or minimize its effect on your day to day life. 

To prepare for this is pretty vital that you have private medical insurance available both for you and for your entire family. Yes, this is often very expensive, but it is still cheaper than medical bills that can run into hundreds of thousands if the worst does occur.

Remember too that as the different hospitals are allowed to charge whatever they like for treatments, not having medical insurance can put you in the vulnerable position of not being able to pay the bills. Even if you have some savings tucked away for a rainy day. Something that you don't want when it comes to yours or a loved one's health. 

Disability

For some folks, an illness may lead to disability, and them not being able to earn a wage from work. For others, it may be a condition that they have been born with. Although, whatever the reasons being without an income can make life extremely difficult. 

To assist with this, the Government have put in place a service known as social security disability (SSD), designed to financially assist those that cannot work to support themselves. Unfortunately, the system is under so much stain at the moment that less than half of all applicants are granted official aid on their first request. Something that makes it vital that you also take out private insurance against disability as well. This process like any insurance purchase can be complicated, and you can check out this post on disability insurance coverage options for some help in choosing the right policy. Remember picking the right policy is vital as it could mean the difference between being able to provide for your family or struggling financially. 

Death

Death, the only certainty in life, apart from taxes that is! It's not something we want to waste too much of our time thinking about. However, when we have debts and responsibility to our families to worry about members, it's vital that we risk being called doomsayers and ensure that we are covered financially for this eventuality.

The way to do this is of course by getting life insurance. Doing so can protect your assets and make sure that your family are able to continue to live in their home and be provided for, even if you're not there to be the main breadwinner. Something that makes life insurance a real lifesaver, even if you have to get a little morbid to consider it.

Don't Let Healthcare Haunt Your Finances

It’s sad to live somewhere that makes healthcare one of the most expensive parts of your life. So many other countries have affordable healthcare options for everyone, meaning they worry less when a problem happens. Here, if we get a serious illness or injury, it costs thousands of dollars to pay for the treatment. There are even some tragic stories of people fighting cancer and being forced to admit defeat because they can’t afford the medical treatment.

The reality is, for the majority of the population, healthcare haunts our finances. As a consequence, we need to do everything in our power to make any healthcare costs as cheap as possible. What options do you have? There are some, and I’ll talk you through them in the points below. 

Purchase An Affordable Insurance Plan

Health insurance is pretty much essential for people nowadays. You need to have some type of insurance plan if you want to avoid paying through the nose for medical bills. With insurance, certain treatments might be covered, meaning you won’t have to pay for them. The amount you pay for your insurance can often be a lot cheaper than the treatments you have to pay for, which is why it makes sense to take out a plan. Different people are best suited to different health insurance plans, so there isn’t a one solution fits all option here. You need to do the research and find the right one for you.

Always Think About What Caused Your Health Problem

There are plenty of health problems that just happen over time because of the way your body is, or they’re down to genetics. Then, you have problems that might have been caused by other circumstances. Great examples that come to mind include breaking your bones and getting severely injured because you were involved in an accident of some kind, or ending up with health issues thanks to exposure to things like asbestos. In both scenarios, you end up in hospital, with high medical bills, thanks to circumstances out of your control. You don’t have to be a personal injury lawyer to know you’re entitled to compensation if you get hurt in accidents that weren’t your fault. Likewise, if you’ve been exposed to dangerous things at work - like asbestos - you could sue your company. My point is, by looking at what caused your problem, you might find that you’ve got a chance to earn compensation to help cover the medical bills and save money. 

Take Care Of Your Health

Finally, this seems like a silly point, but it’s definitely something that can save money. If you take care of your health, you will avoid being subjected to a lot of different health problems. Eating a healthy diet and being active prevents so many problems such as heart disease, obesity, and lots more. This makes you less likely to end up in hospital needing specialist treatment for certain health issues. It’s a clever way of tackling some health problems that can easily be prevented.

As you can see, there are ways you can try and cut down on your medical expenses throughout life. Otherwise, healthcare will haunt your finances forever, and cost a lot of money in your lifetime.

Choosing the Right Medicare Health Plan

Medicare health insurance may or may not be the only type of health coverage you invest in, but it is often wise to make it at least a part of your overall health-protection plan. And today, you can consolidate your coverage with a Medicare Part C Plan, that integrates private and government based insurance, instead of only having the A & B “original” Medicare as an option.

To be an informed health care shopper in today’s marketplace, you should at least be aware of the basics on what different Medicare plans have to offer. Here is some help to get you started in choosing the plan that is best for you.

What Does Medicare A Cover?

The “original” version of Medicare includes just A & B. Part A is your hospital insurance coverage. It will only cover those medical services considered “medically necessary” to treat a specific disease/condition you are suffering from; but neither is it limited to hospitalizations only, as the term “hospital insurance” might seem to imply.

Beyond hospital expenses, Part A can also cover home health & hospice services, nursing home care, and skilled nursing facility expenses. But again, covered care must be a medical necessity to qualify, and that’s where you’ll need to dig deeper into the details of Medicare’s many rules as you continue your research.

What Does Medicare B Cover?

Part B is Medicare’s “medical insurance.” This covers the diagnosis and treatment of health conditions, when medically necessary. It includes reasonable preventative care as well as treatments.

Here are some examples of what Part B will help you with: ambulatory care and transport, certain pieces of medical equipment like oxygen tanks and blood-sugar monitors for diabetics, doctor’s visits, mental health services, and to a rather limited degree, prescription drugs.

And What About Medicare Part C?

It’s true you can actually add prescription drug coverage to your Medicare via Part D, but one of the best ways to cover your pills and drugs is through Part C. Part C will give you all that Parts A & B will, only more.

The beauty of Medicare Part C plans is that they allow your private insurer to manage and distribute to you your Medicare benefits, which creates competition (always good for getting a better deal as a consumer!)

Plus, you bring all your health insurance elements (hospital, medical, and drugs) under a single comprehensive plan, which can still be customized to your exact needs and budget. You may be able, for example, to create a plan that cover Limitless Pill Alternatives or all of the prescription drugs you currently take or foresee you may need down the road. The possibilities are “multitudinous” if not quite “endless.”

What to Do Next

So you decide you want Medicare coverage or you want to switch over to a Part C plan from your current Medicare? Now what? It’s time to dig down into the details by talking with a Medicare health insurance expert. 

They can help you see the benefits of a Medicare Advantage Plan (Part C) more clearly and help you optimally customize your plan. Ask any Medicare-related question you like, and your agent will be able to get you the answer and help you make a truly informed decision.

Money-Management Tips For Rainy Day Emergencies

Are you financially prepared for an emergency? You need to be, as disaster can strike at any time. You may lose your job. Your car might unexpectedly fail. You may suddenly need medical treatment, at a hospital or at the hands of a dentist. Sorry to be the bearer of bad news, but you can never predict a disaster, though you can plan for it, to reduce future financial woes. So, to help you when those difficult times arise, here are some of the things you can do to prepare for a financial emergency.

Keep an emergency fund

Putting your savings into a jar isn’t going to help you. The temptation to put your hand in for non-emergency situations, such as buying a takeaway, may be too strong. You need to put money somewhere you can’t touch it, such as a savings account at your local bank. This way, when you have a genuine emergency, you will have reserves at hand, that may also have built up a little bit of interest to boot. Shop around on your local high street, and find the best deal the local banks have to offer.

Get insured

While you will be keen to save money, insurance is something you shouldn't skimp out on. We recommend you look at the offers found at Health Insurance Innovations to help you pay for your medical care. Life insurance is also vital, in the sad event of the passing of the main breadwinner in your home. Homeowner’s insurance will help should you get burgled or face a threat from a natural disaster. Car insurance is a legal requirement, but there may be optional extras, such as ‘collision insurance’ which will protect you from costly repairs. You may not think you need insurance at all, but you will only pay out more money when disaster happens if you don’t have it in place.

Find a financial planner

To help you get a better handle on your finances, work with a financial planner, who will advise you on the best way to manage your money. This not only includes ways to budget and save money, but a decent advisor will also give you guidance on where to invest your money, and how to reduce your taxes. They can help you reach short and long-term goals, such as planning for retirement or going back to school. Like insurance, hiring a financial planner is one expense that can ultimately save you money, rather than losing it into a monetary black hole.

Cut living costs

The cost of living is high, and there is so much to pay for before we even get to save money or reward ourselves with the occasional treat. However, you don’t need to spend a fortune on your utility bills, when you can use a price comparison service to find a better deal. A few simple habits in your home will also reduce the amount of energy you use. Setting a budget each month will also help, letting you keep track of what you are spending, and where you can cut back. The more money you save each month, the more you have to put away for those rainy day emergencies.

Finally

Follow our advice, and when a crisis hits, you should have money to fall back on. Don’t put off making changes to another day. Disaster may strike tomorrow, so do what you can today to better manage your money. You will thank us for it later.

How Funeral Insurance Brings You Peace of Mind

Not everyone wants to think about death, but arranging a sufficient amount beforehand for this inevitable expense is extremely important. You do not want your loved ones to worry about the costs when you depart. Many people keep their savings in bank account in order to make up for the funeral costs. However, the account is sealed when the owner dies and the beneficiaries have to verify their identity to access the funds and this requires time and a whole lot of formal procedures. Funeral insurance policy is a relatively new method of arranging funeral funds.

A funeral policy has certain terms and conditions that specify the rules for payment of premium. You can qualify for a policy depending on your age and health condition. Premium usually increases as you grow older. However, every insurance company has its own set of rules. You can protect your family with insurance by saving them from paying off your debts and funeral expenses.

Why You Should Totally Get Insurance?

Funeral insurance should not be limited to old people only, considering its benefits to the family. The burial costs are approximately $12,000 depending on the services you acquire. A monthly premium is specified by the insurance provider of your choice. If you do not choose the right company, you will end up paying more than the actual required funds. By making the right choice, you can be at peace knowing that your family won’t face any monetary difficulties after your departure from the world.

You cannot avoid the increasing costs when saving up for your funeral. Saving up the amount in your bank account may not cover the whole expenses. Reliable funeral insurance helps you get rid of such uncertainties. Professional companies consider the inflation factor when specifying premium. In order to get a realistic estimate, the insurance providers consider various factors. They take into account the age of person, health condition, life expectancy and other similar factors.

Potential Risks:

Along with its benefits, funeral insurance policies have certain risks. Let’s have a look at them to avoid making mistakes.

• If you do not choose the right insurance policy, you may have to pay much more than the actual funeral costs.

• You may have to pay a higher premium if you smoke.

• Monthly premium depends on your age, gender and health.

• No matter how much you have already paid, the service provider will cancel your insurance policy once you stop making payments.

• Insurance premium may increase periodically. The company will revise it on the basis of its terms and conditions.

• If you die within a year or two after getting insurance, your family cannot claim the funds. They will only receive the premium amount you have paid.

Many people save money for their family that can help them after their departure. However, they forget that the bank accounts are sealed and funds are accessible only after their will is sorted out. Insurance policy is a reliable method to cover up for immediate expenses. Your family will not have to worry about funds since they will receive them without any delay.

How To Pay For Massive Medical Bills

Medical bills can be a huge burden on your finances. Especially when they’re large, and you need to pay them ASAP. What do you do when you have massive medical bills that need paying? Well, here are some thoughts on the matter you may find helpful:

Use Your Insurance

Seeing as our public healthcare is a bit of a mess right now, it may be beneficial to take out a health insurance policy. Mainly, this is because your insurance provider can help with the costs of your massive medical bills. They may cover you up to a certain amount, which provides you with a nice little safety blanket. It may transpire that your provider covers the total cost of your bill, which completely takes any stress out of your hands. But, even if they only cover a portion, it should at least lighten the load on your personal finances. A massive medical bill is turned into a smaller, more manageable, medical bill thanks to your insurance.

See If You Can Claim Compensation

There are many cases where you might end up in the hospital with a serious injury as the result of an accident. Maybe you got injured at work or ended up in a car accident? The fact is, any personal injury lawyer will tell you that you can claim compensation if you’re injured, and the cause of the injury was someone else’s fault. If this applies to your situation, you need to find a lawyer and start working on a claim. Hopefully, you can gain compensation which will cover the cost of your massive medical bill, leaving you in a much more comfortable position.

Consider A Personal Loan

Personal loans are there to help you in times of need. If you feel as though you don’t have the funds to pay your medical bill in full, you may need a loan to help cover the costs. So, head on down to your bank and speak to someone there about getting a personal loan. They’ll ask all sorts of questions and do a credit check to ensure you’re eligible for a loan. In a situation like this, when you’re getting a loan to pay for medical bills, they will usually approve it quite quickly. Then, you have more freedom to pay the loan back, as the bank lets you pay in installments while the hospital demands the same amount of money all at one time. 

Ask Friends/Family For Help

Nobody likes asking others for help, particularly when the help you need comes in the form of money. However, if you’re struggling to pay your bills and need an extra bit of cash, it might be worth asking those closest to you. Your family may be willing to help you out without needing anything in return. After all, they care for you, and this is a medical bill, so it’s important. 

Any of these ideas could help you pay for your expensive medical bills. You’ve already suffered enough being in the hospital, don’t let your finances suffer as well.

Are You Prepared For Old Age?

The last thing anyone wants is to run out of money during their retirement. For that reason, we wanted to release a post that offered some tips and tricks. With a bit of luck, you will leave this page with a better idea of what you need to do to prepare for old age. If you’re under the age of forty at the moment, you still have lots of time to put this advice into action. It’s important that you leave no stone unturned if you want to live the good life during your twilight years. Considering all that, read this post carefully before it’s too late.

Creating a retirement plan 

Before you do anything else, you need to create a retirement plan. You can do that alone or pay for professional assistance. The latter option is preferable as it should mean you don’t forget anything important. There are lots of experts out there who focus their efforts on early retirement planning. So, you just need to find someone with a good track record. Read reviews online to ensure you’re not wasting your time. If previous clients were unhappy with the specialist, you can bet they’ve written something negative on the internet. Once you have your plan, it should become much easier to ensure you have enough cash.

Selling your home to raise capital

Selling your home when you retire is an excellent way to boost your capital. Of course, it means you won’t pass on the property to your kids when you die. However, you’ve worked your whole life to pay for that house. So, it makes sense that you should benefit from the fruits of your labor. With that in mind, now is the time to take a look at your home’s market value. If you think it makes sense to sell the property when you hit retirement age, you should do it without hesitation. At the end of the day, that money could pay for trips around the world. You’ll just have to rent some accommodation for your last few years on this planet.

Making smart investments

Another fantastic way to boost capital involves making smart investments. If you have some savings right now, you can get started today. Precious metals are a safe bet because they always increase in price over a long enough period. However, if you want to make the most profit, you’ll have to get involved with the stock market. Don’t stress if you have no idea how it works at the moment. There are plenty of brokers out there who can assist you in making the right decisions. Again, you just need to read reviews and testimonials to ensure you’re dealing with a reputable professional. 

Now you know how to prepare for old age, we hope you will make the best choices in the future. When all’s said and done, you’re going to feel pretty miserable if you don’t have enough money. You’ve worked your entire life, and so you deserve to enjoy yourself when you finally retire. Whatever happens, we hope you’re satisfied with the outcome of your plan.

Old Age And Illness: What It Means For Your Money

As we approach old age we need to think about our finances. Understandably, it’s often the last thing we think about. When we’re in good health we don’t worry about what will happen to our money. This means that our finances can be left in disarray when we pass away. Don’t wait until old age or illness are upon you, make the most of your savings before that point. There are a few things you can do to make sure your money is used how you want it to be once you're gone... 

Get Your Finances In Order

The first step is to get your finances in order. This seems like quite a general statement but what it actually means is organizing the remaining money that you have. You need to know how much money you have. Of course, you might know how much is in the bank, but what about money tied up in property or business? Managing your money when you are well and able is a good first step. It becomes increasingly difficult to make decisions once you are ill or considered unfit to handle your own account.

The good news is, organizing your finances needn’t be too difficult. Start by filing all of your financial documents in one place. This will make it easier to keep a record of things. The make a list of all your expenses and incomes. Work out which, if any, debts you have to pay, what you’ve invested and what is saved. Having all of this information will be incredibly useful if someone else has to take over and manage your affairs. Don’t be stuck in a situation where only you know your own financial situation.

Managing Your Estate

Planning what happens to your estate when you die is simple and straightforward, but too many of us don’t do it. The problem is, if we don’t have legal documents which outline who gets what, it can lead to messy legal proceedings. Probate lawyers from IRB Law will be able to give you more information about what’s involved in planning your estate. In essence, you will need to prepare documents which determine who inherits your money and property. You can even ensure that the amount of inheritance tax paid on your estate is minimized. So this is a very important step to take. 

Funding A Funeral

Unfortunately, loved ones are sometimes forced to make financial decisions about funerals in the midst of their grief. To avoid these kinds of situations and expenses, you can cover the costs before you become ill, or even before old age. Dedicated savings accounts are one way to save money. Alternatively, some life insurance companies cover the costs of a funeral.

Just How High Is The Price Of Your Health?

You might be surprised to learn just how expensive staying healthy can be. In fact, medical bills are one of the most common causes of debt in America. That shouldn’t surprise you because the costs of medical procedures can be incredibly expensive and may not be fully covered by insurance. For instance, You might need a heart transplant. That will cost you close to a million dollars! They never mention that on Grey’s Anatomy, do they?

Of course, if you have insurance you can soften the blow a little, but you won’t get rid of that price tag completely. You will be expected to pay some of it out of your own pocket. Is it any wonder why people end up in debt?

Now, you might say that you could just avoid expensive medical treatment. Perhaps, you can had to a free clinic? But, what if you need emergency medical care? You may not have asked for it, but they will certainly charge you for it once you leave the hospital. So, how can you make sure that the cost of your health doesn’t grow out of control.

Find The Right Insurance Plan

The first step you need to take is to look at different insurance options. Insurance is in shambles at the moment. People know there’s issues with Obama Care, but they don’t want the plan completely removed. Meanwhile, the government are struggling to get their own plan approved because it completely obliterates Obama Care. The basic idea behind the government’s plan for health care is to completely privatize insurance. This would mean that you could choose your own health insurance provider from any state and find the best price. You can find out more about healthcare coverage on SBS.com.au.

Whether you can do this or not, you should be looking for the best company available. You might even want to choose your job based on who provides the best health care. Some companies do offer health insurance as a perk for their employees. 

Holding People Liable

Let’s say that you were injured in an accident and sustained serious injuries. You should make sure that you hold the people who were responsible liable. There is always someone accountable for an accident. For instance, you might have suffered an accident on someone else’s premises.

If that’s the case, under premises liability, they are accountable. Or, you could have suffered an injury due to a product or service you used. In this instance, the business that provided that product may be liable. You can visit BradfordLegal.com.au for more info or look at any other personal injury site. There, you should be able to discover your rights in different situations and find how you can claim compensation.

Looking After Your Health

Of course, perhaps the best way to save money on health care is to look after your health. When you apply for health care coverage, you will be judged based on your physical condition. That’s why financially, it’s in your best interest to stay fit and eat well. Try to keep a good weight because this will make you less likely to develop some of the more serious and costly medical conditions. If you do this, you should find that your bills related to health are a lot cheaper and easier to handle.

Medical Bill Nightmares?

Unfortunately, not all countries offer universal health care to their citizens. That mean that it is often down to the people themselves to find the finances for their own medical problems and procedures. This can be a huge stress on top of an already difficult time. So it can help to know just what your options are in this sort of situation. Read on to find out more.

Insurance

The number one way of making sure that you and your family are provided for when they get sick is to insure everybody. This means paying a premium every month that will cover a certain amount of treatments, consultations, and tests.

However, before you enter into a medical insurance contract, you should do two things. The first is to shop around for the best deal. Remember you are looking for a policy that includes cover for the most items, or the one that you are most concerned, about at the lowest price.

The second is that you should make sure that your medical insurance is good for the state in which you live. You also need to do this when you move states as well. It is common for folks to be caught out in some states, as they charge separately for the medical team and the anesthetist. So be careful of this.

Free care

Then, there's always the option of going to a free clinic to get some help with a medical issue. But that will only work if you can find one, as they tend to be as rare as hen's teeth.

It is also worth bearing in mind that they may be able to help treat less serious conditions that don't need a lot of follow-ups or palliative care. But for serious and chronic issues, they often don't have the resources to be that helpful. So trusting in this service alone could be putting your life expectancy in danger.

Sue

Another way of finding the funds for medical treatment is to recruit the services of a personal injury lawyer. Of course, this is only appropriate in some situation. Such as when you have been involved in an auto accident or an incident at work that has contributed to your poor health.

However, it is worth doing. This is because a good lawyer can negotiate compensation from a winning case that will cover your medical bills. Sometimes they can even get a little extra for the inconvenience and suffering that you have been put through.

Loan

Some folks choose the option of getting a loan to pay medical bills. Obviously, this isn't an idea as you are getting into debt just for the chance to be well.

Remember too that, if you or a family member is in a seriously enough condition that you need to take a loan out to help them, it is likely to affect how the family functions. So could decrease your ability to earn enough to pay it back.

That is why a lot of cases end up going to debt collectors. That means if possible, only use this option as a last resort.

Stop That Injury From Causing Serious Hurt To Your Finances

It can happen to anyone, anywhere, at any time. In the workplace, on the road, and in your own home, there are health risks. Falling prey to them isn’t always just a matter of physical pain and injury. Sometimes it can be downright debilitating for your finances, too. If you lose the ability, whether temporarily or permanently, to work, what are you going to do about money? The truth is that the more you prepare for that potential beforehand, the better your chances. It can be a stressful time, but hopefully these options can help alleviate that for you.

Get yourself insured

If you haven’t yet suffered an injury and you still have the ability to contribute to your preparations financially, then insurance is one of those preparations you need to start laying the groundwork for. Most people are already well aware of how health insurance can help them cope with the costs of recovering from an accident. But there’s further insurance you can take out to keep you economically sustained while you’re out of work. We’re talking about options like accident insurance, which are built specifically for the possibility you’re taken out of work by an injury. Income protection insurance is a broader and often more expensive option that can cover more than just accidents, as well.

Seek justice

If your injury or illness was caused by someone else then, by all means, you certainly shouldn’t have to be the one paying for it. In the heat of the moment, you have to take the time to prioritize. No-one likes having to bring up a liability case against someone else. But the truth is that people need to take responsibility that their actions or negligence have on the lives of other. From car accidents and accident in business premises to assault and general harmful behavior, you could be liable for compensation. It’s all about acting quick and getting the qualified help, like the Rothenberg Law Firm LLP you need to press a claim. Legal advisors should be amongst the first calls you make after an accident so they can help you protect your right to claim.

What your boss can do for you

Take a closer look at the benefits your boss has offered you. Most employers are obligated to contribute workers’ comp if an injury or illness is caused by the job. But some will go a little further and offer to help cover you even if it happens outside of the workplace. One of the most overlooked benefits an employer can offer is disability insurance, but there are still plenty who do. Check whether or not your paychecks include an ‘LTD’ code with deductions from your pay. This means you have long-term disability insurance, so see how much coverage you’re liable to get. Usually, it’s around 60% of your standard pay, certainly not money to be unaware of.

There’s more government assistance like social security that’s available for you to apply to. However, those options are never guaranteed, so it’s best to have a few others to help back you up.

Uncovering the Financial Impact of a Serious Injury

What would you do tomorrow if you or a family member suffered a serious injury? Would you be able to cope financially? Given that millions of Americans are working from paycheck to paycheck, it’s unlikely. A serious injury can have grave consequences on your life, whether it is you who are hurt, or a close family member. In today’s guide, we’re going to take a look at the financial impact of such an event. We’ll also look at how you can make sure you don’t dip into financial hardship. Read on to find out more.

Medical costs

Your health is the most important factor in all of this, of course. But the sad truth is that when you suffer a serious injury, your treatment will be expensive. The co-pay and premiums on your health insurance will soon stack up, and you may need to make choices about the level of care you receive. The trouble is, without the fastest possible recovery, you will be unable to work for longer. Try leaning on your medical insurance provider. If you have a strong case for compensation, they might be willing to meet the costs if you pay them back once your claim has been settled.

Lack of income

Every day you are on the sick bed is a day when you aren’t earning money. Loss of revenue will have the most dramatic impact on you and your family. If the accident is someone else’s fault, look into hiring the services of a personal injury lawyer. They will be able to help you get the compensation you deserve and take the pressure off your finances. However, in the short-term, you may not be able to pay your mortgage or rent. Try reasoning with your landlord or mortgage provider as much as possible. If you go back to work too early, it means you could exacerbate your injury even more.

Debt

You may have to borrow money to get through the tough recovery period. If financial hardship occurs, it is critical to seek out help. There are plenty of organizations out there who will offer you advice, so seek out non-profit debt relief help. The worst thing you can do about debt is ignore it. Even if you are expecting a big compensation settlement, you want to avoid throwing money away interest.

Long-term recovery

If your injury is severe enough, you might be off work for a long time - maybe even for good. And you might have to fit the bill for all kinds of equipment and home alterations to make your life more comfortable. You can put in a claim for compensation, of course. But you will still need to have robust financial plans in place if you want to lead a reasonable lifestyle.

With any luck, you will never experience the difficulties that a serious injury can bring to your finances. However, it’s important to understand that there is help out there that can protect your and your family’s future. It can be a long road to travel, and it will be tough. But with the right advice, you will all pull through the challenging times.

Methods For Surviving Financially When An Injury Puts You Out Of Work

Being unable to work due to an injury can be a scary prospect. Not only will you have to recover physically, but you’ll also have to find ways to stay afloat financially while you’re unable to go to work. You may be affected by a car accident, a nasty fall or even a workplace accident. Whichever way, there are ways to put yourself in a good situation financially even while out of work.

Contact A Lawyer

Depending on how you got your injury and how your workplace responds to it, you could be entitled to a lot of money. The first thing you should do is to consult with a legal expert.

There are lawyers with years of experience in dealing with your exact situation. Be sure to go to a law firm with experts in personal injury claims, such as Neufeld, Kleinberg & Pinkiert. Personal injury lawyers work to ensure you get the compensation you deserve.

In car collisions, you may need to demand payment from the other party’s insurer. In a hit and run incident, the person responsible can be brought to court and sued for damages and financial loss incurred. If your injury was caused in your workplace, they can ensure they recuperate your financial losses for being out of work.

In addition to compensation, personal injury lawyers will have dealt with a lot of people in your situation. They can provide you with sound advice for dealing with it financially.

Claim Money

Whether your injury was caused at work or outside of it, companies often have measures in place to protect injured employees. Statutory sick pay can often cover you with a reduced wage for the time you’re out of work. Most businesses have liability or indemnity insurance, which can cover compensation for loss of pay.

You may also be able to claim Injury Benefits from the government. This can vary depending on where you live, but most countries provide supplemental income to those who are put out of work by an injury. Depending on the severity of your injury, you may also be able to claim Disability Benefits. If you have health insurance, this can pay for your medical bills.

This is all money you’re entitled to, and it will help you stay afloat financially while you’re unable to work. Don’t hesitate to see what you can claim.

Make Money From Home

Being out of work can be the perfect time to try out some home money making methods. There are many ways you can make money from home. A lot of these are simple and only require a computer, so you’ll be able to do them even while injured.

You could sell old junk you have lying around your house on sites like eBay. You may even be able to create things and sell them in an online shop. You could even take on freelance jobs on websites like Upwork.

You may not be able to earn a full-time wage doing this, but it can give you a little extra money. Combined with other methods, this can help you not lose out on too much money while you’re out of work.

Need Help With Medical Expenses? Read This Now

Not everyone is able to get adequate health insurance. If you've found yourself in desperate need of help for covering medical expenses, you do have options open to you. These are some of the routes you may want to explore.

Medical bill advocates

If you’ve been given a hefty medical bill, then there are people out there you can hire to have your back. These people are called medical bill advocates. They’re experts when it comes to assessing everything on a medical bill and finding areas in which costs can be cut. They can help you dispute payments that aren’t actually necessary. (And yes, sadly, this does happen. Care providers may bill you for things unnecessarily just so they can get more profit.)

Getting a loan

For some people, this may seem like a bit of an extreme option. But sometimes it may be necessary to simply take out a loan. The fact is that medical bills piling up that aren’t being paid is extremely bad. Not only can they increase in price the longer you leave them, but they can affect your credit score. You might be better off looking into personal loans than finding yourself drowned by medical debts.

Compassionate crowdfunding

You’ve probably heard about online crowdfunding. For the most part, the famous crowdfunding successes are found in the entertainment industry. But that doesn’t mean there aren’t plenty of successes found in humanitarian causes. You can set up a crowdfunding page if you’re in urgent need of financial assistance for medical bills. One of the problems with this route is that, to get the most financial potential, you have to market your campaign a little. That can be a little too strange for some people!

Support groups

Are there any support groups out there for the problem you’re facing? Perhaps the most famous example here is that of cancer. There are support groups out there for pretty much any kind of cancer. Some of these support groups use donations and government funding to assist those struggling with medical bills. This isn’t guaranteed, of course, but it’s definitely worth looking into.

Government programs

Yes, the government are the ones responsible for allowing people to get into huge medical debt in the first place. But that doesn’t mean that you can’t turn to them if you’re in desperate need of help. In America, for example, you may be eligible for Medicaid, even if you’re not on a low salary. And no, Medicaid and Medicare are not the same thing. People who can’t get one may still be able to get the other!

Filing for bankruptcy?

This is, as you can imagine, the most extreme option available to you. (Well, unless you’re planning on breaking bad. But don’t do that.) More than half of all bankruptcy claims are tied to health care expenses, so you’re not the only one who may consider it. But if things are really bad, and you’re willing to take the hit on your credit score, it might be an option. Chapter 7 bankruptcy is likely to erase your medical debts.

Health Insurance - A Perfect Gift for your Parents on their 60 th

Health is one of the major assets that need to be kept in regular check; especially when a person is at the age of 60 years. The risk of diseases and health related mishaps are very high at this age due to weakness in the body and slowness in every activity.

Senior citizens require more attention and care, which is why, health insurance policy, is vital to keep things secure in case their health turns severe and critical. Diseases such as Diabetes, TB, cancer, depression, heart attack, cardiovascular ailments and brain related diseases are common and lead to high medical expenses at such an age.

Importance of health insurance at the age of 60

Health insurance is a helping aid at the time of urgent need and emergencies that can occur at any odd hour. There are individual insurance policies that are provided by various private and government firms/companies for senior citizens.

If you want a health insurance policy for your aging parents, such plans and policies can be customized easily as per your budget and need.

These policies are necessary for countless reasons; out of which major ones are:

• These cover all the medical and treatment expenses and do not eat up your entire savings.

• There is absolutely no need to worry about cash or other payments as cashless policy allows you to focus on the treatment and health of your parents than on anything else.

• Unforeseen expenses, which arise during treatment, can also be taken care quickly.

•  These cover all the hospitalization charges within 24 hours of an emergency. You are required to fulfill all the documentation formalities to claim this cover. The hospitalization charges that include following things are covered entirely under such policies.

1. Room or Bedding charges
2. ICU or emergency
3. Nursing or Doctor or surgeon’s fees
4. Medicines and required treatment charges
5. Future checkup and medical bills
6. Private Ward charges
7. Health Tests charges that are done on daily or routine basis

• These health policies do support health consultation expenses as well, so that you are tension free during continuous doctor’s visit.

• Pre-existing diseases are also covered under such health policies.

Medical conditions that parents can develop at the age of 60

Your parents need more attention after the age of 50 years as body changes with the time and growing age. The medical conditions that can arise are:

• Bones and joints problems: The major diseases that are common in the elderly are:

1. Osteoporosis
2. Arthritis.

• Eyes and Ears problems: Diseases that your aging parents might experience at this age are:

1. Cataracts
2. Glaucoma
3. Retinal infections/disorders
4. Presbyopia
5. Myopia
6. Hearing problems
7. Tinnitus
8. Presbycusis

• Digestive Problems or gastrointestinal problems increase as digestion weakens in this age.

• Urogenital Problems: The problems that occur are:

1. Prostate Cancer
2. Benign Prostatic Hypertrophy
3. Incontinence or, loss of bladder control

• Skin Related problems like dry skin, patchiness, and eczema are the complications that arise in this age.

Choose HDFC ERGO Policy that provides the best coverage for pre-existing diseases

HDFC ERGO Health Suraksha policy is an ideal health insurance policy for your parents at the age of 60 that provides mentioned key benefits:

• You get cashless claim service at more than five thousand hospitals in the country.
• There are absolutely no sub-limits on room/bedding charges, doctor’s fees, hospital charges and other daily medical expenses.
• There is a special benefit called “AYUSH Benefit” that is purely a reimbursement of medical expenses under Homeopathy, Siddha, Ayurveda or Unani treatments.
• You get a rebate under Income tax sec 80(D).
• Daycare practices expenses are completely reimbursed in listed 144 centers.
• Expenses that you bear for treatments that are taken at home are also covered.
• Pre-hospitalization charges up to 60 days are covered in this.

You can avail HDFC ERGO health Suraksha policy online.

How to Opt For an Online Health Insurance Policies?

Nowadays health care is very expensive. Even the health supplements and simple consultation are very costly. And in an unexpected situations such as sickness and accidents the condition get even worsen and the bills are quite expensive. Fortunately we have health insurance which can take a lot of burden from your shoulders and helps to assist in the unexpected situations. And if you wish to enroll in a health insurance policy then there are many online health insurance sites to assist you.

There are few tips and the benefits of regarding choosing an online health insurance policy.

Online health insurance quotes

It is the estimated amount of the money that you will spend to get insured under this insurance. If these quotes are provided to you through internet then these are known as online health insurance quotes. These quotes are offered to you by the insurance companies. All these services are free of charge but there are few sites which will charge you with the fee. Avoid those kind of sites and switch to the others.

Health insurance plans

There are several types of family and individual insurance plans available for those who are searching online. You may be surprised by the affordability and variety of these health insurance plans which are being offered on the internet today. Today it is very important to have health insurance coverage because there is no defined time of accidents and expenses and it can put a lot of burden on you and your family budget. There are several national health insurance companies on the internet which will provide you with instant quotes on all types of insurance plans.

There are different health insurance plans online and if you don't know about the plans then you can check the website of the company. A renewed site is definitely going to offer you with the complete details of the plans or you can take the assistance of the customer support. If you will learn about the types of the different health insurance policies then it will get easier for you to get the health insurance coverage at the least cost. Therefore it is best to look out for such schemes and enjoy the benefits of those policy.

Online policy premium payments

Once you have selected your health insurance plan provider, you can do many more things online. You can make payment of insurance premiums that too in a safe and secure way online. An acknowledgment receipt for the same is also forwarded to your email id within seconds for your reference. Your online health insurance policy will not only cover you against the unexpected health concerns in addition to your routine and preventive health needs and it will give you the reassurance that your health is taken care in the best possible way.

Reading the above mentioned benefits of online health insurance policy then you would be keen on purchasing a health insurance policy that would satisfy all your needs.Wait no longer, just go online and begin your search for the ideal health insurance cover. At a time you can have the quotes from the two - three companies and compare the prices of those companies. After that you can easily decide what your next step is.

Experts in the health insurance company suggest that getting the quotes first is the best move you can make. You can also decide which insurance quotes suiting your capabilities for your pay package, preferences and needs. There are so many companies present online and with a little research you can definitely find the best company. Thus you are able to ensure that you are getting the right cover for the individual needs at a price that meets your budget.

The ABCs of Health Insurance

As uncomfortable as it is, the health insurance is one of the issues that we all must ponder on sooner or later. With the uncertainties of life, considering the prospects of health insurance, its pros and cons and finally, opting up for one is sometimes a difficult choice.

In Australia, health care is universal, meaning that the government takes care of a large percentage of the medical bills in public hospitals through Medicare - Australia's public health care system. The mode of coverage is expressly provided under Medicare benefits schedule, and in most cases, the residue of the medical bills is settled by the patient. In most instances, 100% of inpatient costs are covered by the government, and 75% are covered for general practitioner, whereas 85% of specialist services are covered.

There is the government-owned insurer called MediBank private. As a matter of fact, there are about 3,000,000 million Australians that are insured with Medibank. At Medibank, you can access three main types of medical covers. They include: hospital cover (where the services could range from basic to comprehensive hospital cover), extra cover, and Ultra health cover.

Nonetheless, life insurance is a broad field which cannot be left in the hand of the government alone, because it goes beyond just settling medical bills. As such, Medicare does not cover everything, and that is why people are strongly encouraged to look for private health insurance cover as well. That is why there are private health insurance companies, which are mostly run by private investors. There are about 36 registered private health funds in Australia registered under Private Health Insurance Act 2007.

The Australian government strongly encourages people to take private health insurance cover by offering the following incentives:

1. If you take a life-time health cover after 1st July following your 31st birthday, you are subject to a penalty of 2% premium loading per Annum. The loading premium runs for ten years, and only applies to hospital covers.

2. There is an arrangement where those who earn above certain taxable income bracket (above $80,000 as was the case in 2012) are forced to pay 1% surcharge aside from the 1.5% medical levy they have to pay if they don't hold a Medicare card. also, those who are entitled to reciprocal Medicare card, but don't have Australian domestic health insurance are also subject to the above levies. This is a federal government's initiative to encourage people to take health cover if you want to avoid paying the above levies.

3. The federal government offers what is known as private health insurance rebate. Those who have taken an Australian domestic health insurance and are eligible for Medicare can claim the rebate. The rebate is designed reduce health insurance premiums which cover hospital cost and other miscellaneous costs.

The question many people tend to ask is: why take a private health insurance cover, whereas Medicare cover exists?

To answer this question, you need to understand that Medicare only takes care of public hospital bills and not private hospitals. Moreover, Medicare does not cover auxiliary costs like ambulance transport, dental care, optician fees, physiotherapy costs, and so on. It is only private health insurance that can offer you the options which suit you and your needs.
What about temporary health cover?

Temporary health cover exists for visitors who hold temporary visas such as students, business people, and contract employees from overseas. Such visitors are normally asked to consider taking Overseas Visitors Health Cover (OVHC). Some visas such as Visa Subclass 457 require you to take an insurance cover before you can obtain it. On the other hand, overseas students in Australia are required to take Overseas Student Health Cover (OSHC) during their visa application.

In addition, visitors from some the following specific countries are under reciprocal health care with the Australian government. They include:

1. United Kingdom
2. Sweden
3. Belgium
4. Finland
5. Italy
6. Malta
7. The Netherlands
8. Slovenia
9. The Republic of Ireland
10. New Zealand

Under the reciprocal health care arrangement, the visitor is entitled to receive free emergency medical attention in public hospitals. Otherwise, for any other benefit, the visitor should seek Visitors Health Cover (OVHC).

However, reciprocal health care arrangement for visitors from the above mentioned countries does not include students from those countries, because students are covered under Overseas Student Health Cover (OSHC).

In the end, whichever health cover you want to take, take some time to understand whether it will be able to cover your needs. Study the options carefully, bearing the future in mind. After all, choosing the right health insurance will provide the coverage in case of predicament.

Tim Phillips enjoys spending his time reading about ways of making our life simpler. As a blogger, he likes sharing his knowledge about health insurance and other financial issues.