Intel: 5 Things you MUST know when shopping for Insurance

1. Research, Research, Research!
- Do your homework! Is shopping for Health or Life insurance fun? Of course not. However, if you or your family gets a major illness or is severely injured, that last thing you want to worry about how your insurance plan will pay. 45 minutes of research will give you the knowledge to be an Educated Consumer not a buyer. With information at your fingertips, use the Web to gain knowledge. For your family’s sake and your future financial security, make sure you know the nuts and bolts of the product you are buying. You don’t have to be an expert, but you must be educated.

2. DO NOT enter your personal information on random Websites!
    (i.e.: name, SS#, phone #, email address, etc)
- You must know WHO is receiving your information and WHAT they plan to do with it. Many websites capture your info and sell it. Nothing is more infuriating than needing HELP finding an insurance plan and getting 50+ calls/emails from Telemarketers who are not licensed to help you (which brings me to my next point).


3. Speak to a LISENCED Agent (who holds a Resident or Non-Resident License in your home state)
- Speak to a professional. They must have the “Heart of a teacher”. If there is ANY doubt, get their name and license number. Tell them you’ll call them back and call your state’s Department of Insurance to see who this person is.
- Let the agent know what is important to YOU. Of course we all want inexpensive insurance that performs when we need it. A word of caution. Make sure you know what you are getting. Insurance is the kind of thing you may not ever use. But if you do need because you’ve been in a wreck and your family is staring at a $150,000.00 hospital bill and you are not able to work, you better make sure that the policy you have is worth the paper it’s printed on. As my wife always says, “Trust but, verify”.

4. When in doubt-Call the Department of Insurance!
- If you have questions about the Insurance Company or the agent, call the Department of Insurance in your state.
- There are many HIGH-quality, lesser-known Insurers out there who provided excellent service, competitive rates and pay claims properly. That said, just because you have not heard of them, does not mean they are not a good company. You’ll find that SOME of the larger carriers treat you like a number (not all). *For those looking at PPO (Preferred Provider Organization/Network) plans, make sure your Doctors accept the NETWORK. Contact me for more about this if you want*

5. DO NOT wait until last minute.
- If you know your policy contract will terminate in two months, or you are going to get on COBRA (very expensive)…. Start researching immediately. I’ve had folks contact me a week before their policy terminates and we have to scramble to get something in place. This causes frustration and stress for everyone.
- Get to work now before Murphy (Murphy’s Law) decides to join in and cause major problems/inconveniences. From my personal experience, if something bad is going to happen…. It will happen when you DO NOT have insurance. If you are receiving my Newsletter, you are smart enough to figure this out.
- If you are applying for individual coverage, the application and underwriting process take time (sometimes weeks). If you know this going into the process, there is less stress and you can plan accordingly.

I hope that this information is useful. If this is “old hat” for you, that is awesome! Make sure you educate your family and friends. As always, I’ll be happy to answer any questions or review your current policy. Just shoot me an email or reply.

Disclaimer LOL: I sell Health and Life insurance. My goal is to empower you to be an educated and informed consumer. I’ve found that life is easier and more fulfilling when people know how to navigate through the insurance world. At the end of the day, Insurance will be with you for the rest of your life. Better to make friends with insurance now than struggle with insurance later. Insurance is a tool and a life jacket. Hopefully you will not ever need it, but if you do… It MUST work the way you know it will. Your life may depend on it!

Lance Cashion
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Health Insurance Tips (Health Savings Accounts/HSAs)

Many clients and friends ask me about Health Savings Account Qualified Plans or HSAs. Since most folks look at the process of buying insurance like going to the dentist, it is my goal to make this as painless as possible. I teach my client how plans work and together we make decision on what suits their needs. Purchasing the proper coverage is a process and a very important one. The HSA qualified plan must be placed into the mix. I will present some basics here. Feel free to reply or contact me personally if you have specific questions. My advice is completely free!

I will also provide you with links for further education. Let me preface this conversation by saying that I’m going to focus on individual health plans/HSAs (not group).

1. HSA concept has two components: Insurance Policy and Bank Account

a) The Health Insurance component: This is a High Deductible Health Plan (HDHP) that is designated as HSA Qualified. You must purchase this plan from an insurance company. Premium mounts with vary from company to company, so get several quotes. You will buy an HSA Qualified Plan first.

b) The Bank Account component: This is a HSA designated checking account/debit account. You must open this account after your health plan has gone into effect. The bank will issue a debit card for medical expenses. You will open the HSA Bank account second.

2. HSAs are self-directed. You fund the account yourself up the mandated limits. There are annual maximums. Note: Your plan premium is separate from account funding.

3. HSA Qualified Plans and Bank Accounts have tax advantages
-HSA Qualified Plan premiums are tax deductible
-Distributions are tax-free for qualified medical expanses
-HSA accounts “roll-over” every year (your money stays in your account) tax-free
-Your personal contributions offer you an “above-the-line” deduction. An "above-the-line" deduction allows you to reduce your taxable income by the amount you contribute to your HSA. -Funds in the account grow tax-free through investment earnings, just like an IRA.
Please note that there are several other tax advantages to an HSA not listed.

4. HSAs Qualified Plans are a single deductible for individual and families.

5. HSAs are portable. If you leave your place of work, you take it with you.

I hope these basic points are helpful when considering coverage.

Helpful links:
Dept of Treasury: The Basics
http://www.treas.gov/offices/public-affairs/hsa/pdf/HSA-Tri-fold-english-07.pdf
http://ustreas.gov/offices/public-affairs/hsa/pdf/all-about-HSAs_072208.pdf

Have a great weekend!
Lance Cashion

Lance Cashion has been a licensed Life & Health Agent insurance agent in the State of Texas since 1998 and currently holds non-resident licenses in more than a dozen other states. He serves as the Vice President Marketing Technology and CTO at American Health Underwriters in Fort Worth, Texas.
-Serving the self-employed, small business owners, individuals and small groups
-Specializing in professional customer service and customer education (the heart of a teacher) -Employed at American Health Underwriters Inc (Est. 1968 by James H. Cashion Jr. Ft Worth, TX)
-10 years of experience dealing directly with clients, care providers and underwriters
-Major Medical and HSA Qualified Health Plans / Term Life Insurance / Medicare Supplements /Annuities