5. Basic Facts About Health Insurance Policies In A Bad Economy

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Wbbmods.com - 5. Basic Facts About Health Insurance Policies In A Bad Economy. Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again. Try this following strategy for Health Insurance: 

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again. 

COULD HAVE BEEN COVERED? 

That is correct. Most self employed people and even some small business owners do not carry Workers Comp on themselves. There are designed insurance plans that will cover you on and off the job — 24-hours a day, if you are not required by law to have Workers Compensation coverage. 

2. ARE YOU WRITING IT OFF? 

Independent contractors (1099's), home based business owners, professionals and other self employed people generally are not taking advantages of the tax laws available to them. 

Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.

 3. INTERNAL LIMITS 

All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic methods. -Scheduled Benefits Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. 

This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is important that you understand these type of limits up front because once you reach them the company will not pay anything over that amount. 

Usual and Customary "Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that particular service in that particular geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans. 

4.YOU HAVE THE ABILITY TO SHOP

If you are reading this you, are probably shopping for a health plan. Every day people shop, for everything from groceries to a new home. During the shopping process, generally, the value, price, personal needs and general marketplace gets evaluated by the buyer. 

With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance market, it will become increasingly important for these questions to be asked of our medical professionals. 

Asking price will help you get the most out of your plan and reduce your out-of-pocket expenses. 

5. NETWORKS AND DISCOUNTS 

Almost all insurance plans and benefit programs work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In many cases the network is one of the defining attributes of your program. 

Discounts can vary from 10% to 60% or more. Medical network discounts vary, but to ensure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. 

This is not only to ensure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist. Ask your agent what network you are in, ask if it is local or national and then determine if it meets your own individual needs. So,you wanna try these?

Powerful Considerations Before Starting Your Own Business

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Wbbmods.com - Powerful Considerations Before Starting Your Own Business. What does it take to start your own business? To many, the thought of starting your own business may be too daunting that you give up before you even start. 

Let's analyze what a typical start-up needs: Start-up Capital There is no secret that money talks the loudest of all. As a future entrepreneur, you may well know the fact that capital is perhaps the most essential part of setting up a business, both online and offline. Lack of start-up capital not only puts your business at a disadvantage, it also makes cash flow a serious issue. 

Over time, it also makes it difficult for you to expand your business. The good side is that start-up capital in the form of small business loans are readily available at most commercial banks around your country. As long as you have a good credit rating, getting small loans should not be much of a problem. 

One important thing to remember here is to never borrow more than what you need to get started. You loan amount need only cover for the basic necessities of business. Start your business small and control your finances daily, monitoring everything you spend on and trying to cut costs where ever possible. 

When your business cash flow starts working in your favor, you are ready to safely take out another business loan for expansion of business activities. Business Experience Most people are afraid to start their own business, simply because they have "no experience". 

Therefore, they never get started at all, and never end up gaining that experience in the first place. Most people are afraid to enter into a business venture because they fear failure due to lack of experience. It's a Chicken-and-Egg story, or a Catch 22, or whatever else you can call it. 

A Solid Business Plan Any business is more likely to succeed if they have a definite plan of action to follow. Unfortunately, in reality most small business and home based businesses have no idea on developing a business plan that drives them to success. 

That is the reason why 70% of businesses fail within the first year. A solid plan needs to state exactly WHEN and HOW you will make money. Before you get into business, make sure your business plan is laid out right to the very minor details. 

You need to know:

● Your target market 

● The average cost of one product

● Your profit margin on each product 

● Your expected break-even point 

● Cash flow projections To develop a business plan.

A Mentor System A mentor is someone who you admire, someone in your line of work or business that is already having the success you dream of, and can teach you exactly how to achieve the same success yourself when you start your own home business. 

In reality however, most people could care less about your business or you. We are all selfish by nature, and who would want to impart seasoned business skills to a competitor, who will be a threat to their business. 

This mentor will help you in a win-win way that is mutually beneficial. Almost all business books will tell you that in order to be really successful, you MUST associate with those you are already having success, and duplicate their actions. Starting from Scratch Vs Ready Made Business Opportunities.

All these factors need to be considered when starting your own business. The absence of any one aspect can mean trouble, either when starting up, or later on as your business develops. Considering these factors, it is no surprise that many are turning towards business opportunities and systems such as network marketing. In these systems, all the above factors are taken care of, and you can start your own business without any worries. 

These systems are especially attractive if you are broke and have no business experience. You are in fact buying a proven system, which with your effort, can be turned into a thriving business. Here's to your success. Stay work hard for money.