What affects the cost of Health Insurance?

Health insurance is just another form of insurance like car insurance and home insurance. It is another type of protection that covers you against unexpected expenses that can arise from injury, accident or illness. It's a smart investment. You pay a little to get more out of that when you are in need.

There are various plans of health insurance and you need to choose as per your requirement. The premium amount will vary on the plan you choose. Actually there are few other things which affect the premium amount. It's your personal habits that affect the cost of medical insurance.

Here I will discuss three major personal habits that could greatly increase the premium amount that it cost to purchase the medical insurance policy.

1. If you drink alcohol regularly, you are just reducing your lifespan. If you are not a regular consumer of alcohol, it won't affect your health so much, but over consuming it may cause you to pay more for your health insurance. Are you really willing to pay more for health insurance so that you can consume alcohol?

2. If you are a smoker or use any type of tobacco products, the insurance company is going to raise the premium for health insurance as high as they can. Tobacco causes everything from cancer to heart disease. If you are a user of tobacco, expect to pay more premiums for health insurance cover.

3. If you are overweight, you may have to pay more for insurance. You must have noticed that while filling up the form, insurance company ask for your height and weight. If your weight is more in proportion to your height, insurance company can charge more for your premium.

There are other personal habits that can affect the cost, but these are more common that I found. If we can avoid these three habits, we can save money while purchasing a health insurance.

How to consolidate debts?

Debt consolidation is not a complete solution; however, it can provide some instant relief. Debt consolidation is a process of consolidating your credit card debt, payday loan, mortgage loan, personal loan, medical bill into a single monthly installment or payment. It's a process of negotiating with creditors. Its better to take help of a debt consolidator, who negotiates with creditors on behalf of consumer. A good debt consolidator only suggest for a monthly payment that is affordable for the consumer.

There are many benefits of consolidating debt, such as lowering monthly payment, reducing interest rates, removing fees, will be able to reduce balance faster and become debt free in 4-5 years, getting rid of collection calls and more, avoid filing bankruptcy.

How to start the debt consolidation process?

1. List your debts including mortgage, credit card, car loan and other personal debts.

2. Note down the balance, interest rate and monthly payment.

3. Calculate the total amount you will pay on completion of the loan period.

4. You may consider refinancing your mortgage.

5. Use a credit card with low interest rate. Transfer balances of other card to one card.

6. Consult a debt consolidator to negotiate with creditors. Contact a non profit service for debt

negotiation.

7. Consider taking a debt consolidation loan from a reputed company with reasonable interest rates.

Debt consolidation is the best option to avoid bankruptcy, which affects your credit badly and you may face difficulty in getting any sort of financial help in future.

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Tips for chosing a car insurance

Insuring your car is as important as insuring your life. Purchasing a car is one of the life's biggest investment one make and we must think about the security of our investments. So it's always advisable to get your car insured. In this article we will discuss about the point you should consider before purchasing insurance for your car.

1. Look for a insurance company offering the best deal. You can save a minimum percentage on the premium amount. For that you have to shop around. Compare offer policies by different company. Some policies are cheaper but then you might find a difference in cover amount. So before you purchase a policy for your car, make sure that you have chosen the best one.

2. Another thing that you may consider is no-claim bonus. It's not similar for all companies. You must check if before getting into it. Protecting no-claim bonus may cost you a bit more, that is your premium amount may go up for few dollars, however, it's very beneficial in few cases.

3. The policy should be in the name of a regular driver. However you can go ahead to add someone for few days

4. Try not to add a young driver for the policy, as in that case you may not be able to get no-claim bonus.

Though we invest in purchasing insurance for our car, but I always wish not to face such situations to get benefit of the policy. Please take a advance driver's course before you sit on the drivers seat.

Please add other points that you think of in your valuable comments.