Will more tax deductions benefit your family?

One of the main benefits of an HSA-eligible plan is the ability to open an HSA, or health savings account, and use it to realize tax benefits. There are many expenses that have been deemed eligible by the IRS tax code to be paid for by monies in your health savings account. If you are in a relatively low tax bracket, the tax benefit may not be much of an advantage to your family. However, if you're in a medium or high tax bracket, it could help you save hundreds of dollars on vision, dental and medical expenses.

Is your family healthy?

If your family is relatively healthy, then this is a solution you'll want to take a closer look at. It's important to look at your family's total medical costs over the last few years to get an idea of your family's average annual medical costs. If you don't have clear records of your family's medical expenses, Health Partners' annual medical expense estimator is one way to help you estimate. If your family utilizes your current health plan often, has chronic health conditions or expensive medications, this may not be the right solution.

Can you afford to take on the medical risk of a high deductible?

Moving to an HSA-eligible plan is a big decision. If your family remains healthy, the savings can greatly outweigh the risk. However, if someone is in a serious accident or gets very sick, your family will be responsible to pay thousands of dollars in medical bills before your insurance starts to pay. Be realistic about whether or not you'd be able to pay your deductible if someone in your family needed a lot of medical care.

AARP offers a calculator that will help you determine whether your family is better off on an HSA-compatible health plan or a traditional health plan.

Balancing monthly savings, your medical deductible and the health plan that's right for your family can be difficult. But, by considering a few factors, your family will be able to determine whether or not an HSA-eligible health plan will save, or cost, you money in the end. Whatever the determination, it's an innovative solution that many families will want to explore.

The post Is a health savings account right for my family? appeared first on FamilyToday.

Families looking for a health plan often consider the common plan features such as the doctors and hospitals that are "in-network,"� the medical deductible, whether or not office visits and prescriptions are covered with copays and preventive care. But, there are a few things that get overlooked, but shouldn't.

Before choosing your family's health plan, dig a little deeper by reviewing these four characteristics of the company you're considering:

Stable renewal increases

Some companies have unpredictable rate increases each renewal, which can cause frustration, uncertainty and prompt your family to search for a new plan more often. Find a company that has predictable, steady rate increases. It's common for health insurance increases to be in the range of 7 percent - 9 percent per year. But sometimes companies raise them much more, such as a California insurance company who proposed a 59 percent rate increase in 2011.

The claims process & service

How does the company handle claims? Do they generally pay claims without a fight, or do they pre-deny claims and require the policy owner to prove the claims' legitimacy before it's rightly processed?

In addition, it's good to know what the company's claims appeal process is and how it works in case you do need to file a claims appeal. A responsible insurance company will outline this process in their plan brochure.

Customer service

Customer service can vary greatly from company to company. If you ever need help with your plan, you'll want to be sure that you can get a hold of your insurance company's customer service department. Be sure they have the drive and resources to help you get answers to your questions and your problem solved.

Here are a few customer service related questions to ask yourself about the company your family is considering:

• Is their customer service center local? Is it in the United States, or even abroad?

• What are other customer's experiences with this company's customer service? Search RipOff Report and read through complaints that have been posted by previous customers.

• What is their Better Business Bureau rating? Do they have unresolved complaints?

Find out if JD Power and Associates has rated the customer services of the prospective insurance company, and what rating they received.

Test them out. Call the customer service number yourself and request a brochure, provider directory or a sample contract. Pay attention to how quick they answer the phone, how willing they are to help you resolve your issue and whether or not they follow through with sending you the information you requested.

Financial rating

There's no reason to get too picky, but reviewing an insurance company's financial rating can help you determine whether they are a reliable insurance company or not. Visit Standard & Poors to search for specific health insurance companies and discover their financial ratings. If they have a horrible rating, that should raise some serious red flags. If it's "good"� or "excellent"� it's probably a solid company.

Many families searching for a plan don't actively consider the items above, but they are just as important as the mainstream plan details you'll be deciding on. Take a little extra time to do some research on the company you are considering. You might prevent some serious headaches down the road!

The post Health plans 101: Know these 4 things before you buy appeared first on FamilyToday.

Luckily, there are some things you can do to be prepared which means that you will be back on the road faster, with less stress, and back to your regular routine. Here is what you can do in preparation for an accident:

1. Insurance and Registration

Keep your updated insurance and registration information in your vehicle at all times. The last thing you'll want to worry about after an accident is fumbling around for needed information. If you have your information readily available when the attending police officer requests it, you'll be making their job easier, as well as your own, which can only turn out to be in your favor. Consider downloading a free, printable accident preparation list.

2. Camera for Taking Pictures

Keep a disposable camera in your glove box. If you carry a cell phone that has a digital camera, you can skip this step. The idea is to have a way to take pictures of the damage to your vehicle, the other vehicle, the area in which the accident occurred, and to document anything else that's important in telling the story of the accident.

3. Have Uninsured/Under-insured Motorist Coverage

This coverage is what protects you from people who are driving without insurance, or inadequate insurance. Unfortunately you don't have control of drivers who drive without insurance, but you can certainly protect yourself financially by making sure you own this coverage. One of the worst situations is when another driver crashes into you, and you are left paying for damages and medical bills because they didn't have proper insurance coverage.

What to do during and after an accident:

1. Make Sure Everyone is OK

If you're not seriously injured, check on your passenger(s) and the other driver and their passenger(s). First and foremost, make sure everyone is OK.

2. Call Someone

If you fear you'd be too panicked to remember everything after a car accident, have one or two people on speed-dial that know the steps you need to take. Call them and they'll calm you down and lead you through each step.

3. Be Pleasant But Firm With the Other Driver

If the other driver is at fault, they may downplay the situation and make it sound like there's no need to call the police. If there's obvious damage, state that you understand it may be a minor accident, but you want it documented by the police, so there's a record of the accident. Then, excuse yourself and call the police.

4. Get Yourself and Your Car Out of the Way

The last thing you need is someone else crashing into you at the accident scene. If your car is in the middle of an intersection, a road, or other hazardous area, drive it safely to the side of the road or a nearby parking lot. While it may cause a little bit of confusion as to what happened, you'll ensure no further damage or injuries may occur.

5. Ask a Witness for their Phone Number

If a third party offers to help, or is in the area, quickly ask them if they'll be a potential witness by providing a brief statement, or simply writing down their name and phone number in case you need their help later on.

6. Call the Police

If it's clear that the other driver was at fault, and there is damage to your vehicle (even very minor) that will need to be repaired, call the police. If you don't call the police yet have the details of the accident formally documented, and the other driver denies fault, the cost of your repairs may not be covered. However, if the other driver's insurance company knows there is a police report that clearly documented fault on the part of their insured, they'll be more likely to quickly settle the claim. Some people believe there's a rule that states you should only call the police if the damage appears to be over a certain dollar amount. No matter the dollar amount, if there's damage, call the police and have the accident formally reported and documented.

7. Be Ready to Document the Other Driver's Information

Be prepared by knowing what information you need to collect from the other driver. There are a number of things to remember, so it's a good idea to have the items written down in advance and readily available with your insurance and registration. Download this printable auto accident plan of action to use as a guide.

8. Be Involved with the Writing of the Accident Report

While the police officer is interviewing you and writing down details of the accident, be sure to request they write specific details on the accident report that the insurance company may consider important.

9. Instigate the Claim

Call your insurance company and the other driver's insurance company to start the claim. Don't wait for the other driver to take action. Don't wait for your insurance agent to do it. Getting things started quickly ensures you can follow the claims process and prevents the claim from getting delayed.

Getting in a car accident is something that often throws the driver off guard. Take some time to equip your vehicle with an organized place to hold important documents, a camera, and the right insurance coverage.

If you aren't injured, be as involved as possible in the entire process following the accident. Your preparation beforehand and the actions you take after the accident will likely pay off when it comes time to settle the claim.

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