But are people taking advantage? Tax company Sovos claims that states are holding as much as $77 billion, but only about $3 billion of it is claimed every year.  

Though this concept may be foreign to you, it isn’t necessarily rare. It’s estimated that one in ten Americans have unclaimed cash. If you’ve never checked to see if you have any unclaimed money, this article will work to help navigate you through the process. 

What is Unclaimed Money?

Unclaimed money is money that belongs to you, but the person who initially had it couldn’t contact you. When this occurs, your funds are sent to your respective state’s treasury department. 

Unclaimed money can come from a variety of sources such as:

• Abandoned checking and savings accounts
• Company refunds 
• Annuities
• Customer overpayments 
• Payroll checks 
• Investment accounts 
• Trust distributions 
• Life insurance payments 
• Utility security deposits 
  

If the payer is unable to contact you to deliver your money, your funds then enter a dormancy period. Each state has different lengths of dormancy periods based on the type of property. However, once that dormancy period exceeds a specific amount of time, the money then must be turned over to the state treasury department.

How to Find Unclaimed Money

By clicking on this link, you will be able to click on your state and then be transferred to your state’s treasury website. Once you review the site, you will be able to search for your unclaimed money. If you have lived in different states, it will be beneficial for you to click on those states as well. Similarly, if you have previously gone by a different name, you should search for records under those names. 

How to Claim Your Cash

Claiming your cash is actually quite simple. If you are able to find unclaimed funds, you should follow the state’s specific filing procedures on this website.
Of course, to avoid fraudulent claims, you must be able to verify your identity by giving your Social Security number and state whether you are claiming this money for yourself or a deceased relative. After you have done this, you will fill out your contact information and the state will verify this information to determine if you are eligible to receive your unclaimed funds. If everything is approved, your money will be mailed directly to you.

How do you know if you’re dealing with a scam?

Unfortunately, unclaimed property scams are not uncommon. People will try to take advantage of this process and attempt to trick you into providing your information by giving false promises of larger sums of money or even property.

How to Avoid Scams and Safely Claim Your Property

• If a message attempts to create a sense of urgency and fear, don’t engage. 
• Ensure you’re dealing with a legitimate source by looking out for the .gov or .org domain. 
• If someone claiming to be from your state government tries to reach out via text, you should not engage. 

Look Out for Third-Party Services

Though unclaimed property locators do not match the criteria of a scammer and can be regulated in states, they will still charge a fee to find your unclaimed property- something you can do for free. 

What To Do If You’ve Been Contacted About Unclaimed Money

By law, companies holding unclaimed funds and property must try to find the people the assets belong to by typically sending out notifications via U.S. mail. 

However, if unable to locate people (often due to address changes), the money is turned over to the state’s treasury. If you’re not sure you can trust the sender, your best option is to search for unclaimed money through a legitimate website such as MissingMoney.com or the National Association of Unclaimed Property Administrators (NAUPA) homepage.

1. Carry Multiple Policies with the Same Provider

Insurance companies want your business and are willing to reward you for bundling multiple policies. Buying your Homeowners insurance and Auto insurance from the same company can save you up to 30 percent. Increasingly, insurance companies are throwing Life insurance into the mix, which means you may be able to save even more if you have your Homeowners, Auto and Life policies under one carrier.

2. Boost Your Deductible

Depending on the level of risk you’re able to handle, you can save a bundle by simply going with a high-deductible policy. The deductible is the amount you spend out of your own pocket before the insurance kicks in. Instead of going with a $500 or even a $1,000 deductible, homeowners who can afford a big out-of-pocket hit or are willing to gamble, might choose a $10,000 deductible — and they could save as much as 35 percent on monthly premiums.

3. Install an Advanced Alarm System

Many people know that fire alarms, carbon monoxide sensors and burglary systems may help cut homeowners insurance premiums. But the discounts can be even greater with today’s more advanced monitoring systems that can report to a central location and alert first responders. Insurers may offer a greater discount because the risks are minimized if your home is being monitored 24 hours a day.

4. Be Loyal to your Insurance Company

Insurance companies want you to remain a customer for as long as possible, which is why they might reward your loyalty with less expensive homeowner’s insurance. Most insurance carriers offer some form of loyalty discount, typically in the 5 to 10 percent range. However, with some insurers, loyalty alone won’t yield any savings. You might also need to stay claims-free or maintain multiple policies with the company to receive a discount.

5. Impress Your Insurer with Good Credit

A high credit score can get you more than a favorable interest rate on a car loan or mortgage. It also can result in lower homeowner’s insurance premiums. Insurance companies check credit reports to gauge whether a customer is likely to cost them in the future. Insurers are willing to charge less if you have good credit. But what constitutes a good credit score for insurance purposes? It varies. Each company uses its own calculation to determine how much a credit score will impact premiums, which is another reason why it pays to shop around and ask questions.

6. Disaster-Prep Your Home.

If you live in an area that is prone to natural disasters, such as hurricanes or tornadoes, a little preparation for such an event may help you secure a sizable discount on your homeowner’s insurance. Savings could be as much as 30 percent in some states.
We hope these savings tips can help you lower your homeowner’s insurance rate in no time! For more helpful advice, check out our other blog posts.

Though health insurance offers significant financial protection, how can you ensure you’re choosing the right plan? 

Whether you’re trying to find the right plan to choose through your employer-sponsored coverage, or you’re just beginning to look into your individual health insurance options, our team  at Insurance Bargains is dedicated to helping you navigate the confusing and complicated world of health insurance so you could stay healthy without breaking the bank. 

The Basics of Health Insurance 

Employer-Sponsored 

A health insurance policy selected and purchased by your employer and offered to eligible employees and their dependents. Your employer will typically share the cost of your premium with you. 

Individual Plans 

An individual health plan is one you purchase on your own, not through an employer. You can purchase these from a health insurance exchange, also referred to as the health insurance marketplace. 

Family Plans 

A family health insurance plan is essentially the same as an individual plan but with dependents added to the policy. 

Medicare 

A federal health insurance program that insures seniors aged sixty-five and older. Beneficiaries can choose their coverage through a private insurance company with a Medicare Advantage plan or through the government. 

Short-Term 

A short-term health insurance plan can help to bridge any gaps in coverage you may encounter. 

Dental & Vision

Generally speaking, most medical insurance plans don’t cover routine dental or vision care. You’ll need to enroll in separate plans to meet these needs. 

HMO vs. PPO

Health Maintenance Organizations (HMOs) is a plan that offers members care within a specific network of doctors, hospitals, and other medical providers, otherwise known as in-network providers. 

Preferred Provider Organizations (PPOs) offer more flexibility where you seek care. You can schedule appointments with out-of-network doctors and see specialists without getting a referral. 

Key Health Insurance Terms You Should Know

• Premium: The amount of money you pay to your health insurance company each month to keep your coverage. 

• Deductible: The amount of money you pay out-of-pocket before your health insurance pays for health care services. 

• Copay: Cost-sharing payments you may have to make out-of-pocket when you receive certain health care services or medications. 

• Coinsurance: Another type of cost-sharing payment you have to make out-of-pocket when receiving health care services or medications. 

• Out-of-Pocket Maximum: The cap on how much you’ll have to pay out-of-pocket for health care in one year. Once you’ve reached this amount, your insurer will pay for your covered care for the rest of the year. 

Open Enrollment Made Simple 

An open enrollment period is a window that occurs typically in the fall when you can sign up for health insurance, adjust your current coverage, or cancel your plan. 

Unless you experience a qualifying life event such as a loss of coverage through an employer, significant family changes, or loss of coverage through a covered employee, you will have to enroll for health insurance during the open enrollment period. 

You Lost Your Employer-Sponsored Insurance… Now What? 

If you’ve lost your employer-sponsored insurance due to job loss, your next steps might seem daunting. However, you may find that you have options due to a special enrollment period. 

The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers with more than twenty workers the opportunity to continue their health coverage for up to 18 months after their position has ended. This coverage includes you, your spouse, and other dependents on your plan. Generally speaking, you would have at least sixty days to enroll in COBRA coverage. 

Another option is to sign up for an Affordable Care Act plan (ACA). Though you typically sign up for health insurance during Open Enrollment, losing your job qualifies you to enter a Special Enrollment Period to choose a new plan. 

While short-term insurance is not the same as Marketplace coverage and is not required to cover minimum essential health benefits, it may be an optimal option for individuals who need a bridge of coverage and cannot wait for Open Enrollment or do not qualify for a Special Enrollment Period. 

If you have a limited income, Medicaid may be the perfect option for you. While you can apply at any time, there are set criteria for you to meet in order to qualify. 

Final Thoughts

Health insurance is a safety net meant to take care of your financial well-being when life continues to offer you unpredictability. Ensure you’ve done your research so that you could choose the right coverage for you and your family.

Across the United States, Americans pay wildly different premiums monthly for medical coverage. Though these premiums are not determined by gender or pre-existing health conditions, a number of other factors may impact how much you pay. If you don’t have a clear idea of your expenses, you may feel like you are not in control. However, when you become familiar with all the costs, you may be able to make the right choices and regain control. 

To get a better understanding of your health insurance costs, it is important to first look at all the key types of costs. 

Premium

A premium is the amount of money charged by your insurance company for the plan you’ve chosen. It is usually paid on a monthly basis, but can be billed in a number of ways. You must pay your premium to keep your coverage active, regardless of whether you use it or not. 

10 Factors that Affect Premiums:

1. State and federal laws dictate what health insurance must cover and how much insurers can charge. 
2. Whether you are insured through an employer’s group plan or buy it on your own
3. Your income. Low-wage workers tend to pay more though employers but may pay less through a federal or state exchange due to subsidies 
4. Your employer’s size. Insurance is usually cheaper at large companies. 
5. The state in which you reside. 
6. Where you live. Premiums tend to be lower in urban areas versus rural areas. 
7. The county in which you live. Some counties have only one plan, while others have more competition, which helps to reduce costs. 
8. The type of plan you choose. Preferred provider organizations (PPOs) and platinum plans through the federal health insurance marketplace tend to cost the most. 
9. Your age. Older individuals may pay up to three times more. 
10. Your tobacco use. Premiums for tobacco users may cost up to 50% more. 

Deductible

On top of premiums, everyone who carries health insurance also pays a deductible. Deductibles can be a big part of health insurance, and most policies include them. A deductible is a set amount you have to pay every year toward your medical bills before your insurance company starts paying. This means you pay 100% of your health expenses out of pocket until you have a predetermined amount. At this point, health insurance kicks in and you pay a percentage of your bills, with the insurer covering the rest. Most workers are covered by a general annual deductible, which means it applies to almost all healthcare services. 

It is also important to know that some plans might not carry a deductible. This is ideal in certain situations where you know you’ll have a large number of appointments or prescriptions throughout the course of a year and want to keep costs to a minimum. 

Coinsurance

Coinsurance is the percentage of the medical bill you share with your insurance company after you’ve paid your deductible. Unless you have a policy with 100% coverage for everything, you have to pay a coinsurance amount. 

Generally speaking, plans with low monthly premiums have higher coinsurance, and plans with higher monthly premiums have lower coinsurance. In health insurance, a coinsurance provision is similar to a copayment provision, except copays require the insured to pay a set dollar amount at the time of the service. 

Copayment (or Copay)

Your copayment, or copay, is the flat fee you pay every time you go to the doctor or fill a prescription. It’s usually a relatively small dollar amount and does not count toward your deductible. Copay plans spread the cost of care over a full year and make predicting your medical expenses easier. A copay plan charged the insured a set amount at the time of each service. 

Additional Expenses to be Aware Of:

Like any type of insurance plan, there are some expenses that may be partially covered, or not at all. Less obvious expenses may include services provided by a doctor or hospital that is not part of your plan’s network, plan limits for specific kinds of care, such as a certain number of visits for physical therapy per benefit period, as well as over-the-counter drugs. 

How to Estimate Your Costs:

How often might you see a doctor or need medicine? An educated guess can help you predict these needs- and what you’ll pay for them. Here are some steps to help you figure out how much care you might need going forward. 

Look Back on Past Expenses

If you keep medical receipts, go through them. Add up your costs for doctor’s visits and medicines. Or ask your doctor for a history of your payments over the last year. Your drug store may have a record of your payments for medicine too. 

Use an Online Calculator

Some websites can show you estimated insurance costs. If you have employer insurance, your company may offer a tool to estimate costs. 

Anticipate Your Family’s Health Needs

Yearly checkups for children and immunizations are free, but you will have to figure in costs for treating chronic conditions like high cholesterol and diabetes, doctor appointments, and medicine. 

Other expenses might include counseling for mental health and planned surgeries or medical procedures that you might have to share in the cost by paying a copay or coinsurance. 

Does Your Premium Count Towards Your Deductible and How is It Calculated?

Many people wrongly assume that a premium payment counts towards the insurance deductible. A premium payment is really just the cost of having the policy in place.

You must continue to make premium payments for coverage to be valid, whether you go to the doctor or not. This is very important to remember, as skipping a payment could lead to the cancellation of your policy at a time when you really need to use it.

If you find yourself continually forgetting to meet a payment deadline, consider options such as paying your premiums up front (if possible), sending the check through your online banking app, or arranging an automatic withdrawal with your insurance company.

In addition, it’s incredibly important to know that a lot of factors go into the premium calculation process. Your age, weight, whether or not you’re a smoker, where you live, and many other elements all determine how large your premium payment will be. The plan you choose also plays a crucial role in determining your premium costs.

Concluding Thoughts

No one plans to get sick or hurt, but most people need medical care at some point and purchasing the right health insurance plan is a pretty important aspect of adult life. Consider these points to ensure you are getting a good deal that matches your unique health care needs. 

What is Life Insurance? In the simplest form, it is a guarantee of money from an insurance company to your loved ones if you pass away. This money is usually not readily provided to your loved ones when you do not have a life insurance policy. In many cases, your loved ones may not even see your assets if you do not have something planned out in writing. In official form, a life insurance policy is a contract between you and an insurer in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies. The insurance company promises a death benefit in exchange for premiums paid by the policyholder.

As a basic principle of financial planning, it is advisable to buy the life insurance policy that is right for you to help you and your family minimize financial stress should the worst happen. Here’s a brief guide to the different types of life insurance policies available in the market.

Term Life Insurance: This is the simplest form of a life insurance plan and is affordable to buy. Term life insurance lasts for a specific amount of time before it expires. In a case where the life of the insured passes away within the time period stated in the policy, the beneficiary will be paid the death benefit by the life insurance company. One should opt for a plan that provides a sum of at least 10 times the annual income, plus the home loan amount, expenses, and other liabilities. In the absence or disability of the policyholder-cum-borrower, this will help in waiving off the beneficiary’s financial liability towards the home loan and other expenses.

Whole Life Insurance: This plan, on the other hand, is a permanent form of life insurance, as it does not expire as long as you pay the premiums. It has a death benefit but also a cash value which accrues interest at a predetermined fixed rate and grows over time. With this cash value, you could borrow funds or even cash out for unplanned expenses such as home repair or temporary unemployment. Because of the cash value feature, premiums of whole life insurance are higher as compared to term plans.

Universal Life Insurance: Similar to whole life insurance, this one also falls into the category of permanent life insurance with a cash value feature. Though similar in some respects, whole life and universal life insurance have some key differences. Universal life is an adjustable form of life insurance due to the flexibility it offers in terms of premiums and death benefits. This allows the person insured to reduce or increase the death benefit and pay premiums at any time in any amount (subject to certain limits). Premiums of universal life insurance are generally higher but it’s more appealing to the customer because of its added flexibility feature.

Key Note: Each policy is unique to the insurance company and the person insured. It’s important to understand what risks your policy covers, how much it will pay your beneficiaries, and under what circumstances.