Health Insurance – finding the best deal.

Health Insurance – finding the best deal.

Fear of the unknown is perhaps the strongest emotion that compels humans to initiate an action; evident from their interests ranging from education to astrology and from their bonding they share with others, it is the same factor that makes them take up health insurance. Surveys have proved that people usually take the step in order to make their near and dear ones feel secure instead of them, but more often than not, end up choosing the wrong policies. It’s mostly the health insurance agents who are to be blamed; however, staying well informed on certain aspects regarding the policies and the advantages of health insurance schemes can help you find the best deals and save a lot of hassles later on.

Finding the best health insurance coverage depends on a few factors; these are the criteria, which must be fulfilled before an application is made. Instances have been found where the insurance agents had misguided applicants just because a certain policy would return higher commissions upon sale. But if the buyers stay well equipped with sufficient information on the insurance coverage, the same benefits can be availed with lower premium rates.

 Buying Health Insurance

Prior to buying, you must understand the categorizations of health insurance plans. If it’s a managed care health plan, then know that it is a scheme that’s more popular and brought over by Health Maintenance Organization (HMO), the Preferred Provider Organization (PPO) and the Point-of-Service Plan (POS). For fee-for-service or indemnity plans, there remains an opportunity to choose a primary health care provider; it also eliminates the needs for referrals if there comes up a need for specialized treatment. This is why an indemnity plan receives much more acceptance despite a higher price tag that remains attached.

But we also need to focus on the state policies to find an affordable health insurance. For residents of Kentucky, Maine and Washington State, choices are limited; for rural areas, a HMO plan is not always the best choice. Most of the states lack Association plans, despite the good deals they offer. Add to this the options that raise deductibles on coverage; however, one good thing about them is they lower the prices significantly.

Thus, to make the most of any given situation, follow the steps discussed below.

 Health Insurance in 6 steps

i. Awareness: Be clear about your preferences. There are different insurance policies for people with different needs upon which minor improvements are possible.

ii. Compare: Quotes must be obtained from different insurance companies to find out who’s offering the maximum level of coverage that you want. Then choose the most affordable one.

iii. Negotiate: Ask for a reduction in the premium amount after choosing an insurer. This shall gain you the best prices for your preferred insurance coverage.

iv. Group Policies: Group plans open the doors to maximum afford ability since they allow negotiations more than any single health insurance policy.

v. Deductibles: The deductibles are usually payable on an annual basis and vary accordingly with specific policies. Increase the deductible amount to lessen the premiums but it may also turn you down in case you need to rely entirely on a health insurance policy.

vi. Flexibility: PPO and HMO plans may provide lower rates if you stick to the list of preferred providers.

DIY Bookkeeping – 10 common mistakes

Numbers are boring and so are mechanical tasks; put them together and that perhaps explains why small business owners ignore bookkeeping till it’s the eleventh hour. So, that’s hurrying; and hurrying makes you pay the prices dearly at times. So dollars just migrate from your ledger’s bottom lines to the Tax Office. And it’s a process called audit that stays responsible.

Auditing examines carefully for accuracy of accounting procedures and records maintained by a business. In case mistakes are noted, the only way to rectify them is by paying fines. Thus, to maintain the fine balance between do-it-yourself bookkeeping and avoiding mistakes, you should pay close attention and avoid a few things from occurring.




First of all, it’s the accounting software packages. No two packages are made the same and however simple they might seem; they end up complicating the processes all the more if the user (in this case, the business owners) is not savvy about them. The end result is double (or even triple) the amount of work and desired reports is well replaced by inaccurate bookkeeping records. Before you start using such software, it’s paramount that you have a formal training on the same. Nothing that’s too complicated for a certain level of accounting expertise can make things go better.

Perhaps you have heard about short-changing; those who have not, it is cheating someone by not returning the person enough money. And that person could well be you! Many of the business owners do this when it comes to tax deductions; what can be claimed rightfully is often neglected because accurate cash expenditure records are never maintained.

Now, about the Goods and Services Tax and do it yourself bookkeeping mostly gives rise to three simple mistakes regarding:

• Claim of GST credits against invalid/no tax invoices.
• Claim of GST credits for an entire purchase amount while the goods are used for private purposes and not up to the fullest extent.
• Claim of GST credits when the supplier(s) is/are not registered for GST.

Staying careful on these three aspects can alleviate complications at the time you file your taxes.

Another part often overlooked by self-taught bookkeepers and during a do it yourself bookkeeping session is sending invoices too late. This lets overdue debtors escape despite blocking your money. Therefore, keep track through an appropriate system that shall maintain a list of debtors and the payments due.

The policy of super-annuation i.e. an employer paying 9% of an employee’s earnings (not overtimes) is another source of confusion for the self-taught bookkeepers. The Superannuation Guarantee Legislation still stands as an unclear theory to many of us resulting in over payments. It’s important that the policy is clearly understood.

Missing deadlines often turn out to be fatal for a business; more so when it involves PAYG or BAS besides checking records with the bank. The problem triples since no back-ups are maintained most of the times; this proves even more devastating in case there is a technical breakdown. So how to make all the ends meet?

It’s easier than it seems; bookkeeping mistakes can easily be avoided with the help of a trained professional. Even if you are reluctant to hire a bookkeeper working full time for you, there are many who undertake outsourced accounting jobs; with the
right person to polish your account details resulting from your do it yourself bookkeeping skills, there’s absolutely no reason why we can’t see you as the next millionaire.