iz Pulliam Weston posts an article on 50 Ways to Trim your Budget. The points in this series of posts will be taken from her list in this article.
This installment will address insurance, tax, and medical costs. I hope you enjoy this series!
31) Consider “refinancing” your term life insurance; rates have dropped in the past decade so you might be able to qualify for a lower premium.
Check to see if the insurance company will re-assess your medical history. If you let your current policy drop and shop around, this will probably be the case. It's the most recent medical records that are sent, so if you've gained 30-40 pounds or developed some other conditions since you got insurance, you may be put in a higher risk category if you “re-finance.”
32) If you have a long-term disability policy, investigate the savings if you opt for a longer waiting period to reduce premiums (if you have an emergency fund or other income to bridge the gap).
This is related to taking a higher deductible on an insurance policy. The higher the deductible, the lower the premium.
33) Suspend contributions to annuities and other accounts that don't offer matching funds or tax breaks.
But balance the tax/matching benefits with the restrictions on those accounts. If you'll need the money soon, see what early withdrawal penalties may exist or what loan rates are charged.
34) Make sure you got proper tax credit for last year's retirement contributions if your adjusted gross income was under $25,000 (for singles) or $50,000 (for couples). The retirement tax credit of up to $1,000 for lower earners is one of the most overlooked tax breaks. If you deserved this break but didn't take it, it's worth amending your return.
Uncle Sam is always happy when you pay him more. 😉
35) Buy generic drugs.
Considerable savings here.
36) Look for free and low-cost clinics.
This tip is similar to looking for HMO participating doctors and dentists. The monetary cost will be lower, but you may need to wait to be seen. “Wait you ought when the cost is nought.”
37) Use urgent-care clinics rather than emergency rooms whenever possible.
The care can be excellent here, and you may get in faster because the trauma cases will go to the emergency room.
38) Ask for discounts when you pay cash.
Most places still happily accept cash.
39) Carefully review hospital bills for errors.
This goes for any other kind of bill too. Hotel bills especially. Check your credit card statements to make sure that they didn't charge you for stuff from the mini bar that you didn't consume. One hotel charged us almost $20 after our stay for stuff we didn't eat or drink from the refrigerator in the room. We got it taken off.
40) Monitor insurance claims to make sure they get paid.
Insurance companies always pay all of their claims on time, right? (What was that? A flying pig?)
That's it for Part V. The last part will deal with clothing and other personal appearance things.
It took me a while browsing through your blog and I iked this post particularly, I just subscribed to your rss.
I would also highly recommend the article I posted about car insurance in Toronto, it shows how to shop for the best quote, the information is targeted to Toronto, but a lot of it is general and can help people from other areas.