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Baby Insurance Cost Question & Answers

2013 July 24
by Sarah Fields

James asks…

What is the best way to use technology in comparing insurance premiums for MEDICARE costing?

Many of the baby boomer generation will shortly be reviewing insurance costs for our retirement years – health, medical, prescription and the like. We will need to make decisions based upon retirement income and expenses. I have done some preliminary research and it appears I need to do a lot more. The data for health and medical costs is easily available however there is a ton of it. For this reason, I intend to use spreadsheets to crunch through this and any other tech tool I can locate.

One of the problems with this approach is that just about every quote is proprietary, that is each quote has its own “bells and whistles” which make it more or less expensive than the next company. Although I have spreadsheet skills, I can visualize that any template I make must provide for more assumptions than I want to make.

From the above it’s clear to me that I need some kind of generic (FREE) spreadsheet template that is not proprietary, combines monthly income and expense (insurance premiums counted as expenses), is not “locked” in terms of making formula adjustments, and has the ability to forecast.

If this is as clear as mud to you, welcome to the crowd. Surely, there are fill in the blanks templates dealing with MEDICARE comparative cost determination. If there are and you are aware of them, please let me know. I would be in your debt.

Regards,

Rich F.
Florida

Sarah Fields answers:

First off, Medicare.gov can provide the majority of what you are looking for in terms of prescription drug plans (part D) and most affordable companies that carry them in your county. It should also explain the premiums, deductibles and coverage of parts A and B in Florida. Then you will need to go to your states Medicare section on their website to determine what your options are for the 11 supplemental plans or the “Advantage” plan referred to as part C. This is the basic outline for the structure of Medicare. There is an insurance company that specializes in seniors and Medicare but I can mention names because of the rules.

Thomas asks…

What is your answer to reducing health costs and improving health care in America?

How do we go about this without drastically increasing out health insurance costs?
Of course we all need to practice healthier lifestyle habits, but fiscally how do we improve our nation? Should we adobt other nation’s practices? if so, whose?
How do we improve health care across america and lower the costs to the citizens who utilize that care?

Sarah Fields answers:

It’s really a no brainer.

1. Only provide insurance that covers catastrophic problems, not the office visits and other things like check ups, etc. Would you buy car insurance that covers tune ups? Of course not. Auto insurance would cost a fortune to provide that kind of insurance.

2. Take the task of health care out of any government agency. Government is not about our health, only politics and power. Any government plan is going to be designed to get votes and put money into politicians hands by extracting the money from people with money. This ultimately always ends up costing the average guy more.

3. Allocate any money that is given to drug companies to be divided to provide money for alternative medicine solutions and create a competition to solve problems.

4. Stop allowing anchor babies to be U.S. Citizens. Create heavy fines and penalties to any company that hires ANY illegal alien.

5. If we are going to make doctors responsible for their actions, we need to give them the authority to request necessary tests, but not require them to do unnecessary tests just to satisfy a lawyer’s accusations that ALL TESTS WERE NOT done, so the doctor is liable for negligence.

6. Make Pharmaceutical companies liable for any damage done by vaccinations they produce, instead of the public that is now paying the billions for this. If they can’t make them safe, they pay, not us.

7. Create real change in Washington and fire the whole lot of those lunatics that think we, the public are stupid and believe their spending lunacy is good for the country. People like Harry Reid, Hilary Clinton, Obama, Nancy Pilosi, the whole lot of those lunatics.

Good luck

William asks…

How much does a baby cost?

How much will a new baby cost per week? How much did you end up spending on things? I’m talking bare necessities, food and diapers?
Please help I need to make a baby budget.

Sarah Fields answers:

Well after everything like a car seat, stroller, crib etc. You continuously spend money on: (I am just estimating about what it cost me)

Diapers $15-$25 per week
Formula $12-$30 per week
Laundry detergent $5-$15 per week
Wipes $5-$15 per week
insurance?
Doc appointments- your co-pay $25 every time you go.

As they get bigger

Clothes as they grow $50- unlimited every three months
Different stages of baby food $20 per week
Snacks(healthy) $20 per week

Different things, always have back up money for things like teething medication and baby tylenol. All of these items range from brand and type etc. Formula and diapers can vary because of your baby’s needs. And obviously as they grow you will not need formula anymore and with their skin not as sensitive you can buy cheaper diapers. It all gets cheaper when they turn one and are off baby food and formula. I would rather spend $4 a week on milk then $25 a week on formula.

Hope I helped!

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