Alaska AK Health Insurance Plan
Reader’s Question:
How should go about buying prescription drugs here in Alaska if I want to avail of my health insurance plan’s prescription drugs benefits?
Rick
Anchorage, Alaska AK
How are you, Rick!
Most health insurance companies in Alaska would control costs for prescription drug benefits through a formulary. My suggestion is for you to buy drugs from the formulary provided by your health insurer because they are usually less expensive. You will be paying a lower co-pay for drugs on this formulary.
So what if you want to use a drug which is not on the preferred list? All you have to do is to bring the insurer’s formulary to your doctor’s office to see if there is any way you can substitute the drug with a cheaper but medically-equivalent drug on your health insurance company’s formulary. Be aware though that formularies are subject to change. Most insurers regularly add a new drug or stop covering a drug at any time. You don’t have to worry about quality of generic drugs. These are exactly the same chemical properties of the branded ones whose patents have already expired. Most health insurance plans will automatically fill the prescription with a generic unless your doctor specifies the brand name.
There’s another way you can save on medications. I know of some plans which charge you less if you use a pharmacy that’s within their pharmacy network. If that is the case, you can simply ask if your pharmacy is in the network before you fill the prescription. This will save you from paying double for the same drug.
Credit Rating and Auto Insurance Alaska AK
Reader’s Question:
Does my credit rating have a direct impact on my auto insurance rates? Why I am assessed with different premium rates by different insurers in Alaska based on my credit rating?
Marissa
Juneau, AK
Thanks for asking Marissa.
Yes, your credit rating will have a direct impact on your auto insurance rates. Do you know that auto insurance companies use very complex algorithms to determine your premium rates? It is with this math that auto insurance companies in Alaska tells that people with better consumer credit are better risks than people who made bad choices in the past.
So how do auto insurance companies investigate your background through your credit? Why do different auto insurers charge you differently based on your credit rating? It could be because any two auto insurance companies could use different credit bureaus to determine your credit rating. The basic reason is that you don’t actually have one credit score, but three credit scores instead: that’s one from Equifax, one from Experian, and one from TransUnion. We know that these bureaus are competitors and they don’t share information. As a result, you might have incorrect information in one of them. For example, if one auto insurer uses TransUnion while another uses Equifax, and Equifax credit report inaccurately shows a bankruptcy in the past, then you will be charged higher by the auto insurer which uses Equifax. If your other insurance quote is from an auto insurer who gets credit record from TransUnion which is more accurate and does not show any delinquencies in your credit record, then you will be quoted a cheaper premium rate by this auto insurance company.
So watch your credit…and be sure to shop around before you purchase auto insurance policy. You never know which company uses which. Hope this helps!
Cheap Health Insurance Anchorage AK
Reader’s Question:
Can you give me some practical tips on how I can find cheap health insurance in Anchorage, Alaska?
Alex
Anchorage, AK
There’s always something you can do, Alex.
And almost every tip I will be giving you is 100% do-able. For starters, you need to watch your health. The healthier you are, the cheaper your health insurance premium rates will be in Anchorage. Simply put, the cost of you health insurance premiums is directly based on risk factors. Let’s say you are an unhealthy person or one who has unhealthy lifestyle, then you are naturally prone to get sick. Health insurance companies will make sure by verifying your health status. If you are proven to be on the high-risk group, then there is a high probability that you will be filing an expensive insurance claim. So, just in case you are indeed living an unhealthy life, you can start reforming your habits by deciding to exercise a lot and eating lots of fruits and vegetables to make you healthy. If you smoke, quit the habit and that will save you some dollars on health insurance premiums.
With regards to the type of plan, you can pick a high deductible health insurance plan. You will be paying lower monthly premiums if you get the plan with a higher deductible. Some high deductible health insurance plans have a health savings account which can save up money for you that is tax-free.
Lastly, it wouldn’t do you any harm if you shop around and ask around. You’ll get some helpful tips from friends and colleagues and be able to get the best deal for your health insurance policy.
Life Insurance Alaska AK
Reader’s Question:
I live in Alaska and I have a neighbor who just passed away. Apparently, he spent so much on his insurance compared to his actual needs and income considering he does not have any dependents. Is there such thing as to OVERINSURE? What is the rule of thumb in investing for insurance? Please explain.
Kimberly
Anchorage, AK
Yes. There is such thing as to “overinsure” which can cause a great deal of money wasted in the event of premature death, and has more direct impact on the paying policy holder. There is also such thing as to “underinsure” which will have a direct impact on the surviving spouse and dependents. In the event of the premature death of a policy holder who happens to have purchased insurance policy that is “too low”, the family might be forced to lower lifestyle at an already traumatic stage in life, the surviving wife might have to go back to work, the college student might have to drop out, or worse, the house might have to be sold to a very bad market.
Figuring out the right amount for insurance coverage is a tricky math work to do and requires experts. The rule of thumb is to cover 10 times the annual salary, depending on various circumstances. The goal is to withdraw less annually from your income than what your policy can return.
Try to check out insurance calculators over the internet to give you and idea on how to calculate your needs in Alaska.
Smoker Life Insurance Alaska AK
Reader’s Question:
At the time I purchased my life insurance in Alaska, I decided to quit smoking and was classified as a “Non-Smoker” by my insurance company. Would my premium increase if my insurance company would know that I am now a “Smoker”? I live in Anchorage, Alaska.
Jim
Anchorage, AK
No. In the first place, if the life insurance policy was already issued in Alaska, and then the insured started smoking once again after it was issued, the insurer would not normally be allowed to increase the rates after issue due to the increased risk by becoming a smoker. This is so in the absence of fraud and misrepresentation on the applicant.
The insurance company in Alaska cannot make any changes to affect the rate of the contract which is already in force. The story changes if the policy lapses and the insured wants to reinstate. A re-underwriting will be done based on his current situation and can expect a change in the rate.
I hope this gives you some insight.
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