How To Determine How Much Life Insurance You Need
Determining life insurance needs is a function of looking at replacing income from the earner over a specific amount of time. Its crucial to consider all financial aspects for your surviving family, including outstanding debt, mortgages, college expenses, and other costs.
At Brighton Jones, our planning approach easily answers the question of How much? through the cash needs analysis. The answer is different for everyone based on their unique needs. We will look at your overall financial profile to help you determine how much life insurance is desirable so you dont overspend or underspend on this often-critical asset.
Reach out to our team to better understand the full costs and benefits of life insurance and start planning for your familys financial future.
The information included here is based solely on the knowledge of Brighton Jones financial advisors, and does not represent the views or advice of Amazon. Amazon did not contribute, review, or approve this content. Note that this content is intended for U.S.-based Amazon employees only.
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In the midst of the Covid-19 pandemic, Amazon appears to be considering a new business: helping Amazon sellers with their own health insurance needs. Amazon sellers account for nearly 60 percent of Amazons retail sales, with around 900,000 active Amazon seller accounts in the US alone. That merchant base gives Amazon a huge potential target for such an offering.
Earlier this week, Amazon sent out a survey to its sellers, inquiring about the types of health insurance coverage these merchants offer their own employees. The survey, which Recode viewed, asked whether the sellers are satisfied with the coverage or would consider alternative options.
What can be improved on your current health coverage? one question asked. Are you interested in alternative health insurance options? asked another.
The survey also included questions about how much a seller pays in insurance premiums and what percentage of premiums fall on employees to cover. Amazon also asked about the complexity of choosing good and affordable health insurance plans for their employees and how satisfied they are with their coverage.
In the language of the survey, Amazon did not firmly commit to creating a health care or health insurance offering for its sellers and their respective employee bases. But the survey did end by saying e will keep you informed as we explore how Amazon may be able to support your needs better.
Can I Change Plans Outside Of The Annual Enrollment Period
You can apply for Medicaid and CHIP at any time, but to apply for insurance coverage outside of the Government Open Enrollment period you need to have a qualifying life event . Events that are considered acceptable QLEs include:
- permanently moving to a new state
- job loss
- family changes
- loss of existing health coverage because of a job loss or job change
- loss of eligibility for Medicaid or CHIP
- expiration of your COBRA benefits
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Its No Secret That The Private Health Insurance Market Is Plagued By Massive Inefficiencies Every Year Most Consumers Are Confused And Overwhelmed By Health Insurance Purchasing And Can Waste Thousands Of Dollars Choosing The Wrong Plan At The Same Time Premiums And Deductibles Are Rapidly Rising At A Rate That Well Outpaces Annual Wage Growth
Opaque pricing models have forced employers and consumers to accept these inefficiencies. Now, Amazon Care is poised to upend this unsatisfactory status quopushing health benefits advisors and carriers to consider ways to bolster their competitive advantage.
Currently, Amazon Care provides Washington state-based Amazon employees access to medical care via telehealth and in-person home visits. In summer 2021, Amazon Care will roll out to all Amazon employees across the country as well as other Washington-based companies. This first expansion is very likely just the beginning of Amazons move into the healthcare space. And since Amazon Care is contracting directly with employers, theyre setting themselves up as a viable alternative to large health insurance providers, and potentially circumventing their brokers entirely.
Whatever the tech giants next move, theres no question that it will disrupt the private health insurance market.
Our health system is incredibly fragmented, which results in massive cost inefficiencies and individuals left largely on their own, says MyHealthMath President and Chief Mission Officer Dr. Elizabeth Cote, MD, MPA. Through conglomeration, Amazon is uniquely capable to solve this chaos and gain efficiencies, giving individuals what they cravea coordinated, predictable, understandable, and comfortable healthcare experience.
What Are The Metallic Plans
The four types of plans available on the public exchanges are referred to as “metallic plans” because they are named after four types of metals:
- Bronze – pays for 60% of all covered costs
- Silver – pays for 70% of all covered costs
- Gold – pays for 80% of all covered costs
- Platinum – pays for 90% of all covered costs
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Two Opportunities To Course
Make choosing a cost-effective health plan easy
Among our clients, weve found that 50 to 60 percent of consumers waste over $1,300 a year overbuying health insurance. If other players in the market dont correct these inefficiencies, Amazon will, says MyHealthMath Founder and CEO Bob Watterson. Slicing inefficiencies is what theyve done again and again in other markets. It wont be any different here.
Employees choose the wrong health plan because its too hard to do the math and figure out the most cost-effective option. Individuals have very little transparency about how much their healthcare will cost them, so they often choose a low deductible plan with higher premiumsa more expensive option that feels safer. This results in employers and employees wasting millions annually overpaying on premiums. Robust decision support tools can slash that waste by doing the math for employees and empowering them to choose a plan that will save them money.
Importantly, these tools need to be personalized to be effective. Tools that calculate the best plan based on limited information or dont factor in employer-specific plan information risk inaccuracies and continued inertia. Without personalization, employees are also less likely to trust these recommendations, and therefore less likely to change behavior.
Mine efficiencies in plan design
Who’s Exempted From Purchasing Health Insurance
Not everyone needs to purchase the full plan. Several groups, including the following, are exempted from required coverage:
- Individuals under the age of 30
- American Indians/Alaskan Natives
- Members of certain religious groups opposed to accepting benefits from a health insurance plan
- Most people already covered by a governmental program or by employer-sponsored coverage
- People with low income
- People for whom insurance would cost more than 8 percent of their income
- People who earn too little to file a tax return
- People who are in a state where Medicaid wasn’t expanded and their income isn’t high enough to qualify for government tax credits and subsidies
- People who have had a gap in coverage for three months or less
- People who have suffered a hardship
- US Citizens who live outside the United States
What Are The Amazon Employee Benefits 2020
Amazon, the worlds largest e-commerce company offers the best ever known benefits plan for its employees. Here is a brief note on Amazon Employee Benefits and Perks that Amazon employees can enjoy.
|Amazon Employee Benefits|
- A generous PTO policy up to 2 weeks
- 16 weeks of fully paid maternity leave
- 6 weeks of fully paid paternity leave
- 10% discount on $100.
- Short-term and long-term disability coverage
Amazon offers medical insurance for both, full-time and part-time employees and pays for medical expenses. It also offers Dental and Vision coverage to helps employees on their purchase on Medical, prescription drugs, etc.
Amazon will contribute 50% of the 2% of employees contributions. You can also get fully paid paternity leave of 6 weeks and fully paid maternity leave of 16 weeks. You can also enjoy 2 weeks of paid time off leave and 3 weeks of paid time off vacation. Amazon employees can also get a 10% discount on $100.
Amazon also offers Child Adoption Support to helps employees paring for adoption expenses including court costs, attorney fees, and travel. For employees working at the Amazon corporate office can bring their dogs to work daily.
In addition to this, it also offers numbers of exciting benefits like daily catered lunch, free snacks throughout the week, an on-site fitness center, reimbursement of transit fees, etc.
Heres What Amazon Flex Insurance Does And Does Not Cover
Following Uber and Lyfts rideshare services, Amazon is one of the latest companies to offer flexible work for anyone with a car. Their service, Amazon Flex, allows people to sign up to deliver packages for Amazon. But what happens if one of these drivers causes an accident? What if you work for Amazon and get in an accident while delivering packages?
Because Amazons delivery service is still relatively new, people are still learning what the corporations insurance will cover in the event of a crash. Heres how it works.
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Maternity And Parental Leave
Amazon offers a range of fully paid Maternity and Parental Leave options for parents;prior to, and;following, the birth or adoption of a child.;This includes our industry unique Leave Share option and a flexible return-to-work program known as Ramp Back. Parental options require at least one year of continuous service by the date of a childs birth or adoption placement.
Do You Need Disability Insurance
Did you know that one in four people 20 years or older will become unable to work due to medical conditions at some point in their lives?
If this happens to you, a disability insurance policy will provide you with the necessary income to cover expenses such as your mortgage, car payments, and living expenses so you can avoid experiencing severe financial distress.
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What Is An Exchange
A health insurance marketplace, or “exchange,” is a website where health insurance companies come together to give you a place to shop for health insurance. Just like shopping for a flight on a travel website, you can see all of your options and prices in one place. That makes it easier to compare your options and find the best fit for your family’s needs. Many states offer their own health marketplaces. For states that don’t offer their own exchange, you may access the health insurance marketplace operated by the federal government or utilize a web based entity such as eHealth.
Mutual Insurance Vs Stock Insurance
Category: Insurance 1. Mutuals vs. Stock Insurers: Whats the Difference? Enquiron A mutual insurance company is owned by its policyholders, while a stock insurance company is owned by its shareholders and can be either privately held or; Oct 21, 2020 With a mutual insurance company, policyholders may have
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This Report Analyzes And Compares Amazon’s Employee Health Insurance And Employee Benefits With Its Industry And In Washington State
Providing a smart employee benefits package is critical for attracting top talent and retaining valuable employees. Today, employee benefits play a vital role when candidates consider accepting a job offer.
Many companies offer today over-the-top perks, like yoga classes, haircuts, catered meals, and acupuncture. In this report, we focus however on traditional benefits. It’s a work in progress that we will expand and update on a regular basis.
What Is Medicaid And How Does It Work
Medicaid is government-provided health insurance for low income individuals and families. Medicaid also seeks to help other disadvantaged individuals including the elderly, the blind, pregnant women and the disabled. While the program is sponsored by the federal government, eligibility limits are set by each state. So, some people may be eligible to participate in Medicaid in one state but not another. The Affordable Care Act was intended make the requirements identical across all states and cover individuals earning up to 100% of the Federal Poverty Level with Marketplace subsidies covering those earning between 100% of 400% of the FPL. However, not all states have agreed to extend Medicaid to all individuals earning up to 100% of the FPL, so implementation of this concept varies by state.
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Make no mistake; outside disruptors like Apple, Google and Amazon will have a serious impact on benefit advisors in the near future. Currently, most advisors revenue models depend on only a few major health insurance carriers for the majority of their commissions. But what happens if these technology giants quickly put some of these carriers out of business? A look at recent business history shows us that this scenario is more likely than you might think.
In 2018, Amazon, Berkshire Hathaway and JPMorgan Chase formed Haven Healthcare, a Boston-based nonprofit with the short-term goal to provide health care/health insurance to the combined 1.2 million employees of the joint-ventures parent companies. But the larger, longer-term goal was to eventually offer other small and mid-sized independent companies health insurance, as well, essentially creating alternatives to traditional health insurance carriers.
Amazon Plans To Provide Health Services To Workers At Other Companies Says Bi
Business Insider reported this week that Amazon is planning to extend its app-based health service beyond its own employees, to workers at other companies.
According to the outlet, who spoke with five anonymous sources on the matter, the retail behemoth plans to sell its Amazon Care health service to other large companies, “bypassing health plans and brokers.”
An Amazon representative told Healthcare IT News that the company does not comment on rumor or speculation.
WHY IT MATTERS
Amazon Care, in its current incarnation, connects Washington state employees via an app to medical providers for basic health issues like coughs or fevers.
Users can connect with a clinician via video calls or in-app text messaging. Workers in the greater Seattle area can access in-person care or have prescriptions delivered.;
The company provides the care with doctors from Care Medical, a Washington group that according to BI’s reporting contracts exclusively with Amazon.;
Amazon Care has been kept separate from other health-related verticals at the company, including Amazon Web Services, Amazon Pharmacy;and Amazon Business for healthcare.;
When other companies use Amazon Care’s services, all the services would be available to workers who live near headquarters, said BI. Those who live in other cities or states would be able to access the virtual components, similar to Amazon staff members who live outside Seattle now.
THE LARGER TREND
ON THE RECORD
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What Is Catastrophic Insurance
A catastrophic insurance plan meets the insurance mandate for those 30 years of age and younger . These plans cost a little less than traditional insurance as they do not provide the full scope of services and are limited to, as it sounds, protection in the case of a more catastrophic situation. These plans do cover 3 primary care visits per year at no cost and also include preventive services. Note also that catastrophic plans are not eligible for a government subsidy.
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Do I Qualify For A Subsidy
Find out if you qualify for a Government insurance exchange subsidy by completing our simple questionnaire with our coverage calculator.
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About Amazon Employee Benefits And Perks
Amazon.com, Inc. is an American multinational technology company headquartered in Seattle. It provides e-commerce, digital streaming, cloud computing, and artificial intelligence services throughout the world. The company was established by Jeff Bezos in Bellevue, Washington in 1994. The company is famous for its disruption of well-established industries within technological innovation and mass scale.
Amazon company employees around 750,000 numbers of employees to run its business across the world. The worlds largest e-commerce company also offers exclusive Amazon Employee Benefits for its employees and workers.
The main intention behind conducting the Amazon Employee Benefits and Perks program is to keep its customers happy, loyal, and engaged with the company. Through this Amazon Employee Benefits, the company ensures steady growth of income for its employees offering various types of savings plans and welfare benefits after the employees retirement.
Amazon company offers Medical, prescription drug, dental and vision coverage, 401 savings plan,;Paid time-off and Holiday overtime pay,;Resources to help improve your overall well-being, Discounts on Amazon purchases, etc benefits for its employees and domestic partners. Check more below.