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Welcome Frugalistas!

What exactly does frugal lifestyle mean?  I believe it’s being smart and savvy in your choices. Prioritize and take control of what’s important to you and you will come out ahead.

This blog and website offers frugal tips and money saving ideas to help you live a richer life. Save money on everyday living. Start living the "Frugal Lifestyle" today.

Spend Less  • Earn More • Live Better

Understanding the Process for Generating Health Insurance Premiums

1/19/2018

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It seems like the U.S.’s healthcare crisis will continue throughout 2018, as Congress and the current administration have yet to decide whether to repeal or replace the Affordable Care Act. Recently, the Trump administration had threatened to withhold payments to health insurance companies. Reuters noted that health insurance premium fees may increase by 20 percent in 2018 if this plan follows through. If payments are terminated, it is expected that 5 percent of Americans will be living in places that have no insurer in the individual market.
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As it is, people are already dealing with expensive premiums. The U.S. Department of Health and Human Services detailed the rising premium costs, citing that the average individual market premiums have more than doubled since 2013. From $2,784 per year in 2013, it soared to $5,712 in 2017, which is a 105 percent increase.
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With these alarming costs, it can be helpful to examine how health premiums are typically calculated. The Balance summarized how the costs are determined, stating that it boils down to five essential factors: age, income, family size, location, and the type of health plan. 
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Health insurance plans under Obamacare fall into four categories: Bronze plan, which offers the lowest premiums but covers the least percentage of health care costs (60 percent; Silver plan, which covers 70 percent but has higher premiums; Gold plan, which pays 80 percent and has premiums higher than Silver, and; Platinum plan, which has the most expensive premiums but accounts for 90 percent of health care expenses. These provide a skeleton on the price range of your premiums. 
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Age is then considered, and insurance companies charge higher initial premiums for older people. A person’s initial pricing will be based on the time the plan is issued. The premiums may decrease as you age.
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Health insurers also take note of where the person lives because they have to take the cost of living into consideration. Healthcare costs may be higher in some cities than in others because of the average wealth.
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The fourth factor insurers analyze is the person’s household or family size, since this helps them determine how much subsidies he or she should receive. Furthermore, some companies offer deals for couples to take plans from the same provider. Others meanwhile, give discounts if the person lives with other people over the age of 18.
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Then of course, there’s income. If a person earns significantly less than the federal poverty level, he or she is qualified for expanded healthcare, meaning he or she won’t pay for any health costs. 
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Aside from these factors, other external factors come into play. The soaring prices of prescription drugs and medical treatment for example, may force insurers to increase their premiums. The provider network is also worth evaluating. When doctors, nurses, clinicians and other practitioners charge lower rates, the premiums may also follow suit. Interestingly, the mode of payment also influences the pricing of premiums. Some companies prefer electronic funds transfer, and will provide discounts to those who use this method.
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There are some health insurers that take unconventional routes in determining premiums. Their approach may be considered rewards-based, as the patient benefits from the policies. For instance, innovative startup Health IQ veer away from the traditional, and often outdated route of assessing family history before deciding on insurance premium rates. They believe in a more data-driven approach that focuses on the lifestyle the applicant leads as they feel this ultimately impacts their life. This also enables people who live a healthy lifestyle the chance of getting lower insurance rates because they eat clean, have lower health risks and can therefore reduce the chances of incurring medical expenses. On the other hand, insurance companies may also charge higher premiums for those who smoke regularly or have chronic conditions.

As the aforementioned indicators go to show, you can save a lot of money in the long run if you invest in a healthy lifestyle. It may be intimidating at first, because people perceive eating healthily to be quite expensive. But that’s a myth, because there’s always a way to stay frugal while going making a lifestyle choice. In case you need tips, The Frugal Lifestyle previously discussed how to buy organic food while saving money.
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With so many aspects to consider, some people decide to remain uninsured. However, it’s still best to find a health plan that can offset the unbelievable costs of healthcare in case the unexpected happens. The important thing is to look for an insurer that suits your needs and preference.
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Saving Money Blog Awards 2017 Winner!

1/10/2018

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​I want to thank everyone who voted for me in the Saving Money Blog contest.
​I'm excited to share the news that TheFrugalLifestyle.com is the winner!!!
I appreciate all of my readers continued support. Thank you!
      
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A Happy, Healthy and Wealthy New Year

1/1/2018

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Wishing everyone a happy, healthy and prosperous New Year!!

Read these popular posts about happy, healthy and wealthy resolutions for the New Year and beyond!

Resolutions For The New Year

50 Frugal New Year Tips

Things To Let Go Of In The New Year

A Happy and Prosperous New Year

This Book Will Make You Rich



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    What does living frugally mean to me? Well, it does NOT mean being cheap, quite the contrary, I believe it’s being smart in your choices, such as how you spend your money everyday. Prioritize and take control of what’s important to you. I always strive to spend less on almost everything.

    In this challenging economy, some of us have had to cut back on our expenses. Wouldn't it be nice to still have the things or services you want and need but not have to pay full price or even better, get them for free? 

    Choose value and quality over quantity or fads and you will come out ahead. The great benefit of being frugal is that it eliminates waste and clutter which in turn helps our environment.  By doing simple changes towards more “green” and frugal ways, together we can make an impact on our planet. 
        

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     Hi, my name is Marissa Winfrey and I have been living the frugal life ever since I can remember. I have always looked for great bargains and getting the best value for my money without compromising style and quality.

    My background is in visual display and interior decorating. It’s always been my objective to recommend cost effective solutions to my clients. I, of course, practice what I preach! I have furnished my own homes mostly with furnishings and decor items from my own little vintage boutique, estate sales, discount stores, flea markets, yard sales, thrift stores and even curbside discarded furniture!

    My frugal practice goes beyond the home. I offer money saving tips on just about everything, from shopping to travel and everything in between. I hope my blog and website will inspire everyone to be their own Frugalista.
        
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Read and learn about useful tips and tricks from experts on how to live "the frugal lifestyle" everyday!  Check out the books below, to see more of my top picks of frugal and financial savvy books, please visit The Frugal Book Store.
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Living The Savvy Life:
The Savvy Woman's Guide to Smart Spending and Rich Living
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It's Not About Being Cheap.  Living the Savvy Life isn't about being a cheapskate, a miser or a tightwad.  It's about having security and peace of mind by spending less than you make.  It's about knowing where you stand financially on a daily basis so you can make intelligent fiscal decisions. 

​It's about being penny-wise on the things that are less important to you so you can spend money on the things that are important to you. It's about choosing to purchase only the things that you love and make you happy.  
It's about finding, attaining and maintaining balance.  Are you ready to start Living the Savvy Life?

   
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​Thrifty: 
Living the Frugal Life with Style


Best-selling author Marjorie Harris offers a timely and entertaining guide to living the richly frugal life. From tips on how to haggle to becoming a frugal fashionista, maintaining your home on a budget, and thrifty gardening, travel, and entertainment, Harris provides essential guidelines to living a quality life on less. Written in her trademark witty, engaging, and accessible style, Thrifty is packed with simple and savvy tips drawn from Harris' own fulfilled, thrifty experience. Bonus tips come from renowned experts such as best-selling author Margaret Atwood, chef Jamie Kennedy, actor R. H. Thomson, travel writer Sylvia Fraser, and The Globe and Mail's style columnists.
  
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How to Retire Happy, Wild, and Free: 
Retirement Wisdom That You Won't Get from Your Financial Advisor
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How to Retire Happy, Wild, and Free offers inspirational advice on how to enjoy life to its fullest. The key to achieving an active and satisfying retirement involves a great deal more than having adequate financial resources; it also encompasses all other aspects of life -- interesting leisure activities, creative pursuits, physical well-being, mental well-being, and solid social support. 

What sets this retirement book apart from all the others is its holistic approach to the fears, hopes, and dreams that people have about retirement. This international bestseller (over 110,000 copies sold in its first edition) goes way beyond the numbers that is often the main focus of retirement planning in most retirement books.
   
To see more of my top picks of frugal and financial savvy books, please visit The Frugal Book Store.

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