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Mis-sold Ppi
I can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.

Insurance is always a gamble, a bet actually.

You are betting that you?ll eventually get sick or hurt. And your insurance company is betting that you?ll stay healthy.

If you stay healthy your whole life, but still pay into insurance, that?s great for the insurance company. Actually, it?s great for you too, because you got to be healthy for your whole life. But you still lost the bet.

So an insurance company is never going to reward you for being healthy. That?s not the terms of the bet.

But here?s a secret.

You can reward yourself.

Here?s how. Open a Health Savings Account (HSA). Put as much money as you can into it. Tell your insurance company that you want to raise the deductible on your insurance policy as high as it will go. The deductible is the amount you have to pay before the insurance finally kicks in.

Now sit back and relax. You are completely covered for any healthcare crisis. You can use the HSA money for the small stuff and your insurance policy will kick in for the big stuff.

But?

If you don?t get sick or hurt, the money will stay in the HSA. Then you?ll put in the same amount next year, and it will sit there again. Earning interest, too.

After a while of being healthy, year-after-year, you?ll have tens of thousands of dollars sitting there.

And when you retire, your HSA turns into an IRA ? individual retirement account. You can take the money out and live on it.

And guess what? It?s your reward for staying healthy. You rewarded yourself for staying healthy, and simultaneously covered yourself just in case you did get sick along the way.

Happy retirement!

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