Statepay.com — helpful resources for your immediate financial need

Trim expenses and find hidden sources of cash.

What can you do to get your costs under control and your balance sheet back in balance? Take a big-picture approach and look for hidden costs and hidden sources of income. For example, start with your cost-of-living expenses. What would reduce those? Relocating to a less expensive part of town? Relocating to a different part of the country? Renting instead of owning? Anything that can lower your monthly costs of food, shelter and other basics can help significantly.

You can also take steps that reduce costs and generate income at the same time. Consider selling a vehicle, or participating in a lease-buyback program. Not only will you save on car maintenance costs, gasoline and insurance, but you can get cash for your vehicle or other non-essential property. If you have other means of transportation such as carpooling or public transit, this could be a good option. Additionally, consider renting out an extra room for extra cash, or finding a roommate to share costs. Whatever you can do to readjust your cash flow so that you are spending less than you are taking in is a step in the right direction.

Did you know that you don't have to do this alone? Statepay.com is here to help you find ways to reorganize your costs and help you find ways to trim expenses and find hidden sources of cash. To get started with cost reorganization, call Statepay today at 1-800-998-5505.

How to Choose The Health Insurance That Fits Your Needs

Don't have health insurance? You're not alone! According to the U.S. Census Bureau, well over 15% of U.S. residents (almost 50 million people) do not have health insurance. Living without health insurance has many risks, chief among them, the constant worry and anxiety that comes from lack of access to reliable and affordable health care service, inability to see a doctor when needed, and the possibility of significant debt that can mount from medical care. Health insurance should be easily and cheaply available to everyone. Sites such as Statepay.com are here to assist you in finding the best heath insurance option for you. Simply complete the form on this page or call 1-800-998-5505.

Know Your Options

What kinds of health insurance are there? Today, there are two main types of health insurance: health maintenance organizations (HMOs) and preferred provider organizations (PPOs). HMOs are usually cheaper. They save money by signing up a limited number of doctors and hospitals - so while you usually pay a smaller premium, you have fewer choices. In fact, the HMO might not cover you at all unless you see one of the doctors in their network. (Some HMOs have a "point of service" option, where you can see a doctor outside the HMO network for a bigger out-of-pocket charge.) PPOs will also have certain doctors and hospitals that are in their network, but you can see other doctors (or go to other hospitals) if you're willing to pay more.

Understand the Costs

When you want to get the most for your money from your health insurance, don't just think about the monthly premium cost. You also have to consider what part of your health care costs you'll be stuck paying for directly. This includes your deductible; any costs that exceed the limit of your benefits covered through your health insurance; and your co-pays and coinsurance. When you're comparing your health insurance options, make sure you consider these out-of-pockets as well as the premium cost, so you're not comparing apples with oranges.

To begin with, most health insurance policies have an annual deductible: an amount that you have to pay out-of-pocket before your insurance starts paying anything. Some health insurance is cheap just because the deductible is so high that you probably won't use it unless you have a serious accident or illness. On the other hand, there are some health insurance policies that are cheap because the limits of coverage are so low that you won't be covered if you have to stay in the hospital for an extended period.

If your health care expenses are over the annual deductible, then does the health insurance company pay for everything? Not usually! Insurance companies can charge you a co-pay (a flat dollar amount, like $20 for each doctor visit), and co-insurance (a percentage, for example 20% of the costs of your hospital stay). And the co-pays and co-insurance can be higher if you use a doctor or hospital outside the insurance company's network.

Know Where to Start

It is important to understand the different health insurance options available to you. So, how can you find out what's available to you? Start with any group health insurance offered by your employer or your union. A large group will get a better deal from health insurance companies than an individual can. (The insurer knows that while some people in the group may have large claims, that cost will be offset by others who do not have any claims.)

If you can't participate in any group coverage, check out coverage available through your state. Do you qualify for any state-sponsored coverage? Some states that provide insurance for kids can cover their parents as well. You may be able to check this out online at your state's web site, or your local hospital may have information. Most states don't yet have a health insurance clearinghouse. But each state has an insurance commissioner, whose office has resources to help you find out about insurers that are licensed in your state. Statepay is here to serve as your health insurance partner. Simply call 1-800-998-5505 or complete and submit the form on this page to learn more.

We all deserve the peace of mind that comes from having health insurance coverage. Know your options and find the best and most affordable health insurance plan for you and your family!

Is Low Cost Life Insurance Right For You?

What is your life worth? What will your legacy be? Have you planned so that you are able to take care of your loved ones after you're gone? These are not easy questions or ones that we readily contemplate. But they are serious questions that need serious answers. Statepay is here to assist you as you think through your life insurance options and consider how you want to move ahead. call 1-800-998-5505 or complete and submit the form on this page to find out more.

What is Life Insurance

Mutual insurance policies date back to the Fratres of ancient Rome, and life insurance policies as we commonly accept them were first offered by Lloyds of London in the 1600s in England. In the Americas, the first mutual life insurance company was founded in 1735, predating the founding of America as a nation!

The fundamental idea of a life insurance policy is to provide for your dependents in terms of income should you die. A life insurance policy will cover the expenses of your funeral, handle the education of your children and can be used to supplement the family's income.

How Life Insurance is Calculated

Life insurance premiums are based on risk factors, and the age and health of the policyholder. In a nutshell, the less likely the policy will be paid out, the cheaper the coverage will be. Many Americans hold a life insurance policy (sometimes called a death benefit policy) through their place of employment.

In the real world, your need for life insurance declines as you get older; young couples, particularly those with children, need the most coverage, while senior citizens may not need any, if their retirement investments are managed well.

Two Major Life Insurance Products You Need to Know

There are two general classes of life insurance product: Term and whole life insurance. A term life insurance is for life insurance alone. A whole life policy is both a term life insurance and an investment vehicle. It effectively acts as a savings program, and it's often sold as "an investment to pay for your children's future." That's because the extra amount you pay into a whole life insurance policy every month adds up and increases the death benefit. When the policy matures, that money (and any interest it's accumulated as one of the assets of the insurance company) is paid out to you as a benefit.

You need to know that the rate of return on most whole life policies is about what you'll get out of a bank savings account, and a little less than typical rates for a certificate of deposit. Make sure that you are aware of all the fees and commissions that may come with a purchase of a life insurance policy. Be aware of life insurance policies that make your entire first year or two worth of premiums worthless for the purposes of vesting in them.

How Much Life Insurance You Need

How much insurance should you get? In general, get a policy that pays about 10x your current income in your 20s, 8x your income in your 30s, 6x your income in your 40s, and 4x your income in your 50s.

Planning ahead to secure enough life insurance means that you can go about your life with a sense of surety, knowing your family is protected. It is the responsible thing to do when it comes to taking care of your family in the event of a tragedy. Statepay can be your partner through this difficult and often confusing process. Just call 1-800-998-5505 or complete and submit the form on this page to get started.