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There is no question that insurance is something everyone needs in today’s world. Understanding the different kinds of insurance that can make your life go more smoothly can help you choose the right option for you and your family. At InsuranceReviewsandQuotes.com, you can find significant savings on insurance policies that almost every household needs.
Health insurance covers medical expenses for you and your family including costs for routine care, treatment for any chronic illnesses as well as emergency medical treatment that may arise. Companies charge a monthly premium in exchange for covering these costs. It is rare that you would have insurance that covers all expenses as most require some out-of-pocket costs. These are known as co-payments and deductibles. There are two types of health insurance. Private plans are through health insurance companies and are often available through an employer. Public insurance is provided through governmental agencies and include Medicare or Medicaid. Medicare is available to anyone aged 65 or older as well as those who have certain disabilities while Medicaid assists those who are low income.
Life insurance is designed to provide income to your loved ones after you die. It can be a very confusing type of insurance as there are several different types of life insurance. Term life insurance lasts for a set number of years and if you die before that term ends, your beneficiaries receive the amount of the policy. Whole life insurance does not expire but has both a death benefit and a cash value. Universal life insurance also has a cash value, but the premiums can rise over time. Final expense insurance is designed to cover burial and funeral costs. It is often selected by older adults who may not have other forms of life insurance.
Medicare Supplement Insurance
Often called Medigap policies, Medicare supplement insurance cover costs related to Original Medicare. Both Medicare Part A and B have deductibles and copayments as well as no out-of-pocket maximum. The policies are sold by private insurance companies and are overseen by the insurance department in your state. If you only have Medicare Part A and B, which is known as Original Medicare, your hospitalization deductible is around $1,600 plus you will pay additional daily copayments if you are in the hospital more than 60 days. Part B also has an annual deductible and, after that is met, Medicare only pays 80 percent of your bill. What this could mean is that, out of a $10,000 hospital bill, Medicare may only pay $6,568, leaving you with the balance to pay. A Medicare supplement plan fills that gap, covering the 20 percent Medicare did not pay as well as the deductible. You can enroll in a Medigap plan during open enrollment and the policy is guaranteed renewable. This means you cannot be denied coverage as long as you pay the premium on time.
Medicare is a federal health insurance program designed for those who are 65 or older as well as younger people with disabilities and certain illnesses. Medicare Part A is hospital insurance, paying for stays in a hospital, a nursing home, hospice care and some home health care needs. Medicare Part B is medical insurance and pays for outpatient care, doctor visits, medical supplies and some preventive services. Medicare Part D is prescription drug coverage, and this includes vaccines or other shots. You can also choose a Medicare Advantage plan which is offered through private insurance companies as an alternative to Original Medicare. These are bundled plans offering Part A, B and D. Some also include vision, dental and hearing services. When you choose your plan, you must select either Original Medicare or a Medicare Advantage Plan as you are not permitted to have both. You may also have to coordinate coverage with any other health insurance you may have.
When you do not own your home, you may be tempted to simply not worry about insurance. However, you likely own the things inside your home or apartment. Renters insurance is designed to protect you and your belongings should there be a loss. It may also cover living expenses if you must relocate while your home or apartment is being repaired. Renters insurance works very similar to homeowners insurance except that it does not cover the building itself. If you are injured during a fire or other catastrophe, the insurance may cover your medical costs as well. If the coverage includes property damage, it may also cover losses due to theft.
There are eight different types of homeowners insurance, and they vary in coverage. The basic form of homeowners insurance covers damage for specific things like vehicles, smoke, vandalism, theft and a few others. The policy types increase in coverage as you go until you reach HO-5 which is the most robust form of homeowner’s policy available. You can also purchase condo insurance and mobile home insurance which acts like homeowner’s insurance. There is a form of homeowner’s insurance known as modified coverage which is designed for homes that don’t meet the standards of most insurance companies. These policies work very similar to the basic form of coverage.
Much like health insurance keeps your body healthy, dental insurance keeps your teeth healthy. Most dental insurance policies are fairly easy to understand, and many people obtain the insurance through their employer. Often, dental insurance policies have a network of providers they work with and if your dentist is in that network, you can continue to go to that provider. If they are not, you have the option of changing to a different dentist or paying a higher price to continue seeing your dentist. Most dental policies are between $30 and $50 per month. Some dental policies have waiting periods of six to 12 months before you can begin using them. You will also likely have copayments and deductibles with dental insurance. Most companies follow what is known as the 100/80/50 rule which means they pay 100 percent of preventive care, 80 percent for basic procedures and 50 percent for major procedures. Preventive care are your semi-annual visits and routine x-rays. Basic procedures may include minor extractions, fillings and root canals. Major procedures may include crowns, bridges or dentures.
Your eyes need to be cared for just like your body and your teeth which is why many people choose to purchase vision insurance. This type of insurance covers routine eye health expenses like examinations and contact lens fittings. They also cover the cost of contact lenses, eyeglass lenses and frames. Some vision insurance plans will cover the cost of eye surgeries like LASIK. There may be deductibles and copayments for some services while others may be covered at 100 percent. Some eye issues, such as cataract removal, may be covered under health insurance and not under your vision insurance.
These warranties are frequently service contracts. You decide which parts of the home you want to cover. Almost all homeowners benefit from warranties for major appliances that are expensive to repair or replace. Use home warranty discounts in your favor when buying a policy.
An auto warranty or car service contract picks up the tab when your ride needs repairs. That said, there are different warranties to choose from. Pick one that meets your needs and has none of the extras that you don’t want to pay for.
In most states, if you own a vehicle, you must have insurance on that vehicle. If the vehicle has a loan, the bank may require you to have more insurance than if it is paid off. Auto insurance covers property damage, which means if your car or property was damaged in an accident, the insurance company will pay for the repairs. Liability covers bodily injury and the property of other people while medical covers any injuries, rehabilitation and other expenses related to an accident. It is important to remember that many insurance companies will not cover an accident that occurs if you are using your car for work. For instance, if you are a rideshare driver or delivering pizzas, you may need to take out additional insurance to cover you when you are performing those duties. Most states will require you to carry bodily injury liability, property damage liability and medical coverage.
Pets are amazing companions, and you want to keep them as healthy as possible. Pet insurance is very similar to human health insurance, covering the costs of health visits and emergencies for your four-legged family members. You pay a monthly premium and, if your pet becomes sick or injured, the insurance company will cover the cost. Most pet insurance companies require you to pay the veterinarian up front and then they reimburse you. They may also exclude preexisting conditions or certain illnesses. Monthly premiums for pet insurance are usually around $30 to $40, but the cost of a significant pet illness can be much more than that. For example, if your dog gets cancer, radiation treatment and surgery can cost up to $10,000. Like human health insurance, there may be deductibles and copayments. You may also have an annual maximum they will pay and there could be a reimbursement level, usually between 50 and 100 percent.
When you travel, you want to know that you are protected should you become ill or injured. You also want to know before the trip that if something comes up, like a family emergency, you can cancel your trip without losing any money you have spent. Travel insurance protects against these financial losses. This could be as minor as lost luggage to a serious illness. It will often cover things while traveling that your regular health insurance does not. For instance, your health insurance will not usually cover an injury or illness that occurs in a foreign country. Travel insurance works in addition to that insurance so that you can get the treatment you need. If your luggage is lost, travel insurance can cover expenses resulting from the missing suitcases. Although United States airlines are required to compensate you up to $3,300 for lost luggage, other countries have much lower requirements. In addition, if the airline claims your luggage is simply “delayed” and not “lost,” they must only provide you with enough to buy necessities like toiletries and clothing. If you must cancel your trip for any reason, travel insurance can protect you from cancellation fees or loss of your trip costs completely. It may also offer better coverage than those offered by a credit card.
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